August 18, 2009

Are The Rich Paying Their Fair Share?

The top 1 % of taxpayers paid 40.4 % of the total income taxes collected by the federal government in 2007.  That is still the most recent data we have on this subject.

The share of the tax burden borne by the top 1 % exceeds the share paid by the bottom 95 % of taxpayers combined.

That means that 1.4 million taxpayers pay a larger share of the income tax burden than the bottom 134 million taxpayers.

This data means the United States relies more heavily on the top 10 percent of taxpayers than does any nation and our poor people have the lowest tax burden of those in any other nation.

 

 

 

 

 

 

Read more…    and    more…

Filed under: Blogroll, Community, Credit & Finances, Luxury Home Market, Real Estate — Susan @ 10:06 pm




June 12, 2009

Interesting Letter

destinations

 

 

Taylor Oldroyd, the CEO of Utah County Association of REALTORS®
 recently sent this letter. I thought it was interesting enough to pass on.

 

Message from UCAR CEO, Taylor Oldroyd
 
 
Thank you for meeting with us to discuss the loan limit situation in Utah County during the National Association of REALTOR® conference in May.
 
As we mentioned and as the data below demonstrates, the housing market between the counties along the Wasatch Front is historically similar; the loan rates should also be similar. The Wasatch Front, as the area west of the mountains is called, runs north and south, not east and west like the Metropolitan Statistical Area (MSA) boundary. The map we left you is remarkable in demonstrating the fact that whether you’re analyzing population, economics, transportation needs, or housing, you would factor the Wasatch Front and the Wasatch Back as two separate markets.
 
The use of the MSA is not a wise boundary to establish loan limits because it reflects commuting patterns and is not good for housing price comparables. Therefore, we seek immediate relief from the negative unintended consequences from the use of the MSA boundary. The huge loan limit disparity between Utah and Salt Lake Counties is placing down-ward pressure on our market and neutralizing the simulative benefit intended by recent Congressional action.
 
Given that the Federal Housing Finance Authority has the administrative ability to adjust the loan limits, please adjust our limit to match that of Salt Lake County. We are prepared to demonstrate that without immediate relief, our market will continue to suffer. We have real-life gathered examples of lost deals and other negative impacts on our market. Our Congressional delegation is also prepared to provide whatever political support you might need.
 
I recognize the administrative challenges to making these adjustments. However, please consider the real-life challenges and negative market impacts that will continue if you fail to act.
 
Thank you for your prompt attention and please let us know if you have an questions or concerns.
 
Sincerely,

 

 

 

Utah Co.

Salt Lake Co.

Davis Co.

Weber Co.

Tooele Co.

Summit Co.

2005

 

$165,000

 

$175,000

 

$168,000

 

$127,500

 

$134,500

$728,892

2006

 

 196,000  

  208,400 

 

192,900 

 

139,900 

   159,900

952,170

2007

 

222,000  

 230,000 

 

220,000  

156,479

 

190,000

1,105,824

2008

 

  216,500  

   229,000

 

215,000 

 

160,500

 

$183,750

972,127

2009

 

207,300

  

224,000

 

209,500

 

160,000

 

174,950

1,223,644

 

Taylor Oldroyd, CEO Utah County Association of REALTORS®

Filed under: Blogroll, Buying, Community, Credit & Finances, Luxury Home Market, Real Estate, Selling, Utah County Statistics — Susan @ 8:22 am




March 7, 2009

Mandates on Mortgages

There is a lot of talk about forcing mortgage companies to give homeowners a break with one proposed solution or other. I know the intentions are well-meaning and we all sympathize with the problem so many are facing right now with ARMs, foreclosures, etc.

While I am hopeful, or wishful that we can find a suitable solution to get our economy, including the housing market,  on a healthier road, I think some of the suggestions are pretty short sighted.  

If at any point, we decide to tell the lenders that they will be forced to stop charging interest, or they must not be allowed to expect to get their investment back, even if for a set amount of time, I am afraid the housing market will be thrown into an unrecoverable spin.  

The housing market depends on people who have money and are willing to invest that money by making it available to home buyers. I’ve heard a lot of disparaging talk about the “greedy” mortgage lenders, but the truth is, only a very small percentage of the population would own their own homes if it weren’t for these investors.

Their sole goal for making their money available is to make a profit. You can detest them all you want for their “greed” just because they want to invest their money wisely and watch it grow. Not everyone is content to watch their income stay exactly the same their entire lives, or spend every penny they earn on frivolity, or run every credit card to the max.

If the government suddenly says, “Sorry, even though you thought you were going to get your investment back with interest, Too Bad!”  Who will ever want to invest their money in mortgages again? I fear it could kill the whole housing industry.

Homeownership would become a thing of the past.

Maybe the government will start providing our housing for us?

Chicago Housing Authority”s Ida B. Wells Housing Project at Pershing and King Drive, Chicago.

Filed under: Buying, Community, Credit & Finances, Real Estate, Renting, Selling — Susan @ 1:27 pm




February 28, 2009

Homes that Sold in Provo

 

Here is the same report for Provo. It is a little different format. The List price is the 2nd number to the right of the picture and the Sold price is the second number from the end of the right side.