Real Estate News

https://humrealestate.com/blog/the-impact-of-inflation-on-mortgage-rates - Don’t let headlines about the latest decision from the Fed confuse you. Where mortgage rates go from here depends on what happens with inflation. If inflation cools, mortgage rates should tick down as a result.

Zillow shutters closing and title division - Despite its efforts to be a one-stop shop for homebuyers from search to close, Zillow has determined that its Zillow Closing Services division has become a weak link in the chain.

NAR: Contract Signings Flat, More Inventory ‘Critical' -

Zombie Foreclosures Keep Increasing But Remain A Tiny Presence Around Most Of U.S. -

-311,508 residential properties in the U.S. are in the process of foreclosure in the second quarter of this year, up 4.3% from the first quarter of 2023 and up 20.2%from the second quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021 (Note: But the income tax burden on cancelled mortgage debt has expired, so double whammy.)

Tax Implications Following Foreclosure: What You Need to Know - it’s vital to understand that the IRS considers most canceled debt income because you benefit from not having to pay the additional amount owed on a loan.

What is meant by the word Escrow? - simply put, escrow means "setting aside money for any number of purposes related to closing a real estate trasnaction - normally homeowner's insurance, property taxes, and mortgage insurance, but it could mean setting aside funds for repairs after closing, or to pay other debts, liens, or related costs that are not typical to closing agent or lender.