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Bill would boost tax credit to $15,000 Premium Content

By Inman News, Thursday, June 11, 2009.

Sen. Johnny Isakson -- the Georgia Republican whose previous attempt to boost the first-time homebuyer tax credit to $15,000 was shot down in the House -- hasn't given up on the idea.

Isakson, the former president of Northside Realty, has introduced a bill that would not only raise the tax credit's current $8,000 cap, but make it available on any purchase of a primary residence -- not just to first-time homebuyers. The bill would also eliminate the current income ceilings of $75,000 for individuals and $150,000 for couples.  more...

The real estate CEU blues

By Teresa Boardman, Thursday, June 11, 2009.
Flickr photo by <a href="http://www.flickr.com/photos/lucasdevries/3086891980/" target=blank>Lucas de Vries</a>.

I hang my head in shame. My 15 continuing education credits (CEUs) that are required by the Department of Commerce are due in just a few days. I had an entire year to take my classes, but I didn't do most of it until last week.

After getting a reminder note from my broker, I spent 30 minutes rooting through my file cabinet and found the file folder labeled CEU. I was confident that I had enough credits. I opened the folder and looked at the dates on the completion certificates and discovered that I had about one-third of the needed credits.  more...

2009 Innovator Awards finalists

By Inman News, Thursday, June 11, 2009.

The finalists for this year's Inman News Innovator Awards include household names and new arrivals, and run the gamut from Animoto to Zillow.

Winners of the 12th annual awards -- which honor companies that use technology and innovation to enhance the real estate transaction process and improve the overall experience for consumers and real estate professionals -- will be announced during the Real Estate Connect conference in San Francisco, which runs from Aug. 5-7.  more...

Troubled borrowers fall prey to scams

By Bernice Ross, Thursday, June 11, 2009.

If you or someone you know is in trouble with their mortgage, there are lots of people who claim that they can help you. The challenge you face, however, is determining who is legitimate and who is running a scam.

As unemployment continues to soar, an increasing number of people are facing serious challenges in making their mortgage payments. Sadly, distressed homeowners have become prime targets for scammers who claim they can help troubled homeowners escape their financial woes. Here are some of the most common real estate mortgage scams.  more...

Raiding deposit raises legal issue

By Janet Portman, Thursday, June 11, 2009.

Q: When my tenant moved out, he left rugs that were badly stained. Although I could have had them cleaned professionally, I decided after my tenant left to pull them up and refinish the hardwood floor beneath. In fact, I gave the unit an overall facelift, so that I can charge more rent, and I would have taken the rugs up even if they had been left in a clean condition. My tenant doesn't dispute that the rugs were dirty, but says that because I didn't actually clean them, I shouldn't be allowed to deduct from his deposit an expense I never incurred. Who's right? --Mary M.

A: Yours is a question that would warm the hearts of law professors everywhere. Like many issues in the law, there's no simple, applies-everywhere answer. But here are the basics.  more...

HOA defaults ruin resale values

By Tara-Nicholle Nelson, Thursday, June 11, 2009.

Q: Times are tough. I work for my state, which has budget problems and is requiring me to take one day per pay period off work -- for no pay. I'm barely keeping up with my adjusting mortgage payments on my condo. Some months I struggle to pay my HOA (homeowners association) dues. What will happen if I can't keep up with them?

A: If your mortgage payments have begun to adjust already, you really should talk with your lender about the possibility of a loan modification, to make ends meet a little bit easier.   more...

Pace of foreclosure-related filings cools

By Inman News, Thursday, June 11, 2009.

Foreclosure-related filings retreated last month from the record pace seen in April, but remained above the 300,000 mark for the third month in a row, data aggregator RealtyTrac said today.

Some 321,480 homes were subjected to a notice of default, auction notice, or bank repossession in May, down 6 percent from the month before but up 18 percent from a year ago, RealtyTrac said.

The rate of foreclosure filings retreated from the record rate of one filing for every 374 homes registered in April, to one filing per 398 homes.  more...

Requests for refis tumble again

By Inman News, Thursday, June 11, 2009.

Applications for refinancings accounted for 59.4 percent of all mortgage applications for the week ending June 5 -- the lowest share for refinancings since November, the Mortgage Bankers Association said.

With interest rates on the rise, applications for refinancings were down 11.8 percent from the previous week, with purchase loans increasing by 1.1 percent on a seasonally adjusted bases.  more...

 
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