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-- Deep in the nearly 700 pages of the new housing bill just signed into law is a complicated tax code change that could affect substantial numbers of people who purchase second homes or rental investment real estate in the coming decade with an eye to occupying them as their main residence later.
The Housing and Economic Recovery Act doesn't only stave off foreclosures and help troubled lenders. First-time buyers, older homeowners and others also benefit.
Tax breaks for owning real estate are undergoing another shift, thanks to the Housing and Economic Recovery Act recently signed into law by President Bush.
For sale: A brand-new, three-bedroom contemporary Mediterranean in the north-of-Sunset area of 90210. The private hillside manor has a pool, views and 3,600 square feet. Price: 2,486,398 euros. That's right, euros.
As would-be sellers become first-time landlords, experts warn of pitfalls and stress the need for preparation.
For the last five years, real estate agent Paul Sessum said his sellers' first two questions were usually: What's my home worth, and how long will it take to sell?
But with few projects on the horizon, good deals that are available now may not last.
Saving up for a brand-new condo that's move-in ready? Just want to turn the key and unpack your boxes? Condominiums are a popular alternative to single-family homes because of their relative affordability and low upkeep. But with little construction on the horizon, there will be fewer newly built units to pick from down the road.
Dear Liz: I have read in your columns and elsewhere that people shouldn't spend more than 30% of their gross incomes on housing.
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