Pending Home Sales Jump

Pending home sales rose 1.2% in November after slipping the prior month, according to the National Association of REALTORS®’ latest housing report, which was just released. Year-over-year contract signings were up 7.4% nationally, according to the report. The West region of the country reported the highest monthly growth in pending home sales at 5.5%

“Despite the insufficient level of inventory, pending home contracts still increased in November,” said NAR Chief Economist Lawrence Yun, noting that housing inventory has been in decline for six straight months. “Favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.”

Source: magazine.realtor/daily-news/2019/12/30

 

“California Partial Release” of lien for short sales?

The California Franchise Tax Board is accepting requests from taxpayers who have short sold their home and do not have enough funds in escrow accounts to pay the recorded state tax lien in full. 

Taxpayers in this situation may apply for a Partial Release of Lien, which releases a specific piece of property from a recorded state tax lien. However, it does not release the lien in its entirety. The lien remains in effect against the taxpayer and continues to encumber other property the taxpayer owns or acquires in the future.

To learn which documents are required to request a Partial Release of Lien and the evaluation process, please visit: Short Sale Soundoff: Partial release of lien for short sales

The California Franchise Tax Board is accepting requests from taxpayers who have short sold their home and do not have enough funds in escrow accounts to pay the recorded state tax lien in full. 

Taxpayers in this situation may apply for a Partial Release of Lien, which releases a specific piece of property from a recorded state tax lien. However, it does not release the lien in its entirety. The lien remains in effect against the taxpayer and continues to encumber other property the taxpayer owns or acquires in the future.

To learn which documents are required to request a Partial Release of Lien and the evaluation process, please visit:   http://www.ftb.ca.gov/professionals/taxnews/2011/July/Article_1.shtml 

Other articles relating to the Sacramento and Placerville, California regions at: www.sierraproperties.com