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Taxes Are Tricky for Second-Home Buyers
Purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence. Taxpayers also may deduct up to a combined total of $100,000 of home-equity... Continue reading→
Survey: Americans Dream Big About Home Ownership
Eighty-seven percent of Americans recently surveyed say that owning a home is something they dream about, according to a survey by JPMorgan Chase. "Owning a home is at the heart of most Americans' dreams," says Kevin Watters, CEO of mortgage banking at JPMorgan Chase. "And people are saving as much as possible to achieve home... Continue reading→
Young Adults’ Finances May Be Hard to Repair
Young generations were badly hit in the recession, and it could have widespread effects on their lives, from delaying home ownership to starting a family and having children to even one day eventually retiring. A new study from the Urban Institute shows that those under the age of 40 have accumulated less wealth than their... Continue reading→
Demand Soars as Homes Are Selling Faster
Homes are selling faster as buyer demand picks up, leaving a very low supply of homes left for sale, according to the latest February MLS data figures from Realtor.com. Homes in February sold faster than in any February since 2007, according to the site. In February, homes were on the market for a median of... Continue reading→
Americans Expect Home Prices and Mortgage Rates to Increase
This is a reprint of a News Release from Fannie Mae. Click here to read the full release on the Fannie Mae website. Consumer attitudes toward the economy and housing continue to diverge this winter, according to Fannie Mae’s February 2013 National Housing Survey results. On the one hand, consumers continue to express strong positive... Continue reading→
Pocket Listings Heat Up: Good or Bad?
Pocket listings -- off-market listings that are marketed directly by the seller’s real estate agent or broker -- are growing in number, according to news reports. Sellers must agree to "pocket listings"; otherwise they aren’t permitted. Some sellers agree to such arrangements to “test the waters” first with selling or to avoid a large number of... Continue reading→
HUD Plans 7-Day Shutdown Amid Sequester Cuts
The U.S. Department of Housing and Urban Development announced this week that it plans to shut down for seven days sometime between May and September due to the forced government budget cuts to reduce spending known as sequestration. During that seven-day shutdown, HUD says it will furlough more than 9,000 of its employees. It will... Continue reading→
Foreclosure Filings Fall 25% in February
RealtyTrac counted a total of 154,281 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — last month. The number is up 2 percent from January, but is down a full 25 percent from February 2012. The number of American homes entering the foreclosure pipeline also declined 25 percent from a... Continue reading→