A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today. NAR has been working for the last decade to put all of the nation's agent-represented homes for sale into one database, consolidating the 800-plus multiple listing services in the U.S. in the process. Read more: National Association of Realtors to release national MLS | Inman News
Showing posts with label nar. Show all posts
Showing posts with label nar. Show all posts
Tuesday, April 2, 2013
National Association of Realtors to release national MLS | Inman News
A national multiple listing service run by the National Association of Realtors should be ready by late summer, the large trade association announced today. NAR has been working for the last decade to put all of the nation's agent-represented homes for sale into one database, consolidating the 800-plus multiple listing services in the U.S. in the process. Read more: National Association of Realtors to release national MLS | Inman News
Thursday, March 14, 2013
NAR Survey Reveals Homebuyer Preferences
While every homebuyer is different, certain features in residential properties tend to be of greater value to consumers. To find out what some of those features are, the National Association of Realtors ( NAR ) surveyed over 2,000 households that purchased a home between 2010 and 2012. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fnar-survey-reveals-recent-homebuyer-preferences-2013-03-13
NAR Survey Reveals Homebuyer Preferences
While every homebuyer is different, certain features in residential properties tend to be of greater value to consumers. To find out what some of those features are, the National Association of Realtors ( NAR ) surveyed over 2,000 households that purchased a home between 2010 and 2012. Read more... http://m.dsnews.com/?url=http%3A%2F%2Fwww.dsnews.com%2Farticles%2Fnar-survey-reveals-recent-homebuyer-preferences-2013-03-13
Tuesday, March 5, 2013
FHA Reform: MBA, NAR Outline Importance of FHA
Stevens, who served as FHA Commissioner from 2009 to 2111 noted findings from FHA's 2012 Actuarial Review that the capital ratio of the MMI Fund had fallen to negative 1.44 percent which prompted concerns that it might need a draw from the U.S. Treasury and raised questions about whether FHA's policies need to be adjusted.
These findings Steven's said do not mean that FHA has insufficient cash to pay insurance claims, a current operating deficit, or will need to immediately draw funds from Treasury; only the President's FY2014 budget can make that determination. It is not surprising that FHA is experiencing significant losses on loans made during the recent crisis, as well as losses on the large volume of its new business. Read more... http://www.mortgagenewsdaily.com/02282013_fha_reform.asp
FHA Reform: MBA, NAR Outline Importance of FHA
Stevens, who served as FHA Commissioner from 2009 to 2111 noted findings from FHA's 2012 Actuarial Review that the capital ratio of the MMI Fund had fallen to negative 1.44 percent which prompted concerns that it might need a draw from the U.S. Treasury and raised questions about whether FHA's policies need to be adjusted.
These findings Steven's said do not mean that FHA has insufficient cash to pay insurance claims, a current operating deficit, or will need to immediately draw funds from Treasury; only the President's FY2014 budget can make that determination. It is not surprising that FHA is experiencing significant losses on loans made during the recent crisis, as well as losses on the large volume of its new business. Read more... http://www.mortgagenewsdaily.com/02282013_fha_reform.asp
Tuesday, November 20, 2012
Realty Times - 2012 Homebuyer Survey Contains Valuable Information
One of the most useful research projects of the National Association of Realtors® (NAR) is the annual survey of homebuyers and sellers. The most recent version (Profile of Home Buyers and Sellers 2012) became available in November of this year. The information is based on answers to a 120-question survey mailed to a random sample of 93,502 consumers who purchased a home between July 2011 and June 2012. (Names and addresses were provided by Experian, a company that maintains an extensive database of recent homebuyers that is derived from county records.) After accounting for undeliverable surveys, there was a 9.1 percent response rate. Read more: Realty Times - 2012 Homebuyer Survey Contains Valuable Information
Realty Times - 2012 Homebuyer Survey Contains Valuable Information
One of the most useful research projects of the National Association of Realtors® (NAR) is the annual survey of homebuyers and sellers. The most recent version (Profile of Home Buyers and Sellers 2012) became available in November of this year. The information is based on answers to a 120-question survey mailed to a random sample of 93,502 consumers who purchased a home between July 2011 and June 2012. (Names and addresses were provided by Experian, a company that maintains an extensive database of recent homebuyers that is derived from county records.) After accounting for undeliverable surveys, there was a 9.1 percent response rate. Read more: Realty Times - 2012 Homebuyer Survey Contains Valuable Information
Thursday, April 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Home Sales Contracts Rise 4.1% in March - CNBC
The Pending Home Sales Index rose 4.1 percent from February and is now 12.8 percent higher than March of 2011.
“The housing market has clearly turned the corner,” said NAR chief economist Lawrence Yun in a release. “Rising sales are bringing down inventory and creating much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses.
Contract activity was strongest out West, with the index jumping nearly nine percent.
Both the Northeast and Midwest saw declining activity.
The bulk of distressed properties are in the West, with California, Arizona and Nevada still leading the nation in foreclosure activity.
A recent spike in short sales, where the bank allows the home to be sold for less than the value of the mortgage, could be lifting the numbers in those states. Distressed sales accounted for 29 percent of all sales in March, according to the Realtors and a much higher share of sales out West.
Final sales of existing homes (closings) fell unexpectedly in March, leading many to blame the unusually warm winter for pulling demand forward. First quarter home sales saw their highest quarterly volume in five years. This bump up in new contracts, though, may be a sign that spring isn’t a complete wash. Contract cancellations, however, have been running unusually high, upwards of 30 percent, due to low appraisals and a still-tight credit market, but Realtors claim those buyers have been staying in the market, offering other contracts.
by Diana Olick CNBC Apr 26, 2012
Home Sales Contracts Rise 4.1% in March - CNBC
Sunday, October 23, 2011
Realtors decry potential loss of mortgage deduction
Eliminating the mortgage-interest deduction is a looming option for cutting the nation's budget deficit. Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market.
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Realtors decry potential loss of mortgage deduction
Eliminating the mortgage-interest deduction is a looming option for cutting the nation's budget deficit. Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market.
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Realtors decry potential loss of mortgage deduction
Eliminating the mortgage-interest deduction is a looming option for cutting the nation's budget deficit. Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market.
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Realtors decry potential loss of mortgage deduction
Eliminating the mortgage-interest deduction is a looming option for cutting the nation's budget deficit. Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market.
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Realtors decry potential loss of mortgage deduction
Eliminating the mortgage-interest deduction is a looming option for cutting the nation's budget deficit. Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market.
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Realtors decry potential loss of mortgage deduction
Eliminating the mortgage-interest deduction is a looming option for cutting the nation's budget deficit. Realtors are taking to the road to fight against that and other issues they believe will hurt the already ailing housing market.
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
Thursday morning, the National Association of Realtors homeownership bus, painted red, white and blue, rolled into Phoenix and parked in front of the wine bar and restaurant Postino on Phoenix's Central Avenue. Local and regional NAR leaders, as well as several agents, were there to protest the potential loss of the tax deduction as well as lower loan limits on government-backed mortgages.
"The mortgage deduction is a hot button for not only Realtors but homeowners," said Holly Mabery, of the Keller Williams Heartland Group, at the event.
According to NAR data, the average mortgage deduction for Arizona homeowners was about $14,000 last year. That's only a few thousand dollars more than the standard tax deduction. The deduction essentially drops the taxable income of homeowners because they can deduct the interest they pay on their mortgage in a year.
Susan Ramsey of Re/Max Integrity of Glendale said the tax deduction gives hundreds of thousands of Arizona homeowners an extra $2,000 to $5,000 from their tax refund.
Ramsey, president of the Phoenix Association of Realtors, said that's money that goes back into the economy, and metro Phoenix's economy needs it.
Much of the debate over the mortgage deduction is because it benefits the wealthy more than middle-class homeowners. The pricier the home and higher the mortgage, the bigger the deduction is for the tax filer.
According to the Internal Revenue Service, about 75 percent of U.S. homeowners who claimed the tax deduction in 2009 earned at least $100,000. Fewer than 25 percent of homeowners earning about $50,000 benefited from the mortgage-interest deduction.
A lot of figures on how much the mortgage deduction costs the U.S. government have been bandied about in this debate, ranging from $800 million to $130 billion a year.
And no one disputes that wealthier taxpayers save much more with the deduction than the middle class, which has been hard hit by the recent economic downturn.
One concern in metro Phoenix involves people who continue to pay on a mortgage larger than their house is worth. If they lose the tax deduction, will that be the final incentive to walk away from their home and loan?
Realtors are also concerned about the psychological impact of losing the deduction.
Christopher Paris, an agent with HomeSmart Elite in north central Phoenix and the incoming Phoenix Realtors president, said too many potential buyers are hesitant to purchase now because of the economy, and the loss of the tax deduction will make things worse for the housing market.
Realtors are also fighting for conforming mortgage limits to climb back to 125 percent of an area's local median price. Congress recently lowered the loan limit to 115 percent.
The Realtors' bus was in Tucson on Friday night and is making its way to Anaheim, Calif., for the group's annual meeting.
by Catherine Reagor The Arizona Republic Oct. 21, 2011 04:28 PM
Realtors decry potential loss of mortgage deduction
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