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.
Tag: Real Estate
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.
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 […]
S&P/Case-Shiller Index
S&P/Case-Shiller Index shows that home sales in November increased about 0.2% compared to the rates in October. A year ago, November, 2008 the index was down to 5.3%.
Down-Payment Standards Eased
As down-payment requirements are reduced, the opportunity for lending becomes more available and will allow the market to prosper. Some states have lowered their standards of how much of the property amount may be borrowed. Now, consumers can make a down-payment of only 5% and borrow the remaining amount of the property. The reduction in […]
California Mortgage Defaults Drop 24.3%
Banks are working with their clients in order to help prevent foreclosures. Over the past three months data from MDA DataQuick shows a 24.3% decrease in the amount of foreclosures or notices of default. Trustee sales did increase a little over 2%, the final stage of the foreclosure process for California.
U.S. Home Resales Drop Almost 17% in December
December was not a prosperous month for previously owned home sales. The rate of decrease was down 16.7% to 5.45 million. This drop is considered to be the biggest drop in 42 years, the National Association of Realtors said. Another concern is regarding the government policies that are set to expire.
Another Decade Before Home Sales Reach Bubble Heights?
The housing bubble burst has financially hurt many homeowners. At this point most want to hold on to their homes until it reaches the value they originally bought it for. Are these individuals only dreaming or will prices reach that level again?