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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: DebtBomb who wrote (188052)	3/3/2009 3:39:24 PM
From: Travis_Bickle	Respond to of 306849

I have positioned myself but unfortunately the position is "thank you sir may I have another!!!"

To: DebtBomb who wrote (188052)	3/3/2009 3:45:38 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Dang...10% tax rate D.C. fixer-uppers become tax ruins washingtontimes.com Thousands of tax bills will arrive in the mailboxes of D.C. property owners this week, and some taxpayers no doubt will recoil from the large increases staring them in the face. The D.C. government doubled the annual property tax rate from 5 percent to 10 percent for unoccupied residential buildings and vacant lots known as "Class 3" properties. The new tax rate will be reflected on the bills, which cover the period from October 2008 through March 2009. The tax rate isn't the only big change in D.C. real estate. Housing market conditions have changed drastically since the D.C. Council first considered legislation to address nuisance properties in 2007. Many of the people about to be hit by the new tax rate said it does not make sense when home prices are plunging and credit is hard to obtain. The D.C. Council passed the Nuisance Properties Abatement Reform and Real Property Classification Amendment Act in October, ostensibly to reduce blight and promote renovation of dangerous, decrepit buildings into marketable real estate. The legislation was signed by Mayor Adrian M. Fenty, a Democrat, whose office declined to comment for this article. Council member Mary M. Cheh, the Ward 3 Democrat who introduced the nuisance-abatement legislation, worried that "a wide variety of [tax] exemptions" allowed property owners to "game the system and not put their vacant property to productive use." "If you don't hit [property owners] in the pocketbook, they're not going to respond," said Kwame Brown, the at-large Democrat who co-sponsored the legislation that doubled the Class 3 tax rate to 10 percent. But mortgage lenders, investors and people with decades of experience redeveloping buildings and land in the District say the law likely will have the opposite effect. It will lead, they say, to massive foreclosures and uncollected tax revenue. Some say the real estate tax is so high that it amounts to a de facto government "taking" of property without due process. The 10 percent rate is "confiscatory," Ed Wilson, who said he has renovated more than 100 properties in the District, told the mayor and the council in a letter. "You are stealing other people's property, savings and hard work." The new tax rate "strikes me as an end run around eminent domain and a grab for tax revenue," said Tad DeHaven, a budget analyst at the Cato Institute, a Washington think tank. "This isn't the message you want to send to potential investors in D.C.," he said. "It sets a bad precedent for a city that desperately needs business investment." Beyond the idea of a 100 percent tax increase, Mr. Wilson expressed outrage over its timing.

To: DebtBomb who wrote (188052)	3/3/2009 5:11:49 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

$300 oil. It might be 10-15 years away, but the day is definitely coming.

To: DebtBomb who wrote (188052)	3/3/2009 9:19:29 PM
From: energyplay	Read Replies (2) \| Respond to of 306849

$300 oil in three years ? Maybe if the US Dollar loses 75% of its value. At even $200, Brazil can drill all that below salt oil, Canada can gear up the oil sands. Every stripper well will be scheduled to be reworked. Stripper produce under 10 bbl/day, usually around 2-3 bbl. 2 bbl per day is $200,000 per year. If you can spend $ 30,000 to double that prodcution for the new two years, how fast do you think that will happen ? The conservation activity will go crazy... $ 8.00 gasoline.