By Don Dunning | March 6, 2010
President Obama’s most recent budget proposal, from February, would decrease tax deductions for interest on mortgages, real estate taxes and charitable deductions for married couples earning over $250,000 and singles over $200,000. The tax incentive to own a home began in the U.S. in 1913, at the time the federal income tax was first instituted. […]
Read MoreBy Don Dunning | February 28, 2010
According to a survey by the California Association of Realtors (C.A.R.) of 2009 home sales in the state, “nearly three-quarters…sold as a result of financial difficulties.” These included “trouble making mortgage payments, job losses and increases in monthly mortgage payments.” Interestingly, almost half of all sellers owned their homes for two years or less, up […]
Read MoreBy Don Dunning | February 26, 2010
In November 2009, to pump more life into the housing market, the federal government extended the $8000 tax credit for first time home buyers to April 30th, 2010. In addition, those who have previously owned a home can apply for a $6500 credit. Check the IRS website for answers to questions about the program and […]
Read MoreBy Don Dunning | February 19, 2010
For the second time in the past year, the California Association of Realtors (C.A.R.) has headed off another state attempt to double tax its members, most of whom are independent contractors. The legislation would have required employing real estate brokers to deduct three per cent of each licensee’s commission payment and send this to the […]
Read MoreBy Don Dunning | January 28, 2010
Effective February first, FHA will insure properties that have been purchased and resold with 90 days. The prohibition was instituted in 2003 in an attempt to discourage lender fraud related to inflated mortgages accompanied by dishonest appraisals. It has had the unintended consequence of preventing FHA purchasers from buying legitimately marketed homes that have been […]
Read MoreBy Don Dunning | January 25, 2010
Freddie Mac (The Federal Home Mortgage Association) and Fannie Mae (The Federal National Mortgage Association) have functioned since 1968 as GSEs (government sponsored enterprises). Until seized by the Federal government in September 2008, the two companies were privately owned and operated by shareholders but were financially backstopped by the Feds. House Financial Services Committee Chairman […]
Read MoreBy Don Dunning | January 21, 2010
Not that many years ago, buyers with less than 20 per cent down, including those with zero cash, had numerous options for getting home loans. The mortgage meltdown has changed all that. Today, for these low down payment loans, the only game in town is a Federal Housing Administration (FHA) loan, with a minimum 3.5 […]
Read MoreBy Don Dunning | January 6, 2010
According to a California Association of Realtors report on a state press release today, Governor Schwarzenegger is proposing: “to set aside $200 million for a new round of $10,000 state tax credits for first-time home buyers. The proposal expands upon the initial $10,000 state tax credit by including both new and existing homes. Last year’s […]
Read MoreBy Don Dunning | November 28, 2009
An article I wrote several weeks ago, “Will You Lose Your Home’s Equity in an Earthquake?,” made the local papers this weekend. It discusses the fact that few buyers seem concerned about losing their property’s equity in an earthquake as evidenced by the fact that so many homes are not retrofitted and lack earthquake insurance. […]
Read MoreBy Don Dunning | November 22, 2009
If you read my posts and/or articles, you know I have said that the next six months or so in the East Bay are a real window of opportunity for both buyers and sellers. This is because of the confluence of historically low interest rates, the extended Federal Tax Credit and much lower prices than […]
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