Thanks for the pull quote above. I included a link in this blog post:

Carpe Discount: Savings from price reductions make housing tax credit look foolish
http://bit.ly/CarpeDiscount

Bill

This was a subject brought up in our last HOA meeting. The only drawback is if the HOA foreclose on the owner because you placed a lean on their property, then you are responsible for paying off the mortgage and back taxes.

We have in Phase II the least amount of foreclosures since after the initial sweep of homes foreclosing. and the maintenance fees have been paid pretty steady. There are a few straglers but not as much as in other communities.

There was a young couple I meet at the MangoMania Festival a few weeks ago that bought a foreclosed home for $250K. It it is over 4,000 sq ft. and on the canal. When they were able to enter the house after paying off the bank they were infested with German Cock-roaches. They are the worst critters to have in your house and impossible to get rid of.

They hide in pipes and tubes and nest everywhere. They finally had an exterminator that treated the dwelling with an illegal substance, but they had to replace all their cabinets, appliances…just about everything. There is still no guarantee they are gone.

They got their tax bill and the house was last appraised for $650K (before the bubble busted). There taxes are over $7K. Now they have to fight the town to get it somewhere where they paid. They would only go down to $5K.

See you in a few weeks, we are leaving July 27th for NH.

Take care…

Caroline

First it does almost nothing in the way of real reform as it does not resolve the core problem of “too big to fail”. It does not bring back the separation of commercial (trading banks) from Savings & Loan (mortgage loan) banking. Neither does it require commercial banks to hold realistic cash reserves to cover their potential trading losses. It also will not resolve the problem with derivative trading, independent auditing of Reg “D” firms (hedge Funds, Private Equity Funds) or require 3rd party custodial oversight of Reg “D” fund investment holdings to protect against another Bernie Madoff Ponzi scheme.

Second it is simply a smoke screen to gain popular appeasement and make it look like Congress is actually doing something constructive but who are through this bill instead increasing the size of government, further increasing the national deficit, and creating burdensome legislation that is anti-small business and anti-jobs.

Wish I were there…..