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Bank of America is controlling the news cycle lately. First, the bank eliminated overdraft fees for debit card purchases. Now, the bank has apologized to a woman for seizing her parrot. Back in October, Bank of America believed Angela Iannelli was defaulting on her mortgage and she had abandoned her house. The bank ordered a contractor ... Continue reading this article…
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The $8,000 tax credit for first-time home buyers is set to expire at the end of November, but lawmakers don’t want this benefit to end. While there have been some positive signs in the real estate market, the current credit hasn’t done much to stimulate house prices or the economy overall. All year, some senators ... Continue reading this article…
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My wife and I enjoy our apartment, but we’re preparing for the day when we can make the jump to a house. We could use the extra space, and we’re ready to get away from some of the ticky-tack regulations and rules that landlords love to use. Financially, however, our preparation is lacking. It isn’t because ... Continue reading this article…
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“Now is a great time to buy.” That has been the advertising mantra of the National Association of Realtors regardless of the state of the housing market. The NAR certainly has a purpose; its mission and vision is clearly displayed on the organization’s website: “The core purpose of the NATIONAL ASSOCIATION OF REALTORS® is to ... Continue reading this article…
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In February, Congress passed the American Recovery and Reinvestment Bill of 2009, otherwise known as this year’s stimulus bill. One small part of this bill allows first time home buyers (anyone who hasn’t owned a home in the past three years) to qualify for a $8,000 tax credit. For individuals or families hoping for some help ... Continue reading this article…
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Seven years ago, when people I knew were buying houses they couldn’t afford with the philosophy that real estate prices always go up, and the go up fast, I was sitting on the sidelines. I had no money, no desire to settle down, and no belief that real estate in the form of home ownership ... Continue reading this article…
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In the real estate boom, many homebuyers extended themselves financially to buy a house that may have been beyond their means. With the exuberant market, people were encouraged to buy with low introductory interest rates and interest-only loans, the belief that their income would increase to meet their payments, predictions that real estate prices would ... Continue reading this article…
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Six or seven years ago, a couple I knew married each other and bought a house right away. I can’t claim to know their personal financial details, but I am sure the value of the house was well beyond three times their combined income. The husband explained to me that house values never go down, ... Continue reading this article…
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Human beings aren’t logical, and it doesn’t take a scientist from Vulcan to prove that fact. A corollary to this statement is that human beings do not make logical decisions when it comes to their personal finances. Consider some things that could happen if people thought about the financial consequences of every choice:
People would ... Continue reading this article…
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When you sell one house and buy another, the overall market conditions don’t matter as much. Unless the two houses involved are in areas with drastically different market conditions, you are exposed to the buy side and the sell side at roughly the same time. Whether it’s a “buyers’ market” or a “sellers’ market,” ... Continue reading this article…
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Homeowners in New Jersey are eligible for a partial rebate of property taxes paid. If you owned and lived in a house in New Jersey on October 1, 2007, you are eligible. Renters like me are eligible for a separate rebate up to $860. If you haven’t received an application, you should shortly. ... Continue reading this article…
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Money Magazine released the results of the publication’s survey of the towns with the highest median household income. New Canaan, Connecticut tops the list with a median income of $231,138. Considering a move to help your income go farther? Don’t choose one of these locales. Considering a move to be closer to culture, leisure, ... Continue reading this article…
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Earlier this week, a few real estate market survey results were announced in the media. This could be good news for house shoppers. In January, prices of homes on average were 11 percent lower than prices of homes at the same time last year. These results are based on the S&P Case/Shiller index, ... Continue reading this article…
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The Catholic Diocese of Brooklyn is concerned that the recent rash of foreclosures, if it continues, will degenerate the neighborhood into its recent crime-ridden past. To combat this possible future, the church has now begun offering “Housing Crisis” workshops alongside its Sunday school religious lessons. Are pastors and Sunday school teachers extolling the values of ... Continue reading this article…
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