Israeli Air Force documentary
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Sunday, January 20, 2013
Friday, January 18, 2013
NEW APPRAISAL RULE FOR HIGH-PRICED MORTAGE LOANS
A
new appraisal rule has been issued by The Board of Governors of the
Federal Reserve System, the Consumer Financial Protection Bureau, the Federal
Deposit Insurance Corporation, the Federal Housing Finance Agency, the National
Credit Union Administration, and the Office of the Comptroller of the Currency.
Effective January 18, 2014, the final rule was issued on new appraisal requirements for Higher-priced mortgage loans (HPML).
A licensed appraiser must provide a written appraisal based n a physical visit to the property, creditors must disclose the purpose of the appraisal and applicants will be given a free copy.
If seller bought the property within six months and the current price exceeds a threshold written into the new rule, the creditor must also pay for a second appraisal. This is intended to cut down on fraudulent property flipping by ensuring the property value has legitimately increased. The types of exempt loans include qualified mortgages, temporary bridge and construction loans, loans for new manufactured homes and loans for mobile homes, trailers and houseboats. Some rural areas and other transactions are exempt.
Sunday, January 13, 2013
Message from Jeff Atwater, CFO, State of Florida January 2013
After having stumbled in the wake of
the recession, the U.S. Census Bureau affirmed that Florida has again become a
top destination for Americans.
Florida also is setting itself apart
on a national scale by continuing to excel at education compared with other
states and the country as a whole. While many challenges must be overcome, this
past year has been a hopeful indication for the future.
Thursday, January 10, 2013
“FISCAL CLIFF” NEGOTIATIONS: NEXT PAYCHECK TO BE REDUCED
Article Summary:
The White House and Congress have finalized the details and the President has signed off on the terms to avoid the "fiscal cliff". But what is coming up are fights over entitlements and the debt ceiling issue. We will cover these in the next few editions. On a summary basis, here is what may impact you now and throughout the year
First, what was NOT in the final outcome.
All wage-earners who have taxes withheld from their paycheck will see an impact in their first full check in 2013. Under the Social Security tax holiday granted two years ago, the 6.2 percent payroll tax was cut to 4.2 percent. In 2013, the amount withheld will go back up to 6.2 percent. If your annual salary is $50,000, expect to have about $1000 less in take home pay over the year or about $20 per week. If you earn $100,000 per year you will most likely see $40 to $45 less per week in your take home pay.
Now the major provisions that will be enacted:
The White House and Congress have finalized the details and the President has signed off on the terms to avoid the "fiscal cliff". But what is coming up are fights over entitlements and the debt ceiling issue. We will cover these in the next few editions. On a summary basis, here is what may impact you now and throughout the year
First, what was NOT in the final outcome.
All wage-earners who have taxes withheld from their paycheck will see an impact in their first full check in 2013. Under the Social Security tax holiday granted two years ago, the 6.2 percent payroll tax was cut to 4.2 percent. In 2013, the amount withheld will go back up to 6.2 percent. If your annual salary is $50,000, expect to have about $1000 less in take home pay over the year or about $20 per week. If you earn $100,000 per year you will most likely see $40 to $45 less per week in your take home pay.
Now the major provisions that will be enacted:
- Tax rates will rise for income above $450,000 and individuals above $400,000. All income below these thresholds will be taxed at current rates.
- The tax on capital gains and dividends will be permanently set at 20 percent for those with income above the $450,000/$400,000 threshold. It will remain at 15 percent for everyone else.
- Also extended for five years: The 2009 tax breaks for low-income taxpayers including the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit
- The Alternative Minimum Tax will be "patched," so as to not impact the middle class wage-earners.
- Federal unemployment insurance will be extended for one more year.
Saturday, January 5, 2013
GL HOMES BUYS AG RESERVE LAND SOUTH OF BRIDGES ON LYONS ROAD FOR 610 SINGLE FAMILY HOMES
Estimation
is that GL Homes now owns 1300 acres in a rectangular-shaped area north of
Clint Moore Road. It is expected that
they will build communities similar to The Bridges, but there are no immediate
plans to break ground on the property. Purchase
of two parcels bought separately was reportedly for $150MM.
The
Agricultural Reserve was formed, 21,000 acres, in 1947 to preserve farmland,
and County rules have changed to allow suburban-style clusters as long as 60%
is set aside for preservation. Both
newly purchased parcels have been recently used for farming.
According
to Brad Hunter, Chief Economist with housing research firm Metrostudy, said
that, “GL homes has five developments in the Lyons Road corridor stretching from
Boca Raton to Boynton Beach that managed to thrive even during the worst of the
real estate collapse.” He also said
that, “There’s not a lot left for people to choose from in that sub-market…It’s
a proven market with a huge amount of demand, so I think their success will
continue in this location.”
The new Delray Marketplace will be opening soon with Publix, many shops and restaurants.
According
to the Palm Beach Post, Bridges had sold 246 homes as of December 17th.
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