By Kevin Chiu Bet you didn’t realize that the mortgage tax deduction is in real jeopardy as a result of Congress pushing through their last minute agreement on the budget? It’s been a quiet little secret in Washington, D.C. real estate circles because elected officials have taken so much heat on the subject. Some think… Continue reading Real Estate Mortgage Tax Deduction in Jeopardy
Category: Sales
Home Sales Decline to Year Low
By Kevin Chiu Home sales declined for the third time in four months in July, falling to a new low for the year, indicating that what most real estate analysts have been saying for months is coming true—that the housing market is in for a long protracted recovery. Existing home sales fell 3.5% for the… Continue reading Home Sales Decline to Year Low
Mortgage Rates Drop to New Record Low
By Mike Colpitts Mortgage rates hit a new record low as economic volatility on Wall Street pushed rates down to hit a new average of 4.15% on a 30-year fixed rate mortgage, according to Freddie Mac. The rate is lower than 4.17% last November, which ushered in a wave of home buying and refinancing activity.… Continue reading Mortgage Rates Drop to New Record Low
Miley Cyrus Buys $3.9 Million Mansion
Entertainer Miley Cyrus, the Disney Hannah Montana teenage star has purchased a Southern California mansion for $3.9-million. The home, which covers 1.15 acres of land in the affluent Studio City suburb of Los Angeles features a spacious indoor gym, a huge walk-in kitchen, an outdoor pool overlooking the LA basin and roams 5,173 square feet,… Continue reading Miley Cyrus Buys $3.9 Million Mansion
Credit Downgrade May Trigger Inflation, Slow Home Sales
By Mike Colpitts As the U.S. economy sputters in over-drive to recover from the worst economic crisis since at least the Great Depression, Standard and Poor’s downgrade of the economy is likely to re-set mortgage interest rates on millions of adjustable rate mortgages, send the costs of doing business higher and slow home sales, weakening… Continue reading Credit Downgrade May Trigger Inflation, Slow Home Sales
Mortgages Surge on Interest Rate Drop
Driven by a drop in interest rates, mortgage applications surged last week on a higher volume of homeowners applying to refinance their mortgages to reach the highest level of the year, according to the Mortgage Bankers Association. The drop in rates sent the 30-year fixed rate loan to an average of 4.37%, while the 15-year… Continue reading Mortgages Surge on Interest Rate Drop
Mortgage Rates Drop as 15-Year Loan Nears New Low
Mortgage rates fell as the nation focused on negotiations in Washington, D.C. over the Congressional budget debacle last week. The rate on the little used 15-year fixed mortgage hit the lowest level in more than 21 years to drive a modest upturn in mortgage loan activity, according to the Mortgage Bankers Association. The average rate… Continue reading Mortgage Rates Drop as 15-Year Loan Nears New Low
Home Sharing Gains Popularity
By Kevin Chiu Home sharing is gaining in popularity as consumers look for ways to save money with the economy sputtering and more homeowners losing their homes to foreclosure. People are turning up at agencies across the U.S. looking for a place to live, where they can save some money to eventually either rent a… Continue reading Home Sharing Gains Popularity
S&P Credit Downgrade May Restore Confidence
By Mike Colpitts Mortgage interest rates had little immediate change as a result of Standard & Poor’s credit agency downgrading the U.S. economy for the first time in the nation’s history since the announcement was made after banks and financial markets were closed Friday. S&P announced the credit downgrade from AAA to AA+ Friday evening.… Continue reading S&P Credit Downgrade May Restore Confidence
Donald Trump’s Best Friend Lists $10 Million Estate
Billionaire gambling magnate Phillip Ruffin, who is Donald Trump’s best friend is putting his 8,000 square foot Palos Verdes, California estate on the market to sell after owning the home only five years. Ruffin sold the New Frontier Hotel and Casino to the owners of New York’s Plaza hotel for $1.2 billion in the midst… Continue reading Donald Trump’s Best Friend Lists $10 Million Estate