Often called the cornerstone of the American Dream, home ownership has always been an important milestone of adulthood. The recession of 2008 resulted in a record number of foreclosures. Three million Americans foreclosed upon their home in 2008, an 81 percent increase from the previous year and a 225 percent increase from 2006. The post-recession economic climate (among other factors) has contributed to the delay of younger Americans becoming first-time homeowners. Despite the delay, Millenials still view owning as a superior option to renting. According to a TD Bank survey of 18-34-year-olds, 84 percent of those surveyed cited a desire to become a homeowner. Half ...

In this article: You Can Do Anything You Want With the Property Appreciation Benefits, Including Leverage of Cash Invested Tax Benefits Mortgage Costs Stay the Same as Rents Rise Forced Savings   For many people, owning a home makes more sense financially and from a lifestyle perspective than renting a home. Below are the top reasons people buy instead of rent. You Can Do Anything You Want With the Property Owning your home means you can paint your kid’s room any ...

Mortgage rates are on the rise again. A week after falling 16 basis points, the benchmark 30-year fixed-rate mortgage rose this week to 4.70 percent from 4.64 percent, according to Bankrate’s survey of large lenders. The 15-year fixed-rate mortgage also rose, climbing 9 basis points to 4.16 percent. Applications rise as inventory remains tight Meanwhile, mortgage applications increased 4.1 percent last week compared with the week before, according the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. “Purchase applications increased over the week and were 9 percent higher than the same week a year ago, a sign that despite tight housing inventory, purchase activity ...

Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed. Why is now a great time to buy? Here are 10 reasons: 1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income. ...

  By: G. M. Filisko When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.  You can claim some tax deductions if you work from home, but be sure you're entitled to them before taking them.  Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.  Here are seven tax benefits for homeowners. 1. Homebuyer tax credits If you purchase your first home before April 30, 2010, you’re entitled to a tax credit ...