Monday, May 02, 2011

Tax Reminder:

Taxpayers have an extra weekend to file this year because of a District of Columbia holiday. The deadline for 2011 is Monday April 18, instead of Friday April 15.

Remember to file your taxes or file an extension.

Click here for more information.

Upcoming Local Events

Presented by the Bonny Doon Community School Foundation

  • The Hidden Gardens of Bonny Doon Saturday, May 21 and Sunday, May 22 10:00 a.m. until 4:00 p.m Buy Tickets…
  • Annual Bonny Doon Art & Wine Festival Saturday, June 4-- 11:00 a.m. until 6:00 p.m. Bonny Doon Airport Gardens, Empire Grade RoadBuy Tickets…

Here is a link to our April e-Newsletter

Don't miss this month's cover story: "PRICE: How To Sell Your Home And Get Top Dollar In Today's Market"

Visit our April E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Tap Our Expertise
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call!

Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month? Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free. Oh, and please tell a friend or neighbor too!

Check it out and see what you think at Free Market Snapshot

P.S.: Remember to visit my blogs for Local and National real estate and related information and updates!

We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!

Frank Murphy
831-457-5550
1414 Soquel Avenue

Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

Here is a link to our March e-Newsletter

Don't miss this month's cover story: "SMART SELLING: Take Advantage Of This Year’s Spring Selling Season"

Visit our March E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Tap Our Expertise
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call!

Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month? Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free. Oh, and please tell a friend or neighbor too!

Check it out and see what you think at Free Market Snapshot

We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!

Frank Murphy
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
DRE License #01014048
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

Time Saving Tips when Caring for your Lawn and Garden

As the peak of spring approaches, and the sun begins to make its appearance more frequently, this time of year may be the perfect time to start gardening and crafting your property into something picturesque and worth showing off. Your garden and lawn are a large part of your property, and may be just as important as your home itself. So when you finally set outside to conquer those green patches of life around your home, here are some simple tips for beginners - and reminders for those who are experienced - to saving time while also making the most out of your garden this year:

  • § WEEDS. When weeding, the easiest way to prevent future growths is to make sure you remove the entire weed. Weeding can be as simple as using your very own hands. If you’ve had previous weed issues, a good measure to take would be applying a herbicide to your lawn in the early spring.
  • § DON’T NEGLECT. After all these colder, rainy months, it is easy to forget that our lawns need to be fed and taken care of, just as flowers do. Remember to water your lawn regularly, and also to fertilize it. However, do not go overboard with the fertilizing, as too much can lead to insects and plant disease.
  • § GROUP YOUR PLANTS. Grouping your plants by their needs will save you a lot of time in the garden, and will also keep your garden more healthy. Put the plants that need more water together, and those that need less in a separate group. That way, during the numerous times you’ll be out there watering, you won’t have to move around so frequently.
  • § MULCH. Don’t forget to add mulch to your garden, as this handy soil cover cuts down on your watering, weeding and fertilization time by keeping the plants cool and retaining moisture. It also adds to the attractiveness of your garden.
  • § TOOLS. A big time saver can be using the right tools for the task at hand. Consult your local gardening store for what tools will suit what you wish to do in your garden, and always remember to wash and clean your tools after working to avoid rust, save money, and to get the most use out of them.

Wednesday, March 09, 2011

The Frank Murphy Team Advantage

The Frank Murphy Team is an extraordinary group of successful and highly qualified real estate professionals ready to answer your questions and to help you with your real estate needs. The advantages of working with a Real Estate Team rather than with a solo agent are significant. Would you be comfortable having surgery performed by a doctor who books his own appointments, does his own billing, and greets you at the reception desk? Of course not! Our team members are specialists dedicated to providing quality service, like the staff of any professional group.

Frank Murphy- Broker Associate-Lead Agent

  • Contact Info- 831-457-5550 Frank@FrankMurphy.net
  • Frank has an extensive background in construction and commercial development serving as a construction superintendent for over 15 years. He has been active in the real estate industry for over 16 years. Frank is a member of the Institute for Luxury Home Marketing, a Certified Residential Specialist, an Accredited Buyer’s Agent, an e-Pro designate and Santa Cruz County’s only Allen Hainge CyberStar internet marketing specialist. Additionally, he was the 4th highest producing Realtor in Santa Cruz County in 2009, ranked by closed sales volume.

Kathy Solomito- Realtor-Buyer Specialist

  • Contact Info- 831-457-5553 Kathy@FrankMurphy.net
  • Kathy has extensive knowledge of the Real Estate industry. She has spent time in all areas of the business including the mortgage world. Kathy’s expertise spans both the corporate and small business worlds. Kathy had a long career in high tech, working in information technology for Hewlett-Packard as well as working in consulting and project management for two general contractors. Kathy is looking forward to helping our clients find and secure their perfect property.

Glenda Whitlow- Realtor-Transaction Coordinator

  • Contact Info- 831-457-5570 gwhitlow@msn.com
  • Glenda worked for 18+ years at various title and escrow companies as an escrow officer, 5+ years as a loan processor, and has spent the last 8 years as a transaction coordinator. Glenda knows what it takes successfully close a transaction. As a part of the Frank Murphy Team, she coordinates and manages all paperwork and important dates from contract to close.

Jessica Clements- Marketing & Operations Manager

  • Contact Info-831-457-5551 Jessica@FrankMurphy.net
  • Jessica has over 10 years of experience in systems management and customer service. She has spent the last 3 years honing her systems management, marketing, and customer service skills for the Frank Murphy Team. During a transaction, she is often the first point of contact for our clients as well as our vendors. Jessica goes the extra mile to support our clients through one of the most important decisions of their life.

Joan Pelletier- Client Care Manager

  • Contact Info-831-457-5552 Admin@FrankMurphy.net
  • Joan has spent the last several years working in the real estate and marketing industries as an executive assistant. Prior to that she was the manager of a local construction company. Joan is a licensed Broker and a trained paralegal. Joan is an integral part of the Frank Murphy Team. She offers reliable and friendly support wherever needed.

The value of working with the Frank Murphy Team is that someone is always available to assist you whenever you need!

Tuesday, February 15, 2011




February 2011
TIP: How do you profit in a buyer's market? You buy something!

Here is a link to our February e-Newsletter

Don't miss this month's cover story: "SPECIAL REPORT: Top Tips For Your 2011 Home Sale…Or Purchase!"

Visit our February E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Tap Our Expertise
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call!

Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month? Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free. Oh, and please tell a friend or neighbor too!

Check it out and see what you think at Free Market Snapshot

P.S.: Remember to visit my blogs for Local and National real estate and related information and updates!

We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!


Frank Murphy
Broker Associate
DRE License #01014048
831-457-5550
1414 Soquel Avenue
Santa Cruz, California 95062
Frank@FrankMurphy.net
www.LiveInSantaCruz.com

Wednesday, December 29, 2010

Here is a link to our January e-Newsletter

Don't miss this month's cover story: "TASTY TAX TREATS: Today's Homeowners Enjoy Delicious Tax Breaks"

Visit our January E-Newsletter online now by clicking the URL above. Then turn to Pages 2, 3, and 4 for more timely articles of interest to today's sellers, buyers and homeowners.

Tap Our Expertise
Even if you're not ready to buy or sell a home right now, we would be happy to keep you up-to-date on developments in the real estate industry, mortgage financing and our local market. Simply reply to this e-mail or give us a call!

Oh by the way, did you know you can now get an automated investment analysis of your neighborhood - complete with Active, Pending and Sold homes all mapped out - sent directly to your email inbox every month? Now you can always know the value of your home. Try it today. It's informative, it's accurate, and it's free. Oh, and please tell a friend or neighbor too!

Check it out and see what you think at Free Market Snapshot

We hope you enjoy this monthly electronic newsletter. Please forward the link above to a friend who would also appreciate the information. If you have any comments, please e-mail them to us. Or, if you would like answers to your specific real estate questions, we'd be happy to help!


Frank Murphy
831-457-5550
1414 Soquel Avenue

Santa Cruz, California 95062

DRE License #01014048

Frank@FrankMurphy.net
www.LiveInSantaCruz.com

Tuesday, October 12, 2010

Kathy Solomito-Buyer Specialist
The Frank Murphy Team


Please join us in welcoming the newest member of the Frank Murphy Team, Kathy Solomito.

Kathy joins the Frank Murphy team as a seasoned Realtor and Buyer Specialist.

Kathy has extensive knowledge of the Real Estate industry. She has spent time in all areas of the business including the mortgage world. In addition, Kathy has vast knowledge of both the corporate and small business industries. Kathy had a long career in the corporate world working in Information Technology for Hewlett-Packard. In the small business environment, she worked in consulting and project management for two general contractors.

Kathy has been a long time active resident of the Bonny Doon Community. In her free time, Kathy enjoys trail riding on horseback in the Santa Cruz Mountains and beyond. She also participates in dog agility trial groups and volunteers at a local long term care facility where she makes regular animal therapy visits with her dog.

Kathy’s thorough and varied knowledge makes her the perfect addition to our team.

Kathy is looking forward to helping our clients find and secure their perfect property. We are excited to have Kathy join our Team.

Feel free to contact Kathy directly regarding your Real Estate needs. She can be reached by phone at 831-457-5553 or by email at kathsolomito@gmail.com

Thursday, June 10, 2010

Mortgage Rates Decline

Home Buyers Get Surprise Boost From Europe Crisis as Loans Drop to Below 5%

By NICK TIMIRAOS

The financial turmoil in Europe is providing an unexpected windfall for American home buyers, as international money seeking a safe haven is flowing into the U.S., pushing domestic mortgage rates to the lowest levels of the year and back near 50-year lows.

The housing industry had been bracing for months for a period of rising mortgage rates, triggered by the end of the Federal Reserve's $1.25 trillion mortgage-securities purchase program. Conventional wisdom held that mortgage rates would rise as the Fed pulled back from propping up the market.

Instead, many in the industry now say rates could drift as low as 4.5% this summer from 4.86% now, instead of rising to 6% as some economists projected, making for significantly lower payments for Americans buying homes or refinancing their mortgages.

Refinance business "exploded" last week, says Jeff Lazerson, chief executive of Mortgage Grader, a brokerage in Laguna Niguel, Calif. "It's schizophrenic. We all had this expectation of higher interest rates and no more refinances." He says he helped a borrower lock in a 30-year loan with a 4.25% fixed rate last week, the lowest in his 24 years in the business.

Rates on 30-year mortgages averaged 4.84% last week, according to a survey by mortgage-insurance titan Freddie Mac. Rates were quoted late Friday at 4.86%, the lowest since December 2009, according to a survey by financial publisher HSH Associates, and down from a high of 5.27% for the week ended April 9. Rates on 15-year mortgages averaged 4.24% last week—the lowest since Freddie began its survey in 1991.

Economists largely attribute the decline in mortgage rates to the European debt crisis and new concerns about the global economy, which unleashed a massive wave of cash into U.S. bonds from investors around the world.

This buying pushed down yields on Treasury bonds. Because mortgage rates are closely pegged to yields on 10-year Treasury notes, which fell to 3.2% Friday, the decline in Treasurys pulled down mortgage yields. Typically, mortgage yields remain around 1.5 percentage points above yields on 10-year Treasury notes.

Falling mortgage rates can give a powerful lift to the housing market. A general rule of thumb holds that every one percentage point decline in mortgage rates effectively lowers home prices for buyers by roughly 10%. So, if the current rates hold, say economists, that could help stabilize prices and allow current homeowners to sell existing homes without substantial price cuts.

It isn't clear how much home-buying the lower rates will spur. Demand had fallen in recent weeks after buyers raced to close sales ahead of last month's expiration of an $8,000 federal tax credit for home purchases. Applications for new-purchase loans hit a 13-year low in the week ending May 14, according to the Mortgage Bankers Association.

Borrowers do face roadblocks. Underwriting standards are their strictest in a decade, and record numbers of borrowers are "underwater," owing more to the bank than their homes are worth. That has excluded large swaths of borrowers from getting loans at the new lower rates.

Still, lower rates could widen the pool of people who qualify for a mortgage, while others may find they qualify for a slightly larger loan. "They can buy the place with the extra bedroom or the swimming pool," says Jay Brinkmann, chief economist at the Mortgage Bankers Association.

Falling rates have encouraged some Americans to consider refinancing their existing mortgages to save money. A one-percentage-point decline in mortgage rates can cut $250 off the monthly payment on a $400,000 30-year fixed-rate mortgage, giving consumers cash they can use to spend.

Richard Hunsinger plans to refinance two loans on his Potomac, Md., home into a new 15-year mortgage this week with a 4.37% rate. The 55-year-old dentist is worried that interest rates will eventually rise sharply, boosting the payment on his home-equity line of credit. His first mortgage, also a 15-year loan, currently has a fixed rate of 5.25%. And while the rate on his $240,000 home-equity loan is just 3.25%, it has risen as high as 8% in the past.

Rates "can't stay low forever," says Dr. Hunsinger. If they go up over the next year, "this will look like a really bright decision."

By historical standards, rates are incredibly low. Until 2003, rates on 30-year fixed-rate loans hadn't dipped below 5% since the 1960s.

Rates fell to similar points throughout much of the past year as the government was helping to hold down costs for borrowers.

Nearly half of all borrowers with 30-year conforming fixed-rate mortgages have mortgage rates of 5.75% or higher and could reduce their rates by a full percentage point if they refinanced at current rates, according to investment bank Credit Suisse.

Many of those borrowers may have tried to refinance last year, only to find that they couldn't qualify. When rates fell to similar lows in 2003, refinance activity hit a record $2.9 trillion, compared to $1.2 trillion last year, according to Inside Mortgage Finance, a trade publication.

Now, more private investors are coming into the market for loans, offering better prices for securities containing mortgages with low rates than they were one year ago. That could lead banks and brokers to cut upfront origination fees, and borrowers who are able to refinance could find it cheaper to do so than last year.

"I'm calling people back and saying, 'Now it's worth it,'" says Michael Menatian, a mortgage banker in West Hartford, Conn.

—Prabha Natarajan contributed to this article

Thursday, May 06, 2010

Seth Godin
05/05/2010

Here's a simple MBA lesson: borrow money to buy things that go up in value. Borrow money if it improves your productivity and makes you more money. Leverage multiplies the power of your business because with leverage, every dollar you make in profit is multiplied.

That's very different from the consumer version of this lesson: borrow money to buy things that go down in value. This is wrongheaded, short-term and irrational.

A few decades ago, mass marketers had a problem: American consumers had bought all they could buy. It was hard to grow because dispensable income was spoken for. The only way to grow was to steal market share, and that's difficult. Enter consumer debt.

Why fight for a bigger piece of pie when you can make the whole pie bigger, the marketers think. Charge it, they say. Put it on your card. Pay now, why not, it's like it's free, because you don't have to repay it until later. Why buy a Honda for cash when you can buy a Lexus with credit?

One argument is income shifting: you're going to make a lot of money later, so borrow now so you can have a nicer car, etc. Then, when money is worth less to you, you can pay it back. This idea is actually reasonably new--fifty years or so--and it's not borne out by what actually happens. Debt creates stress, stress creates behaviors that don't lead to happiness...

The other argument is that it's been around so long, it's like a trusted friend. Debt seems like fun for a long time, until it's not. And everyone does it. We've been sold very hard on acquisition = happiness, and consumer debt is the engine that permits this. Until it doesn't.

The thing is, debt has become a marketed product in and of itself. It's not a free service or a convenience, it's a massive industry. And that industry works with all the other players in the system to grow, because (at least for now) when they grow, other marketers benefit as well. As soon as you get into serious consumer debt, you work for them, not for you.

It's simple: when the utility of what you want (however you measure it) is less than the cost of the debt, don't buy it.

Go read Dave Ramsey's post: The truth about debt.

Dave has spent his career teaching people a lesson that many marketers are afraid of: debt is expensive, it compounds, it punishes you. Stuff now is rarely better than stuff later, because stuff now costs you forever if you go into debt to purchase it. He's persistent and persuasive.

It takes discipline to fore go pleasure now to avoid a lifetime of pain and fees. Many people, especially when confronted with a blizzard of debt marketing, can't resist.

Resist. Smart people work at keeping their monthly consumer debt burden to zero. Borrow only for things that go up in value. Easy to say, hard to do. Worth it

Monday, January 11, 2010

Neat resource of vintage ads

Type in a few search terms (like Babies and Airplanes) and out pops one of the millions of ads in this incredible database.

Certain to inspire, or possibly just give you fodder for a great presentation.

Neat resource of vintage ads

Type in a few search terms (like Babies and Airplanes) and out pops one of the millions of ads in this incredible database.

Certain to inspire, or possibly just give you fodder for a great presentation.

Thursday, January 07, 2010

Cheap Mobile Calls, Even Overseas

By Joanna Stern

http://www.nytimes.com/2010/01/07/technology/personaltech/07basics.html?pagewanted=1&th&emc=th

Recently, my parents returned from Italy with a few bottles of Chianti and $750 in AT&T calling charges. Buon giorno!

Racking up exorbitant mobile charges is easy to do if you are not careful about using your cellphone internationally. AT&T charges 99 cents a minute to use your phone in Italy (rates vary by country), and that is if you pay for the carrier’s international calling plan. If you do not, the charge goes up to $1.29 a minute.

What my parents did not realize was that they could have nearly eliminated those charges if they had set up their (in this case) iPhone and BlackBerry to take advantage of mobile Internet calling services: That $1.29-a-minute charge would have gone down to a much more reasonable 2.4 cents a minute (or nothing at all if they were on a Wi-Fi network).

The Internet has been used to make calls for some time. One of the largest providers of the service, Skype, was founded in 2003 and has more than half a billion user accounts. And while many people gather around the PC to talk to far-flung friends and family, new apps and services can replicate that experience (and that savings) on cellphones.

To transform your mobile phone into a device capable of making cheap international calls, you need to consider a few things. Ideally, you have a smartphone that can access Wi-Fi, like an iPhone or a Droid. Wi-Fi ensures the best call quality, since it’s carried over a high-speed Internet connection rather than through third-generation, or 3G, cellular networks.

But if you don’t have a Wi-Fi-enabled smartphone, you are not out of luck. There are calling services that use local phone numbers rather than wireless data connections to place calls, making them compatible with a wide range of devices. Applications can dial a local access number as if you were placing a regular call; and your call is routed over the Internet at similarly discounted rates.

There are also free calling mobile applications, each with its own layout, feature list and call quality. In my tests of more than six different applications by calling friends in Europe and Africa, these stood out:

SKYPE FOR MOBILE Like the program for Mac and PCs, Skype Mobile lets you make free calls and send instant messages to fellow Skype users. You can also call non-Skype landlines and cellphones using Skype Credit, a fee-based service that charges pennies per minute for international calls.

Skype offers several mobile versions, including Skype for the iPhone and iPod Touch, Skype Lite for Java and Android phones, and Skype for Windows phones.

The application for the iPhone and iPod Touch most closely resembles Skype’s familiar desktop program. Though I could send text-based chat messages to my Skype-using friend in Belgrade over AT&T’s 3G network, I needed to connect the phone to a Wi-Fi network to make a call. (You currently cannot make Skype or other Internet-based calls on the iPhone via AT&T’s 3G network, though that could change soon.) After a simple tap of the call button, I could clearly hear his familiar accent without any noticeable lag or choppiness.

Similarly, a call I made to a friend’s cellphone in Senegal using Skype Credit was crystal clear in sound and connected in only 15 seconds. We chatted for 10 minutes, which cost me only $2.40. That same call on AT&T, even if I signed on to its international calling plan (which costs $4 a month), would have cost $8.80. Without the international calling plan, the fee would have climbed to $27.80.

For those without iPhones or Windows Mobile devices, Skype provides its Skype Lite application. Skype Lite cannot make calls over Wi-Fi or 3G networks, but instead routes calls through a local cellphone number.

It isn’t as complicated as it sounds: when using a MyTouch 3G phone, I selected a Skype contact in London. The application started the phone’s dialer and automatically routed the call to a local number. My British pal came through clear and static-free.

One thing to remember is that while calls made with Skype Lite are local and your carrier won’t exact a long-distance fee, you are technically making a call. So those calls will count against the minutes in your calling plan.

FRING Picking up where Skype Mobile leaves off, Fring provides an even richer experience on more phones. It supports calling over Wi-Fi and 3G on Android and Nokia devices; iPhone 3G calling is on the way. In addition to free calling to Fring members anywhere in the world, the service connects to Skype, Google Talk and MSN Messenger contacts.

After installing the Fring application from the Android Marketplace on Sprint’s HTC Hero, I tapped into my Skype account to call my Belgrade friend over Sprint’s network. Since I didn’t need to be in a Wi-Fi hotspot, I made the call while walking down a noisy New York street.

Unfortunately, because 3G data networks weren’t built for packets of data as fast-moving as a cellphone call, the connection was weak and kept fading in and out. When I was standing still, the call was slightly clearer but like a dialogue between in-studio anchors and on-the-ground news correspondents, there was a noticeable lag in the conversation.

That all disappeared when I connected the Hero to a Wi-Fi network; we talked for five minutes with no interruptions or delay.

If you are a fan of Skype’s desktop video-calling service, you may be wondering when it will be appearing on its mobile app. Fring’s already beaten Skype to the punch on this feature. The company recently updated its iPhone application with one-way video calling. “One-way,” because the iPhone doesn’t have a front-facing camera — so you can see your caller but your caller can’t see you.

TRUPHONE Truphone, which works a bit differently from Skype and Fring, is available for a number of devices including the iPhone, the iPod Touch and Android, Nokia and BlackBerry handsets.

Truphone doesn’t have a 3G calling option, but offers calling over Wi-Fi for Android, Nokia and iPhone handsets. The company offers Truphone Anywhere, a service similar to Skype’s Lite application that routes long-distance calls first over a local number and then via the Internet for lower rates.

Though Truphone permits you to sign into your Skype account and call Skype users, you can also make free calls to other Truphone users. When I called a Truphone friend in London on his cell using a Wi-Fi network, call quality was decent and there was no background hissing.

Blending the functionality of both Fring and Skype, I discovered the true beauty of Truphone when I ventured outside of Wi-Fi territory and was able to automatically call Truphone users and international numbers by using my phone’s own dialing capabilities. Although I needed to buy Truphone credit, the call was routed over a local number and then to Truphone’s network.

What’s the benefit of that, rather than it switching to 3G like Fring? Much better call quality. Just as with Skype Lite, when I dialed my friend in Israel, Truphone called a local New York City number, and connected me to her cell. Her voice was as clear as if she was sitting right next to me.

Clearly, making a choice about which service to use to reduce the cost of international calling will depend heavily on what cellphone you have and whether you have easy access to a Wi-Fi network.

But no matter which option you select, you will definitely save some money. AT&T may have heavily charged my parents one time for their globetrotting calling habits, but with so many new and cheaper options, that won’t happen again.

Monday, January 04, 2010

A wealth of Tax and property related information for the first time home buyer can be found at:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Homebuyer Credit Expanded and Extended

The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

The new law also:

  • Authorizes the credit for long-time homeowners buying a replacement principal residence.
  • Raises the income limitations for homeowners claiming the credit.

News release 2009-108 has the details, as do two new IRS videos in English and Spanish.

Members of the military, Foreign Service and intelligence community serving outside the U.S. should also be aware of new benefits in the law that apply particularly to them.

Following is general information for first-time homebuyers who settled on a new home on or before Nov. 6, 2009.

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. [Added Nov. 12, 2009]

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.

General Information

Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:

  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405, which you file with your original or amended tax return.

Questions and Answers

More information is available in the question and answer section.

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http://www.msnbc.msn.com/id/34644840/ns/business-real_estate

Merced, Calif., is a quiet, residential city an easy drive from Yosemite National Park and Pacific Coast beaches. It's also a perfect case study for the aftermath of the housing crisis.

Homes at the median level in Merced have lost 62 percent of their value from the second quarter of 2006, when they peaked at $336,743, the biggest drop anywhere in the country, according to data provided to Forbes by Local Market Monitor, a Cary, N.C.-based real estate research firm. Earlier, home building and buying grew exponentially in Merced, but the metro now suffers from a whopping 16.4 percent unemployment rate, according to the Bureau of Labor Statistics, reflecting a drop-off in building industry jobs and a grim housing market.

Providence, R.I., where values sank the most in the Northeast; Detroit, the hardest-hit market in the Midwest; and Port St. Lucie, Fla., the biggest loser of value in the South, have also suffered from their local market's slide.

It's not news that Las Vegas, where value has dropped 48 percent, Miami (down 38 percent), and Orlando (down 31 percent) saw a burst of homebuilding fueled by bad loans and rampant house flipping between the years of 2002 and 2006, and that those building bubbles subsequently collapsed. But it's the exurban cities just outside of easy commuting distance from the most desirable West Coast and Sunbelt metros where home values have taken the biggest pounding.

In many of these relatively affordable bedroom communities, subprime lending was rampant. As families clamored to buy homes, prices inflated to match their exuberance. But when the mortgage market disintegrated, these outer-fringe cities were left with a glut of new housing, and the value of these once-desired homes took a nosedive. Bay area satellite cities Stockton and Modesto, where home values have dropped 54 percent and 53 percent respectively, appealed to middle-to-low income buyers — and subprime lenders.

“There was such pressure on housing in the Bay Area that people were being pushed to the outskirts, and prices went up a lot there,” says Cynthia Kroll, senior regional economist at the Fisher Center of Real Estate and Urban Economics at the Haas School of Business, University of California Berkeley. “They were areas where a lower-income population was trying to buy homes, and they were the target for subprime loans.”

To find the cities where home values fell the most, Local Market Monitor (LMM) pinpointed 10 Metropolitan Statistical Areas — as defined by the Office of Management of Budget and used by the federal government to collect statistics — in each census-defined region (Northeast, South, Midwest and West) where the Federal Housing Finance Agency's Home Price Index had fallen the most from that market's peak, to the third quarter of 2009. The FHFA index is derived from data on all mortgages bought or backed by Fannie Mae and Freddie Mac.

The numbers show that housing markets at the heart of the boom on the West Coast and in Florida had much farther to fall than in the Midwest and Northeast, where most of the damage to values was done by rising unemployment and deteriorating business environments in the wake of the financial crisis.

On average, markets on the West Coast have lost 21.6 percent in home values since their peaks, and Florida alone lost 31 percent. By contrast, the Northeast lost an average of 8.6 percent and the Midwest only 5.6 percent. To put it another way, Merced, the biggest loser of value in the West, and in the country as a whole, lost 45 percentage points more in value than the biggest loser in the Northeast, and 32 percentage points more than the biggest in the Midwest.

There is also a broad spread in how early the decline began in different cities. Although the national peak in home prices occurred in the second quarter of 2006, according to Case Shiller, individual markets, such as Ann Arbor, Mich., peaked as early as the second quarter of 2005 and as late as the third quarter of 2009 in a number of Texas and Iowa metros. The tide changed during the same quarter in markets scattered around the South and Northeast, proving that cities underwent housing recessions timed as much by local economic factors as the national climate.

“There are timing differences here,” says Susan Wachter, a professor of real estate at the University of Pennsylvania's Wharton School. “There are regions that went into the recession earlier, and those are coming out earlier.”

The cities that lost the most home value in the South are, unsurprisingly, concentrated in the Sunshine State, where exuberant developers went on a construction binge, unfettered by strict zoning restrictions. Port St. Lucie, the city with the greatest value loss in Florida (46.4 percent), and a striking example of the overzealous building in the state, seemed almost to spring up whole during the housing boom. New homes began, in the 1990s, to occupy what had previously been a desolate tract of sand, and prefabricated communities sprang up in earnest as the housing market heated up. Similarly, the retirement and resort communities of Cape Coral, where homes are down 46.4 percent from their peak and Naples, where they're down 44.6 percent once showed seemingly endless promise to builders. Those metros now feel the pain from that era's speculation.

“In Florida, it's not a pretty situation,” says Sean Snaith, director of the Institute for Economic Competitiveness at the University of Central Florida. “Without strong job growth it will take a significant amount of time to absorb that inventory.”

In the Midwest and Northeast, however, the loss of home values is a slightly different story. Here, the financial pummeling taken by the entire country sent values sinking, but because subprime lending and overbuilding were less prevalent, home prices didn't shoot up as dramatically, and didn't have as far to fall. Most housing woes here were a result of long-building economic distress and a declining manufacturing industry. That is evident nowhere more than in Detroit, where housing prices peaked early, in the second quarter of 2005, and began a dramatic slide in tandem with its sinking auto industry. Home values there are down 31 percent.

By Francesca Levy



http://www.msnbc.msn.com/id/34644840/ns/business-real_estate

Monday, December 14, 2009

Cool site for state by state tax rebates regarding energy saving efforts: Database for State Incentives for Renewables & Efficiency

http://www.dsireusa.org/

For federal credit allowances and guidelines see IRS form 5695 entitled Residential Energy Efficiency Property Credit

http://www.irs.gov/pub/irs-pdf/f5695.pdf

Of course, the gold mine of IRS forms and info can be found at the IRS Forms and Publications page at

http://www.irs.gov/formspubs/index.html

Tuesday, November 10, 2009

Don't discount the tax credit yet!



Last week, after the Senate gave its final and fully supportive approval on the homebuyer tax credit extension, the House of Representatives voted overwhelmingly to pass the legislation, sending the tax credit to President Obama who's final sign-off on Friday made it official.

The $8,000 first-time homebuyer tax credit, which was slated to expire Nov. 30, 2009, will be extended for contracts signed before May 1, 2010 that close before July 1, 2010. First-time buyers, who are in the process of closing now, no longer have to worry about qualifying for the $8,000 tax credit if they do end up closing after the Nov. 30 deadline. The new legislation also increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the current level.

Buyers who already own a home are also now eligible for a tax credit and the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five consecutive years of the prior eight years. The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000 or less, as well as making both credits available only for primary residences, not second homes or investment properties. The legislation will take effect December 1, 2009 and is not retroactive.

The original first-time homebuyer tax credit jump-started the housing market, driving home sales to the highest level in more than two yeas. The National Association REALTORS® reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.

Home Buyer Tax Credit Extended and Expanded

Current

New

Effective Date

· January 1, 2009

· December 1, 2009

Deadline

· Close on or before
November 30, 2009

· Contract signed before May 1, 2010, must close before July 1, 2010

· Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.

Amount

· First-Timers: maximum of $8,000 or 10% of sales price

· Prior Owners: $0

· First-Timers: Unchanged

· Prior Owners: $6,500 if lived in prior home for at least 5 years of past 8 years

Income Limit

· Individual: $75,000

· Couple: $150,000

· Individual: $125,000

· Couple: $225,000

Other Restrictions

· Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full amount of credit.

· Buyer must be at least 18 years old and not classified as a dependent for tax purposes

· Home must cost less than $800,000

· New Home must be primary residence for at least 3 years following purchase. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.

How to claim

· If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return

· If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return