Wall Street Journal - January 2nd, 2013
The housing market and the housing industry have escaped a potential blow on several fronts now that lawmakers have at least partially resolved Washington’s “fiscal cliff” budget morass.
A bill passed by Congress on Tuesday to pull the nation back from the brink of end-of-year tax hikes and spending cuts contains several provisions that are favorable to housing.
Chief among them is one that provides an additional year of relief for troubled homeowners selling their properties. Without action by Congress, those homeowners would have faced big tax bills if they completed “short sales” after January 1st, 2013 —those in which the lender agrees to allow the borrower to sell the home for less than the outstanding mortgage amount.
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