Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lowe ...
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News Article From: 01-13-2010

Tax consequences from short sales - Debt forgiveness on loans used to purchase homes is generally not taxable income.  Under the Debt Forgiveness Act of 2007, any debt forgiveness on a loan used to purchase a principal residence is not taxable income.  Therefore, if the short sale has been approved, the seller should have no taxable income on any debt forgiveness.  In the case of a rental home, the IRS has ruled that there is no tax liability for debt forgiveness of non-recourse debt.  Under Arizona law, any loan used to purchase a home is generally non-recourse debt; that is, the homeowner has no personal liability for the loan.  Consult a legal or tax adviser before making decisions.  See the full article for more details:
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