HAROLD PENNER: Fresno Real Estate Market Analysis
California Short Sale Tax Awareness!
As many of you know, one of my specialties is short sales. For those who have explored all other options and are faced with the unfortunate reality of being unable to continue to own their home, a short sale is much more advantageous than a foreclosure.
Current Short Sale Statistics
The number of sold short sales (pre-foreclosed homes) in Fresno and Madera county has increased over 30% from last year. 302 homes were sold in 2010's first quarter in comparison to only 206 homes in the first 3 months of 2009.
The irony of referring to these transactions as "short" still remains however. Average days on market was 154 days (over 5 months!) in 2009 and a slight drop to 140 days in 2010. The main reasons short sales fail is due to the delays in banks to review and respond to offers and the subsequent inability of buyers to wait for an answer.
Currently, short sales represent only 15% of the homes sold in our local Fresno and Madera county market. For the patient buyer though, there are some excellent deals available.
To view more regarding the pros and cons of purchasing short sales, visit: Buying Short Sales
Short Sale Tax Information
For those of you who experienced a successful short sale of your principal residence this past year, there is good news regarding taxes. Prior to the housing crisis, if someone were to sell their principal residence (not an investment property) home as a short sale the amount of debt forgiven by the bank would be viewed as taxable income by the state and federal government. So, if your home sold for $50,000 less than what you owed on the home and the bank agreed to forgive that debt, the government would view that $50,000 as taxable income. With the recent state of the housing market, the federal government added provisions that if it is your principal residence this rule does not apply to homes sold before 2013. California had a similar law that expired and those whose homes were sold in 2009 have been in limbo.
On April 12, 2010, the state of California extended that protection to anyone who sells their home as a short sale between 2009 and January 1, 2013. For those who already submitted their 2009 taxes, the state is instructing you to file Form 540X to request an adjustment.
Click here for short sale tax info: Mortgage Debt Relief Law
Contact my office for the latest Fresno real estate deals!
MARCH MARKET STATISTICS* - Fresno and Madera Counties
*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.
Click here to visit HomesInFresno.com
FEATURED LISTING 
943 Oak Ave., Clovis, CA 93619
Close to Old Town Clovis! A beautiful home in meticulous condition with 3 car garage, within the prestigious Clovis Unified School District. The wood floor entry opens up to a bright living room with vaulted ceiling. The kitchen has black appliances with working countertop that has a great view out to the eating area (with bay windows), back yard and family room. The cozy family room boasts a beautiful brick fireplace. You'll be impressed with the great lighting (cam lights) and the natural light coming through the shuttered windows. The master bedroom has sliding doors to the back yard, vaulted ceiling and 2 windows. Two sinks in the master bath, a shower, no tub. Ceiling fans in all rooms. White interior doors throughout. Wired for security system, but it has never been connected. Long-lasting cinderblock fencing in back yard! What a great place!
Harold Penner has been a leader in the Fresno and Clovis real estate market since 1989. Producing over $25 million in sales annually, Harold is an expert in resale, short sale and foreclosure homes.
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