After 2 straight years of significant job losses, economic conditions in the Pacific region are showing signs of improvement. The region added 15,600 nonfarm payroll jobs, a 0.4-percent increase, during the 12 months ending June 2011. The professional and business services and education and health services sectors led job growth in the region, with increases in both sectors of 2.5 percent, or 16,650 and 13,900 jobs, respectively.
The construction subsector had the largest percentage decline in nonfarm
payrolls, 4.6 percent, or a loss of 8,875 jobs because of the slowdown in residential and commercial construction. Moderate gains in nonfarm payrolls occurred in both California and Hawaii, but jobs declined in Arizona and Nevada during the 12 months ending June 2011. California
added 79,100 jobs, a 0.6-percent increase, during the 12 months ending June 2011 after losing 670,600 jobs,a 4.1-percent decline, during the previous 12 months.
Nonfarm payroll increases of 65,600 jobs, or 3 percent,in the professional and business services sector and of 40,300 jobs, or 2 percent, in the education and health services sector led the turnaround in employment, despite a decline in the construction subsector of 18,600 jobs, or 3.2%
San Francisco Bay Area and Southern California nonfarm payrolls increased by 4,075 jobs,or 0.1 percent, and 27,550 jobs, or 0.2 percent, respectively. During the 12 months ending July 2011, Hawaii added 4,325 jobs, a 0.7-percent increase, compared with the loss of 19,250 jobs during the previous 12 months.
The retail trade subsector realized the largest nonfarmpayroll gain, of 1,450 jobs, or 15.4 percent, during the 12 months ending June 2011 because of a 13%. Increase in tourist spending compared with spending during the previous 12 months. Nonfarm payrolls continued to decline in Arizona, which lost 10,250 jobs, a 0.4% decrease, during the 12 months ending June
2011 compared with the number of jobs a year earlier.
In Nevada, nonfarm payrolls fell by 9,325 jobs, or 0.8%, to an average of 1,124,100 jobs. The largest declines in both states came in the construction subsector,which lost 6,000 jobs, a 5.2-percent decline, in Arizona and 10,600 jobs, a 15.8-percent decline, in Nevada. During the 12 months ending June 2011, the average unemploymentrate in the region increased to 12% from 11.7% during the previous year. The average unemployment rate ranged from 6.5 percent in Hawaii to 14.6 percent in Nevada.
The sales housing market was soft in all four states of the Pacific region during the 12 months ending June 2011 because of high unemployment. According to Hanley Wood, LLC, new and existing home sales fell by 12% to 599,800 homes.
In Arizona, 112,200 homes sold, a 14% decline compared with the number sold
during the previous 12-month period, and the average home sales price declined by 7% to $170,200. In Arizona, REO (Real Estate Owned) sales as a percentage of existing home sales increased slightly to 53%.In the Phoenix metropolitan area, home sales declined by 9% to 47,750 homes, and the average sales price declined by 7% to $171,500.
During the 12 months ending June 2011, new and existing home sales fell by 12% in California, to 413,200 homes, and the average home price rose by 1% to $361,700. REO sales as a percentage of existing home sales decreased to 41% during the 12 months ending June 2011 from 44% a year earlier. In the San Francisco Bay Area, 66,500 homes sold during the 12 months ending June 2011, an 11% decline compared with the number sold during the previous 12 months, and the average home sales price increased by 2% to $557,100 during the same period.
Tuesday, August 30, 2011
Saturday, August 13, 2011
Sunday, July 17, 2011
Homes, Escrow, Active and Sold Listings in The San Fernando Valley June 2011
San Fernando Valley Residential MLS Summary
| Active Inventory Total New Listings.......... …………………………………................... 1,752 Total Active Listings............................................ ................... 4,859 Total Days on Market............................................................... 103 Average List Price in Thousands............................................ 530.1 Median List Price in Thousands......... …………..................... 348.9 BOMS…………………………............ ….................................... 469 Average BOM Price in Thousands..... …………..................... 387.8 Bom To Sale Ratio…………….......... ……………………………42.1 Expirations……………………............ ……………………………356 PENDING SALES New Escrows Opened............................................... ………….1,485 Total YTD Escrows Opened......................................................6,926 New Open Escrows Average Days on the Market...................68 New Open Escrows Average List Price................................... 414.3 CLOSED SALES New Escrows Closed.................................................................1,114 Total YTD Escrows Closed........................................................5,703 Volume of New Sales Dollars In Millions..................................439.189 Volume of Total YTD Sales In Millions…………………………. 2,257.128 Average Sale Price In Thousands............................................ 394.2 Median Sale Price In.Thousands................ ................... ......... 315.0 Coop Sales.................................................,..................... .......... 890 Percent of Coop Sales................................................................ 79.9 Average Days On Market.........................,,................................ 130 Sales At List Price....................................................................... 489 Percent of Sales At List Price.......,,,,,,,,,,,,.................................. 43.9 Sales To Listings Inventory Ratio.............. ..................... ......... 22.9 Final Sales To New Listing Ratio............,.. ............................... 63.6 |
Thursday, July 07, 2011
Homes Sold In Arleta in June 2011
8858 Dorrington Av Sold:$190,000 2BR/1BA Sqft: 848 Lot: 6120 On The Market: 61 Days Short Pay
13276 Reliance ST ARL $ 195,000 3/2 1954/ASR 1,199 6,099 10/10 N 6/20/11 REO
13565 Sunburst ST ARL $ 233,000 3/2 1954/ASR 1,107 6,100 5/5 6/24/11 STD
10029 Beachy AV ARL $ 250,000 3/2 1950/ASR 1,440 17,370 3/3 6/10/11 STD
14057 Gain ST ARL $ 252,000 4/2 1951/EST 1,400 6,240 47/47 6/30/11 REO
13655 Muscatine ST ARL $ 260,000 3/2 1951 1,274 5,616 112/112 6/17/11 REO
13637 Ottoman ST ARL $ 267,000 3/2 1950 1,159 7,680 94/94 6/6/11 SPAY
9363 Sandusky AV $ 270,000 3/2 1954/ASR 1,544 6,000 0/0 6/30/11 STD
14020 Gain ST ARL $ 270,000 3/1 1957/ASSR 1,554 8,000 47/136 6/15/11 STD
8818 ROSLYNDALE AV ARL 502E7 $ 272,000 3/2 1953/ASR 1,257 6,016 225/225 6/27/11 SPAY
13580 Bromwich ST ARL $ 273,000 3/2 1952/ASR 1,236 6,105 115/115 6/19/11 REO
13761 Rayen ST ARL $ 285,000 3/2 1952/ASR 1,332 5,757 38/38 6/7/11 STD
13833 Correnti ST ARL $ 295,000 4/2 1950/ASR 1,406 6,060 33/33 6/15/11 REO
13780 Sunburst ST ARL $ 300,000 3/2 1953/ASR 1,622 5,997 37/37 6/6/11 STD
10503 SHARP AV ARL $ 325,000 4/2 1999/ASR 1,665 7,675 17/17 6/30/11 STD
Alberto Pacheco
13276 Reliance ST ARL $ 195,000 3/2 1954/ASR 1,199 6,099 10/10 N 6/20/11 REO
13565 Sunburst ST ARL $ 233,000 3/2 1954/ASR 1,107 6,100 5/5 6/24/11 STD
10029 Beachy AV ARL $ 250,000 3/2 1950/ASR 1,440 17,370 3/3 6/10/11 STD
14057 Gain ST ARL $ 252,000 4/2 1951/EST 1,400 6,240 47/47 6/30/11 REO
13655 Muscatine ST ARL $ 260,000 3/2 1951 1,274 5,616 112/112 6/17/11 REO
13637 Ottoman ST ARL $ 267,000 3/2 1950 1,159 7,680 94/94 6/6/11 SPAY
9363 Sandusky AV $ 270,000 3/2 1954/ASR 1,544 6,000 0/0 6/30/11 STD
14020 Gain ST ARL $ 270,000 3/1 1957/ASSR 1,554 8,000 47/136 6/15/11 STD
8818 ROSLYNDALE AV ARL 502E7 $ 272,000 3/2 1953/ASR 1,257 6,016 225/225 6/27/11 SPAY
13580 Bromwich ST ARL $ 273,000 3/2 1952/ASR 1,236 6,105 115/115 6/19/11 REO
13761 Rayen ST ARL $ 285,000 3/2 1952/ASR 1,332 5,757 38/38 6/7/11 STD
13833 Correnti ST ARL $ 295,000 4/2 1950/ASR 1,406 6,060 33/33 6/15/11 REO
13780 Sunburst ST ARL $ 300,000 3/2 1953/ASR 1,622 5,997 37/37 6/6/11 STD
10503 SHARP AV ARL $ 325,000 4/2 1999/ASR 1,665 7,675 17/17 6/30/11 STD
Alberto Pacheco
Realtor Calbre Lic 01200694
818 481 9211
Keller Williams Porter Ranch
Real Estate Consultant
http://www.granadahills.kwrealty.com Real Estate News, Mortgages, Trends
Monday, July 04, 2011
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Friday, July 01, 2011
Will Bank of America Lower The Balance of Your Mortgage Loan?
Bank of America is offering…PRINCIPAL REDUCTIONS!
You read that right..the nations largest lender is now going to offer a program to bail out underwater owners…here are the details directly from BofA: CALABASAS, Calif. — Bank of America, a leader in developing and carrying out programs to help financially distressed homeowners, is leveraging the federal government’s Hardest Hit Fund (HHF) initiative to begin pilot programs of principal reductions for customers in Arizona who owe considerably more on their mortgage than their property is worth in today’s depressed market.
The bank has become the first major mortgage servicer to send letters of interest to homeowners who may qualify for HHF-supported principal reductions in these states. Previously, Bank of America began testing and implementing new programs for unemployed homeowners in several other states receiving HHF support.
“Bank of America remains committed to helping distressed borrowers remain in their homes through a variety of programs,” said Terry Laughlin, executive vice president. “Since the Obama administration established the Hardest Hit Fund (HHF) initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers. We are excited this program is coming to fruition.”
Through the Arizona pilot program, Bank of America customers experiencing financial hardship may be eligible to have the amount owed on their mortgage reduced through matching contributions from the state and from participating mortgage investors. Bank of America has begun mailing letters to customers in those states who may qualify for the assistance based on state program and investor guidelines. The offers are being made proactively in conjunction with the solicitation process for the federal government’s Home Affordable Modification Program.
Bank of America also is finalizing processes for a pilot principal reduction program with the Nevada Affordable Housing Assistance Authority and is in advanced discussions with the California Housing Finance Agency to begin a pilot program with that state.
Bank of America established its leadership in providing solutions for severely underwater homeowners last spring with an innovative principal forgiveness program for eligible customers under its own National Homeownership Retention Program. HHF will provide assistance to additional homeowners who, mainly due to drastic decreases in home values in the last three years, are upside-down on their mortgages.
The HHF unemployment program offers qualified borrowers mortgage payment assistance for up to 36 months while they are unemployed, depending on state program guidelines. Bank of America is currently involved in pilots of unemployment assistance programs in California, North Carolina, South Carolina, Ohio, Oregon, Lee County, Florida, and Washington, DC. Customers who are interested in these programs should work with their state housing finance agencies to determine their eligibility.
Bank of America will continue expanding these programs on a state-by-state basis as agreements are reached with interested housing finance agencies in other HHF-grant states. All HHF programs are targeted to low- and moderate-income homeowners, and eligibility also depends on investor participation.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.
When is Bofa going to start the pilot program in California? I hope it happens soon, since there is still plenty of homeowners in distress that need help as soon as possible.
You read that right..the nations largest lender is now going to offer a program to bail out underwater owners…here are the details directly from BofA: CALABASAS, Calif. — Bank of America, a leader in developing and carrying out programs to help financially distressed homeowners, is leveraging the federal government’s Hardest Hit Fund (HHF) initiative to begin pilot programs of principal reductions for customers in Arizona who owe considerably more on their mortgage than their property is worth in today’s depressed market.
The bank has become the first major mortgage servicer to send letters of interest to homeowners who may qualify for HHF-supported principal reductions in these states. Previously, Bank of America began testing and implementing new programs for unemployed homeowners in several other states receiving HHF support.
“Bank of America remains committed to helping distressed borrowers remain in their homes through a variety of programs,” said Terry Laughlin, executive vice president. “Since the Obama administration established the Hardest Hit Fund (HHF) initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers. We are excited this program is coming to fruition.”
Through the Arizona pilot program, Bank of America customers experiencing financial hardship may be eligible to have the amount owed on their mortgage reduced through matching contributions from the state and from participating mortgage investors. Bank of America has begun mailing letters to customers in those states who may qualify for the assistance based on state program and investor guidelines. The offers are being made proactively in conjunction with the solicitation process for the federal government’s Home Affordable Modification Program.
Bank of America also is finalizing processes for a pilot principal reduction program with the Nevada Affordable Housing Assistance Authority and is in advanced discussions with the California Housing Finance Agency to begin a pilot program with that state.
Bank of America established its leadership in providing solutions for severely underwater homeowners last spring with an innovative principal forgiveness program for eligible customers under its own National Homeownership Retention Program. HHF will provide assistance to additional homeowners who, mainly due to drastic decreases in home values in the last three years, are upside-down on their mortgages.
The HHF unemployment program offers qualified borrowers mortgage payment assistance for up to 36 months while they are unemployed, depending on state program guidelines. Bank of America is currently involved in pilots of unemployment assistance programs in California, North Carolina, South Carolina, Ohio, Oregon, Lee County, Florida, and Washington, DC. Customers who are interested in these programs should work with their state housing finance agencies to determine their eligibility.
Bank of America will continue expanding these programs on a state-by-state basis as agreements are reached with interested housing finance agencies in other HHF-grant states. All HHF programs are targeted to low- and moderate-income homeowners, and eligibility also depends on investor participation.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.
When is Bofa going to start the pilot program in California? I hope it happens soon, since there is still plenty of homeowners in distress that need help as soon as possible.
Wednesday, June 29, 2011
Bank Repossessions Down 29% Over 12 Months
Foreclosure filings experienced their eighth straight month of declines, according to RealtyTrac.In May, filings fell 33% from a year earlier and 2% month-over-month, according to the online marketplace of foreclosed properties. The number of homes that were repossessed (referred to as REOs or real estate-owned properties) in May also declined to 66,879, down 3.8% from April and 29% year-over-year, the firm said.
The huge year-over-year drop in foreclosures doesn't necessarily mean the housing market is staging a recovery, however, James Saccacio, the CEO of RealtyTrac, says the declines are likely due to lingering effects of the "robo-signing" scandal, which broke last September, when it was discovered that banks were playing fast and loose with foreclosure documents.
In some cases, it was found that banks brought foreclosure proceedings upon homeowners when they had no standing to do so. Sloppy paperwork sometimes made it impossible to tell which entity was the rightful owner of the mortgage notes.
To help fix the mess, foreclosure proceedings were temporarily suspended. Even though the suspension has since been lifted, the pace of foreclosures remains significantly slower as banks more thoroughly review each case to ensure they are being handled legally and properly.
There's another factor at play, as well. The banks can't sell the homes they've already seized so they aren't as incentivized to repossess more homes.
"[There's] weak demand from buyers, making it tough for lenders to unload their REO inventory," said Saccacio. "Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month."
The banks don't want to take on the expense of maintaining the homes -- property taxes, heating costs, repairs and insurance -- if they can't sell them quickly. Selling off the inventory of repossessed homes is crucial to the housing market, said Jim Gillespie, CEO of Coldwell Banker. Sold at steep discounts, REOs compete with new homes for buyers and have severely depressed new home sales.
"That's a critical element for the economic recovery," said Gillespie. "If new homes were selling anywhere close to their levels of five years ago, it would add a full point to the GDP."
The steepest drops in filings have come from judicial states, ones in which the courts are involved in repossessions. In these states, where foreclosure proceedings are subject to the scrutiny of the courts, it appears banks are taking special care to make sure they've stamped out the last vestiges of the robo-signing issues.
Nevada, where most cases are handled outside of court, continued to be foreclosure central. One of every 103 households received a notice of some kind in May. However, that was an improvement of 23% compared with May 2010. Arizona, with one filing for every 210 households, and California, one for every 259, were second and third.
The judicial state of Florida, where the housing market is no better, has seen a much greater drop-off in filings over the past year, down 62%. It now has the eighth highest foreclosure rate, of one filing for every 461 households. A year ago, it was in the top four, along with the other "Sand States." provided by cnn money.
Even though bank repossessions are down they are still going on since the unemployment rate is still high in the US up to 9.1%, Florida at 10.6% and California at 11.7%. When employment goes down then the repossession are going to be down as well.
In some cases, it was found that banks brought foreclosure proceedings upon homeowners when they had no standing to do so. Sloppy paperwork sometimes made it impossible to tell which entity was the rightful owner of the mortgage notes.
To help fix the mess, foreclosure proceedings were temporarily suspended. Even though the suspension has since been lifted, the pace of foreclosures remains significantly slower as banks more thoroughly review each case to ensure they are being handled legally and properly.
"Foreclosure processing delays continue to mask the true face of the foreclosure situation," said Saccacio. "Lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures."
There's another factor at play, as well. The banks can't sell the homes they've already seized so they aren't as incentivized to repossess more homes.
"[There's] weak demand from buyers, making it tough for lenders to unload their REO inventory," said Saccacio. "Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month."
The banks don't want to take on the expense of maintaining the homes -- property taxes, heating costs, repairs and insurance -- if they can't sell them quickly. Selling off the inventory of repossessed homes is crucial to the housing market, said Jim Gillespie, CEO of Coldwell Banker. Sold at steep discounts, REOs compete with new homes for buyers and have severely depressed new home sales.
"That's a critical element for the economic recovery," said Gillespie. "If new homes were selling anywhere close to their levels of five years ago, it would add a full point to the GDP."
The steepest drops in filings have come from judicial states, ones in which the courts are involved in repossessions. In these states, where foreclosure proceedings are subject to the scrutiny of the courts, it appears banks are taking special care to make sure they've stamped out the last vestiges of the robo-signing issues.
Nevada, where most cases are handled outside of court, continued to be foreclosure central. One of every 103 households received a notice of some kind in May. However, that was an improvement of 23% compared with May 2010. Arizona, with one filing for every 210 households, and California, one for every 259, were second and third.
The judicial state of Florida, where the housing market is no better, has seen a much greater drop-off in filings over the past year, down 62%. It now has the eighth highest foreclosure rate, of one filing for every 461 households. A year ago, it was in the top four, along with the other "Sand States." provided by cnn money.
Even though bank repossessions are down they are still going on since the unemployment rate is still high in the US up to 9.1%, Florida at 10.6% and California at 11.7%. When employment goes down then the repossession are going to be down as well.
Tuesday, June 28, 2011
Los Angeles Home and Condo Sales Statistics as of 062411
| As you can see the number of condo and condos sale in May 2011 went down 25% and the price also came down 9%. The home and homes market in May 2011 the number of units went 19% and the price went down 8%. That is showing us that the market has slowed that a little bit and he reason are as follow: The bank are nor releasing all the foreclosures at once, that's why the number of units sold in going down. | ||||||||
| Single Family Residence | ||
| Time Period | Number of Sales | Median Sale Price |
| May 2011 | 4,178 | $324,000 |
| May 2010 | 5,154 | $350,000 |
| Apr 2011 | 4,297 | $333,000 |
| Apr 2010 | 4,619 | $335,000 |
| 2011 YTD | 22,074 | $325,000 |
| 2010 | 52,172 | $340,000 |
| Condominium | ||
| Time Period | Number of Sales | Median Sale Price |
| May 2011 | 1,312 | $300,750 |
| May 2010 | 1,731 | $339,000 |
| Apr 2011 | 1,378 | $290,000 |
| Apr 2010 | 1,408 | $316,000 |
| 2011 YTD | 7,293 | $295,000 |
| 2010 | 17,507 | $320,000 |
Thursday, June 23, 2011
Mortgage Relief For Home Owners
Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on this Web site.
“The new law contains important provisions for struggling homeowners,” said Acting IRS Commissioner Linda Stiff. “We urge people with mortgage problems to take full advantage of the valuable tax relief available.”
The late-December enactment means that reporting procedures for this law change were not incorporated into tax-preparation software or IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 982. Similarly, the IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is now being accepted, but the IRS reminds affected taxpayers to consider filing electronically, which greatly reduces errors and speeds refunds.
The new law applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. In most cases, eligible homeowners only need to fill out a few lines on Form 982 (specifically, lines 1e, 2 and 10b).
The debt must have been used to buy, build or substantially improve the taxpayer's principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. See Form 982 for details.
Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure.
The IRS urges borrowers to check the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. Borrowers should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for their home ( Box 7).
Note: Legislation enacted in October 2008 extended this relief through 2012. Thus this relief now applies to debt forgiven in calendar years 2007 through 2012.
Related Items:
Frequently asked questions on the Mortgage Forgiveness Debt Relief Act
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
1099-C
Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments
For more update information on the Mortgage Relief Act check the Irs website: http://www.irs.gov/
WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was $2 million or less. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on this Web site.
“The new law contains important provisions for struggling homeowners,” said Acting IRS Commissioner Linda Stiff. “We urge people with mortgage problems to take full advantage of the valuable tax relief available.”
The late-December enactment means that reporting procedures for this law change were not incorporated into tax-preparation software or IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 982. Similarly, the IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is now being accepted, but the IRS reminds affected taxpayers to consider filing electronically, which greatly reduces errors and speeds refunds.
The new law applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. In most cases, eligible homeowners only need to fill out a few lines on Form 982 (specifically, lines 1e, 2 and 10b).
The debt must have been used to buy, build or substantially improve the taxpayer's principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. See Form 982 for details.
Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure.
The IRS urges borrowers to check the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. Borrowers should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for their home ( Box 7).
Note: Legislation enacted in October 2008 extended this relief through 2012. Thus this relief now applies to debt forgiven in calendar years 2007 through 2012.
Related Items:
Frequently asked questions on the Mortgage Forgiveness Debt Relief Act
Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
1099-C
Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments
For more update information on the Mortgage Relief Act check the Irs website: http://www.irs.gov/
Saturday, June 18, 2011
Tuesday, June 14, 2011
Friday, June 10, 2011
Steps To Follow When Buying a Home
Buying a home can be stressful. There are so many questions to be answered and decisions to be made, such as where you should live, what can you afford, and how do you find a real estate agent. Eventually, a whole new set of questions start coming, like, what color should you paint the kitchen? Thankfully, there are more tools than ever to help buyers answer these questions right from the get-go. To make your home shopping process, from shopping to moving in, easier and less stressful, follow these tips:
Personal Finances – Make sure you’re financially ready to take on home ownership before you meet with an agent or starting looking at homes. That means cleaning up your credit and saving enough money for a down payment (20 percent is ideal), and extra costs like home insurance, property taxes and closing fees. Boost your credit score with help from an app like BillTracker which helps you manage when your monthly bills are due. A site like Mint.com lets you create a budget with specific savings goals in mind, such as buying a house.
Where to Live - Before you start looking at specific homes, narrow down the neighborhoods you’d like to live in based on your lifestyle. Transit Score can help you understand your commuting options, Walk Score will show you how many amenities, like shops and restaurants, are within close proximity, and Zillow Real Estate Market Reports lets you compare what’s happening with home value trends in different neighborhoods. But, don’t stop there. Continue your research when you are driving around town, by using real estate apps for iPhone, BlackBerry or Android to get a sense for home prices in different areas.
Finding an Agent - Hiring the right agent can be one of the most important decisions you will make during the home buying process. The right agent can save you precious time and money. So, in addition to following a recommendation from a friend or co-worker, check out local agent ratings and reviews. It’s helpful to know the experiences that other people have had working with a particular agent.
What Can You Afford? – When you’re standing in the living room of your dream home it’s easy to get caught up in the emotions of such an important investment. Before that happens, get a financial reality check using an app like the Zillow Mortgage Marketplace iPhone App to help you figure out if you can afford the home and how the mortgage payment would affect your monthly budget. Once you’re ready, you can get personalized loan quotes and then contact a lender to start the pre-approval process right from your phone.
Moving - Nobody likes moving. It’s a never-ending process with so many details to tie up. Thankfully, apps like Moving List, (iPhone, iPad) Moving Checklist (BlackBerry) and Moving Planner (Android) can help you get organized. These apps come with pre-populated to-do lists that you can edit and organize by categories or dates. Some even help you decide what to pack and what to throw away.
Decorating – You’ve bought the house, the boxes are unpacked, and now comes the fun part – decorating your house to reflect your personal style. And do-it-yourself home decorating has never been easier. A site like Decomash allows you to take a photo of your living space with your iPhone and the app will find complementary artwork that matches your room. Sherwin Williams Color Snap enables you to capture real-world colors and match them to one of 1,500 Sherwin Williams paint colors.
Personal Finances – Make sure you’re financially ready to take on home ownership before you meet with an agent or starting looking at homes. That means cleaning up your credit and saving enough money for a down payment (20 percent is ideal), and extra costs like home insurance, property taxes and closing fees. Boost your credit score with help from an app like BillTracker which helps you manage when your monthly bills are due. A site like Mint.com lets you create a budget with specific savings goals in mind, such as buying a house.
Where to Live - Before you start looking at specific homes, narrow down the neighborhoods you’d like to live in based on your lifestyle. Transit Score can help you understand your commuting options, Walk Score will show you how many amenities, like shops and restaurants, are within close proximity, and Zillow Real Estate Market Reports lets you compare what’s happening with home value trends in different neighborhoods. But, don’t stop there. Continue your research when you are driving around town, by using real estate apps for iPhone, BlackBerry or Android to get a sense for home prices in different areas.
Finding an Agent - Hiring the right agent can be one of the most important decisions you will make during the home buying process. The right agent can save you precious time and money. So, in addition to following a recommendation from a friend or co-worker, check out local agent ratings and reviews. It’s helpful to know the experiences that other people have had working with a particular agent.
What Can You Afford? – When you’re standing in the living room of your dream home it’s easy to get caught up in the emotions of such an important investment. Before that happens, get a financial reality check using an app like the Zillow Mortgage Marketplace iPhone App to help you figure out if you can afford the home and how the mortgage payment would affect your monthly budget. Once you’re ready, you can get personalized loan quotes and then contact a lender to start the pre-approval process right from your phone.
Moving - Nobody likes moving. It’s a never-ending process with so many details to tie up. Thankfully, apps like Moving List, (iPhone, iPad) Moving Checklist (BlackBerry) and Moving Planner (Android) can help you get organized. These apps come with pre-populated to-do lists that you can edit and organize by categories or dates. Some even help you decide what to pack and what to throw away.
Decorating – You’ve bought the house, the boxes are unpacked, and now comes the fun part – decorating your house to reflect your personal style. And do-it-yourself home decorating has never been easier. A site like Decomash allows you to take a photo of your living space with your iPhone and the app will find complementary artwork that matches your room. Sherwin Williams Color Snap enables you to capture real-world colors and match them to one of 1,500 Sherwin Williams paint colors.
Interest Rate For This Week
Fixed and adjustable-rate mortgages sank to new lows for the year, continuing a downward spiral for the eighth straight week, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at how rates fared for the week:
▪ 30-year fixed-rate mortgages averaged 4.49 percent this week, down from last week’s 4.55 percent average. A year ago at this time, 30-year rates averaged 4.72 percent.
▪ 15-year fixed-rate mortgage rates averaged 3.68 percent--its lowest level since November 2010. A year ago at this time, the 15-year rate averaged 4.17 percent.
▪ 5-year adjustable-rate mortgages averaged 3.28 percent this week, slipping from last week’s 3.41 percent average. A year ago at this time, the 5-year ARM averaged 3.92 percent.
Here’s a closer look at how rates fared for the week:
▪ 30-year fixed-rate mortgages averaged 4.49 percent this week, down from last week’s 4.55 percent average. A year ago at this time, 30-year rates averaged 4.72 percent.
▪ 15-year fixed-rate mortgage rates averaged 3.68 percent--its lowest level since November 2010. A year ago at this time, the 15-year rate averaged 4.17 percent.
▪ 5-year adjustable-rate mortgages averaged 3.28 percent this week, slipping from last week’s 3.41 percent average. A year ago at this time, the 5-year ARM averaged 3.92 percent.
Thursday, June 09, 2011
Short Sales Tips For Seller
If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary. When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:
Your property is worth less than the total mortgage you owe on it.
You have a financial hardship, such as a job loss or major medical bills.
You have contacted your lender and it is willing to entertain a short sale.
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:
Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
Help you set an appropriate listing price for your home, market the home, and get it sold.
Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
Ease the process of working with your lender or lenders.
Negotiate the contract with the buyers.
Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:
A hardship letter detailing your financial situation and why you need the short sale
A copy of the purchase contract and listing agreement
Proof of your income and assets
Copies of your federal income tax returns for the past two years
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:
If you have only one mortgage, the review can take about two months.
With a first and second mortgage with the same lender, the review can take about three months.
With two or more mortgages with different lenders, it can take four months or longer.
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary. When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:
Your property is worth less than the total mortgage you owe on it.
You have a financial hardship, such as a job loss or major medical bills.
You have contacted your lender and it is willing to entertain a short sale.
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:
Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
Help you set an appropriate listing price for your home, market the home, and get it sold.
Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
Ease the process of working with your lender or lenders.
Negotiate the contract with the buyers.
Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:
A hardship letter detailing your financial situation and why you need the short sale
A copy of the purchase contract and listing agreement
Proof of your income and assets
Copies of your federal income tax returns for the past two years
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:
If you have only one mortgage, the review can take about two months.
With a first and second mortgage with the same lender, the review can take about three months.
With two or more mortgages with different lenders, it can take four months or longer.
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.
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Scammers Are Using For Sale Home Listings as Rentals
Some home owners are getting a surprise when a person shows up on their doorstep, with a lease agreement in hand, saying that he or she is renting out their home, which isn’t for rent but for sale.
Law enforcement and real estate professionals are finding a growing scam involving for-sale listings being promoted as rentals--without home owners’ consent.
Scammers are taking listing information of homes for-sale--including photos--and then reposting that information on rental sites and tweaking it to pass the home off as a rental. The scammers then use a fake lease agreement and collect rent from unsuspecting consumers.
And when the scammers don’t present keys for the property, they give the unsuspecting renter permission to call a locksmith to gain access to the home.
Les Sulgrove, president of the Des Moines Area Association of REALTORS®, recently issued a warning to association members about the scam. He suggested real estate professionals set up Google alerts for the home addresses they’re listing so they’ll learn if their clients’ information is being misused on another site.
“All it takes is cutting, pasting, and changing some key pieces of data,” Geoff Greenwood, spokesperson for the Iowa Attorney General’s office, told the Des Moines Register. “People find out the hard way what they paid for wasn’t for sale or for rent.”
Source: “Growing Online Scam Uses Legitimate for-sale Home Listings to Trick Renters,” Des Moines Register (June 5, 2011)
Law enforcement and real estate professionals are finding a growing scam involving for-sale listings being promoted as rentals--without home owners’ consent.
Scammers are taking listing information of homes for-sale--including photos--and then reposting that information on rental sites and tweaking it to pass the home off as a rental. The scammers then use a fake lease agreement and collect rent from unsuspecting consumers.
And when the scammers don’t present keys for the property, they give the unsuspecting renter permission to call a locksmith to gain access to the home.
Les Sulgrove, president of the Des Moines Area Association of REALTORS®, recently issued a warning to association members about the scam. He suggested real estate professionals set up Google alerts for the home addresses they’re listing so they’ll learn if their clients’ information is being misused on another site.
“All it takes is cutting, pasting, and changing some key pieces of data,” Geoff Greenwood, spokesperson for the Iowa Attorney General’s office, told the Des Moines Register. “People find out the hard way what they paid for wasn’t for sale or for rent.”
Source: “Growing Online Scam Uses Legitimate for-sale Home Listings to Trick Renters,” Des Moines Register (June 5, 2011)
Monday, June 06, 2011
El Gobierno Esta Presentando Una Ayuda Para Los Propietarios de Casa En Problemas
Noticias de última hora: Nuevo Programa de Obama rescata a los propietarios bajo el agua
05 de junio 2011 · Deja tu comentario Su fácil de leer esta historia y ser escéptico ... después de todo, 2012 es un año electoral. Muchos verán este programa propone como nada más que una buena compra de edad votación de moda .... Sin embargo usted lo ve, principales deducciones saldo de la hipoteca están de vuelta en el juego. .. Eso es correcto, el programa de patrimonio neto negativo está de vuelta sobre la mesa.
¿Hay alguna forma en que algo como esto va a suceder dado el republicano (y Tea Parties) intentó pasar a un enfoque más conservador para el gasto? Recuerde que la gente, este es SU dinero del pagador de impuestos el dinero ... ... que se va a reducir los saldos de capital de la hipoteca.
Comparte tus pensamientos .. es hora de rescatar a los propietarios de viviendas?
La administración Obama quiere ayudar a más estadounidenses que luchan permanecer en sus hogares mediante la reducción de la cantidad que debe en sus hipotecas en problemas, un alto funcionario del Tesoro dijo el sábado.
"Estamos definitivamente tratando de facilitar la reducción de más capital," dijo Timothy Massad, en calidad de secretario adjunto del Tesoro para la estabilidad financiera. "Es una pieza muy importante de la solución global", dijo.
El gobierno está intentando a través de programas financiados por los contribuyentes para evitar que los propietarios pierdan sus casas. Casi $ 50 mil millones han sido retiradas del rescate de los bancos 700 mil millones dólares conocido como Programa de Alivio de Activos en Problemas, o TARP, para ayudar a propietarios en dificultades.
La persistencia de alto desempleo y un débil mercado de la vivienda suponen una amenaza para las perspectivas del presidente Obama reelección el próximo año.
Hasta ahora, uno de los programas ha ayudado a unos 670.000 propietarios en dificultades ganar más bajos pagos de la hipoteca. Pero eso ha hecho muy poco para ayudar al mercado de la vivienda en general, que se mantiene deprimida como en otras partes de la economÃa han comenzado a recuperarse.
Un exceso de casas en venta, las ejecuciones hipotecarias, la escasez de crédito y la demanda poco han impedido la recuperación de la vivienda. Los datos recientes muestran que los precios cayeron por debajo de la casa baja visto en abril de 2009 durante la crisis financiera.
"Este ha sido un mercado de la vivienda muy, muy difÃcil como consecuencia del hecho de que pasamos por una crisis financiera terrible", dijo Massad periodistas en el marco de un evento de prevención de ejecuciones hipotecarias en Washington.
Uno de los programas de la administración ayuda a propietarios en dificultades evitar la ejecución hipotecaria, proporcionando modificaciones permanentes préstamo.
Otro programa, el aumento gradual de ahora, da a los estados que han sido los más afectados por la caÃda de precios de las casas de financiación para ayudar a reducir el principal del préstamo de un prestatario, entre otras cosas.
"Creo que los va a hacer una gran diferencia en cuanto a los problemas de los propietarios de viviendas desocupados y la caÃda de precios de la vivienda", dijo Massad. Sin embargo, agregó que el proceso fue complicado.
05 de junio 2011 · Deja tu comentario Su fácil de leer esta historia y ser escéptico ... después de todo, 2012 es un año electoral. Muchos verán este programa propone como nada más que una buena compra de edad votación de moda .... Sin embargo usted lo ve, principales deducciones saldo de la hipoteca están de vuelta en el juego. .. Eso es correcto, el programa de patrimonio neto negativo está de vuelta sobre la mesa.
¿Hay alguna forma en que algo como esto va a suceder dado el republicano (y Tea Parties) intentó pasar a un enfoque más conservador para el gasto? Recuerde que la gente, este es SU dinero del pagador de impuestos el dinero ... ... que se va a reducir los saldos de capital de la hipoteca.
Comparte tus pensamientos .. es hora de rescatar a los propietarios de viviendas?
La administración Obama quiere ayudar a más estadounidenses que luchan permanecer en sus hogares mediante la reducción de la cantidad que debe en sus hipotecas en problemas, un alto funcionario del Tesoro dijo el sábado.
"Estamos definitivamente tratando de facilitar la reducción de más capital," dijo Timothy Massad, en calidad de secretario adjunto del Tesoro para la estabilidad financiera. "Es una pieza muy importante de la solución global", dijo.
El gobierno está intentando a través de programas financiados por los contribuyentes para evitar que los propietarios pierdan sus casas. Casi $ 50 mil millones han sido retiradas del rescate de los bancos 700 mil millones dólares conocido como Programa de Alivio de Activos en Problemas, o TARP, para ayudar a propietarios en dificultades.
La persistencia de alto desempleo y un débil mercado de la vivienda suponen una amenaza para las perspectivas del presidente Obama reelección el próximo año.
Hasta ahora, uno de los programas ha ayudado a unos 670.000 propietarios en dificultades ganar más bajos pagos de la hipoteca. Pero eso ha hecho muy poco para ayudar al mercado de la vivienda en general, que se mantiene deprimida como en otras partes de la economÃa han comenzado a recuperarse.
Un exceso de casas en venta, las ejecuciones hipotecarias, la escasez de crédito y la demanda poco han impedido la recuperación de la vivienda. Los datos recientes muestran que los precios cayeron por debajo de la casa baja visto en abril de 2009 durante la crisis financiera.
"Este ha sido un mercado de la vivienda muy, muy difÃcil como consecuencia del hecho de que pasamos por una crisis financiera terrible", dijo Massad periodistas en el marco de un evento de prevención de ejecuciones hipotecarias en Washington.
Uno de los programas de la administración ayuda a propietarios en dificultades evitar la ejecución hipotecaria, proporcionando modificaciones permanentes préstamo.
Otro programa, el aumento gradual de ahora, da a los estados que han sido los más afectados por la caÃda de precios de las casas de financiación para ayudar a reducir el principal del préstamo de un prestatario, entre otras cosas.
"Creo que los va a hacer una gran diferencia en cuanto a los problemas de los propietarios de viviendas desocupados y la caÃda de precios de la vivienda", dijo Massad. Sin embargo, agregó que el proceso fue complicado.
Saturday, June 04, 2011
Monday, May 30, 2011
Some Wise Quotes
You are brave...when you overcome your fear and help others to do the same.
You are happy...when you see a flower and are thankful for the blessing.
You are loving...when your own pain does not blind you to the pain of others.
You are wise...when you know the limits of your wisdom.
You are true...when you admit there are times you fool yourself.
You are alive...when tomorrow’s hope means more to you than yesterday’s mistake.
You are growing...when you know what you are but not what you will become.
You are free...when you are in control of yourself and do not wish to control others.
You are honorable...when you find your honor is to honor others.
You are generous...when you can take as sweetly as you can give.
You are humble...when you do not know how humble you are.
You are merciful...when you forgive in others the faults you condemn in yourself.
You are beautiful...when you don’t need a mirror to tell you.
You are rich...when you never need more than what you have.
You are you...when you are at peace with who you are and are not.
You are happy...when you see a flower and are thankful for the blessing.
You are loving...when your own pain does not blind you to the pain of others.
You are wise...when you know the limits of your wisdom.
You are true...when you admit there are times you fool yourself.
You are alive...when tomorrow’s hope means more to you than yesterday’s mistake.
You are growing...when you know what you are but not what you will become.
You are free...when you are in control of yourself and do not wish to control others.
You are honorable...when you find your honor is to honor others.
You are generous...when you can take as sweetly as you can give.
You are humble...when you do not know how humble you are.
You are merciful...when you forgive in others the faults you condemn in yourself.
You are beautiful...when you don’t need a mirror to tell you.
You are rich...when you never need more than what you have.
You are you...when you are at peace with who you are and are not.
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