Top Real Estate Investments in Caldwell, NJ 07006
New Photos
Blogs View more
Mortgage Debt Relief Act set to expire
Homeowners who may be considering a short sale of their home this year will need to act quickly in order to take advantage of a tax break. The Mortgage Debt Relief Act is set to expire at the end of the year and there have been no indication of whether Congress will extend the deadlines set by the act. Homeowners who complete short sales to settle their debt for an amount less than they owe end up with forgiven debt which may be considered income by the IRS and be subject to income tax. The act has set a deadline of Jan. 31, 2013, for the completions of short sales in order to qualify for the tax exemption. Although some lenders like Bank of America have streamlined their process, a short sale can take from 4 to 6 months from listing to close of escrow, so homeowners who want to take advantage of a short sale and the tax exemption may be running out of time. The tax codes for dealing with the debt forgiveness tax exemption are anything but simple, so seek counsel from your CPA or another tax professional before completing a short sale. Call us 973 433 6890 to get a free evaluation of your property. ...read more
By DefyRE LLC June 24, 2012
FHA HOUSE INDEX IS UP
FEDERAL HOUSING FINANCE AGENCY NEWS RELEASE For Immediate Release Contact: Corinne Russell (202) 649-3032June 21, 2012 Stefanie Johnson (202) 649-3030FHFA House Price Index Up 0.8 Percent in AprilWashington, DC – U.S. house prices rose 0.8 percent on a seasonally adjusted basis fromMarch to April, according to the Federal Housing Finance Agency’s monthly House Price Index.The previously reported 1.8 percent increase in March was revised downward to reflect a 1.6 percent increase. For the 12 months ending in April, U.S. prices rose 3.0 percent. The U.S. index is 17.6 percent below its April 2007 peak and is roughly the same as the April 2004 index level. For detailed information concerning the monthly HPI, please see the HPI Frequently Asked Questions (FAQ). The next HPI release will be on July 24, 2012 and will include monthly data for May. Release dates for the remainder of 2012 are available here. Mar 12 - Apr 12 0.8% 2.2% 1.9% -0.3% 1.2% 0.7% -0.4% -1.2% 0.1% 1.2%Feb 12 - Mar 12 1.6% 2.8% 1.3% 1.0% 0.9% 2.5% 3.1% 0.8% 1.3% 0.4%(Previous Estimate) 1.8% 3.2% 1.9% 1.2% 1.3% 2.6% 2.4% 0.7% 1.8% 0.7%Jan 12 - Feb 12 0.3% -1.2% 1.8% -1.0% 1.9% -0.3% 0.8% 0.3% -0.9% 1.3%(Previous Estimate) 0.3% -1.0% 1.7% -0.9% 1.8% -0.2% 1.0% 0.8% -1.1% 0.9%Dec 11 - Jan 12 -0.5% 0.4% -0.8% 2.7% -1.5% -0.9% -2.1% -1.7% 1.2% -1.6%(Previous Estimate) -0.5% 0.4% -0.9% 2.6% -1.4% -0.9% -2.2% -1.8% 1.2% -1.5%Nov 11 - Dec 11 0.2% -0.3% 0.6% -2.2% -0.1% -0.5% 1.8% -0.1% -0.7% 2.0%(Previous Estimate) 0.2% -0.3% 0.7% -2.1% 0.0% -0.4% 1.8% -0.2% -0.6% 1.9%Oct 11 - Nov 11 0.7% 0.3% 0.8% 1.7% 1.6% 1.2% 0.4% 0.5% 0.4% -0.2%(Previous Estimate) 0.7% 0.2% 0.8% 1.7% 1.6% 1.2% 0.3% 0.4% 0.3% -0.1%12-Month Change:Apr 11 - Apr 12 3.0% 2.6% 6.5% 2.7% 4.1% 3.2% 3.7% -2.6% -0.9% 4.2% Table 1: Monthly Price Change Estimates for U.S. and Census Divisions(Purchase-Only Index, Seasonally Adjusted)Monthly Index Values for Latest 18 Months: U.S. and Census Divisions(Purchase-Only Index, Seasonally Adjusted, January 1991 = 100)-2.5%-1.5%-0.5%0.5%1.5%2.5% Nov-10Price change: 04/2010 ‐ 04/2011 Price Change: 04/2011 ‐ 04/2012 ...read more
By DefyRE LLC June 24, 2012