Not only is the average housing market dropping prices, million dollar homes are seeing dramatic…
Category: RE News
New Guidelines: Home Buyer Tax Credits
The two home buyer tax credits have helped many first time home owners. The IRS has found that more information is needed to prevent any type of fraud in the program. In 2009 people had claimed and received $8,000 checks for transaction that never occurred.
Are Fewer People Facing Foreclosure?
According to the U.S. Treasury mortgage payments have been modified and fewer individuals would face foreclosure proceedings. Reports show that at the end of January: • At the end of January, 947,000 households had received a deduction in their mortgage payments through HAMP. • 3% of 1.7 million households are eligible for HAMP. • 116,297 […]
Top Five Most Expensive Homes of 2009
Last year the real estate market did not have the most prosperous year.
What to Look Out For When Filing Your Taxes
First-time home owners • What are points? o Fees paid to your lender when applying for a mortgage or loan. o If paid up front, can be tax deductible o Only tax deductible if the loan is for the purposes of purchasing or improving your personal property. Investment properties will not qualify.
Eddie Murphy’s Mansion
The actor has starred in movies like The Nutty Professor, Beverly Hills Cop and Shrek, to name a few. He has listed his house for sale and so far has had no luck selling the property.
Fewer Foreclosures for January
With individuals not being able to pay their mortgages, lenders step in and foreclose on their homes. Statistics • 315,716 homes were in the foreclosure process last month • 1 in every 409 U.S homes sold last month, is facing foreclosure possibilities. • 31% increase in foreclosures from January 2009 • 12% less default notices […]
Pricey Home Sales Down For 2009
Properties that pass the one million dollar mark are seeing a decrease in sales. There has been a decline in sales for the past four years. About 18,621 homes over the million dollar mark were sold last year and 24,436 were sold in 2008. In 2005 a total of 54,773 homes priced over a million […]
Mortgage Rates
Every week in January we saw a gradual decline in the mortgage rates. The first week of February broke the cycle. The first week of January we started with an interest rate of 5.09% for a 30 year fixed and 4.50% for a 15 year fixed. Three weeks later the rate for a 30 year […]
Fannie Mae and Freddie Mac
As long as the government is in control of Fannie Mae and Freddie Mac, they will not be able to introduce any new loan products. Fannie and Freddie were working on new loan products that would have to pass through the federal regulator of the company. On Tuesday the federal regulator had denied introduction of […]