On April 14, 2010, Fannie Mae released Announcement SEL-2010-05 revising its rules regarding the eligibility of a borrower to obtain a new mortgage after a preforeclosure event (a short sale (also known as a preforeclosure sale) or a deed-in-lieu of foreclosure). Fannie Mae has changed the waiting period for these borrowers, and added variations depending on the loan-to-value ratio (LTV) and whether there are extenuating circumstances. For a consumer with a prior short sale or a deed-in-lieu of foreclosure without an extenuating circumstance, the new waiting periods are 2 years with a 80% maximum LTV, 4 years with a 90% maximum LTV, and 7 years otherwise. If there are extenuating circumstanc ...
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© Mackinac Center for Public Policy 2010Byline:  James M. Hohman, fiscal policy analyst Ask Michigan legislators right now whether there will be a tax increase this year, and they're likely to say the same thing: A tax increase is dead this year. But Gov. Jennifer Granholm's proposal to extend Michigan's current sales tax to services will be under consideration until the governor leaves office in December, and it will become more attractive to legislators as Michigan's balanced budget deadline of Oct. 1 looms closer. Michigan taxpayers should therefore know that this bad policy idea is based on phantom facts. The stability of Michigan’s current sales tax ...
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©St. Louis Post-Dispatch 2010 Thirty-eight states assess a tax when you sell a home. Missouri's real estate agents want to make sure their state never makes it 39.The "Vote YES to Stop Double Taxation Committee" — funded by state and national real estate trade groups — said it submitted "tens of thousands" of signatures Sunday to put a constitutional amendment on the November ballot that would prohibit transfer or sales taxes on real estate in Missouri. Read more. ...
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Last week, the House Committee on Financial Services approved several property insurance reform bills which will now move to the floor of the full House of Representatives for consideration: H.R. 2555: "Homeowners' Defense Act" (Klein, D-FL) would provide for a federal reinsurance and loan guarantee program to help stabilize insurance rates for states that implement mitigation and building code programs and meet stringent credit-risk requirements. Without stable funding alternatives, states must maintain artificially inflated rates to hedge against risk in an increasingly volatile global reinsurance market.  H.R. 5114: "Flood Insurance Reform Priorities Act" (Wat ...
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The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010.  The small business tax credit is one of the first provisions in the law to take effect and was designed specifically to assist small employers who pay at least half the cost of single coverage for their employees in 2010. The IRS estimates that more than 4 million small businesses and tax-exempt organizations nationwide are eligible for the credit.For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers (those with 10 or fewer full-time equivalent employees that ...
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New home sales improved in March at the fastest single-month rate in 47 years, according to a government report released Friday, as buyers snatched up properties ahead of the tax credit that's set to expire. New-home sales rose 26.9% to a seasonally adjusted annual rate of 411,000 last month, compared to an upwardly revised annual rate of 324,000 in February, the Census Bureau said. The gain snapped a four-month streak of declines. ...
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Word that the State of New York is even considering hiking real estate transfer fees on homes does not sit well with Erie County Clerk Kathy Hochul.  In 2009, Erie County homebuyers paid nearly $8 million in transfer tax fees to the State of New York. The proposed 5% fee increase would drain an additional $400,000 from Erie County annually. According to Hochul, who has seen a spike in real estate activity with the Federal homebuyer tax credits, the proposed fees would undercut the benefits of these tax incentives. “While the Federal government is giving breaks to stimulate homeownership and car sales, there is a proposal to reach even deeper into consumers’ pockets ...
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It's not surprising that Michiganders uniquely identify with the beauty and value of water. Our state is home to 11,000 inland lakes and thousands of miles of rivers and streams. It is surrounded by the Great Lakes, which comprise nearly 20% of the world's fresh water.Most residents also recognize that private property rights are a bedrock principle of a free people. They're guaranteed by both the U.S. and Michigan constitutions. Unfortunately, House Bill 5319, introduced by Rep. Dan Scripps, D-Leland, is a direct threat to those rights.This bill would place groundwater in the public trust and would be the single biggest taking of private property in Michigan's history. The r ...
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In general, commercial real estate, like its residential cousin, appears to have found somewhat of a bottom. Read more. ...
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©Flathead Beacon 2010A small group gathered on the steps of the old Flathead County courthouse building in Kalispell earlier this week to kick off an effort to put a measure on the ballot in November that would prohibit a tax on real estate sales and transfers. John Sinrud, government affairs director for the Northwest Montana Association of Realtors, was joined by Denise Smith of the Flathead Business and Industry Association and several local Realtors to announce the formation of the Coalition to Prevent Double Taxation. The group’s Web site, http://www.preventthedoubletax.com, boasts suppo ...
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