Obama Signs Homebuyer Tax Credit Extension

RISMEDIA, -President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence ("repeat buyer"), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

Read more: http://rismedia.com/2009-11-08/obama-signs-homebuyer-tax-credit-extension/#ixzz0WMMfDdTl

To find out more about buying or selling a house - visit: http://www.robertjrussell.com

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What Does the Internet Say About You?

Simple Steps to Improve Your Online Personal Info Before Potential Employers See It

Visit my website!

Your online persona is a lot like your credit score. It's already out there whether you check it or not. And other people-important people who make decisions about your future-can review it at any time.

The similarities don't end there. Like your credit score, you can review your online persona and work to improve it…so when people like potential employers look at it, they'll see what you want them to see.

And, trust us, they will look at it.

They're not necessarily looking for negative news or skeletons in your closet. In most cases, managers and human resource employees do Internet searches on their top pool of candidates to confirm credentials and determine why each person would be a good candidate for the position.

Just because they're not looking for dirt, though, doesn't mean they'll ignore it if they find it. The fact is, a negative online persona can get you knocked off an employer's list.

Fortunately, managing your online persona is easier than you may think. The tips below can help you take steps to not only review your online persona, but also take steps to make sure it reflects the experience and credentials you want it to.

Step One: Evaluate Your Online Persona

In order to know what your online persona looks like, you have to actually check it. So start by opening your web browser to a search website such as Google.com, Yahoo.com, Ask.com, AltaVista.com, Lycos.com, or Microsoft's new Bing.com. Then simply type in your name and hit search. Scan through the first two or three pages to see what items are coming up most often, and make note of any negative news that you'd like to get removed.

You can also do more specific searches. For example, you can type your name in quotes along with your email address, the name of your college, your job title, a hobby, or even other people's names. For example, you could type "your name + friend's name" or "your name + college name." You may be surprised what you find with some of these specific searches.

Once you've searched your name on one site, open another and do the same thing. You'll probably find a number of similarities, so you only need to check a few different sites to get an idea of what the Internet says about you.

Remember to take specific notes about false or unflattering information. You'll want to write down what it is, where it appears, and why it shouldn't be there.

Finally, don't forget to search for videos and images! After all, one of your friends may have posted photos from that college party on their website and tagged you in the photo without you realizing it. You can use the same sites listed above-only this time, click the video or image search button before you search for your name. Once again, take careful notes about videos or images that cast you in a negative light.

Step Two: Remove Anything Negative

Like your credit score, if you find information on the Internet that is inaccurate or inappropriate, your first step should be to try to get it removed.

This is where those diligent notes from step one will come in handy.

First, if you found something unflattering that you actually posted in the past, remove it yourself. For example, if you posted pictures or stories on an old blog, go back and remove them.

In addition, take the time to go through any websites or social networking sites where you control the information. Maybe you have a blog, website, or social networking site that features pictures and text that you post. Go back through the information to make sure you still want people to see or read it. If not, remove it immediately…even if it didn't show up in the search you conducted.

Second, if you found information on other websites that you think should be removed, contact them right away. Start with the websites that have the worst (most egregious or most inaccurate) information. Using a polite but firm tone, explain what content you found on their site, why it's a problem, and then specifically ask them to remove that information from their site. Be as specific as possible. If the information is false, say that. If the information is private and used without permission, say that. You may even want to include a link in your email or letter to make sure they can quickly find the problematic information that you're asking them to remove.

Third, take a serious look at your usernames and email address. Often, websites and email accounts include your full name in the contact information along with your username. That can be bad for your image if you use an inappropriate nickname or double entendre as your email address or username. If that's the case, change it or delete the account and start a new, more professional one.

Finally, remember to follow up. After you've removed the information yourself or requested a site to take something down, go back to make sure it's gone. It's also a good idea to do regular searches (even specific searches using your name in quotes along with a word or two describing the content that you wanted removed). Do this a week after requesting removal of the information and then again a month later.

Step Three: Build Your Brand

Managing your online persona isn't just about getting things removed from the Internet; it's about using the Internet to build your brand.

That means changing your frame of mind from worrying about what people might see to taking a proactive role in determining what they will see.

Here are just a few simple ways you can take control of your online image by building your brand on the Internet:

Create a Profile:

One of the easiest ways to make sure positive attributes, qualifications and accomplishments stand out on the Internet is to create a profile that features those aspects. In fact, create profiles on multiple sites like ZoomInfo.com, Xing.com, and Ziggs.com. These profiles only take a matter of minutes to create and they help boost positive information about you higher in an Internet search.

One of the best profiles to start with is a Google profile. Once you create a Google profile, your name, occupation, location and a photo (if you upload one) will appear on the first page of a Google's search results for your name. When someone clicks to view your full profile, they'll see the information you input-which can include a list of employers, places you've lived, other sites you use (such as a blog or social networking page) and even a short bio that describes your experience, skills, and interests. Once you have all this information down, you can use it to quickly create profiles on other sites.

Finally, since many employers are actually searching the Internet to verify your qualifications and experience, consider setting up an account on a website for freelancers or contract employees, such as Guru.com.

Remember, there are a number of similar profile sites. You don't have to join them all, but joining a few and putting in relevant, important information about yourself can really help boost your online persona.

Participate in Social Networking:

You've no doubt heard about popular social networking sites like Facebook.com, LinkedIn.com, SpeakerSite.com as well as micro-blogging sites like Twitter.com and online photos sites like Flickr.com.

These sites offer you fun, interactive ways to connect with friends, family, and peers. In addition, they are great for improving your online persona because they often climb near the top of searches.

That said, there are few things to keep in mind.

First, notice this tip says "participate in social networking" not just "join." The more information you include in your profile and the more you participate, the more useful these sites will be in building your brand.

Second, when you do participate make sure it's relevant. Your status updates don't have to be all business and no play; it's okay to have a balance of your personal and professional life on these sites. But make sure that you keep it appropriate. That means keeping slang to a minimum, and avoiding inappropriate words, humor, photos or stories. It also means that you should write occasional posts about a professional conference you've attended or project you've finished.

Also, make sure you join groups or communities on these sites that reflect your professional aspirations and the positive image you're trying to portray. Before joining any group, ask yourself if you'd feel comfortable discussing your membership in the online group with your grandmother or during a job interview with a potential employer.

Finally, make sure you take advantage of other online communities besides these sites. Becoming active in a discussion thread or chat room hosted by a professional organization can be a powerful way to improve your online persona. Not only will your peers and potential employers get to know you on those sites, but your posts will often find their way into your search results.

Start a Blog or Website:

One of the most productive ways to control your online persona is to create new content on a blog or website that highlights or reflects your expertise.

A blog or website not only gives you the space necessary to write about your areas of expertise, but they also rank high in Internet searches if the content is updated regularly.

While this step may seem a bit overwhelming at first, a number of providers such as Wordpress.com or Blogger.com make it fast and convenient. You don't need to know how to program html or JavaScript. They do all the work for you. All you have to do is sign-in and post.

So what should you post?

The obvious answer is to make sure you post appropriate information. It's okay to have multiple blogs or sites-for example, one about your family for friends to read and one about your professional experience for peers and potential employers to read. But make sure the content on both sites is appropriate because there's no way to stop a potential employer from seeing your family site.

If you're stuck wondering what to write about, use your imagination. You don't have to write a white paper in every post. Maybe you want to post your thoughts about the top three things you learned at a professional conference and include a link to the conference website. Maybe you just received an award or professional certification… write about that and put a link to the site that awarded it. Or maybe you have ideas about the best way to write a report. As long as you're not divulging trade secrets, write about what you do, what you know, and what your job growth goals are for the future.

You may even want to take an additional step to purchase and use a domain name that's as close as possible to your name. That will solidify your professionalism and help eliminate any confusion about who you are and what you do.

Remember, the website or blog is a reflection of you…of your brand. So make sure it's clean, organized, professional looking, and that each post is error free and edited.

Maximize Your Web Presence by Interlinking Your Sites:

Once you've created a few online profiles, started participating in social network sites, and developed a quality blog with a few posts, it's time to make sure people notice. That means promoting each of these sites in other sites by linking to them.

So, on your Facebook page, you should include links to your Twitter account and your blog or website. On your blog or website, create a Contact Information page that includes links to your online profiles, Facebook page, Twitter account, and so on. On your profile pages, include links to your blog and social networking sites.

It sounds a bit repetitive, if not overkill. But it's not. It's important. Why? The simple reason is that links are factored into Internet searches.

When someone does a search of your name on the Internet, the sites that typically rank the highest have the most sites linking to them.

That means, the more sites that link to your blog, the better chance you have of it hitting the first page of search results. And that's the ultimate goal here…getting the positive information that you create to rise to the top, so people see the online persona that you've strategically developed and that you want them to see.

Therefore, make sure you have as many sites and profiles cross-referencing each other as you can. And keep adding fresh content and information updates regularly.

Relax - One Step at a Time is Fine

This article has given you a number of easy-to-follow simple steps to improve your online persona. But even then, this can seem like a daunting task.

The trick is, don't let it be. Take it one step at a time.

Start by simply evaluating what's out there and working to remove any negative pictures or information. That alone will be helpful. Then, as you have time, follow the steps for creating a new, more professional persona using profiles, social networking sites, and a blog or website.

In no time, you'll start seeing those positive, professional websites rise to the top of Internet searches. And you'll take comfort in knowing that those are the same sites that potential employers see when they take a closer look at you on the Internet.

For More Information visit: http://www.robertjrussell.com , http://www.InsurancePricedRight.com or http://www.FreeDFWApartments.com

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Successful Webinars for Real Estate

Many real estate pros use seminars to establish themselves as experts in the field. However, seminars can be expensive and time-consuming. But with the ever-evolving Internet, you can now put on Web-based seminars-Webinars-for nearly any kind of audience. Here's how you get the most bang for your seminar buck.

Webinar Advantages: Better Than Being There?

A virtual seminar is a live event with a main speaker, in which attendees can view slides of the presentation on their computer desktops and the speaker's voice is delivered through the phone or computer speakers.

The advantages to you and your audience are many, such as:

• Convenience: Your prospects don't have to get into a car and go somewhere (nor do you). They can participate right from the comfort of their home or office, which means they are more likely to attend.
• Control: Attendees will have less fear of being "overpowered" by a sales pitch because they are not physically present and can click off at any time.
• Interaction: Most webinar systems give the speaker the ability to interact directly with attendees using real-time polls and a chat box for questions and comments.
• Feedback: Some webinar solutions allow you to automatically launch a survey immediately after the seminar ends. This is a great tool to receive candid feedback to gauge how well you did, how you could make it better, and expression of interest (including buying signals).
• Cost: If you choose wisely, you can put on a webinar for a fraction of the cost of a traditional seminar.
• Content: If your webinar system allows you to record your sessions, then you have an ongoing source of updated multimedia information for your Web site or blog.

At this point you may be thinking, "OK, great, but does it really work to generate new business?"

Let me put it this way: As a professional international speaker for nearly 15 years, I can attest to the business-generating power of seminars. In fact, during the past six months, webinars have been my only method of delivery. They have empowered me to reach more people than I ever have before with just a fraction of the effort and time involved with traditional seminars. (View an example: See a webinar I delivered to Maryland Association of REALTORS® associates last April.)

You too can use webinars to establish yourself as an expert, reach far more prospects, and convert more of them into clients.

The Technology You Need to Set it Up

Here are some tools you need to host a Webinar.

• Webinar system: What you want from a webinar platform is a combination of affordability, accessibility, and user interactivity. The one I use is GoToWebinar.com from Citrix. (Not to be confused with GoToMeeting, which is offered by the same company but does not include polls or surveys and is limited to 16 people.) The company offers a reasonable "all you can meet" pricing model either by the month or annually. This means you can use the system as many times as you want, with as many people as you want (up to 1,000) at any time. You can even try it free for 30 days. Remember: You need to practice on the system a few times before you conduct a live webinar. Some other popular webinar vendors include Adobe Connect, WebEx, and ConferencePlus.
• Internet connection: Make sure you have a reliable broadband connection because you will be broadcasting your voice and sometimes even your computer screen.
• Cordless phone headset: During a webinar, people will hear your disembodied voice and see whatever you are sharing on your computer screen-and that's it! This means your voice has to do the heavy lifting to keep the group engaged and their energy up. The easiest way to do that is to stand up and move while you are talking. This automatically improves your voice with that extra dose of energy and enthusiasm. A cordless headset can give you the freedom to do that. HelloDirect.com is one company that offers these; I personally prefer the GN950e, which gives you 350' of freedom and can be used as a computer headset as well.

Checklist: How to Prepare

Keep the following items in mind as you set up your webinar so you have no surprises when the time comes to put on your show.

• Schedule the day and time: Set the time, duration, and date that works best for your prospects. Try to keep the duration to no more than one hour until you develop strong confidence in your presentation skills. Also, be aware of what time zone you are using. Obviously, use your local one if all your attendees are local. Otherwise, for North America, use Eastern time, and attendees outside of that time zone can calculate for their own time (at least you hope they can).
• Describe the webinar: Give your webinar a title and description. Make sure your webinar title is very compelling and attractive to your intended audience-otherwise, they will not even bother to register. Also, the webinar description copy should include bullet points that outline the benefits of attending.
• Add panelists: These are people that either present with you or help you present (more on this later).
• Customize the webinar theme: This is the look and feel of what attendees will see when they receive your e-mail announcement and when they first log in. You can change the color, upload your logo, and include your photo.
• Set up a registration form: This is the information-mostly contact information-that your attendees will need to supply in order to register. Avoid mandatory fields whenever possible. (For example, GoToWebinar requires a name and e-mail address, but everything else is optional.)
• Arrange for a post-webinar survey: Think through the questions you want your attendees to answer and be sure to ask if they would like to schedule an appointment with you (the call to action). Then, plan on sending the survey out to all your attendees following the webinar.
• Set up your polls: These are a great way to get attendees to anonymously interact with you and each other in real time. They are typically used for larger audiences (50-plus). If you expect to use a poll in your webinar, set them up well in advance of your webinar and be sure to practice using them with a friend. Remember to talk to your audience while they fill these out, rather than just waiting silently and creating a "dead air" effect.
• Coordinate your e-mail reminders: Determine when e-mail reminders of the webinar will be sent to the registrants and what they will say. You will want to send out at least one or two reminders to registrants so they don't forget about the webinar. Be sure to include important log-in information and a phone number, if applicable, so they'll know how to access the webinar when the time comes.

2 Ways to Promote Your Webinar

So now that you have the logistics of your webinar all in place, you are now ready to announce it. Here are two primary ways to announce your webinar:

1. E-mail: Most providers have some sort of e-mail template, as well as the means for sending it to registrants. I use the basic format generated directly by GoToWebinar and then modified it slightly before sending it out. For e-mail announcements and reminders, I have found that three times within about a 45-day period works best, with the last reminder just a few days before the webinar date.

2. Web: You can post the registration link (using suitable promotional copy) on your Web site, blog, or any social media sites you belong to.

Don't hesitate to use affiliate relationships (title companies, mortgage lender, attorneys, etc.) to help spread the word.

With most webinar vendors, you'll be able to log into your account at any time to see who has registered, who they are, and if they had any pre-attendance questions.

3 Reminders for the Day of Your Webinar

Here are some things you'll want to have ready before your webinar goes live.

1. Prepare your materials: Make sure that you have pre-loaded any Web sites and your PowerPoint presentation well in advance of launching your webinar.

2. Adjust your screen resolution: Make sure your screen resolution is set to 1024 x 768, especially if you have a high-resolution screen. If you don't, your attendees may have a hard time viewing details on your screen if you're sharing it with them.

3. Make a knowledgeable friend or trusted colleague a panelist: It is very important to have someone who is familiar with your content and who can answer most questions and even run through the typed-in comments within the Q&A box that come in from attendees. There is no way you can do this yourself and keep your presentation flowing smoothly. When your friend logs in as a panelist, be sure to make them an "Organizer" so she can see and respond to the typed Q&A questions.

5 Presentation Tips

You want to deliver a high-performance and engaging webinar. Follow these pointers for presentation style.

1. Have a killer opening: Briefly introduce yourself and your fellow panelists and explain why attendees are there (keep it benefit-oriented) in a way that will grab them immediately.

2. Give an overview: Tell them what you are going to cover (again, stress the benefits).

3. Be participant-centric: In addition to keeping the webinar benefit-oriented, allow for audience interaction, which is much more engaging than just listening to someone. Note: Don't overwhelm your audience with PowerPoint slides. Use as few as possible and fill in the blanks with your personality and words.

4. Review what you cover: Stick to a few main points and the benefits they'll receive from learning this material.

5. Close with a call to action: Thank them for attending and be sure to remind them to complete the post-webinar survey too. In addition to establishing yourself as an expert, you want to use this opportunity to persuade them to become clients.

Due to high-speed Internet and affordable webinar systems readily available, webinars have made it easier than ever-and more fun-to show prospects that you're a top professional in the industry. So jump right in and explore this whole new world of business-generating opportunity awaiting you and you'll be propelling your virtual stardom in no time.

More real estate pros are turning to Web-based seminars, a cost-effective option to land in front of more clients. Here's how you can do it too.

By Michael Russer | July 2009

For more information about upcoming Real Estate webinars - contact: Robert J Russell, International Real Estate Specialist - http://www.robertjrussell.com - 972-679-9029 Skype: robert.j.russell

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Want to Buy a House ?

Buy a Ticket

RISMEDIA, July 15, 2009-(MCT)-With a housing market sinking to lows seldom seen in this country's history, some people are resorting to seldom-used practices to sell their houses.

Don and Karen Carroll count themselves among that group. With plans to move to Painesville Township, the Eastlake couple is trying to sell their home of five years but to this point haven't had much luck.

"Our house has been on the market for almost a month and a half, but only one person has come to look at it," said Don, 40. "That being the case, we're kind of worried."

So, they've come up with a Plan B.

"I was sitting in the living room last week, and I said to my husband, 'What if we tried to raffle this house?' " said Karen, 50. "Somebody in this big world had to have done it before."

In fact, someone has. Last year, a Maryland couple raffled off their four-bedroom farmhouse - which was appraised at $390,000 when it was first put on the market - by selling 6,289 tickets at a price of $100 each.

The entire process took about two and a half months and the raffle even raised about $225,000 for a charity of that couple's choice.

The Carrolls first hoped to do exactly the same but have since learned that Ohio law prevents them from doing so, Don said.

However, another entity - like a nonprofit organization - can conduct such a raffle, Don said, explaining that led the Carrolls to approach the Diabetes Association of Greater Cleveland in hopes of working something out.

"My mother just passed away last month from diabetes," said Karen, explaining why the couple chose the Beachwood-based nonprofit.

However, such a raffle would have to be approved by the association's board of directors and there are still a number of legal questions that must be answered, said Lori Izeman, director of development and communication.

"We're interested in looking at new streams of revenue, and this may be an exciting opportunity," she said. "We're thrilled they're thinking locally, because the Diabetes Association of Greater Cleveland is the only local nonprofit dedicated to diabetes. We're not part of a national organization."

Should things not work with the association, Don said he and his wife would look for other nonprofits in hopes of arranging a raffle.

"In my heart, I think this could be a successful thing for whichever organization was willing to do it," he said.
In the meantime, the three-bedroom, one-bathroom raised-ranch house at 1259 E. 362nd St. is still up for sale. It's been appraised at $115,000, Don said.

Realtor Daryl Poe, who along with wife Georgia is the Keller Williams Realty agent for the house, said the couple would likely sell their home before any raffle if a buyer stepped forward.

Still, he gives the Carrolls credit for deciding to raffle the house.

"As a Realtor, it didn't bother me," Poe said. "You got people thinking outside the box."

Copyright (c) 2009, The News-Herald, Willoughby, Ohio
Distributed by McClatchy-Tribune Information Services.

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United State Foreclosure Laws

United States foreclosure laws. Select a state from the map or the list below for complete state foreclosure information. Each state foreclosure page includes a summary of your state foreclosure law as well as links to other foreclosure law resources. Alabama Foreclosure Law Alaska Foreclosure Law Arizona Foreclosure Law Arkansas Foreclosure Law California Foreclosure Law Colorado Foreclosure Law Connecticut Foreclosure Law Delaware Foreclosure Law Florida Foreclosure Law Georgia Foreclosure Law Hawaii Foreclosure Law Idaho Foreclosure Law Illinois Foreclosure Law Indiana Foreclosure Law Iowa Foreclosure Law Kansas Foreclosure Law Kentucky Foreclosure Law Louisiana Foreclosure Law Maine Foreclosure Law Maryland Foreclosure Law Massachusetts Foreclosure Law Michigan Foreclosure Law Minnesota Foreclosure Law Mississippi Foreclosure Law Missouri Foreclosure Law Montana Foreclosure Law Nebraska Foreclosure Law Nevada Foreclosure Law New Hampshire Foreclosure Law New Jersey Foreclosure Law New Mexico Foreclosure Law New York Foreclosure Law North Carolina Foreclosure Law North Dakota Foreclosure Law Ohio Foreclosure Law Oklahoma Foreclosure Law Oregon Foreclosure Law Pennsylvania Foreclosure Law Rhode Island Foreclosure Law South Carolina Foreclosure Law South Dakota Foreclosure Law Tennessee Foreclosure Law Texas Foreclosure Law Utah Foreclosure Law Vermont Foreclosure Law Virginia Foreclosure Law Washington Foreclosure Law Washington D.C. Foreclosure Law West Virginia Foreclosure Law Wisconsin Foreclosure Law Wyoming Foreclosure Law
		Important Legal Disclaimer

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America's Most Expensive Homes

Prices and sales may be down nationwide, but the country's costliest spreads still command top dollar.

There's been a lot of denial among luxury homeowners. In 2006, it was thought that the luxury market wouldn't suffer the same fate as the broader market. A year later, high-end home buyers were thought to have endless, deep pockets, further insulating the top-tier from the cratering economy. As the nation's markets in 2008 went from bad to worse, some in the industry claimed that the dearth of trophy properties outstripped supply.

This year, reality set in. No one is buying $100 million homes. Few are buying $30 million homes. Properties in that range are either being reduced by amounts similar to the national debts of small countries--Dunellen Hall, reduced by $50 million from $125 million to $75 million, and BootJack Ranch to $68 million, a reduction of $20 million from last year's asking--or are being pulled from the market entirely. It's been a bad year for America's Most Expensive Homes, our annual list of the nation's priciest oceanfront mansions, urban townhouses, monumental ski lodges and country estates. Mainstays like the $125 million Fleur de Lys in Beverly Hills, a 45,000-square-foot re-creation of Louis XIV's palace at Versailles, and the $100 million Tranquility, a Lake Tahoe 20,000-square-foot mountain home on 210 acres, are still at the top of our list, two and three years after they came on the market, respectively.

In Pictures: America's Most Expensive Homes

In 2008, it took a $75 million price tag to make our list. Now there are four homes priced below that: the $68 million BootJack Ranch in Pagosa Springs, Colo., with its 77,000 square feet of cabin space, including a 13,800-square- foot main house, a $65 million Brentwood, Calif., ranch designed by Robert Byrd, a $60 million Beverly Hills mansion built in 1919 by silent-film stars Douglas Fairbanks and Mary Pickford and a $60 million Upper East Side apartment with a mind-boggling 10,000-square-feet of space.

To compile our list, we spoke with brokers and consulted listing agents and real estate appraisers and scoured real estate listings. We didn't include private listings, also called pocket listings, because they're quietly shopped around among elite buyers, nor did we measure land sales. The so-called Spelling Mansion, a 123-room Holmby Hills spread, which has reportedly been on and off the market at $150 million is currently not publicly listed and therefore was not included. The penthouse of the Pierre Hotel in Manhattan is also officially off the market.

When did the high end of the market truly fall apart? When the financial crisis set in, particularly after Lehman Brothers failed Sept. 15 and Freddie Mac and Fannie Mae went into government conservatorship on Sept. 7. In New York, and the Hamptons, that completely shut off the sales spigot. "There are only two closed sales above $30 million that I know of," says Jonathan Miller, principal of Miller Samuel, a Manhattan-based appraisal firm. "There were a few additional sales that closed in September, but they went to contract before the party ended. "It's the same story on the West Coast, almost 3,000 miles from Wall Street.

"I'm calling peak June, July of 2008, that was the end of it," says Mauricio Umansky, a broker with Hilton and Hyland in Beverly Hills, who despite the downturn has sold two $30 million homes since the financial crisis set in. "When September 15 hit, that was the boom lowering."

Of course, if it takes a couple more years to sell the $125 million Fleur de Lys or the $100 million Tranquility, their sellers are most likely willing to wait. After all, these homes been sitting on the market for years, and the amount a broker can make in commission off that kind of sale is enough to retire on.

Perhaps that's the fifth factor in the high-end market: It only takes one offer.

1. $125 million

Fleur de Lys
Beverly Hills, Calif.

The latest addition to the $100 million-plus club, Suzanne Saperstein's gem is aptly called the Fleur de Lys. Modeled after Louis XIV's palace at Versailles, the 45,000-square-foot home took five years to build following Saperstein's accumulation of five acres in Holmby Hills during the 1990s. Should strolling the grounds bore you, there is a 50-seat screening room and a library filled with first-edition books. Auto collectors will salivate over the nine-car garage.

For more information, contact Joyce Rey at Coldwell Banker Beverly Hills or Robert Kass at Hilton & Hyland Real Estate.

2. $100 million

Tranquility
Lake Tahoe, Nev.

Conveniently located on the tax-free Nevada side of Lake Tahoe, this 210-acre property is owned by Joel Horowitz, co-founder of Tommy Hilfiger. The 20,000-square-foot main house is modeled after a Northern European mountain home and has a 3,500-bottle wine cellar. An indoor swimming pool and atrium, as well as a 19-seat movie theater, ensure constant entertainment, even if you're snowed in.

For more information, contact Shari Chase at Chase International.

3. $85 million

Bel Air, Calif.

On 2.2 acres in the Bel Air neighborhood, this 48,000-square-foot palace has 10 bedrooms and 14 bathrooms. If you're worried about the riff-raff sneaking in, there's a 1,000-foot-long, 36-foot-high wall made of Jerusalem stone that encircles the property. The three-story home sits on a parcel that includes a swan pond, infinity pool and gardens. As part of the L.A. lifestyle, you need cars, and in case you've got 20 of them, there's plenty of parking in this home's garage.

For more information contact Joyce Rey at Coldwell Banker.

4. $75 million (down from $125 million)

Dunnellen Hall
Greenwich, Conn.

On 40 acres of rolling hills, with lawns and meadows broken up by tree lines that provide privacy, this Jacobean manor has 21,897 square feet, 14 bedrooms and 13 bathrooms. Vaulted ceilings, travertine marble floors, bay windows, limestone walls and wood paneling are notable interior features, as is a 52-foot-long indoor swimming pool.

For more information, contact David Ogilvy at David Ogilvy & Associates, an affiliate of Christie's Great Estates.

5. $75 million

Upper East Side
New York, N.Y.

Rarely, even for New York's most expensive townhomes, can you find one that's 45-feet wide, as is the case with this limestone mansion on East 61st Street. The six-story home has 21,000 square feet of space. High, arched ceilings, winding staircases and stone floors mark the entry way. Other features include an interior courtyard, library, garden level, wine cellar, roof terrace, home gym, sauna, six bedrooms, three staff rooms and ten bathrooms.

by Matthew Woolsey, Forbes.com

For Luxury & International Listings visit: http://www.robertjrussell.com

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New Appraisal Law - Shoud you beware ?

New Appraisal Law, Is this going to up the economy or exacerbate the already fallen economy?

BUYER SHOULD BEWARE OF NEW APPRAISAL LAW....

At the start of what seems to be a great season for house-hunters, a new law has created difficulties for home buyers, their Realtors and other real estate professionals in an already beleaguered market.

The Home Valuation Code of Conduct, or HVCC, became law May 1. In the details of the law, Fannie Mae and Freddie Mac, quasi-government institutions and purchasers of most mortgages, won't provide funds for mortgage loans unless the appraisal follows a few new guidelines.

One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser. This includes approaching them with relevant information. Instead, lenders are required to use third-party "appraisal management" companies that oversee the appraisal and any communication.

One of the largest problems this has created is when a loan officer improperly qualifies the buyer or runs into a new underwriting rule that declines their loan. Previously, the loan could be repackaged and sent to a new source without delay or ordering a new appraisal. Under the new law, appraisals are captive to the lending source, cannot be transferred, therefore a second appraisal fee must be paid by the buyer, or a third, if the loan is especially difficult to place.

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States in Financial Mess

States without budgets as key deadline passes

By JUDY LIN, Associated Press Writer Judy Lin, Associated Press Writer - 1 hr 54 mins ago

SACRAMENTO, Calif. - States from coast to coast began a new fiscal year Wednesday with no budget plans and with cash quickly running out, sending some to the brink of shutdown and forcing others to furlough workers and cut services.

In California, Gov. Arnold Schwarzenegger declared a fiscal emergency and ordered state offices closed three days a month to save money as the state sank deeper into dysfunction. State officials plan to pay bills with IOUs starting Thursday.

But the pain extends far beyond the West Coast. The governor of Pennsylvania is proposing a 16 percent tax increase. A budget veto by the Illinois governor left the state with no spending plan at all. Indiana barely avoided a shutdown.

In most states, the debate centers on whether states should be raising taxes to bridge the budget gaps. Schwarzenegger said he wouldn't sign anything that raised taxes or fees beyond what he has already proposed.

"I'm proud of California, even though we have our crisis," the governor said. "No one can point fingers, because as you can see, there are 30 states right now that have their fiscal year starting today that also don't have a budget, so I mean let's not get carried away and just look at California as we are the only state that cannot manage the budget."

The recession has taken a devastating toll on tax revenues and state finances. States had a cumulative $121 billion budget gap in crafting this year's budgets - and the gap would be even bigger without federal stimulus money, said Todd Haggerty, a research analyst at the National Conference of State Legislatures.

"You can't look to any one region that's performing better than the others," Haggerty said. "You can see Arizona and California in the west, Ohio and Illinois in the middle and Pennsylvania and North Carolina in the east."

The NCSL says seven states - Arizona, Connecticut, Kentucky, Mississippi, North Carolina, Ohio and Pennsylvania - have experienced delays or had to extend their sessions to deliberate on the budget.

In California, which has a budget but one that is out of balance, the Legislature will have 45 days to send Schwarzenegger a plan to close a gap now pegged by the governor at $26.3 billion. After that, they can't adjourn or act on other bills until they solve the crisis.

The budget woes will lead to a third monthly furlough day for more than 200,000 state employees, bringing their total pay cut to about 14 percent. The state controller could extend $3 billion worth of IOUs for July.

Businesses that provide services to the state, taxpayers owed refunds and college students who get state help would be given IOUs. Banks are waiting for the state to decide the interest rate, so it's unclear whether people could cash them.

Pennsylvania will delay payments to vendors after a partisan stalemate over the deficit stalled approval of the state budget. Gov. Ed Rendell on Wednesday stood behind his call for a 16 percent income tax hike, saying the budget could not be balanced without it.

Meanwhile, state workers will receive only partial pay on July 17 and July 24, and after that paychecks will be withheld entirely until the impasse is solved. Workers will be paid retroactively. Rendell said 10 banks and credit unions have agreed to help 69,000 state employees by offering them low- or no-interest loans and lines of credit.

In Illinois, Gov. Pat Quinn on Wednesday vetoed the bare-bones budget lawmakers sent him, leaving the state with no spending plan. The House and Senate are expected to meet July 14 to consider an override.

Asked how long government could operate without a budget, Quinn said, "The next few days are crucial."

Mississippi lawmakers left one whole agency - the state's utility regulatory agency - unfunded. The Public Service Commission said it didn't know how it would function, but Gov. Haley Barbour says he can run the agency by executive order.

In Connecticut, Republican Gov. M. Jodi Rell vetoed the Democrats' budget proposal, saying it was not balanced or realistic. She signed an executive order to keep the government running without a two-year budget in place.

In Ohio, a budget impasse intensified over a proposal by Gov. Ted Strickland to put slot machines at the state's seven horse racing tracks, all but guaranteeing lawmakers would need a second temporary budget before they could resolve their differences.

Indiana narrowly averted a large-scale government shutdown after coming to terms on a budget. And Arizona, Indiana, Ohio, Connecticut and Mississippi also were among the other states that raced against the clock to pass budgets.

The mess in California could spread nationwide because of the sheer size of the state economy. The Senate rejected three bills designed to save $5 billion, including $3.3 billion in education funding cuts that had to be enacted before Wednesday.

Senate President Pro Tem Darrell Steinberg, a Democrat, called Republicans' refusal to vote for the measures "an irresponsible position to take."

Associated Press Writers Juliet Williams, Samantha Young, Don Thompson in Sacramento, Julie Carr Smyth in Columbus, Paul Davenport in Phoenix, Christopher Wills in Springfield, Ill., Mike Smith in Indianapolis, Susan Haigh in Hartford, Conn., Emily Wagster Pettus in Jackson, Miss., and Mark Scolforo in Harrisburg contributed to this report.

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Are you Shopping for a Mortgage ?

Shopping for the Right Mortgage

Finding a mortgage that's right for you should be easy. But there are often many different programs to choose from, as well as a myriad of ways to structure the loan in terms of the amount, term, payment, rate, closing costs...the list of options may seem endless. However, because there are so many options available, it's important to seek advice from an experienced mortgage professional who has your best interest at heart. The first step in determining which program is right for you is to ask yourself the important questions listed below. These questions can also help you confirm that you've chosen the right mortgage professional as well, because he or she should be asking you the same questions before trying to put any mortgage in place: How long do you anticipate living in your home? Do you expect any changes over the next few years, such as expanding your family or having children go off to college or even move away? Do you expect any changes in income due to promotions, relocations, retirement, inheritance, or pensions? Are you expecting a change with regard to your investments? When it comes to investment strategies, are you conservative, aggressive, or somewhere in between?

The reason these questions are so important is that different loan programs will offer specific benefits that will appeal to borrowers at different stages of life. What one homeowner might find desirable might cause another to reach for the Rolaids®. In the end, be sure you are given a complete picture of exactly how much your mortgage will cost you over the period of time you anticipate having the loan in place. This is the single most important factor you should consider when shopping for a mortgage. Not only does this data illustrate the bigger picture of your financial goals, it allows for adjustments should things change a little sooner than expected. A good timeframe for this projection is anywhere from three, five, or even up to seven years. When shopping for a mortgage, you should always evaluate your choices carefully and consider how they will fit in with your long-term financial plan. Answer the important questions listed above and call me for a free consultation. Together, we'll find the program that's best for you. http://www.dfwhomeforsale.com 972-679-9029 - Ask for Robert J. Russell, IRES, REALTOR

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