The revere mortgage industry is expanding to meet the financial demands of a growing retiree population, according to GoRevereandSave.com, which provides reverse mortgage information online.

The growth of the reverse mortgage industry is evident by Bank of America Corporation’s decision to expand their reverse mortgage loans to the Bay Area. The company also recently expanded their reverse mortgage program to South Florida, the Carolinas and Georgia. Nearly a dozen other banks and lenders have recently entered the reverse mortgage industry, as well.

Reverse mortgage loans are available to homeowners over the age of 62, and they allow people to borrow against the equity in their homes. Reverse mortgage holders receive monthly tax-free payments from the reverse mortgage companies, which they can use for any expenses that arise during their retirement years. Reverse mortgage companies like GoReverseandSave.com work with lenders to offer the best financial products and government loan programs. Seniors now have a choice of loans to help meet their financial needs during retirement.

For additional reverse mortgage information, visit www.goreverseandsave.com.

About Go Reverse and Save:
GoReverseandSave.com is a leading online reverse mortgage lender dedicated to matching homeowners with the right loan at the right price. Whether buyers are looking for a fixed term loan or an adjustable rate reverse mortgage, GoReverseandSave.com makes applying for a reverse mortgage easy.

In addition to a variety of first reverse mortgage loans, GoReverseandSave.com also offers home equity loans, refinancing and debt consolidation. They can help to lower monthly payments, lock in a better interest rate or change the terms of a reverse mortgage with refinancing.

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http://extrarealty.blogspot.com/2007/12/major-us-financial-institution-expands.html

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In his hunt for a new home, Demetrius Stroud crunched the numbers to find out that, with gas prices climbing, moving near an Amtrak station is the best thing for his wallet.

Stroud was looking in Elk Grove., Calif. - about 85 miles away from his job in the San Francisco Bay Area - because homes there are more affordable. But with gas at $4.50 and a car that gets about 22 miles per gallon, Stroud would be pumping $560 a month into his tank.

So instead he made an offer on a home near the train station in Davis, which will shave $160 off his commuting costs.

"I wouldn’t even be able to consider doing it without that Amtrak possibility," said Stroud, 45, who also telecommutes one day a week to his job in software quality assurance.

Stroud’s choice represents a fundamental shift in the way more Americans are approaching home buying in this era of ballooning gas prices. Real estate agents, transportation officials and industry surveys indicate that home buyers are placing more importance on cutting their gas bills and commute times than they have since the oil shocks of the 1970s.

And there are some early indications that homes near urban centers, and subway, train and bus stops are often selling faster and at better prices than those in the distant suburbs.

On Wednesday, a survey of 900 Coldwell Banker agents showed a remarkable 96 percent said that rising gas prices were a concern to their clients, and 78 percent said higher fuel costs are increasing their desire for city living.

Don Denton, manager of Coldwell Banker Residential Brokerage in the Capitol Hill area of Washington, D.C., said prices are holding in the area and the neighborhood appears to be expanding.

"We have seen a steady increase in interest in our area over the last several years and it is comparable to how the reaction to the 1970s gas crisis sparked an interest in this area and inside the entire Beltway," Denton said.

A grueling commute by car into the city is the main reason why Mark Bulkeley wants to move closer to his job in Tysons Corner, Va., near downtown Washington D.C. He is selling his home in Haymarket, Va., which is 30 miles from work, and has signed a contract on a home in Great Falls, Va., that’s just 6 miles from the office.

"My commute is miserable enough that I’ve taken to leaving my house at about quarter to five in the morning to avoid the traffic," said Bulkeley, a 36-year-old wholesale electricity trader. "It’s kind of brutal. It’s routinely an hour, and there’s a lot of variability around that."

Bulkeley already has a hybrid Honda Civic, but he still calculates a savings of about $100 a month on gas once he moves closer to the city.

"When we decided that we were going to make a move we basically put a dot in the middle of the map where my office is and said, `We are not going to live farther than essentially a 20-minute circle around that,’" Bulkeley said.

Gas prices, which have shot up $1.07 this year, are magnifying demographic trends that show more younger buyers and empty-nest seniors are moving back to urban centers. If gas prices continue their ascent, this could have profound consequences over time on the future development of American cities and suburbs and modes of transportation.

Homes in cities and neighborhoods that require long commutes and don’t provide enough public transportation alternatives are falling in value more quickly than more central locations, according to a May study by CEOs for Cities, a network of U.S. urban leaders.

In Atlanta, agent Mike Wright with Prudential Georgia Realty notes that real estate brokerages within the city perimeter have been selling better than those outside the city, reflecting an area trend of people moving "closer-in."

"You can easily draw the conclusion that’s traffic or gas-price related," Wright said. "It’s a decision that’s both lifestyle driven and people trying to stay out the car."

In response to more riders, some U.S. cities are expanding their mass transit services.

The Dallas Area Rapid Transit system, for example, is doubling the miles of light rail it has to 90, said Morgan Lyons, DART’s spokesman. The project has an estimated cost of $4 billion, and two main light rail lines are expected to be completed by 2014, he said.

Lyons said DART saw a spike in riders once gas prices began to skyrocket. And private investment in transit-oriented development - including condominiums and mixed-use projects that combine retail, residential and entertainment space - has risen to around $7 billion in areas including Dallas, Garland, Richardson and Farmer’s Branch, Lyons said.

In Florida, real estate professor Bill Weaver sees this as possibly the beginnings a shift to a more European approach to finding homes.

For the past three decades, travel has been relatively cheap in the U.S., so more Americans sought homes in the suburbs or in the country because they wanted the space and quiet and didn’t mind - or care about - the cost of commuting, Weaver said.

That approach led to sprawl in and around cities from Los Angeles to Orlando, Fla., in contrast to the smaller and more densely populated cities in Europe.

"Transportation costs in Europe have been so high for so long that they already take transportation into account when they buy a home," Weaver said. "We’ve just been behind on that. In that regard, you might look at high gas prices as sort of a silver lining."

http://seattlepi.nwsource.com/business/1310ap_gas_prices_home_buyers.html

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“NAHB shares the goals embodied in H.R. 3996 to halt the reach of the AMT for another year and help struggling American families keep their homes,” said NAHB President Brian Catalde, a home builder from El Segundo, Calif. “However, the carried interest proposal to offset the cost of this relief is the most significant and potentially most disruptive tax on real estate since the 1986 Tax Reform Act and would result in higher prices for multifamily housing, less job creation and lower community development, especially in underserved areas.”

HR. 3996, the Temporary Tax Relief Act of 2007, would tax the return on all carried interests allocable to a partnership as ordinary income rather than capital gains. Because this includes the carried interest held by general partners in real estate investment partnerships, the legislation would have a significant negative impact on the multifamily housing industry and on the bottom lines of companies that use these partnerships.

Under present law, capital gain income generated by carried interest in a partnership is subject to a tax rate of 15 percent. If the House bill were to be enacted into law, such carried interest would be characterized as ordinary income subject to tax rates up to 35 percent.

This massive tax increase on real estate would disrupt the investment relationship between developers and investors, said Catalde.

“First, this would make borderline development transactions, such as those in underserved communities that typically carry higher risks, significantly less attractive,” he said. “Second, treatment of carried interest would affect the pricing of development transactions which, in turn, would have negative implications for capital flowing into real estate development.”

The bottom line, Catalde said, is that a tax increase on real estate entrepreneurs across the country of more than 133 percent would have a pervasively damaging impact on jobs, economic growth and the tax base

http://nationalrealtynews.com/content/templates/standard.aspx?articleid=654&zoneid=2

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.
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A/I: A contract that is pending with attorney and inspection contingencies.

Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.

Addendum: An addition to; a document.

Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.
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Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appointments: Those times or time periods an agent shows properties to clients.

Appraisal: A document of opinion of property value at a specific point in time.

Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.

?As-is?: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.

Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.
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Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.

Back-up agent: A licensed agent who works with clients when their agent is unavailable.

Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.

Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.

Bill of sale: Transfers title to personal property in a transaction.

Board of REALTORS? (local): An association of REALTORS? in a specific geographic area.

Broker: A state licensed individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.

Broker’s market analysis (BMA): The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.

Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.

Buyer: The purchaser of a property.

Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.
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Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).

Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.

CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry’s national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable, and in some cases not even insurable.

Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer may also be required to pay a commission to his or her agent.

Commission split: The percentage split of commission compen-sation between the real estate sales brokerage and the real estate sales agent or broker.

Competitive Market Analysis (CMA): The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.

Condominium association: An association of all owners in a condominium.

Condominium budget: A financial forecast and report of a condominium association’s expenses and savings.

Condominium by-laws: Rules passed by the condominium association used in administration of the condominium property.
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Condominium declarations: A document that legally establishes a condominium.

Condominium right of first refusal: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.

Condominium rules and regulation: Rules of a condominium association by which owners agree to abide.

Contingency: A provision in a contract requiring certain acts to be completed before the contract is binding.

Continue to show: When a property is under contract with contingencies, but the seller requests that the property continue to be shown to prospective buyers until contingencies are released.

Contract for deed: A sales contract in which the buyer takes possession of the property but the seller holds title until the loan is paid. Also known as an installment sale contract.

Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.

Cooperating commission: A commission offered to the buyer’s agent brokerage for bringing a buyer to the selling brokerage’s listing.

Cooperative (Co-op): Where the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condo is in a co-op, one owns shares in a corporation; in a condo one owns the unit fee simple.

Counteroffer: The response to an offer or a bid by the seller or buyer after the original offer or bid.

Credit report: Includes all of the history for a borrower’s credit accounts, outstanding debts, and payment timelines on past or current debts.

Credit score: A score assigned to a borrower’s credit report based on information contained therein.

Curb appeal: The visual impact a property projects from the street.
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Days on market: The number of days a property has been on the market.

Decree: A judgment of the court that sets out the agreements and rights of the parties.
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Disclosures: Federal, state, county, and local requirements of disclosure that the seller provides and the buyer acknowledges.

Divorce: The legal separation of a husband and wife effected by a court decree that totally dissolves the marriage relationship.

DOM: Days on market.

Down payment: The amount of cash put toward a purchase by the borrower.

Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.

Dual agent: A state-licensed individual who represents the seller and the buyer in a single transaction.

Earnest money deposit: The money given to the seller at the time the offer is made as a sign of the buyer’s good faith.

Escrow account for real estate taxes and insurance: An account into which borrowers pay monthly prorations for real estate taxes and property insurance.
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Exclusions: Fixtures or personal property that are excluded from the contract or offer to purchase.

Expired (listing): A property listing that has expired per the terms of the listing agreement.

Fax rider: A document that treats facsimile transmission as the same legal effect as the original document.

Feedback: The real estate sales agent and/or his or her client’s reaction to a listing or property. Requested by the listing agent.

Fee simple: A form of property ownership where the owner has the right to use and dispose of property at will.

FHA (Federal Housing Administration) Loan Guarantee: A guarantee by the FHA that a percentage of a loan will be underwritten by a mortgage company or banker.

Fixture: Personal property that has become part of the property through permanent attachment.

Flat fee: A predetermined amount of compensation received or paid for a specific service in a real estate transaction.

For sale by owner (FSBO): A property that is for sale by the owner of the property.

Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.
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Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.
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Gross sale price: The sale price before any concessions.

Hazard insurance: Insurance that covers losses to real estate from damages that might affect its value.

Homeowner’s insurance: Coverage that includes personal liability and theft insurance in addition to hazard insurance.
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HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing.

Hybrid adjustable rate: Offers a fixed rate the first 5 years and then adjusts annually for the next 25 years.

IDX (Internet Data Exchange): Allows real estate brokers to advertise each other’s listings posted to listing databases such as the multiple listing service.

Inclusions: Fixtures or personal property that are included in a contract or offer to purchase.

Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent does not receive salary or benefits from the broker.
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Inspection rider: Rider to purchase agreement between third party relocation company and buyer of transferee’s property stating that property is being sold ?as is.? All inspection reports conducted by the third party company are disclosed to the buyer and it is the buyer’s duty to do his/her own inspections and tests.

Installment land contract: A contract in which the buyer takes possession of the property while the seller retains the title to the property until the loan is paid.

Interest rate float: The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate.
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Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock.

List date: Actual date the property was listed with the current broker.

List price: The price of a property through a listing agreement.

Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings.

Listing agent: The real estate sales agent that is representing the sellers and their property, through a listing agreement.

Listing agreement: A document that establishes the real estate agent’s agreement with the sellers to represent their property in the market.
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Listing appointment: The time when a real estate sales agent meets with potential clients selling a property to secure a listing agreement.

Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with a broker.

Loan: An amount of money that is lent to a borrower who agrees to repay the amount plus interest.

Loan application: A document that buyers who are requesting a loan fill out and submit to their lender.
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Loan closing costs: The costs a lender charges to close a borrower’s loan. These costs vary from lender to lender and from market to market.

Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest rate for a specific period of time. The loan commitment may also contain conditions upon which the loan commitment is based.
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Loan package: The group of mortgage documents that the borrower’s lender sends to the closing or escrow.

Loan processor: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer’s funds and the borrower’s loan for closing.
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Loan underwriter: One who underwrites a loan for another. Some lenders have investors underwrite a buyer’s loan.

Lockbox: A tool that allows secure storage of property keys on the premises for agent use. A combo uses a rotating dial to gain access with a combination; a Supra? (electronic lockbox or ELB) features a keypad.

Managing broker: A person licensed by the state as a broker who is also the broker of record for a real estate sales office. This person manages the daily operations of a real estate sales office.
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Marketing period: The period of time in which the transferee may market his or her property (typically 45, 60, or 90 days), as directed by the third-party company’s contract with the employer.
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Mortgage banker: One who lends the bank’s funds to borrowers and brings lenders and borrowers together.

Mortgage broker: A business that or an individual who unites lenders and borrowers and processes mortgage applications.

Mortgage loan servicing company: A company that collects monthly mortgage payments from borrowers.

Multiple listing service (MLS): A service that compiles available properties for sale by member brokers.

Multiple offers: More than one buyers broker present an offer on one property where the offers are negotiated at the same time.

National Association of REALTORS? (NAR): A national association comprised of real estate sales agents.

Net sales price: Gross sales price less concessions to the buyers.

Off market: A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.

Offer to purchase: When a buyer proposes certain terms and presents these terms to the seller.

Office tour/caravan: A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.
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Parcel identification number (PIN): A taxing authority’s tracking number for a property.

Pending: A real estate contract that has been accepted on a property but the transaction has not closed.

Personal assistant: A real estate sales agent administrative assistant.

Planned unit development (PUD): Mixed-use development that sets aside areas for residential use, commercial use, and public areas such as schools, parks, and so on.
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Preapproval: A higher level of buyer/borrower prequalification required by a mortgage lender. Some preapprovals have conditions the borrower must meet.

Prepaid interest: Funds paid by the borrower at closing based on the number of days left in the month of closing.
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Prepayment penalty: A fine imposed on the borrower by the lender when the loan is paid off before it comes due.

Prequalification: The mortgage company tells a buyer in advance of the formal mortgage application, how much money the borrower can afford to borrow. Some prequalifications have conditions that the borrower must meet.

Preview appointment: When a buyer’s agent views a property alone to see if it meets his or her buyer’s needs.

Pricing: When the potential seller’s agent goes to the potential listing property to view it for marketing and pricing purposes.

Principal: The amount of money a buyer borrows.

Principal, interest, taxes, and insurance (PITI): The four parts that make up a borrower’s monthly mortgage payment. Private mortgage insurance (PMI): A special insurance paid by a borrower in monthly installments, typically of loans of more than 80 percent of the value of the property.
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Professional designation: Additional nonlicensed real estate education completed by a real estate professional.

Professional regulation: A state licensing authority that oversees and disciplines licensees.
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Promissory note: A promise-to-pay document used with a contract or an offer to purchase.

R & I: Estimated and actual repair and improvement costs.

Real estate agent: An individual who is licensed by the state and who acts on behalf of his or her client, the buyer or seller. The real estate agent who does not have a broker’s license must work for a licensed broker.

Real estate contract: A binding agreement between buyer and seller. It consists of an offer and an acceptance as well as consideration (i.e., money).

REALTOR?: A registered trademark of the National Association of REALTORS? that can be used only by its members.
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Release deed: A written document stating that a seller or buyer has satisfied his or her obligation on a debt. This document is usually recorded.

Relist: Property that was listed with another broker but relisted with a current broker.

Rider: A separate document that is attached to a document in some way. This is done so that an entire document does not need to be rewritten.
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Salaried agent: A real estate sales agent or broker who receives all or part of his or her compensation in real estate sales in the form of a salary.

Sale price: The price paid for a listing or property.

Seller (owner): The owner of a property who has signed a listing agreement or a potential listing agreement.
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Showing: When a listing is shown to prospective buyers or the buyer’s agent (preview).

Special assessment: A special and additional charge to a unit in a condominium or cooperative. Also a special real estate tax for improvements that benefit a property.

State Association of REALTORS?: An association of REALTORS? in a specific state.

Supra?: An electronic lockbox (ELB) that holds keys to a property. The user must have a Supra keypad to use the lockbox.

Temporarily off market (TOM): A listed property that is taken off the market due to illness, travel, needed repairs, and so on.
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Temporary housing: Housing a transferee occupies until permanent housing is selected or becomes available.

Transaction: The real estate process from offer to closing or escrow.

Transaction management fee (TMF): A fee charged by listing brokers to the seller as part of the listing agreement.

Transaction sides: The two sides of a transaction, sellers and buyers. The term used to record the number of transactions in which a real estate sales agent or broker was involved during a specific period.

24-hour notice: Allowed by law, tenants must be informed of showing 24 hours before you arrive.

Under contract: A property that has an accepted real estate contract between seller and buyer.

VA (Veterans Administration) Loan Guarantee: A guarantee on a mortgage amount backed by the Department of Veterans Affairs.

Virtual tour: An Internet web/cd-rom-based video presentation of a property.

VOW’s (Virtual Office web sites): An Internet based real estate brokerage business model that works with real estate consumers in same way as a brick and mortar real estate brokerage.

W-2: The Internal Revenue form issued by employer to employee to reflect compensation and deductions to compensation.
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W-9: The Internal Revenue form requesting taxpayer identification number and certification.

Walk-through: A showing before closing or escrow that permits the buyers one final tour of the property they are purchasing.

Will: A document by which a person disposes of his or her property after death.

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Crist rents a downtown St. Petersburg condominium and, of course, he has use of a mansion near the Capitol. But for months on the campaign trail he promised to reduce property taxes and has made the issue one of his highest priorities since taking office in January.

That’s why the governor will be making a huge push to get support for the Jan. 29 ballot question that would double the homestead exemption and place a 10 percent assessment cap on all properties.

But some of Crist’s fellow Republicans say the average estimated saving of $240 a year per homeowner is too little. And cities, counties and the state’s largest teachers union argue that the measure will mean cuts in services and hurt schools.

“When you have to go up to New York and do a fundraiser with Donald Trump to finance a campaign down here, it may be a signal about who benefits the most,” said Mark Pudlow, a spokesman for the Florida Education Association.

Organizers would not say how much the event raised, but the cost to attend was $1,000 and larger checks were expected during and after the fundraiser.

The proposed amendment would double exemptions on primary homes to $50,000. It would also cap assessments on other properties _ businesses, rentals and second homes like Trump’s Palm Beach mansion, which is appraised at $58 million.

In 2005, the assessed value of Trump’s mansion was $41.4 million. It jumped to $56 million the next year, or a 35 percent increase. Had the cap been in place, his tax would have been based on a $45.5 million assessment in 2006.

Instead, his taxes increased from nearly $796,000 in 2005 to more than $1.03 million the next year, an amount that would have been lower had the cap lowered his assessment.

“It’s substantial taxes, and under the new plan that will come down, but more importantly it will come down for people who really need help,” Trump said.

The amendment will also let homeowners take at least part of the benefits they get from the existing 3 percent assessment cap on primary homes when they move. And it would give businesses a $25,000 exemption for equipment and other property.

Crist emphasized the “portability” aspect of the bill, saying it will help people who feel trapped in their homes because taxes on a new property would be too high.

“If you’re a young family and you want to go into a home that’s larger so you can raise more children, you might be able to afford the dwelling but you don’t do it because you lose that 3 percent cap. Portability is huge in this thing,” Crist said.

With a recently enacted requirement that 60 percent of voters approve ballot questions instead of a majority, it will be that much more difficult to pass the amendment.

Business interests will be pumping money into the effort to reach voters, many of whom are unfamiliar with the details of the proposal.

The Florida Association of Realtors has already donated $1 million, and the Florida Chamber of Commerce and Associated Industries of Florida are also backing it.

At least one group that has been pushing for even more cuts and a 1.25 percent cap on property assessments is also raising money to try to pass the amendment, even though they aren’t entirely happy with it.

“The biggest issue that we have right now is that they don’t think this goes far enough,” said Brett Doster, a political consultant that is working with Floridians for Property Tax Reform.

But the measure is a start and better than no relief, said Doster.

“There’s widespread belief that the leadership in the state of Florida let us down and we need to come back for some more,” he said.

The teachers union is considering banding with other groups, such as the American Federation of State, County and Municipal Employees, to fight back against the banks, developers and real estate agents who will be contributing to a television ad campaign.

But they realize that they will probably be outspent.

“We’re not going to go toe-to-toe with the business interests in a TV ad campaign,” Pudlow said.

Instead, the groups will try to educate their members and encourage them to talk to friends, family and neighbors about the amendment.

The groups also recognize that they might have to save resources for future property tax fights, with proposals to put larger cuts and smaller caps on the November ballot.

http://www.fool.com/news/associated-press/2007/12/07/crist-trump-raise-cash-for-amendment.aspx

Another Viewpoint of This Issue - Involving Mr. Trump

Donald Trump, who pays $1 million a year on a single Palm Beach County mansion, helped Gov. Charlie Crist raise money Thursday for a ballot question that could cap all property taxes while providing cuts for most homeowners.
“The press just told me I pay over $1 million a year on one house in real estate taxes in Florida. I didn’t even know. I said, ‘Really? I pay that much?’” Trump told a crowd of about 40 while standing next to Crist in a Trump Tower office. “Hopefully that sucker will come down a little bit.”
Crist personally won’t see any immediate savings if the property tax cut on next month’s presidential primary ballot is passed. The political value, though, is worth more than the $240 he’d get to keep if he owned a home.
Crist rents a downtown St. Petersburg condominium and, of course, he has use of a mansion near the Capitol. But for months on the campaign trail he promised to reduce property taxes and has made the issue one of his highest priorities since taking office in January.
That’s why the governor will be making a huge push to get support for the Jan. 29 ballot question that would double the homestead exemption and place a 10 percent assessment cap on all properties.
But some of Crist’s fellow Republicans say the average estimated saving of $240 a year per homeowner is too little. And cities, counties and the state’s largest teachers union argue that the measure will mean cuts in services and hurt schools.
“When you have to go up to New York and do a fundraiser with Donald Trump to finance a campaign down here, it may be a signal about who benefits the most,” said Mark Pudlow, a spokesman for the Florida Education Association.
Organizers would not say how much the event raised, but the cost to attend was $1,000 and larger checks were expected during and after the fundraiser.
The proposed amendment would double exemptions on primary homes to $50,000. It would also cap assessments on other properties — businesses, rentals and second homes like Trump’s Palm Beach mansion, which is appraised at $58 million.
In 2005, the assessed value of Trump’s mansion was $41.4 million. It jumped to $56 million the next year, or a 35 percent increase. Had the cap been in place, his tax would have been based on a $45.5 million assessment in 2006.
Instead, his taxes increased from nearly $796,000 in 2005 to more than $1.03 million the next year, an amount that would have been lower had the cap lowered his assessment.
“It’s substantial taxes, and under the new plan that will come down, but more importantly it will come down for people who really need help,” Trump said.
The amendment will also let homeowners take at least part of the benefits they get from the existing 3 percent assessment cap on primary homes when they move. And it would give businesses a $25,000 exemption for equipment and other property.
Crist emphasized the “portability” aspect of the bill, saying it will help people who feel trapped in their homes because taxes on a new property would be too high.
“If you’re a young family and you want to go into a home that’s larger so you can raise more children, you might be able to afford the dwelling but you don’t do it because you lose that 3 percent cap. Portability is huge in this thing,” Crist said.
With a recently enacted requirement that 60 percent of voters approve ballot questions instead of a majority, it will be that much more difficult to pass the amendment.
Business interests will be pumping money into the effort to reach voters, many of whom are unfamiliar with the details of the proposal.
The Florida Association of Realtors has already donated $1 million, and the Florida Chamber of Commerce and Associated Industries of Florida are also backing it.
At least one group that has been pushing for even more cuts and a 1.25 percent cap on property assessments is also raising money to try to pass the amendment, even though they aren’t entirely happy with it.
“The biggest issue that we have right now is that they don’t think this goes far enough,” said Brett Doster, a political consultant that is working with Floridians for Property Tax Reform.
But the measure is a start and better than no relief, said Doster.
“There’s widespread belief that the leadership in the state of Florida let us down and we need to come back for some more,” he said.
The teachers union is considering banding with other groups, such as the American Federation of State, County and Municipal Employees, to fight back against the banks, developers and real estate agents who will be contributing to a television ad campaign.
But they realize that they will probably be outspent.
“We’re not going to go toe-to-toe with the business interests in a TV ad campaign,” Pudlow said.
Instead, the groups will try to educate their members and encourage them to talk to friends, family and neighbors about the amendment.
The groups also recognize that they might have to save resources for future property tax fights, with proposals to put larger cuts and smaller caps on the November ballot.
“The quest for resources is potentially a major problem,” he said. “Frankly we don’t think this is going to be the last thing we have to concern ourselves with in 2008.”
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ou know what they say about polls.  Still, a recent one is an interesting temperature reading for the new economy Overseas investors in United States real estate prefer retail versus office or industrial space right now, according to a recent issue of Commercial Property News,This is just one conclusion in a survey that examined the influence of the current housing slump on the economy and consumer spending.  Nearly 200 members of the Association of Foreign Investors in Real Estate (AFIRE) revised their favored property rankings from the previous year.Retail soared to first from fifth place, while hotels fell from second to fourth place  Office space plunged from first place to last. “While foreign investors are aware of the high occupancy and rental-rate increases in the office market, they fear that the credit crunch will cause tenants to lay people off and contract their space needs,” reported Karin Shewer, a principal for New York City-based Real Estate Capital Partners, which advises European investors about American real estate markets.Shewer says multifamily’s lack of popularity is the result of a growing uneasiness with the United States condominium market.“Another issue with multifamily is that cap rates are very low right now and returns are limited,” Shewer said. The strong preference for hotels relates to aging baby boomers.According to Shewer, “A lot of baby boomers will inherit from parents who were conservative savers, and as they move toward retirement, they will have more time to travel, and they will occupy hotels.”So why retail at the top?Dan Fasulo, managing director for Real Capital Analytics, Inc., notes that “Retail is a diverse property type with many sub-niches.What these investors might be referencing is high-end urban luxury retail.We have seen a boom like never before in high-fashion apparel, jewelry and other upscale specialty stores that have been expanding globally as the worldwide economic expansion has driven up disposable incomes of affluent people around the world.”The AFIRE survey also found that foreign investors still prefer American real estate to that in other countries.To illustrate, AFIRE’s members collectively own $700 billion worth of real estate worldwide; $230 billion of that is invested in the United States.Lastly, AFIRE members were asked to rank their favorite cities for investment.New York City and Washington, D.C., took first and second place.London, Paris and Shanghai completed the list.

http://www.altergroup.com/blog/index.php/general/foreign-investors-like-luxury/

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“In sending this bill to the president, Congress made a good decision today that will affect many Americans who find themselves in a truly bad situation,” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “As the leading advocate for housing issues, NAR believes that changing the IRS code is an issue of fundamental fairness. It will relieve a tax burden at a time when an individual or family has experienced a true economic loss arising from the sale or loss of their home. These people are already in financial distress and are most likely unable to pay additional taxes.”

NAR is committed to continuing efforts to make the horror of losing a home less burdensome for families. “This is not only about the subprime turmoil we are currently experiencing. This is about families where job loss, divorce, health issues, a drop in the value of the home or other unfortunate circumstances have caused them to lose their home or have to sell that home for less than the amount owed. Clearly, it is unfair to tax people on a phantom income when they most likely have no cash with which to pay the tax,” said Gaylord.

The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less then was borrowed, that difference is considered income and is subject to the tax.

The Mortgage Cancellation Tax Relief Act would ensure that any debt forgiven on any mortgage debt secured by a principal residence will not be taxed. The legislation includes a provision to safeguard against abuses. The provision, similar to one that already exists for commercial real estate owners, would treat commercial and residential property equally.

http://nationalrealtynews.com/content/templates/standard.aspx?articleid=698&zoneid=2

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localities all offer home opportunity programs (H.O.P) through a multitude of means. These are actually our tax dollars at work! Many counties and cities offer down payment assistance programs, these programs increase ones buying power. While the federal and state governments provide affordable and stable financing through low interest rate loans. The majority, but not all, of the programs are intended for first time homebuyers (FTHB) and/or low to moderate-income buyers without a down payment. Buyers are encouraged to use these programs in conjunction with one another. They also provide funds to cover closing costs and to help rehabilitate the property if the property is somewhat distressed.

The federal government has an entire department dedicated to housing development – HUD (Housing and Urban development). Most are familiar with their FHA loans program, which for many years was the primary method used by Americans to purchase their home. These are still used by many people, but they have limitations that make it impossible for many residents of communities where the average price of homes are priced above the price limits set by HUD. The government has another department to help as well, FANNIE MAE. Fannie Mae offers a multitude of programs for home ownership; one of the most used programs is the MY COMMUNITY MORTGAGE (MCM).

MCM loans tend to be more flexible than FHA loans. MCM loans have higher loan limits, higher debt-to-income ratio allowances, zero down payment and less property restrictions. There are income limits; however, they can be waived under certain circumstances. MCM loans can also be combined with down payment assistance programs provided by counties or cities. Other programs offered with low or no down payments, by the Federal government are the “Flex “programs.

The State of California also offers first and second mortgages for homebuyers. Through the CALHFA program, California can offer its citizens low interest rate loans with no money down. They also have “jr.” liens available for down payments, closing costs, and/or rehabilitation of the property. For various professions they have even lower interest rates available. In addition to the low interest rate, they also have higher loan limits (much more suitable for the higher priced communities of California), higher debt-to-income ratio allowances, and liberal income limits. These loans can also be used in conjunction with down payment assistance programs. These loans are available throughout the state of California. Other states have similar programs, for information on any specific state, go to that states’ website.

Throughout the state, many local communities have grants and low interest and deferred payment loans available, for people to use towards down payments. What this does is increase the buying power of the consumer. For instance, the city of Los Angeles has an excellent down payment assistance program, in which they will provide up to $90,000 to be used as a down payment. Therefore, if you qualify for and can obtain a loan for $300,000 you could purchase a home for $390,000. You would not be required to make payments on the $90,000, just on the $300,000; if you utilize the CALHFA or the MCM loan you would qualify for more than the $300,000, because of the lower interest rates. This example demonstrates the L.A. program, but many other cities and counties have funds available and they all work pretty much the same. Within the California, contact myself Melvin Burrell at melvinb@caploanrealty.com or go to www.capitalloanspecialists.com and contact any of the loan specialists for assistance. Outside California go to your city’s city hall or the website and search housing”.

These programs are all designed to provide people the opportunity of achieving the ultimate dream of home ownership. They do this by providing affordable mortgages and down payment assistance with deferred payments allowing people to work within their means and still have the pride of ownership. Therefore, it behooves all who aspire to turn the dream into realty to seek out a qualified professional to guide them through the path to their home. Many people believe that they are just not qualified, but the reality is that many people are qualified. Do not procrastinate, these are programs that are funded and as with all programs that are funded, once the funds run out, we must wait for more funding. If more information is needed please go to www.capitalloanspecialists.com

http://www.americanchronicle.com/articles/44923

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1. Buying real estate now, at rock bottom prices, you will have the opportunity to see your money grow as your equity grows. The huge amount of people facing foreclosure will keep them out of the house-buying market for about 7 years. That will be 7 years of a booming rental market where you should have few problems finding qualified tenants to make your mortgage payments for you.

2. You can always sell it if you need cash. When you buy real estate low enough, you have the comfort of knowing that you can always sell it quickly if you need to.

3. Tax deductions! There are a lot of ways to deduct taxes from investment properties. Did you know that you can write off DEPRECIATION from a rental property that produces an income?

4. Snag that smaller place just incase. You may be living in that big house and the kids are leaving for college. You want to downsize but now just isn’t the time for you to move out. Take advantage of todays low prices and lock in that dream cottage! Go ahead and buy it, enjoy the tax breaks and the positive cash flow from a renter while you wait. When the time is right and you’re ready to move, you already have plenty of equity in the house. You can either enjoy that in the form of a home equity loan, keep it where it is or even use it to refinance so that your monthly payments are much, much lower.

http://mbradford.blogspot.com/2007/12/retirement-with-real-estate.html

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