Do you have people – as in, more than one – working for you? If so, you’re probably knee deep in preparing Forms W-2 for your employees before the January 31st deadline. Well, what if I told you that when you send in those forms, unless you’re aware of an under-publicized change to the insurance and tax laws that took place on January 1, 2014, you might be exposing yourself to tens or even hundreds of thousands of dollars in penalties? And what if I told you that even if reading this column makes you aware of the required change, there might not be anything you can do at this point to avoid these huge penalties, other than to hope for IRS leniency? Piqued your interest, didn’t I. Well, read on . . .
David Goode, 27, poor and living with AIDS, thought he had found the answer to his homelessness when he saw an Internet listing in February for an apartment in New York for around $1,100 per month.
But when he told the landlord that his rent would be covered by a subsidy from a city program for residents with H.I.V. or AIDS, he said an agent for the company repeatedly told him that it did not accept the subsidy. So on Tuesday, Mr. Goode filed a lawsuit in the State Supreme Court in Brooklyn against the landlord, Goldfarb Properties, accusing it of violating a city law barring discrimination based on the source of a tenant’s income. Read More
More than 1.5 million "boomerang buyers" – those negatively affected by the housing crisis – could re-enter the housing market at some point in the next three years, according to a study released by TransUnion on Wednesday.
Boomerang buyers include those who are 60 or more days delinquent on a mortgage loan, have had a mortgage loan modified, or have lost a home through foreclosure, short sale, or deed-in-lieu of foreclosure. TransUnion estimates that about 700,000 boomerang buyers could re-enter the mortgage market in 2015, and another 2.2 million could re-enter the market over the next five years. Read Source
U.S. Senator Bob Menendez (D-New Jersey) has proposed legislation that will help underwater homeowners avoid foreclosure and remain in their homes, according to an announcement on Menendez's website.
The Preserving American Homeownership Act is intended to help the estimated 5.1 million Americans who are underwater, or owe more on their mortgage than their home is worth. That number accounts for about 10 percent of homes with a mortgage in the United States, according to data recently released by CoreLogic. About 40 percent of those 5.1 million underwater borrowers (approximately two million) owe at least 25 percent more than their home is worth. Read Source
The national composite default index reported a historic low for the second month in a row in May, one of four out of five national indices to report historic lows for the month, according to S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for May 2015 released Tuesday.
The composite index declined by nine basis points from April to May, down to 0.88 percent, a historic low for the second consecutive month. The first mortgage default rate also posted a decline of nine basis points from April to May down to 0.74 percent, also a historic low. The second mortgage default rate fell by one basis point for the same period, down to a historic low of 0.42 percent. Read Source
In its first-ever analysis of the U.S. housing market released Thursday, Nationwide Economics indicated that the national market was at its healthiest level in 14 years.
Nationwide's Health of Housing Markets (HoHM) Report – Q1 2015 is the first report in a planned quarterly series of reports. Using a metric known as the Leading Index of Healthy Housing Markets (LIHHM), Nationwide said the health of the overall housing market in the United States suggest there is little reason to believe that another downturn will occur in housing during the coming year. Read More