NAR: Indexing is OK
November 17, 2009
This week, NAR officially approved indexing of websites by search engines as an acceptable use of IDX data. Here is a summary from REALTOR.org:
NAR’s Board of Directors:
“Amended the Multiple Listing and Internet Data Exchange Policy to conform to NAR virtual office Web site (VOW) policy and to make clear that participants may not use IDX-provided listings for purposes other than display on their Web sites but are not required to prevent indexing of their Web sites by recognized search engines.”
This is a clarification that was brought to the forefront when MIBOR (Metro Indy Board of REALTORS) sought to force their members with sites that indexed listings de-index them from major search engines such as Google, Yahoo, and etc.
$8,000 Tax Credit For First Time Buyers Extended To June 2010
November 6, 2009
In what is an epic win for the real estate industry and upcoming home buyers, the $8,000 tax credit for first time buyers was extended earlier today. The new credits work like this:
What You Should Know About The $8,000 Tax Credit
- Must be in contract by end of April 2010 and close by June 2010 to receive the $8,000 tax credit.
- Must be a first time home buyer.
- Single buyers are eligible if they make up to $125,000 per year, up from $75,000 in the previous credit and couples (who file a joint tax return) up to $225,000, up from $150,000 this past year.
- Maximum purchase price cannot exceed $800,000.
Newly introduced is the $6,500 tax credit for home sellers who have occupied their homes as a primary residence for five consecutive years within the past eight years.
What You Should Know About The $6,500 Tax Credit
- Maximum purchase price cannot exceed $800,000.
- If you sell your new home purchase or cease to use it as a primary residence within three years of purchasing you must repay the $6,500 tax credit. [Source]
- Must purchase a home by end of April 2010.
What do you think of the new and improved home buying tax credit? Will it be a boon to the real estate industry or end up killing sales for 2011?
Be sure to consult with your accountant/tax professional to learn more about the pros/cons and your eligibility for the new tax credit.
Could there be a Tax Incentive in the works for Commercial Real Estate
October 25, 2009
We have all witnessed how proactive the Federal government can be. Cash for Clunkers, the First Time Home Buyer Tax Credit are successful examples. It is no secret that the commercial real estate market is experiencing the same problems as the residential side has. Commercial properties are going into foreclosure, new loans are getting more and more difficult to obtain and large projects are being stalled or canceled.
In an article on Wall Street Journal, Phil Izzo brings up an interesting point citing the Federal Reserve’s latest beige book. The Feds are getting increasingly concerned about the state of the commercial market (as they well should be). Whenever the Feds get overtly concerned about something, they tend to act (at least the new administration has). He notes that the only sectors that show any grow are all federal projects supported by stimulus dollars.
The numbers show that the First Time Home Buyer tax credit has helped sales in the residential market over past several months.
So….is it too far fetched to think that the government may try to offer the something similar in the commercial market to stimulate sales?
RE/MAX and Heart Financial work to streamline short sales
October 21, 2009
In a press release, it was announced that RE/MAX International and Heart Financial are now working together to streamline the short sale process.
“It’s unfortunate that the Short Sale process has been so difficult to navigate in this marketplace,” says Dave Liniger, Chairman and Co-Founder of RE/MAX International. “We’ve been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start.”
At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure. Lenders that offer loan modifications to their at-risk borrowers will be invited to participate in this new Short Sale program.
Realogy sells OpenHouse.com to Scripps Networks
October 19, 2009
In a move widely touted as a good deal for HGTV, Scripps Network announced that they have purchased OpenHouse.com from Realogy. It was also indicated that they will provide content to it at least partially via an existing arrangement with FrontDoor.com.
What is next for OpenHouse.com? Only time will tell…
How much did Realogy sell OpenHouse.com to Scripps for has not been disclosed at this time.
The Pros Advantage – WARNING! BEWARE!
October 17, 2009
The internet is truly a wonderful thing. The easy access to information and sharing of ideas with others provides a venue that has never been equaled. Unfortunately along with it, you also have a bad element of persons that want to essentially mug you, steal your products and information, and sell them as their own to others for profit.
Which brings us to the case of The Pros Advantage and David Bigham
. The Pros Advantage has apparently attempted to steal a website design/architecture from Real Estate Webmasters, and then sold that design to David Bigham (a real estate agent in Minnesota) for his use at a steep discount. In this particular case, The Pros Advantage forgot to “file off the serial numbers” in the code that they stole. So when the website went live, they left a Real Estate Webmasters copyright in the code. [I'm sure they are aware of that mistake by now, and have probably removed the copyright for Real Estate Webmasters - but, its already been documented & screenshotted so that even with its removal, it will only provide further evidence that they are attempting to cover up the fact that they stole the design.]
At this point, it is unclear as to the level of involvement David Bigham has in this transaction. One would think that he was probably an innocent victim and would want to do the right thing by joining forces with Morgan Carey & Real Estate Webmasters to get The Pros Advantage to remove the offending site, and provide a full refund. A quick change to the DNS (a Domain Name Server is what tells the internet which website to display) would have shown good faith on David’s part to want to resolve the situation. David own’s the URL / Domain, and a quick log in to his registrar would have allowed him to quickly remove the stolen property from being displayed.
Instead, it appears that either he is truly clueless as to how the whole internet thing works – or he has been conspiring in some fashion with The Pros Advantage from the start. In various commentary with Morgan, David has taken numerous positions ranging from threats of involving a Trademark and Web Attorney, to how he as the owner of the URL/domain is unable to change the DNS, to demanding Morgan & Real Estate Webmasters take legal action by sending a letter from their attorney. (That last one is particulary ridiculous. This is like asking someone to start firing a gun at you.)
So for all persons considering using The Pros Advantage – Warning! Beware! You too could be the recipient of stolen property by being a client of theirs.
Commercial Real Estate Market Prices Falling
September 23, 2009
As many experts have been predicting for months, the commercial real estate market is suffering deep declines in prices. Moody’s Investor services reported Monday that sales volume remains low. The Moody’s/REAL Commercial Property Price Indices (CPPI) Beach Kings buy released on September 21st showed a “Steep decline” of 5.1%. Since its peak in October of 2007, the CPPI has slid 39 percent.
According to Bloomberg, many experts are predicting that commercial sales will fall to an 18 year low this year. This comes as no surprise as the commercial market mirrors the US Economy. The Moody’s Report indicates that commercial prices in the south have seen some of the steepest declines. In the Sarasota real estate market, we are seeing more vacancies on commercial properties including office, retail and industrial spaces. The commercial slump can be attributed to the weak economy, tight financing and declining property values.
Many economists believe we are looking at a long, slow recovery. However, there is some light at the end of the tunnel. Economists for the Conference Board believe that the U.S. Recession is bottoming out after its fifth straight month of increase in leading economic indicators. “These numbers are consistent with the view that, after a very severe downturn, a recovery is very near,” said Ken Goldstein, economist for the Conference Board. порно скочать бес платно
Extended Home Buyer Tax Credit Gaining Momentum
September 17, 2009
Remember Johnny Isakson? He’s the Georgia Senator who introduced the The Home Buyer Tax Credit Act of 2009 in June of this year which would have increased the first time buyer tax credit from $8,000 to $15,000. It would have also removed the restriction that the tax credit could be used by first time home buyers only. That bill was defeated in a 47-50 Senate vote in August but that hasn’t stopped Isakson from pushing to extend the current tax credit past its November 30th expiration.
Senator Isakson, former president of Northside Realty in Cobb County, Georgia, says he is “talking to everybody and anybody” to extend the $8,000 tax credit and affirms that not doing so would “protract and extend the recession” just as we enter the downtime of the real estate buying season over the winter months.
Real estate industry professionals ranging from real estate agents to mortgage brokers and everyone in between can attest to the uptick in home sales due, in part, to the $8,000 first time buyer tax credit. According to Lawrence Yun, NAR’s Chief Economist, the $8,000 tax credit has been used to purchase approximately 1.2 million homes so far this year.
Lending serious consideration to the tax credit’s extension is Whitehouse spokesperson Robert Gibbs’ statement earlier today. Gibbs said President Barack Obama’s economic team is evaluating the effect of the tax credit on new home sales prior to their recommendation on how to proceed to the President.
Not everyone is in favor of the tax credit seeing continued light of day as indicated by many unfavorable comments in The Boston Globe’s article on the subject. Opinions aside, there may simply be no money left to pay for an extended home buyer tax credit at a time when Congress is facing budget deficits in excess of $1 trillion dollars.
Do you think the U.S. government should continue providing $8,000 to eligible first time home buyers or is the entire tax credit a bad idea? How would you change the tax credit?
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A New Wave of Mortgages Set To Default
September 14, 2009
I was surfing the web yesterday and came across this YouTube video of a 60 minutes episode that must have aired recently. The episode was concerning a new wave of adjustable rate mortgages called option mortgages. These mortgages grew in popularity the last few years due to its payment flexibility. A borrower can choose to make payments that are less then the interest due on the mortgage. From a borrowers perspective this seems like a great deal. But According to TheTruthAboutMortgage.com:
What many borrowers may not understand is that paying the minimum payment each month is simply a way of deferring the interest, not avoiding it altogether. By paying the minimum payment each month, the accrued interest eventually stacks up against the borrower, while effectively building zero equity. And after five years of paying the minimum payment, the borrower would have a loan balance above their original balance without the flexibility of the minimum payment option. попки порно онлайн
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What’s even worse is that many borrowers are currently defaulting on their 3% teaser rates that haven’t even reset yet. What’s going to happen when the interest rates reset? And like other exotic mortgages, option mortgages were sold in mortgage back securities that were purchased by major financial institutions. We may not have seen the worst in the Real Estate market yet. There will be a sharp rise in distressed properties that will overwhelm the market in the next few years. What can we do as Realtors? If you aren’t dealing with Short Sales now, then my suggestion is you start. Because if this article proves to be correct, short sales will be here to stay for some time.
Will Congress address the Commercial Market?
September 4, 2009
Those of us in the real estate industry have been aware that the problems facing it aren’t just confined to residential markets. According to a story on Globest, Congress is finally waking up to the fact that the commercial industry is in trouble as well. Federal Deposit Insurance Corp president Sheila Blair acknowledged as much on a recent television interview.
The real question is will the government act swiftly enough. Outrage over the mishandling of tarp funds put a damper on the Fed’s will to act for a moment. However, recent successes like the Cash for Clunkers program may motivate the Fed to step in sooner. The other looming question is how do they intend to pay for a bailout if one occurs.
New Jersey Senator Robert Menendez sent a letter Fed chairman Ben Bernake and Secretary of the Treasure Timothy Geithner requesting that they take forceful measures to address the declining commercial market. Considering the huge amount of loans coming due in 2012 for property worth a fraction of the debt, I don’t see how they can’t take immediate action of some sor.
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