The recovery in the housing market continues to pick up steam, as home prices posted the biggest percentage gain in more than two years in the latest reading of the closely followed S&P/Case-Shiller index. The index showed prices up 4.3% in October compared to a year earlier. That's the best improvement since May 2010. But that earlier increase was due to a temporary spike caused by a homebuyers' tax credit of up to $8,000 on homes purchased in late 2009 and early 2010. This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. A combination of near record-low mortgage rates,lower unemployment and a drop in foreclosures to a five-year low means there are more buyers interested in purchasing fewer available homes. That in turn has lifted prices. October marked the fifth straight month that the index has been up on a year-over-year basis.  The improvement in housing market fundamentals has ...

Many first time buyers ask, why do we need Title Insurance? What are the benefits? Here are very important reasons, why you need Title Insurance: 1.      A title insurance commitment for title policy will disclose the status of the real property taxes on the subject property.  2.      A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house but the land on which it stands. Title insurance protects you against such a loss. 3.      A deed or mortgage may have been procured by fraud or duress. 4.      A deed or mortgage made under an expired power of attorney may be void. 5.      Title insurance covers attorney’s fees and court cost for defending your title. 6.      Title insurance helps speed negotiations when you’re ready to sell or obtain a ...

If buying a home is on your New Year’s Resolution list for 2013, know this: your biggest challenge will almost certainly be coming up with your down payment and closing costs. Whether you’re trying to scrape by with 3.5 percent for an FHA loan or you’re planning to put down a full 20 percent, saving for a down payment might be the largest savings endeavor you ever undertake, after retirement planning. But don’t let that daunt you. Look at it as more of a challenge or a game than a slow-slogging deprivation-driven chore. In fact, I suggest that you add something to your scrounging and saving: scavenging . Finding your down payment money hidden in resourc es that are right in front of you can be a fruitful and fun angle t o take on an otherwise overwhelming goal. Use this short list of oft-untapped down payment treasure troves to open your eyes to funds that might be hidden in plain sight: 1.  Your budget’s biggest line items. I like to get maximum bang for my buck. And I like to ...

According to Trulia’s Summer 2012 Rent vs. Buy Report, buying became cheaper than renting in all of the 100 largest U.S. metropolitan areas. To determine this, Trulia used several factors that will not apply in all instances: a 3.5 percent mortgage, itemized deductions at the 25 percent federal tax bracket and a seven-year time horizon. The Trulia report ranked home-ownership affordability highest in Detroit, where the cost savings of owning over renting amounted to 70 percent. In Los Angeles, the difference dropped to 32 percent—still, home-ownership represents a savings over renting. “If buying a home is cheaper than renting in every major metro and makes financial sense in most situations, then why aren't more people buying? The reason is because many people can’t take advantage of today’s affordability,” said Jed Kolko, Trulia’s chief economist. “It takes years to save enough for a down payment, ...