Tammie VanDeusen

  Homebuilders Still Optimistic About Housing Despite Record High Lumber Prices All indications  so far  are that this year is going to be very productive one for the homebuilding industry. In fact, the National Association of Home Builders  believes  that single-family housing construction will reach a 13-year high in 2021. Therefore, it’s probably not a surprise that homebuilders are still feeling bullish about their prospects this year. A new report from the NAHB shows that builder confidence, a measure of how homebuilders feel about the market, is currently just below its  recent record high . According to the report, builder confidence rose slightly in February, although not quite to the all-time high hit in November. The increase came in spite of the fact that lumber prices hit a record high this month, which could significantly impact a housing market that’s  desperately  in need of more homes to sell. “Lumber prices have been steadily risi...

  How to Use Form 1098 to Claim Tax Deductions on Your Mortgage Refinance Believe it or not, tax season is already here. And if you are looking for possible deductions on your federal income taxes, there are plenty of reasons to read on. If you completed a  mortgage refinance  in 2020, you may be realizing the benefits of lower payments and possibly a lower rate. But if you’ve recently bought your first home, did you know that you may be able to claim tax deductions because of the mortgage itself? That’s because in many cases, the interest you pay on your mortgage is tax deductible. But that  might not  be the only way you can save on your taxes if you own your home. There are several deductions you can claim on your tax return based on your mortgage. But where do you find the information you’ll need to claim those deductions? Read on. Can mortgage payments be tax deductible? The short answer is yes and no. If you have a mortgage, then you’re likely paying some ...

  Number of Homes on Market Drops Again to Another New Low Back in December, the number of homes on the market  fell  to a new low. Unfortunately, things only got worse in January. According to a new report from realtor.com, the number of homes for sale in January fell to below 600,000 for the first time since the real estate website began tracking the data in 2012. The report showed that the number of active listings in January was down 42.6% from last year, meaning there were more than 440,000 additional homes on the market in January 2020. As realtor.com notes, the decline is the result of fewer homeowners listing their homes for sale and the available inventory selling fast. According to the report, there were 23.2% fewer homes listed for sale in January 2021 than they were in the same month in 2020. Overall housing inventory in the nation’s 50 largest metro areas was down 41.8% in January compared to the previous year. Combine that with the fact that the typical home...

  New Home Construction Picking Up at Just the Right Time Considering that the number of homes on the market hit an  all-time low  in December, an influx of homes for sale is sorely needed. Luckily, it appears that help is on the way. According to new data from the Census Bureau and Department of Housing and Urban Development, new home construction increased in December, hitting a pace not seen since late 2006. Per the government data, housing starts (defined as construction beginning on a new home) increased 5.8% in December over November’s total. But a closer look at the data shows that housing starts at December hit the highest point in 14 years. According to National Association of Home Builders Chief Economist Robert Dietz, the pace of single-family homes being built in December was the highest since September 2006. Housing starts are measured on an annual rate. The December reading of 1.34 million single-family housing starts is the number of houses that would be bu...

  Home Prices Continue Record-Breaking Rise Much to the delight of homeowners and chagrin of homebuyers, home prices just kept rising in November at a record-breaking pace. According to a new report from the Federal Housing Finance Agency, home prices in November 2020 were 11% higher than they were in November 2019. The increase comes on the heels of October’s price increase of 10.2% over the previous year, which was the  largest yearly increase  in any month since 2005. That record stood for one whole month, as November’s price increase of 11% is now the highest yearly increase in any month since 2005. According to the FHFA, home prices rose by 1% in November over October, marking the sixth straight month of at least a 1% increase in home prices. The FHFA report showed that home prices are continuing to rise across the nation, with price increases being reported in each of the nine Census divisions. “House prices have risen by at least 1% for six consecutive months," sai...