Friday, November 04, 2005

Real Estate News for Friday, November 4th, 2005

Panel revises real estate loan interest tax writeoff. Proposed cap on tax deduction for home mortgages raised to 25%. Responding to sharp criticism of its initial proposal to slash the tax deduction for home-mortgage interest, President Bush's tax-restructuring panel offered a revised and final plan Tuesday to increase its proposed cap on the write-off by 25 percent, media accounts said. But the new level -- ranging from $227,147 to $411,704 depending on a region's housing prices -- still would be far below the average mortgage in high-price markets such as the San Francisco Bay Area, New York City, Washington, D.C., and South Florida. Homeowners now can write off interest on up to $1.1 million in mortgage debt. The tax panel's mortgage-interest recommendation is viewed as a long shot to become law. Even boosting the proposed cap by 25 percent didn't stop the panel's plan from being criticized by officials ranging from California's state treasurer to leading Democrats in the House of Representatives from San Francisco, Maryland and Illinois. The panel's report notes that fewer than 30 percent of American taxpayers benefit from the mortgage-interest deduction, and fewer than 5 percent of mortgages would be affected by reducing the $1 million cap. The panel said current policies raised the question of "whether the tax code encourages overinvestment in housing at the expense of other uses," according to media reports. Click here to read more.

Paperless Crusade Unites Industry Leaders to Support Electronic Real Estate Transactions. Inman News today announced The Paperless Crusade, a task force of residential real estate companies dedicated to making the fully digital housing transaction a commonplace reality. The Crusade will include transaction software vendors, researchers, journalists and major brokerages working together across a broad range of informational, promotional and technological fronts to raise awareness of paperless transactions and improve the paperless customer experience. Click here to read more.

Realtors respond to growing Latino housing market. The real estate industry is polishing up its Latino allure. Realtor groups are sponsoring seminars and classes to teach their members about cultural idiosyncrasies that can affect the homebuying process. Major home lenders are opening branches staffed by Spanish speakers and stocked with bilingual marketing materials. Mortgage brokers are lining up loans for those without traditional credit histories or sometimes even Social Security numbers. The efforts reflect a two-fold recognition by the industry: the number of Latino homebuyers is rapidly increasing, but financial, cultural and language barriers are keeping many more potential buyers out of the market. Click here to read more.

The Asian Real Estate Association of American recently installed its 2006 president at a gala celebrating Asian culture at the Argent Hotel in San Francisco, California. Traditional Japanese Taiko drums began the festivities as Allen Okamoto of T. Okamoto & Co. took the oath of office to become AREAA’s newest president. Former National Association of Realtors® President Walt McDonald attended the event to install Okamoto as the association’s second volunteer leader. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

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