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Written by Bob Massey
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Tuesday, 02 March 2010 11:06 |
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 Extreme Home Tear Down A news broadcast in southwestern Ohio reported recently about a man who bulldozed his home rather than allow the bank to take his home after the bank failed to accept a Short Sale offer of $170,000 for the $350,000 home. The homeowner, Terry Hoskins, hoped that his actions would help make banks “think twice” about taking away a person’s home. The incident seems to have hit a nerve with many agreeing that Lenders must try harder to work with beleaguered homeowners, while others wondered what could possibly be accomplished by such an extreme act. The incident underscores figures from First American CoreLogic that show between 12 and 13% of home sales are now bank owned homes that have undergone damage. For many people the strain of losing a home is too much and leads to behaviors that would not normally happen. Investors and Lenders need to redouble efforts to come to a meeting of the minds on Short Sale prices and terms. The waste that otherwise occurs in damaged and destroyed property is at least a 50-50 proposition for homes that are taken back as bank-owned property. Administration Considers Halt to Foreclosures The Obama Administration is considering further sanctions against Lenders who foreclosure before all Home Affordable Modification Program options have been explored. The HAMP guidelines strongly Recommend this article...
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Last Updated ( Tuesday, 02 March 2010 11:22 )
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Written by Bob Massey
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Wednesday, 24 February 2010 10:01 |
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 Tentative Recovery is Spreading Across the Country According to Moody’s economists, the regional economic outlook shows that the economic recovery is gradually making its way across the country. It started in the central core of the country, and spread west first. Now it is beginning to impact the southeast and northeast positively. The map at the Economy.com website shows a swatch of states “in recovery” down the middle of the country and in the upper northwest. These states include Idaho, Montana, North and South Dakota, Nebraska, Iowa, Missouri, Arkansas, Oklahoma, Texas, Louisiana, Mississippi, Alabama, South Carolina, Tennessee, Kentucky, Indiana and Alaska. The only northeastern states considered out of the woods as of December 2009 were Vermont and Massachusetts. Most other states are listed as “moderating recession,” except for Nevada, which is still considered to be in recession. There is some evidence of a turnaround in manufacturing in the Midwest. Manufacturing employment is up in the Great Lakes region after lows were hit in June 2009. The Plains region seems poised next for improvements in manufacturing activity. There are caveats to the signs of life in the economy. The greatest risk Moody’s identifies is that businesses will fail to continue to restock inventory. Further restocking will depend on an upturn in consumer confidence and spending on durable goods such as automobiles. The housing market is still weak and is the second threat area to the economy long term. The states that will lag behind in recovery are those that have lost the most in home market value, especially Nevada, California, Arizona and Florida. The faltering commercial real estate market is identified as the third weak link in economic recovery. Bernanke Will Assure Feds That Interest Rates Will Not Rise Amid concerns that interest rates may rise sharply this year, Bernanke is now expected to tell Congress in his semi-annual report on the economy that interest rates will not be going Recommend this article...
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Written by Ken Spohn
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Tuesday, 02 March 2010 08:53 |
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 As you may know, many business expenses should be taken as a tax deduction.
Here is a quick list: *registration costs
*courses you purchased
*business credit interest
*phones
*meals related to business activity But make sure you understand that some business expenses are called Capital Expenses and can’t be completely deducted in a single year. Capital expenses are expenses that are considered as part of the investment in your company such as business start-up costs like registering your name, business assets like computers and improvements. These expenses must be “capitalized” rather than deducted as a straight business expense. That just means that you deduct a percentage of that cost each year. As an example, the cost of your new LLC may be $2,000 and you might take a $400 tax deduction on that $2,000 expenses this year and each year for the next 4 years until the total cost has been deducted. You can see in this example that it pays to read up on all the proper tax codes or hire an accountant that will do this for your business. Ken Spohn P.S. For more great tips like this one.Don’t miss the webinar I will be doing with Thomas Kish on Saturday at 10am pacific 12pm Eastern at: https://m353.infusionsoft.com/go/pcall/ksinvest/ Recommend this article...
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Written by Bob Massey
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Tuesday, 23 February 2010 09:40 |
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 Zillow Expects a Double Dip In Home Value Decline Unlike Clear Capital’s relatively rosy picture of a recovering housing market, Zillow is considerably more pessimistic. Zillow’s data is not as fresh as that of Clear Capital. The housing data it reports go only through December 2009. The last two months of the calendar year did see a considerable drop in home sales and a dip in home values that is reflected more negatively in Zillow’s report than in the one we covered earlier from Clear Capital. In these uncertain times, however, it pays to take all trend data with a grain of salt and then to pay attention in detail to what is happening locally within your own market. As of the 4th quarter of 2009 things looked pretty grim in a number of markets, according to Zillow figures. Home values declined 5% nationwide between the 4th quarter of 2009 and the 4th quarter of 2008. In 29 of 143 markets in the Zillow survey had flat or decreasing home values after 5 months of increases during 2009. Zillow defines double-dip markets as those with decreasing values of 1% or more for 5 consecutive months or more, followed by a similar increase, followed by another decrease. Zillow sees that double-dip pattern in several markets: Augusta, GA, Greeley, OH, Harrisburg, PA, Lancaster, PA, and Oklahoma City. Some of the major cities Clear Capital saw on the recovery list, Zillow anticipates will fall into a double-dip of price declines, including Atlanta and San Jose. Other major cities Zillow believes is in danger of a double-dip of price troubles are San Diego, Boston and Denver. Recommend this article...
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Last Updated ( Tuesday, 23 February 2010 11:45 )
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