Another Hiccup In The Housing Market?
Just when things were hopefully starting to try and go in the right direction, it seems that there might be a change in that “positive” direction with our housing market. Reuters is reporting that 49 states in our nation have their attorney generals investigating allegations that there were banks not following the proper foreclosure procedures. Alabama was the only state in our nation to not pursue investigations into the lenders practices. No one is sure why that is at this time.
Some banks are not admitting to doing anything wrong, however Bank of America has currently halted any evictions for the time being. Other banks are not admitting any wrong but they are saying they followed the correct protocol in order to foreclosure on homes. What affect is this sort of controversy having on our economy? Of course when things are going right, or there is an election coming up, there are going to be people pointing fingers at each other. However, the question really is, did our nations mortgage lenders try to cut corners on processing foreclosures? If so, why?


If you are currently renting, you may occasionally question if you are able to buy something for similar cost – and right now, this might be possible. According to the associated press, the gap between monthly rent cost and mortgage payments is at its lowest level in almost 20 years!! If you are able to purchase by April 30th, you may also qualify for the tax incentives. Incentives for buying a home include capital gains deductions for property taxes and loan interest as well as diversifying your assets, builds equity and provides a means of forced savings as you slowly pay down the principal.