Foreclosure Filings Rise In New Jersey, Fall Nationally

February 19, 2013

Regulations that took effect in California last month contributed to the recent 7% decline in national foreclosure filings. The state had long been recording the highest number of foreclosure filings of any state, however, on January 1, a Homeowner Bill of Rights became law, offering more protections for California borrowers in default. As a result, new foreclosure […]

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Future Flood Insurance Premiums Could Make Living at the Jersey Shore Much More Expensive

February 11, 2013

Even if Sandy never landed on shore in New Jersey, flood insurance premiums were due to rise under a new law that aims to remove the federal subsidies for flood insurance. The new law, the Biggert-Waters Flood Insurance Reform Act of 2012, had flood insurance rates rising at a relatively modest rate over time before the […]

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How the Neighbors Can Tank a Condo Loan

February 6, 2013

Before making a loan to a would-be buyer, lenders comb through the building’s financial statements to see if too many condos remain unsold, or if units are mostly rentals instead of owner-occupied.  Lenders also look to see if the building’s cash reserves, which help cover maintenance costs, are too low.  These factors, which have nothing […]

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Can You Trust Your Kid With $5.25 Million?

January 23, 2013

Now that the uncertainty of estate tax rules has been lifted, some wealthy families are wondering whether they want to leave heirs up to $10.5 million estate and gift tax free.  Can their children handle a large payday without losing the motivation to work hard and be productive?  There is a solution for such situations: […]

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What the Tax Deal Means for Estate and Gift Taxes

January 17, 2013

Lawmakers retained the $5 million individual exemption for gift and estate taxes and kept it indexed for inflation, while raising the tax rate to 40% from 35%. These changes are permanent, so advisers and families won’t have to think for a moment about a relative dying in one year versus another. The recently added “portability” provision […]

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Real Estate’s Slow Rebound in Monmouth and Ocean County

January 7, 2013

Year over year housing prices in New Jersey were down 0.7 percent according to zillow.com.  Home prices were down 0.1 percent in Monmouth County and down 0.4 percent in Ocean County.  In Monmouth County the average price today is still lower than it was in October 2003 and is down 24.6 percent from its peak […]

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How to Prevent Your Home Sale From Falling Through

December 21, 2012

It isn’t exactly a seller’s market yet and deals can fall through at the last minute for a variety of reasons.  Financing delays, low appraisals, title problems, home inspections and even buyer’s remorse can interfere with a seller’s ability to close.  The good news: Many of these problems are preventable if sellers are proactive and […]

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N.J. Home Deals in Gridlock

November 29, 2012

Even before Sandy ripped through the Northeast coast last month, the region’s housing market had been among the weakest in the nation. Now, damage from the storm is raising new concerns in coastal communities about falling home prices and more foreclosures as weary homeowners, some upside down on their mortgages, decide whether to stay or […]

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More Buyers Cloak Home Purchases in LLCs and Trusts

November 14, 2012

To keep their real-estate transactions as private as possible, high-end home buyers are increasingly forming limited liability companies (LLCs) and trusts. They bury multimillion dollar real estate deals under legal entities that, when set up properly, are virtually untraceable. Wall Street Journal  October 26, 2012

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Supply of Homes Hit a 6 1/2 Year Low

October 22, 2012

Sales of previously owned homes eased slightly in September from August due in part to declines in the supply of homes for sale, which hit a 6½ year low. The 2.32 million homes listed for sale in September was 20% below last year’s level. Inventory hasn’t been lower since 2005. Wall Street Journal  October 21, 2012

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Buyers Back After Foreclosure

October 16, 2012

A significant number of new buyers went through foreclosure as recently as three years ago. It typically takes three years after a foreclosure or short sale for a buyer to qualify for an FHA-backed loan. In many cases, it takes just one year after a Chapter 13 bankruptcy discharge.  Fannie Mae or Freddie Mac require a wait […]

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Burdened by Put-Backs, Banks Are Now Slow to Lend

October 5, 2012

Despite record low mortgage rates, thousands of would-be homeowners are being locked out of the market because Fannie Mae and Freddie Mac have been forcing banks to take back an increasing number of loans made during the boom years and sold to Fannie and Freddie. To protect themselves from such demands in the future, banks are […]

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