Headlines in Real Estate for week ending December 21st 2012

Millennials still view homeowneship attractive, Fiscal Cliff talks put the MID at risk, CA home prices soar and much more on this week’s real estate headlines you may have missed.

California home prices rise 25 percent
(via San Francisco Chronicle)
California’s median price continued to register double-digit gains from year-ago levels and strong sales of higher-priced homes led to a year-over-year increase in sales in California during November, the CALIFORNIA ASSOCIATION OF REALTORS® reported this week. Read Full Story

Mortgage interest deduction in jeopardy?
(via San Francisco Chronicle)
As the “fiscal cliff” looms, the mortgage interest tax deduction is in the spotlight as Congress and the Obama administration consider ways to reduce spending and raise revenue. Read Full Story

Young adults still have their sights set on American dream
(via Los Angeles Times)
A new survey disproves the notion that “echo boomers” – a combination of Generations X and Y – intend to remain renters and are clueless about homeownership. Read Full Story

As mortgage rates keep falling, more are scratching 15-year itch
(via Wall Street Journal)
Thanks to low interest rates, many borrowers are opting for 15-year mortgages that allow them to pay off their mortgages in half as much time as the traditional 30-year mortgage. Read Full Story

FHA to extend rule permitting loans on “flips” of fixed-up homes
(via Los Angeles Times)
The Federal Housing Administration has decided to extend its rule permitting loans on quick “flips” of renovated houses beyond the scheduled Dec. 31 expiration deadline.  The policy is widely considered one of the key federal government moves that has encouraged private investors in large numbers to buy foreclosed and deteriorating houses from lenders, then repair them and resell within short periods of time. Read Full Story

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