Bank of America ups CA foreclosures by nearly 200 percent
Posted by admin / Under Estate Tax In The United States
Bank of America increased foreclosures by nearly 200 percent in California between July and August. John Karevoll, an analyst with DataQuick told Patt Morrison that the bank is capitalizing on favorable laws in California and other states where a court order isn’t needed to repossess a home. “This is the rip-the-band-aid-off policy here," he said. "It’s basically just to go out there and plough through it and get rid of it.” Dan Frahm, the senior vice president of Bank of America Home Loans, says the recent upswing in foreclosures is due to a massive backlog. “Those foreclosures that have been...
Published on Tuesday 7th of February 2012 08:39:13 AM
U.S. New Home Sales Show Unexpected Drop In June
Posted by admin / Under Estate Tax In The United States
Sales of new homes in the U.S. saw a modest decrease in the month of June, according to figures released Tuesday by the Commerce Department, with the drop in sales coming as a surprise to economists. New single-family home sales came in at a seasonally adjusted annual rate of 312,000 in June, a 1 percent drop from revised figures that showed the May rate at 315,000. Most economists had predicted a slight rebound to an annual rate of 321,000 new home sales. Additionally, the May figures were revised downward from initial reports that showed an annual rate of 319,000.
Published on Tuesday 7th of February 2012 08:39:13 AM
New single-family home sales fall 1% in June
Posted by admin / Under Estate Tax In The United States
WASHINGTON (MarketWatch) — Sales of new single-family homes fell 1.0% in June as purchases in the Northeast dropped to the lowest level since the government began tracking the data in 1973. Single-family sales fell last month to an annual rate of 312,000, the Commerce Department said Tuesday. Economists surveyed by MarketWatch had expected sales to climb to an annual rate of 325,000 on a seasonally adjusted basis. Sales for May were revised slightly lower to an annual rate of 315,000. Sales of single-family homes sank 15.8% in the Northeast and 12.7% in the West. The Midwest saw sales climb 9.5%...
Published on Tuesday 7th of February 2012 08:39:13 AM
Capital Gains Rate Could Jump 119% Under Gang Of Six
Posted by admin / Under Estate Tax In The United States
The key to the Senate Gang of Six deficit-cutting grand bargain is the combination of higher tax revenue with lower tax rates. The former makes Democrats swoon and Republicans are sweet on the latter. The first date was a hit, with a surprising number of senators declaring their everlasting love and President Obama giving it his blessing on Tuesday. But just how much do the two sides know about their partner?
Published on Tuesday 7th of February 2012 08:39:13 AM
Foreclosures might swamp Hawaii courts
Posted by admin / Under Estate Tax In The United States
One of the nation's biggest owners of home mortgages has made a move that could add to an already overburdened Hawaii court system's caseload. Fannie Mae, a publicly owned company created and overseen by the federal government, recently instructed companies that handle foreclosures for its loans to file all new Hawaii foreclosures in court. Fannie Mae also told the firms known as loan servicers to cancel any pending nonjudicial Hawaii foreclosures and restart them in court.Fannie Mae took the steps in response to Hawaii's new foreclosure law enacted last month. Critics are concerned Fannie Mae might be attempting to sidestep...
Published on Tuesday 7th of February 2012 08:39:13 AM
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