Bryan Vogt's Metro East Illinois Real Estate Blog: March 2013

HouseLogic’s “Homeowner’s Guide to Taxes” can help filers take advantage of the tax benefits that come with homeownership while avoiding common home-related tax mistakes.

“From the mortgage interest deduction to energy tax credits, many homeowners can take advantage of a variety of tax strategies that can lower their tax bill,” said Pamela Kabati, NAR senior vice president of communications and HouseLogic spokesperson. “For example, a family who bought a home last year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.”

HouseLogic also offers tips to keep homeowners from making unnecessary mistakes on their taxes. “9 Easy Mistakes Home Owners Make on Their Taxes” identifies common errors like deducting the wrong year for property taxes, confusing the escrow amount for actual property taxes paid, and neglecting to take the private mortgage insurance deduction.

Homeowners who make certain energy-efficient home improvements may be eligible for certain tax credits, and owners who had a portion of their mortgage forgiven as part of a workout plan, short sale, or foreclosure don’t have to pay income tax on the forgiven debt, provided the mortgage was secured by a principal residence and the total amount of the outstanding debt is not more than the original purchase price plus improvements.


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More people than ever are using the Internet to search for their next home. A joint study from NAR and Google revealed that real estate-related Google searches grew 253 percent over the past four years. The study, The Digital House Hunt: Consumer and Market Trends in Real Estate, focuses on the connection between consumer Internet use and online home searches and shopping patterns.


The analysis shows buyers tend to rely on search engines and general websites in the beginning of the process, use maps in the middle, and mobile applications toward the end of their search. First-time buyers typically searched terms like “FHA loan,” “FHA,” “home grants,” “home loan,” and “home buyer assistance.”

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By AP / Christopher S. RugaberMarch 05, 20130

WASHINGTON — U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season.
   Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That’s up from an 8.3 percent increase in December and the biggest annual gain since April 2006.
   Prices rose in all states except Delaware and Illinois. And prices increased in 92 of the 100 largest metro areas, up from 87 in December.
   Home prices also rose 0.7 percent in January from December. That’s a solid increase given that sales usually slow over the winter months.
   Rising demand combined with fewer available homes is pushing up prices. Sales of previously owned homes ticked up in January after rising to their highest level in five years in 2012, according to the National Association of Realtors. At the same time, inventories of homes for sale fell to a 13-year low.
   The states with the biggest price gains were Arizona, where prices rose 20.1 percent, followed by Nevada, with 17.4 percent, and Idaho, with 14.9 percent. California and Hawaii rose 14.1 percent and 14 percent, respectively.
   The cities with the biggest gains were Phoenix, Los Angeles, Riverside, Calif., New York, and Atlanta.
   Nationwide, home values were still down more than 26 percent from their peak in April 2006 through January, CoreLogic said. But in some states prices have recovered a lot of lost ground. In 15 states, home prices are within 10 percent of their peak values, CoreLogic said.
   There have been other recent signs that the housing market is going strong. A measure of the number of Americans who signed contracts to buy homes rose in January from December to the highest level in more than 2 ½ years. That suggests sales of previously occupied homes will keep rising in the coming months.
   Steady increases in prices help fuel the housing recovery. They encourage some homeowners to sell homes and entice some would-be buyers to purchase homes before prices rise further.
   Higher prices can also make homeowners feel wealthier. That can encourage more consumer spending, which drives 70 percent of the U.S. economy.
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