BY THE ASSOCIATED PRESS | Posted: Thursday, November 25, 2010 8:33 pm
The Associated Press interviewed 10 gay and lesbian people from around the country, about their personal experiences being Gay in America. In the videos, each person responds to the following questions:
1. What do you think people have the hardest time understanding about your life as a gay person in America?
2. In light of your personal circumstances, how has being gay affected your life?
View these personal videos
Wednesday, December 1, 2010
Thursday, August 5, 2010
Prop 8 -
Visit msnbc.com for breaking news, world news, and news about the economy
Visit msnbc.com for breaking news, world news, and news about the economy
Monday, May 17, 2010
Housing market diagnosis: Bipolar
The article, Housing market diagnosis: Bipolar, from CNNMoney.com, reports that bipolar is what comes to mind when diagnosing the post-home buyer tax credit market. There are two separate forces pulling it in opposite directions, and experts aren't yet sure which path the market will take. On one hand, sales and prices are rising, indicating recovery. On the other hand, so are interest rates and repossessions, which most certainly do not. And then there are the millions of foreclosures that need to be sold but haven't yet been listed -- so-called shadow inventory -- that could derail a real recovery if they hit the market in floods.
The prognosis? Negative short term but turning positive by the end of 2010. One of market's biggest hurdles is getting beyond the lapse of the $8,000 home buyer tax credit. Thanks to the incentive, buyers scrambled to beat the April 30 deadline, pushing new home sales up nearly 30% in March. "In the months immediately following the expiration of the tax credit, we expect measurably lower sales," said Lawrence Yun, chief economist for the National Association of Realtors (NAR). But there is one factor that has experts really scared: homes that are ready to be sold but haven't been put on the market. Right now, there could be more than 4.5 million homes in "shadow inventory," according to a recent report by Barclays Capital. This so-called shadow inventory is a recent phenomenon. In the past, inventory was either tight or it wasn't. But now, with home prices so low and so many foreclosures on the market, both homeowners and banks have been waiting to put properties on the market. But as more sellers put their homes up for sale, supplies increase, which will depress prices again. Rinse and repeat ad infinitum.
Here is a link to the article
http://money.cnn.com/2010/05/17/real_estate/housing_market_direction/index.htm
Sunday, May 16, 2010
Total Roof Warranty By Roof Rx or Shall I say Warning about RX Roofing
Roof Coverage
- One maintenance visit per service agreement year
- All roof types including shingle, tile, shake, flat, slate, and metal (roof rated only)
- Broken or open flashing seals
- Broken or damaged tiles, shingles, shakes, or flat roof material
- Flashings and valley
- Deteriorated felt paper or underlayment
- Repair of specific leaks up to $1,000 per occurrence, $5,000 aggregate per service contract
- Roof leaks caused by normal wear and tear
- Single family residences(1-4 units), condominiums, and mobile homes
- Up to 5,000 sq. ft. per agreement, increments of additional 5,000 square feet available at $199.00
Maintenance Visit
- One roof maintenance visit per contract year includes up to $199.00 of service
- Maintenance repairs include:
A. Cleaning of rain gutters and roof drainsB. Sealing roof level pipes, vents, and projectionsC. Cleaning roof debris
- Maintenance visit required approximately 30-45 days after COE or renewal to activate agreement
- No service fee
Order In 3 Easy Steps!
Step 1. Order by submitting an application online, by fax: (310) 693-0826 or contact your account executive. You may also contact us toll-free.
Step 2. We request one of the following to ensure service of coverage:
- Home inspection report
- Roof certification or a roof inspection report from a licensed roof contractor
Step 3. Make payment with MasterCard, Visa, check, or by submitting escrow information.
Relax! The Total Roof Warranty will protect your entire home from covered roofing failures resulting in leaks due to normal wear and tear. You will receive one roof maintenance visit approximately 30-45 days after COE or renewal.
Overview
Covered: The repair of water leaks that occur in the entire rooftop over living and non-living areas up to 5,000 square feet provided the leaks are the result of normal wear and tear. Coverage for additional increments of 5,000 sq. ft for $199.00. This roof warranty covers the repair or replacement of flashings, missing or broken tiles, shingles, shakes or flat roof material that can create leak causing defects. Roof Rx requests one of the following items in order to ensure equitable service of covered items under this agreement:
Home inspection report, a roof Inspection report, or a roof certification from a licensed roofing contractor.
Roof Maintenance (no service fee): Includes one maintenance visit per contract. Maintenance includes all necessary service and repairs to ensure an ongoing watertight system including: sealing, cleaning, and roof level cleaning of rain gutters and roof drains. Roof Rx will contact you approximately 30 days from the close of escrow or renewal date to schedule the maintenance visit. Roof Rx requires one service visit (maintenance) in order to activate this service agreement. Maintenance items noted as a deficiency on an original home or roof inspection report, which have not been repaired, will not be corrected at time of visit. Due to ongoing wear and tear, maintenance does not guarantee against future leaks not covered.
Not covered: Damage to the roof or leaks caused by a condition other than normal wear and tear such as, but not limited to, persons walking on the roof, improper previous repairs, construction or installation defects, improperly installed valleys, exposed nail heads, leaks occurring from newly installed roof-mounted installations, consequential or secondary damage, repair of wood rot, and damage caused by acts of nature such as tornado, lightning, wind, hail, fire and earthquake. Roof system deficiencies identified on the original home or roof inspection and/or any other pre-existing conditions not repaired shall be excluded from coverage. This warranty also does not cover defects associated with roof mounted installations such as, but not limited to, skylights, roof vents, satellite dishes, solar panels etc.
Limitations: $1,000 per occurrence, $5,000 aggregate per warranty contract for maintenance or the diagnosis and repair of specific leaks. If the roof has deteriorated to the extent that the roof cannot be repaired without a partial or whole replacement, Roof Rx’s liability is limited to $1,000 for the diagnosis and replacement of a roof provided that such replacement is completed by Roof Rx or a Roof Rx designee.
via roofrx.com
The add sounds too GOOD TO BE TRUE!!! It IS!! This company is the worst, they never showed up, Then.... when they did show up.. They were late 2 hrs. late , then they were to email me an estimate and I have never received one as of yet, I have called 3x's and every call someone was to get back with me with in 24hrs... NOT... NOT one time has this company done what they were suppose to do!! So, I guess there it's not a question on weather to hire them for my out of State client ROOF Cert.... BIG NOT!!!! Thought I would share this with the world!!
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Saturday, May 15, 2010
Answers to the Most Common Questions on Green Real Estate Investing
Ever feel like you’re shouting into the wind?
When I first started talking to people several years ago about green real estate investing, I felt that way a lot. They didn’t bother asking me questions-they just looked at me quizzically as though I had three heads (which I don’t). Luckily times have changed and I get asked questions all the time now. So I thought I’d put together a list of the common questions I hear that you might have as well. In no particular order, here they are:
“Tell me again why green will make me more money”
Simple:
- You’ll sell your properties faster and for more money.
- If you own rental properties, you’ll rent them faster to better tenants for more money, have less churn and lower vacancies.
- You’ll have less than 1% competition in any market in the US.“Isn’t green more expensive?”
Not if it’s done correctly and according to a well thought out plan. Sure, tons of people get it wrong and spend too much but you don’t have to be one of them. Green, by definition, should cost you less money. If it’s costing you more to achieve it, then it’s really not a green solution. For example, installing solar panels to save 30% on your utility bills will cost you a ton and deliver a marginal payback. You can achieve that 30% reduction simply by improving your building envelop.”
“Why would people spend more money to live in a green home?”
95% of people, in my experience, won’t spend a penny more to live in just a green home. BUT they will spend more to live in a green home if it costs them less to operate and is healthier for their families. Quick example- Seniors on fixed incomes might love a green property because their monthly utility bills can be 40-50% less than if they live in a comparable home. There’s a strong chance they’d pay a premium for a green home if they knew that their monthly bills were going to be reduced and there were less toxins in the home. [As an aside- Indoor toxins from paint, carpets, etc. are more damaging to the young (babies) and old (seniors) due to their developing/weakening immune systems].
“No one is really serious about green, that’s just talk, so why should I bother?”
I have not met a client from Paris to Boston to Detroit to San Diego, etc, etc. that wasn’t interested in at least one of the following:
- Saving money monthly on their utility bills
- Living in a healthier environment that is safer for their families.They may not have cared about the environment but 100% of them cared about one of those two factors. Those factors are the essential elements of green homes. The fact that they also have less impact on the planet is a bonus for most people. You must keep that in mind when you’re explaining the concept.
“What’s the most important thing to do to make an investment property green?”
Get the building envelop under control. Fix the leaks, gaps and holes so your AC (Summer) and heat (winter) aren’t literally going out the window. Look at your exterior walls first and your attics and roofs next. DO NOT buy anything or do anything else until you get the envelop under control. A good energy audit can show you where the problem areas are so you can fix them immediately.
“Do I need to install solar?”
Typically, solar doesn’t pencil out for investment properties unless you are talking about multi-family or commercial. The high cost of materials, and install negate any potential return over the near-term unless your residential home is over 4000 square feet. Solar-water heating, however, can make a lot of sense in the right circumstance. Recently in parts of California there was a rebate of up to 30% (uncapped) on the cost of the install/materials in addition to a pilot program that offered $1500 cash rebate to install. Installed systems were costing approx. $8000 so after the 30% rebate and $1500, the net cost was $4000. For big houses that spend more than $200/month in water, that pays off in about 18 months.
[Another aside- solar companies are notorious (in my experience) for overselling what you need. They want you to buy a system that could power NYC, when what you need is much less].“I don’t know anything about green, how can I get up to speed?”
There are some great books on the subject and there are great green building seminars going on in almost every major metropolitan area these days. Working with a green consultant is a good way to start as well IF they have direct experience doing projects. Don’t work with someone who is all ‘theory’ and no ‘practice’. Set up some google alerts on the subject and read those daily.
“Where can I find green products and materials?”
Quick and easy answer is to look online. The better solution is to hire an unpaid intern to source products for you.
Leads to:
“Intern! Why would I hire an intern and why would they work for me for free?”
You hire an intern because they can:
- Research rebates and incentive programs for you
- Source products and materials
- Schedule contractors
- Drop off paperwork, video-tape properties, take pictures (and any other admin work you don’t want to do)Why they will work for you for free:
- They are passionate about green
- They want the experience
- It looks good on their resume if they’ve worked for a ‘green’ company
-They are doing work that contributes to society as a wholeFor what it’s worth, I am the only employee of my company and I have had at least one intern working for me over that past 4 years. Last summer I had four working for me. There is almost no limit to what you can have them do to support your business. The more passionate they are about green, the harder they will work and the more they will help you. [Email me offline if you'd like more info on this, including actual ads I've run, etc. The last ad I posted I had over 65 people apply for an unpaid position. Many had their Masters' degrees and one had her PhD. During the interview process I conveniently left out that I almost flunked out of high school].
Hope these were helpful, feel free to add any additional questions and i will do my best to answer them.
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Welcome to Our Blog!
Welcome to the BiggerPockets Blog. Our blog brings together experts in various fields of real estate with the goal of keeping our readers informed and up to speed. Whether you're a real estate professional (lender, Realtor, banker, etc), investor (landlord, flipper, wholesaler, etc.), or simply a consumer, renter or homeowner interested in the world of real estate, this blog is the place for you to get involved!You can subscribe to our RSS feed, get blog updates by email, join our free mailing list, or best of all, join our social network along with 45,000 others interested in real estate education, dealmaking, networking, and marketing. -->
Article Author: Jim Simcoe
Jim has written 10 articles for us.
Visit Jim's Website: http://www.jimsimcoe.comI help real estate investors increase profits and property values through a variety of green strategies. I help clients find hidden rebates, tax incentives and credits to maximize returns on any property. www.JimSimcoe.com
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Tagged as: green real estate, solar
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Friday, May 14, 2010
In California, Rates of Delinquency Vary, Mostly Driven by Negative Equity « HousingWire
Thursday, May 13th, 2010, 4:08 pm
Mortgage performance in California — although not substantially different than that of the US — varies dramatically among regions within the state, according to a study of all securitized non-agency mortgages in the state by credit-rating agency Fitch Ratings.
“Delinquencies are highly correlated with the level of negative equity,” said Fitch managing director Roelof Slump. “Regions with the largest home price increases have also seen the most precipitous declines.”
“Property value declines in California are having a dramatic effect on a borrower’s willingness to pay,” Slump added.
These trends are particularly relevant to gauging the overall performance of new and existing mortgage-related securities, Fitch said, as California represents approximately 50% of the overall non-conforming mortgage origination volume.
The Fitch study concluded that 60+ delinquency rates for prime loans are at 12% in California, compared to 10% nationally. The delinquency rates for other sectors are similar as well, including pay-option adjustable-rate mortgages (ARMs) (47% vs. 46%), subprime (50% vs. 47%), and Alt-A excluding Option ARMs (both 28%).
Fitch noted dramatic disparity among various regions within the 382 metropolitan statistical areas (MSAs) tracked. For instance, California includes both the best performing region in the country, San Francisco, and the worst performing regions — such as Riverside at 367th.
Riverside’s 23% prime 60+ day delinquency rate more than five times that of San Francisco (4%). Fitch said this performance difference is consistent across all sectors, with 50% of non-prime mortgages more than 60 days delinquent in Riverside compared to only 23% for San Francisco loans. Even Option ARM and subprime loans from San Francisco outperform Alt-A mortgages from Riverside.
The house price swings have been just as varied. Fitch found that, from 2000-2006, house prices in San Francisco increased by 81% and have since declined 22% from the peak. Over the same period, prices in Riverside jumped 193% and since declined 55% from the peak.
Consequently, 90% of Riverside mortgages are now considered “underwater,” with nearly 60% of borrowers owing more than 150% of the value of their home. Fitch estimates the weighted average current loan-to-value (LTV) ratio in Riverside to be 164%. By comparison, less than 1% of San Francisco mortgages are more than 50% underwater, with a weighted average current LTV of 81%.
Nationally, Fitch found that 39% of underwater borrowers and 58% of borrowers more than 50% underwater are 60 days or more delinquent (compared to 18% for non-underwater mortgages). Conversely, the four California MSAs with the lowest level of home price appreciation from 2000-2006 have the lowest level of delinquency rates.
The report does not include information on how this data may impact the performance of the securitized pools.
Write to Diana Golobay.
via housingwire.com
Owners skulking away from "underwater" U.S. homes That is what happening here in Phoenix, owners throwing in the towel. Like a growing number of the 8.3 million American homeowners who owe more on mortgages than their homes are worth, he's ready to just walk away. It can take a year or longer for a bank to seize a home once the owner ceases payments. While a foreclosure hurts credit, owners do not have to make mortgage payments as the process unfolds and can use that saved money to start over. Thinking about walking away? Phoenix, Arizona Short Sale Help for Sellers! Call Linda 602-6391-8246
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Fannie Shortens Wait for Some Distressed Borrowers to Get New Loans « HousingWire
Friday, April 16th, 2010, 3:46 pm
Fannie Mae (FNM: 1.02 -0.97%) announced it is reducing the wait time for some borrowers between when they complete a short sale or deed-in-lieu of foreclosure transaction and when they can obtain a new mortgage.
Previously, a borrower was required to wait four years before getting a new mortgage, or two years if their home sold in a short sale. Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure transaction can get a new mortgage in two years, provided the borrower has a 20% down payment.
If the borrower has a 10% down payment, the wait period is still four years. In some extenuating circumstances, the wait period can be reduced to two years with a 10% down payment for deed-in-lieu of foreclosure, but not for short sales.
Fannie Mae’s Desktop Underwriter (DU) origination software will be updated in June to reflect the new deed-in-lieu of foreclosure policy, but not short sales, as the software cannot at this time determine whether a borrower participated in a short sale.
Originators are required to manually underwrite mortgages after the waiting period if the borrower previously completed a short sale. This new policy is effective for manually underwritten mortgage loans with application dates beginning July 1, 2010.
The policy changes come as Fannie Mae develops its deed for lease (D4L) plan. At Thursday’s Texas Mortgage Bankers Association (TMBA) servicing conference, Miguel Gutierrez, program’s director, outlined the initiative, where in exchange for a deed-in-lieu of foreclosure, the homeowner-turned-renter pays fair market rent to stay in their home for up to 12 months.
Fannie expects the program to get a boost from the Home Affordable Foreclosure Alternative (HAFA) program, which offers incentives to servicers and second lien holders to consummate deed-in-lieu transactions. Gutierrez said Fannie hopes its program will benefit from increased workouts incentivized by HAFA.
Write to Austin Kilgore.
via housingwire.com
So when you are thinking of doing that Short Sale and walking away from a Bad debt, a home that will take you several yrs to regain equity, Remember to Call Linda Wieczorek azhomes4u@gmail.com
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Thursday, May 13, 2010
Saturday, May 1, 2010
Your Way Home AZ is the one-stop location for purchasing foreclosed homes through the state, county and local governments.
Your Way Home AZ is the one-stop location for purchasing foreclosed homes through the state, county and local governments. Funding is available to qualified buyers who are interested in purchasing foreclosed homes in select areas throughout the state.
Call Linda 602-391-8246 azhomes4u@gmail.com
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Monday, April 26, 2010
Phoenix-area home sellers overshoot mark for home-sale prices
Home sellers in the Phoenix area are having a tougher time adjusting to the housing market's new reality than their counterparts are in other cities, according to new data from online home-listing firm Trulia.com.
Sellers in Las Vegas, San Diego, Miami and other cities hit hard by the real-estate crash have gotten much better at choosing a marketable sales price during the past year, but one-third of Phoenix sellers continue to overshoot the mark.
That's no better than they did a year ago, when the same percentage of Valley homes listed on Trulia.com's site sold for less than the listed price, company spokesman Ken Shuman said.
"Seller expectations in Phoenix are still out of line with the current market," said Shuman, who observed dramatic improvements in list-price accuracy in most of the 15 cities Trulia studied.
Ten metro areas fared better than Phoenix in terms of year-over-year improvement, with Las Vegas leading the way.
The number of Las Vegas listings that sold only after a price cut decreased by 54 percent from April 2009 to the current month.
In San Diego, which was Trulia.com's second-most-improved city, discounted listings decreased by 52 percent during that time.
Philadelphia, Atlanta and Chicago showed no year-over-year improvement in the accuracy of initial home-listing prices, but none of those cities had as high a percentage of overpriced listings as did Phoenix, the data show.
Initially overpriced listings remained at 22 percent in Philadelphia, 25 percent in Chicago and 21 percent in Atlanta, according to Trulia.com.
No other city matched the current 32 percent inaccuracy of Phoenix listings.
Only two cities, Denver and Seattle, had increases in list-price discounting from April 2009 to this month, with increases of 5 percent and 15 percent, respectively.
As painful as it can be, Shuman said homeowners who accept the painful truth and price their homes realistically help themselves and the housing market overall.
"Sellers should be pricing not just properly, but aggressively," he said.
via azcentral.com
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Friday, April 23, 2010
Eco-Friendly Cities: Where to Buy : HGTV FrontDoor Real Estate
Living green isn't just about your house, it's also about your community. Being in a community that makes it easy to be green will make your transition to eco-friendly life that much simpler.
Here are some things to consider when searching for a green neighborhood or city:
Are there alternative power sources?
Sure, you can buy your own solar panels, but it's simpler to tap into a city's existing renewable energy sources, like wind, solar and hydroelectric power.
Eugene, Ore., is a great example of a power-forward city. Much of the Pacific Northwest already uses clean hydroelectric power. Eugene takes it one step further: The city draws another 9 percent of its energy from wind farms.
What about public transportation?
The average suburban driver makes 13 car trips a day and all that fuel guzzling can cancel out home energy savings. What's a homeowner to do? Live somewhere that has ample public transportation.
New York City has the largest public transport system in the world, and 54 percent of Big Apple residents use subways, buses and trains rather than their own wheels. In Washington, D.C., 34 percent of residents use public transit. Boston comes in third with about a third of its residents using the city's transportation services.
I Pedestrian-Friendly Cities >>
via frontdoor.com
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Wednesday, April 21, 2010
Linda's Blog
Linda Wieczorek
Arizona Elite Property
Address: 1560 W. Warner Road, Gilbert, AZ, 85233
Office Phone: (602) 391-8246
Cell Phone: (602) 391-8246
Links
Archives
via activerain.com
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Sunday, April 18, 2010
Have you received your 8k Tax credit Refund YET!
Yesterday I was out with a few friends and ran into a couple that I sold a home to right before Christmas. They sent in there tax credit paperwork and was told 6-12 weeks , they received another letter stating they needed the HUD, the HUD was attached to the paperwork. Sending in the HUD once more they were told another 8-12weeks. Still waiting...and waiting... ???? Whats this about??? I started to do some checking on line and WOW lots of people waiting on that 8K... Are you waiting??? let me know...
Is it ??? TIME to be in the Real estate Market in Phoenix
Now is the time to be in the Real estate market in Phoenix, if you wait it will cost you. If you are looking for short term investment (fix and flip) or long term investment (rental w/ positive cash flow) I can help you meet your needs and exceed your expectations. What are you waiting for?
I will share with you how to start on a small budget. What are you waiting for?
Here in the Valley of Sun, Phoenix it is NOW cheaper to own then rent.
Contact Linda Wieczorek 602-391-8246 AZHomes4u@gmail.com to CHAT about or go look at Positive Cash Flow homes, duplex, triplex and 4plex inventory in Greater Phoenix Area. Take a look at all lender owned property and Foreclosures.
Search Homes here
WHY INVEST IN the Valley of the Sun Greater Phoenix
* Residental Real Estate in many areas of AZ is selling for as little is 50% and less of 2006 pricing.
* The savvy investor known and understands to buy when values are low and sell when values are high.
Friday, April 16, 2010
Quiz: What Type of House Hunter Are You? : HGTV FrontDoor Real Estate
What Type of House Hunter Are You?
Are you a gearhead that scrutinizes the inner-workings of a home and analyzes utility bills? Or are you more interested in the spa bathroom and stylish accent walls? Are you looking for a down-and-dirty deal, or willing to pay top dollar to acquire a hot address?
Find out what type of homebuyer you are with this quiz, and learn how to work your strengths and balance your weaknesses!
Plus, click on the House Hunter IQ Boosters to get valuable tips and advice when searching for a home.
via frontdoor.com
This is a pretty good little quiz, as a Realtor I see all types of House Hunters. I took the quiz 3 x's just to see what it says. If you are looking for a Home take the quiz and see what kind of house hunter YOU are, then send me an email AZHomes4u@gmail.com Lets Go House Hunting
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Thursday, April 15, 2010
Tuesday, April 13, 2010
Homebuyer Tax Incentive Deadline Near, Mortgage Rates Going Higher
It's NEAR!!!! A few things to keep in mind if you plan to buy a house soon (or know someone who does). First, the deadline for the First Time Home buyer Tax Incentive of $8,000 and the Repeat Home buyer Tax Incentive of $6,500 is near. You’ve got to have your home purchase under contract by the end of April 2010, and have it closed by the end of June. The clock is ticking and not much time to get a offer accepted. The closing part is not likely to be a problem if you’re buying a resale home, but if you want a new home, it may have to be a completed or close-to-complete home. Also, as expected, mortgage interest rates are starting to go up. Rates are about 0.500% higher in some cases than they were at the beginning of the year. The Fed has ended a program that helped to keep rates low and they’re starting to react. The jury is still out on the question of private investment stepping in to take the Fed’s place, but I would not count on it anytime soon.
Nothing focuses the mind like running out of time. I’d say it’s time to FOCUS, and let’s get those houses under contract! With all the Short sales out there this is no easy task, lets hope the Banks realize this and start accepting offers. The foreclosures have multiple offers on them Call me if you need a little HELP!! Linda 602-391-8246 or email AZHomes4u@gmail.com
Monday, April 12, 2010
First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees
First-Time Homebuyer Credit: Members of the Military and Certain Other Federal Employees
The Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
- Extends deadlines for purchasing and closing on a home.
- Authorizes the credit for long-time homeowners buying a replacement principal residence.
- Raises the income limitations for homeowners claiming the credit.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.
People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
Several new restrictions apply to homes purchased after Nov. 6, 2009.
- Purchasers must attach a properly executed settlement statement to their return.
- No credit is available if the purchase price of the home exceeds $800,000.
- The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
- A dependent is not eligible for the credit.
- The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
Additionally, there are new benefits for members of the military and certain other federal employees:
- Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
- In many cases, the credit repayment (recapture) requirement is waived for members of the uniformed services, members of the Foreign Service and employees of the intelligence community. This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individual’s spouse) for qualified official extended duty service. The credit is still allowable even if this happens during the year of purchase. Qualified official extended duty is any period of extended duty while serving at a place of duty at least 50 miles away from the taxpayer’s principal residence (whether inside or outside the U.S.) or while residing under government orders in government quarters. Extended duty is defined as any period of duty pursuant to a call or order to such duty for a period in excess of 90 days or for an indefinite period.
Question and Answer
Q. Are both spouses required to be overseas for the requisite time period in order to qualify for the 2011 extension to claim the credit?
A. Only one spouse must be overseas on official extended duty for the requisite amount of time for either spouse to be eligible for the 2011 extension of time to purchase a principal residence and claim the credit.
Related Items:
Page Last Reviewed or Updated: December 14, 2009
via irs.gov
This is Great news for Military and Certain Other Federal Employees. The Tax Credit is extended 1 yr.
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
Sunday, April 11, 2010
10 things first-time homebuyers want, but don't need - Holy Kaw!
So, you're in the car rolling along and you see it, your dream house. While you may not be able to afford everything on your wish list, you will want a few amenities you've been yearning for. But do you really need them?
While you're making a wish list of features to share with your real estate agent, check it twice, literally, to make sure that the options you have in mind make monetary and practical sense, too.
- A Big Yard: The problem with a big yard is that it needs maintenance -- lots of maintenance. The lawns you see in the gardening magazines that look like lush, outdoor carpets are hard work and expensive to keep up.
- A Fireplace: A fireplace can be a dangerous indulgence if you don't get it professionally cleaned regularly. Oh, and it's a big air polluter, too.
- Stainless Steel Appliances: As popular as these refinements are today, in a very few years, they'll be replaced by other latest, must-have styles. Worse, last year's "in" thing looks dated and drab once it goes out of fashion.
Full list at HowStuffWorks.com.
Total aggregation of HowStuffWorks.com.
Photo credit: Fotolia
While you're making a wish list of features to share with your real estate agent, check it twice, literally, to make sure that the options you have in mind make monetary and practical sense. The biggest one I see is the BIG Yard... Think twice
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Friday, April 9, 2010
Best Deal in Downtown Phoenix High Rise Living ONE LEXINGTON
via vimeo.com
Formerly called Century Plaza available to purchase and at prices that are very competitive for such attractive units, exterior architecture, amenities and of course location. Amazing Views...
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Thursday, April 8, 2010
Time to Invest in Real-Estate Stocks
By JAMES B. STEWART
It's springtime for real estate.
Last summer I wrote that it was time to buy residential real estate if you were in the market and looking for a bargain. I never expect to call a market bottom, and certainly not for long-cycle assets like houses, but I seem to have come pretty close. The latest S&P/Case-Shiller survey results, released last week, suggest housing prices bottomed out around April 2009, when its 20-city composite index was down 32.6% from its peak reached in June/July 2006. Since then it has gained 3% through January 2010, with some markets much stronger, especially San Francisco and Minneapolis. (Charlotte, N.C., Las Vegas, Seattle and Tampa, Fla., continued to hit new lows, but at a much slower rate of decline.)
![[COMMONSENSE]](http://sg.wsj.net/public/resources/images/MI-BC575A_COMMO_NS_20100406214457.gif)
Now it may be commercial real estate's turn. Reis Inc., a commercial-real-estate research firm, reported last week that average rents in the office sector dropped just 0.8% in the first quarter of 2010 compared to the last quarter of 2009. Rents were stable or rose in 23 of the 79 markets Reis tracks. This may not be a bottom, but it's a considerable improvement from just three months ago, when rents in 70 of the markets fell. Given the reporting lag, the bottom may well have already been reached.
If so, this moment has important implications for investors, the banking and real estate sectors, and the economy as a whole. Last year I warned that commercial real estate was a "dark cloud" hanging over the banking industry, echoing comments that were coming from the Federal Reserve. Like many aspects of the financial crisis, the clouds seem to be dissipating.
That's not all that surprising, given the recent positive economic news. Unemployment seems to be stabilizing and even improving, and workers need office space. Consumers have been spending, returning to malls in droves. Rock-bottom interest rates have allowed strapped developers and real estate owners to refinance on favorable terms. There's no doubt that many grossly overpaid at the height of the boom, and there have been some highly-publicized defaults, like Tishman Speyer Properties' decision to walk away from the Peter Cooper Village and Stuyvesant Town apartment complexes in Manhattan. But despite big write-downs, most commercial real estate borrowers have had the cash flow to keep loan payments current or refinance to buy more time.
It's true that many commercial real estate assets have already rallied strongly since bottoming in March of last year. Vanguard REIT Index Fund is trading above $51, a high for the year, and double what it was at its low for the year, to cite just one widely held example. Those who were willing to embrace considerable risk when the economy seemed to be collapsing have been amply rewarded, as they should be. Now that those risks have subsided, so have the potential returns. But I still believe long-term investors will be rewarded. The Vanguard ETF generates a 3.8% dividend yield.
It's rarely practical for individuals to invest directly in commercial real estate, but there are plenty of other ways to gain exposure thanks to mutual funds, exchange traded funds, REITs and even individual stocks that are liquid and offer diversification. It's probably never been easier to participate in the real estate sector. I suggest a mix: an exchange traded fund, a managed mutual fund, one or more REITs, and possibly some stocks of banks with significant commercial real estate exposure.
There are a multitude of ETFs and mutual funds. Among publicly traded REITs, some of the biggest, best known, and most highly regarded are Simon Property Group, Vornado Realty Trust, and Boston Properties. Among bank stocks, the biggest banks, like J.P. Morgan Chase and Bank of America, have substantial commercial real estate loans, but they amount to a relatively low percentage of their total. At the other extreme are Western Alliance Bancorp and Zions Bancorp, which, as of September, had some of the highest exposure to commercial real estate in some of the most troubled markets in the country.
These two remain high-risk propositions in my view, and I don't own them. Western Alliance has doubled from its lows, but is down by a third from the $9 it hit last May. Zions has nearly quadrupled from its low of last March, but at $24, is still far from the $88 it hit in 2007. Neither is for the faint of heart, but both may offer higher potential returns. Many regional banks occupy a middle ground between the big money-center banks and the high exposure of these two.
Whatever mix you deem prudent, I believe it's time to reevaluate your exposure to the real-estate sector. In my view, real estate belongs in every diversified investment portfolio. It's not highly correlated to equities or fixed income, and it offers income opportunities as well as a potential hedge against inflation. I've been keeping some cash on hand designated for real estate, and I've concluded it's time to put some of it to work.
—James B. Stewart, a columnist for SmartMoney magazine and SmartMoney.com, writes weekly about his personal investing strategy. Unlike Dow Jones reporters, he may have positions in the stocks he writes about. For his past columns, see: www.smartmoney.com/commonsense.
via online.wsj.com
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Thin Mint Showdown: Lazy Thin Mint Pie - Phoenix Restaurants and Dining - Chow Bella
That's what I am talking about... Wish I would of had this recipe before I devoured the box
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Mortgage rates reach 8-month high - Washington Business Journal:
Long-term mortgage rates continue to edge up, with a 30-year fixed rate mortgage now at its highest level in eight months.
Freddie Mac reports a 30-year mortgage averaged 5.21 percent in the week ending April 8, up from 5.08 percent last week. A year ago, 30-year mortgages averaged 4.87 percent.
A one-year adjustable-rate mortgage averaged 4.14 percent this week, up from 4.05 percent last week.
"Once again, mortgage rates followed bond yields higher amid a positive March employment report," says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft.
Rising rates, coupled with the expiration of the homebuyer tax credit at the end of April, may weigh on the spring housing market. But a report earlier this week from the National Association of Realtors said pending sales of existing homes jumped 8.2 percent in February, as buyers act to take advantage of the credit before it ends.
The tax credit, up to $8,000, will expire April 30, though a buyer need only to have signed a contract by then, with closing scheduled before the end of June.
via bizjournals.com
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Overtaxed homeowners start to fight back - Real estate
By Kristina Dellmsnbc.comupdated 7:32 a.m. ET April 7, 2010Now that the housing bubble has burst, up to 60 percent of the nation's taxable property may be overassessed, meaning owners are paying thousands of dollars more in taxes than they need to, experts say.
That is leading to a flood of appeals in many markets from homeowners eager to cut their taxes and speed the process of aligning tax valuations with reality.
While home prices have fallen by 30 percent on average since their 2007 peak, according to the Case-Shiller Home Price Index, many counties only reassess every three to five years and have little incentive to move faster considering how important property taxes are to funding local government operations.
Story continues below ↓advertisement | your ad hereSo homeowners are increasingly appealing the valuations, although the number is still a tiny fraction of the total — 2 to 4 percent, according to the National Taxpayers Union.
“People forget they need to appeal,” said Barbara Payne, executive director of the Fulton County Taxpayers Foundation in Georgia. “Everyone should have appealed more than once in the last five years or you’re paying too much.”
Those who appeal are getting mixed results. Only 20 to 40 percent of those who challenge their assessment walk away with a victory, the NTU said.
“Appeals have become more difficult in the last two years now that municipalities are fighting tooth and nail for everything,” said Anthony Sarro, president of eTaxReductions.com, a company that represents people on property tax appeals.
A success story
Stuart Sendell, a retired mortgage banker living in Morristown, N.J., was ultimately successful but said the process took 14 months to complete.After reading a report that found the average assessed value of real estate in his town had increased by 5 percent, Sendell paid a visit to his local assessor’s office to examine the calculations.
“Everyone knew housing values were dropping like a brick,” he said, remembering that he thought the report "couldn't be right."
Sendell was onto something. He found that the local government included in its calculation a sample of lower-priced homes that dropped in price less severely than his house, which the office estimated was worth $1.6 million. He decided to appeal after hiring an appraiser who concluded his home was only worth $970,000.
Two months before his court date the lawyer for the township asked to strike a deal. Since New Jersey law gives assessors a 15 percent margin of error for assessments, Sendell accepted a 25 percent reduction, which showed up in his taxes. He was awarded a $5,400 tax refund — a savings he now banks each year.
Sendell's experience isn't unique. “There has been a ramp-up in requests that began well over a year ago,” said Peter Sepp, vice president for policy and communications at the NTU. “People are getting sticker shock over assessments that have yet to be adjusted to the realities of the depressed real estate market.”
Click for related contentFiling an appeal
Attorney Arthur Semetis, a resident of Westchester County, N.Y., used a law firm to file his tax grievance two years ago. “They know what the courts are looking for,” he said, referring to the law firm, “and work with the judges all the time.”His lawyer was initially unsuccessful in negotiating with the tax authority but knew to stick with the process. The firm ended up winning him a tax reduction of 12 percent on the second go around in the judicial hearing.
An industry has cropped up around the process, with companies filing appeals on behalf of residents in exchange for a cut of the winnings. Most firms work on a contingency basis, taking about 50 percent of the savings for the first year.
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