Congress Weighs Wider Home Tax Credit

Local governments feel the pinch as property taxes decline

(NEWSER) - With property values falling across much of the nation, more homeowners are asking for reassessments, looking for a break from property taxes that inflated before the subprime mortgage balloon burst, reports the New York Times. For local governments, especially in areas already suffering from high rates of foreclosure, declining property taxes could cause budget cuts, service reductions and layoffs. More»

Number jumps to 23.1% at end of 2010, more likely on way

(NEWSER) - Just when it looked like the housing market might be treading water, more American homes slipped underwater at the end of 2010, reports the AP. Now 23.1% of all mortgages, or 11.1 million, outweigh the value of the house they secure—up from 22.5% in the previous quarter. The number of underwater mortgages had fallen in each of the previous three quarters, though the AP cheerily notes that was because many had gone into foreclosure. More»

(NEWSER) - Pending sales of existing US homes soared in April, posting their largest jump since October 2001. Combined with a 3.2% jump in March, the 6.7% increase in April—far more than the forecast 0.5%—suggests a longer-term upward trend, the Wall Street Journal reports. Dipping prices, low interest rates, and the first-time homebuyer tax credit helped account for the increase, analysts said. More»

Aim to take advantage of current low prices

(NEWSER) - Investors are snatching up cheap houses, hoping to turn a profit when the market picks up, the Wall Street Journal reports. Some are foraging far and wide for potential purchases; others are locals who know the ins and outs of the area market. Investors often make all-cash offers, helping them beat out would-be homeowners looking for new digs. More»

States where property prices spiked during boom now seeing highest foreclosure rates

(NEWSER) - Foreclosures rocketed 81% in the US during 2008, affecting one of every 54 households in the nation, reports Reuters. A total of 3.2 million foreclosures were filed, according to research firm Realtytrac. The hardest-hit states were Nevada, Florida, Arizona, and California, the same states where property prices surged the highest during the property boom. More»