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Key Features of the New Housing Rescue Plan
The government’s newest housing rescue effort, which was announced Friday, includes these key tenets: · As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans...
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Bank of America to Reduce Mortgage Balances
Bank of America said on Wednesday that it would begin forgiving some mortgage debt in an effort to keep distressed borrowers from losing their homes. The program, while limited in scope and available by invitation only, signals a significant shift...
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Existing-home sales fall for third straight month
Sales of existing homes have thus fallen three consecutive months, a reversal after having risen steadily through the fall in response to a federal subsidy for first-time home buyers. The tax credit has been restored and expanded to repeat buyers,...
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Program Will Pay Homeowners to Sell at a Loss
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow...
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Hefty tax bill may hit those who lost home
San Diegans who have lost their homes through foreclosure or short-sales thought they had emerged from the dark times and could start rebuilding their lives. Then the state tax man came calling. With less than six weeks before taxes are...
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Could the Tax Credit Be Extended Again?
The pressure is increasing on Congress to renew the homebuyer tax credits for a third time. The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A few months later...
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Affordability of housing dips in county
San Diego County’s housing affordability has again dipped below the 50 percent level, the National Association of Home Builders said yesterday. The 48.1 score in the Housing Opportunity Index represents the percentage of homes sold in the fourth quarter that...
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