FDIC's Bair questions housing tax breaks - Street Sweep: Fortune's Wall Street BlogBair took aim at federal tax deductions for mortgage interest, local property taxes, and capital gains on house sales (in certain circumstances). She said these taxpayer subsidies for homeowners, taken together, "are about three times the size of all rental subsidies and tax incentives combined."
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Why don't we just put all our money in a paper bag and send it to President Obama to do with as he sees fit?
Thursday, June 10, 2010
the-housing-market-recession-is-not-over: Personal Finance News from Yahoo! Finance
the-housing-market-recession-is-not-over: Personal Finance News from Yahoo! FinanceIn a presentation to the National Association of Real Estate Editors in Austin, Texas, last week, Stan Humphries, Zillow.com's chief economist, pointed to four myths he said consumers are latching on to as they try to make sense of recent housing statistics.
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Myths, says he:
1. the housing recession is over
2. after markets hit bottom, prices will rebound to boom levels
3. the worst of the foreclosure mess is behind us
4. the tax credits saved the housing market
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Myths, says he:
1. the housing recession is over
2. after markets hit bottom, prices will rebound to boom levels
3. the worst of the foreclosure mess is behind us
4. the tax credits saved the housing market
Friday, May 28, 2010
New Home Sales Set to Plunge in Former Bubble Markets (Update1) - Bloomberg.com
New Home Sales Set to Plunge in Former Bubble Markets (Update1) - Bloomberg.comNew home sales in Phoenix and Las Vegas, two U.S. markets hardest hit by foreclosures, are set to plunge as a federal tax credit for homebuying expires, according to data from real estate researcher Metrostudy.
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Possibly an infusion of mud and golf balls would help.
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Possibly an infusion of mud and golf balls would help.
Soldier in Iraq Loses Home Over $800 Debt | Mother Jones
Soldier in Iraq Loses Home Over $800 Debt | Mother JonesMichael Clauer is a captain in the Army Reserve who commanded over 100 soldiers in Iraq. But while he was fighting for his country, a different kind of battle was brewing on the home front. Last September, Michael returned to Frisco, Texas, to find that his homeowners' association had foreclosed on his $300,000 house—and sold it for $3,500.
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Here's another one of those "isolated examples."
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Here's another one of those "isolated examples."
Thursday, May 27, 2010
Bankruptcy talk spreads among Calif. muni officials | Reuters
Bankruptcy talk spreads among Calif. muni officials | ReutersStreet expects more talk of municipal bankruptcy across California because local government finances are in such dire shape -- a situation underscored on Wednesday when a top finance officer for Sacramento County projected a worse-than-expected shortfall for the county of $181 million, which could force more than 1,000 layoffs from the county's payroll.
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That's peanuts. Illinois is in the hole to the tune of $80 billion just to the state employee pension funds.
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That's peanuts. Illinois is in the hole to the tune of $80 billion just to the state employee pension funds.
Wednesday, May 26, 2010
US money supply plunges at 1930s pace as Obama eyes fresh stimulus - Telegraph
US money supply plunges at 1930s pace as Obama eyes fresh stimulus - TelegraphThe M3 money supply in the United States is contracting at an accelerating rate that now matches the average decline seen from 1929 to 1933, despite near zero interest rates and the biggest fiscal blitz in history.
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This recovery is just rocketing along.
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This recovery is just rocketing along.
Renewed effort in Austin to limit HOA powers | kvue.com | KVUE News local | Austin, Tx | Breaking news
Renewed effort in Austin to limit HOA powers | kvue.com | KVUE News local | Austin, Tx | Breaking news"You don't seize someone's home that's entirely paid off for a few hundred dollars in back dues," said State Rep. Chris Turner (D-Dist. 96). "That's fundamentally unfair and not right."
Turner is the latest state legislator to tackle HOA reform, and on Monday, he recruited Sherre Mueller to join his fight.
"I want to be an advocate for people to never let this happen again," she said.
State lawmakers have tried unsuccessfully to reduce the powers of HOAs for years. In 2009, two proposals in the House and Senate ran out of time.
Turner would like to add two major safeguards to the law, including one that would make it impossible for an HOA to foreclose without a court order.
He also thinks members of an association — your neighbors — should have the final say and vote whether to seize a house.
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Thanks to Fred Pilot for this link to yet another cavalry charge in the TX legislature.
Turner is the latest state legislator to tackle HOA reform, and on Monday, he recruited Sherre Mueller to join his fight.
"I want to be an advocate for people to never let this happen again," she said.
State lawmakers have tried unsuccessfully to reduce the powers of HOAs for years. In 2009, two proposals in the House and Senate ran out of time.
Turner would like to add two major safeguards to the law, including one that would make it impossible for an HOA to foreclose without a court order.
He also thinks members of an association — your neighbors — should have the final say and vote whether to seize a house.
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Thanks to Fred Pilot for this link to yet another cavalry charge in the TX legislature.
Sunday, May 23, 2010
KOB.com - Homeowner faces fines over 'for sale' sign in yard
KOB.com - Homeowner faces fines over 'for sale' sign in yardA Rio Rancho homeowner is facing hundreds of dollars in fines for putting up a "For Sale" sign in his own front yard. Geoffrey Padilla, who lives in Diamond Ridge, said his homeowners association fined him $400 over the past few months. He said the the association handbook bans signs and billboards, including "For Sale" and "For Rent" signs. Padilla said the policy went into effect several weeks after he bought his home, so he thinks the fines should be waived. He also said he thinks the policy is unfair because the subdivision's developer, D.R. Horton Homes, posted similar signs throughout the neighborhood. Padilla claims the builder encouraged the homeowners association to enforce the policy because it doesn't want competition from homeowners.
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From Fred Pilot--and keep in mind that municipalities can't ban all signs under the Supreme Court decision of Ladue v. Gilleo, but even Ladue didn't ban "for sale" signs. That was covered by the earlier decision of Linmark Associates v. Willingboro. This is one of those "get away with violating constitutional rights if you are a pseudo-private corporation" kind of things.
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From Fred Pilot--and keep in mind that municipalities can't ban all signs under the Supreme Court decision of Ladue v. Gilleo, but even Ladue didn't ban "for sale" signs. That was covered by the earlier decision of Linmark Associates v. Willingboro. This is one of those "get away with violating constitutional rights if you are a pseudo-private corporation" kind of things.
I-Team: Homeowners Hammered with HOA Arbitration Fees - KLAS-TV Channel 8 News Las Vegas
I-Team: Homeowners Hammered with HOA Arbitration Fees - KLAS-TV Channel 8 News Las VegasIn July of last year, a dispute over a budget ratification meeting went to non-binding arbitration under the Nevada Real Estate Division. It's a mandatory first step before going to court. Friedrich lost, and to the victor went the spoils. He was ordered to pay $22,000 in arbitration and attorneys fees. "I was expecting the worst, and the worst came true," he said.
Friedrich responded with a lawsuit challenging the arbitrator's authority to impose attorney's fees. It is a common practice among arbitrators selected by the Real Estate Division. Records obtained by the I-Team reveal a dozen recent awards in excess of $10,000 against homeowners. Some awards were as high as $20,000.
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Fred Pilot sent this along, which we are talking about even though it happened in Vegas. This is a big issue. The whole idea of ADR is to cut costs. If lawyers can make five figures off it, courtesy of the "arbitrators," it makes you wonder if the process is just another lawyer-driven arm of the industry.
Friedrich responded with a lawsuit challenging the arbitrator's authority to impose attorney's fees. It is a common practice among arbitrators selected by the Real Estate Division. Records obtained by the I-Team reveal a dozen recent awards in excess of $10,000 against homeowners. Some awards were as high as $20,000.
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Fred Pilot sent this along, which we are talking about even though it happened in Vegas. This is a big issue. The whole idea of ADR is to cut costs. If lawyers can make five figures off it, courtesy of the "arbitrators," it makes you wonder if the process is just another lawyer-driven arm of the industry.
Saturday, May 22, 2010
What are the large barcode stickers on windows on cars in Florida?
What are the large barcode stickers on windows on cars in Florida?
The answer seems to be that they get your car through the gates of your gated community. Maybe the unit owners should get bar codes tattooed on their foreheads as well. That would simplify getting back in if you go for a walk outside the compound.
The answer seems to be that they get your car through the gates of your gated community. Maybe the unit owners should get bar codes tattooed on their foreheads as well. That would simplify getting back in if you go for a walk outside the compound.
Toms River, condo association at odds over fence around beach | APP.com | Asbury Park Press
Toms River, condo association at odds over fence around beach | APP.com | Asbury Park PressTOMS RIVER — Though township officials contend a condominium complex has violated municipal ordinances by building a fence around its private beach, condo association leaders say it's a simple misunderstanding.
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Seems the township leases the beach from the condo association and didn't do so this year. So the condo association decided to fence it off to keep out the Jersey Shore riffraff.
Problem: the condo association didn't get a construction permit before building the fence.
How's that for irony?
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Seems the township leases the beach from the condo association and didn't do so this year. So the condo association decided to fence it off to keep out the Jersey Shore riffraff.
Problem: the condo association didn't get a construction permit before building the fence.
How's that for irony?
Weak strata laws favour developers
Weak strata laws favour developersThe unchecked ability of a B.C. strata developer to ignore the Strata Property Act, fail to maintain reserves, fail to pay strata fees on unsold strata lots and use its block of votes from unsold strata lots to corrupt governance for the developer's benefit are all too common in British Columbia.
In the absence of any defined offences and penalties under the Strata Property Act, a developer is subject only to civil action by the "empty-pocketed" strata buyer, a virtual impossibility.
Read more: http://www.timescolonist.com/Weak+strata+laws+favour+developers/3060211/story.html#ixzz0ofKlUv7p
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A familiar story, this one from Canada, where condos are called "strata property."
In the absence of any defined offences and penalties under the Strata Property Act, a developer is subject only to civil action by the "empty-pocketed" strata buyer, a virtual impossibility.
Read more: http://www.timescolonist.com/Weak+strata+laws+favour+developers/3060211/story.html#ixzz0ofKlUv7p
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A familiar story, this one from Canada, where condos are called "strata property."
Condos and HOAs | Sun-Sentinel.com
Condos and HOAs | Sun-Sentinel.comRay says his West Palm Beach condo lease will likely not be renewed because of his daily habit of waiting outside the building on the sidewalk for about 10 minutes each day for his wife to arrive from work. As far as he knows, that is the only reason for rejection.
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This post is from a blog by Daniel Vasquez, a Florida journalist who writes a column on condo and hoa issues.
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This post is from a blog by Daniel Vasquez, a Florida journalist who writes a column on condo and hoa issues.
Friday, May 21, 2010
Dusting for dog-crap in a fancy condo - Boing Boing
Dusting for dog-crap in a fancy condo - Boing Boing
The condo association at Scarlett Place, a posh Baltimore building, have proposed to DNA-test all the dogs on the premises, and use DNA from errant dog-turds to identify feckless owners and fine them $500 per dog-pie.
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I told my 19 year old son about this, and he said, "That sounds like something from The Onion." Yes, it does. But it is real. It is no longer possible to parody the antics of HOA boards because no matter how absurd the concept you come up with, they have already exceeded it.
Thanks to Mystery Reader for this link. I also got it from Fred Pilot who contributed two more stories below. I have been too busy to blog for several weeks so thanks to those who sent me items--I will see about catching up.
The condo association at Scarlett Place, a posh Baltimore building, have proposed to DNA-test all the dogs on the premises, and use DNA from errant dog-turds to identify feckless owners and fine them $500 per dog-pie.
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I told my 19 year old son about this, and he said, "That sounds like something from The Onion." Yes, it does. But it is real. It is no longer possible to parody the antics of HOA boards because no matter how absurd the concept you come up with, they have already exceeded it.
Thanks to Mystery Reader for this link. I also got it from Fred Pilot who contributed two more stories below. I have been too busy to blog for several weeks so thanks to those who sent me items--I will see about catching up.
South AfricaNews - 'They are a mafia' (Page 1 of 2)
News - Crime & Courts: 'They are a mafia' (Page 1 of 2)
It is a comfortable complex with a mix of upmarket and middle-class homes, some with views of the sea - but run by a homeowners' association from hell, say some residents.
So heated has the low-level war between residents and The Capricorn Beach Homeowners' Association (HOA) become that the association has reportedly racked up a R191 000 bill in legal battles against homeowners.
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Those R thingies are Rands. That's the currency in South Africa. According to my friendly neighborhood internet converter, R191,000 amounts to $24,227. So it seems that HOA lawyers are expensive the world around.
It is a comfortable complex with a mix of upmarket and middle-class homes, some with views of the sea - but run by a homeowners' association from hell, say some residents.
So heated has the low-level war between residents and The Capricorn Beach Homeowners' Association (HOA) become that the association has reportedly racked up a R191 000 bill in legal battles against homeowners.
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Those R thingies are Rands. That's the currency in South Africa. According to my friendly neighborhood internet converter, R191,000 amounts to $24,227. So it seems that HOA lawyers are expensive the world around.
Homeowner Wins Court Battle With HOA - San Antonio News Story - KSAT San Antonio
Homeowner Wins Court Battle With HOA - San Antonio News Story - KSAT San AntonioHidden Forest off of Bitters Road looks quiet, but for more than three years, it's been the center of a legal battle over the rights of homeowners associations.
"They were suing to foreclose on my home over $390," said Hern.
Hern said he was late on his association dues but objected to the added fees and decided to fight. Over the years, he said the attorney's fees kept adding up.
"They were asking for a little over $25,000 in fees," he said.
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And of course now that the HOA has lost, their attorney is promising to "address this further through the legal process," which translates into litigation without limit to crush any owner who stands up for his rights.
"They were suing to foreclose on my home over $390," said Hern.
Hern said he was late on his association dues but objected to the added fees and decided to fight. Over the years, he said the attorney's fees kept adding up.
"They were asking for a little over $25,000 in fees," he said.
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And of course now that the HOA has lost, their attorney is promising to "address this further through the legal process," which translates into litigation without limit to crush any owner who stands up for his rights.
U.S. Banks Post Profit, but Woes Persist - WSJ.com
U.S. Banks Post Profit, but Woes Persist - WSJ.com
WASHINGTON—A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.'s list of "problem" institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets.
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This recovery is going well.
WASHINGTON—A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.'s list of "problem" institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets.
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This recovery is going well.
Thursday, May 20, 2010
Living in denial: How corporations manufacture doubt - opinion - 20 May 2010 - New Scientist
Living in denial: How corporations manufacture doubt - opinion - 20 May 2010 - New Scientist"Objective scientific research": those words would almost make you believe that Panzer was talking about objective science. But when doubt is your goal, the misuse of language is just another way to confuse the public.
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Hmmmmmmm.
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Hmmmmmmm.
Tuesday, April 27, 2010
Harrisburg, Pennsylvania, Council Told to Consider Bankruptcy - Bloomberg.com
Harrisburg, Pennsylvania, Council Told to Consider Bankruptcy - Bloomberg.com: "April 27 (Bloomberg) -- Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider seeking Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing."
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No worries. It's only the capitol of Pennsylvania.
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No worries. It's only the capitol of Pennsylvania.
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