Q: We just sold my wife’s deceased mother’s house and we got a 1099-S form that says gross proceeds were $525,000. What amount do we pay taxes on? The money went directly into my wife’s living trust. We got a check from the closing in the amount of $434,000. A: I’m sorry for your loss. If you sold the house within a year of your wife’s mother’s death, it’s possible that you will owe no ... [full story]

Many home buyers, particularly first-time buyers, are very happy to see home prices dropping. However, they now face tougher requirements in finding mortgage financing for their newly purchased residence. Mortgage interest rates have been slowly rising, but they are still low, compared with past years. That's the good news. But most lenders are now requiring larger down payments and higher credit scores before accepting an application. They don't want to be burned again with more ... [full story]

Considering the cost of new homes today, it's not surprising that an increasing proportion of buyers are opting for a manufactured home - one that is built off-site, usually in a factory. Typically, prices for manufactured homes range from 10 to 35 percent less per square foot than comparable site-built homes, according to a study by the Manufactured Housing Institute. This difference allows many more families to enjoy their dream of homeownership. "The affordability of ... [full story]

SALEM, Ore. -- The freedom to achieve prosperity through hard work and determination is a cornerstone of the American Dream.  The opportunity that prosperity affords to own a home is in and of itself a dream realized.  Homeownership is important to the individual, to the community, and ultimately to the stability and economic health of the nation. The long-term financial benefits to individual homeowners are well-documented.  The Federal Reserve’s Survey of Consumer Finances, conducted every ... [full story]

Fixed mortgage rates fell sharply in the past week, with the average conforming 30-year fixed mortgage rate now 5.98 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing revisited a five week low of 5.46 percent, while the average jumbo 30-year fixed rate declined modestly to 7.43 percent. Adjustable mortgage rates ... [full story]

A swath of green is covering the real estate industry. An increasing number of Realtors are taking special courses to learn about geothermal heat pumps and success-proven techniques home buyers can use to qualify for grants and tax credits for energy-saving improvements. They then market themselves as eco-friendly "green" Realtors. New housing developers are also hopping on the green wagon, realizing this will give them a positive marketing boost. An example is The Cherokee Lofts, ... [full story]

A proposed provision in the planned economic stimulus package would offer a tax credit for home buyers. If enacted, it would help reduce the large amount of new housing inventory currently on the market, according to the National Association of Home Builders. "It would be particularly helpful to first-time buyers," said Lawrence Yun, chief economist for the National Association of Realtors. "More first-time buyers are creating a chain reaction in the market, allowing more current ... [full story]

Single Family Home Price Declines Pervasive in Q4 2007 -- Prices Drop for Second Straight Quarter -- Overvalued Markets Hit Hardest Bend, Oregon tops the list of most overvalued housing in the nation, according to a new report released by Global Insight, an economic and financial analysis and forecasting company.   Report: Bend, Oregon was ranked #1 in the nation for overvalued single-family-homes for 4th quarter 2007.  Global released the fourth quarter 2007 update of House Prices in ... [full story]

The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors. Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. "The higher loan limits for both FHA and conventional loans will increase consumer choice and provide ... [full story]

Fixed mortgage rates posted a slight decrease in a wild up-and-down week, with the average conforming 30- year fixed mortgage rate now 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing dipped to 5.79 percent, while the average jumbo 30-year fixed rate held at 7.43 percent. Adjustable mortgage rates were ... [full story]

WASHINGTON - Not every homeowner is crushed by the prospect that a bank might foreclose on their home, a report issued Friday said.In better times, when loans were less restricted, many homeowners jumped into mortgages with little or no down payments, The New York Times reported. In 1989, the National Association of Realtors said, the median mortgage down payment was 20 percent. In 2007, the figure had dropped to 9 percent.Almost a third -- 29 percent ... [full story]

Just three years ago, the housing boom seemed like such a good thing. Property values were skyrocketing. Home equity loans were helping homeowners live in luxury. Mortgage rates were low enough to attract low-income buyers who never thought they'd be able to afford a home.   REAL ESTATE WOES - A sign at this San Diego home last September told prospective buyers it was a foreclosure. CNS Photo by James Baird.  The market was so hot that ... [full story]

Sales of condominiums and townhomes are picking up. These units are just too popular with a large segment of buyers to be held down long by a general sales slump. When I first started writing this real estate column in 1971, I had to explain what this new type of housing with the strange name of "condominium" was all about. Since then, it has become the preferred housing concept for an increasingly large number of ... [full story]