Costs Still Stymie 1st-Time Home Buyers

Eighty percent of Americans believe it is difficult for most first-time buyers to afford a home, according to an AP-AOL Real Estate poll. Many people ­ 59 percent ­ believe the situation is worse now than five years ago.

Younger adults and minorities view affordability more of a problem now for first-time buyers compared with five years ago than do older people and whites, the poll found.

By region, 68 percent of those in the West and 63 percent of those in the Northeast say it is more difficult for first-time buyers to afford a home than it was five years ago. Fifty-four percent took this view in the South, and 51 percent felt this way in the Midwest.

Learn more about this recently released real estate poll… 

Dream House Of A Baby Boomer

Every eight seconds, another baby boomer turns 60. And as the trendsetters of the generation head for retirement, they're yearning for their dream homes.

But their idea of housing utopia doesn't necessarily hinge on spending quality time with the grandkids, according to a study commissioned by publisher Hanley Wood and released this week at the company's American Housing Conference in Chicago.

More than a third said their adult children and their own parents are not a consideration in creating their dream homes. Sixty-three percent said enjoying their home after age 60 is a priority above or equal to spending time with the grandchildren, and just 35% said they'd relocate to be closer to family and loved ones.

Read more about baby boomers' housing preferences…

Property Taxes After You Buy

The terms of your transaction and the resultant escrow instructions determine how the property taxes will be handled. If there is no mention of the proration of taxes, your escrow officer will not deal with any credits or charges for prorated taxes. However, if your escrow calls for a proration of taxes, there will be an item in your closing statement that will reflect either a credit or charge to your account. If the taxes are not paid (even though there has been a credit or charge against your account), the buyer is obligated to obtain a tax bill and pay the taxes. If the buyer does not have a tax bill with which to pay the taxes, you can request a bill from the Tax Collector; send a photocopy of the deed.

Supplemental Property Taxes is another concern of the buyer. Upon transfer of real property, a supplemental tax bill is generated. This is accomplished in cooperation with the County Assessor and the County Tax Collector.

Shortly after the close of an escrow involving the conveyance of real property, the County Assessor will request information about the property from the buyer. This information assists the Assessor in determining the value of the property for taxation purposes. The escrow holder may have previously supplied some of the information at the time of the closing of the escrow, via Preliminary Change of Ownership form that should accompany each deed when it is recorded.