Mortgage rates at record low again

Freddie Mac's weekly survey of mortgage rates showed the average 30-year fixed-rate mortgage fell to 3.49 percent from 3.55 percent the previous week. That matched the previous record low set in July. The fixed-rate 15-year mortgage reached a new record low of 2.77 percent, down from 2.85 percent a week earlier.

Full Story:  http://money.cnn.com/2012/09/20/real_estate/mortgage-rates/index.html?source=cnn_bin

Tax relief on forgiven debt set to expire Dec. 31, 2012

Unless Congress and the California State legislature take action, a break for mortgage principal forgiven in loan modifications or short sales will expire at year’s end.

The mortgage debt forgiveness issue is only one of approximately 60 expiring tax provisions that Congress appears unable to extend prior to its recess for the November elections.  Congress is pushing the extension of any expiring tax provision to the lame duck session, along with any increase in the debt ceiling, and any serious attempts to prevent the mandatory budget cuts agreed to during last year’s debt ceiling deal.

Full Story: https://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml

U.S. home prices make biggest jump in six years

Nationwide home prices shot up 3.8 percent in July, making their largest year-over-year leap since 2006, according to real estate data provider CoreLogic.

Read Full Story:  http://www.latimes.com/business/money/la-fi-mo-home-prices-20120904,0,1983417.story