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Back Bay Funding
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July 2007
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Financial solutions that are the right fit.
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Many Consumers Ignore Energy Tax Credits
Climate change, turmoil in the world's oil regions and consumers' apparent refusal to drive less, conserve energy and reduce demand means rising energy costs are here to stay. Yet few consumers take advantage of federal tax credits and related home improvements that could lower energy bills.
Most homeowners (74 percent) are aware of federal tax credits for certain energy-saving home improvements, but only 23 percent took advantage of it on their 2006 tax returns. That's despite the fact that 78 percent of homeowners reported that their 2006 heating/cooling costs increased 5 percent or more than their 2005 costs, and only 32 percent believe that their home is already energy efficient.
"The 2006 Energy Efficiency Tax Credit Survey" of 1,040 American adults conducted by Opinion Research Corp. for building products manufacturer Johns Manville may sound a bit self-serving, but it is also an eye-opener in energy efficiency -- or the lack of it.
The Bureau of Labor Statistics' April Consumer Price Index reveals all energy
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Shared Appreciation in a New Light
Shared appreciation mortgages, a loan product that gained some popularity three decades ago before fading away, could be making a comeback of sorts as a tool that will allow local communities to provide affordable housing that will remain affordable over time.
Shared appreciation mortgages, or SAMs as they became known, are loans in which someone puts up all or some of the cash for a home buyer's downpayment in return for a portion of whatever amount of appreciation takes place in the value of the property between the day it is purchased and the day it is sold.
In the 1970s and '80s, SAMs were used as a way to make housing more affordable. But in those days, it was often a friend or family member who put up the cash.
Now, the idea has resurfaced in a somewhat different form. Now, a local housing authority or another city agency, or perhaps even a nonprofit, puts up the dough and shares in the profits when the house is sold. But instead of pocketing the gain, so to speak, it uses the profits to help
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Vacation Property Sales Increase
According to the National Association of Realtors, more than one million people bought vacation homes in 2006. Industry experts say the NAR data is good news for those considering purchasing a vacation home.
"Their data basically reported that vacation-home sales rose in 2006 based on a 4.7 percent increase over the previous year," says Christine Karpinski, author of, How to Rent Vacation Properties by Owner, 2nd Edition: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment (Kinney Pollack Press, 2007).
Despite those results, is now really a good time to buy a vacation
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More Articles
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Back Bay Funding
800-650-3565
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Back Bay Funding
881 Dover Dr. Suite 320
Newport Beach, CA 92663
phone: 800-650-3565
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