Home Ownership Offers Plenty of Tax Benefits
February 07, 2011
Home Ownership Offers Plenty of Tax Benefits While renting offers zero tax breaks, buying a home offers several tax benefits that can make homeownership more affordable.The following is a few of the tax benefits to home ownership, according to Stephen Fishman, an author and lawyer who specializes in small business, tax and intellectual property law.
Closing Costs Are Negotiable?
February 01, 2011
Closing Costs Are Negotiable? Many customers don’t realize that closing costs are negotiable, mortgage experts tell The New York Times. “There’s a lot of room for negotiation in the costs of closing and consumers should examine every charge and not hesitate to challenge them and try to bring them down,” says Barry Zigas, director of housing policy at the Consumer Federation of America.
New Home Sales Surge
January 27, 2011
New single-family home sales in December rose to their highest level in eight months and prices were the highest since April 2008, raising cautious optimism for a housing market recovery. The Commerce Department said sales jumped 17.5 percent to a seasonally adjusted 329,000 unit annual rate after a downwardly revised 280,000-unit pace in November. Economists polled by Reuters had forecast new home sales rising to a 300,000-unit pace in December from a previously reported 290,000 unit rate. Compared to December a year earlier, sales were down 7.6 percent. Overall 2010 sales dropped 14.4 percent to a 321,000-unit rate.
Foreclosures Jump in Unexpected Cities
January 27, 2011
The foreclosure crisis is now spreading to cities that were once relatively unscathed from the crisis. Seattle, Houston, and Chicago have joined the list of other cities in the United States plagued by a growing number of foreclosures and home owners unable to make their mortgage payments. Foreclosure activity increased in 149 of the country’s 206 largest metro areas last year, reported RealtyTrac Inc., a foreclosure listing firm. In the Houston-Sugar Land-Baytown metro area, the foreclosure rate jumped 26 percent from 2009 — the largest increase in foreclosures among the top 20 metro areas, according to RealtyTrac.
Foreclosure means not leaving home for 673 days
January 19, 2011
TAMPA – Jan. 19, 2011 – Tampa Bay homeowners can get away with not paying their mortgage payments for about 285 days before lenders even begin to take the house back. And if you think that’s a long time, get this: it takes about 673 days before the house is sold and the homeowner kicked out, according to data compiled by LPS Applied Analytics, which provides technology and data to the mortgage industry.
What is a short sale?
January 18, 2011
What is a short sale? A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt. Why is the number of short sales rising? Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
Judge rules bank failed to prove ownership of couple’s mortgage
January 18, 2011
REDDICK, Fla. – Jan. 18 2011 – The facts aren’t unusual: In 2008, a couple in Reddick defaulted on a home mortgage and the bank pursued foreclosure. The couple contested the action. But the outcome defies the usual pattern. The defendants prevailed at a non-jury trial and, to date, have been allowed to keep the home.
More “Fs” in Foreclosure Inventory Mean A+ Buyers Market
January 14, 2011