Borrowers in foreclosures or short sales will qualify for a new tax break. On April 8, 2010 California Legislature approved a tax break to further assist distressed homeowners. The bill is expected to waive state taxes on mortgage debt that was forgiven in a foreclosure or short sale. About 34,000 taxpayers are expected to benefit […]
Category: RE News
Nicholas Cage’s million dollar home has been foreclosed on
The 1940 mansion was built for only $110,000. Cage had originally put the house on the market for $35 million.
Increase In Mortgage Rates
The first week the Federal Reserve was no longer buying mortgage-backed securities interest rates increase to 5.32% from 5.08% for a 30-year fixed mortgage. They had purchased $1.25 trillion debt and this has kept mortgage rates below 5%. The increase is said to be due to signs of the economy slowly recovering rather than the […]
Extreme Makeover: Home Edition
The Herbert family’s home was foreclosed on in October. They had a loan amount of $110,000, during the show they had refinanced for $250,000 and a year later they refinanced again for $382,500 which they could not afford.
Unemployment Rate and the Housing Market
When the unemployment rate is high, consumer spending is less. As of March there has been an addition of 162,000 new payroll jobs. Compared to the past three years every month thousands of jobs were lost. Definitely purchasing a home is not on the individuals priority list, their main goal is making it through the […]
The White House
Also known as the “President’s Palace”, was built in 1792 and designed by Irish architect James Hoban.
Mortgage Rates Over 5%
Freddie Mac has reported mortgage rates of 5.08% for this week. Last week the rate was 4.99%, still below the 5% mark it has been for a few months now. The rate increase might be due to the economy gradually stabilizing as well as the federal government’s decision to no longer fund the mortgage market. […]
Kardashian, The Boss & Peg Bundy Properties
Kourtney Kardashian, reality T.V. star, and her new family are looking for a bigger home with a move from Calabasas to Beverly Hills.
More Changes to Modification Programs
On June 1st we expect more changes to the modifications programs…
Celebrity Real Estate
America Ferrera, the star of Ugly Betty has her house on the market at an asking price of $1,599,000. The 3,427 square foot home has…