News about properties and real estate
Housing: FHA may slash upfront costs of some reverse mortgages The Federal Housing Administration isn’t talking publicly about it, but the agency may be getting ready to cut the upfront costs of reverse mortgages for some borrowers. The agency also, however, may be reducing the amount seniors can borrow against their homes. In a recent …
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Tracking the First Coast’s great condo bust [North Florida] While attention has been focused on shrinking values in Jacksonville’s single-family housing market,something much worse has been happening in the condominium market. Numbers tell the story: The median sales price for condominiums in Clay, Duval, Nassau and St. Johns counties has sunk by more than 70 …
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Good news, bad news on foreclosures Banks are repossessing distressed homes at an increasingly fast pace, but fewer homes are falling into delinquency, a sign that the region’s foreclosure crisis has entered a new phase. In August, lenders reclaimed 4,417 homes in South Florida, up 96.7 percent from the same month last year when banks …
A few doors down from the imposing stone facade of the Abyssinian Baptist Church on West 138th Street, one the most important activist churches in Harlem, a new condominium development is about to go on the market including market-rate penthouses, with open stainless-steel kitchens, granite counters, and terraces, priced up to $970,000. But rather than …
Homebuyer tax credit causing headaches and trouble The federal homebuyer tax credit did its job to boost the real estate market, but many involved – from buyers to the IRS – have run into problems with confusing wording and stipulations. The result: Hundreds of thousands who’ve already filed for the credit will have to give …
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Apthorp Rentals Raise Questions [New York City] Some recent condominium buyers at Manhattan’s famed Apthorp building are looking to rent their newly purchased apartments, a move that may conflict with their signed declarations to use the apartments as their own residencies. The effort by some owners to rent out their condos could spark additional scrutiny …
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