Hey, gang - we're stockpiling Champagne for the big celebration Monday night!
The news isn't all bad for highly-leveraged borrowers in today's housing market - in Chicago and elsewhere. Congress this week extended, through 2010, the Income Tax Deduction for Private Mortgage Insurance. This will help out many middle-income borrowers who originated their loans beginning in 2007.
Realtors, spread the word to your buyers - and you might even get a New Year's kiss from them!
Here in Chicago, our Team has several buyers that would be impacted by this deduction extension. One has monthly PMI payments approaching $150. Although many borrowers, beginning a few years ago, decided against the PMI option, favoring high-leverage loans piggy-backed with a, higher-rate, usually interest-only second mortgage, many closing the second half of 2007 elected for the more-traditional Mortgage-Plus-PMI.
The Deduction Extension affects families who earn less than $100,000 annually (Adjusted Gross Income). Those earning less than $109,000 each year may be eligible for a partial deduction.
Check out our post today on BlogChicagoHomes.com, as well as Real Estate Columnist Mary Umberger's Column in today's Sunday Chicago Tribune. Umberger's column also has a comparatively optimistic housing projection and some updated statistics affecting the Chicago new home market from David Seiders, Economist from The National Association of Home Builders.
HAPPY NEW YEAR FOLKS - BE SAFE ON "AMATEUR NIGHT"!
DEAN & DEAN'S TEAM CHICAGO
P.S. How 'bout them New England Pats?
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