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Thursday, January 24, 2013
Wednesday, January 23, 2013
Capital Economics Says Existing-Sales Now at a 'Normal' Level
The National Association of Realtors (NAR) reported existing-home sales in November rose to a seasonally adjusted annual rate of 5.04 million, the highest level since November 2009 when sales reached an annual pace of 5.44 million. In October, the annual rate for existing sales was 4.76 million.
Furthermore, Capital Economics thinks sales will probably rise even higher in December. Based on pending home sales in November, the firm’s calculation shows existing-home sales in December should increase to an annual rate of 5.15 million. NAR is scheduled to release data on existing-home sales on Tuesday, January 22.
Despite the breakthrough, the firm noted, “sales remain dominated by cash buyers and investors, with mortgage-dependent buyers playing a relatively small role in the recovery.”
In order to have a long-term recovery that can be sustained, Capital Economics says that trend will need to change. The firm remains hopeful that it will.
via dsnews.com
Wednesday, January 16, 2013
Wednesday, January 2, 2013
House Passes Senate ‘Cliff’ Bill
The U.S. House of Representatives late Tuesday passed the Senate legislation to avert the “fiscal cliff,” paving the way for enactment by President Barack Obama. “[T]his agreement is the right thing to do for our country,” the president said on Monday. The House vote was 257 for and 167 against.
Under the agreement, tax rates would remain the same for most households and mortgage cancellation relief is extended. The “American Taxpayer Relief Act of 2012’’ extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers. For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.
The tax rate on capital gains would also remain the same, at 15 percent, for most households, but for those earning above the $400,000-$450,000 threshold, the rate would rise to 20 percent.
Importantly from NAR’s perspective, the exclusion from taxes for gains on the sale of a principal residence of up to $500,000 ($250,000 for individuals) remains in effect, so only home sellers whose income is $450,000 or above and the gain on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change.
The bill also reinstates provisions that phase out personal exemptions and deductions for incomes over $250,000 for singles and $300,000 for couples.
A number of what lawmakers call extenders are in the bill. Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.
Also extended are deductions for mortgage insurance premiums and for state and local property taxes, which, along with the mortgage interest deduction, are important tax considerations for home owners and buyers.
In two other important provisions, the alternative minimum tax (AMT) is permanently adjusted for inflation, making it unnecessary for Congress to adjust it each year. The AMT was enacted in 1969 to help ensure a minimum tax bill for high-income households that would otherwise minimize their taxes by shielding much of their income in deductions and using other tax strategies. Because it was never indexed to inflation, AMT threatens to catch middle-income households in the tax, so Congress each year adjusts it. Now the adjustment would be permanent.
The other key provision is a change in the estate tax so that estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. Currently, the top rate is 35 percent.
The other side of the fiscal cliff is hundreds of billions of dollars in automatic, across-the-board federal spending cuts, with a disproportionate share of the cuts affecting defense spending. The Senate bill would push back the deadline for the cuts for two months.
Excerpt from a White House summary of the agreement:
- Restores the 39.6 percent rate for high-income households, as in the 1990s: The top rate would return to 39.6 percent for singles with incomes above $400,000 and married couples with incomes above $450,000.
- Capital gains rates for high-income households return to Clinton-era levels: The capital gains rate would return to what it was under President Clinton, 20 percent. Counting the 3.8 percent surcharge from the Affordable Care Act, dividends and capital gains would be taxed at a rate of 23.8 percent for high-income households. These tax rates would apply to singles above $400,000 and couples above $450,000.
- Reduced tax benefits for households making over $250,000 (for singles) and $300,000 (for couples): The agreement reinstates the Clinton-era limits on high-income tax benefits, the phaseout of itemized deductions (“Pease”) and the Personal Exemption Phaseout (“PEP”), for couples with incomes over $300,000 and singles with incomes over $250,000. These two provisions reduce tax benefits for high-income households. This sets the stage for future balanced approaches to deficit reduction, which could include additional revenue through tax reforms that reduce tax benefits for Americans making over $250,000.
- Raises tax rates on the wealthiest estates: The agreement raises the tax rate on the wealthiest estates – worth upwards of $5 million per person – from 35 percent to 40 percent, in contrast to Republican proposals to continue the current estate tax levels.
- The agreement’s $620 billion in revenue is 85 percent of the amount raised by the Senate-passed bill, if that bill had been enacted and made permanent: The agreement locks in $620 billion in high-income revenue over the next ten years. In contrast, the bill passed by Democrats in the Senate achieved approximately $70 billion through one-year provisions; these same provisions could have raised a total of $715 billion over ten years if Congress acted again to extend it permanently. However, the Senate bill itself locked in only one year’s worth of savings so would have required additional extensions to achieve those savings.
Friday, November 2, 2012
Tuesday, October 30, 2012
Water Damage Home Repair | Water Damage Cleanup | HouseLogic
1. Move air naturally: If humidity isn’t too high, open windows and doors to start air circulating. Open closet and cabinet doors, and remove drawers.
2. Move air mechanically: Rent or buy high-powered fans to rev up air circulation. Depending on size and power, fans cost between $50 and $500 to buy; $20 a day to rent. (Do not use your central air conditioner or furnace blower if HVAC ducts were under water.)
3. Dehumidify: A portable dehumidifier can remove water vapor from the air in a contained area, like a bedroom or downstairs rec room. Shut the room’s windows and doors to prevent more humidity from seeping in. Buy a big dehumidifier ($270) so you don’t have to empty its water drawer frequently.
4. Pump water: A sump pump is a submersible pump that continuously moves water out of the house through a hose or pipe. If you have standing water that is several inches deep, a sump pump can help. Rent a sump pump for about $44 a day, or purchase one for $100 and up.
5. Wet/dry shop vac: Some shop vacs are rated for use in wet conditions. These vacs suck water from carpets and give you a fighting chance to save rugs and wall-to-walls. Don’t use an ordinary household vacuum whose innards are not protected from water. A 6-gallon wet/dry vac costs $50; a 16-gallon goes for about $170.
6. Remove sodden objects: Haul wet rugs and furniture into the sun to reduce inside moisture level. Remove sheet vinyl or linoleum flooring to promote maximum evaporation. Throw out wet insulation under floors.
7. Freeze papers: To buy time, place wet books and photos into plastic bags and place in a frost-free freezer. This will stop additional deterioration, and prevent mold and mildew. When you have time, retrieve books from the freezer and air- or fan-dry the pages.
8. Absorb moisture: Desiccants (silica gel, clay, calcium oxide) absorb moisture like a sponge. Place water-permeable packages of desiccants and wet items in airtight containers or in sealed areas, like closets. Some desiccants change color to indicate they are saturated, which can take days or weeks, depending on how much moisture items contain.
via houselogic.com
Saturday, October 27, 2012
Halloween Crafts & Homemade Decoration Ideas | Pumpkin Carving Ideas
Halloween
Find Halloween craft and decorating ideas, including pumpkin carving templates from HGTV.com.
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Halloween Decorating Ideas
Host a spooky yet elegant Halloween party with bold table settings and decorations.
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Halloween Cupcakes in a Jar
Perfect to take on the road to holiday parties, school events and more, these Halloween treats look as good on a table as they do on th...
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From dinner parties to spooky soirees, your guests will love these mint and chocolate treats for their festive surprise inside.
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Welcome guests into your spooky house with a quick and easy project using basic scrapbooking and decoupage supplies.
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Who doesn't love a holiday countdown? Ticking off the days just seems to increase the excitement. And as a bonus for any parent, the ki...
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