Owning a Cockaboose

Tailgating is not that unique. Tailgating in a caboose? A little more so. Read more

Is There a 3.8% House Sales Tax in the Health Care Bill?

“The following is information taken from “Is There a 3.8% House Sales Tax in the Health Care Bill?” on The KCM Blog.

We have received many questions about a possible 3.8% tax which will be put on home sales beginning in 2013. We want to do our best to clarify this situation for everyone. We are not accountants and give you this information just as a simple answer to the misconception. Understand that, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.

A little history on the confusion. Fact Check.org explains it this way:

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home. Read more

Kitchens Sell a House

It’s a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house. Read more

30-Year Fixed Mortgage Rate Hits All-Time Low

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.73 percent, down from 3.81 percent at this same time last week. Read more

Fannie Mae, banks halt foreclosures for the holidays

NEW YORK (CNNMoney) — Happy holidays struggling homeowners! Fannie Mae, Freddie Mac and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season.

For homeowners with loans through Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500), the moratorium will run from Dec. 19 to Jan. 2. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement.

“No family should have to give up their home during this holiday season,” said Terry Edwards, an executive vice president for Fannie Mae. Read more

Weekly Economic Summary – November 17, 2011

(From Bank of America)

The volatility in Europe that has been lingering for 18 months continues to develop. Last week, Greece’s Prime Minister George Papandreou announced his resignation. Lucas Papademos was named as interim Prime Minister of Greece. During his eight years with Greece’s Central Bank, he helped the country achieve very strong economic growth rates. Greece continues to be a very volatile situation, and continued uncertainty could once again push investors back into the U.S. dollar and U.S. bonds, helping home loan rates in the process.

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