News Bits

Highway 213 in Mulino will be under construction until Summer of 2012, please allow an additional 20 minutes for possible delays in travel time.

When purchasing an appraisal, anticipate paying more. The new Appraisal Management Companies and Home Valuation Code of Conduct (HVCC) guidlines equate into higher priced appraisals.

Call for details.

Is your Mortgage Broker and Mortgage company meeting the new guidelines? It makes a difference to the completion of your loan.

More Information at State of Oregon Website.

Oregon Real Estate News

Good-faith estimates bring higher closing costs
"August 19, 2010|By Kathleen Pender Closing costs on home loans have increased over the past year, two reports show. A new survey by Bankrate.com showed a startling 37 percent jump in estimated closing costs. The survey compared certain costs reported on the good-faith estimate lenders must give borrowers shortly after they apply for a loan. Bankrate says that actual costs are going up, but probably by less than 37 percent. Part of the increase reflects the fact that consumers are now getting a more realistic estimate of the costs they will pay at closing." For every $100,000. of purchase price the closing cost to the consumer will be approximately $4,110. read more...

Sales Slow But Remain Above Last Year
"Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009. read more...

Lawmakers slam top mortgage firms on loan mods
"WASHINGTON (Reuters) - The four largest mortgage lenders in the United States were grilled on Capitol Hill on Thursday about the limited number of home loans they have modified for homeowners facing foreclosure. "I just wonder how hard you are really trying?" Rep. Dennis Kucinich asked David Lowman, chief executive of home lending at JPMorgan Chase & Co (JPM.N)." read more...

Global Interest in U.S. Homeownership Gains
"International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®’ 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country. " read more...

Sanitary sewer overflows to be addressed by EPA
"WASHINGTON, DC, May 27, 2010 -- The U.S. Environmental Protection Agency (EPA) is initiating a rulemaking to better protect the environment and public health from the harmful effects of sanitary sewer overflows (SSOs) and basement backups. In many cities, SSOs and basement backups occur because of blockages, broken pipes and excessive water flowing into the pipes. SSOs present environmental and health problems because they discharge untreated wastewater that contains bacteria, viruses, suspended solids, toxics, trash and other pollutants into waterways. These overflows may also contribute to beach closures, shellfish bed closures, contamination of drinking water supplies and other environmental and health concerns." read more...

Health Reform: 4 Percent Home Sale Tax is a Myth
Information circulating on the Internet claiming health reform includes a four percent tax on home sales is incorrect. Starting in 2013, the law imposes a 3.8 percent Medicare tax on households with adjusted gross income (AGI) of more than $200,000 for individuals ($250,000 for married couples), a portion of which is "net investment income." On the sale of a principal residence, the existing $250,000/$500,000 exclusion from capital gains remains unchanged. Be watching for further updates through National Association of Realtors. read more...

A License Required for your HOUSE? NO..... Not If National Association of Realtors can help it.
"After multiple consultations with the NAR Climate Presidential Advisory Group, the NAR Land Use, Property Rights and Environment Committee, and state associations who had dealt with energy audit legislation at the state level, the Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting." read more...

The Ever-Changing Capital Gains Tax
"The Ever-Changing Capital Gains Tax Taxes, like life, can be like riding a roller coaster. Sometimes it’s up and sometimes it’s down. This is definitely the case when speaking about the Federal capital gains rate for individuals. In the past 20 years, this tax has been as high as 28% and is currently at its low point of 15%. But, this too shall change as of January 1, 2011, when the rate is scheduled to go back to 20%. As part of the 1986 Tax Reform Act, the capital gains tax rate was raised from 20% to 28%. President Clinton reduced the capital gains tax from 28% to 20% in 1997. In 2003, the Bush administration passed The Jobs and Growth Reconciliation Tax Act of 2003, which lowered the capital gains tax from 20% to 15%. This reduction was due to sunset on December 31, 2008. But, in May of 2006, Congress passed and the President signed H.R. 4297, which extended this reduction in capital gains until December 31, 2010. To complicate matters further, the Health Care and Education Affordability Reconciliation Act of 2010 was signed by President Obama on March 30, 2010, and it includes a number of revenue-raising provisions. One of these provisions, impacting high income individuals, is a 3.8% tax increase starting in 2013 on any unearned income. Gain from the sale of real estate falls within this category. If Congress takes no action on the existing tax rates, the maximum capital gains tax rate will increase from the current 15% level to 20% in 2011 and then to 23.8% in 2013. This would be the highest rate for long-term capital gains since 1997. No matter what the tax, it can be deferred by completing a 1031 tax-deferred exchange. Contact your local First American Exchange office for more information. ...

Facts on the Energy-Efficiency Tax Credit
"Take advantage of improved tax credits available for a number of energy-efficient home improvements. Find a professional remodeler in your neighborhood at www.nahb.org/remodel to get excellent advice – and your assurance of a project well done. The Existing Home Retrofit Tax Credit (Tax Code Section 25C): Tax credits are available at 30 percent of the cost, up to a $1,500 lifetime limit, for installation in 2009 & 2010 (for existing homes only) of these products: Building envelope components (Installation costs not included):" read more...

New Nationwide Survey Provides Comprehensive Look at Sentiment Toward Housing
"RISMEDIA, April 14, 2010—A new national survey gauging attitudes toward housing finds that two-thirds of Americans (65%) still prefer owning a home, despite the challenging economic environment and the housing downturn. The Fannie Mae National Housing Survey, conducted between December 2009 and January 2010, polled homeowners and renters to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system and overall confidence in the economy." read more...

Vacation-Home Sales Up in 2009 but Investment Sales Down
"NAR’s 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, shows vacation-home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008, while investment-home sales fell 15.9 percent to 940,000 in 2009 from 1.12 million in 2008. Primary residence sales rose 7.1 percent to 4.04 million in 2009 from 3.77 million in 2008." read more...

Home Sweet Home program... $2,000. grant.
The HOME Sweet Home Program for first-time homebuyers operates together with your buyer’s lender, who must be a member of the Oregon Bankers Association, to assist them in the purchase of their first home. Through funds received from the NAR Ira Gribin Workforce Housing Grant, your buyer’s lender can make available to the borrower a $2,000 grant for their down payment and/or closing costs, along with matching assistance from the borrower’s lender or other qualified sources valued at a minimum of $500. The borrowers must meet all the program requirements as outlined in the Home Sweet Home Program procedural guide. More details about the HOME Sweet Home Program is available from the Oregon Association of REALTORS® and the Oregon Bankers Association. Grant availability is subject to program funding. The Oregon Association of REALTORS® and the Oregon Bankers Association are pleased to help your clients purchase their first home! HSHP funds will be disbursed to eligible first-time homebuyers in the form of $2,000 grants. To access funds, the homebuyer must obtain their first mortgage loan through an Oregon Bankers Association member bank. The bank will work directly with the Bankers Association which is administering the program. The eligible homebuyer must also be working with a REALTOR® on the home purchase. read more...

Flood-prone areas subject to closing delays...
"Congress has allowed the National Flood Insurance Program to expire for the second time this year, leaving thousands of homeowners around the country in limbo and threatening real estate closings. The flood program lapsed Sunday night after Congress adjourned on Thursday without taking action on a bill, HR 4851, that would have extended the flood program, unemployment benefits and other federal programs. Joe Ory is president of the New Orleans Metropolitan Association of Realtors. Congress does not reconvene until April 12, meaning that homeowners could find themselves without coverage and real estate closings in flood-prone areas may be scuttled for two weeks. " read more...

Nationwide Mortgage Licensing system and registry
"Welcome to NMLS Consumer AccessSM, a free service for consumers to confirm that the mortgage company or mortgage professional with whom they wish to conduct business is licensed in their state. This site Contains licensing/registration information on mortgage companies, branches and loan originator professionals licensed by state regulatory agencies participating in the Nationwide Mortgage Licensing System & Registry (NMLS). read more...

Years after Loan Default, Homeowners May Still Owe
Homeowners defaulting on mortgages today may be surprised to learn years from now that they still owe thousands of dollars—and a collection agency is coming after them to get it. read more...

General Consumer Information for public interest organizations, consumer advocacy and education grou
General Consumer Information for public interest organizations, consumer advocacy and education groups and the general public. These links of interest have been gathered and indexed by Chris Langone (The Langone Law Firm, 25 East Washington Street, Suite 1805, Chicago, IL 60602, Tel: 312/782-2000), and modified by the National Consumer Law Center. read more...

Annual Free Credit Reports
Annual CreditReport.com is the official site to help consumers to obtain their free credit report. This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax - www.equifax.com Experian - www.experian.com TransUnion - transunion.com read more...

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