Schedule A Form: 6 Home Deduction Traps
Trap #1: Line 6 – real estate taxes
Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney. That will lead you to putting the wrong number on Schedule A
New York Times Features ‘36 Hours in Albuqueruqe’
Stating that “New Mexico’s biggest city has come into its own in recent years,” the New York Times online has published a story in its travel section on how to spend 36 hours in Albuquerque. The story features everything from taking in the sights and sounds of Route 66 to eating at the Golden Crown Panaderia and throwing back a few cold ones at the Marble Brewery.
October Home Sales Outpace Previous Year and Month
“A 9% increase in closed sales from September, 2011 is interesting,” said Peter Parnegg, President of the Greater Albuquerque Association of REALTORS®, “considering that traditionally the Albuquerque market sees a downward trend in numbers of homes sold from September to December of each year.” “While inventory continues to go down, homes going under contract remain steady,” continued Parnegg, “showing that buyers are still in the market and we are regaining stability.”
October Home Sales Outpace Previous Year and Month
Albuquerque, NM, October 10, 2011 – Sales for detached homes in October this year were 24.12% higher than sales in October 2010 and 9.48% higher than September 2011. The top selling price range in October 2011 was in the $120,000 to $139,000 price range.
Pending Sales Up 26% from November 2010
“As we approach the holiday season, sales typically drop,” said Peter Parnegg, President of the Greater Albuquerque Association of REALTORS®, “but the market is feeling a bit more stable than this time last year.” “The disparity between pending sales and closed sales is reflective of the over-reaching regulatory environment in the mortgage industry, making for unnecessary delays and failed transactions,” said Parnegg.
Pending Sales Up 26% from November 2010
Albuquerque, NM, November 12, 2011 – There were 746 pending sales of detached homes for November 2011, up 26.66% over November 2010. There were 492 closed sales of detached homes reported, a 4.90% increase over the prior year. Median sales price for detached residential homes settled in at $160,000. Of the 492 sales, 235 sales were between $100,000 and $179,000.
Forecast & Real Estate Commentary
The highest appreciation in New Mexico Real Estate over a three year period
was 48% in the three years ended with the 2nd Quarter of 1979. The worst
appreciation over a three year period in New Mexico was -11% in the three
years ended with the 1st Quarter of 2011.
Forecast & Real Estate Commentary
The highest annual appreciation rate in New Mexico Real Estate was 18% in the
twelve months ended with the 2nd Quarter of 1979. The worst annual
appreciation rate in New Mexico was -6% in the twelve months ended with the
3rd Quarter of 1983.
Forecast & Real Estate Commentary
The average real estate forecast for all 50 states is -2.78%. So New Mexico
Real Estate prices are forecasted to perform similar to the rest of the country.
The highest appreciation rate forecast of all Real estate forecasts at this site is
2.32% for North Dakota. The lowest is -13.58% for Nevada.
Forecast & Real Estate Commentary
The 12 month forecast for New Mexico Real Estate prices is in the table at the
top of this page. ForecastChart.com is forecasting a decline in New Mexico
Home Prices of 2.88%. The table shows a HDTFA of 3.95% which suggests that
appreciation rates over the next year for New Mexico Real Estate could easily
end up anywhere between 1.07% and -6.82%. Links to Forecasts for 49 other
states and the District of Columbia may be found on the right side of this page.
