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Key Features of the New Housing Rescue Plan
Written on 29 Mar, 2010 at 11:06 in Blog | viewed 41 views times and users have made 0 comments so far
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 whose... (Continue reading)
Bank of America to Reduce Mortgage Balances
Written on 24 Mar, 2010 at 18:46 in Blog | viewed 38 views times and users have made 0 comments so far
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... (Continue reading)
Existing-home sales fall for third straight month
Written on 23 Mar, 2010 at 8:04 in Blog | viewed 42 views times and users have made 0 comments so far
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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,... (Continue reading)
San Diego County housing prices rebound in February
Written on 15 Mar, 2010 at 17:08 in News | viewed 41 views times and users have made 0 comments so far
San Diego County housing prices bounced back in February to reach a median $322,000 that was in the range of prices for much of last year, MDA DataQuick reported Monday. The median, the midpoint of all prices, was up... (Continue reading)
Program Will Pay Homeowners to Sell at a Loss
Written on 9 Mar, 2010 at 8:56 in Blog | viewed 63 views times and users have made 0 comments so far
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 owners... (Continue reading)
Hefty tax bill may hit those who lost home
Written on 3 Mar, 2010 at 21:02 in Blog | viewed 69 views times and users have made 0 comments so far
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... (Continue reading)
Could the Tax Credit Be Extended Again?
Written on 22 Feb, 2010 at 14:52 in Blog | viewed 72 views times and users have made 0 comments so far
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 in... (Continue reading)
Affordability of housing dips in county
Written on 18 Feb, 2010 at 11:26 in Blog | viewed 69 views times and users have made 0 comments so far
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 a... (Continue reading)
Property Values Fall Again
Written on 10 Feb, 2010 at 19:35 in Blog | viewed 63 views times and users have made 0 comments so far
U.S. home values declined another 5 percent in the fourth quarter, compared to the previous year. This was the 12th straight quarter of year-over-year declines, reported Zillow.com. More than 29 percent of homes sold in 2009 in the... (Continue reading)
Will Rewarding Borrowers Prevent Defaults?
Written on 10 Feb, 2010 at 8:41 in Blog | viewed 71 views times and users have made 0 comments so far
Will paying underwater borrowers to keep meeting their mortgage obligations prevent them from walking away? Loan Value Group LLC says it is working with a major mortgage lender to test this theory. Here’s the plan. The mortgage investor offers a cash reward... (Continue reading)