First Housing Price Increase in 3 Years!

Nationally, home prices increased in February 2010 for the first time since 2006. Part of the increase can be attributed to the tax credits to homebuyers and pent up demand.

The Case-Shiller home price index, released on Tuesday, revealed a tight 0.6 percent gain.  Of the 20 cities tracked by the index, 11 showed continued declines.  The South Florida Metropolitan Area (Miami-Fort Lauderdale) saw a decline of a bit less than 0.4 percent.  This indicates that there are still bargain properties available.  There is a light at the end of the tunnel.  The South Florida market typically trails the California markets by about a year.  The three California markets

What to Do If a Contractor Puts a Lien on Your House

Here’s a scary thought: Imagine you’ve just completed a home improvement project and paid the contractor in full for the work. Next thing you know, one of his subcontractors puts a lien on your house—a legal claim against your property that could force your house into foreclosure within a year to pay the debt if you don’t write a check yourself. Turns out the general contractor skipped out without paying the subcontractor, who’s now trying to collect his bill from you. The general contractor can also file a so-called “mechanic’s lien” if you haven’t paid him, even if you’re unhappy with his work.

 

What to do if this happens to you

 

A contractor will usually warn you before he files the lien and it’s worthwhile to either pay the bill (if he’s right that you owe it), negotiate a settlement (if there’s truth in both sides’ claims), or try to work it out somehow before he files the lien. If you can’t, and he drops a mechanic’s lien on you, here’s how to respond—and how to protect yourself from ever receiving one to begin with:

Going Green & Saving Money: Energy Efficient Window Coverings

Many of today’s window coverings are more than pretty—the shades, shutters, blinds, and films currently on the market offer homeowners a variety of sunning and shading options that make a room look nice while giving your heating and cooling bills an extremely green makeover.

Fed to end MBS purchases - Expect mortgage rates to increase

Mortgage rates are expected to rise gradually as the Federal Reserve left a key short-term interest rate untouched Tuesday, but said it would wrap up $1.25 trillion in purchases of mortgage-backed securities this month.
In a statement, the Federal Open Market Committee said its target for the federal funds overnight rate will remain in the range of zero to 0.25 percent, as inflation is likely to remain "subdued for some time."
Although household spending is expanding at a moderate rate, the committee said it remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.

Detect Termites and Other Wood-Destroying Insects

One of the biggest threats to your house comes in the form of tiny pests that silently and invisibly consume or live in wood—from the sills of your foundation to the rafters of your roof. Known by exterminators as WDIs, wood-destroying insects cause more than $1 billion a year in property damage in the United States, according to Orkin, a nationwide pest-control company.
“It’s not unheard of to see a home with termite damage in the tens of thousands of dollars,” says Greg Bauman, senior scientist with the National Pest Management Association. “I’ve personally seen a home with $1 million in repair costs. It probably would have been better to bulldoze the house.”

Tax Tips for Homeowners Preparing 2009 Returns

You’ve heard it before: Your home is probably the biggest investment you’ll ever make. It’s also probably the biggest tax write-off you’ll ever have. Follow these tax tips for homeowners to ensure that you receive all of the tax deductions and tax credits to which you’re entitled for the 2009 tax year.

Home-related tax deductions, from mortgage interest to real estate taxes, can add up. If you’re married filing jointly with taxable income of $100,000, an extra $5,000 in deductions would lower your tax bill by $1,250. Tax credits, for such things as energy efficiency and homebuying, are even more valuable because they increase your refund (or decrease what you owe) dollar for dollar.
Give yourself a day to organize paperwork and fill out tax forms. Need help? IRS Publication 17, “Your Federal Income Tax,” has the answer to just about any question you can think of, and it’s free. Basic tax software starts at $29.95, and H&R Block charges $187, on average, to prepare a tax return. Full-service accountants charge more, depending on the complexity of a return.

Tax deductions for non-itemizing homeowners

The last thing taxpayers want to hear is that the IRS has come out with yet another form. But

Great video example of why Ft. Lauderdale is the "Venice of America".