Real Estate Investment Triples...

Interest in purchasing real estate as an investment has more than tripled in the past year, according to a survey conducted by Move, Inc.  Nearly 17 percent of potential home buyers said they plan to purchase a home in the near future as an investment compared with 5.6 percent in March 2009, according to the survey. The survey also found more than 10 percent of Americans planning to purchase investment property in the near...

Foreclosure Sales Increased 92.3 Percent...

Foreclosure sales nearly double from prior year… Foreclosure sales increased 92.3 percent in March 2010 compared with March 2009 and 24.2 percent compared with February according to ForeclosureRadar’s March foreclosure report.  Nearly 80 percent of foreclosure sales in February were for properties returning to lenders; the remaining properties were sold to third parties, primarily investors. Notices of Default...

Lead-Based Paint Renovation Rule...

Starting today, renovations that disturb lead-based paint in older residential dwellings and child-occupied facilities must generally comply with the Lead-Based Paint Renovation Rule of the Environmental Protection Agency (EPA). Under the newly implemented rule, renovators of target housing built before 1978 must now be trained and EPA-certified to perform safe work practices to prevent lead contamination.  Additionally,...

HUD redefines “foreclosed” and “abandoned”...

The U.S. Dept. of Housing and Urban Development (HUD) has expanded the Neighborhood Stabilization Program (NSP) by changing its definition of “foreclosed” and “abandoned” properties to include properties in mortgage default and uninhabitable homes with lingering code violations. These expanded definitions, effective immediately, will increase the reach of NSP by allowing more properties to qualify for NSP assistance,...

e-Signature Accepted by FHA...

The Federal Housing Administration (FHA) late last week announced it will begin accepting electronic signatures on third-party documents originated and signed outside of the lender’s control, including real estate contracts. The FHA plans to expand the number and types of documents with e-signatures that will be accepted by the FHA over time. This policy change is in accordance with the Electronic Signatures in Global and...

Forgiven Debt – No More State Tax...

“Qualified principal residence” indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence.  It includes both first and second trust deeds.  It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified. The tax breaks apply to debts discharged from 2009 through 2012.  Californians who have...

California Tax Credit Monies May Go Fast...

The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team.  California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied.  However, the total tax credit...