Bankruptcy and 2nd Mortgage Information

The San Jose Mercury News, and reporter Pete Carey, have specific information about Second Mortgages in relation to those who have filed bankruptcy. This is really good information and helps people in financial distress see the light at the end of the tunnel. Read on...

San Jose Mercury News Reports on the Real Estate Market Gone "Crazy"

The San Jose Mercury News' reporter Patrick May reports on the whole Bay Area, but be assured that all of the situations May writes about are happening right here in Gilroy and the close surrounding area. It's not pretty, but when you have an experienced and ethical Realtor to represent you, real estate transactions can happen, and they can benefit you. Here's the full story...

Team Patereau's Latest Listing

Are Home Buyers getting their money's worth with their Lender-Required Appraisals?

A Los Angeles Times story with great information for Home Buyers:

By Kenneth R. Harney

When you pay $450 to $550 for an appraisal on a home purchase or refinancing, do you assume that all or most of the money is going to the appraiser who comes to the house and performs the valuation?

That's logical, but probably not correct. Despite Federal Reserve regulations that took effect April 1 requiring lenders to pay appraisers fair fees, growing numbers of them say they are still being offered $200 to $250 — even as low as $134 — for work that gets billed to consumers at $450 and higher. Click here for the rest of the story.

Mortgage Bank Insights

Intero Real Estate Services, Inc. presents the The Intero Insider video series, a candid Q&A session on hot real estate topics with recognized real estate experts. This Insider brings you Rick Soukoulis, CEO of Western Bancorp's insight and projections on 2011 mortgage rates, the effects of the Japan crisis on our market and the potential after effects if the U.S. Government had shut down.

Housing Recovery Confusion – The 3 Things We Know

A lot of news is happening in the world of mortgage finance and the housing economy. The government is trying to figure out how to fix and/or prevent another bubble and collapse in housing finance, while also trying to help boost the housing market – an impossible feat when you think about it. Kind of like running in two opposing directions at once. Read the full story...

Tax Day 2011 Extension

by: W. R. Mineo

Normally, all previous years' taxes are to be postmarked no later than midnight on April 15th of the following year of any given year. Meaning, that your taxes due for 2010 must be paid and filed by April 15th 2011, correct? Well, normally, yes; but not this year. The only time that this normally fluctuates is if and when April 15th falls on a weekend. April 15, 2011 will be on a Friday - so what gives? For the millions of American, like me, who wait until the last possible minute (my mantra - procrastinate later) this is welcome, but puzzling news. While we procrastinators and last minute filers rarely reason long enough to ask why, it is important to know the correct date, and to realize how it may or may not have an effect on other dates relevant to Tax Day 2011 such as automatic extension dates.

Extension to Pay NOT an Option

It is imperative to state and remind that although the IRS grants "automatic" extensions allowing taxpayers to file their final forms sixty days later, the extension and any estimated owed taxes are still due on tax day, which for 2011 means that your forms and payment (normally done on a Form 1040 V) must be postmarked at or before midnight, Monday April 18, 2011. Tax Day 2011 Extended Due to Emancipation Day Recognition What holiday? So by now, most of us Americans are racking our brains and scratching our heads trying to figure out what holiday in April is nationally celebrated. Tax Day 2011 has been extended due to remembrance, recognition and celebration of Emancipation Day, a Washington D.C. holiday, not a nationally recognized holiday.

Emancipation Day had been recognized previously by (Washington D.C.) mayoral proclamation and now by being officially designated as an officially recognized public holiday of the District of Columbia. The holiday commemorates the "first freed" by the U.S. federal government when President Lincoln signed the Compensated Emancipated Act nine months prior to his issuance of the infamous Emancipation Proclamation.

As a result of the public holiday in Washington D.C. the Department of Treasury, the governing body overseeing the Internal Revenue Service, has extended Tax Day 2011 until Monday, April 18, 2011. Careful Calendar Markings Required Emancipation Day does not equate to Tax Amnesty Day. Just because Tax Day 2011 is not April 18th versus the 15th does not automatically adjust other dates by 3 days. Keep these dates in mind:

Overseas Exception Due Date: June 15, 2011, the 15th falls on a regularly scheduled business day and hence the deadline will not be extended without approval.

Automatic Approval Extensions Due Date: June 15, 2011 (remember - estimated payments must still be sent in via IRS Form 1040V with the request for extension; it is better to over estimate as you may still be held liable for penalties for underpayment.)

Approved Filing 1040 Extensions Due Date: October 15, 2011

The extension of Tax Day 2011 will give some the necessary additional weekend and time to prepare and file the required forms and payments, but hopefully it will allow all to reflect on the reason - Emancipation Day, commemorating the freeing of those held in servitude in the federal capitol.

W. R. Mineo is an Army veteran and graduate of Western Kentucky University, consulting for L5DG on small business issues, website and Internet marketing, Internet writing and tax help articles; he previously worked on the re-branding and marketing of GoArmy.com.

Article Source: http://EzineArticles.com/5345496

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Great Rental in Old Gilroy

Gas Prices Throw a Wrench in Housing Rebound

By Gino Blefari

President & CEO

Intero Real Estate Services, Inc.

It's looking more and more like the rebound in housing markets across the country won't rear its head until 2012. At the end of last year, many folks expected more slow and steady recovery in 2011, but even that seems optimistic.

Why? A few reasons, of course. But the biggest and easiest scapegoat right now is gas.

Have you visited the pump lately? Each week, the cost of filling up is rising so fast you think your final price must be a mistake. That's not for my car, you think. But it is.

Historically, the price of gas is a serious enough issue for many Americans to cause a chain reaction of paralysis on consumer spending. It starts with the trade-offs like less eating out and shopping, then seeps into small changes like fewer car trips and different commuting habits, then onto downsizing – smaller, more fuel-efficient cars. Then finally, it gets into our heads.

And when it gets into our heads, we start to feel uncertain about the economic future (as if we weren't there already). This very psychology is enough to derail major purchasing decisions like buying a house or car, or making risky but beneficial moves with your business or career.

The other thing to think about with gas prices and the effect on housing is location. In many parts of the country, your car is your only means of travel. If we continue to see climbs in gas prices and sustained high prices like some are anticipating, then eventually this will start to impact how we think about where to live.

Suddenly, the "Can I live here?" question includes a lot more considerations.

As we move through the market this year, we had expected some obstacles thrown in from a new lending atmosphere and congressional attempts to regulate. We expected slow growth due to a slow job market. But did we stop to think about something as seemingly unrelated as the price of gasoline? Maybe not. But now it's time to realize how these things affect everything around us – big and small. And housing is definitely one of them.