County assessors statewide are releasing this year’s property tax rolls – the total assessed value of all properties in a given county – and most are lower than last year.

The falling values represent good news for many homeowners, who will see lower property tax bills this October.

However, the second straight year of shrinking tax rolls is another blow to local governments that rely on property tax revenue to fund programs and services. The counties need money for funding of schools, clinics, street repair and more.

If there is not enough funds , this means people losing their jobs. It takes people to deliver services.

Last year marked the first time most counties saw property tax rolls drop since voters approved Proposition 13 in 1978. That’s because the market value of many properties dropped below the assessed value. In such cases Proposition 8 – a tax measure passed as a companion to Proposition 13 – requires assessors to temporarily lower the taxable value of properties until the market value climbs again.

Market values have continued to plummet, and as a result, most county assessors have continued to lower the taxable value of properties in their region.

Under state law, counties are allowed to raise property taxes by up to 2 percent a year as long as the overall cost of goods and services is rising – in other words, during periods of inflation. In a time of deflation – when the costs of goods and services are falling – they are required to lower property taxes.

For the first time since 1978, that is happening. So even homeowners whose property is still worth more than when they bought it will see a quarter percent decrease from last year in its assessed value. That should amount to $2.60 less in taxes per $100,000 of assessed value, according to the State Board of Equalization.

“It’s the first time ever since Proposition 13 and probably the last time in our lifetime.

Homeowners should see the impact of the newly assessed values in their October tax bills. But not everyone will see a decrease in what they owe. That’s because many residents are in areas with special assessments or levies that will increase this year. Also, the figures are based on the value of a property as of Jan. 1.   This means any drop in market value since that date won’t be reflected. For details go to the Orange County Website by clicking on the link here:

http://egov.ocgov.com/ocgov

It seemed mind; it was sort of a “rolling” motion. I learned later that what I experienced was an after shock of the quake. It actually occurred in Palm Springs, California which is a few hours drive from Orange County.

If you have never experienced an earthquake and want information on it, just go to my page on Earthquakes. There is much information there.

The only significant increases from the prior year in ForeclosureRadar’s report were cancellations, up 141.3 percent, and time-to-foreclose, up 30.5 percent from May 2009. The company says it now takes lenders 235 days to complete a foreclosure in California, from the filing of the default notice to the auctioning of the property.

While extended foreclosure timelines may be skewing resolution numbers, it should be noted that newly initiated foreclosures declined significantly last month in California.

Notices of default filed against delinquent homeowners – the first step in the foreclosure process – fell 17.25 percent from April to May, according to ForeclosureRadar’s market data. They were down 43.34 percent compared to May 2009.

Notice of trustee sale filings, which serve as the homeowner’s final notice before the home is auctioned, dropped 11.88 percent on a month-to-month basis in May, and were 35.78 percent below year-ago levels.

ForeclosureRadar reports that banks took back 13,775 properties in May, 5.75 percent fewer than they did in April.

The company puts California’s total REO inventory at 87,964 homes, down from 90,000 in April and 18 percent lower than it was a year ago.

“I Am the Flag of the United States of America”
My Name is Old Glory”

I am the flag of the United States of America, my name is Old Glory …. I fly atop the world’s tallest buildings. I stand watch in America’s halls of justice. I fly majestically over institutions of learning. I stand guard with power in the world. Look up and see me. I stand for peace, honor, truth and justice. I stand for freedom. I am confident. I am arrogant. I am proud. When I am flown with my fellow banners, my head is a little higher, my colors a little truer. I bow to no one!

I am recognized all over the world. I am worshiped-I am saluted. I am loved – I am revered. I am respected – and I am feared. I have fought in every battle of every war for more than 200 years. I was flown at Valley Forge, Gettysburg, Shiloh and Appomattox. I was there at San Juan Hill, the trenches of France, in the Argonne Forest, Anzio, Rome and the beaches of Normandy, Guam, Okinawa, Korea and KheSan, Saigon, Vietnam know me. I was there. Today I am in Iraq and Afghanistan.

I did not ask to be there – they brought me there and I am ready. I lead the troops. I was dirty, battle worn and tired, but my soldiers cheered me. And I was proud. I have been burned, torn and trampled on the streets of countries I have helped set free. It does not hurt, for I am invincible. I have been soiled upon, burned, torn and trampled on the streets of my country, and when it is from those I saved in battle, it hurts. But I shall overcome – for I am strong. I have slipped the bonds of earth and stood watch over the uncharted frontiers of space from my vantage point on the moon. I have borne silent witness to all America’s finest hours. But my finest hours are yet to come. When I am torn into strips and used as bandages for my wounded comrades on the battlefield. When I am flown at half staff to honor my soldier, or when I lie in the trembling arms of a grieving parent at the grave of their fallen son or daughter.

I am proud.

My name is Old Glory – Long May I Wave.
Dear G-d in Heaven – Long May I Wave.

This Memorial Day remember the everyday heroes who came before us, whose bravery and sacrifice created the foundations of our liberty.

Remember the everyday heroes among us:

Our friends, neighbors, sons and daughters who  serve w ith pride to maintain our legacy of freedom and

let’s Honor  them

Proposed Mastectomy Law Change (written by a surgeon) I’ll never forget the look in my patients eyes when I had to tell them they had to go home with the drains, new exercises and no breast. I remember begging the doctors to keep these women in the hospital longer, only to hear that they would, but their hands were tied by the insurance companies. So there I sat with my patient giving them the instructions they needed to take care of themselves, knowing full well they didn’t grasp half of what I was saying, because the glazed, hopeless, frightened look spoke louder than the quiet ‘Thank you’ they muttered. A mastectomy is when a woman’s breast is removed in order to remove cancerous breast cells/tissue. If you know anyone who has had a mastectomy, you may know that there is a lot of discomfort and pain afterwards. Insurance companies are trying to make mastectomies an outpatient procedure. Let’s give women the chance to recover properly in the hospital for 2 days after surgery. This Mastectomy Bill is in Congress now. It takes 2 seconds to do this and is very important. Please take the time and do it really quick! The Breast Cancer Hospitalization Bill is important legislation for all women. Please send this to everyone in your address book. If there was ever a time when our voices and choices should be heard, this is one of those times. If you’re receiving this, it’s because I think you will take the 30 seconds to go to vote on this issue and send it on to others you know who will do the same. There’s a bill called the Breast Cancer Patient Protection Act which will require insurance companies to cover a minimum 48-hour hospital stay for patients undergoing a mastectomy. It’s about eliminating the ‘drive-through mastectomy’ where women are forced to go home just a few hours after surgery, against the wishes of their doctor, still groggy from anesthesia and sometimes with drainage tubes still attached. Lifetime Television has put this bill on their web page with a petition drive to show your support.. Last year over half the House signed on. PLEASE! Sign the petition by clicking on the web site below. http://www.mylifetime.com/community/my-lifetime-commitment/breast-cancer/petition/breast-cancer-petition This takes about 2 seconds. PLEASE PASS THIS ON.

http://news.bbc.co.uk/2/hi/health/8667944.stm

I just signed up today and cannot wait to go. I am really excited.

I would love to invite other realtors and brokers to attend. If we all continue to improve ourselves, then we will all be able to offer only the best service to our clients, our buyers and sellers.

If you are not in the business of real estate but know someone who is, please have them go to the website REOEXPO2010 or have them call me.

I had been sent an email about one year ago or so by an associate. It was written by a woman who has ovarian cancer. She wrote the article and asked everyone who read it to forward it on to friends and family. I did retype it so you could read it and pass it on also. If you are a man you may have a wife, sister, friend, aunt, and so on who would benefit from this knowledge. It is a on page on this site “for women”….

I would appreciate it if you – the reader – would please either comment or e-mail me with requests for information. I love to research information and put it on my web site.

Goldman, a household investment banking giant, had a $240/share stock price in Dec 2008 when Lehman and Bear Stearns started the downslide in the market. Now, at $145/share, the company has lost billions of value for their stockholders and clients. What makes it worse is that their top executives told Congress that they are not responsible for their clients’ decisions.

So, amidst this telltale story of Wall Street greed, you may have missed the small press release that Fannie Mae sent out.

Basically, Fannie Mae said it will tighten lending standards on adjustable-rate mortgages and “interest-only” loans that helped fuel the housing bubble and have led to a disproportionate share of losses for the mortgage-finance giant.

The changes, which will take effect in September, will require lenders to qualify borrowers based on whether or not they can afford potentially higher payments once adjustable-rate loans reset, and will require much more stringent criteria for interest-only borrowers.

During the housing boom, borrowers increasingly used adjustable-rate mortgages with low initial rates to buy bigger homes and banked on ever-rising values to refinance before payments rose higher. When prices stopped rising, more borrowers weren’t able to sell or refinance to avoid higher payments. That sent defaults soaring.

Fannie said it will require borrowers to have credit scores of at least 720 and 30% equity. Borrowers must also have at least two years worth of cash reserves remaining after closing.

For adjustable-rate mortgages that reset within their first five years, lenders will have to qualify borrowers under higher payment levels, using the greater of either the current interest rate plus two percentage points, or the current interest rate plus the extra margin charged by the lender.

If you have the money to buy, just  hope that the markets remain volatile so  that you can find underpriced properties worth purchasing! Good news for investors and buyers.