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Read this week's AJC article |
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HOW TO END THE RECESSION IN A WEEK
At the risk of offending my good friend Don Ratajczak, I am going to put
on my economist hat and offer to solve our economic problems in one
seven day period. News from the housing front is simply depressing, and
the recovery, such as it was, seems stalled. Washington obviously needs
new ideas, so here goes:
All agree that the real estate industry represents a huge sector of the
economy, and when somebody buys a new house, it employs hundreds of
people all over the USA. But people who are worried don’t buy houses,
and a large segment of the workforce is either unemployed or worried.
Real estate led us into this recession, and it will have to be real
estate that leads us out. That’s the way it has worked for the past
seven recessions in a row, so what do we need to do?
* On Monday, declare a national moratorium on all residential
foreclosures unless the lender has engaged in meaningful attempts at
modification and has employed every reasonable strategy to keep the
borrower in the house. Also, grant "safe harbor" status to servicers who
grant modifications in good faith. That step alone will keep millions
in their homes.
* On Tuesday, modify the Garn-St Germain Act to invalidate “due on sale”
clauses used by federally chartered lenders to prevent buyers from
taking over payments. This would allow thousands of owners to sell to
buyers who are able to make the payments, but unable to meet new more
stringent underwriting criteria. Lenders should still be able to require
reasonable credit and income standards, but assumption should be quick
and easy, and at no cost.
* On Wednesday, change the tax code to incentivize real estate
investors. Eliminate all income taxes on profits derived on the sale of
any home purchased as a bank-owned foreclosure, then renovated and
resold within 12 months to an owner-occupant.
This would cause bank-owned homes to become much more attractive to
private investors, who would rush to buy them as soon as they became
available. They would then renovate them with private money rather than
looking for a government handout. And it would help stabilize
neighborhoods by eliminating vacant houses and substituting
owner-occupants.
* On Thursday, declare a six month “federal tax holiday” and simply
stand back and watch the economy move into high gear. It is a fact that
tax cuts create jobs, and that’s what the real estate market needs more
than anything else.
* On Friday, take the day off, but notice that the stock market has
recovered and every home in America has jumped in value by ten percent.
Everyone will feel more confident, unemployment will decline, and the
recession will officially be over.
Please share your thoughts with me at money99.com.
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Upcoming Events
"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.
Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both. Don’t take a chance - it’s not worth it.
How To Become an EPA Certified Renovator:
In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”
Don’t wait - register now! Click on “Seminars” and choose your day!
- Friday, July 30th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 06th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 13th at Suburban Plaza, 2643 North Decatur Road and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 20th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, August 27th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
Space is limited to 20 participants.
Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
For more information, call toll-free 888-373-0029
Click above on the "Seminars" button to register
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John Adams Presents
“The MetroVestAtlanta.com REO Bus Tour”
Get on the bus for a tour of South DeKalb County’s “Real Estate Owned”
homes. Each house you visit will be available that day for purchase at
a giveaway price, regardless of current condition. Financing is
available!
Throughout the day, we will hear from mortgage providers, people in the
construction business and property managers all discussing today’s
situation with Bank Owned REO properties.
Who Should Attend: Investors, Realtors, Lenders, Prospective Buyers, and
anyone who might want to buy a super-bargain house and either do the
rehab themselves or have all the work performed by the pros.
You will see abandoned dumps and finished products, and everything
in between. And Snap will be there to answer all your questions and
explain the rehab and rental strategies.
Saturday, August 21st, 9:30 AM to 4:00 PM
Your $49 fee includes the bus tour and lunch. You must make reservations. No walk-ups.
There is limited seating and the seats are filling fast. ACT NOW before you miss the bus.
We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.)
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Essentials