Iraq vet given home free and clean after US Bank foreclosure thrown out of court

Christopher Joseph, a disabled Iraqi war veteran has won his 12 year battle against US Bank this past week.

Christopher and his wife have been awarded their mortgage and home “free and clear” by the ppellate division of the state Supreme Court who threw out the foreclosure case against them. (more…)

What 2018 Tax Reform Means to Homeowners and Mortgages

What 2018 Tax Reform Means to Homeowners and Mortgages

On December 20, 2017, Congress passed the Tax Reform Act (formerly known as the Tax Cuts and Jobs Act or the “Act”).  With new reform comes new changes to the way we do business in real estate and how we are taxed on mortgages. In this article, I would like to list these changes in the most simple way possible so that you do not need to be a certified accountant to understand them.

Mortgage Deductions

The new bill reduces the limit on deductible mortgage debt to $750,000 for new mortgages taken out after December 14, 2017, on primary and second homes. Current jumbo loans up to $1 million are grandfathered in and are not subject to the new $750,000 cap. (more…)

November 2017 Home Sales Rise

November 2017 Home Sales Rise

Both new and existing single-family home sales went up in November. The National Association of Home Builders (NAHB) said this week that sales of new homes increased 17.5% to a seasonally adjusted annual rate of 733,000 units and the existing home sales rose just .2% according to newly released data from the National Association of Realtors® (NAR) (more…)

REALTORS®, Home Builders and Affordable Housing Advocates Rally Together to Denounce Federal Tax Reform Plan That Would Hurt Middle-Class Californians

REALTORS®, Home Builders and Affordable Housing Advocates Rally Together to Denounce Federal Tax Reform Plan That Would Hurt Middle-Class Californians

Groups Unveil Full Page Open Letter to President Trump and the California Congressional Delegation Urging Them to Protect Homeownership

(Source: CAR) –  SACRAMENTO — The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), together with members of California’s homebuilding and housing community, including the California Building Industry Association and the California Housing Consortium, this week sent an open letter to President Trump and the California Congressional Delegation stating that Californians would be hurt significantly by the current tax reform plan. (more…)

Homeowners: Great Time to Sell, But Not to Buy and Here’s Why

Homeowners: Great Time to Sell, But Not to Buy and Here’s Why

(Source: Value Insured) DALLAS –  It’s a seller’s market thanks to low inventory, but according to ValueInsured’s latest quarterly Modern Homebuyer Survey, many would-be sellers are hesitating to sell because of the high price they’d have to pay for their next home.

The survey, released today, found that 79 percent of homeowners believe now is a good time to sell a home. Two-thirds of homeowners are interested in actually selling their home “in the near future,” up 8 percentage points from last quarter. (more…)

New Home Purchase Mortgage Applications Rebound in October, Up 16.1 Percent Year Over Year

New Home Purchase Mortgage Applications Rebound in October, Up 16.1 Percent Year Over Year

(Source: MBA) – WASHINGTON, D.C. – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2017 shows mortgage applications for new home purchases increased 16.1 percent compared to October 2016. Compared to September 2017, applications increased by 23 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. (more…)

CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade

CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade

  • Overall Mortgage Delinquency Rate Fell 0.6 Percentage Points Year Over Year
  • Foreclosure Rate Declined 0.3 Percentage Points Year Over Year
  • Serious Delinquency Rate Declined 0.5 Percentage Points Year Over Year

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent. (more…)

Home Prices Boom 10 Years After Housing Crisis

Home Prices Boom 10 Years After Housing Crisis

(Source: Realtor.com) – Home prices have returned to the boom levels of a decade ago — which foreshadowed the bursting of the real estate “bubble” and the onset of The Great Recession — but today’s housing market is starkly different, according to data released today from realtor.com®, a leading online real estate destination. Backed by tighter lending standards and more solid economic fundamentals, current price appreciation is being driven by strong supply-and-demand dynamics with no signs of boom era flipping or over-construction. (more…)

New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions

New Jersey Citizen Action, Ocwen and the NAACP Team Up to Help New Jersey Homeowners Explore Mortgage Solutions

New Jersey Citizen Action (NJCA), Ocwen Financial Corporation (NYSE: OCN), and the NJ State Conference of the NAACP are teaming up on Thursday, November 16, 2017 at the Appian Way in to explore mortgage solutions with Ocwen borrowers from across the state who are having difficulty paying their mortgages.

Homeowners are invited to join NJCA counselors and representatives from Ocwen and the NJ NAACP for a complimentary dinner and an informative presentation about how New Jersey Citizen Action’s free HUD-certified Loan Counseling Program can help homeowners find mortgage solutions during difficult economic times. Registration for the event is required. (more…)

New Tax Reforms to End Many Real Estate Tax Write-off for Homeowners

New Tax Reforms to End Many Real Estate Tax Write-off for Homeowners

The American dream of owning a home has been a mainstay in the economy for well over 60 years. The U.S. Government has helped millions of Americans realize this dream with some great income tax benefits since 1986 but this may be coming to end soon.

The Trump administration revealed its new Tax Reform Bill which will most likely result in fewer people qualifying for mortgages and lower homeownership levels across the nation. The bad news for many Americans is that under the new plan, there would be a cap on the mortgage-interest deduction which allows homeowners to subtract interest payments from their taxable income. (more…)

Los Angeles, California Leads the Nation for the Least Affordable Real Estate

Los Angeles, California Leads the Nation for the Least Affordable Real Estate

California is truly the Golden State when it comes to real estate. With the nation’s best weather and the sixth largest economy in the world, many people from all around the world want to live the California Dream.

Unfortunately, the result of the overreaching demand for affordable housing and lack of supply is causing housing prices to skyrocket. A dream that has now morphed into a real estate nightmare for many Californians such as myself. (more…)

Lack of Housing Supply Hurting First Time Homebuyers

Lack of Housing Supply Hurting First Time Homebuyers

Across the nation, first-time homebuyers who are coming out in droves looking for their piece of the American Dream are finding out quickly that there are slim pickings when it comes to affordable housing for sale.

In May, Glenn Kelman, the CEO of Redfin Real Estate had decried, “Record-low housing inventory is ‘freaking us out’!

He told CNBC, “The inventory is reaching historic lows. It’s never declined faster than it did last month. It’s freaking us out — it’s affecting our business; it’s limiting our sales. We’re going to be fine in terms of market share, but I think the overall industry for the first time is seeing sales volume really limited by the inventory crunch.”

This past June, Lawrence Yun, the National Association of Realtors (NAR) chief economist declared, “Housing shortages look to intensify and may well turn into a housing emergency if the discrepancy between housing demand and housing supply widens further. The falling housing starts and housing permits in May are befuddling given the lack of homes for sale and the quick pace of selling a newly-constructed homes.”

Youn further stated, “Meanwhile, job creations of a consistent 2 million a year will push up housing demand further. One thing that’s moving up is the housing costs for consumers: higher home prices and higher rents.”

A recent report from National Association of Realtors (NAR ) had analyzed the causes and effects of the current lack of real estate inventory showing that supply constraints at the lower end of the market are a big part of the reason why many first-time buyers simply cannot locate a home in their local price range. (more…)