By R.A. Schuetz Published 4:44 pm CDT, Wednesday, June 19, 2019 Spencer Smith, 17, and Andrew Kovach, 17, juniors at Houston Christian High School, along with 150 other students, spend their day of service painting a home in the Independence Heights neighborhood, part of a program hosted by Rebuilding Together Houston Wednesday, March 2, 2016, in Houston, Texas. The students painted five houses along the 200 block of E. 31 1/2 St. Rebuilding Together Houston provides free repair and renovation for elderly low-income, disabled and service-veteran homeowners in need. ( Gary Coronado / Houston Chronicle ) less Spencer Smith, 17, and Andrew Kovach, 17, juniors at Houston Christian High School, along with 150 other students, spend their day of service painting a home in the Independence Heights neighborhood, part of a ... more Photo: Gary Coronado, Staff / Houston Chronicle … [Read more...] about Freddie Mac announces loan program to fund home renovations
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page Robert Weisman Globe Staff March 02, 2019 MEDFORD — The trouble began after Joe Lentino took a reverse mortgage in 2007 to get out from under his debt. Then he lost some gigs playing in jazz bands. And he started missing tax payments on the modest white house where he’s lived for about 70 years.Now, the 80-year-old trombonist is embroiled in a legal nightmare, scrambling to get into senior housing before a Texas firm can foreclose on his mortgage.“I want time to sell the house and be able to move,” said Lentino, sitting stoically in his living room amid stacks of papers and documents. “And it’s not that much time.” Advertisement While his story is unique, it illustrates the struggles older residents of limited means face in Greater Boston, where local property taxes have escalated steadily in many communities. Seniors … [Read more...] about Medford musician fights financial firm for the right to sell his lifelong home
By Louis Hansen | [email protected] | Bay Area News Group PUBLISHED: January 2, 2019 at 6:30 am | UPDATED: January 2, 2019 at 1:51 pm The old real estate adage “location, location, location” could be replaced in California by “compromise, compromise, compromise.” Bay Area home buyers are saving longer, paying more, getting less and commuting farther than they wanted because of the region’s crippling housing shortage, according to a new survey by the California Association of Realtors. The survey highlights the extreme efforts Bay Area residents make to buy into a market where the median home sells for four times the national average. The typical Bay Area buyer spends 10 weeks searching for a home, about 25 percent longer than home buyers in other parts of the state. A home buyer trying to afford a 20 percent down payment on a $1 million property — just under the median price for a home in Santa Clara, San Mateo and … [Read more...] about Just how long does it take to buy a home in the Bay Area?
By East Bay Times editorial | PUBLISHED: September 18, 2018 at 5:00 am | UPDATED: September 18, 2018 at 5:01 am In a move that would make housing in the region even less affordable, officials in six East Bay cities are trying to siphon off tens of millions of dollars of property owners’ equity to balance their budgets. Voters should reject measures on the Nov. 6 ballot in Oakland, Berkeley, Richmond, Hayward, Union City and El Cerrito that would raise property transfer taxes to rates that would dwarf almost all other cities in the state. The taxes are typically split between buyers and sellers. In most cases, the changes would cost homeowners thousands — often tens of thousands — of extra dollars when they buy or sell their homes. For property buyers, that means more money that they must borrow to finance their homes. For sellers, the transfer taxes are subtracted from the hard-earned equity left after their mortgages are paid off. That’s less money for the … [Read more...] about Editorial: Don’t let these six Bay Area cities take your home equity
By Michelle Conlin and Robin Respaut EAST STROUDSBURG, Pa., 2018 (Reuters) - School bus driver Michael Payne was renting an apartment on the 30th floor of a New York City high-rise, where the landlord's idea of fixing broken windows was to cover them with boards. So when Payne and his wife Gail saw ads in the tabloids for brand-new houses in the Pennsylvania mountains for under $200,000 (152,580 pounds), they saw an escape. The middle-aged couple took out a mortgage on a $168,000, four-bedroom home in a gated community with swimming pools, tennis courts and a clubhouse. “It was going for the American Dream,” Payne, now 61, said recently as he sat in his living room. “We felt rich.” Today the powder-blue split-level is worth less than half of what they paid for it 12 years ago at the peak of the nation’s housing bubble. Located about 80 miles northwest of New York City in Monroe County, Pennsylvania, their home resides in one of the sickest real … [Read more...] about Millions of Americans still trapped in debt-logged homes ten years after crisis