Housing Wire

NOVEMBER 10, 2020

The passing of Proposition 19 in California overhauls Proposition 13, which slashed property taxes by almost 60% in 1978. Now, eligible homeowners may transfer their tax assessments anywhere within the state – including the ability to transfer tax assessments to a more expensive home with an upward adjustment.

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Housing Wire

FEBRUARY 15, 2024

Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. In 2023, 60% of the calls were related to escrow accounts, specifically shortages due to rising property taxes or insurance costs.”

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Housing Wire

MAY 1, 2023

The Consumer Financial Protection Bureau (CFPB) announced on Monday a proposed rule that seeks to bolster consumer protections for borrowers seeking Property Assessed Clean Energy ( PACE ) financing for home renovations. We are proposing new rules that would require sensible safeguards on these clean energy loans.”

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Property Taxes Renovations Finance Lending 396

Housing Wire

JUNE 10, 2024

It’s also due to growing property taxes and homeowners insurance premiums as providers exited states where risks are elevated. Bankrate calculated the average annual cost of owning a single-family home based on items such as property taxes, homeowners insurance and maintenance costs, as well as energy, internet and cable bills.

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Property Taxes Insurance Home Value Inventory 518

Housing Wire

OCTOBER 11, 2024

As those on a fixed income continue to wrestle with rising property taxes , the mayor of South Portland, Maine , recently recommended that area seniors explore reverse mortgages as a potential option to add financial flexibility. After enduring backlash, Mayor Misha Pride has walked back his comments.

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Housing Wire

JUNE 24, 2024

And a state property tax relief program recently raised its maximum income threshold to allow more Puget Sound-area seniors to qualify. The local chapter of the influential senior lobbying organization worked to expand the property tax exemption and ”has encouraged tens of thousands of its members to apply,” the Times reported.

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Housing Wire

JULY 5, 2024

The Mortgage Bankers Association (MBA) this week detailed its reasons for opposing a bill in the state of Florida designed “to expand projects eligible for residential Property Assessed Clean Energy ( PACE ) financing,” which was recently signed into law by Gov. Ron DeSantis. The Florida Legislature and Gov.

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Eyes on Housing

SEPTEMBER 29, 2023

NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $132 billion in taxes were paid by property owners in the second quarter of 2023 (not seasonally adjusted).[1] 1] In the four quarters ending Q2 2023, state and local governments collected $727 billion of property tax revenue—a 7.4%

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Housing Wire

DECEMBER 17, 2024

PACE loans which are often used to finance environmentally minded renovations, like the addition of solar panels have led to financial instability for some borrowers. PACE loans caused borrowers property taxes to increase by about $2,700 per year or an 88% increase, according to the CFPB.

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Mortgage Renovations Finance Property Taxes 396

Housing Wire

JANUARY 31, 2024

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Even if one owns a property with no further mortgage payments due, property taxes and upkeep will be a consideration,” Bankrate senior economic analyst Mark Hamrick said. “As

Property Taxes 435

Property Taxes Mortgage Design Finance 435

Housing Wire

MAY 17, 2023

At that margin, ATTOM notes, the cost of renovations, property taxes, mortgage interest and other expenses — which in total consume 20% to 33% of the resale value — could easily cancel out any return on investment for the flipper. The big thing is the carrying cost that a lot of [smaller] investors don’t realize. “If

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Housing Wire

JULY 31, 2023

The Credit Union National Association (CUNA) late last week released two comment letters expressing the association’s agreement with proposed rules on bolstering borrower protections for Property Assessed Clean Energy ( PACE ) financing for home renovations.

Property Taxes 370

Property Taxes Renovations Finance Lending 370

Housing Wire

FEBRUARY 13, 2025

Health care information and caregiving marketplace website Care.com published an article that examines several practical ways that someone could choose to finance their long-term care (LTC) goals. HECM proceeds also do not impact eligibility for Medicaid or Supplemental Security Income (SSI), which are measured based on income and assets.

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Property Taxes Mortgage HOA Insurance 360

Housing Wire

JUNE 14, 2024

Duffy has 15-plus years of senior-level experience in housing finance. Incenter’s business channels include capital markets, loan diligence, student lending, insurance, property tax, accounting and marketing solutions.

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Housing Wire

SEPTEMBER 10, 2024

About half (49%) worry about property tax increases, while 42% are concerned about rising utility costs.” As evidenced in a state like Louisiana , property tax hikes also appear to be pushing more older homeowners to consider a product like a reverse mortgage.

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Property Taxes Inventory Real Estate Mortgage 482

Appraisal Buzz

JANUARY 30, 2025

While some homeowners prioritize their mortgage payments, those who are not financially prepared may face significant challenges due to other essential and frequent expenses such as homeowners insurance, property taxes, utilities, repairs, and maintenance. Census Bureau. However, their dollars are not the only thing at stake.

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Housing Wire

NOVEMBER 2, 2020

For instance, it’s possible that housing tax credits and other supports for affordable housing could be sacrificed or functionally negated by property tax increases. Entering the fourth quarter of a chaotic year, consumers appeared to be managing their finances with common sense, as much as they could.

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Housing Wire

JULY 5, 2022

Last month, the Federal Housing Finance Agency released plans, developed by Fannie Mae and Freddie Mac , to make the housing market more equitable, in part through changes to the appraisal process.

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Housing Wire

MARCH 10, 2022

While the researchers cite a number of outside experts it consulted, including the American Enterprise Institute and economists from both the Federal Housing Finance Agency and Fannie Mae, it did not consult with any fair lending experts. The federal government has no simple mechanism to reduce local property taxes or utility costs.

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Housing Wire

MARCH 21, 2024

Your home comes with a lot of costs, like mortgage payments, utilities, property taxes, and more, which can really impact retirement planning. Housing, wealth and retirement is more about cash flow, and can you maintain that cash flow and your property while living the life you want in retirement.”

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Housing Wire

OCTOBER 21, 2024

Yet ‘renting by choice’ is also on the rise as it offers flexibility, less financial commitment, and freedom from the burdens of property taxes, maintenance, and insurance. The average cost of owning a home, beyond the mortgage payment, is approximately $18,000 per year, according to a recent study by Ally Financial Inc.

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Real Estate Marketing Insurance Property Taxes 493

Housing Wire

SEPTEMBER 24, 2024

Property taxes are another factor that is slowing things down. In Cook County, the property tax rate has increased substantially , a move by municipal officials designed to rightsize budgets that have gotten turned upside down.

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Housing Market Marketing Property Taxes Inventory 459

Housing Wire

JULY 15, 2024

Landlords can receive a number of federal tax deductions. These include depreciation, mortgage interest, operating expenses and property taxes, among others. The IRS also offers a Low-Income Housing Tax Credit that can be claimed by landlords who build or rehabilitate affordable rental housing.

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Housing Wire

AUGUST 23, 2024

We’re the state’s designated Housing Finance Agency, so we have a board that’s appointed by the governor and confirmed by the state Senate.” This program is under the Montana Board of Housing, which is administratively attached to the Montana Department of Commerce.

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Mortgage Property Taxes Buyers Design 431

Housing Wire

JUNE 20, 2024

The TCJA also “capped the maximum allowable state and local tax deduction at $10,000 (the so-called SALT cap),” which it said “all but eliminated tax benefits for property taxes on a home.”

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Mortgage Bracketing Law Property Taxes 497

Housing Wire

APRIL 5, 2022

To boot, one of the first financing transactions on record was made in January 2022 by technology firm TerraZero. As for property taxes, well, you can kiss that goodbye. At least for now… there are no “property taxes” for owning virtual real estate in the Metaverse. It was a $45,000 purchase in Decentraland.

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Real Estate Mortgage Property Taxes Law 532

Appraisal Buzz

JULY 10, 2024

Increasing Costs are Taking a Toll on Homeowners’ Personal Finances Many home seekers have revised their budgets and savings goals in light of decreased inventory levels in a number of cities. Cost hikes for utilities (83%), house insurance (81%), property taxes (81%) and repairs (74%), according to homeowners, have been experienced.

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Property Taxes Finance Lending Housing Market 367

Housing Wire

DECEMBER 22, 2020

They’ll need a small amount of information about your income and finances, and if all looks good, they’ll give you a preapproval letter stating how much money you can likely borrow. Most lenders require you to pay for home insurance and property taxes as part of your monthly payment.

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Mortgage Property Taxes Loan Officers Sellers 448

Housing Wire

NOVEMBER 29, 2023

If a person passes away without an end-of-life document, a property often becomes heirs’ property, meaning that it is passed informally to the next generation without a proper title documenting ownership. Besides not having the ability to monetize the property, heirs’ property holders can also lose economic value in other ways.

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Appraisal Buzz

AUGUST 13, 2024

While the industry is no stranger to predatory and/or unfair lending practices, new advisory opinion and research study on a type of home seller financing known as a “contract for deed” has been released by the Consumer Financial Protection Bureau (CFPB).

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Contracts Investors Sellers Lending 367

Housing Wire

SEPTEMBER 17, 2024

former Federal Housing Financing Agency (FHFA) director Mark Calabria made the argument that a larger credit box has caused the government-sponsored enterprises (GSEs) to take on far more risk than they should be. . At policy panels held by the Community Home Lenders of America (CHLA) on Monday in Washington, D.C., It sure as hell does.

Property Taxes 434

Property Taxes Government Legal Insurance 434

Housing Wire

APRIL 21, 2023

In a blog post published Thursday, Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit made the case that the Federal Housing Finance Agency ‘s (FHFA) loan level price adjustments (LLPA) related to a mortgage borrower’s debt-to-income (DTI) ratio is unworkable and should be scrapped entirely.

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Logistics Mortgage HOA Property Taxes 448

Housing Wire

APRIL 29, 2024

As long as you retain ownership of the home and pay the property taxes, the loan will not become due.” “It can be used to make home repairs, pay for medical expenses, or to supplement retirement income. A lender makes monthly payments to you based on the equity in your home, using your home as collateral.

Mortgage 448

Mortgage Property Taxes Design Insurance 448

Housing Wire

AUGUST 27, 2024

As home prices rise and property taxes and insurance bills soar, it’s become ever more difficult to age in place,” the article stated. “As This is according to a column published this week by NextAvenue. “As As a result, home sharing and renting to ‘boommates’ — roommates of the baby boom generation — has grown in popularity.

Property Taxes 459

Property Taxes Insurance Housing Market Marketing 459

Housing Wire

MAY 25, 2023

Longbridge Financial, LLC, (NMLS #957935) believes that the answer to this dilemma is the HECM/Reverse for Purchase financing option. Most real estate agents, builders and potential customers have no idea that this financing option exists to purchase homes,” he said.

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Loan Officers Real Estate Agent Real Estate Finance 418

Housing Wire

SEPTEMBER 13, 2024

At the end of August, the District of Columbia Housing Finance Agency (DCHFA) announced that it had relaunched its Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which originally began in 2019 and expanded in 2020 before being halted at the end of 2021.

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Mortgage Legal HOA Property Taxes 459

BiggerPockets

MARCH 25, 2024

Owner financing offers buyers and sellers more opportunities with real estate transactions. Before entering this type of transaction, it’s important to know what owner financing is, how it works, who benefits, and who pays property taxes on owner financing.

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