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US home values fall $9 trillion since 2006, says Zillow

US home values fall $9 trillion since 2006, says Zillow

American real estate, a traditional bastion of household wealth for the middle class, has lost $9 trillion in equity since 2006 according to the real estate marketing site Zillow.com. Zillow reports that US homeowners lost $1 trillion in 2009 and it expects that losses will total $1.7 trillion in 2010. Specifically, Zillow estimates that values […]

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1 Million First-Time Home Buyers To Owe IRS
By September 15, 2010 0 Comments Read More →

1 Million First-Time Home Buyers To Owe IRS

More than a million first-time home buyers are likely to get unfriendly letters from the IRS, brief little notices from Uncle Sam which say we want our money back. A report by the Treasury Department’s Inspector General for Tax Administration shows that nearly 1.8 million taxpayers filed claims under the government’s First-time Homebuyer Tax Credit […]

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Credit & Underwriting Standards Tighten for VA Borrowers

Credit & Underwriting Standards Tighten for VA Borrowers

VA loans have weathered the foreclosure crisis better than their major lending counterparts. But they certainly haven Technorati Tags: credit, credit score, loan, mortgage, Notice of Value, NOV, underwriting, VA

Posted in: Mortgages
First-Time Home Buyer Credit Still On For Vets

First-Time Home Buyer Credit Still On For Vets

While the tax credit for first-time home buyers and sellers largely ended in April, the credit actually continues for active-duty military personnel until April 30, 2011, something that could be important for VA loan borrowers and veteran sellers. The $8,000 tax credit (along with its $6,500 companion credit for existing homeowners) spurred an uptick in […]

Posted in: Mortgages
Stock Prices At Heart Of Mortgage Crash

Stock Prices At Heart Of Mortgage Crash

A new and revealing study by the Mortgage Bankers Association argues that the introduction of risky loan products during the past few years was caused in large measure by efforts to pump up lender stock prices. Written by Clifford V. Rossi, a business professor at the University of Maryland, Anatomy of Risk Management Practices in […]

Posted in: Mortgages
What’s a Hard Money Mortgage?

What’s a Hard Money Mortgage?

When we think of mortgages we usually think of long-term financing insured by the FHA, VA or with private mortgage insurance. If we have enough cash for a down payment of at least 20 percent then we don’t need mortgage insurance and can just get a conventional loan. However, there are situations where owners run […]

Posted in: Mortgages
A Basic Guide To Real Estate Taxes

A Basic Guide To Real Estate Taxes

Let’s be honest: April 15th is a day of reckoning, the moment when we find out what we really owe for taxes. In households nationwide wallets are drained and many who were rich on the 14th are greatly impoverished by the 16th. But for those with real estate the load is made lighter by tax […]

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Mortgages: Can You Stop Line of Credit Freezes?

Mortgages: Can You Stop Line of Credit Freezes?

The Federal Reserve has published a new guide to home equity line of credit financing — and what you can do if your lender reduces or freezes your HELOC. To be polite, not a damn thing. The Board’s 5 Tips for Dealing with a Home Equity Line Freeze or Reduction first tells us the following: […]

Posted in: Mortgages
Luxury Homes Wilt On The Market

Luxury Homes Wilt On The Market

Luxury homes — those mansions on the hill — are not selling like hotcakes. In fact, such homes are being re-priced with newer and lower values The Institute for Luxury Home Marketing says that of 40,252 luxury properties available during the past week, the typical price was $1,156,708 and the cost per square foot averaged […]

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The Untold Story Behind Fannie Mae & Freddie Mac

The Untold Story Behind Fannie Mae & Freddie Mac

The government is out with new foreclosure prevention numbers from Fannie Mae and Freddie Mac. According to the Federal Housing Finance Agency (FHFA), the headline is that “FANNIE MAE AND FREDDIE MAC LOAN MODIFICATIONS UP BY MORE THAN 50 PERCENT IN FIRST QUARTER, MONTHLY PAYMENTS REDUCED FOR HOMEOWNERS.” We then learn that “Fannie Mae and […]

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