Lazy you just stay in bed Lazy you just stay in bed You don't want no money You don't want no bread
Deep Purple -- Lazy
Does anyone else find it ironic that Labor Day is a holiday so no labor is actually performed? I suppose that is preferable to the way our government spends its time and efforts to produce nothing of value and squander our resources....
The total bill for the homebuyer tax credit so far, as reported by the Internal Revenue Service, stands at $23.5 billion.
About $16.2 billion of that is for the $8,000 (Recovery Act) and $6,500 (Assistance Act) grants shelled out to first and second-time homebuyers, respectively. The other $7.3 billion is for interest-free loans through the Housing Act provision. Americans who qualified for these loans will begin repaying them next tax season, which starts in January.
The numbers are based on IRS filings through July 3.
The Government Accountability Office estimates that with all of the first-time homebuyer tax credits, the total revenue loss to the federal government will be about $22 billion.
California, being the most populous state with nearly 37 million residents, received the largest chunk of the money — $814 million, the GAO said in a letter yesterday to John Lewis (D-Ga.), chairman of the oversight subcommittee of the House Ways and Means Committee.
Florida came in second with $455.5 million in homebuyer tax credit dollars received so far. Georgia is third with $295.8 million, followed by New York with $276.9 million and Illinois with $268.7 million.
On a per-resident basis, Nevada took the top spot, but the overall pay out is considerable less at $104 million.
Have you noticed that $23.5 billion doesn't sound like that much money? It's like when I profile a HELOC abuse case for less than $200,000. The numbers are outrageously large, but given that other numbers this disaster has produced have been so much larger, it does seem like a big deal.
Do you think he can get that?
Its hard for me to criticize an entrepreneur trying to make money on a trustee sale flip, but I think this guy has overreached a bit. He got a reasonable auction price, and he put in standard pergraniteel to appeal to an Irvine buyer. So far, so good. But then he asks $456/SF in hopes of making a 25%+ return? Good luck with that one. Do you think he will get it?
Home Purchase Price … $522,500 Home Purchase Date .... 8/21/2010
Net Gain (Loss) .......... $184,380 Percent Change .......... 35.3% Annual Appreciation … 527.1%
Cost of Ownership ------------------------------------------------- $752,000 .......... Asking Price $150,400 .......... 20% Down Conventional 4.34% ............... Mortgage Interest Rate $601,600 .......... 30-Year Mortgage $144,223 .......... Income Requirement
$2,991 .......... Monthly Mortgage Payment
$652 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $63 .......... Homeowners Insurance $43 .......... Homeowners Association Fees ============================================ $3,749 .......... Monthly Cash Outlays
-$707 .......... Tax Savings (% of Interest and Property Tax) -$816 .......... Equity Hidden in Payment $237 .......... Lost Income to Down Payment (net of taxes) $94 .......... Maintenance and Replacement Reserves ============================================ $2,558 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $7,520 .......... Furnishing and Move In @1% $7,520 .......... Closing Costs @1% $6,016 ............ Interest Points @1% of Loan $150,400 .......... Down Payment ============================================ $171,456 .......... Total Cash Costs $39,200 ............ Emergency Cash Reserves ============================================ $210,656 .......... Total Savings Needed
Property Details for 6 BIRDSONG Irvine, CA 92604 ------------------------------------------------------------------------------ Beds: 3 Baths: 1 full 1 part baths Home size: 1,650 sq ft ($456 / sq ft) Lot Size: 4,515 sq ft Year Built: 1976 Days on Market: 5 Listing Updated: 40424 MLS Number: S630819 Property Type: Single Family, Residential Community: Woodbridge Tract: Othr ------------------------------------------------------------------------------ According to the listing agent, this listing may be a pre-foreclosure or short sale.
Gorgeous one story three bedroom and two bath single family detached home located inside the loop in the beautiful village of Woodbridge. Shows like a model home. One of the safest cities and top school system within walking distance. Extensive upgrades include: totally remolded, everything new, new modern dark chocolate kitchen cabinets with crown moldings, new professional series stainless steel appliances with gas range, new Italian stainless range hood, new designer stainless steel troft sink, new 20' Italian kitchen tile, new premium granite, new recessed lighting, new central heating, new garage door, new double pane vinyl windows, new dark maple hardwood floors, new marble fireplace, new front door, new 20' bathroom floor tile, new bathroom granite countertops, new master bathroom shower with custom glass shower door and custom soap box, new interior/exterior designer paint, new sod front and backyard with automatic sprinklers, and many more upgrades. Welcome to your Dream Home!
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