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Flower Hill Relaunch February 27th

Protea Properties purchased the 14-acre site formerly known as the Flower Hill Mall in 2002. “It’s always been our vision, from day one, to renovate,” Jeffrey Essakow, president of Protea Properties, said. “Most of our projects we buy and add value. We wanted to take advantage of underutilized square footage.”

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Fiscal cliff bill extends real estate tax breaks

The tax law passed by Congress this week to avert the "fiscal cliff" turned out pretty well for homeowners.

First, the Mortgage Forgiveness Debt Relief Act of 2007, which was scheduled to expire on Dec. 31, 2012, has been extended through the end of 2013.

This means that homeowners who experience a debt reduction through mortgage principal forgiveness or a short sale of their principal residence during 2013 may exclude up to $2 million of forgiven debt from their taxable income.

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New homeowner protections go into effect Jan. 1

The New Year will bring more protections to California homeowners, mainly those who are trying to save their properties from being repossessed.

The Homeowner Bill of Rights, signed by the governor this year, is a set of new laws that puts the onus on banks to help consumers through the foreclosure process. They go into effect Jan. 1. The legislation, lauded by housing advocates and heavily criticized by the lending industry, forces banks to:

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