Real Estate Blog LA

Question:Which U.S. city has been the worst affected by this year's housing slump???? Answer:Paramount, CA In Paramount, home sales dropped 78% in the third quarter from the third quarter in 2006, from 134 home sales to only 30 last quarter. Home prices in the city, located south of Los Angeles, rose last year to $500,000 for a "typical ...

Former Federal Reserve Chairman Alan Greenspan said that compelling lenders to alter mortgage contracts would be a damaging tax on the economy and it would be less harmful to simply give the homeowners money. Greenspan's concern is if lenders are compelled, either by law or by government arm-twisting, to change the terms of their mortgage ...

President Bush signed into law Thursday a bill creating a temporary tax break for homeowners who are able to persuade lenders to forgive part of their debt, and extends a tax deduction for some families with private mortgage insurance. For the next three years, the IRS won't count as income debt forgiven by lenders when troubled borrowers ...