Not much news on Friday – however, interest rate on mortgages have fallen and there is some legislation for income tax relief for people that have been or are facing foreclosure.
TAX RELIEF – A bill to help troubled homeowners save on taxes if their home was foreclosed passed the U.S. House yesterday. But to help offset the $650 million in lost tax revenue, the legislation tightens rules for capital gains taxes on the sale of second homes.
MORTGAGE RATES – Rates on 30-year mortgages fell this week to 6.37 percent after two consecutive increases, providing a break for potential homebuyers and the housing industry.