Real Estate News

The State of the Market in Massachusetts in 2007!
Sales and home prices continue to decline, but the decline hit some counties worse than others. Bristol and Plymouth counties were hardest hit, but in Middlesex and Norfolk counties sales fell by less than 5 percent and prices were off by only 2 percent and 3 percent respectively. Prices went up in the luxury home market; homes listed at $1 million or more showed prices climbing 4.8 percent in 2007. Sales of homes priced at $600,00 to $1 million cropped by 4.4%.

Watch here for news on the changes in lending requirements for real estate purchases.

PMI Becomes Deductible in 2007!
A new tax change makes private mortgage insurance deductible in 2007. Borrowers closing loans for home purchases in 2007, who have annual household incomes of $100,000 or less, will be able to get a low down payment mortgage and deduct the full cost of their mortgage insurance premiums on their federal tax returns. The deduction is set to expire at the end of 2007, unless Congress opts to extend it.