Archive for May, 2009

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Even the Smartest Ones Lose Their Homes

May 26, 2009

Even the Smartest Ones Lose Their Homes
Monday, May 18, 2009, by Dakota


First, Edmund Andrews, an economics reporter for the New York Times (who makes $120,000 a year), falls in love, and then he buys a $460,000 house in Silver Spring, Maryland, and then he takes out two mortgages (a primary mortgage of $333,700 and a “piggyback” loan for $80,300). Here’s how his broker convinces him not to worry about the loans: “‘Don’t worry,” Bob reassured me, saying what almost everybody else in real estate was saying at that moment. “The value of your house will be higher in five years. You’ll be able to refinance.'” And then the credit card debt starts piling up, and then his wife gets laid off, and then they default on their mortgage, but JPMorgan Chase is so busy dealing with the mess of the housing market that the bank is too busy to foreclose on his home. Wondering how he, an economics writer, failed to understand what he was doing (well, he knew he was gambling), Andrews ends his essay this way: “Eight months after my last payment to the bank, I am still waiting for the ax to fall.” [NY Times magazine]

reprinted from Curbed LA

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Keller Williams Realty Gives Back to the Community

May 17, 2009

I’m so happy that the Keller Williams Realty food drive held on May 14th received enough food donations to start a food pantry at the Mt. Hollywood Congregational Church in Los Feliz. Lots of appreciation for all the agents that made the drive a reality and gave of their time to help others.

In addition thanks to everyone who partipated in our parking lot garage sale & dog adoption. The funds that were raised support Labs & Buddies Rescue a volunteer group that rescues our 4legged friends, some of which have been abandoned due to foreclosures or are waiting to be put to death by the over loaded animal shelters.

Keller Williams recognizes how important it is to give back to the communities that have supported them. These are hard times for many people and we pledge to donate our time and energy to sponsoring and producing events that will raise money for local charities.

We also raise monies for KW Cares a non-profit arm of Keller Williams Realty that helps agents and their families that have been hit by tragedies, illness, Katrina (floods) and other catastropic events.

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tax benefits of homeownership

May 15, 2009

Tax Benefits of Homeownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume: $9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest) $2,700 =

Property taxes (at 1.5 percent on $180,000 assessed value) ______ $12,577 = Total deduction

Then, multiply your total deduction by your tax rate. For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56 $3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate) Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

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KW Charity Garage Sale – Dog Adoption May9th

May 8, 2009

EVERYONE WELCOME

HOPE TO SEE YOU THERE!!

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