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Mortgage-financing benefit vanishes

January 14 , 2012 | | In: Home Financing

Mortgage-financing benefit vanishesArticle from The Seattle Times:WASHINGTON — Though its demise drew little attention because of the partisan year-end brawl over the payroll tax-cut extension in Congress, a key mortgage-financing benefit disappeared at the end of December: The ability of large numbers of homebuyers and owners to write off the premiums they pay for mortgage insurance.
The loss of that tax deduction — plus mandatory new fees imposed by Congress on all new conventional and FHA loans — could effectively ratchet up the costs of homeownership this year.
The expiration of mortgage-insurance deductibility will hit many low down payment conventional loans […] Continue Reading…

Many Home Buyers Losing Write-Off For Mortgage Insurance PremiumsArticle from Hartford Courant:Though its demise drew little attention because of the partisan year-end brawl over the payroll tax cut extension in Congress, a key mortgage financing benefit disappeared at the end of December: The ability of large numbers of home buyers and owners to write off the premiums they pay for mortgage insurance.
The loss of that tax deduction — and mandatory new fees imposed by Congress on all new conventional and FHA loans — could effectively ratchet up the costs of homeownership this year.
The expiration of mortgage insurance deductibility will […] Continue Reading…

Average home sale prices dropped further in 2011

January 13 , 2012 | | In: Home Buying

Average home sale prices dropped further in 2011Article from Journal Times:RACINE COUNTY — Housing sales information released Wednesday showed a steady decline in average sale prices over most of the county in the past several years and a free-fall in the city of Racine.
According to the 2011 year-end Multiple Listing Service numbers, five county municipalities bucked that trend with upturns last year in average sale price from 2010. They were: the city of Burlington; Elmwood Park — albeit based on just five sales; Rochester; Wind Point; and Yorkville. 
In Burlington, the average sale price rose from $ 152,472 in […] Continue Reading…

Mortgage Rates for 30-Year U.S. Loans Fall to Record-Low 3.89%Article from San Francisco Chronicle:Jan. 12 (Bloomberg) — Rates for 30-year U.S. mortgages fell to the lowest level on record after Federal Reserve Chairman Ben S. Bernanke urged lawmakers to do more to revive housing.
The average rate for a 30-year fixed loan decreased to 3.89 percent in the week ended today, the lowest in records dating to 1971, from 3.91 percent, Freddie Mac said in a statement. The average 15-year rate dropped to 3.16 percent from 3.23 percent, according to the McLean, Virginia-based mortgage-finance company.
Bernanke, in a 26-page report to […] Continue Reading…

US property price set to end year down

January 10 , 2012 | | In: Home Buying

US property price set to end year downArticle from Property Wire:
Residential property prices in the United States continued to drop towards the end of 2011 with the latest figures from CoreLogic showing that national home prices fell 1.4% in November, the fourth monthly fall in a row.
On a year on year basis prices, including distressed sales, fell by 4.3% compared with November 2010, the information and analytics company’s November Home Price Index also shows.
This follows a decline of 3.7% in October 2011 compared to October 2010. Excluding distressed sales, year on year prices fell by 0.6% in November 2011 […] Continue Reading…

Choosing the right home loan lender

January 10 , 2012 | | In: Home Financing

Choosing the right home loan lenderArticle from Myiris.com:Redirect Notice
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Hartford Mortgage Assistance Available Jan 19-21 for BofA CustomersArticle from LoanSafe:(Source: Connecticut Department of Banking) – January 10, 2012 – HARTFORD – Attorney General George Jepsen and state Banking Commissioner Howard F. Pitkin announced today that Bank of America is hosting free mortgage assistance reviews in Hartford and Bridgeport for customers who are having trouble paying […] Continue Reading…

Federal Home Loan Bank of Chicago Announces Board of Directors’ Changes and …Article from Sacramento Bee:CHICAGO, Jan. 10, 2012 — /PRNewswire/ — The Federal Home Loan Bank of Chicago (Bank) is pleased to announce that Diane M. Aigotti and Edward P. Brady have been re-elected and Owen E. Beacom has been newly elected to the Bank’s Board of Directors. In other action, the Board has appointed Mary Cahillane and Mark J. Eppli to fill two vacant directorships. The Board also announced that Thomas L. Herlache will serve as Chairman and Steven F. Rosenbaum will serve as Vice Chairman of the […] Continue Reading…

Buying a home in 2011 ‘most affordable on record’

January 10 , 2012 | | In: Home Buying

Buying a home in 2011 ‘most affordable on record’Article from Mortgages.co.uk:
By Charlotte Beugge
Homebuyer’s monthly mortgage payments last year were the cheapest for ten years, according to research by Barclays. It found that in 2011 on average, homebuyers paid out 15.4% of their take home pay to cover their monthly mortgage payments.
In comparison, in 2008 the figure was 20.5%. Barclays said that the lowest point since records began ten years ago was in September 2011 when the average mortgage payment fell to 15.2%, or typically £488 a month.
Barclays says that these figures support research that most homebuyers are comfortable with […] Continue Reading…