John Mulkey, Housing Guru

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An article today in the Wall Street Journal reported that the per car cost of the additional sales generated by the Cash For Clunkers program was approximately $24,000 per car. Wow! Perhaps it would have been better if we just gave each of the participants a car. We could have given them an Ameri...
If you are purchasing in a planned development, there may be a recreational facility, or one may be planned for the neighborhood. While such amenities are great, you must familiarize yourself with the facility, the management, and the documents pertaining to the facility. If the recreational pack...
In a recent POST I described the problem the IRS was having with fraudulent claims for the First Time Buyer Tax Credit. It seems that where the potential for abuse exists, some will take advantage of it.   And now that abuse is hurting those who legitimately earned their refund. In an effort to l...
The following is in response to a thoughtful, but I believe misguided post by James Wells, entitled “Our country is broke (in more ways than one), so how do we fix it?” In his post, James seems to think that more government control is what we need to solve the problems we face. I strongly disagre...
A preliminary audit from the Treasury Inspector General for Tax Administration, TIGA, has uncovered as much as $500 million in fraud in the First Time Buyer Tax Credit. The audit has shown fraud to be both blatant and rampant, with thousands of aliens, hundreds of children, and as many as 53 IRS ...
What are restrictive covenants?  The key word here is “restrictive.” Homebuyers considering a purchase in a neighborhood with restrictive covenants should pay special attention to these documents. An outline of those areas where there may be limitations upon what you as a homeowner can do to or w...
Often misunderstood, easements are powerful intrusions into real property (land). Easements grant others access to portions of your property, and if there are easements across the property you wish to purchase, you should fully understand their purpose.   While common easements exist across many ...
While we debate the relative merits of recent attempts to stimulate the housing market, there are more serious concerns that the home buyer tax credit. In fact, a far more serious issue looms with the potential to bring home sales and the economy to a screeching halt. Oil. The price of oil has be...
Should I purchase a new home or resale? The answer to that question depends upon the market, your specific preferences and your housing requirements. Although there is no simple answer, I’ll help you determine which may be best for you at any given time.   The first consideration is: What is avai...
Are You Sure You Don’t Need Flood Insurance? If you live in an area described as a “flood plain,” your lender will require you to purchase flood insurance. However, just because a survey doesn’t show your home as being in an area prone to flooding, doesn’t mean it can’t happen. In recent years mo...

John Mulkey

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