Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

Praesent aliquam, justo convallis luctus rutrum, erat nulla fermentum diam, at nonummy quam ante ac quam. Maecenas urna purus, fermentum id, molestie in, commodo porttitor, felis. Nam blandit quam ut lacus. Quisque ornare risus quis ligula. Phasellus tristique purus a augue condimentum adipiscing. Aenean sagittis. Etiam leo pede, rhoncus venenatis, tristique in, vulputate at, odio. Donec et ipsum et sapien vehicula nonummy. Suspendisse potenti. Fusce varius urna id quam. Sed neque mi, varius eget, tincidunt nec, suscipit id, libero. In eget purus. Vestibulum ut nisl. Donec eu mi sed turpis feugiat feugiat. Integer turpis arcu, pellentesque eget, cursus et, fermentum ut, sapien. Fusce metus mi, eleifend sollicitudin, molestie id, varius et, nibh.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This is the federal act that prevents many primary homeowners from being faced with a taxable event because of the short sale of their home.

But… the act expires in 2012.  Why is that important?  There is still a lot of time left, correct?  No, not really.  When you consider the average short sale takes between 3 months and 6 months to complete, and that is once you have a contract. Then, the clock is truly ticking.

The latest statistics show…

• 28% of mortgages are upside down
• Estimates are that about 1 out of every 4 of those upside down mortgages will default
• Values are not expected to reach 2006 prices again in our area until 2025.

So, if you know of someone who is struggling to pay their “upside down” mortgage, have them contact us today to see if they can benefit from this program before it expires.

This week’s regional market scorecard shows increased activity levels for buyers and a modest decline in seller activity. Consumer purchase demand posted a welcomed increase over the same week in 2010. Sellers brought fewer new listings onto the market than last year. Home purchase activity is still one of the most paramount drivers of sustained recovery. The key then becomes determining the overall market momentum.

In the Mid-Atlantic region  (Data current as of 10/31/2011)

• New Listings decreased 11.3%
• Pending Sales increased 29.8%
• Inventory decreased 21.6%

For the month of September:

• Median Sales Price decreased 3.4% to $256,000
• Days on Market increased 16.3% to 95
• Percent of Original List Price Received decreased 0.6% to 92.4%

September Median Sales Prices Graph

Click the graph above to see a larger version

Historical Median Sales Prices

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Check out the flyer picture below to see more information about this home.  Come on out and see the house and get a list of local foreclosures.

The list of the newest foreclosures in the Fredericksburg region is at your fingertips.  18 new foreclosure listings ranging in price from $50,000 to $316,799.  Your next home may be in this list.  If you see one you are interested in, give us a call to arrange a private viewing.

Click the picture  below to see this week’s foreclosure list.