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home equity: Why Homeowners Win When Their Home Prices Drop - 01/06/12 05:55 PM
The value of their homes is a major point of pride for many owners, who use the figure to prop up their net worth and justify the money they've poured into their dwellings. When the price declines, as it has been doing for most homeowners for years, they tend to overlook the positive side of the drop — one that affects them more immediately.
As Budgets Are Sexy points out, lower home values means lower property taxes, which are typically added to … (1 comments)
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home equity: U.S. Home Equity Value At Lowest in Generations - 06/17/11 02:12 PM
Home values are way down since the housing market hit its peak in 2006. The S&P/Case-Shiller Price Index, which is a measure of the home values in 20 metropolitan statistical areas is down by nearly a third since the market peaked. Although home prices were briefly buoyed by the 2009 and 2010 home buyer tax credits, they have now hit double dip territory, at least according to Case-Shiller. Different measures of home prices have yet to show a double dip, but they are all trending downward.
Since 2001, the average home equity has declined from 61 percent to 38 percent as … (2 comments)
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home equity: You May Have To Pay Taxes On Foreclosures - 04/21/11 04:42 PM
Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because the house sold for less than it the mortgage balance? If so, you could be facing a big tax hit
It is IRS policy to tax forgiven debt you are personally responsible for as if it is income. Say, for example, your credit card company settled a $10,000 debt for 50 cents on the dollar. You'd have a debt forgiveness of $5,000, which the IRS would count just like your wages.
The same policy held true for most mortgage debt until 2007, … (0 comments)
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