Tagged: housing

There’s a push in the California legislature to provide tax relief for struggling homeowners who are forced into short sales.  As Marianne Russ reports from Sacramento, the new legislation has bipartisan support.

A Democratic state Senator introduced the bill, and Republican Senator Joel Anderson has signed on as a co-author.  He says homeowners going through a short sale need help.

"Let’s not kick them when they’re down," says Anderson.

Today on Valley Edition, we talk with local author Armen Bacon about her new book "Griefland" and learn how a friendship grew out of the tragic loss of her son. We'll also talk about how tragic circumstances can change lives. Peter Nazaretian, a licensed marriage and family therapist, also joins our discussion.

Banks are speeding up the home foreclosure process in California, according to data out today. But one analyst says the process may start to slow down again.

It took lenders an average of 335 days, or about 11 months to complete the foreclosure process on California properties in the third quarter.

Daren Blomquist with foreclosure listing service RealtyTrac says that was down three percent from the previous quarter and an eight percent drop from a year ago.

"These foreclosures, if they’re going to happen, it’s better that it’s more like a band-aid that you rip off."

Data out today show a big spike in the rate of California homes purchased and resold within six-months.

People in the real estate business call it “flipping.”

“Flipping is the process of buying a home or other property, usually at a discounted price, improving that property through rehab and repairs and then reselling that.”

Daren Blomquist is with RealtyTrac. The research firm has released new nationwide figures on flipped properties.

“Not surprisingly the state with the most flips in the first-half of 2012 was California with nearly 26,000.”