"Homeowners take first-ever tax deduction for mortgage insurance
WASHINGTON - March 27, 2008 - Many qualified taxpayers are preparing to claim their first-ever tax deduction for mortgage insurance premiums on home loans that closed in 2007.
The tax deduction was first approved by Congress in late 2006 and applied to loans with mortgage insurance that closed in 2007. In an important move to further assist borrowers, Congress voted in December of last year to extend the mortgage insurance tax deduction through 2010. Extension of the tax deduction for mortgage insurance premiums was part of the Mortgage Forgiveness Debt Relief Act of 2007.
The deduction allows households with an adjusted gross income of $100,000 or less to deduct the full cost of their government or private mortgage insurance premiums on their federal tax returns. Families with incomes between $100,000 and $109,000 are eligible for a reduced deduction.
"For the first time, many low- and moderate-income families who purchased homes with private or government mortgage insurance, will be able to deduct those premiums when they file their 2007 federal tax returns next month," says Kevin Schneider, president of the Mortgage Insurance Companies of America (MICA). "On average, this year's tax break could be worth $350 per taxpayer - an annual deduction that qualified homeowners can take each year through 2010."
"Like many other populations, our community relies on homeownership to build wealth. Government and privately insured mortgages help low- and moderate-income families gain a foothold in the housing market and realize their piece of the American Dream," says Timothy Sandos, president and chief executive officer of the National Association of Hispanic Real Estate Professionals (NAHREP). "
1. Agents take the listing at a price suggested by the seller, based on the market 2 years ago. Hire a REALTOR who is going to tell you the truth and do a comparative market analysis to price your home, based on TODAY'S selling prices.
2. There are stricter standards for qualifying for a mortgage. This reduces the number of buyers. It used to be that just about everyone could get a 100% loan. Not so anymore. There are still some lenders doing an 80% 1st mortgage with a 20% 2nd mortgage for a total of 100%, but beyond that, the highest we are seeing lately is 95%. So save your pennies for that dream home!
3. Qualified buyers are not buying, waiting for the prices to come down further. That may or may not happen. As a Tampa Bay Realtor, I am starting to notice that my phone is ringing more lately. If you are in a position to buy, its my opinion that now is a great time. Interest rates are at a new low, and there are some fabulous deals out there on Tampa homes.
4. There are too many listings and not enough buyers. This is true. Many people got in over their heads during the boom or thought they could become a "flipper" and now are stuck. But as I said before, I am starting to notice my phone ringing more, and I am hoping that this downturned market maybe is starting to slowly swing back up. If you are a first time homebuyer or were previously renting, now is a great time to think about buying a home while prices are still low. If you must sell your home now, make sure you stage it nicely and keep it clean and tidy since buyers have a lot to pick from right now. Make sure yours stands out.
When listing properties REALTORS should explain to buyers that we get the most activity in the first few weeks and should explain the consequences of listing too high. This is why its important to hire a REALTOR who will price your home fairly.
If you are thinking its time to buy or sell a home, please feel free to give me a call, or browse my Tampa Real Estate Website for buyer and seller tips, to search Tampa homes and more!
Liane Jamason, REALTOR
Keller Williams Realty
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Search Tampa Short Sales & Foreclosures
As Tampa Realtors, we know that the number of Tampa short sales and foreclosures has skyrocketed over the last few years. Hillary Clinton has released a plan to help the economy and get control over the mortgage crisis. The plan was submitted to the President and Ms. Clinton is calling for something to be done now, not if or when she gets into office. McCain is expected to similarly release a plan today focusing on the economy, a topic which has has not pushed much during his campaign. President Bush is now under fire to do something - what do you think the outcome will be? Here's an article about the plan Clinton released.
PHILADELPHIA - - Sen. Hillary Rodham Clinton sought on Monday to pitch herself as the candidate with the remedy for the nation's housing crisis.
Her assertion drew an aggressive pushback from Sen. Barack Obama's campaign as the two rivals continued to wrestle for the upper hand on the issue of the economy.
As the economy has overtaken Iraq in recent months as the dominant campaign issue, Clinton and Obama have increasingly turned their attention to darkening forecasts about the nation's financial health.
The Democratic contenders have flayed President Bush for embracing policies they say have fueled the economic slide. They have criticized the stimulus package he hammered out with Democrats in Congress as insufficient and have pressed for more relief for low- and middle-income Americans.On Monday, Clinton laid out a plan in Philadelphia aimed at slowing mounting foreclosures, renewing her call for greater lender transparency and for $30 billion in assistance for individual homeowners and communities to slow the credit crunch for most Americans.
Clinton used a speech at the University of Pennsylvania to argue that the federal government should apply the same kind of resources to assist individuals as it did in bailing out investment giant Bear Stearns.
"Let's be clear: When families are losing their homes, that's also a financial crisis," Clinton said.
Aides to Obama responded by saying Clinton was simply echoing proposals their candidate offered and by accusing her of hypocrisy on the issue because she had accepted contributions from the mortgage lending industry.
Obama has offered a $10 billion relief package.
A key difference between the two Democrats is whether to cap interest rates on mortgages, as Clinton has proposed, to prevent foreclosures. Obama has opposed that approach, which critics argue could drive up rates for newer homeowners as investors pull out of mortgage lending in search of better returns.
Clinton has called for a 90-day moratorium on foreclosures on subprime-mortgaged houses in which the owners are residents.
She would also freeze subprime adjustable-rate mortgages in place for as long as five years, or until the mortgages have been converted into affordable, fixed loans.
Clinton embraced a proposal already on the table, offered by Rep. Barney Frank, D-Mass., and Sen. Christopher J. Dodd, D-Conn., to expand the role that the Federal Housing Administration can play in restructuring - or outright buying - at-risk mortgages. Obama is a co-sponsor of that legislation.
Clinton has lashed herself to the issue of homeowner insecurity as part of her bid for a strong finishing kick to the primary season, in which she hopes to rack up big popular-vote victories in economically struggling states such as Pennsylvania, Indiana, West Virginia and Kentucky.
Maybe the question shouldn't be CAN your REALTOR® do this, but WILL they? If you're selling real estate in the Tampa Bay area, you need to choose a REALTOR® who is using all the tools they have at their disposal, to get your listing sold! I say this because many may not be. It's important to choose a REALTOR® who understands real estate technology and will be able to obtain the highest exposure of your home to potential buyers.
In the Tampa area MLS, REALTORS® have the ability to setup a buyers' criteria, so that buyer receives EVERY listing from our MLS, within that buyers' specifications, as soon as it comes on the market, via e-mail. That buyer's REALTOR® just has to enter the buyers' criteria into the system and setup an account for them. The buyer also receives listings that have price reductions, if that property was previously above their set criteria, and it drops down into their price range. If you are interested in buying real estate, I would be happy to set this up for you - simply visit my page for buyers on my website and tell me about your dream home in Tampa Bay!
Have you heard those ads on the radio or TV where you can buy a list of foreclosure or short sale homes from a service? I provide a free list of Tampa Bay Short Sales & Foreclosure homes on my website. Buyers: Don't pay for information that a good Realtor® can get for you for free.
What about real estate sellers? What should you look for in a REALTOR®?
I've had many sellers call me after previously having listed their home with another real estate agent. When I ask them why they are looking for a new REALTOR®, they most common response I get is that the prior agent did nothing to market their home but put a sign in the yard and put the home on MLS. I do a lot more than put a pretty "For Sale" sign in my client's yard!
I have a background in technology and marketing. I have a custom website which syndicates with hundreds of other real estate websites for maximum exposure of your home to potential buyers. I also have a professional quality digital camera with which I take high resolution, professional looking photographs of your home. Once the pictures are done, I upload them to the Multiple Listing Service, as well as a custom virtual tour of your home. After all, a picture is worth a thousand words, so make sure your agent knows how to take great looking photos of your home and doesn't end up in the Real Estate Photos Hall of Shame! Then I put your home Realtor.com, Keller William's website, my Tampa Real Estate website and as many as 500+ other real estate related websites. Yes, you read that right. 500+. Can your agent do that?
I LOVE marketing, online and offline! I love creating beautiful real estate ad flyers showcasing your home for the infotube on your "For Sale" sign, as well as to post on the internet to Tampa Bay homebuyers. I also blog about my client's listings, posting them everywhere from Craigslist and MySpace to Realtor.com.
So in choosing a REALTOR® to represent you in buying or selling your home, consider all of these things. When you are ready, I hope to hear from you.
Just released by the Tampa Water Department - Tampa residents, beware!
Tampa Water Department Urges All Citizens To Be On Alert
TAMPA, FL (Feb. 27, 2008) - The Tampa Water Department has received recent reports of individuals posing as Water Department employees to gain access to residential homes to burglarize them.
The Water Department urges all citizens to be on alert. All Water Department employees performing work are in uniform, display proper identification and operate city vehicles that display the city logo and other official markings. Furthermore, the department is primarily engaged in work on public streets, right of ways and roads that does not typically require entry onto private property.
Contractors doing work on behalf of the department will display different uniforms and identification credentials. If you want to verify that the Water Department or its authorized contractor is doing work in your neighborhood, you can call (813) 274-7400 anytime day or evening.
If you see suspicious activity in your neighborhood or have someone approach your home and request to come in to check or repair your water lines, do not let them in and call the police.
Tampa Water Department serves a 211-square mile area with a service population of approximately 645,000 people. The Tampa Water Department's mission is to providesuperior drinking water and reclaimed water services to its customers.
Liane Jamason, REALTOR
Keller Williams Realty
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I provide more to my clients than a pretty yard sign. With a background in marketing & technology, I sell my client's homes fast, and my services are free to buyers! www.TampaRealEstateFinder.com
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