It is fair to say that 2013 was a pretty good year for those who were either looking to get back into the job market, or entering it for the first time.
The Mortgage Forgiveness Debt Relief Act expired December 31, 2013. The Act prevented homeowners who go through a short sale or foreclosure from being taxed on the amount of their mortgage debt that has been forgiven.
In the third quarter of 2013, the region reported 11,064 home sales—a modest decline of six percent over the second quarter of the year, but still a 17 percent increase over the same period in 2012. Year to date, there have been over 30,000 home sales, an increase of close to 5,000 units when compared to the same period a year ago.
The double-digit price growth that we have experienced over the past year or so is set to taper—which is not a bad thing. It is pleasing to see an increase in homes for sale in many markets throughout Washington. The market is demonstrating stability, and buyers are increasingly comfortable with the view that home buying is not an inherent risk.
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