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June 29, 2008

InterNACHIcomsop-2008

InterNACHIcomsop-2008

This edition of InterNACHIcomsop was revised and approved as an International Standard on 05/10/2008, and supersedes all previous editions.

Includes InterNACHIcomsop-2008 document pack. http://www.nachi.org/comsop.htm

InterNACHIcomsop-2008

This edition of InterNACHIcomsop was revised and approved as an International Standard on 05/10/2008, and supersedes all previous editions.
Includes InterNACHIcomsop-2008 document pack.
International Standards of Practice for
Inspecting Commercial Properties
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June 26, 2008

Decline-in-Value Reassessments/Home Price Calculator

Calculate the current estimated dollar value of your home using OFHEO's House Price calculator  Home Price Decline Calculator: http://www.ofheo.gov/calculator/ 

ZILLOW ESTIMATES:

http://www.zillow.com/search/RealEstateSearch.htm?addrstrthood=&citystatezip=#view=ver%3D1%26op%3Dsearch%26scen%3Ds1%26map%3D%28Aw%3AAN118450017%21As%3A33930278%21Ae%3AAN118368134%21An%3A33973851%29%26mode%3D%28zoom%3A12%29%26citystatezip%3D90045%26loc%3Dmap 

Decline-in-Value Reassessments
SOUTHERN CALIFORNIA
AUTHORIZED TAX AGENT
The Harris Company REA/C
5780 W. Centinela Avenue
Los Angeles, CA 90045
310.337.1973
harris_curtis@sbcglobal.net
http://assessor.lacounty.gov/extranet/guides/prop8.aspx
http://assessor.lacounty.gov/extranet/list/forms.aspx
Authorized Tax Agent Form Number: EXM-202

Proposition 8 – What is It?
In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.1

Eligibility Requirements
You must demonstrate that on January 1, the market value of your property was less than its current assessed value.

You must file a claim form for a Decline-in-Value Reassessment Application (Prop.8) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. If December 31 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or mailed and postmarked by the next business day.

The Process

On your claim form, provide the Assessor with information that supports your opinion that the market value for your property is less than the assessed value. The best supporting documentation is information on sales of comparable properties. You should select two comparable sales that sold as close to January 1 as possible, but no later than March 31. You may query the Assessor’s database for sales in your neighborhood by clicking here. While the submission of comparable sales is helpful for the Assessor in determining the market value of your property, applications submitted without comparable sales will be accepted and processed.

An appraiser will review your claim form and the information you provide. Other sales information available to the Assessor may also be considered. If the market value as of January 1 is less than the trended base value2, your assessed value will be lowered to the market value for the fiscal year beginning on July 1. The adjusted value will be reflected on your annual tax bill.

If the current market value is higher than the trended base value, no change in assessed value will be made.

If you disagree with the Assessor’s findings, you may file an appeal with the Assessment Appeals Board. You must file your appeal between July 2 and November 30 for your annual tax bill.

Example
A property was purchased for $500,000. During a three-year period, the real estate market declined and recovered. The property owner filed for a decline-in-value reassessment. The following table shows the trended base value of the property, the market value of the property, and the assessed value of the property. Assumimg a 2% Annual C.P.I.:

Base Value Trended Market Value Assessed Value
Year 1 $500,000 $500,000 $500,000
Year 2 $510,000 $480,000 $480,000
Year 3 $520,200 $510,000 $510,000
Year 4 $530,604 $550,000 $530,604

Frequently Asked Questions

Q. Do properties other than single family residences qualify?

A. Yes. All real property qualifies.

Q. What is a comparable sale?

A. A property sold with features that are similar to your property is a comparable sale. Comparable sales information helps you analyze the value of your home. For example, a property similar in location, zoning, size, number of bedrooms and bathrooms, age, quality and condition to yours that sold in the open market is a comparable sale.

Q. Where can I find comparable sales information?

A. A good place to start is online. The Assessor’s website offers sales information for properties that have sold within the last two years. The same information is available from any Assessor District Office. Also, many websites offer sales information free of charge. A local real estate agent or title agent can also be a valuable source of information.

Q. I filed my Proposition 8 Application by December 31. When and how will I know if my value will be reduced?

A. You will receive notification by mail before July 1.

Q. If my assessed value is reduced, how long will it last?

A. Proposition 8 reassessments are not permanent, but last at least one year. The assessed value may decrease or increase depending on the market value of your property on January 1 of each subsequent year. Your assessed value will never increase more than the trended base value. It is important to remember, however, that base year values suspended by Proposition 8 reassessment values continue to increase by an annual inflation factor of no more than 2% per year.

How Do I File for Proposition 8 Tax Relief?

A claim form is available from several sources. Choose what is most convenient for you.

Online: Forms are available at the Assessor’s website: assessor.lacounty.gov

Email: Send us an email at helpdesk@assessor.lacounty.gov

Phone: Call (213)974-3211

Claim forms may also be requested by mail or in person at any of our offices listed in this brochure.

What Form Do I Need?

Decline-in-Value Reassessment Application (Proposition 8) (RP-87)

——————————————————————————–

1To read the law associated with Proposition 8, see Revenue and Taxation Code, Section 51. It is available online at www.leginfo.ca.gov.

2Property is assessed at the time of sale or transfer (base value) or new construction. That base value increases a maximum of 2% (trend) each year (i.e. trended base value).

Tax Reduction, Tax Appraisal, Authorized Tax Agent

 

Los Angeles COunty Cities Served:

Acton (93510)
Agoura Hills (91301)
Agoura Hills (91376)
Alhambra (91801)
Alhambra (91802)
Alhambra (91803)
Alhambra (91804)
Alhambra (91841)
Alhambra (91896)
Alhambra (91899)
Altadena (91001)
Altadena (91003)
Arcadia (91006)
Arcadia (91007)
Arcadia (91066)
Arcadia (91077)
Artesia (90701)
Artesia (90702)
Avalon (90704)
Azusa (91702)
Baldwin Park (91706)
Bell (90201)
Bell Gardens (90202)
Bellflower (90706)
Bellflower (90707)
Beverly Hills (90209)
Beverly Hills (90210)
Beverly Hills (90211)
Beverly Hills (90212)
Beverly Hills (90213)
Burbank (91501)
Burbank (91502)
Burbank (91503)
Burbank (91504)
Burbank (91505)
Burbank (91506)
Burbank (91507)
Burbank (91508)
Burbank (91510)
Burbank (91521)
Burbank (91522)
Burbank (91523)
Burbank (91526)
Calabasas (91302)
Calabasas (91372)
Canoga Park (91303)
Canoga Park (91304)
Canoga Park (91305)
Canoga Park (91309)
Canyon Country (91351)
Canyon Country (91386)
Canyon Country (91387)
Castaic (91310)
Castaic (91384)
Cerritos (90703)
Chatsworth (91311)
Chatsworth (91313)
City of Industry (91714)
City of Industry (91715)
City of Industry (91716)
Claremont (91711)
Covina (91722)
Covina (91723)
Covina (91724)
Culver City (90230)
Culver City (90231)
Culver City (90232)
Culver City (90233)
Diamond Bar (91765)
Downey (90239)
Downey (90240)
Downey (90241)
Downey (90242)
Duarte (91009)
Duarte (91010)
El Monte (91731)
El Monte (91732)
El Monte (91734)
El Monte (91735)
El Segundo (90245)
Encino (91316)
Encino (91416)
Encino (91426)
Encino (91436)
Gardena (90247)
Gardena (90248)
Gardena (90249)
Glendale (91201)
Glendale (91202)
Glendale (91203)
Glendale (91204)
Glendale (91205)
Glendale (91206)
Glendale (91207)
Glendale (91208)
Glendale (91209)
Glendale (91210)
Glendale (91221)
Glendale (91222)
Glendale (91225)
Glendale (91226)
Glendora (91740)
Glendora (91741)
Granada Hills (91344)
Granada Hills (91394)
Hacienda Heights (91745)
Harbor City (90710)
Hawaiian Gardens (90716)
Hawthorne (90250)
Hawthorne (90251)
Hermosa Beach (90254)
Huntington Park (90255)
 
 
 
Inglewood (90311)
Inglewood (90312)
Inglewood (90313)
Inglewood (90397)
Inglewood (90398)
La Canada Flintridge (91011)
La Canada Flintridge (91012)
La Crescenta (91214)
La Crescenta (91224)
La Mirada (90637)
La Mirada (90638)
La Mirada (90639)
La Puente (91744)
La Puente (91746)
La Puente (91747)
La Puente (91749)
La Verne (91750)
Lake Hughes (93532)
Lakewood (90711)
Lakewood (90712)
Lakewood (90713)
Lakewood (90714)
Lakewood (90715)
Lancaster (93534)
Lancaster (93535)
Lancaster (93536)
Lancaster (93539)
Lancaster (93584)
Lancaster (93586)
Lawndale (90260)
Lawndale (90261)
Littlerock (93543)
Llano (93544)
Lomita (90717)
(90801)
(90802)
(90803)
(90804)
(90805)
(90806)
(90807)
(90808)
(90809)
(90810)
(90813)
(90814)
(90815)
(90822)
(90831)
(90832)
(90833)
(90834)
(90835)
(90840)
(90842)
(90844)
(90845)
(90846)
(90847)
(90848)
(90853)
Long Beach (90888)
Long Beach (90899)
(90001)
(90002)
(90003)
(90004)
(90005)
(90006)
(90007)
(90008)
(90009)
(90010)
(90011)
(90012)
(90013)
(90014)
(90015)
(90016)
(90017)
(90018)
(90019)
(90020)
(90021)
(90022)
(90023)
90024)
90025
90026
90027
90028
(90029)
(90030)
(90031)
(90032)
(90033)
(90034)
(90035)
(90036)
(90037)
(90038)
(90039)
(90040)
(90041)
(90042)
(90043)
(90044)
(90045)
(90046)
(90047)
(90048)
(90049)
(90050)
(90051)
(90052)
(90053)
(90054)
(90055)
(90056)
(90057)
(90058)
(90059)
(90060)
(90061)
(90062)
(90063)
(90064)
(90065)
(90066)
(90067)
(90068)
(90070)
(90071)
(90072)
(90073)
(90074)
(90075)
(90076)
(90077)
(90078)
(90079)
(90080)
(90081)
(90082)
(90083)
(90084)
(90086)
(90087)
(90088)
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(90091)
(90093)
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(90095)
(90096)
(90099)
(90101)
(90102)
(90103)
(90189)
Lynwood (90262)
Malibu (90263)
Malibu (90264)
Malibu (90265)
Manhattan Beach (90266)
Manhattan Beach (90267)
Marina del Rey (90292)
Marina del Rey (90295)
Maywood (90270)
Mission Hills (91345)
Mission Hills (91346)
Mission Hills (91395)
Monrovia (91016)
Monrovia (91017)
Montebello (90640)
Monterey Park (91754)
Monterey Park (91755)
Monterey Park (91756)
Montrose (91020)
Montrose (91021)
Mount Wilson (91023)
Mt Baldy (91759)
Newhall (91321)
Newhall (91322)
North Hills (91343)
North Hills (91393)
North Hollywood (91601)
North Hollywood (91602)
North Hollywood (91603)
North Hollywood (91605)
North Hollywood (91606)
North Hollywood (91609)
North Hollywood (91611)
North Hollywood (91612)
North Hollywood (91615)
North Hollywood (91616)
North Hollywood (91618)
Northridge (91324)
Northridge (91325)
Northridge (91327)
Northridge (91328)
Northridge (91329)
Northridge (91330)
Norwalk (90650)
Norwalk (90651)
Norwalk (90652)
Norwalk (90659)
Pacific Palisades (90272)
Pacoima (91331)
Pacoima (91333)
Pacoima (91334)
Palmdale (93550)
Palmdale (93551)
Palmdale (93552)
Palmdale (93590)
Palmdale (93591)
Palmdale (93599)
Palos Verdes Peninsula (90274)
Panorama City (91402)
Panorama City (91412)
Paramount (90723)
Pasadena (91101)
Pasadena (91102)
Pasadena (91103)
Pasadena (91104)
Pasadena (91105)
Pasadena (91106)
Pasadena (91107)
Pasadena (91109)
Pasadena (91110)
Pasadena (91114)
Pasadena (91115)
Pasadena (91116)
Pasadena (91117)
Pasadena (91121)
Pasadena (91123)
Pasadena (91124)
Pasadena (91125)
Pasadena (91126)
Pasadena (91129)
Pasadena (91131)
Pasadena (91182)
Pasadena (91184)
Pasadena (91185)
Pasadena (91188)
Pasadena (91189)
Pasadena (91191)
Pasadena (91199)
Pearblossom (93553)
Pico Rivera (90660)
Pico Rivera (90661)
Pico Rivera (90662)
Playa del Rey (90293)
Playa del Rey (90296)
Pomona (91766)
Pomona (91767)
Pomona (91768)
Pomona (91769)
Pomona (91797)
Pomona (91799)
Porter Ranch (91326)
Rancho Palos Verdes (90275)
Redondo Beach (90277)
Redondo Beach (90278)
Reseda (91335)
Reseda (91337)
Rosemead (91770)
Rosemead (91771)
Rosemead (91772)
Rowland Heights (91748)
San Dimas (91773)
San Fernando (91340)
San Fernando (91341)
San Gabriel (91775)
San Gabriel (91776)
San Gabriel (91778)
San Marino (91108)
San Marino (91118)
San Pedro (90731)
San Pedro (90732)
San Pedro (90733)
San Pedro (90734)
Santa Clarita (91350)
Santa Clarita (91380)
Santa Clarita (91382)
Santa Clarita (91383)
Santa Clarita (91390)
Santa Fe Springs (90670)
Santa Fe Springs (90671)
Santa Monica (90401)
Santa Monica (90402)
Santa Monica (90403)
Santa Monica (90404)
Santa Monica (90405)
Santa Monica (90406)
Santa Monica (90407)
Santa Monica (90408)
Santa Monica (90409)
Santa Monica (90410)
Santa Monica (90411)
Sherman Oaks (91403)
Sherman Oaks (91413)
Sherman Oaks (91423)
Sherman Oaks (91495)
Sierra Madre (91024)
Sierra Madre (91025)
Signal Hill (90755)
South El Monte (91733)
South Gate (90280)
South Pasadena (91030)
South Pasadena (91031)
Stevenson Ranch (91381)
Studio City (91604)
Studio City (91614)
Sun Valley (91352)
Sun Valley (91353)
Sunland (91040)
Sunland (91041)
Sylmar (91342)
Sylmar (91392)
Tarzana (91356)
Tarzana (91357)
Temple City (91780)
Toluca Lake (91610)
Topanga (90290)
Torrance (90501)
Torrance (90502)
Torrance (90503)
Torrance (90504)
Torrance (90505)
Torrance (90506)
Torrance (90507)
Torrance (90508)
Torrance (90509)
Torrance (90510)
Tujunga (91042)
Tujunga (91043)
Universal City (91608)
Valencia (91354)
Valencia (91355)
Valencia (91385)
Valley Village (91607)
Valley Village (91617)
Valyermo (93563)
Van Nuys (91388)
Van Nuys (91401)
Van Nuys (91404)
Van Nuys (91405)
Van Nuys (91406)
Van Nuys (91407)
Van Nuys (91408)
Van Nuys (91409)
Van Nuys (91410)
Van Nuys (91411)
Van Nuys (91470)
Van Nuys (91482)
Van Nuys (91496)
Van Nuys (91497)
Van Nuys (91499)
Venice (90291)
Venice (90294)
Verdugo City (91046)
Walnut (91788)
Walnut (91789)
Walnut (91795)
West Covina (91790)
West Covina (91791)
West Covina (91792)
West Covina (91793)
West Hills (91307)
West Hills (91308)
West Hollywood (90069)
Westlake Village (91363)
Whittier (90601)
Whittier (90602)
Whittier (90603)
Whittier (90604)
Whittier (90605)
Whittier (90606)
Whittier (90607)
Whittier (90608)
Whittier (90609)
Whittier (90610)
Whittier (90612)
Wilmington (90744)
Wilmington (90748)
Winnetka (91306)
Winnetka (91396)
Woodland Hills (91364)
Woodland Hills (91365)
Woodland Hills (91367)
Woodland Hills (91371)
Woodland Hills (91399)

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Warehouse Management Today: Balancing Financial Pressures and Growing Demand

Traditional linear supply chains with sequential processes are evolving into complex global ecosystems that are highly responsive to customer requirements.

This SAP white paper describes how an adaptive supply chain network allows all the stakeholders in the supply chain – both internal and external to the enterprise – to share knowledge, make collaborative decisions and immediately respond to changing conditions. Trading partners can avoid costly supply chain problems. Moreover, firms can enhance their financial position and improve their supply chain economics.

 

http://solo.tradepub.com/free/w_sapx79/prgm.cgi

 

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SBA Introduces Two New Online Finance Courses for Small Business Owners

*********************************************

Release Date: June 26, 2008

Contact: Cecelia Taylor (202) 401-3059

Release Number: 08-65

Internet Address: http://www.sba.gov/news

SBA Introduces Two New Online Finance Courses for Small Business Owners

WASHINGTON ─ The U.S. Small Business Administration has introduced two

new free online finance courses to help small business owners with the basic

principles of finance and borrowing.

The new self-paced courses, Finance Primer: Guide to SBA’s Loan Guaranty

Programs at http://app1.sba.gov/sbtn/registration/index.cfm?CourseId=29 and

How to Prepare a Loan Package at

http://app1.sba.gov/sbtn/registration/index.cfm?CourseId=28, walk business

owners through steps that answer questions about what debt financing is,

what loan programs are available, what small businesses should know about

borrowing money, how to prepare a loan package and how loan requests are

reviewed by lenders.

"It is important for the SBA to provide information tools to help our nation’s

entrepreneurs who desire the personal freedom and economic independence

that can come with business ownership," said SBA Acting Administrator Jovita

Carranza.

The Finance Primer gives an overview of the SBA’s loan guaranty programs to

help small businesses understand the variety of financial resources, including

those from the SBA.

The finance courses can help entrepreneurs avoid some of the common

mistakes made such as securing the wrong type of financing, miscalculating

the amount of financing required, and underestimating the cost of borrowing

money.

The Loan Package course includes small business links to related information,

and refers course participants for direct support in preparing a loan request to

appropriate resources that include SBA’s district offices, SBA resource partners

and lenders.

Course participants who complete the 30-minute online training programs can

earn a certificate of completion from the SBA, with their name, date and

course title.

The new finance courses have been added to a menu of more than 26 online

tutorials offered by the SBA. On a typical day, 800 to 2,000 customers

register for free online courses offered by the SBA through its virtual training

campus at the Small Business Training Network (SBTN) (www.sba.gov/training).

# # #

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Unlocking Value: More Banks Discovering Gold in Sale-Leaseback Deals

After Watching Big Banks Scrub Owned Property Off Their Balance Sheets, Small and Mid-Market Players Now Getting A Piece of the Action

 
Nicholas S. Schorsch, chairman/CEO, left; and William Kahane, president, COO and treasurer of American Realty Capital, were among the earliest to engineer large-scale SLB transactions for single-tenant net lease properties such as retail banks.
Several community and regional banks, already squeezed by the subprime mortgage crisis, tightened consumer lending and falling share prices, are following the lead of some banking giants and pursuing sale-leasebacks as a hedge against current economic volatility. The strategy allows banks to raise cash while pruning unneeded brick-and-mortar assets from their balance sheets.

In addition to large deals by the likes of Citi, Wachovia and SunTrust to monetize a portion of the real estate they owned and occupied, smaller and middle-market banks such as Harleysville National Bank, Independent Bank Corp. and Old National Bank Corp. have unveiled sale-leaseback transactions of their own in recent months.

Nicholas S. Schorsch, a real estate executive noted for pioneering the concept, has made buying and leasing back middle-market bank branches a cornerstone of his business strategy. Last month, New York-based American Realty Capital, headed by Schorsch and former Morgan Stanley exec William M. Kahane, announced an agreement with New York-based investment bank Sandler O’Neill and Partners, L.P. to partner on long-term net lease sale-leasebacks with financial institutions holding between $500 million and $50 billion in assets.

Editor's note: Can sellers in sale-leasebacks still get top dollar, or should they wait until the market recovers? E-mail me at rdrummer@costar.com and responses may be included with this article.


Increasingly, banks are realizing they can operate without owned real estate, opting to sell the assets and sign triple-net leases that allow them to control the property for up to 40 years. In one fell swoop, banks can raise cash through a sale-leaseback while slicing property operating and depreciation costs from their bottom line. The ball is now rolling and more deals are in the pipeline, net lease experts say.

Banks Ride Herd On SLB Trend


"It’s a growing trend in the industry. We are actively working on three or four portfolios of bank branches with institutional clients of ours," said Jeff Hughes, senior director with the Tulsa, OK-based Stan Johnson Co., which handled the Old National Bank sale leaseback transaction for a client, selling the bank’s corporate headquarters facilities in downtown Evansville, IN for $78 million. Subsequently, it facilitated the sale of a $110 million portfolio of Old National suburban bank branches.

"The banking industry is not unlike others; there’s a bit of herd instinct. When you see your peers structuring large, high-profile transactions, it attracts a lot of attention. When they start realizing the benefits, it creates a bit of a trend, which we’re certainly seeing today," Hughes said.

Selling branches in bulk allows banks to quickly shed redundant assets, Nick Schorsch told CoStar Advisor. Banks can achieve higher returns on investment by lending to borrowers rather then spending capital on fixed real estate operating costs. Sale-leasebacks provide operational flexibility for financial institutions while at the same time giving banks downside protection against a fickle, cyclical real estate market.

"Financial institutions can increase liquidity by monetizing their non-earning assets, moving them off their balance sheets while improving efficiency ratios and eliminating underutilized properties," Schorsch said. "For the banks, this ultimately translates into creating shareholder value and improved earnings."

Long-term leases with minimal rollover give American Realty Capital "a predictable and stable cash flow," which translates into stable risk-adjusted returns for investors, Schorsch said.

As reported previously in Advisor, retail banking is but one of a growing assortment of corporate users, private companies and institutional owners seeking to unlock the value of their assets. The current anguish in credit markets -- and its especially severe impact on financial institutions -- has fueled the urgency for banks in particular to restructure their balance sheets.

Bank-owned real estate can be an important source of liquidity, earnings and capital for an institution, said Tom Killian, a principal and manager of the sale-leaseback effort at Sandler O’Neill.

"The rationale for banks to consider sale-leaseback transactions of bank-owned property is straightforward," according to Killian. "Such a transaction could enable the bank to raise cash to meet strategic and funding needs, convert non-earning, 100%-risk-weighted assets into potentially lower risk-weighted, interest-earning assets, mitigate potential risk of decline in market value of owned real estate, monetize off-balance-sheet value into earnings over the life of the lease, and potentially bolster GAAP (Generally Accepted Accounting Principles) earnings," Killian said.

The deals have their limitations. Sale prices can and probably will increase when the market rebounds. Banks must recognize the sale as a deferred rather than an immediate gain, and must amortize the income over the life of the lengthy lease. But the income helps, as does the removal of asset operating costs and depreciation, replaced in the expense column by market-rate rents. By ridding themselves of fixed assets, smaller institutions can sometimes even lower the burdensome capital reserve levels required by regulators.

Editor's note: Can sellers in sale-leasebacks still get top dollar, or should they wait until the market recovers? E-mail me at rdrummer@costar.com and responses may be included with this article.


In some of the larger sale-leaseback deals of recent months:

  • SunTrust Bank in April closed the final portion of the $736 million sale and leaseback of property to Oak Brook, IL-based Inland Real Estate Acquisitions in nine southern states. The deal involves 433 triple-net lease properties encompassing more than 2.2 million square feet, which SunTrust will lease back for 10 years with an option for multiple renewals.

    "Not only will these sale leaseback transactions remove non-earning assets from the balance sheet, but we will lower occupancy costs by compressing space utilization by 25% to 35% in our moderate to large office buildings," SunTrust President/CEO James M. Wells III told investors earlier this year. "This will obviously drive ongoing occupancy expense benefits. Given the difficult operating environment, I can assure you that we will remain vigilant on costs and continue to explore additional ways to improve efficiency."

  • Transactions such as the $99.7 million sale-leaseback of 25 bank branches to SunTrust Equity Funding provided Old National with about $226 million in cash for redeployment and reduced non-earning assets and deferred liabilities in the third and fourth quarter of 2007, Old National CFO Chris Wolking noted in a conference call.

    "Our net interest margin and net interest income both benefited from our disciplined deposit pricing, the sale-leaseback of our real estate and the first-quarter balance sheet restructuring we executed," Wolking said. "Cash generated from our sale-leaseback transactions allowed us to reduce certain high-cost deposits and borrowings."

  • In December, Citigroup sold its iconic midtown Manhattan office property in Tribeca to SL Green Realty (NYSE: SLG) in a deal valued at $1.58 billion. Last month, Citi sold 47 retail branches in Manhattan, Queens, Brooklyn, and Westchester/Suffolk counties to an Irish investment group called Markland Holdings Ltd. for $100 million.

    Mark T. Fitzgibbon, a principal and director of equity research at Sandler O’Neill, noted that equity investors generally don’t assign much credit to the off-balance sheet worth of bank-owned real estate when they value a company. He cited the major transactions by Citi and SunTrust as evidence that banks are beginning to unlock the value of their brick-and-mortar holdings.

    "During the difficult financial environment facing many banks, it is important for bank management to turn over all the rocks to find sources of earnings, capital and liquidity," Fitzgibbon said.

    Early Believers


    Schorsch and Kahane anticipated the trend in 2003, long before many others in the commercial real estate industry. Before founding American Realty Capital last year, Schorsch and Kahane steered the growth of American Financial Realty Trust (AFRT), where they acquired more than 1,500 properties valued at more than $5 billion. Over the last five years, American Realty’s executive team has negotiated and closed a total of more than $7 billion in bank branch and net lease real estate transactions.

    Schorsch and Kahane left AFRT in 2006. For the next year, Schorsch, bound by a non-compete agreement with his former employer, steered away from bank-operated real estate and focused on sale-leaseback deals for grocery store, pharmacy and chain store retail properties.

    In November of last year, Gramercy Capital Corp. acquired AFRT in a $3.3 billion deal that closed in March. Freed from the noncompete agreement, Schorsch immediately went back to doing bank deals, announcing plans for American Realty Capital LLC to buy and lease back 14 branches and two offices from Pennsylvania-based Harleysville National Bank for nearly $39 million.

    American Realty Capital isn’t limiting itself to the middle market, however. In March, an affiliate of ARC announced an agreement with Wachovia Bank, N.A. to exclusively acquire surplus branches nationwide. American Realty Capital II entered into an agreement with Wachovia to acquire up to 100 branches this year, many at major intersections and shopping center pads, with a total value of more than $100 million.

    A subsidiary of American Realty Capital serves as the external manager of American Realty Capital Trust, a non-traded public real estate investment trust (or REIT). ARCT, launched early this year, has registered to sell up to $1.5 billion of common stock, with a focus on acquisition of fully occupied, net-leased, single-tenant retail properties with long-term leases to high-credit or investment grade tenants.

    "Even in today’s historic dislocation in the capital markets, there’s still an abundance of equity capital ready, willing and able to invest in well-located properties with long-term net leases with good, solid credit tenants -- and that’s what these bank branch and headquarters transactions offer," concluded Stan Johnson Co.’s Jeff Hughes. "Even with the current difficulties, it’s a good place to put your investment. With long-term passive leases in place, there’s still a great appetite for that product type, so it’s going to continue to grow in importance in the commercial real estate investment world."
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    June 25, 2008

    Property Tax Appeals

    Property Tax Appeals

    Home: Property Assessment Appeals: Public Education Program: Public Education Current Seminar Schedule

    CURRENT SEMINAR SCHEDULE

    The Assessment Appeals Public Education Program was developed to help taxpayers better understand the assessment appeals process in Los Angeles County. This program features seminars and brochures on the assessment appeals process.

    All Seminars are free and approximately 90 minutes in length. For recorded information on the current seminar schedule call (213) 974-4240.

    WHAT the Seminar Covers
    WHO Should Attend
    WHEN and WHERE the Seminars are Held
    HOW to Prepare for Your Hearing
    Accommodation for persons with disabilities
    Assessment Appeals Overview
    Seminar Presentation

     

    WHAT the Seminar Covers

    Taxpayers appeal rights When and how to file an application for reduction in assessment. How to prepare for a hearing, admissible and inadmissible evidence, what will happen at the hearing and what to expect after the hearing.

    Back to Top

     

    WHO Should Attend

    Homeowners who are interested in learning about the assessment appeals process are welcome including anyone who has already filed an application with the Assessment Appeals Board.

    Back to Top

     

    WHEN and WHERE the Seminars are Held

    Seminars will be conducted year-round in various locations throughout the county.
    Select a City:
    Culver City | El Monte | Glendale | Lakewood | Santa Clarita | Van Nuys

    El Monte
    Jack Crippen Senior Center - Crafts Room

    3120 N. Tyler Avenue – El Monte, CA 91731
    10:00 a.m.  Thursday – May 22, 2008
    Room capacity is 45 people,
    seating will be on a first come, first served basis
    Free Parking

    Back to "When & Where the Seminars are Held"

    Van Nuys
    Bernardi Senior Center
    6514 Sylmar Avenue – Van Nuys, CA 91401
    2:00 p.m.  Wednesday – June 25, 2008
    Free parking, entrance on Hamlin St.
    [Get Directions]

    Back to "When & Where the Seminars are Held"

    LIBRARIES

    Culver City
    Culver City Public Library
    4975 Overland Avenue – Culver City, CA 90230
    10:00 a.m. Monday – May 19, 2008
    Free parking behind the library
    [Get Directions]

    Back to "When & Where the Seminars are Held"

    Glendale
    Glendale Public Library
    222 E. Harvard St. – Glendale, CA 91205
    10:00 a.m. Wednesday – April 16, 2008
    Library will validate 3 hrs parking
    corner of Maryland & Harvard

    Back to "When & Where the Seminars are Held"

    Lakewood
    Angela M. Iacoboni Library
    4990 Clark Avenue – Lakewood, CA 90712
    10:00 a.m. Monday – June 23, 2008
    Room Capacity is 125 people

    Back to "When & Where the Seminars are Held"

    Santa Clarita
    Santa Clarita Public Library
    23743 W. Valencia Blvd – Valencia, CA 91355
    1:00 p.m. Wednesday – April 2, 2008
    Free Parking

    Back to "When & Where the Seminars are Held"

    Accommodation for Persons with Disabilities

    American Sign Language (ASL) Interpreters are available with at least three business days’ notice before the seminar date. Please telephone (213) 974-1431 (voice) or (213) 974-1707 (TDD), from 8:00 a.m. to
    5:00 p.m., Monday through Friday.

    Spanish language translation and assistive listening devices are available upon request by calling the above numbers.

    For more information visit our website: http://bos.co.la.ca.us/categories/propertytaxappeals.htm

    Back to Top

    En Espanol
    DONDE y CUANDO se llevan a cabo los seminarios:

    El Monte
    Jack Crippen Senior Center - Crafts Room

    3120 N. Tyler Avenue – El Monte, CA 91731
    10:00 a.m.  Jueves – 22 de Mayo, 2008
    Espacio para 45 personas solamente.
    El primero que llegue asegurará su asiento.
    Estacionamiento Gratis

    Van Nuys
    Bernardi Senior Center

    6514 Sylmar Avenue – Van Nuys , CA 91401
    2:00 p.m.   miércoles – 25 de Junio, 2008
    Estacionamiento gratis; entrada en la calle Hamlin.

    BIBLIOTÉCAS

    Culver City
    Culver City Public Library

    4975 Overland Avenue – Culver City, CA 90230
    10:00 a.m. Lunes – 19 de Mayo, 2008
    Estacionamiento gratis

    Glendale
    Glendale Public Library
    222 E. Harvard St. – Glendale, CA 91205
    10:00 a.m. Miercoles – 16 de Abril, 2008
    La biblioteca validará estacionamiento de 3 horas.
    Esquina Maryland y Harvard

    Lakewood
    Angela M. Iacoboni Library
    4990 Clark Avenue – Lakewood, CA 90712
    10 :00 a.m. Lunes – 23 de Junio, 2008
    Espacio para 125 personas

    Santa Clarita
    Santa Clarita Public Library
    23743 W. Valencia  Blvd. – Valencia, CA 91355
    1 :00 p.m. Miercoles – 2 de Abril, 2008
    Estacionamiento Gratis

    Intérpretes de Lenguaje por Señas Americano son disponibles si Ud. solicita 3 días antes del seminario.Favor de llamar al (213) 974-1431 (voz) o al (213) 974-1707 (TDD), de 8:00 a.m. - 5:00 p.m., lunes a viernes.

    Intérpretes y aparatos para escuchar en el idioma español son disponibles a petición llamando a los teléfonos ya mencionados.

    Para mas informacion visite: http://bos.co.la.ca.us/categories/propertytaxappeals.htm

     

     

    Back to Top

    This schedule will be updated as changes occur.
    Last update March 31, 2008.

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    Illinois attorney general says she'll sue Countrywide Financial

    By Caryn Rousseau, The Associated Press
    June 25, 2008
    CHICAGO -- Countrywide Financial Corp. engaged in "unfair and deceptive" practices to get homeowners to apply for risky mortgages far beyond their means, according to a civil lawsuit that Illinois' attorney general planned to file Wednesday.

    The lawsuit against the nation's biggest mortgage lender -- planned for the same day shareholders were scheduled to vote on the company's takeover by Bank of America Corp. -- stems from information from documents subpoenaed by the state beginning last fall, as the number of foreclosures nationwide began to skyrocket.

    "Countrywide's conduct has contributed to the high number of foreclosures in Illinois and caused significant harm to the public, the market and scores of Illinois borrowers and homeowners," according to a draft of the lawsuit provided by Atty. Gen. Lisa Madigan's office this evening.

    A spokeswoman for the Calabasas company declined to comment on the litigation.

    Robyn Ziegler, a spokeswoman for Madigan, said the lawsuit would be filed Wednesday in Cook County Circuit Court. In the complaint, Madigan said that Countrywide offered unfair loans with risky features, used misleading sales techniques and encouraged employees and brokers through incentives to sell more high-risk loans.

    "Unfair and deceptive advertising, marketing and sales practices were utilized to push mortgages, while hiding the real costs and risks to borrowers, including enticing borrowers with low teaser rates, low monthly payments and 'no closing cost' loans that failed to make clear and conspicuous," according to the lawsuit, which also names as defendants Countrywide Chairman Angelo Mozilo and David Sambol, the lender's chief financial officer.

    Among other things, Madigan wants Countrywide to pay restitution to all affected consumers who lost their homes or loans. She also asks for 90 days to review any loans that are in or near foreclosure to see whether borrowers can pursue affordable options.

    Countrywide, like many in the mortgage industry, has suffered under the weight of the sub-prime mortgage fallout as thousands of customers default on home loans.

    Defaults and subsequent foreclosures have been most pronounced on adjustable-rate mortgages made to borrowers with past credit problems. The sub-prime loans typically require a lower monthly payment in the first two or three years before resetting to higher interest rates and much larger payments.

    Countrywide, which has been under scrutiny by federal and state authorities, also faces numerous other lawsuits related to its lending practices.

    It agreed in January to sell itself to Bank of America Corp. for $4 billion in stock. The deal is now valued at about $2.8 billion, reflecting a decline in Bank of America's stock price over the last six months.

    The acquisition received clearance from the Federal Reserve this month, and Countrywide shareholders are scheduled to vote on it Wednesday morning during a meeting at the lender's headquarters.

    Assuming shareholders give their approval, Charlotte, N.C.-based Bank of America has said it could close the deal as early as July 1.

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    Apartment Groups Ask Supreme Court to Decide Whether Participation in Section 8 Housing Should be Mandatory

    Apartment Groups Ask Supreme Court to Decide Whether Participation in Section 8 Housing Should be Mandatory
    Published: June 12, 2008

    By Anuradha Kher, Online News Editor
     
    Washington, D.C.--An alliance of apartment organizations have joined forces to file a “friend of the court” brief asking the United States Supreme Court to decide whether states and localities can force property owners to participate in the federal Section 8 program by passing laws that make it illegal to deny voucher holders based on their source of income.

    “When Congress created the Section 8 program, it explicitly made the program voluntary because it recognized that there are costs and burdens imposed on property owners who choose to participate,” says Jim Arbury, NMHC/NAA senior vice president of government affairs. “Now states and localities are trying to alter the voluntary nature of the program by passing so-called “source of income” non-discrimination laws that essentially make property owner participation mandatory.”

    “Not only do these state and local laws contradict Congressional intent, they also impose an unconstitutional burden on property owners,” explained Arbury. “We believe that the voluntary nature of the federal law should preempt these state and local laws.”

    The National Multi Housing Council (NMHC) and the National Apartment Association (NAA), along with the Louisville (KY) Apartment Association, are spearheading the effort. The National Leased Housing Association, the Apartment and Office Building Association of Metropolitan Washington, the Delaware Apartment Association, the Greater Lexington (KY) Apartment Association, the Mobile Bay Area Apartment Association and the New Jersey Apartment Association are joining in the efforts.

    Until now, all federal appeals courts that have considered the preemption issue, have upheld the supremacy of federal law or Congressional intent where it directly conflicts with a state or local law. However, state court rulings--including the Maryland state ruling at issue in the brief--have rejected the federal preemption argument in the context of the Section 8 program (Glenmont Hills Associates Privacy World at Glenmont Metro Center v. Montgomery Country, Maryland).

    “Based on these conflicting rulings at the state and federal level, we believe the case is appropriate for review by the U.S. Supreme Court,” says Douglas Culkin, CAE, president of NAA. “Unless the Supreme Court acts, these conflicts are likely to become more numerous as more and more state and local governments attempt to effectively amend a federal statute.”

    Arbury also added that though states and localities are struggling with a shortage of affordable housing, mandating participation in the Section 8 program is not an effective solution to the problem and could actually jeopardize the success of the Section 8 programs.

    SAVE | EMAIL | PRINT | MOST POPULAR | RSS | REPRINTS

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    June 20, 2008

    CIVIL PROCEDURE, PROPERTY LAW & REAL ESTATE, TAX LAW

    CIVIL PROCEDURE, PROPERTY LAW & REAL ESTATE, TAX LAW
    Mayer v. L&B Real Estate, No. S142211
    In an action to quiet title brought after plaintiffs learned that a portion of certain commercial property they owned had been sold at a tax sale, a court of appeals' ruling finding that action was barred by the statute of limitations is reversed where, contrary to the court of appeals' ruling, the quiet title action was timely filed because plaintiffs were in undisturbed possession of the property until they received notice that a portion of their property had been sold, and the one-year statute of limitations did not begin to run until that time. Read more in DOC...   Read more in PDF...
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    Federal Arbitration Act (“FAA” or the “Act”),

    The United States Supreme Court has ruled that when parties to arbitration agreements utilize the expedited review procedure provided by the Federal Arbitration Act (“FAA” or the “Act”), the judicial review available to them is limited to that which is provided for by the Act. Accordingly, parties to an arbitration agreement which contains a provision calling for expanded judicial review may not rely upon the FAA for enforcement of that provision. Hall Street Associates, LLC v. Mattel, Inc., No. 06-989, 552 U.S. ___ (March 25, 2008)

    Congress enacted the FAA in 1925 in response to the hostility of American courts to the enforcement of arbitration agreements. The Act, in Section 2, provides that a written arbitration provision in a contract involving commerce is “valid, irrevocable and enforceable,” regardless of whether enforcement is sought in state or federal court. The Act provides mechanisms allowing a party to secure swiftly a stay of litigation (Section 3) and an affirmative order to proceed in arbitration (Section 4). The Court has previously recognized that these reflect Congress’ clear intent to move parties to an arbitrable dispute out of court and into arbitration as quickly and easily as possible.

     For more visit:  http://www.jacksonlewis.com/legalupdates/article.cfm?aid=1321

     

     

     

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    HB 1353 (Madden/Isgar) strengthens Colorado's Conservation Easement Tax Credit Program

    OFFICE OF GOV. BILL RITTER, JR.

    FOR IMMEDIATE RELEASE

    THURSDAY, JUNE 5, 2008

    CONTACT:

    Evan Dreyer, 720.350.8370, evan.dreyer@state.co.us

    GOV. RITTER SIGNS FINAL BILLS OF 2008 LEGISLATIVE SESSION INTO LAW

    At a state Capitol ceremony, Gov. Bill Ritter today signed the final bills from the 2008 legislative session -- lauded by the governor as the "Education Session" for groundbreaking accomplishments in education reform and education funding. Gov. Ritter signed 475 bills into law this session.

    In addition to education accomplishments, Gov. Ritter also touted gains made in Colorado's burgeoning New Energy Economy, business development, health-care reform and natural-resources protection.

    Gov. Ritter also bid farewell to several term-limited lawmakers at today's ceremony, including Rep. Rosemary Marshall and House Majority Leader Alice Madden.

    In a special tribute to Madden, the final bill signed today was Madden's House Bill 1353, which will provide greater transparency, accountability and oversight for Colorado's Conservation Easement Tax Credit Program.

    "It's been a privilege and an honor to work with all of the departing lawmakers," Gov. Ritter said. "The bills I'm signing today all represent progress and a pragmatic approach to solving problems and getting things done for the people Colorado."

    The eight measures signed at the final ceremony of 2008:

    HB 1353 (Madden/Isgar) strengthens Colorado's Conservation Easement Tax Credit Program to prevent abuses. Conservation easements are sold or donated by private landowners to nonprofit or governmental entities to guarantee that a parcel of land will never be developed.

    The new and tougher standards signed into law today include increased accountability for conservation easement appraisals, a certification program for the groups that hold conservation easements, strengthened oversight and enforcement of the state tax credit, and the creation of a Conservation Easement Oversight Commission.

    "In Colorado, almost a million acres have already been protected to safeguard working farms and ranches, wetlands, migratory habitat, historical areas and scenic views," Rep. Madden said. "Much of this land would have been sold to the highest bidder for construction of a new subdivision or office park if it were not for our state's innovative efforts to protect Colorado's natural and cultural heritage."

    For a complete list of 2008 legislation Gov. Ritter has signed into law, click here.

     

    Legislators Call for More Accountability in Colorado’s Conservation Easement Tax Credit

    Vow to “make a successful program stronger”

    Co_state_rep_kathleen_curryCo_state_rep_bernie_buescherCo_state_rep_alice_d_maddenDENVER— Vowing to “make a successful program stronger,” House Majority Leader Alice Madden (D-Boulder), Rep. Bernie Buescher, (D-Grand Junction), and Rep. Kathleen Curry(D-Gunnison) trumpeted their legislation to add an extra layer of accountability for state conservation easement tax credits.

    The measure, House Bill 1353, will build upon changes enacted last year which increased the standards, transparency and accountability for the tax credits.

    Conservation easements are sold or donated by private landowners to nonprofits or government agencies to guarantee that a parcel of land will never be developed.  Property owners may continue using their land as it has been used but give up the rights to sell the land to developers in the future or to develop it themselves.

    The drafting of HB 1353 was guided by the Colorado Conservation Easement Tax Credit Task Force, led by Rep. Madden.  The 2007 task force included legislators, landowners, state officials and land trust representatives. 

    “Colorado has benefited from conservation easements in every corner of the state that protect farms, ranchland, wildlife habitat, scenic and historic landscapes and other unique natural lands.  These are places that could have been lost forever to development without the state tax credits,” said Rep. Madden.  “Our goal is to make this successful program stronger.”

    “Unfortunately, a few bad actors have misused this program, Rep. Madden added.  “This will be the last nail in the coffin of those who would defraud taxpayers through inflated appraisals and slight of hand, chopping up of lands in a way that would impress a chef at Benihana.”

    “These legislators have been leaders in protecting the intent of this important program while eliminating the possibility for abuses,” said Jill Ozarski, executive director of the Colorado Coalition of Land Trusts. “This bill will offer further assurances to taxpayers that the program is cost-effective while allowing Colorado to stay one step ahead of the bulldozers as we work to protect irreplaceable lands.”   
        
    “Conservation easements are a cost-effective way to safeguard Colorado’s agricultural traditions and beautiful places.  In Mesa County, too often I have seen the heart-breaking sight of peach trees destroyed so that sub-divisions can be built,” said Rep. Buescher.

    -- Posted by staff

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    June 16, 2008


    From: HUD USER News
     
    FY 2009 Fair Market Rents
     
    On Thursday, June 12, the U.S. Department of Housing
    and Urban Development published for public comment in
    the Federal Register HUD's Proposed Fiscal Year (FY)
     2009 Fair Market Rents (FMRs) for the (Section 8)
    Housing Choice Voucher Program and Moderate
    Rehabilitation Single Room Occupancy Program. The
    public comment period will be open through August 1.
    The Proposed FY 2009 FMRs, developed by HUD's Office
    of Policy Development and Research (PD&R), use data
    drawn from updated 2000 Census data, the American
    Community Survey (ACS), Random Digit Dialing
    telephone rent surveys, and Consumer Price Index rent
    and utility indexes.
     
    Simultaneous with publication of the Proposed FY 2009
     Fair Market Rents, PD&R is posting a documentation
     system on our website, www.HUDUSER.org. This system will
    allow users to review the underlying data and
    computations used in developing the proposed FMRs for
    each of the approximately 2,400 FMR areas in the
    country.
     
    Analysis of Gainesville Housing Market Area
     
    HUD USER has posted a new Comprehensive Housing Market
    Analysis (CHMA) report for the Gainesville, Florida
    Housing Market Area. CHMAs contain valuable information
    for builders, mortgage lenders, borrowers, local
    planners, and others who need to keep up with an area's
    housing conditions and trends. Prepared by field
    economists in HUD's Office of Policy Development and
    Research, these reports provide data that are useful in
    anticipating changes in the demand for new housing. This
    analysis of the Gainesville housing market area
    describes the economic, demographic, and housing
    inventory characteristics from 1990 to 2000, from 2000
    through September 2007, and projections from October 1,
    2007 to October 1, 2010.
     
    This CHMA, as well as previously published reports
    covering housing markets across the nation, is available
    at www.huduser.org/publications/econdev/mkt_analysis.html.
    All reports are available as free downloads.
     
    --------------------------------------
    Please contact us at:
    HUD USER
    P.O. Box 23268
    Washington, DC 20026-3268
    1-800-245-2691
    1-800-927-7589 (TDD)
    202-708-9981 (fax)
    --------------------------------------
    The HUD USER News eList keeps busy professionals in the
    fields of housing and community development informed of
    new research and resources available from the U.S.
    Department of Housing and Urban Development's Office of
    Policy Development and Research (PD&R). Periodically,
    publication announcements and other useful information
    will be sent via the eList. The HUD USER and Regulatory
    Barriers Clearinghouses value your privacy; we do not
    share our mailing lists with other groups, and you can
    unsubscribe at any time.
     
    You can search the eList archives
    at http://listserv.huduser.org/.
     
    Why not share HUD USER's resources and information with
    a colleague? Forward this email to associates who may be
    interested in the housing research and data sets we have
    to offer. Thanks!
     
    To keep up with the latest HUD research and related
    resources, you can also sign up for a free subscription
    to our ResearchWorks newsletter (in either electronic or
    print-based formats) by visiting http://www.huduser.org/emaillists/subscr.html.
     
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    You were sent this HUD USER News update because
    you expressed interest in receiving a weekly email to
    stay informed of new HUD research and resources. If you
    no longer wish to receive this email, please send an
    email to hudusernews@huduser.org with "unsubscribe"
    as the SUBJECT.
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    June 15, 2008

    Free Safety and Health Evaluations for Your Small Business

    Free Safety and Health Evaluations for Your Small Business
        Visit OSHA's On-site Consultation Program Web page to get valuable information on how this program helps you to provide a safer working environment for your employees. The service is provided only at your request and is delivered at no cost. Employers who use the service to develop and operate an exemplary safety and health management system may also qualify to participate in the Safety and Health Achievement Recognition Program (SHARP). For additional information, visit our Web link at http://www.osha.gov/dcsp/smallbusiness/index.html, or call 202-693-2220.
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    June 14, 2008

    Regulatory Barriers Clearinghouse

    Regulatory Barriers Clearinghouse
    Strategy-of-the-Month Club
     
    June 2008
     
    Revitalization can transform declining older
    neighborhoods into highly sought after real estate,
    attracting higher-income households. Although the
    results can revamp neighborhoods, the influx of
    higher-income households can also lead to increased
    rents and property taxes, a loss of affordable housing
    units, and displacement of low-income residents. This
    process of neighborhood transformation is known as
    gentrification. To help guide local governments in
    their efforts to revitalize neglected neighborhoods
    while maintaining the affordable housing supply, the
    Urban Institute released the report, In the Face of
    Gentrification: Case Studies of Local Efforts to
    Mitigate Displacement.
     
    The report includes case studies of six diverse
    neighborhoods and identifies successful strategies for
    maintaining housing affordability. Neighborhoods
    undergoing gentrification can utilize these strategies
    to retain existing and produce new affordable units.
    As property values rise, so do rents and property
    taxes, forcing low-income households and senior
    citizens on fixed incomes to relocate. Housing
    retention strategies help prevent displacement of low-
    income residents by keeping existing housing units
    affordable. Local governments can adopt tax relief and
    rent control strategies to ease the burden for some of
    the residents of gentrifying neighborhoods. Code
    enforcement and housing rehabilitation programs can
    also help retain existing affordable housing units.
     
    In addition to retaining existing affordable units,
    the case studies show that building new affordable
    units in neighborhoods with strong housing markets and
    high land prices can help mitigate resident
    displacement. Communities can encourage development of
    affordable housing by adopting inclusionary zoning
    policies and flexible land use regulations that
    promote residential infill and mixed-use development.
     
    By deploying these and other strategies discussed in
    the report, local governments can encourage
    neighborhood reinvestment and mitigate the negative
    effects of gentrification on low- and moderate-income
    residents.
     
    To view the report in its entirety, please visit
     http://www.huduser.org/rbc/search/rbcdetails.asp?DocId=1341.
     
    We hope this information proves useful in your efforts
    to grow your region's affordable housing stock. If you
    have regulatory reform strategies or resources that
    you'd like to share, send us an email
    at rbcsubmit@huduser.org, call us at 1-800-245-2691
    (option 4), or visit our website at www.regbarriers.org.
     
    Feel free to forward this message to anyone who is
    working to reduce regulatory barriers to affordable
    housing.
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    U.S. Small Business Administration

    U.S. Small Business Administration

    -- News Release --

    ***********************************************

    Release Date: June 13, 2007

    Contact: Christine Mangi (202) 205-6948

    Release Number: 08-62

    Internet Address: www.sba.gov/news/

    SBA Acting Administrator Tours Midwest Disaster Areas

    Disaster assistance operations up and running;

    Prepared to help communities rebuild

    WASHINGTON---U.S. Small Business Administration Acting Administrator Jovita

    Carranza demonstrated SBA’s support in the recovery efforts of Midwest

    states impacted by recent storms and floods during a tour of Iowa and Indiana

    disaster areas today. Carranza joined FEMA Administrator David Paulison to

    assess areas impacted by the storms and ensure SBA’s coordination with

    federal, state and local governments in providing critical services.

    "SBA is committed to assisting those who seek resources to rebuild their lives

    and communities," said Carranza. "SBA's low-interest federal disaster loans are

    available to homeowners, renters, businesses of all sizes and private, non- profit organizations whose property was damaged or destroyed by disasters.

    SBA customer service representatives will be available at all disaster recovery

    centers as they are established throughout the affected areas to issue loan

    applications, answer questions about SBA’s disaster loan program, explain the

    application process and help every person complete their applications. SBA is

    also working with FEMA, state and local governments to ensure that residents

    receive support during their time of need."

    As the federal government’s leading post-disaster economic recovery agency,

    SBA plays an important role helping affected communities get back on their

    feet.

    The agency provides a wide range of services:

     

    • Disaster loans to homeowners, businesses, and renters;

    • Working capital loans to small businesses impacted by the disaster;

    • Counseling and entrepreneurial development for small business owners;

    • Assistance to small businesses seeking federal contracting opportunities.

     

    SBA currently has disaster staff working to meet the needs of residents

    impacted by severe storms and flooding in Iowa, Indiana, Wisconsin and other

    states.

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    June 12, 2008

    More About Net Gain Real Estate

    More About Net Gain Real Estate


    Net Gain Real Estate (NGRE) is dedicated to providing independent, value-added commercial real estate investing information and analysis at no cost. The primary goal of NGRE is to minimize the risk while maximizing the rate of return on investment (ROI) for income property investors. The secondary goal is to furnish serviceable information for all parties involved in the commercial real estate investing process. NGRE has created four products to achieve these goals.

     

    1. Essays- NGRE authors biweekly essays that focus on contemporary issues that affect commercial real estate investing. The essays cover the crucial, “bottom line” elements of income property investment. This original information was forged in the crucible of real world experience and timeless business principles, and cannot be found anywhere else on the Internet. The essays provides a broad informative overview.
    2. National Income Property Index (NIPI)™- Cap Rate Recommendations: NGRE believes that the basis for determining income property value is the capitalization rate (cap rate). The cap rate is the truest financial summary of an income property’s potential risk and/or appreciation. NIPI uses a formula that incorporates interest rates and unemployment rates for recommending realistic capitalization rates. The recommendations are monthly with NIPI editorial updates. NIPI is a critical tool for determining and negotiating a fair price for the purchase, sale or appraisal validation of a commercial real estate investment.
    3. Economic Valuation System (EVS)™- Income Property Valuation: EVS is the most comprehensive due diligence checklist on the Internet. Using 122 criteria broken into seven indispensable categories, EVS offers a proactive evaluation of a commercial real estate investment. EVS concludes your input with specific buy/hold/sell recommendations. EVS is the pathway to identifying and determining the extent of an income property’s future problems and potential possibilities.
    4. Question and Answer Section (Q&A)-Biweekly NGRE selects three questions that have contemporary relevance to commercial real estate investing. The answers are unbiased,instructive and consistent with NGRE’s primary and secondary goals.
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    Income Property Valuation - Economic Valuation System

    Income Property Valuation - Economic Valuation System



    Income Property Valuation Please note: Web site registration and appropriate due diligence are required to utilize the Economic Valuation System (EVS) for income property valuation. We recommend previewing the EVS sections and making note of additional data needed.

     

    The Economic Valuation System (EVS) is a pro-active due diligence checklist for income property valuation to help in determining the potential of the purchase or sale of income producing properties to generate a profit. It is comprised of seven ingredients that are key to income property valuation: Area, Location, Structural Integrity, Amenities, Capitalization Rate, Debt and Leverage. By scoring the subject property in each category, an investor can make a more informed decision regarding the future value of a real estate investment and the income producing potential of the property.

    Each criterion or sequence is part of a cumulative total. There are 122 criteria used in the income property valuation process. The user will learn which questions are important and the sequence in which you should ask them. If one of the seven key factors of income property valuation fails the test, it is a signal to walk away from the deal or to readjust to accommodate the specific failures.

    The EVS is a universal income property valuation system. It works for all real estate purchases: single family homes, condominiums, duplexes, apartment houses, shopping centers, office buildings, and most other types of income property. It will apply to a $200,000 private home or a $100 million apartment building. Because the EVS is based on timeless fundamentals, it retains its integrity through economic cycles and tax law changes.

    The EVS will provide income property valuation in all societies that use money as a medium of exchange and do not have unusually restrictive laws. It can be used in Fairbanks, Tokyo, Paris, Bombay, New York City, or a small town in Texas. Any individual residing in a capitalistic society will by default be involved in real estate. The EVS gives the investor the capability of looking at income producing real estate intelligently to judge its value. For a more detailed review of EVS and and the criteria that form the system, please see our essay on income property valuation: Due Diligence 101 for Real Estate Investors - The Economic Valuation System.

    Click here to activate EVS.

    Note: A one-time registration is required to access EVS. When you activate EVS, you will be prompted to log in or register.

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    Cap Rate Recommendations -National Income Property Index (NIPI)

    Cap Rate Recommendations -National Income Property Index (NIPI)

    Current Index Ratings for Capitalization Rates


    May 2008

     

    Current Employment State of the EconomyCurrent Recommended Negative/Positive SpreadCurrent Recommended Capitalization Rate Range Current Recommended Capitalization Rate
    GoodMinimal Positive6.5% - 7%7%

    Cap Rate Recommendations NIPI™ DATELINE: May 14: NetGain is pleased to announce a significant addition to the formula that it uses to recommend capitalization rates. The Consumer Confidence Index (CCI) is a major leading economic indicator and is calculated and published by the Conference Board (a nonprofit organization). The index was started in 1967 and compares results to its base year 1985 when the index was 100. It is based on a representative sample of 5,000 U.S. households.

    The two current components in the NIPI™ capitalization rate formula are the thirty-year fixed rate (used to insure a positive spread) and the unemployment rate (a lagging economic validating indicator). The current formula recommends a capitalization rate range which could be as much as one hundred basis points. The CCI has been incorporated into the formula to fine tune that range. A CCI of 100 will point to the middle of the range. A CCI of 75 or less will point to the high end of the range. A CCI of 125 or more will point to the low end of the range. Appropriate recommendations will made between the CCI numbers of 75 and 125.

    A difference of 100 basis points in the capitalization rate has a substantial affect on the value of commercial real estate. NetGain believes that the addition of the CCI to fine tune its capitalization rate recommendations will enhance the already valuable tool used by commercial real estate buyers and owners.

    The National Income Property Index™ (NIPI™) is the preeminent income property guide for increasing ROI and minimizing investment risk by determining effective cap rates. NIPI™ provides investors with time-proven recommendations based on the two most crucial influences affecting the value of income property: jobs and the cost of debt service. Based on monthly National Employment figures, NIPI™ provides recommendations on the most advantageous positive spread to negotiate when purchasing income property. It also calculates the current cost of debt service and recommends the best cap rate range that responds to the recommended positive spread based on up-to-date nationwide data.

     

    SEE NETgAIN rEAL eSTATE: http://www.netgainrealestate.com/cap-rate-recommendations/

    Supporting Documentation for Recommended Cap Rates


    Historical Employment and Interest Rate Data
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    How does one compare bond rate and cap rate returns?

    How does one compare bond rate and cap rate returns?


    NetGain believes the differences in investment characteristics between bonds and income property are sufficiently significant to negate any useful comparisons. With two exceptions, NetGain doesn’t use the bond market for analytical comparisons between bonds and income property. The two exceptions are:

    1. Triple net leases with a single tenant: This is not a real estate transaction. This is a credit arrangement with many similarities to a bond. The markets recognize this and adjust the value of the property accordingly to the changing interest rates.
    2. Bond premium to capitalization rate: The bond rate yield premium can result from high yields and/or low capitalization rates. Two hundred basis points would be a very bare minimum to consider any analysis. The result of a premium could be a return on investment from the bond that is higher than the property. This is a viable analysis when the holding periods are minimally five-to-seven years, and the rating of the bond is comparable to a subjective rating of the property.

    For investment purposes, NetGain believes the capitalization rate serves two critical functions.

    1. As a general rule, NetGain doesn’t believe in negative spread (when the debt service APR exceeds the capitalization rate). As covered in NetGain’s essay“Three Strikes and You’re Out, The Real Estate Version,” the result of negative spread is a guaranteed loss when you borrow, and the more you borrow, the more you lose.
    2. When utilizing a philosophy that encompasses a positive spread, the capitalization rate identifies what your minimum APR should be. The amount of the capitalization rate’s premium over the APR will determine what your leverage should be. Additionally, getting an accurate capitalization rate forces you to find the real operating expenses and the real income. This is vital for establishing an accurate baseline from which to make your future projections.

    FROM:http://www.netgainrealestate.com/q-a/how-does-one-compare-bond-rate-and-cap-rate-returns/#comment-12

     

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    In re Bay-Delta Programmatic Envtl. Impact Report Coordinated Proceedings, No. S138974

    Supreme Court of California, June 05, 2008
    In re Bay-Delta Programmatic Envtl. Impact Report Coordinated Proceedings, No. S138974
    In a case involving whether a final program environmental impact statement/environmental impact report (PEIS/R) for the CALFED Program failed to comply with the California Environmental Quality Act (CEQA), a ruling finding that the PEIS/R failed to comply with the Act is reversed where: 1) CALFED properly applied the rule of reason when it decided to consider in the PEIS/R only alternatives that have the potential to both achieve ecosystem restoration goals and meet current projected water export demands, and that will provide balanced progress in all four of the program areas without including a reduced exports alternative; 2) the PEIS/R complied with CEQA by identifying potential sources of water and analyzing the associated environmental effects in general terms; and 3) the PEIS/R complied with CEQA in analyzing the impacts of the Environmental Water Account in general terms and deferring project-level details to subsequent project-level EIR's. Read more...

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    June 11, 2008

    Comptroller Dugan Unveils New OCC Mortgage Metrics Report

    FOR IMMEDIATE RELEASE
    June 11, 2008

    Contact: Bryan Hubbard
    (202) 874-5770
    Comptroller Dugan Unveils New OCC Mortgage Metrics Report
    NEW YORK — In a speech to the American Securitization Forum in New York, Comptroller of the Currency John C. Dugan unveiled a new Mortgage Metrics Report compiled by the Office of the Comptroller of the Currency (OCC) and focused on delinquencies, loss mitigation actions, and foreclosures in mortgages serviced by national banks.
    Recognizing the need for more granular data to assess the state of troubled mortgage markets, the OCC began in February to require the nine largest national bank mortgage servicers to submit comprehensive mortgage data on a monthly basis. The report analyzes data submitted on each of the more than 23 million loans held or serviced by these nine banks from October 2007 through March 2008. The $3.8 trillion portfolio represents 90 percent of mortgages held by national banks and about 40 percent of mortgages overall. The participating national banks are Bank of America, Citibank, First Horizon, HSBC, JPMorgan Chase, National City, USBank, Wachovia, and Wells Fargo.
    In creating the new report, “the OCC seized the opportunity to improve the way mortgage performance is measured, producing better information for supervision of our banks, and better information for policymakers, other regulators, market participants, and the public,” the Comptroller said.
    Findings highlighted by Comptroller Dugan included:
    • The overall mortgage servicing portfolio of the nine banks reflects credit quality that is relatively satisfactory and relatively stable. The number of current and performing loans remained at about 94 percent over the entire six-month period.
    • While subprime mortgages constituted less than 9 percent of the total portfolio, they sustained twice as many delinquencies as either prime or Alt-A mortgages.
    • Among loss mitigation actions, payment plans predominated, outnumbering loan modifications in March 2008 by more than four to one, but loan modifications increased at a much faster rate during the period.
    • Subprime mortgages accounted for 43 percent of all loss mitigation actions at the end of March, while making up less than 9 percent of the portfolio. Loss mitigation actions exceeded newly initiated foreclosures among subprime borrowers by nearly 2 to 1.
    • As in other studies, foreclosures in process are clearly on the rise – climbing from 0.9 percent of the portfolio to 1.23 percent – but the number of new foreclosures varied considerably month to month and was down substantially in March from a high in January.
    • Seriously delinquent subprime loans had fewer new foreclosure starts than similarly delinquent prime or Alt-A mortgages, perhaps reflecting the national emphasis on developing alternatives and assistance programs for this class of borrowers.
    The new OCC report improves upon other reports on the mortgage industry in three ways. First, its metrics are comprehensive, covering servicers and holders of mortgages and all mortgages, not just subprime. Second, the report is based on loan-level data rather than surveys that report aggregate or summary information submitted quarterly or less frequently. The loan-level data provides greater detail and reliability over time. Third, the agency established standardized definitions and data elements to ensure that information is reported consistently from bank to bank and from loan to loan. 
    “We are hopeful that the standard definitions and methodology used in this report will be applied more broadly across the U.S. mortgage market,” the Comptroller said. “The more we can use standardized metrics across the board, the better we can measure, monitor, and manage mortgage risk.”
    Although this initial data set was provided on a “best-efforts” basis and includes some “noise” in the data, the OCC is working with the banks to validate the accuracy and fill gaps in the data gathered. The Comptroller also noted that some of the conclusions in the report may seem different from conclusions reported elsewhere, but with good reason. “The data in this report is more precise since it is on an individual loan basis; the population of mortgages held and serviced by these banks has some characteristics different than the overall population of mortgages; and the standard data elements and definitions in the report will also lead to differences in reported results.”
    The complete report is available on the OCC’s Web site at www.occ.gov.

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    June 10, 2008

    Rating Agencies Agree To Reforms

    Rating Agencies Agree To Reforms
    in News > Residential Mortgage
    By MortgageOrb.com on Friday 06 June 2008
    email the content item print the content item

    New York Attorney General Andrew M. Cuomo has reached agreements with Standard & Poor's (S&P), Moody's Investors Service Inc. and Fitch Inc. designed to reform the residential mortgage-backed securities (RMBS) market.

    According to the attorney general's office, these agreements will dramatically increase the independence of the ratings agencies, ensure that crucial loan data are provided to the agencies before they rate loan pools, and increase transparency in the RMBS market. The agencies agreed to the following measures:

    • Fee reforms - Credit rating agencies are typically compensated only if they are selected to rate an RMBS by an investment bank. Credit rating agencies will now establish a fee-for-service structure, where they will be compensated regardless of whether the investment bank ultimately selects them to rate a RMBS.

    • Disclosure reforms - Credit rating agencies will disclose information about all securitizations submitted for their initial review. Doing so will enable investors to determine whether issuers sought, but subsequently decided not to use, ratings from a credit rating agency.

    • Loan originator review - Credit rating agencies will establish criteria for reviewing individual originators, as well as the lender's origination processes. The credit rating agencies will review and evaluate these loan originators and disclose their originator evaluations on their Web sites.

    • Due diligence reforms - Credit rating agencies will develop criteria for the due diligence information that is collected by investment banks on the mortgages comprising an RMBS. The credit rating agencies will receive loan level results of due diligence and review those results prior to issuing ratings. The credit rating agencies will also disclose their due diligence criteria on their Web sites.

    • Credit agency independence - Credit rating agencies will perform an annual review of their RMBS businesses to identify practices that could compromise their independent ratings. The credit ratings agencies will remediate any practices that they find could compromise independence.

    • Representations and warranties - Credit rating agencies will require a series of representations and warranties from investment banks and other financially responsible parties about the loans underlying the RMBS.

    The attorney general's office adds that its investigation into the mortgage industry, including an investigation into the secondary market, is continuing.

    Source: Office of NY Attorney General Cuomo

    *******
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    in News > Residential Mortgage
    By MortgageOrb.com on Friday 06 June 2008
    email the content item print the content item

    New York Attorney General Andrew M. Cuomo has reached agreements with Standard & Poor's (S&P), Moody's Investors Service Inc. and Fitch Inc. designed to reform the residential mortgage-backed securities (RMBS) market.

    According to the attorney general's office, these agreements will dramatically increase the independence of the ratings agencies, ensure that crucial loan data are provided to the agencies before they rate loan pools, and increase transparency in the RMBS market. The agencies agreed to the following measures:

    • Fee reforms - Credit rating agencies are typically compensated only if they are selected to rate an RMBS by an investment bank. Credit rating agencies will now establish a fee-for-service structure, where they will be compensated regardless of whether the investment bank ultimately selects them to rate a RMBS.

    • Disclosure reforms - Credit rating agencies will disclose information about all securitizations submitted for their initial review. Doing so will enable investors to determine whether issuers sought, but subsequently decided not to use, ratings from a credit rating agency.

    • Loan originator review - Credit rating agencies will establish criteria for reviewing individual originators, as well as the lender's origination processes. The credit rating agencies will review and evaluate these loan originators and disclose their originator evaluations on their Web sites.

    • Due diligence reforms - Credit rating agencies will develop criteria for the due diligence information that is collected by investment banks on the mortgages comprising an RMBS. The credit rating agencies will receive loan level results of due diligence and review those results prior to issuing ratings. The credit rating agencies will also disclose their due diligence criteria on their Web sites.

    • Credit agency independence - Credit rating agencies will perform an annual review of their RMBS businesses to identify practices that could compromise their independent ratings. The credit ratings agencies will remediate any practices that they find could compromise independence.

    • Representations and warranties - Credit rating agencies will require a series of representations and warranties from investment banks and other financially responsible parties about the loans underlying the RMBS.

    The attorney general's office adds that its investigation into the mortgage industry, including an investigation into the secondary market, is continuing.

    Source: Office of NY Attorney General Cuomo

    *******
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    Rating Agencies Agree To Reforms

    Rating Agencies Agree To Reforms
    in News > Residential Mortgage
    By MortgageOrb.com on Friday 06 June 2008
    email the content item print the content item

    New York Attorney General Andrew M. Cuomo has reached agreements with Standard & Poor's (S&P), Moody's Investors Service Inc. and Fitch Inc. designed to reform the residential mortgage-backed securities (RMBS) market.

    According to the attorney general's office, these agreements will dramatically increase the independence of the ratings agencies, ensure that crucial loan data are provided to the agencies before they rate loan pools, and increase transparency in the RMBS market. The agencies agreed to the following measures:

    • Fee reforms - Credit rating agencies are typically compensated only if they are selected to rate an RMBS by an investment bank. Credit rating agencies will now establish a fee-for-service structure, where they will be compensated regardless of whether the investment bank ultimately selects them to rate a RMBS.

    • Disclosure reforms - Credit rating agencies will disclose information about all securitizations submitted for their initial review. Doing so will enable investors to determine whether issuers sought, but subsequently decided not to use, ratings from a credit rating agency.

    • Loan originator review - Credit rating agencies will establish criteria for reviewing individual originators, as well as the lender's origination processes. The credit rating agencies will review and evaluate these loan originators and disclose their originator evaluations on their Web sites.

    • Due diligence reforms - Credit rating agencies will develop criteria for the due diligence information that is collected by investment banks on the mortgages comprising an RMBS. The credit rating agencies will receive loan level results of due diligence and review those results prior to issuing ratings. The credit rating agencies will also disclose their due diligence criteria on their Web sites.

    • Credit agency independence - Credit rating agencies will perform an annual review of their RMBS businesses to identify practices that could compromise their independent ratings. The credit ratings agencies will remediate any practices that they find could compromise independence.

    • Representations and warranties - Credit rating agencies will require a series of representations and warranties from investment banks and other financially responsible parties about the loans underlying the RMBS.

    The attorney general's office adds that its investigation into the mortgage industry, including an investigation into the secondary market, is continuing.

    Source: Office of NY Attorney General Cuomo

    *******
    Don't miss the latest real estate finance news -- register to receive MortgageOrb's news headlines.
    in News > Residential Mortgage
    By MortgageOrb.com on Friday 06 June 2008
    email the content item print the content item

    New York Attorney General Andrew M. Cuomo has reached agreements with Standard & Poor's (S&P), Moody's Investors Service Inc. and Fitch Inc. designed to reform the residential mortgage-backed securities (RMBS) market.

    According to the attorney general's office, these agreements will dramatically increase the independence of the ratings agencies, ensure that crucial loan data are provided to the agencies before they rate loan pools, and increase transparency in the RMBS market. The agencies agreed to the following measures:

    • Fee reforms - Credit rating agencies are typically compensated only if they are selected to rate an RMBS by an investment bank. Credit rating agencies will now establish a fee-for-service structure, where they will be compensated regardless of whether the investment bank ultimately selects them to rate a RMBS.

    • Disclosure reforms - Credit rating agencies will disclose information about all securitizations submitted for their initial review. Doing so will enable investors to determine whether issuers sought, but subsequently decided not to use, ratings from a credit rating agency.

    • Loan originator review - Credit rating agencies will establish criteria for reviewing individual originators, as well as the lender's origination processes. The credit rating agencies will review and evaluate these loan originators and disclose their originator evaluations on their Web sites.

    • Due diligence reforms - Credit rating agencies will develop criteria for the due diligence information that is collected by investment banks on the mortgages comprising an RMBS. The credit rating agencies will receive loan level results of due diligence and review those results prior to issuing ratings. The credit rating agencies will also disclose their due diligence criteria on their Web sites.

    • Credit agency independence - Credit rating agencies will perform an annual review of their RMBS businesses to identify practices that could compromise their independent ratings. The credit ratings agencies will remediate any practices that they find could compromise independence.

    • Representations and warranties - Credit rating agencies will require a series of representations and warranties from investment banks and other financially responsible parties about the loans underlying the RMBS.

    The attorney general's office adds that its investigation into the mortgage industry, including an investigation into the secondary market, is continuing.

    Source: Office of NY Attorney General Cuomo

    *******
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    IFRS Insights

    IFRS Solutions Center

    IFRS Insights
    A newsletter on IFRS for U.S. companies

    We are pleased to announce the release of IFRS Insights, a newsletter on International Financial Reporting Standards (IFRS) for chief financial officers and financial professionals of U.S. companies.

    This new publication covers a spectrum of key issues related to IFRS and includes:

    • News on the latest developments on IFRS
    • Practical suggestions for companies addressing IFRS
    • Updates on the regulatory environment
    • References to relevant tools and resources
    To receive future issue of IFRS Insights, please visit our subscription page and sign up or update your profile.

    We welcome your feedback! Please visit Deloitte.com to send questions, comments or suggestions about the newsletter.

    Download IFRS Insights.
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    June 09, 2008

    Commercial Property Loan: How To Get It Approved

    <!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'>;
    <html><head><title>Mister Article | Commercial Property Loan: How To Get It Approved?</title></head><body><h3>Commercial Property Loan: How To Get It Approved?</h3><br><br> By: Andrew Stratton<br><br><p>When you invest in a piece of commercial estate, you generally have to take out a mortgage to pay off the cost, just like with a residential purchase. Yet, the factors determining whether or not you will be approved for an investment property loan are somewhat different and the requirements are more demanding. Commercial mortgage lenders will look at several financial aspects including a property appraisal, a credit check, the down payment, and the Debt Service Coverage Ratio. </p>

    <p>A property appraisal is required to determine the market value of the commercial building and accompanying land. The appraisal keeps the lender from inadvertently loaning you more money than the real estate is worth, thereby reducing the risk of loss for the lender. Appraisals are also conducted during residential home purchases, but the price-deciding factors are different. A commercial property's value is based not only on the condition of the roof, the plumbing, and other systems, but also on the size, location, and accessibility of the place. </p>

    <p>With an investment property mortgage loan, you will also need to demonstrate a good credit record. Of course good credit is a plus in residential mortgages, but because commercial properties generally cost much more than the residential properties, the credit requirements tend to be more stringent. In addition, checking your credit history and score, lenders will want plenty of income and asset documentation to make sure you will be able to make your mortgage payments. If it is your own business that will occupy the business space, the lender will want the proof of the profitability of your venture. </p>

    <p>Down payments are another determining factor in whether or not you will be approved for a commercial property loan. In the residential world, borrowers can often get away by contributing very little and sometimes even nothing up front in the form of a down payment. The big price tags on official and business properties, however, makes lenders very cautious as the risks are much greater. Large down payments are usually required for an investment property mortgage loan, with the minimum being 20 percent of the price. In many cases though, the average seems to be a down payment of 30 to 45 percent. You are then provided with the loan of the remaining amount of the purchase price. The amount you are loaned compared to the actual price is called the Loan to Value ratio (LTV) and is a very commonly used percentage in the mortgage world. </p>

    <p>Finally, you will be approved for a mortgage based on the Debt Service Coverage Ratio (DSCR) of the commercial real estate. This is the amount of money the realty generates each month from rents and other fees (the net cash flow) versus the amount of the monthly mortgage payment (the debt service.) This ratio helps lenders to determine how much you can reasonably afford to pay on your commercial property loan each month. Most like to keep the ratio between 1.1 and 1.4. A ratio of 1.4 means that for every dollar you pay in mortgage payments, your property should be generating $1.40. Your revenue would therefore be larger than your debts, and you would theoretically be able to repay your loan. </p>

    <p>Certain commercial lenders may have additional loan requirements, which are not listed here, but the basics remain the same for all. Be sure to shop around and ask each lender how he or she determines its approval. You can be competitive in the commercial property loan market by doing your homework and coming fully prepared to the negotiating table.</p>
    <br><br> <b>Author Resource:-></b>  <a href="http://www.preferredrealestatecenter.com/">Historic Hendersonville</a> and the Blue Ridge Mountain region of North Carolina have been a tourist destination and residential oasis for over a hundred years.  Work with the local real estate agents at <a href="http://www.preferredrealestatecenter.com/">Preferred Real Estate Center</a> to find the perfect property for you.<br><br><b>Article From</b> <a href='http://www.misterarticle.com/'>Mister Article</a><br></body></html>

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    Valuation of Apartment Complexes

    <!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'>;
    <html><head><title>Mister Article | Valuation of Apartment Complexes</title></head><body><h3>Valuation of Apartment Complexes</h3><br><br> By: Jeffrey Herskowitz<br><br><p>As an owner of an income producing property, such as an apartment complex, your tax assessment of the property is critical in maintaining a profitable business. Once an owner receives the tax bill with the assessment for real estate, the owner has a statutory time period, the first Monday in April , to file an appeal of the assessment.  </p>

    <p>The appeal will be heard before either the Tax Court or the County Board of Taxation.  The taxpayer will then have the opportunity to present expert testimony as to the assessment of the property.  If filed with the County Board, should the parties not be satisfied with the County's decision, either may file a Complaint with the Taxation Division of the Superior Court.  The critical component of the above process towards a proper assessment is the method of valuation of the real estate.  </p>

    <p>There are three approaches to valuing real estate in order to obtain a proper assessment:  1) cost approach; 2) market approach; and 3) income approach.  The cost approach is measured by how much it would cost to replace the property should it need to be re-built at the time of assessment.  </p>

    <p>The market approach compares your property to other similar properties in your area.  The third approach is the income approach, wherein you determine the income of the property in order to compute the proper assessment.  This article will focus upon the income approach, as it is the most practical way to value an apartment complex.</p>

    <p>The objective in assessing real estate is to ascertain the fair-market value of the property, which will then be converted into a proper assessment.  The property assessment made by a local authority is presumed correct. The taxpayer has the burden of proof to overcome the presumption, by showing sufficient competent evidence to show the true valuation of the property.</p>

    <p>A prospective purchaser would expect a fair return upon his investment in an apartment complex, and would therefore review the income history to determine the potential income. The income approach is initially based on an analysis of rental income. Under the income approach, the gross income is first estimated, with a reduction for vacancy and loss allowance, to compute to an effective gross income.  </p>

    <p>After expenses are deducted, this net operating income is then capitalized at a rate to arrive at a true value.   </p>

    <p>A critical part of the income analysis is determining the economic rent, which is known as the market rent or the fair rental value.   </p>

    <p>A landmark case which discusses the proper way to calculate economic rent is Parkview Village Assoc. v. Collingswood, 62 N.J. 21, 297 A.2d 842 (1972).  In that case, the court stated:</p>

    <p>It is of course settled that gross rental income for purposes of applying the capitalized income approach to valuation of property is to be taken at fair rental value, professionally termed economic rent or income, if that differs from current actual rental.  However, actual income is a significant probative factor in the inquiry as to economic income.  Checking actual income to determine whether it reflects economic income is a process of sound appraisal judgment applied to rentals currently being charged for comparable facilities in the competitive area.  The essential, however, is a plurality of comparables.</p>

    <p>Therefore, in a community without rent controls, one must compare rents payable at comparable properties in the competitive area for the relevant period.   Where there are rent controls, according to ordinance, or where the apartment complex is in partly subsidized by the government, those factors need to be taken into account as well.   For example, if an ordinance permitted a complex owner to charge a maximum amount of rent, and the maximum was higher than the actual rent, that maximum rent would be the economic rent, rather than the actual rent.    </p>

    <p>The general rule is that absent convincing evidence to the contrary, the actual rent of a well-managed apartment complex functioning with customary leases of relatively short length (i.e.  one year), is a prima facie representative of the economic rent for purposes of the capitalized income valuation. </p>

    <p>A municipality can overcome the presumption that a well-managed complex is equivalent to economic rent by proving convincing evidence that (1) the leases are not economic because the property is not well-managed; (2) the leases are not economic because they are old, long term leases, or (3) the leases are not economic as shown by a comparison with at least four comparable apartment properties.   </p>

    <p>Where a municipality attempts to overcome that presumption, a court will need to determine the status of the complex on a case by case basis.  For example, where the municipality challenges a complex's decreased gross revenue due to mismanagement, a complex owner may defend its revenue position by showing how the complex has design problems that would affect its utilities provided to the tenants, functional obsolescence, and increased competition in the area.   </p>

    <p>The municipality, in turn, could argue, for example, that the complex could provide a more efficient means of providing a heating system, which would, in turn, increase its revenue. </p>

    <p>The vacancy rate of an apartment complex is a factor which needs to be deducted from gross revenue. The vacancy rate of a complex is not determined as of the date of the assessment, but must be determined according to the long-term quality and durability of the property's income stream.     </p>

    <p>The expenses of the complex also need to be deducted from the gross revenue. The actual expenses of a complex should be considered where there is no dispute as to those expenses, and as long as they are not an excessive percentage of effective gross income.   Stabilized expenses, or a computation of an averaging of the expenses, are also an accepted practice as well.   Note that under the income approach of valuation, the inclusion of real estate taxes as an operating expense is not permitted, as the amount of those taxes are eventually determined as a result of the determination of value, and then, the appropriate assessment.     </p>

    <p>The cost of management of an apartment complex is a proper expense for an income producing property, regardless of whether an actual management fee is paid. The management fee involves time for accounting, rent collection, advertising and supervision of the operation of the property.    The management fee, however, cannot be duplicative of a wage expense to an employee performing management functions.   </p>

    <p>Reserve expenses, are the expenses for the replacement of items in the apartments.  Generally, the courts presume that two percent of the gross income is proper for reserve expenses.However, depending upon the circumstances of each case, a court may permit an increased reserve of three percent.  For example, the court in Maple Court Associates Limited v. Township of Ridgefield Park, 7 N.J. Tax 135 (1984) found that a three percent reserve for replacements was adequately demonstrated by the taxpayer's witness and is a legitimate consideration.  </p>

    <p>The sum of the overall expenses formed approximately 30% of the effective gross income, which the court found was appropriate. </p>

    <p>In Borough of Little Ferry v. Vechhiotti, 7 N.J. Tax 389, the Court stated:</p>

    <p>Concerning a reserve for replacement of the short-lived items such as refrigerators, dishwashers, oven-ranges, air-conditioners and carpeting, all of which were supplied by the tenants by taxpayer, taxpayer's expert based the amount for replacement on his estimate of cost and useful life.  Although this estimate of remaining life was conservative when compared to that testified to by the taxpayer, whose experience in owning and operating apartments was substantial, his cost estimates were without foundations and were thus unreliable.  </p>

    <p>Conversely, given the superior nature of this complex and the above average appliances and amenities furnished to the tenants, I find that borough two percent allowance for replacement is insufficient. I find an annual eserve of three percent of the effective income is fair and reasonable.  </p>

    <p>The capitalization rate factor for obtaining market value of taxpayer's real property by means of the income capitalization approach combines cost of borrowed funds, which is a mortgage constant consisting of interest and amortization, and rate of return a prospective investor expects to earn on his invested funds.   </p>

    <p>The combination of these two rates, in the proportion of invested capital to borrowed funds, produces the capitalization rate, and multiplied by the net operating income, to produce the proper assessment. </p>

    <p>The above exercise should produce a proper assessment.  Certainly, experts for the municipality and the taxpayer will produce different results, and ultimately, the parties could attempt to resolve the matter, or have the court be the final arbiter to determine the proper assessment.</p>
    <br><br> <b>Author Resource:-></b>  Jeffrey M. Herskowitz has been extensively practicing in the field of real estate and business law since 1994. He has been successful in reducing property assessments for numerous commercial clients equating to millions of dollars in tax savings.
    <br><a href="http://www.herskowitzhampton.com/">www.herskowitzhampton.com</a><br><br><b>Article From</b> <a href='http://www.misterarticle.com/'>Mister Article</a><br></body></html>

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    June 07, 2008

    www.theloopcse.com

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    June 05, 2008

    Results 1 - 10 of 89 for Eminent Domain

    Results 1 - 10 of 89 for Eminent Domain
    1 2 3 4 5 6 7 8 9 
    Your Chosen Article
    $________ VERDICT Defendant bisected ________ industrial usage property - Undervalue of land taken.
    The plaintiff contended that the defendant department of transportation (DOT) rendered the plaintiff’s property substantially diminished in value in a taking for building of a state highway. The defendant contended that the bisecting of the property did not diminish its value and that the property continued to have substantial value for residential development.

    The plaintiff, a real esta...
    - from The National Jury Verdict Review and Analysis (50786) Providence County, Rhode Island

    $________ VERDICT After defendant town takes property via eminent domain, ________ value of existing mixed use property is diminished due to loss of parking spaces and site utility.
    In this eminent domain case, the plaintiff contended that the defendant town paid the plaintiff less than the value of the property taken by the defendant. The defendant argued that the plaintiff received full compensation for the property.

    The plaintiff owned a multi use property in the defendant town. The plaintiff’s land consisted of a mix of retail and residential rental property. The ...
    - from The New England Jury Verdict Review and Analysis (49337) Norfolk County, Massachusetts

    $________ VERDICT - EMINENT DOMAIN - UNLAWFUL TAKING OF PROPERTY BY THE DEFENDANT BLOCKS DEVELOPMENT OF THE PROPERTY BY THE PLAINTIFFS - BAD FAITH USE OF EMINENT DOMAIN.
    In this matter, the plaintiffs, owners of land located in the defendant town, in brought suit alleging that the defendant town took their property unlawfully in order to prevent the development of low and moderate income housing. The defendant argued that there were health and safety reasons that the land was taken.

    The plaintiffs were the owners of 77 acres of land located in the defendan...
    - from The New England Jury Verdict Review and Analysis (50795) Waterbury County, Connecticut

    ________ VERDICT Failure to pay fair market value for land taking and diminution in property value of remaining property.
    The plaintiff conservation trust claimed that the defendant transit authority did not pay fair market value for property it took under eminent domain and that it diminished the value of the remaining property. The defendant argued that the plaintiff was paid fair market value of the land taken and that there was no diminution in value of the remaining land.

    The defendant transit authority ...
    - from The New England Jury Verdict Review and Analysis (49052) Norfolk County, MA

    $________ VERDICT - PROPERTY - EMINENT DOMAIN - LOSS OF USE OF PROPERTY - DAMAGES TO SEVERED PROPERTY.
    The defendant, a family-owned corporation, acquired 208 acres of property in Otay Mesa in 1974. After a building stay that was initiated in the 1980s was lifted, the defendant had contracted to develop plans for building a residential development on the property. Prior to the completion of those plans, the plaintiff, CalTrans, announced its plan to construct Route 905. CalTrans intended to take a ...
    - from The National Jury Verdict Review and Analysis (64933) San Diego County, California

    $________ VERDICT Defendant bisected ________ industrial usage property - Undervalue of land taken.
    The plaintiff contended that the defendant department of transportation (DOT) rendered the plaintiff’s property substantially diminished in value in a taking for building of a state highway. The defendant contended that the bisecting of the property did not diminish its value and that the property continued to have substantial value for residential development.

    The plaintiff, a real estate...
    - from The National Jury Verdict Review and Analysis (50786) Providence County, Rhode Island

    $________ VERDICT FOR LANDOWNER Real property - Condemnation - Property owner disputed ________ valuation of land taken for traffic remediation project.
    This was litigation arising from a condemnation where the defendant city took a portion of the plaintiff’s land for traffic improvement. The plaintiff contended that the value of the property was higher than that paid by the city and that the taking of that particular portion of the lot caused a diminution in value to the remaining portion of the property. The plaintiff brought suit against the ci...
    - from The New England Jury Verdict Review and Analysis (47099) Essex County, Massachusetts

    $________ VERDICT - EMINENT DOMAIN - DEFENDANT CITY TAKES PORTION OF ________ RETAIL PROPERTY FOR CITY PARKING - ________ ACTIONS DIVIDES OTHERWISE CONTIGUOUS RETAIL BLOCK SIGNIFICANTLY DEPRECIATING VALUE.
    In this eminent domain case, the defendant city announced its intention to take a portion of a retail block owned by the plaintiff in order to establish a city parking lot. The plaintiff initially challenged the validity of the taking and subsequently challenged the amount given in exchange for the taking. The defendant argued that the taking was valid and that the amount given to the plaintiff fo...
    - from The New England Jury Verdict Review and Analysis (46477) Norfolk County, Massachusetts

    $________ VERDICT @INTRO = Defendant bisected ________ industrial usage property - Undervalue of land taken.
    @INTRO = The plaintiff contended that the defendant department of transportation (DOT) rendered the plaintiff’s property substantially diminished in value in a taking for building of a state highway. The defendant contended that the bisecting of the property did not diminish its value and that the property continued to have substantial value for residential development.

    The plaintiff, a re...
    - from The New England Jury Verdict Review and Analysis (47839) Providence County, RI

    $________ VERDICT - CONDEMNATION - PROPERTY VALUATION DISPUTE - PLAINTIFF D.O.T. ALLEGES RIGHT TO CONDEMN PROPERTY FOR FREEWAY RIGHT-OF-WAY - DEFENDANT ALLEGES THEY ARE ENTITLED TO FAIR MARKET VALUE AND PRE-CONDEMNATION DAMAGES.
    In this condemnation proceeding, the plaintiff Department of Transportation (Caltrans), sought to condemn the property owned by the defendant for a freeway right-of-way. The defendant argued that it was entitled to pre-condemnation damages as well as the fair market value of the property. The defendant argued that the plaintiff’s potential condemnation of the property over the previous 20 years pr...
    - from The National Jury Verdict Review and Analysis (49011) San Diego County, California

    Verdict: Defense verdict - Business Owner Claims Parking Ordinance Caused Foreclosure
    Facts: A zoning dispute over parking allegedly resulted in the foreclosure of plaintiff’s business centers. Plaintiff sought damages from defendant township, which disputed plaintiff’s allegations and damages. A Genesee County jury determined plaintiff had no cause of action.

    Plaintiff Jeffrey Houston owned two strip malls in Defendant Township of Davison. The strip malls were D...
    - from The Michigan Trial Reporter (63806) Genesee County
    1 2 3 4 5 6 7 8 9 
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    Commercial Mortgage Lending Falls in Q1

    Commercial Mortgage Lending Falls in Q1

    Jun 3, 2008 - CRE News

    The volume of commercial mortgage originations in Q1 plummeted by 53% from a year ago, according to an index maintained by the Mortgage Bankers Association.

    The sharp drop comes after declines of 16% and 4% in the two prior quarters and shows how hard the credit crunch has impacted the market.

    Every major lender group, save Fannie Mae and Freddie Mac, saw sharp drops in their mortgage origination activity. They were led by CMBS lenders.

    With bond spreads on CMBS ballooning to record levels during Q1, it became unprofitable for CMBS lenders to write loans. Their originations dropped by 96% from the same period last year.

    Even life insurance companies, which were expected to pick up some of the slack created by CMBS lenders' virtual exit from the market, saw a 25% decline in quarterly volume. And commercial banks saw a 28% drop in volume.

    Fannie and Freddie, meanwhile, saw a 62% increase in Q1 originations, hitting a record-high for the quarter. That increase was on top of a 41% increase in Q4.

    The Mortgage Bankers Association compiles its originations index from data gathered in a quarterly survey of its members. It has set 2001 as its base year and gauges origination volumes against that year. For Q1, its origination index was 132, down from 280 a year ago and 275 in Q4.

    The CMBS conduit index was 19; for life companies, it was 119 and for Fannie/Freddie, it was 185.

    Lending on every single property type tracked by the MBA fell. Office loans saw a 75% drop in volume and their average size dropped to $15.7 million from $24 million a year ago. Even lending on the apartment sector fell by 27%, despite the increasing activity of Fannie and Freddie, an indication that CMBS lenders and insurers were also actively lending on the sector.

    The volume of hotel loans dropped by 60% and retail loans by 53%.

    Copyright © 2008 Commercial Real Estate Direct, a service of FM Financial Publishing LLC. All rights reserved.
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    June 04, 2008

    Los Angeles, Residential and Commercial Appraisal Coverage Areas:

    Los Angeles, Residential and Commercial Appraisal Coverage Areas: 90001, 90002, 90003, 90004, 90005,
    90006, 90007, 90008, 90009, 90010, 90011, 90012, 90013, 90014, 90015, 90016, 90017, 90018, 90019, 90020,
    90021, 90022, 90023, 90024, 90025, 90026, 90027, 90028, 90029, 90030, 90031, 90032, 90033, 90034, 90035,
    90036, 90037, 90038, 90039, 90040, 90041, 90042, 90043, 90044, 90045, 90046, 90047, 90048, 90049, 90050,
    90051, 90052, 90053, 90054, 90055, 90056, 90057, 90058, 90059, 90060, 90061, 90062, 90063, 90064, 90065,
    90066, 90067, 90068, 90069, 90070, 90071, 90072, 90073, 90074, 90075, 90076, 90077, 90078, 90079, 90080,
    90081, 90082, 90083, 90084, 90086, 90087, 90088, 90089, 90091, 90093, 90094, 90095, 90096, 90097, 90099,
    90101, 90102, 90103, 90174, 90185, 90189, 91331, 91335

    Los Angeles County, Residential Appraiser, Real Estate Appraiser, and Commercial Appraisal / Appraiser,
    commercial appraisal la Coverage Areas: 93510,
    , Probate Appraiser, Date of Death Appraiser,
    commercial appraisal southern california,
    Agoura 91301
    Agua Dulce, Saugus 91350
    Airport Worldway  90009
    Alhambra 91801, 91803
    Altadena 91001
    Arcadia 91006  ,91007
    ARCO Towers 90071
    Arleta 91331
    Artesia 90680
    Athens 90044
    Atwater Village 90039
    Avalon 90704
    Azusa 91702
    Baldwin Hills 90008
    Baldwin Park 91706
    Bassett 91746
    Bel Air Estates 90049. 90077
    Bell 90201
    Bell Gardens 90201
    Bellflower 90706
    Beverly Glen  90077, 90210
    Beverly Hills 90210 - 90212
    Biola Univ. (La Mirada) 90639
    Boyle Heights 90033
    Bradbury 91010
    Brentwood  90049
    Burbank 91501 - 91502 / 91506 / 91523
    Burbank (Glenoaks) 91504
    Burbank (Woodbury Univ.) 91510
    Cal State Dominguez Hills (Carson) 90747
    Cal State Long Beach (Long Beach) 90840
    Cal State Northridge 91330
    Cal Tech (Pasadena) 91125 - 91126
    Calabasas 91302/91372
    Canoga Park  91303 - 91304
    Canyon Country (Santa Clarita) 91351
    Carson 90745 - 90746
    Carson (CS Univ. Dominguez Hills) 90747
    Carson/Long Beach 90810
    Castaic 91310 / 91384
    Castellemare 90272
    Century City  90067
    Cerritos 90701
    Chatsworth 91311
    Cheviot Hills 90064
    Chinatown  90012
    City Terrace 90063
    Civic Center 90012
    Claremont 91711
    Commerce, 90040
    Compton 90220 - 90222
    Country Club Park  90019
    Covina 91722 - 91724
    Crenshaw  90008
    Cudahy 90201
    Culver City 90230 / 90232
    Cypress Park) 90065
    Diamond Bar 91765 / 91789
    Dominguez Hills, Cal State (Carson) 90747
    Downey 90240 - 90242
    Downtown Los Angeles  90013 - 90015 / 90017 / 90021 / 90029
    Eagle Rock  90041
    East Los Angeles 90022
    East Los Angeles 90023
    East Rancho Dominguez 90221
    Echo Park  90026
    Edwards AFB 93523
    El Monte 91731 - 91732
    El Segundo 90245
    El Sereno 90032
    Elizabeth Lake 93532
    Encino91316 / 91436
    Federal Bldg (Lawndale) 90261
    Firestone Boy Scout Res. 92621
    Florence 90001
    Gardena 90247 - 90249
    Glassell Park  90065
    Glendale 91201 - 91208
    Glendale (La Crescenta) 91214
    Glendale (Tropico) 91204 - 91205
    Glendale (Verdugo City) 91046
    Glendora 91740 - 91741
    Glenoaks (Burbank) 91504
    Granada Hills  91344
    Griffith Park  90027
    Hacienda Heights (La Puente) 91745
    Hancock Park (City of LA) 90004 / 90020
    Harbor City  90710
    Hawaiian Gardens 90716
    Hawthorne (Holly Park) 90250
    Hermosa Beach 90254
    Hi Vista 93535
    Hidden Hills 91302
    Highland Park  90042
    Hollywood  90028 / 90038 / 90068
    Huntington Park 90255
    Hyde Park  90043
    Industry, City of 91744 / 91746 / 91789
    Inglewood 90301 - 90303, 90305
    Irwindale 91706
    Jefferson Park ) 90018
    Juniper Hills 93543
    Koreatown 90005
    La Canada-Flintridge 91011
    La Crescenta (Glendale) 91214
    La Habra Heights 90631
    La Mirada 90638
    La Mirada (Biola Univ.) 90639
    La Puente 91744/91746
    La Puente (Hacienda Heights) 91745
    La Puente (Rowland Heights) 91748
    La Verne 91750
    Ladera Heights 90056
    Lake Hughes 93532
    Lake Los Angeles 93550 / 93591
    Lake View Terrace (City of LA) 91342
    Lakewood 90712 - 90713 / 90715
    Lancaster 93534 - 93536
    Lawndale 90260
    Lawndale (Federal Bldg) 90261
    LAX Area 90045
    Leimert Par 90008
    Lennox 90304
    Littlerock 93543
    Llano 93544
    Lomita 90717
    Long Beach 90802 - 90808, 90813 - 90815, 90822
    Long Beach (Cal State Long Beach) 90840
    Long Beach (McDonnell Douglas) 90846
    Long Beach (North Long Beach) 90805
    Long Beach (World Trade Ctr) 90831 - 90832
    AIr Port Worldway 90009
    ARCO Towers 90071
    Arleta 91331
    Atwater Village 90039
    Bel Air Estates 90049 / 90077
    Beverly Glen 90077 / 90210
    Boyle Heights 90033
    Brentwood 90049
    Cal State Northridge 91330
    Canoga Park 91303 / 91304
    Century City 90067
    Chatsworth 91311
    Cheviot Hills 90064
    Chinatown 90012
    Civic Center 90012
    Country Club Park 90019
    Crenshaw 90008
    Cypress Park 90065
    Downtown Los Angeles 90013 - 90015 / 90017 / 90021 / 90029
    Eagle Rock 90041
    East Los Angeles 90023
    Echo Park 90026
    El Sereno 90032
    Encino 91316 / 91436
    Glassell Park 90065
    Granada Hills 91344
    Griffith Park 90027
    Hancock Park 90004 / 90020
    Harbor City 90710
    Highland Park 90042
    Hollywood 90028 / 90038 / 90068
    Hyde Park  90043
    Jefferson Prk 90018
    Los Angeles (Koreatown) 90005
    Los Angeles (Ladera Heights) 90056
    Lake View Terrace) 91342
    (LAX Area) 90045
    (Leimert Park) 90008
    (Los Feliz) 90027
    (Mar Vista) 90066
    Mid City) 90019
    (Mission Hills) 91345
    (Montecito Heights) 90031
    (Mount Olympus) 90046
    (Mt. Washington) 90065
    (North Hills) 91343
    North Hollywood) 91601 - 91602 / 91604 - 91607
    Northridge) 91324-91325
    Pacific Highlands) 90272
    Pacific Palisades) 90272
    Pacoima) 91331
    (Palms) 90034
    Panorama City) 91402
    (Park La Brea) 90036
    (Pico Heights) 90006
    Playa del Rey) 90293
    (Porter Ranch) 91326
    (Rancho Park) 90064
    Reseda) 91335
    San Pedro) 90731-90732
    (Sawtelle) 90022
    (Shadow Hills) 91040
    Sherman Oaks) 91403 / 91423
    (Silverlake) 90026
    (South Central) 90001 / 90003 /90007 / 90011 / 90037 / 90047 / 90061 - 90062
    (Studio City) 91604
    Sun Valley) 91352
    (Sunland) 91040
    (Sylmar) 91342
    (Tarzana) 91356
    (Terminal Island) 90731
    (Toluca Lake) 91602
    (Tujunga) 91042
    (USC) 90089
    (Valley Village) 91607
    Van Nuys) 91401- 91403 / 91405 - 91406 / 91411 / 91423
    (Venice) 90291
    (Watts) 90002/90059
    (West Adams) 90016
    (West Beverly) 90048
    (West Fairfax) 90035
    West Hills) 91307
    (West Los Angeles) 90025
    (Westchester) 90045
    (Westlake) 90057
    Westwood) 90024
    Wilmington) 90744
    (Wilshire Blvd) 90010
    (Winnetka) 91306
    (Woodland Hills) 91364 / 91367
    Los Feliz (City of LA) 90027
    Los Nietos 90606
    Lynwood 90262
    Malibu 90265
    Manhattan Beach 90266
    Mar Vista (City of LA) 90066
    Marina del Rey 90292
    Maywood 90270
    McDonnell Douglas (Long Beach) 90846
    Mid City 90019
    Mission Hills A) 91345
    Monrovia 91016
    Montebello 90640
    Montecito Heights  90031
    Monterey Hill90032
    Monterey Park 91754-91756
    Montrose 91020
    Mount Olympus  90046
    Mount Wilson 91023
    Mt. Washington 90065
    Newhall (Santa Clarita) 91321
    North Hills  91343
    North Hollywood91601 - 91602 / 91604 - 91607
    North Long Beach (Long Beach) 90805
    Northridge  91324 - 91325
    Northridge, Cal State Univ.  91330
    Norwalk 90650
    Oak Park 91301
    Pacific Highlands 90272
    Pacific Palisades90272
    Pacoima  91331
    Palmdale 93550 - 93552 / 93591
    Palms  90034
    Palos Verdes Estates 90274
    Panorama City  91402
    Paramount 90723
    Park La Brea  90036
    Pasadena 91101 / 91103 - 91107
    Pasadena (Cal Tech) 91125 - 91126
    Pearblossom 93553
    Phillips Ranch 91766
    Pico Heights  90006
    Pico Rivera 90660
    Playa del Rey  90293
    Playa Vista 90094
    Pomona 91766-91768
    Porter Ranch  91326
    Quartz Hill 93536
    Rancho Dominguez 90220
    Rancho Palos Verdes 90275 / 90717 / 90732
    Rancho Park 90064
    Redondo Beach 90277 - 90278
    Reseda  91335
    Rolling Hills 90274
    Rolling Hills Estates 90274
    Rosemead 91770
    Rosewood 90222
    Rowland Heights (La Puente) 91748
    San Dimas 91773
    San Fernando 91340
    San Gabriel 91775 - 91776
    San Marino 91108
    San Pedro (0731 - 90733
    Santa Clarita (Canyon Country) 91351
    Santa Clarita (Newhall) 91321
    Santa Clarita (Valencia) 91354 - 91355
    Santa Fe Springs 90670
    Santa Monica 90401 - 90405
    Saugus, Agua Dulce 91350
    Sawtelle 90025
    Shadow Hills91040
    Sherman Oaks  91403 / 9 1423
    Sierra Madre 91024
    Signal Hill 90755
    Silverlake90026
    South Central (90001 / 90003 / 90007 / 90011 / 90037 / 90047 / 90061 - 90062
    South El Monte 91733
    South Gate 90280
    South Pasadena 91030
    South Whittier 90605
    Stevenson Ranch 91381
    Studio City  91604
    Sun Valley 91352
    Sunland  91040
    Sylmar  91342
    Tarzana 91356
    Temple City 91780
    Terminal Island  90731
    Toluca Lake 91602
    Topanga 90290
    Torrance 90501-90506 / 90277 - 90278
    Tropico (Glendale) 91204 - 91205
    Tujunga ( 91042
    Universal City 91608
    USC  90089
    VA Hospital (Sawtelle) 90073
    Valencia (Santa Clarita) 91354 - 91355
    Valinda 91744
    Valley Village () 91607
    Valyermo 93563
    Van Nuys ( 91401 - 91403 / 91405  - 91406 / 91411 / 91423
    Venice  90291
    Verdugo City (Glendale) 91046
    Vernon 90058
    View Park 90043
    Walnut 91789
    Walnut Park 90255
    Watts  90002  /90059
    West Adams  90016
    West Beverly (90048
    West Covina 91790-91793
    West Fairfax  90035
    West Hills 91307
    West Hollywood 90069
    West Los Angeles  90025
    Westchester  90045
    Westlake  90057
    Westlake Village 91361 - 91362
    Westwood  90024
    Whittier 90601 - 90605
    Whittier (Whittier College) 90608
    Whittier College (Whittier) 90608
    Willowbrook 90059 / 90222
    Wilmington ) 90744
    Wilshire Blvd  90010
    Windsor Hills 90043
    WinnetkaA) 91306
    Woodbury Univ. (Burbank) 91510
    Woodland Hills 91364 / 91367
    World Trade Center (Long Beach) 90831 - 90832

    Please call for Orange County, Ventura County, Riverside County, San Bernardino, County
    Coverage Areas,   Real Estate Appraiser Orange Riverside Ventura San Bernardino Counties,

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    June 02, 2008

    From: HUD USER News

    From: HUD USER News
     
    HUD USER has posted a new Comprehensive Housing Market
    Analysis (CHMA) report for Baton Rouge, Louisiana. CMHAs
    contain valuable information for builders, mortgage
    lenders, borrowers, local planners, and others who need
    to keep up with an area's housing conditions and trends.
    Prepared by field economists in HUD's Office of Policy
    Development and Research, these reports provide data
    that are useful in anticipating changes in the demand
    for new housing. This analysis of the Baton Rouge,
    Louisiana housing market describes the economic,
    demographic, and housing inventory characteristics from
    1990 to 2000, from 2000 through September 2007, and
    projections from October 1, 2007 to October 1, 2010.
     
    This CHMA, as well as previously published reports
    covering housing markets across the nation, is available
    at www.huduser.org/publications/econdev/mkt_analysis.html.
    All reports are available as free downloads. 
     
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