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America's Mortgage Store Articles of Interest

March 15, 2005


Yvette Armendariz, The Arizona Republic

The median price of existing homes hit a record $200,000 in February, a 26.5 percent surge over the same month last year
The healthy gains, spurred by investors and desperate home buyers paying more than asking price, continue to make homes less affordable for Valley families, whose typical household income is $49,500. Hurting most are young families and minorities, who are increasingly getting shut out of the market.


Change Affecting Personal Residences and 1031 Exchanges...

A popular way of turning investment property into tax free cash is to sell an investment property, such as a four-plex, and then roll the gain into a single family residence via a 1031 exchange.

Source:  The Experts, December, 2004 - Website: www.expert1031.com


Conforming Loan Limits Increased to $359,650

The cap on a mortgage the two government-sponsored enterprises can buy climbed to $359,650 from $333,700 following a report that the average U.S. single-family home price surged in October by 8.5 percent.

Source:  Rod Dennis of America's Mortgage Store, December, 2004


How Can a 1031 Exchange Work for Me?

A 1031 exchange can defer the capital gain taxes that are due when you sell property that has increased in value or been depreciated for tax purposes. These federal and state capital gain taxes can be costly.

Source:  The Experts, December, 2004 - Website: www.expert1031.com


Mortgage and Taxes

Home equity debt limit.  There is a limit on the amount of debt that can be treated as home equity debt.

Source:  Rod Dennis of America's Mortgage Store, November, 2004


Market Trend Analysis - October 2004

An assessment of current housing market conditions and a short-term projection is made for each of the metropolitan statistical areas.  Additionally, there is an overall picture of the economic health in each metropolitan statistical area obtained by analyzing six major economic variables.

Source:  MGIC, October, 2004


Valley Home Prices at Record, Still Rising

A home-buying frenzy is pushing prices to record levels in a number of metro Phoenix neighborhoods, delivering double-digit increases in many spots and solid gains nearly across the board.

Source:  Glen Creno and the Arizona Republic, October, 2004


Sales Gains Driven by Low Rates

New home sales jumped 3.5% in September 2004 to a seasonally adjusted annual rate of 1.206 million. Economists’ estimates were for a small decline.

Source:  New Home Sales, October, 2004


Asset Protection Nightmare

Real estate is a common target of lawsuits and creditors. Is your investment protected? If not, a limited liability company may be the solution.

William Gibney, Esq. of Gibney and Associates, PLC

3420 East Shea Blvd, Suite 200, Phoenix, AZ 85028

Phone: 602.953.0006   ·   Email: gibneylaw@cox.net

Source:  Arizona Journal of Real Estate and Business, September, 2004


OFHEO House Price Index Shows Largest One Year Increase Since 1970's

Average U.S. home prices increased 9.36 percent from the second quarter of 2003 through the second quarter of 2004. Appreciation for the most recent quarter was 2.21 percent, or an annualized rate of 8.83 percent. The figures were released today by Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), as part of OFHEO’s House Price Index (HPI). The HPI is a quarterly report analyzing housing price appreciation trends.

Source:  Corinne Russell of the Office of Federal Housing Enterprise Oversight (OFHEO), September, 2004


Interest Only Loans

Interest Only Loans are an excellent way to finance a home.  They allow the borrower the option of paying the principal reduction on a loan when they want to instead of being forced to do so by amortization. 

Source:  Rod Dennis of America's Mortgage Store, September, 2004


Housing Price Bubbles

U.S. home values increased 8.0% in 2003, the largest calendar year gain since an 8.3% increase in 1986.  The boom in house prices has drawn parallels to the multi-year stock market bubble and its above-average gains from 1995 to 2000, followed by its subsequent steep decline.  Consequently, the idea of a house price bubble is often floated by the media and then debated among economists.  In fact, there is an almost equal division between those that support the thesis of a housing bubble and those who rationalize that current house prices are in equilibrium.

Source:  Annette L. Gnacinski of MGIC Insight, June, 2004



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