Thursday, December 20, 2007

Latest Real Estate News

Foreclosure Activity Decreases 10% in November
“The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, chief executive officer of RealtyTrac.

FHA Legislation to Help Homeowners, Economy
The FHA Modernization Act of 2007, passed Friday by the U.S. Senate, would help protect the interest of America’s current and future homeowners by giving borrowers a safer alternative to riskier mortgage products while also helping many homeowners who may be facing foreclosure, according to the National Association of Realtors(R)

Realtors® Urge President To Sign Tax Relief Bill
Realtors® Urge President To Sign Tax Relief Bill Quickly To Ease Foreclosure Burdens
WASHINGTON, December 18, 2007 - Many families and individuals are one step closer to seeing tax relief, thanks to the passage of the Mortgage Cancellation Tax Relief Act by the U.S. Senate and House of Representatives, according to the National Association of Realtors®. Since the early 1990s, NAR has advocated repealing the current law that forces individuals to pay an income tax when they have had a loan forgiven in either a foreclosure, a sale in a market where prices are declining or because the lender grants new mortgage terms.

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