10 Best Places to Buy Foreclosure

RealtyTrac's 10 Best Places to Buy Foreclosures

Metro Area	Avg. Savings  on Foreclosure Purchase	1-Yr  Price Apprecia- tion	5-Yr  Price  Apprecia- tion	Yr/Yr  Employ- ment  Growth
Binghamton, NY	50.59%	7.79%	43.64%	0.06%
Augusta/ Richmond, VA	67.62%	5.85%	40.35%	0.60%
Syracuse, NY	68.91%	5.45%	34.69%	0.20%
Yakima, WA	71.37%	5.42%	34.51%	1.10%
Hickory/Lenoir/ Morgantown, NC	71.42%	5.42%	23.79%	0.10%
Kingsport/ Bristol, TN-VA	71.84%	5.11%	33.41%	0.40%
Columbia, SC	72.70%	5.43%	30.08%	0.10%
Charlotte/ Gastonia, NC	74.69%	6.58%	31.03%	2.10%
Provo/Orem, UT	77.78%	6.34%	51.14%	-0.60%
Beaumont/ Port Arthur, TX	78.42%	5.90%	31.46%	0.10%

Eligibility For Mortgage Help

The following articles summarizes how to determine eligibility for the US government's new mortgage assistance programs:

http://www.bankrate.com/brm/news/mortgages/20090310_housing_plan_questions_a1.asp

http://www.bankrate.com/finance/mortgages/check-your-mortgage-help-eligibility.aspx

http://makinghomeaffordable.gov/refinance_eligibility.html

http://makinghomeaffordable.gov/contact_servicer.html

New Tax Breaks For *First Time* Home Buyers

The US federal law makers have recently enacted a couple of tax legialations (tax breaks in the he form of loan/credit) that they hope would stimulate the economy:

http://www.bankrate.com/brm/itax/tips/20090305-first-home-buyer-credit-a1.asp?caret=4k

http://www.bankrate.com/finance/real-estate/great-time-for-first-time-homebuyers-1.aspx

Inheritance Better Than Gift

According to this article, it is better to inherit a house as opposed to received it as a gift (for tax reasons):

http://www.bankrate.com/brm/news/realestateadviser/20090111-inherit-home-versus-gift-a1.asp

The reasons being the benefit of "step-up" for the basis of the house upon the death of the original owner.

New FHA Conforming Jumbo Loan Limits

The new conforming loan limits have been set:

http://www.bankrate.com/brm/news/mtg/20090101_FHA_new_loan_limits_map_a1.asp

Here are the new limits for some counties in California (CA):

Alameda	$ 625,000	Orange	$ 625,500
Alpine	$ 463,450	Placer	$ 474,950
Amador	$ 417,000	Plumas	$ 417,000
Butte	$ 417,000	Riverside	$ 417,000
Calaveras	$ 417,000	Sacramento	$ 474,950
Colusa	$ 417,000	San Benito	$ 625,500
Contra Costa	$ 625,000	San Bernardino	$ 417,000
Del Norte	$ 417,000	San Diego	$ 546,250
El Dorado	$ 474,950	San Francisco	$ 625,500
Fresno	$ 417,000	San Joaquin	$ 417,000
Glenn	$ 417,000	San Luis Obispo	$ 561,200
Humboldt	$ 417,000	San Mateo	$ 625,500
Imperial	$ 417,000	Santa Barbara	$ 603,750
Inyo	$ 417,000	Santa Clara	$ 625,500
Kern	$ 417,000	Santa Cruz	$ 625,500
Kings	$ 417,000	Shasta	$ 417,000
Lake	$ 417,000	Sierra	$ 417,000
Lassen	$ 417,000	Siskiyou	$ 417,000
Los Angeles	$ 625,500	Solano	$ 417,000
Madera	$ 417,000	Sonoma	$ 520,950
Marin	$ 625,500	Stanislaus	$ 417,000
Mariposa	$ 417,000	Sutter	$ 417,000
Mendocino	$ 417,000	Tehama	$ 417,000
Merced	$ 417,000	Trinity	$ 417,000
Modoc	$ 417,000	Tulare	$ 417,000
Mono	$ 529,000	Tuolumne	$ 417,000
Monterey	$ 483,000	Ventura	$ 598,000
Napa	$ 592,250	Yolo	$ 474,950
Nevada	$ 477,250	Yuba	$ 417,000

New 2nd Home Owner Tax Rules

There are some noteworthy new tax rules for 2nd home owners:

http://www.bankrate.com/brm/news/tax/20080903-second-home-tax-a1.asp

According to the new rules, even if 2nd home owners convert their second piece of real estate to their primary home, they will owe tax on part of the sale money based on how long the house was used as a second, rather than their main residence.

Alternatives to Paying Your Mortgage If Your House Is "Underwater"

According to experts, it might be better to consider some of the new alternatives recently enacted by the federal government if your house is "underwater" (i.e., you owe more than the value of your house). Some of the new programs (including FHA Secure and Help for Homeowners as well as Streamlined Modification) can modify your loan to a lower amount and/or lower monthly payments. Find out if you qualify:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/16/BUQR1442LQ.DTL
http://biz.yahoo.com/ap/081001/mortgage_aid.html