This week’s FAQ: Deductions on a home sale loss
Given the economy, some homeowners owe more on their home than its fair market value. The question often surfaces: Can a homeowner deduct losses from a home sale on a federal tax return? Homeowners cannot deduct a loss on the sale of a principal residence. While much has been done to improve the exclusion of […]15 years ago
‘Bored’ neighbors leave dead critters in foreclosure
Associated Press Two neighbors were arrested and face charges for leaving dead raccoons, squirrels, and crickets throughout a $375,000 foreclosed, bank-owned home in Harbor Springs, Mich. Marilyn Laffoon, 62, and Dean Carpenter, 57, face charges of home invasion and malicious destruction of property. The two said they left the critters in the home as a […]15 years ago
Seattle top market for real estate agents, study finds
According to new Inman News report, Seattle is the top market in the country for real estate agents. Inman examined total sales, median sales price, real estate licensee data and Realtor membership counts in dozens of metro areas across the country to develop a list of 10 metros where real estate professionals are doing comparatively […]15 years ago
Zillow reaches profitability; stock price leaps
Seattle-based Zillow, coming off an initial public offering in July, announced it had hit profitability for the first time. The real estate search and valuation site recorded net income of $1.6 million in the second quarter. “The second quarter was outstanding for Zillow with record revenues, traffic and mobile usage,” said Spencer Rascoff, Zillow’s CEO, […]15 years ago
What’s a fixture? When in doubt, spell it out
What you see is what you get, right? The buying and selling of property does not necessarily follow that course, unless both sides go out of their way to document expectations and assumptions and make them known to all parties involved in the deal. I needed to give more thought to that fact when we […]15 years ago
Tight credit keeping first-timers from buying homes
The number of first-time buyers has declined in recent months, according to the latest National Association of Realtors’ confidence index. Normally, first-time buyers make up approximately 40 percent of the existing home sales market. Now, that percentage is in the low thirties. The change in market participation by first-time buyers seems to be reflective of […]15 years ago
Tom Kelly: FHA asked to do way too much
The conventional lending system wants more skin in the mortgage game. We all get that. But should it be an arm and a leg? It’s driving FHA off the playing field. Because of the risks now associated with home mortgages, the Federal Housing Administration has become our go-to guy for loans. That’s because all FHA […]15 years ago
Time for quake insurance? Washington No. 2 in premiums
Suffering damage from a seismic shift isn't a risk many homeowner's outside of California worry about, but Washington residents are a distance - but solid second - for earthquakes premiums written in 2009.15 years ago
FHA becomes major player in apartment lending
Demand for apartment loans has made the Federal Housing Administration a major player in multifamily lending. The Department of Housing and Urban Development reported that FHA insured a record $10.9 billion of multifamily loans during the first nine months of fiscal year 2011, up from $8.7 billion a year ago. “FHA has never been more […]15 years ago
Summer rentals: Part-time, full-time income rules differ
It’s the time of year for weddings in faraway churches and family reunions in relaxing places. Perhaps friends (or friends of friends) have approached you about renting your home, or vacation cabin, when you are not using it this year. And, they are willing to pay – an amount in line with the best rental […]15 years ago
Hoop dreams: Star’s Carnation home remains unsold
Ray Allen, a 10-time all star and the National Basketball Association's all-time leader in three-point baskets, spent parts of five seasons with the Seattle SuperSonics.15 years ago
Tom Kelly: What about borrowers who towed the line?
There are incentives for consumers to buy homes. There are programs for those in trouble to modify their loan terms. What about tossing a bone to those borrowers who have never missed a payment but also could use a break? For example, I was recently contacted by a couple who are three years into an […]15 years ago
HUD extends higher loan limit for reverse mortgages
The Federal Housing Administration’s loan limit on typical “forward” mortgages is set to drop in October but not so for reverse mortgages. The Department of Housing and Urban Development will extend the $625,500 maximum loan amount for a reverse or Home Equity Conversion Mortgage through December 31, 2011. HECMs allow the borrower, who must be […]15 years ago
Unemployed owners get FHA foreclosure reprieve
Unemployed homeowners with FHA loans can get an extended reprieve from potential foreclosure under new federal rules. Mortgage lenders will extend what’s known as the “forbearance period” to 12 months, up from the current provision of four months. “The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” […]15 years ago
State files consumer alerts against 3 ‘loan mod’ firms
In the past week, the Washington Department of Financial Institutions (DFI) has received complaints from Washington consumers relating to loan modification services that were to be provided by Summit Alliance Group LLC, Mod Help USA, and Guardian Advocate Group LLC. Consumers allege that they paid these companies to perform loan modification services. However, services were […]15 years ago
More borrowers choose shorter term loans
Some of the low interest rates in history have prompted more home owners to shorten the terms of their mortgages. Thirty-four percent of refinancers changed their loan to a 20- or 15-year mortgage during the first quarter — the highest level in seven years, Freddie Mac reports. Mortgage companies are also reporting a higher demand […]15 years ago
Rental vacancies at lowest level since 2003
Vacancies for rental housing was 9.2 percent for the second quarter – 1.4 percent lower than a year ago – and a level that hasn’t been reached since 2003, according to the Census Bureau. With fewer rentals available across the country but strong demand, rents are expected to rise rapidly, experts say. Rents are expected […]15 years ago
New HUD site displays several agencies’ foreclosures
The U.S. Department of Housing and Urban Development has introduced a new mapping tool that helps consumers locate many of the foreclosed properties in the U.S. The REO Portal indentifies real-estate owned (REO) properties from Fannie Mae, Freddie Mac and FHA in targeted geographies. The goal of the site is more efficient disposition of REO […]15 years ago
Night of the iguana: Agent, landlord hell
Not only is it often a difficult task to play landlord, but it also can be tough to be an agent. A veteran real estate agent passed along a provocative story about her inability to sell a home because of uncooperative tenants. Every time the agent asked to make an appointment to show the house, […]15 years ago
Silicon Valley tech, home boom mirrors Lake Union
Financial-data firm Fiserv reported last week that the Pacific Northwest has become the headquarters for regional housing growth, rating Tacoma and Seattle-Bellevue-Everett as the best places to buy in the country. Now, Fox News reports that a mansion boom is on in the Silicon Valley where a tech rush – much like Seattle’s south Lake […]15 years ago
Home builder confidence unchanged in August
Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today. “Builders continue to confront the same major challenges they have seen over the past year, including competition from the large inventory […]15 years ago
Existing local home prices down 6.5 percent
The median existing single-family home price rose in 40 out of 150 metropolitan statistical areas in the second quarter from the same period in 2010, including four with double-digit increases, according to the latest quarterly report by the National Association of Realtors. Seattle-Tacoma-Bellevue was down 6.5 percent. “Median home prices have been moving up and […]15 years ago
What’s your bid for $32 million Mercer Island mansion?
One of the most expensive - and stunning - waterfront properties in the Northwest continues toward an August 30 auction date.15 years ago
