Two versions of tax credit are running out. The Maximum credit of $8,000 for first-time buyers or the $6,500 credit for current homeowners. These credits applies only to the purchase of a new principal residence costing $800,000 or less but you must be under contract by April 30, 2010 and close the transaction by July 1, 2010.
Streamlining the purchase process is a must in order to meet the time requirements. So what should you do?
1. Get to know your market - Use my website property search to narrow down your choices currently on the market.
2. Line up your financing - If you need help send me an email and I will referred you to a loan officer ready to facilitate your loan.
3. Start narrowing your search - Decide specifically where you want to live and how much do you want to invest.
4. Separate needs from wants - Decide what features you must have vs. the ones you can live without.
5. Consider condition - Can you tackle or have the resources to fix up a home that needs repairs.
6. Keep things in perspective - Don't make the wrong decision just because you desire to take advantage of the tax credit.
7. Leave time to handle standard contingencies - Contingencies take time, the more you have in your contract the longer the time required to close the transaction.
8. Be careful of short sales - Short sales requires approvals of the contract by different parties and the time frame to obtain those approvals are normally very long and require a lot of patience and knowledge.
If you need help and require specific information about the tax credit program send your questions and concerns to mbracket@hotmail.com
3/28/2010
New Foreclosure Prevention Plan Going Into Effect
New foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers is going into effect.
The Federal Housing Administration FHA, which will insure lenders against part of the losses, will be administering the program.
The Banks would have to write down loan balances to less than the value of the home. In cases where there are first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.
The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.
The Federal Housing Administration FHA, which will insure lenders against part of the losses, will be administering the program.
The Banks would have to write down loan balances to less than the value of the home. In cases where there are first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.
The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.
30-Year Rates Just Below 5 Percent
Freddie Mac reports slightly higher mortgage rates this week, with the average interest on a 30-year fixed loan topping off at 4.99 percent from the previous week's 4.96 percent and from 4.85 percent a year ago.
Other rates:
• 15-year fixed loans bumped up to 4.34 percent from 4.33 percent a week earlier but remained down from 4.58 percent a year ago.
• Five-year adjustable-rate mortgages averaged 4.14 percent, climbing from 4.09 percent a week earlier but declining from 4.98 percent a year earlier.
• One-year ARMs were 4.20 percent versus 4.12 percent and 4.85 percent, respectively.
Low rates are showing that this is definitely the time to buy. For a consultation on how to take advantage in this market email me at: mbracket@hotmail.com
Other rates:
• 15-year fixed loans bumped up to 4.34 percent from 4.33 percent a week earlier but remained down from 4.58 percent a year ago.
• Five-year adjustable-rate mortgages averaged 4.14 percent, climbing from 4.09 percent a week earlier but declining from 4.98 percent a year earlier.
• One-year ARMs were 4.20 percent versus 4.12 percent and 4.85 percent, respectively.
Low rates are showing that this is definitely the time to buy. For a consultation on how to take advantage in this market email me at: mbracket@hotmail.com
3/26/2010
How To Keep Safe While On Line - Mobile Banking
The widespread use of on line and mobile banking means more convenience for consumers. Unfortunately, it also means more opportunities for consumer fraud.
The largest threat to its security is not the technology but the fact that many consumers are ignorant of the fraudulent applications that exist online and on mobile platforms.
You can minimize the risk of fraud and help protect your identity while using mobile banking services by following these common-sense tips offered by Technology Credit Union.
Password-protect your device and lock your device when it's not in use.
Delete text messages from your financial institution frequently.
Personal information about your accounts should never be disclosed via text message.
If you change or loose your mobile number contact your financial institution to change the details of your mobile baning profile
Don't hack or modify your device.
Don't download applications onto your phone without checking them out first.
Report any banking application that appears to be malicious to your financial institution.
Monitor your financial records on a regular basis.
Finally, if you become a victim of identity theft, contact your financial insitution immediately.
The largest threat to its security is not the technology but the fact that many consumers are ignorant of the fraudulent applications that exist online and on mobile platforms.
You can minimize the risk of fraud and help protect your identity while using mobile banking services by following these common-sense tips offered by Technology Credit Union.
Password-protect your device and lock your device when it's not in use.
Delete text messages from your financial institution frequently.
Personal information about your accounts should never be disclosed via text message.
If you change or loose your mobile number contact your financial institution to change the details of your mobile baning profile
Don't hack or modify your device.
Don't download applications onto your phone without checking them out first.
Report any banking application that appears to be malicious to your financial institution.
Monitor your financial records on a regular basis.
Finally, if you become a victim of identity theft, contact your financial insitution immediately.
Home Affordable Foreclosure Alternatives Program Starts April 5
The Home Affordable Foreclosure Alternatives (HAFA) program is expected to stabalize the residential real estate market by moving the short sale process forward at a rapid pace.
On April 5, 2010, HAFA will go into effect. The law expires at the end of 2012.
Under HAFA, borrowers receive pre-approved short sale terms before listing the property, as well as $1,500 in relocation assistance. In addition, they will be fully released from any future liability for the first mortgage debt. Qualification for HAMP are: property must be the principal residence, the first lien originated before 2009, the unpaid balance must not exceed $729,750 and the borrower’s total monthly payment exceeds 31% of their gross income.
HAFA will offer up to $1,000 in investor reimbursements for allowing up to $3,000 in short sale proceeds to be paid to subordinate lien holders. If a subordinate lien holder receives financial incentives from HAFA, they must agree not to pursue any deficiency judgments. This is a solution to the problems many sellers will be facing with their equity line of credit comming after them after the sale of their property.
The intent of this program is that the streamlined process for short sales now being put into place should render fewer foreclosures, helping to stabilize the housing market. The joining of most major lenders to Bank of America and Wells Fargo Bank practices for equity lending mortgages disposition during the short sale process should releif a major problem for sellers.
On April 5, 2010, HAFA will go into effect. The law expires at the end of 2012.
Under HAFA, borrowers receive pre-approved short sale terms before listing the property, as well as $1,500 in relocation assistance. In addition, they will be fully released from any future liability for the first mortgage debt. Qualification for HAMP are: property must be the principal residence, the first lien originated before 2009, the unpaid balance must not exceed $729,750 and the borrower’s total monthly payment exceeds 31% of their gross income.
HAFA will offer up to $1,000 in investor reimbursements for allowing up to $3,000 in short sale proceeds to be paid to subordinate lien holders. If a subordinate lien holder receives financial incentives from HAFA, they must agree not to pursue any deficiency judgments. This is a solution to the problems many sellers will be facing with their equity line of credit comming after them after the sale of their property.
The intent of this program is that the streamlined process for short sales now being put into place should render fewer foreclosures, helping to stabilize the housing market. The joining of most major lenders to Bank of America and Wells Fargo Bank practices for equity lending mortgages disposition during the short sale process should releif a major problem for sellers.
3/24/2010
How To Deal With Negative Home Equity
Principal Reductions would require banks to modify loans and write down the principal owed to reflect a home's value on the current market. Lenders would face large losses if they wrote down large portions of their loans creating decapitalization for the banks.
Stabilize Home Prices some lenders are leasing homes they foreclosed on back to the original owners to help stabilize homeprices and neighborhoods. Another method to stabilize prices is to control the release of distressed inventory onto the market. Many lenders are doing this to slow the erosion of home prices and minimize the losses they record on their books.
Help for Unemployed Workers The Mortgage Bankers Association announced that it was considering a program to help qualified borrowers who have lost their jobs so they can stay in their homes while they seek new employment. The foreberance program would have loan servicers reducing the borrower's mortgage payment for up to nine months. The payment would be reduced to an affordable level based on household income. The association has asked the government to add this tool to the Home Affordable Modification Program.
Freeze Foreclosures under this program judges would be given the power to temporarily suspend foreclosures for up to two years in order to stabalized the market. Currently, the foreclosure process and evaluation process generally are happening at the same time.
Stabilize Home Prices some lenders are leasing homes they foreclosed on back to the original owners to help stabilize homeprices and neighborhoods. Another method to stabilize prices is to control the release of distressed inventory onto the market. Many lenders are doing this to slow the erosion of home prices and minimize the losses they record on their books.
Help for Unemployed Workers The Mortgage Bankers Association announced that it was considering a program to help qualified borrowers who have lost their jobs so they can stay in their homes while they seek new employment. The foreberance program would have loan servicers reducing the borrower's mortgage payment for up to nine months. The payment would be reduced to an affordable level based on household income. The association has asked the government to add this tool to the Home Affordable Modification Program.
Freeze Foreclosures under this program judges would be given the power to temporarily suspend foreclosures for up to two years in order to stabalized the market. Currently, the foreclosure process and evaluation process generally are happening at the same time.
Two Giants Agrees to Second Mortgages Modification
In January Bank of America agreed to modify home-equity loans in cases where borrowers had already qualified for relief under the U.S. Treasury's mortgage-modification program.
On March 23, 2010 Wells Fargo agreed to do the same.
Under pressure from criticism over the slow progress of its foreclosure-prevention efforts, the administration struck deals with the two giant banks that would extend mortgage relief to homeowners with second mortgages. Together the two banks account for 25% of the second-mortgage market.
A weakness with the government's foreclosure-prevention program is that mortgage modifications leave second loans unchanged. Some of the second mortgage are larger than the first. This leaves borrowers that qualify for lower mortgage payments on the first mortgages at risk of default because of larger payments on the home equity loan. This is a considerable step in fixing one of the major problems facing the mortgage-modification program.
On March 23, 2010 Wells Fargo agreed to do the same.
Under pressure from criticism over the slow progress of its foreclosure-prevention efforts, the administration struck deals with the two giant banks that would extend mortgage relief to homeowners with second mortgages. Together the two banks account for 25% of the second-mortgage market.
A weakness with the government's foreclosure-prevention program is that mortgage modifications leave second loans unchanged. Some of the second mortgage are larger than the first. This leaves borrowers that qualify for lower mortgage payments on the first mortgages at risk of default because of larger payments on the home equity loan. This is a considerable step in fixing one of the major problems facing the mortgage-modification program.
3/23/2010
What Defaulting On Your Loan May Mean To You
Homeowners defaulting on mortgages today may be surprised to learn years from now that a collection agency is coming after them.
Why would that be? It is because lenders have been selling second mortgages and home equity lines left unpaid, after foreclosures and short sales to collection agencies, that in some states have years to make a claim. Obtaining a judgement against you they have years to pursue borrowers with repayment plans, and even garnish your wages.
Most people are stressed out as they try to save their homes and are not aware they could face another problem later on. That is why it is of paramount importance that you obtained the necessary advice to prevent future problems comming your way. Consult a professional.
A new short sale program is dealing with preventing banks that hold second-lien loans from pursuing collections from homeowners after the short sale. This program goes into effect April 5, 2010. In this program Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders "in exchange for release and full satisfaction of their lines". This release would apply only to short slaes done through the administration's Home Affordable Foreclosure Alternatives program.
Why would that be? It is because lenders have been selling second mortgages and home equity lines left unpaid, after foreclosures and short sales to collection agencies, that in some states have years to make a claim. Obtaining a judgement against you they have years to pursue borrowers with repayment plans, and even garnish your wages.
Most people are stressed out as they try to save their homes and are not aware they could face another problem later on. That is why it is of paramount importance that you obtained the necessary advice to prevent future problems comming your way. Consult a professional.
A new short sale program is dealing with preventing banks that hold second-lien loans from pursuing collections from homeowners after the short sale. This program goes into effect April 5, 2010. In this program Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders "in exchange for release and full satisfaction of their lines". This release would apply only to short slaes done through the administration's Home Affordable Foreclosure Alternatives program.
Email Account For Condominium Approval Questions For FHA
FHA has set up an on-line mailbox created for all condominium inquires. Lenders, trade associations, industry professionals and other interested parties are now able to send inquiries to www.CondoProjectApprvoalInquiries@hud.gov
According to FHA, questions will be answered within 24-48 hrs unless additional research is required. If additional time is required, the inquirer will be advised that there is a delayed response forthcoming.
This will go a long way in answering questions that are arising from their efforts to open up financing of Condominium Projects in today's market.
According to FHA, questions will be answered within 24-48 hrs unless additional research is required. If additional time is required, the inquirer will be advised that there is a delayed response forthcoming.
This will go a long way in answering questions that are arising from their efforts to open up financing of Condominium Projects in today's market.
USDOT Adopts Complete Streets Policy Development
The Obama administration has annouced the concept of "complete streets" which accounts for the needs of all transportation users, including pedestrians, bicyclists and transit users for all new transportation projects.
On March 16,2010 Secretary of the US Department of Transportation released the new guidance for state and city transportation departments. According to the USDOT "establishment of well-connected walking and bicycling networks is an important component for livable communities, and their design should be part of Federal-aid project development".
HUD, USDOT and EPA are coordinating an integrated approach to planning for housing, transportation and environmental protection. "The undelying objectives are to conserve energy, reduce greenhouse gas emissions and other pollution, reduce reliance on the foreign suppliers of oil, and produce jobs in a clean energy economy".
How will this eventually affect you? Will you be using it?
On March 16,2010 Secretary of the US Department of Transportation released the new guidance for state and city transportation departments. According to the USDOT "establishment of well-connected walking and bicycling networks is an important component for livable communities, and their design should be part of Federal-aid project development".
HUD, USDOT and EPA are coordinating an integrated approach to planning for housing, transportation and environmental protection. "The undelying objectives are to conserve energy, reduce greenhouse gas emissions and other pollution, reduce reliance on the foreign suppliers of oil, and produce jobs in a clean energy economy".
How will this eventually affect you? Will you be using it?
3/19/2010
Evaluate Your House for a Home Office
As you look around your home and try to decide where to put a home office consider the following.
A spare bedroom is the most common place for an office, but it’s not the only adaptable space in the house. The formal living room and dining room in many older homes are often unused and make a great office. These rooms are close to the front door, which is an important consideration if your business brings visitors into the home. However, attics, basements, dens, sunrooms, garages, even laundry rooms are similarly convertible.
Another important question is whether you’ll be taking the home office deduction on your taxes. If so, your work area can’t be used for any other purpose; the IRS bases the deduction on square footage used “exclusively and regularly” for business activities. Consult your accountant about whether the deduction makes sense for you.
Not everyone has a spare room to devote to an office. In that case, you need to find creative ways to carve out space.
Offices can often be tucked into little-used locations, such as under stairs, in dormers, and on second-floor landings. Closets offer a good compromise because you can close the doors on your job at the end of the day. Another option is a computer armoire or if budget is a concern, set off a corner of the living room or family room with a room divider, bookcases, or a folding screen.
A spare bedroom is the most common place for an office, but it’s not the only adaptable space in the house. The formal living room and dining room in many older homes are often unused and make a great office. These rooms are close to the front door, which is an important consideration if your business brings visitors into the home. However, attics, basements, dens, sunrooms, garages, even laundry rooms are similarly convertible.
Another important question is whether you’ll be taking the home office deduction on your taxes. If so, your work area can’t be used for any other purpose; the IRS bases the deduction on square footage used “exclusively and regularly” for business activities. Consult your accountant about whether the deduction makes sense for you.
Not everyone has a spare room to devote to an office. In that case, you need to find creative ways to carve out space.
Offices can often be tucked into little-used locations, such as under stairs, in dormers, and on second-floor landings. Closets offer a good compromise because you can close the doors on your job at the end of the day. Another option is a computer armoire or if budget is a concern, set off a corner of the living room or family room with a room divider, bookcases, or a folding screen.
Home Office: Top Features
If you decide that a home office is a must there are certain features important to consider. While every business has a unique set of needs, all home offices share a few basic requirements.
The top features to incorporate for maximum comfort and functionality are:
A proper work surface
The surface should be large enough for you to work, plus a place to set up a computer, printer, and phone
A comfortable chair
Consider the amount of time you’ll be sitting.
Customized storage
Consider the specific needs of your business.
Sufficient lighting
An office should have three kinds of light; natural daylight, ambient and task lighting. The specific business tasks will dictate which type of light is the most important.
Appropriate flooring
When choosing flooring, your first consideration should be its effect on sound quality.
Adequate power
You need to provide sufficient power for always-on electronics and high-speed Internet connection.
Noise control
Controlling sound is a necessity not only to concentrate but also while conducting business on the phone.
An entry point
It is important to separate out the home life from the work life.
The top features to incorporate for maximum comfort and functionality are:
A proper work surface
The surface should be large enough for you to work, plus a place to set up a computer, printer, and phone
A comfortable chair
Consider the amount of time you’ll be sitting.
Customized storage
Consider the specific needs of your business.
Sufficient lighting
An office should have three kinds of light; natural daylight, ambient and task lighting. The specific business tasks will dictate which type of light is the most important.
Appropriate flooring
When choosing flooring, your first consideration should be its effect on sound quality.
Adequate power
You need to provide sufficient power for always-on electronics and high-speed Internet connection.
Noise control
Controlling sound is a necessity not only to concentrate but also while conducting business on the phone.
An entry point
It is important to separate out the home life from the work life.
Building A Home Office: Return on Investment
20% of Americans do some or all of their work at home. For them a comfortable, functional home office is a must-have. It is a feature that’s growing in popularity. The National Association of Home Builders conducted a study which yielded 94% of respondents said that a home office would be “critical” or “very critical” as a feature in their home buying.
However, even though a home office adds comfort, convenience, and salability it is not among the top projects for adding home value. It ranks last among the 21 midrange projects analyzed in Remodeling Magazine’s annual Cost vs. Value report recouping only 48% return on investment.
Therefore if you are planning to sell, analyze well the importance of the space to be use for a return on your investment. For more information email me at: mbracket@hotmail.com
However, even though a home office adds comfort, convenience, and salability it is not among the top projects for adding home value. It ranks last among the 21 midrange projects analyzed in Remodeling Magazine’s annual Cost vs. Value report recouping only 48% return on investment.
Therefore if you are planning to sell, analyze well the importance of the space to be use for a return on your investment. For more information email me at: mbracket@hotmail.com
3/15/2010
Have Cap Rates Peaked?
According to analysis of FDIC data by the Mortgage Bankers Association, banks reduced their holdings of almost all assest class in the loan and lease category, except for loans on multifamily and commercial properties. Banks are more reluctant to charge off their multifamily and commercial mortgages.
It is expected that the default rate for multifamily will continue to climb this year before starting a slow decline. The commercial property default rate will continue to climb till the end of next year before declining.
Cap rates for those assets with stabilized income in the multifamily and commercial retail property have started to declined in eight of the the 14 Eastern markets,held flats in two and increased in four; Miami, Philadelphia, Jacksonville (Fl), and Raleigh (NC).
To receive property information with stabilized income send request to: mbracket@hotmail.com
It is expected that the default rate for multifamily will continue to climb this year before starting a slow decline. The commercial property default rate will continue to climb till the end of next year before declining.
Cap rates for those assets with stabilized income in the multifamily and commercial retail property have started to declined in eight of the the 14 Eastern markets,held flats in two and increased in four; Miami, Philadelphia, Jacksonville (Fl), and Raleigh (NC).
To receive property information with stabilized income send request to: mbracket@hotmail.com
3/11/2010
Current Market Conditions Frustrates Both Seller and Buyers
Loan modifications are implemented at extremely low pace. Government reports are showing that in 2009 only 66,000 loans were permanently modified, a minimum portion of over 900,000 submitted for consideration.
Short Sales will be impacted starting April 5, 2010 when a new law goes into effect requiring lender that participate in the Home Affordable Foreclosure Alternatives (HAFA) program to have a compliant short sale plan in place. The new rules include a 10-day window to accept or reject offers and a $1,000 incentive for each closed short sale.
A major ingredient in both Loan Modification or Short Sales approvals are the BPO (Broker Price Opinion). They are use to determine the value of properties to establish a minimum offer of a short sale or loan modification.
A second ingredient is having a competitive offer and a complete, well-organized short sale document packet for the servicer. Even after submitting a perfect package we still see reluctancy with the lenders. The reason is because accounting rules allow holders to carry the loans at artificially high values, and therefore many refuse to acknowledge the losses and write down the loans not affecting their capitalization.
The market inventory will continue to run sluggish and high making it the best time to Buy. To take advantage of this market go to my web site and search for properties or email me at mbracket@hotmail.com.
Short Sales will be impacted starting April 5, 2010 when a new law goes into effect requiring lender that participate in the Home Affordable Foreclosure Alternatives (HAFA) program to have a compliant short sale plan in place. The new rules include a 10-day window to accept or reject offers and a $1,000 incentive for each closed short sale.
A major ingredient in both Loan Modification or Short Sales approvals are the BPO (Broker Price Opinion). They are use to determine the value of properties to establish a minimum offer of a short sale or loan modification.
A second ingredient is having a competitive offer and a complete, well-organized short sale document packet for the servicer. Even after submitting a perfect package we still see reluctancy with the lenders. The reason is because accounting rules allow holders to carry the loans at artificially high values, and therefore many refuse to acknowledge the losses and write down the loans not affecting their capitalization.
The market inventory will continue to run sluggish and high making it the best time to Buy. To take advantage of this market go to my web site and search for properties or email me at mbracket@hotmail.com.
3/09/2010
Is This Winter Pushing You Into Retirement ?
Where do you want to live in retirement?
The harsh winter this nation has been experiencing definitely place retirement into many people's mind. A large number of retirees look for a location in the Sun Belt States. The most popular locations are occupied by warm-climate places. Florida dominates the list making the State an import of people.
Florida offers a diversity of communities which offers many type of activities a retiree is looking for. From High end to affordable housing South Florida accomodates everyone's need. Even if you are still a few years away from retirering now is the time to take advantage of low interest rates, low prices, and high inventory of a perfect Buyer's market. A second home today can be your retirement home when you are ready. For information on what's available you may search my web site for available properties or email me at: mbracket@hotmail.com.
The harsh winter this nation has been experiencing definitely place retirement into many people's mind. A large number of retirees look for a location in the Sun Belt States. The most popular locations are occupied by warm-climate places. Florida dominates the list making the State an import of people.
Florida offers a diversity of communities which offers many type of activities a retiree is looking for. From High end to affordable housing South Florida accomodates everyone's need. Even if you are still a few years away from retirering now is the time to take advantage of low interest rates, low prices, and high inventory of a perfect Buyer's market. A second home today can be your retirement home when you are ready. For information on what's available you may search my web site for available properties or email me at: mbracket@hotmail.com.
3/08/2010
Home Improvement Projects
Searching for a home means finding a property that fits our personality. Is the home exactly what we need or does it require changes to make it home? The majority of the time the answer is home improvement projects are needed. Do we do it ourselves or should we hire an expert to get the job done?
So when should you hire an expert? Number one reason to hire an expert is when it involves a safety issue.
A home's electric system can cause electrocution or create a safety hazard within the home's structure such as fire.
Working on a gas line can lead to an explosion or carbon-monoxide poisoning if done incorrectly.
Projects that require power tools that we don't own or know how to use them. The cost of buying the power tools and the consequences of using them improperly leading to serious injury most of the time will far outweight hiring a professional.
Water issues created by installing incorrect plumbing or roof repairs can definitely lead to costly repairs due to water damage and mold.
Lastly if the project is too big.
Therefore, as you search for your dream home and you picture yourself enjoying the property make sure to outline the projects and their cost. Remember, if a property needs repairs you should consider a HUD 203k plan. For further info email me at: mbracket@hotmail.com
So when should you hire an expert? Number one reason to hire an expert is when it involves a safety issue.
A home's electric system can cause electrocution or create a safety hazard within the home's structure such as fire.
Working on a gas line can lead to an explosion or carbon-monoxide poisoning if done incorrectly.
Projects that require power tools that we don't own or know how to use them. The cost of buying the power tools and the consequences of using them improperly leading to serious injury most of the time will far outweight hiring a professional.
Water issues created by installing incorrect plumbing or roof repairs can definitely lead to costly repairs due to water damage and mold.
Lastly if the project is too big.
Therefore, as you search for your dream home and you picture yourself enjoying the property make sure to outline the projects and their cost. Remember, if a property needs repairs you should consider a HUD 203k plan. For further info email me at: mbracket@hotmail.com
3/06/2010
HUD 203k Program Makes Properties Competative
What is a HUD 203k program and why should you take advantage of it? The 203k program is specifically designed to rehabilitate and repair single-family homes. The 203k is a single family mortgage loan that provides funds to purchase a home and make repairs and improvements.
A large portion of homes currently in the market need repairs that keeps them out of reach from buyers lacking the resources to tackle those repairs. By taking advantage of this program you will be opening a large inventory to choose from that less informed buyers are not considering. For more information on how to take advantage of this opportunity email me at: mbracket@hotmail.com. You may also search properties on my web site. Follow the links!
A large portion of homes currently in the market need repairs that keeps them out of reach from buyers lacking the resources to tackle those repairs. By taking advantage of this program you will be opening a large inventory to choose from that less informed buyers are not considering. For more information on how to take advantage of this opportunity email me at: mbracket@hotmail.com. You may also search properties on my web site. Follow the links!
3/05/2010
Mortgage Interest Deduction Affects Housing Market
Mortgage interest deduction not only saves the homeowners money but is also an integral part of the housing market. A tax deduction for mortgage interest makes owning a home more affordable because the deduction lowers the amount of tax you pay. Generally, homeowners who pay U.S. taxes and who itemize their taxes can deduct mortgage interest attributable to primary residence and second-home debt totaling $1 million, and interest paid on home equity debt of as much as $100,000.
People buy homes to satisfy social, family and personal goals. The cornerstone of a healthy community makes homeownership the basis for positive community involvement. Thus mortgage interest deduction ranks as a top ingredient to affordability of the American Dream.
People buy homes to satisfy social, family and personal goals. The cornerstone of a healthy community makes homeownership the basis for positive community involvement. Thus mortgage interest deduction ranks as a top ingredient to affordability of the American Dream.
How Foreclosures in Your Neighborhood Affects You
Your neighbor’s foreclosure directly impacts you. According to a Center for Responsible Lending report, foreclosures lower the property values of nearby homes by $7,200 on average. Some neighborhoods with high number of foreclosed property may be impacted by much higher decline in value.
Vacant homes invite crime and public services suffer as revenue from property taxes dries up. Foreclosure means lost revenue for local governments. A foreclosure process can drag out for months or even years. Homes can sit unoccupied during this time, especially in neighborhoods experiencing high volume of foreclosures. The result can be a collection of homes with overgrown lawns, and closed windows that depresses residential sales activity in the neighborhood.
You might not be able to prevent foreclosures in your community, but you can take steps to minimize some of the impact. Consider starting a neighborhood watch to rally residents, engage local law enforcement, and discourage criminals. Call your local government to find out how to get involved!
Vacant homes invite crime and public services suffer as revenue from property taxes dries up. Foreclosure means lost revenue for local governments. A foreclosure process can drag out for months or even years. Homes can sit unoccupied during this time, especially in neighborhoods experiencing high volume of foreclosures. The result can be a collection of homes with overgrown lawns, and closed windows that depresses residential sales activity in the neighborhood.
You might not be able to prevent foreclosures in your community, but you can take steps to minimize some of the impact. Consider starting a neighborhood watch to rally residents, engage local law enforcement, and discourage criminals. Call your local government to find out how to get involved!
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