Monthly Archives: February 2012

Tax relief on mortgage debt forgiveness ends in 2013

The tax-relief law allows homeowners to exclude from income certain debts forgiven by their lenders. The tax break expires Dec. 31, 2012, but keep in mind that a short sale or foreclosure can take many months. The window is closing rapidly on one of the most important tax-relief provisions enacted by Congress during the housing […]

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New Home Supply Falls To 5.6 Months

The new construction market rolls on. As foreshadowed by February’s Homebuilder Confidence survey, which rose to a 4-year high, the Census Bureau reports new homes are selling more quickly than builders have built them, lowering the national “home supply” to levels not seen since 2006. A “new home” is a home that is considered new […]

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Mortgage Rates for the week of: February 27, 2012

Mortgage markets improved in a holiday-shortened week last week, drawing mortgage rates lower throughout Boise and nationwide. Few new economic releases reached the markets, but those that did suggested recovery — especially with respect to housing and employment, two key drivers of the U.S. economy overall. Mortgage rates tend to rise when on strong data. […]

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Existing Home Sales Climb To A 20-Month Record

January’s home resales moved to a 20-month high — additional evidence that the nation’s housing recovery is underway. According to the National Association of REALTORS®, the January 2012 Existing Home Sales showed 4.57 million units sold last month on a seasonally-adjusted, annualized basis — a 4 percent increase as compared to December’s revised figures. An […]

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Mortgage Rates for the week of: February 20, 2012

Mortgage markets worsened last week as the Eurozone moved closer to a bailout agreement with Greece, and the U.S. economy displayed more signs of growth. In response, mortgage rates climbed last week. Rate shoppers should not be surprised that rates ticked north. Since mid-2011, weakness in Greece has helped keep mortgage rates low and the […]

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Revamped HARP : Unlimited Loan-to-Value And Same Great Rates

The government’s new, revamped HARP program is 6 weeks from release. Homeowners in Idaho and nationwide are gearing up to refinance. HARP is an acronym. It stands for Home Affordable Refinance Program. HARP is the government’s loan product for “underwater homeowners”. HARP makes current mortgage rates available to households which would otherwise be unable to […]

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Mortgage Rates for the week of: February 13, 2012

Mortgage markets were mostly unchanged last week as Greece — once again — was front-of-mind for Wall Street investors. The nation-state is attempting to avoid a debt default, and has been attempting to avoid default since May 2010. Early in the week, Greece reached a deal with European Union leaders to secure additional financial aid. […]

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Boost Your Credit Score For Better Mortgage Rates

Credit scores play a huge role in today’s mortgage market — larger than at any time in recent history. Blame it on the high default rates of the last half-decade. Lenders are reserving their lowest rates for the customers most likely to make on-time repayments. Mortgage rates are at an all-time low in Idaho. However, […]

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Top 10 Turnaround Towns – Boise Made the List!

Median home price: $120,000 Boise’s economy is an offbeat combination of old and new. The logging industry still pays a lot of the bills in town, but tech jobs have also become increasingly prevalent. In fact, chip maker Micron Technology is Boise’s biggest employer, according to the Boise Valley Economic Partnership. And lately, the food […]

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Low Appraisals Affecting Closings

More Deals Falling Through Appraisals coming in lower than the agreed-upon sales price continue to cause more real estate deals to be cancelled, recent surveys show. In December, a third of real estate professionals reported they had a real estate contract fall through, up from 9 percent a year earlier. The National Association of REALTORS®, […]

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