Bank Insurance Fund Down 20 Percent in 2Q
Those Who Lose Homes May Face State Tax Hit
August 25, 2009, San Francisco Chronicle
Californians who lose their homes in a foreclosure, short-sale or deed in lieu of foreclosure this year could be hit with a state income tax on canceled or forgiven debt. A state law that temporarily exempted many homeowners from this tax at the state level expired at the end of last year. Attempts to revive it have not been successful.
Bank Insurance Fund Down 20 Percent in 2Q
August 27, 2009, Associated Press
With bank failures rising, the government's deposit insurance fund fell 20 percent to $10.4 billion in the second quarter as U.S. banks lost $3.7 billion.
The Federal Deposit Insurance Corp. says surging levels of soured loans at banks dragged down profits in the April-June period. The $3.7 billion loss compared with profits of $7.6 billion in the first quarter, and $4.7 billion a year ago.
NAR Offers Short-Sale and Foreclosure Certification
August 27, 2009, DS News
A real-estate trade group will offer certifications for Realtors to specialize in sales of distressed properties – a market that has bounced in popularity as buyers try to capitalize on the housing recession’s aftermath. The National Association of Realtors rolled out the Short Sales and Foreclosure Certification Program Wednesday in a statement. Such sales accounted for nearly one-third of all home sales in the nation, the group said, indicating that while buyers are returning to the market, they are looking for basement bargains.