Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage increasing strongly following better than expected reports on private job growth and new home sales.
News Facts
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
Soccer superstar David Beckham reportedly wants to build his Major League Soccer stadium over on 25 acres at the southwest corner of Dodge Island, where the port has been planning to develop condos, hotels, retail, and a megayacht marina. This is according to the Miami Herald. This works because, although Beckham has been wanting to build the stadium in an urban locale all along, now he’s planning a hotel and retail to go along with it too. Hotel Beckham? Sleep with the dreamy soccer stud, metaphorically?
Anywho, as far as just how big the stadium is going to be, the Miami Herald reports that it will be 25,000 seats “with expandable seating for different events”. Meanwhile, the UK’s Daily Mirror says Beckham wants “to build [a] 75,000 seater.” If the thing really does triple in size, that’s one hell of an expandable stadium. · Beckham group considers Soccer stadium site at PortMiami [Miami Herald] · David Beckham To Build ‘75,000 Seater Stadium’ In Miami [Daily Mirror] · PortMiami coverage [Curbed Miami] · Soccer Stadium coverage [Curbed Miami
Dan Doctoroff isn’t a name you hear all that often, but in his role as one of Bloomberg’s deputy mayors from 2001 to 2007, he oversaw the development of some of the city’s most high-profile projects, including the World Trade Center, Atlantic Yards, Governor’s Island, the High Line, and Brooklyn Bridge Park. Now, he’s selling his Upper West Side townhouse and asking an impressive $13 million. The 25′-wide, five-floor limestone mansion was built in 1896 by Clarence True, architect of the landmarked Leech House. Doctoroff and his wife bought the place out of foreclosure for $1 million way back in 1994 and spent millions on a full gut renovation. A “low stoop” townhouse, it features big wrought-iron doors at street-level, plus a formal dining room with high ceilings, floor-to-ceiling bay windows in the living room, a wet bar, gas and wood-burning fireplaces, and a fully landscaped garden. New amenities include an elevator, central air, and a finished basement with a gym.
http://ny.curbed.com/archives/2013/11/23/
Under regular tax rules, when a lender forgives a debt — that is, relieves the borrower from having to pay it back — the amount of the debt is taxable income to the borrower.
A homeowner who has $100,000 in mortgage debt forgiven through a short sale, for example, would have to pay income tax on the $100,000.
This “cancellation of indebtedness” rule could have caused enormous financial hardship to the millions of homeowners whose homes were “underwater” during the home foreclosure crisis that began in 2007. To prevent this, Congress enacted the Mortgage Forgiveness Debt Relief Act of 2007.
This law allowed homeowners to exclude from their taxable income up to $2 million of debt forgiven on their principal residence by a lender in a short sale, mortgage restructuring, or forgiven in a foreclosure. This law was never intended to be permanent. It was originally scheduled to expire at the end of 2009.
However, it was extended for an additional four years. It will now expire at the end of 2013. The law could be extended again, but there appears to be little urgency in Congress to do so. That means starting on Jan. 1, 2014, there is a good chance that the old rules on forgiveness of home loan debt will come back into force.
See more at: http://www.inman.com/2013/11/25/good-news-for-california-homeowners-facing-short-sales/#sthash.WbCTNyDm.dpuf
| South Salem NY Real Estate Report | RobReportBlog | ||
| 2013 | 6 months ending 11/22 | 2012 | |
| 45 | Sales | 36 | up 25% |
| $550,000.00 | median sold price | $567,500.00 | down 3% |
| $190,000.00 | low sold price | $245,000.00 | |
| $1,450,000.00 | high sold price | $1,210,000.00 | |
| 2617 | average size | 2702 | |
| $254.00 | ave. price per foot | $226.00 | |
| 179 | ave days on market | 208 | |
| $639,013.00 | average sold price | $602,737.00 | |
| 96.19% | ave sold to ask | 93.64% | |
After 18 straight months of declines, U.S. foreclosure inventory is now at its lowest point since the end of 2008, according to a monthly report from Lender Processing Services.
Foreclosure inventory fell nearly 30 percent year over year in October, to 1.28 million loans, or 2.54 percent of currently active mortgages.
Delinquencies (loans that are 30 or more days past due but not in foreclosure) fell 2.8 percent from September, to 3.15 million loans, or 6.28 percent of mortgages. The delinquency rate fell 10.7 percent on an annual basis.
All in all, 4.4 million properties were either delinquent or in foreclosure in October. Mississippi had the highest percentage of noncurrent loans among states last month, eclipsing Florida for the first time since 2008.“Except for the period after Katrina, Mississippi has held the dubious distinction of having the highest noncurrent inventory for virtually all of the history LPS tracks. So, unfortunately for Mississippians, this is more indication that things are getting back to ‘normal,’ ” LPS said. Source: LPS
– See more at: http://www.inman.com/wire/foreclosure-inventory-down-to-lowest-level-since-2008/#sthash.bpSlaKht.dpuf
Location: Charleston, S.C. Price: $3,499,000 The Skinny: The house that originally stood at this site was built in 1726 for French Huguenot Paul Douxsaint and burned down in Charleston’s Fire of 1796, which destroyed the homes of more than 300 families. Yet a new, clapboard Federal-style house was built in its place over the next four years and, at some point during the 19th century, was purchased by prominent Charleston merchant Daniel Macaulay. The Douxsaint-Macaulay House, as it is now known, has since undergone multiple renovations, the most recent one occurring after it sold for $2.275M in 2006. It has managed to retain a few interior details, such as wainscoting and fireplace mantels, and more of its exterior detail, including the nine-over-nine windows with narrow muntins and dormered hipped roof. It’s now asking $3.5M.
Mega bank JPMorgan Chase (JPM) signed an agreement with government agencies to end all existing legacy mortgage-backed securities issues for $13 billion.
New York Attorney General Eric Shneiderman, who co-chairs a working group overseeing legacy mortgage investigations, announced the deal, calling it the largest settlement with a single entity in American history.
Schneiderman chairs the RMBS working group, which has spent the past year investigating RMBS issues on behalf of state and federal regulators. The bank reached the deal with the RMBS Working Group, the Department of Justice, and countless other agencies.
The settlement reportedly resolves federal and civil claims related to the bank’s packaging, marketing, sale and issuance of mortgage-backed securities prior to the housing downturn. It also covers legacy issues left over from Bear Stearns and Washington Mutual, two entities JPM took over in the wake of the financial meltdown.
As part of the final agreement, JPMorgan will pay $9 billion, while also providing $4 billion in consumer relief in the form of loan modifications for borrowers at risk of foreclosure.
New York state alone will receive $1 billion from the settlement, including $613 million in cash and another $400 million in consumer relief for struggling borrowers in the state.
Some of the aid will fund families impacted by Superstorm Sandy, with the rest going to legal services and counseling for distressed New York homeowners.
The RMBS Working Group that Schneiderman co-chairs helped usher in the deal. The organization is a joint state and federal effort launched back in 2012 to engage several agencies in the fight against legacy RMBS issues. Those entities include the Department of Justice and various federal and state law enforcement groups.
“Since my first day in office, I have insisted that there must be accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy,” said Attorney General Schneiderman in a statement. “This historic deal, which will bring long-overdue relief to homeowners around the country and across New York, is exactly what our working group was created to do.”
Many real estate professionals are facing cancellations or drastically increased fees for their health care in 2014.
If you or someone you know is facing loss of your current policy or additional fees, you do have options.
The Patient Protection and Affordable Care Act (“Obamacare”) has dominated the headlines since the government’s health insurance marketplace, HealthCare.gov, went live in what has become perhaps the worst website debacle ever.
The idea that the government can fix it in a few short weeks goes against this simple fact: If Microsoft and Apple can’t get their systems right at launch, how can anyone realistically expect this to be repaired in such a short period of time?
While the website parodies keep coming and the politicians scramble for a solution, what can you do to make sure that you continue to have adequate health care for both you and your family? 1. If your current policy was canceled, wait and see President Obama has requested that insurance companies delay cancellations for a year.
Unfortunately, that may be easier said than done. One expert likened the situation to installing a new operating system on your computer, uninstalling the new system, and reinstalling the old system.
In the meantime, explore other options just in case your current policy is not extended.
– See more at: http://www.inman.com/2013/11/18/the-obamacare-debacle-7-tips-for-realtors/#sthash.QnIKVdIP.dpuf
