Fremont Real Estate and Beyond

One of my 1031 Exchange Specialists sent me this and I thought I would share-- Revenue Procedure 2007-56 permits extension of IRC §1031 exchange deadlines upon issuance of an IRS Notice or other guidance permitting relief to taxpayers due to Federally declared disasters. Note that an IRS Notice of a Federally declared disaster is different from a FEMA disaster declaration, and the extensions are not available until the IRS publishes its Notice granting relief which specifically references Revenue Procedure 2007-56. Regarding the California wild fires, the IRS has issued a disaster relief notice relating to Orange, Solano, Butte, Lake, Mendocino, Napa, Nevada, Sonoma, and Yuba Counties in California extending deadlines as a result of the wildfires that began on October 8, 2017. The notice extends deadlines falling on or after 10/8/2017 and on or before  1/31/2018  for 120 days or until  1/31/2018  (whichever is later). To be eligible for the extension the relinquished property

BayEast posted their housing statistics for the month of September.  You can find it here-- https://bayeast.org/community-info/community-info/ Click on the city you want and then "Housing Market Information" followed by "Current Attached" or "Current Detached"

HUD is changing some of the rules behind reverse mortgages today.  Specifically, seniors won't be able to borrow as much and they will have to pay more up front.  A great explanation and interview from Marketplace Weekend.