Reduction of Home Sales and Property Tax Revenues Heavy on Clovis, CA.

 

The foreclosure crisis is reducing the coffers of many Valley Cities.  It is reducing the amount of property tax the city will receive.  Reductions in home values also will take a bite out of the city's coffers.  Sales tax revenue has been flat.  What can cities like Clovis do?

 

With a $3 million budget deficit going into next year and with additional forecast reductions of property tax and home sales, the city of Clovis si resorting to asking department heads to cut %8 of their budgets or find some employees who are willing to give back.  The city may also order some cuts in services to make up the difference.  How many city employees will truly give back?  Employee give backs, voluntary furloughs and layoffs may be some of the options taken by director Rob Woolley. 

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Reduction of Home Sales and Property Tax Revenues Heavy on Clovis, CA.

 

The foreclosure crisis is reducing the coffers of many Valley Cities.  It is reducing the amount of property tax the city will receive.  Reductions in home values also will take a bite out of the city's coffers.  Sales tax revenue has been flat.  What can cities like Clovis do?

 

With a $3 million budget deficit going into next year and with additional forecast reductions of property tax and home sales, the city of Clovis si resorting to asking department heads to cut %8 of their budgets or find some employees who are willing to give back.  The city may also order some cuts in services to make up the difference.  How many city employees will truly give back?  Employee give backs, voluntary furloughs and layoffs may be some of the options taken by director Rob Woolley. 

As Home Prices Drop, Homeowners, Borrowers Are Walking Away from Their Homes; Lenders and Banks Foreclose on Equity-poor Homes

 

Good times or bad times in the housing market will always bring the creation of new businesses.  Right now, the foreclosure business is hot.  Just a few years ago, homeowners were swimming in money they got from refinancing their homes.  Now that their homes are worth less than they owe, they are walking away.  In some parts of California, the Bay Area, the Central Valley of California and Florida, owners are walking out of their well-furnished homes.  All they have to show are the toys which they take out.  Many industry insiders start commenting that adjustable-rate mortgages expose these owners to rent-like rises in housing costs.  Many of them are throwing up their arms and deciding to just call it quit.  There is no sense for them to continue to make payments on something that is losing value.  Homes have been losing value for quite sometime now.  Here is where Microcreditcapital WalkAwayCounseling(tm) comes in handy.  It offers foreclosure counseling to homeowners and advises those who choose to default on their mortgages.  Just like walkaway dot com, WalkAwayCounseling offers you the kind of peace of mind you have not had for the past few months.  Microcreditcapital offers walkawaycounseling to the neediest of the needy. 

 

If you want to contact one of the foreclosure counselors, write to [ livetutoronline at gmail dot com ].  Make sure to write "WalkAwayCounseling or Foreclosure Counseling" in the subject line of your message.  For $600, its counselors will listen to your stories and assess your case to make the right recommendations to you.  If you are at the end of your ropes, if nothing else matters and if you can no longer salvage your home, you may want to contact this service.  At least, somebody will be there to talk to you. 

 

It has been predicted that in the next few months, many homeowners will walk out in mass and flock to condos, rentals and homes that were previously abandoned. 

 

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Get Foreclosure Counseling:  WalkAway Foreclosure Counseling

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Top ten franchises you can find all over California and the rest of the country

 

If you want to be your own boss, read this short article about franchises.  If you want to make your own hours and have the sense of achievement which comes from owning a business, you may want to take a look at franchises.  The top ten franchises are:  7-Eleven Inc, Subway, Dunkin' Donuts, Pizza Hut, McDonald's, Sonic Drive in Restaurants, KFC Corp., Intercontinental Hotels Group, Domino's Pizza LLC, RE/MAX Int'l. In.  According to entrepreneur.com, more and more homeowners who are walking away from their homes will soon get strapped for cash.  They want to continue their lifestyles.  When and if they lose their jobs, they will be forced to start some small business.  When the going gets tough, many of them may want to re-engineer their career or re-train in order to go into a different field. 

 

As the economy is on the brink of recession, money is getting tighter.  Spending is limited.  Many people may want to look into new franchises ranging from fast-food restaurants to small home-based businesses.  If you want to be a franchisee, you need to remember a few things.  Among them is the need to find the right location.  Avoid committing too much money on overhead at the start.  Start up costs are inevitable, but wait until you get some profits to start investing in the business.  In locating the business, you want to make sure you have enough foot traffic.  Make sure that there is a core tenant that will bring business to the shopping center.  Otherwise, you may have to go elsewhere and your business will not survive the three-year threshold. 

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Foreclosure WalkAwayCounseling for Homeowners

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Homeowners Used Home as ATM:  Equity Loans Now Hasten Foreclosures From the Bay Area, the Central Valley of California to the Florida Coast.

 

How is it that some homeowners end up owing more than their home is worth?  Well for the past few years starting in 2001 and ending in 2006, homes came to represent a new currency.  If you had a home, you had cash.  All it took was for the homeowners to get the home appraised and refinanced.  The money they took out was ready to be spent on pricey, but sometimes unnecessary things such as one or two extra vehicles, toys and various other gadgets for the household.  Those who had other sources of income ended up taking trips to the far corners of the earth.  The surprising thing that happened is that banks and mortgage companies were ready to give credit.  A home may be refinanced up to three times with no red flags being sent out.  Now that credit is assessed closely, many of these  people are left with no money.  By then, the house values have greatly decreased.  Homeowners are stuck.  They can not refinance their homes because they end up owing more than the house is worth.  Many homeowners just decide to walk away from the shell of the home.  The equity is gone.  The house only remains standing.  And the wild grass continues to grow before it gets grown.

 

There is no doubt that rising home values from 2001 to 2006 caused many homeowners to launch themselves into this kind of exuberant lifestyles.  The trips to Reno, casinos, Las Vegas and other fun destinations were numerous.  All of this was being funded by money that was not truly there to be spent.  With the tumbling of home values and sales, many families are waking up homeless and realize that the primary function of a house is to be a home, but not an ATM or mini-bank.  From higher to lower income individuals, homeowners are being hurt.  Those who got caught up in the subprime market end up suffering more.  The question is what is more important:  Is it the house or the expensive, unused toy?  While the house is getting lost to foreclosure, the toys are being carted away into storage space, apartment or condo rentals.  In the next few months, it is not unreasonable to see that the rental industry will be picking up quickly.  As interest rates get adjusted more, more people will have to move out their homes.  When it becomes impossible to use home equity to pay for monthly expenses, then some homeowners are really starting to see the core ideas of personal finance.  The ideas of saving for hard times never come to them either. 

 

New York Attorney General Andrew Cuomo said lenders have offered payments, shares and a variety of perks to schools and school officials to secure a place on preferred lender lists and win more business. He added that

These and other arrangements were not disclosed to students, who may not get the best deal possible on their loans.

Inquiries are sent to the top 20 student lenders commanding more than 80 percent of the $85-billion-a-year U.S. student lending business.

 

The latest requests were sent to 10 of country's the largest banks: Bank of America (NYSE:BAC - news); Citizens Financial Group, a unit of Royal Bank of Scotland (RBS.L); JPMorgan Chase (NYSE:JPM - news); National City (NYSE:NCC - news); PNC Financial Services Group (NYSE:PNC - news); Regions Financial (NYSE:RF - news); SunTrust Banks (NYSE:STI - news); US Bancorp (NYSE:USB - news); Wachovia (NYSE:WB - news) and Wells Fargo (NYSE:WFC - news).