What happens in Vegas will NOT stay in Vegas...
Bank of America To Unload 6,000 Bank Owned Homes in Vegas
19Jan10
Vegas
Bank of America plans to dump 6,000 bank owned homes in Las Vegas in 2010, according to the Las Vegas Review Journal.
A BofA executive told the paper it expects to release about 500 repossessed properties per month this year in the hard-hit region as the foreclosure rate increases.
This is the so-called “shadow inventory,” previously foreclosed homes that were kept off the market in the hopes loan modifications or short sales could be negotiated.
But a large percentage of loan modifications have re-defaulted and short sales have been difficult to process, despite tons of interest from potential buyers.
Steve Hawks, the director of the National Association of Short Sale Professionals, told the paper it’s taking an average of four to six months to complete a short sale, though he sees it dropping to 90 days in 2010.
That’s good news for Bank of America, which is reportedly receiving 40,000 new offers a month on short sales.
Unfortunately, the bank is also expected to be repossess 11,000 – 14,000 homes a month in the early part of this year and 29,000 – 35,000 by November and December.
Hawks said 22 percent of mortgage defaults were strategic, tied to underwater mortgages, adding that banks need to eliminate the hardship letter required for short sales and consider all those who fall behind on payments.
Last spring, Bank of America eased its short sale rules, requiring less of the proceeds from a property’s selling price go towards paying off an associated home equity line of credit or second mortgage.
Sunday, January 24, 2010
Sunday, January 17, 2010
Tax deductions for Homeowners make owning LUCRATIVE!
***I will start with my disclaimer – please consult a license CPA for tax advice and guidance***
Even in a down market, owning is oft times better than renting. This rings especially tru come tax season. The following 2009 tax deductions can only be applied to homeowners who owned DURING 2009…if you just bought or plan to buy this year, plan on them for 2010 tax season!
1. Mortgage Interest Deduction. Arguably the MOST POPULAR deduction, this deduction is meant to encourage homeownership by making it more lucrative than renting. Compare a own vs. rent scenario where the monthly payment is $1000. If your mortgage payment is $1000 and $900 of that is interest, you are allowed to REDUCE your GROSS INCOME by $10,800 ($900 x 12 months). There is no deduction for rent payments. Thus, a homeowner who grosses $50,000 per year will have that number reduced to $39,200. If he is in a 20% tax bracket, instead of paying $10,000 they will only pay $7960, a savings of $2140 on your tax bill.
2. Energy Efficiency Deduction. Have you upgraded to a solar water heater, solar panels, hi-efficiency A/C, new insulated garage door, or similar home improvement? You may be eligible for deductions that will lower your gross income OR dollar-for-dollar tax credits. The credit is 30% of the cost of installing such energy savers, up to a top credit of $1,500. Some credits are even more, depending on the project!
3. First-time Homebuyer Tax Credit. While not a tax deduction, this dollar-for-dollar tax credit is claimed on your taxes (which is why I included it in this article!) Put into action by the Obama Administration in 2009 to stimulate/encourage homebuyers and home sales, this max $8000 credit can only be claimed by meeting the following criteria:
• Buyers must NOT have owned within the last 3 years
• The purchase must be completed NO LATER THAN July 1, 2010
4. Real estate taxes paid in the same tax year can be claimed as a deduction.
5. If you used a traditional or Roth IRA for a downpayment on a purchase this year, plan on deducting up to $10,000 of that withdrawal on your taxes.
For more information on these and many other tax deductions related to owning or disposing of real estate, visit Kiplinger’s online at http://www.kiplinger.com/features/archives/2007/01/hometaxopedia.html
***I will start with my disclaimer – please consult a license CPA for tax advice and guidance***
Even in a down market, owning is oft times better than renting. This rings especially tru come tax season. The following 2009 tax deductions can only be applied to homeowners who owned DURING 2009…if you just bought or plan to buy this year, plan on them for 2010 tax season!
1. Mortgage Interest Deduction. Arguably the MOST POPULAR deduction, this deduction is meant to encourage homeownership by making it more lucrative than renting. Compare a own vs. rent scenario where the monthly payment is $1000. If your mortgage payment is $1000 and $900 of that is interest, you are allowed to REDUCE your GROSS INCOME by $10,800 ($900 x 12 months). There is no deduction for rent payments. Thus, a homeowner who grosses $50,000 per year will have that number reduced to $39,200. If he is in a 20% tax bracket, instead of paying $10,000 they will only pay $7960, a savings of $2140 on your tax bill.
2. Energy Efficiency Deduction. Have you upgraded to a solar water heater, solar panels, hi-efficiency A/C, new insulated garage door, or similar home improvement? You may be eligible for deductions that will lower your gross income OR dollar-for-dollar tax credits. The credit is 30% of the cost of installing such energy savers, up to a top credit of $1,500. Some credits are even more, depending on the project!
3. First-time Homebuyer Tax Credit. While not a tax deduction, this dollar-for-dollar tax credit is claimed on your taxes (which is why I included it in this article!) Put into action by the Obama Administration in 2009 to stimulate/encourage homebuyers and home sales, this max $8000 credit can only be claimed by meeting the following criteria:
• Buyers must NOT have owned within the last 3 years
• The purchase must be completed NO LATER THAN July 1, 2010
4. Real estate taxes paid in the same tax year can be claimed as a deduction.
5. If you used a traditional or Roth IRA for a downpayment on a purchase this year, plan on deducting up to $10,000 of that withdrawal on your taxes.
For more information on these and many other tax deductions related to owning or disposing of real estate, visit Kiplinger’s online at http://www.kiplinger.com/features/archives/2007/01/hometaxopedia.html
Monday, January 11, 2010
PLEASE TAKE A LOOK AT MY NEW LISTING!
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Tuesday, January 05, 2010
If I told you that you might qualify for a NO-INTEREST, 30 YEAR loan for $20,000, would you believe me? How about 50% of the purchase price???
You should. Because it's a no-brainer, steal of a deal for buyers! It's called the Neighborhood Stabilization Program (NSP) and it's coming to (or already present in) an area near (or around) you. It's a federal fund administrated by HUD and locally administered by municipalities.
So how do one go about getting this awesome benefit? Well, first you, as the buyer, need to meet some income qualifications. Among others, here are a couple:
You should. Because it's a no-brainer, steal of a deal for buyers! It's called the Neighborhood Stabilization Program (NSP) and it's coming to (or already present in) an area near (or around) you. It's a federal fund administrated by HUD and locally administered by municipalities.
So how do one go about getting this awesome benefit? Well, first you, as the buyer, need to meet some income qualifications. Among others, here are a couple:
- Maximum debt-to-income ratio is 50%
- The Homebuyer Assistance Program is available to families earning less than 120% of the median income for the Tampa Bay area. NSP requires that 25% of all funds be spent on families earning less than 50% of the median income.
So what homes qualify? They have to fall within the NSP areas to be eligible for the money. If you are in Pasco County, for example, you can click on the following site to see if your subject property qualifies:
http://gis1.pascocountyfl.net/nshood/
The beauty of the $20,000 2nd mtg is that buyers can also use it to wrap in closing costs, leaving little money needed to bring to closing.
If you are in the area, visit Tampa Bay Community Development Corp at www.TampaBayCDC.com for more info.
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