With the number of short sales, foreclosures, and bank owned properties, one would believe the housing industry has come to a complete halt within the community of Eastvale. However, the streets of Eastvale tell a different story. Yes, short sales, foreclosure and bank owned real estate signs align the many streets within the community but that has not yet stopped buyers from looking for that one great deal. With the housing prices at a ultimate low and interest rates continuing to drop, many home buyers are turning to Eastvale, to cash in on its future and current growth. As shops, restaurants and businesses continue to pop up around town, Eastvale shows much promise.
The 109th Congress has passed a new tax law which will aid hundreds of thousands of homeowners to save an estimated total of $91 million dollars when they file their tax returns in 2008. Private mortgage insurance (PMI) is a policy that helps protect the lender if a borrower stops paying the monthly payment. Most lenders require a borrower to put down 20 percent of the sale price in order to avoid paying PMI.
The new tax law allows taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance. The new insurance premiums deduction will only apply to mortgage insurance contracts issued in 2007 and is only available to taxpayers whose adjusted gross incomes do not exceed $110,000 ($55,000 for married taxpayers filing separately).
