Property Taxes: Heed Tax Assessment Notices Author: Chris Meyer
The beginning of each new year brings many things, and for property owners one of those things is a Notice of Assessment from a property tax assessor. These are not tax bills and so many people ignore them, but they contain valuable information that every property owner should know. The primary reason notices should be examined is because a property owner may appeal numerous decisions a tax assessor may make regarding the value of the property. Main issues that may be appealed are the valuation of the property, the occupancy rate of a rental property, the classification of the property and possible any possible exemptions overlooked by the assessor.
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Best Real Estate Investment Markets For 2012 Author: Jerold Leslie
HousingPredictor.com has released its Best Investor Markets for 2012 study, which identifies the best investment markets for residential real estate in the U.S., and it appears much of the action will take place in America’s heartland this year. Three of the five best cities for investment in 2012 are located in Kansas due in large part to its growth in the agricultural market: Wichita, Topeka and Kansas City. The remaining two are Charleston, W. Va., and Miami. The website makes its predictions based on 20 different factors including the speed of real estate market growth, economic growth and business development.
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New York Top Investment Pick for Multifamily Investors Author: Betsy Kraat
A forecast of low vacancy and higher rents is expected to keep investors flocking to New York City in 2012, according to experts. Records indicate that a whopping 80% of households in the city are priced out of homeownership, with areas like Tribeca, Manhattan and SoHo attracting strong attention from developers and investors that have formed, or will form, REITs to handle the large amounts of capital needed to enter the market. Meanwhile, city families looking to reduce costs will move to outer boroughs like Queens and Brooklyn, which is expected to drive down vacancy in those areas as well.
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D.C. Property Tax Code Key to School Improvement Author: Scott B. Cryder
Washington D.C. is one of the fastest growing metropolitan areas in the country, having seen its population increase 16% in the last decade. While this is good news for the economy in a general sense, the strain it is putting on public schools in the District is starting to show. Many families with children are deciding to move to the suburbs, leaving the core a home to singles and empty nesters. Experts believe introducing a $1,000 property tax credit for each child enrolled in a D.C. school would attract more families to the area as well as provided needed income for school improvement.
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US States to Enter Foreclosure Settlement Author: Shanthi Bharatwaj
A recent announcement regarding a possible settlement between banks and U.S. states over unscrupulous foreclosure practices may amount to less than the final word when it comes to future litigation, according to experts. New York Attorney General Eric Schneiderman has since sued Bank of America, JPMorgan Chase and Wells Fargo over their use of the Mortgage Electronic Registration System, which is blamed for being the source of many foreclosure practice problems. This move combined with the fact that some states may not reach full agreement, and that any agreement will not guarantee a bar to future litigation, has both banks and investors concerned about the outcome.
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Investor Deal for Foreclosed Homes Fuels Debate Author: Diana Olick , CNBC Real Estate Reporter
The Federal Finance Housing Agency, which oversees the government conservatorship of lending giants Fannie Mae and Freddie Mac, has announced a program wherein it will package and sell foreclosed homes at a discount to investors who agree to convert the properties into rentals for a set term of years. Agency officials say the plan will help decrease the number of foreclosed homes, which is growing and is expected to grow more before a recovery takes place. Many critics argue, however, that investors are already getting valuable deals on foreclosures and that the plan will not serve those truly in need of help.
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Mitt Romney Takes Nevada, Housing Market Issue Sidestepped Author: Kerri Shannon
Republican presidential candidate and front-runner Mitt Romney has won the Nevada caucus, but critics were quick to note his strategy of sidestepping the state’s dire housing market situation. Nevada leads the U.S. in foreclosures and in Las Vegas 70% of current borrowers are underwater on their mortgages. Some speculate that Romney’s silence was part of a predetermined course that was set with comments he made last year suggesting he believed the best answer was for government to stand aside and let the mass of foreclosures take place. Pundits argue he may have to adjust this philosophy if he hopes to beat President Barack Obama, who supports continued intervention for homeowners.
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US Home Prices Fall Nearly 5% in 2011 Author: Property Wire
Distressed sales including short sales and bank-owned property transactions helped to drive down U.S. residential real estate prices for the fifth year in a row. Core Logic reports that prices dropped an average of 4.7% across the nation, although when distressed sales were left out of the equation the decrease fell to 0.9%. The statistics by state varied greatly, however. States with the largest value decreases included Illinois (11.3%), Nevada (10.6%) and Georgia (8.3%). States with the biggest increases included Montana (4.4%), Vermont (4%) and South Dakota (3.2%).
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Las Vegas Real Estate Sales Increase Author: DQ News
DataQuick reports that Las Vegas home sales increased for the sixth consecutive month in December, with both resale home and new homes seeing improvement. The majority of transactions occurred for homes priced less than $200,000, with 42% of all deals inked in the month falling under $100,000. Distressed property sales that included short sales and foreclosure resales accounted for two-thirds of all sales in the resale market, while new home sales were the second lowest on record for a December despite six months of increases. Meanwhile, sales of homes above $200,000 continued to drop compared to last year’s sales.
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Taxpayers Fund HAMP Enhancement Author: Diana Olick , CNBC Real Estate Reporter
The largely unsuccessful Home Affordable Modification Program (HAMP), which was designed to help ease the loan burdens of struggling homeowners, is getting yet another boost from American taxpayers on orders from the U.S. Treasury. The plan is to use TARP funds to triple the incentives to lenders – which may grow to include Fannie Mae and Freddie Mac – so that they will engage in more mortgage principle forgiveness in order to reduce foreclosures and better stoke the housing market. HAMP has helped about 700,000 people so far and the new taxpayer funds are expected to bring another one million out of financial danger, although critics note the conflict of one presumably responsible taxpayer bailing out the bad decisions of another.
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