The 2007-2009 financial crisis began years earlier with cheap credit and lax lending standards that fueled a housing bubble. When the bubble burst, financial institutions were left holding trillions of dollars worth of near-worthless investments in subprime mortgages.
How much did real estate prices drop in 2009?
That was the most precipitous plunge for any metro area. In Saginaw, Mich., prices fell 41.4%. In Riverside-San Bernardino, Calif., prices dropped 40.8% and in San Jose, Calif., prices declined 37.7%….
| Metro Area | Bloomington-Normal |
|---|---|
| State | IL |
| Median home price 4th Quarter | $159,300 |
| Percent change from 4th Quarter 2007 | 9.6% |
How long do you have to live in a house you bought in 2008?
If you purchased the home in 2008, you must live in the home for a year after the day you receive the title. If you built the home, your residency requirement would last for a year after the actual day you moved into the home.
When did seller not disclose water damage in basement?
On the seller disclosure statement that was provided to us about a month before our closing, the seller checked “No” when referring to any leaks, flooding or clogged drains in the basement. What do we do now?
What was the tax credit for buying a home in 2008?
If you received the $7,500 tax credit for purchasing a home in 2008, you will repay some or all of the credit. The 2008 tax credit was essentially an interest-free loan from the government which is repaid $500 per year over the next 15 years.
Is there an exception to the sale of a primary residence?
Now, there is an exception to the general rule of paying tax on your gain when it comes to your primary residence. This exception is known as the Home Sale Gain Exclusion, and it’s found in Section 121 of the Internal Revenue Code.
