Rosalie Mathis

We at Rosiesellshomes.com were sent this article and felt that we could share it with you.

At the beginning of November, Sacramento's new policy of borrowing from the taxpayers (interest free, of course!) went into effect. It's technically not a tax increase, but it certainly seems like one with the chuck of your paycheck for state taxes going up 10%! Though, it only seems to translate to an extra $20-80 per month for middle class families.

But, for all practical purposes, it's a tax hike. And of course, conservatives, like my orange county neighbors, are outraged (though somewhat subdued by the prospect of getting their money back later). Of course, conservatives would favor tax and spending cuts instead.

Cuts are inconceivable at this point. With a $26 billion deficit, what is there to cut? Two-thirds of California's budget goes to education and health care. Sure, there's wasteful spending here and there than can be optimized, but even slashing those away will barely scratch the surface of the 2009-2010 budget deficit.

For clarification, let's put this into perspective. The budget deficit is $26 billion. The entire budget for the next year is $119 billion. That's over 20% of the entire year's expenditures that would have to disappear.

To Read the rest of this article Please go to http://www.examiner.com/x-29280-Orange-County-Public-Policy-Examiner~y2009m11d6-Cutting-Government-Spending-Cant-Save-California

Thanks and have a great day!

We have found you another home at Rosiesellshomes.com

$79,900 Queen Creek, AZ, 85243 Beds: 3, Baths: 2, SqFt: 1613 MLS #4072906 Property Features * Baths: 2 * Bedroom Desc: Master Bdrm Split, Mstr Bdr Walkin Clst * Cool System: Refrigeration * Fence: Block * Horses: N * Lot Size: 1 - 7, 500 * Pool: No Pool * Roof: All Tile * Kitchen Desc: Disposal, Pantry, Range/Oven, Microwave, Dishwasher * School District High: 0001 - Florence Unified District - Pinal * High School: Florence * Sewer: Sewer - Private * Special Conditions: Short Sale Aprvl Req * Subdivision: COPPER BASIN * Water: Pvt Water Company * HOA: Y * Master Bath Desc: Full Bth Master Bdrm, Separate Shwr & Tub * Beds: 3 * Energy: Ceiling Fan(s) * Heat System: Electric Heat * Level: Single Level * Garage: 3 Car Garage, Extnded Lngth Garage * Property Subtype: Single Family - Detached * Dining Desc: Breakfast Room, Dining in LR/GR * School District Elem: 0001 - Florence Unified District - Pinal * Elementary School: Copper Basin * Junior School: Copper Basin * Private Spa: None * Sqft: 1613 * Utlilities: SRP * Year Built: 2004 * HOA Fee: 63.0 Property Description/Comments * Exterior: Covered Patios * Features: 9+ Flat Ceilings * Fireplace Desc: No Fireplace * Property Desc: North/South Exposure * Remarks: NEEDS MINOR TLC...PAINT-CARPET 3B/2B PLUS DEN WITH EXTENDED LENGTH 3 CAR GARAGE AWAITS YOU. FEATURES INCLUDE: OPEN & SPACIOUS GREAT ROOM, SPLIT BEDROOM FLOOR PLAN, EXTENDED/LARGER BEDROOM, BAY WINDOW IN DINING AREA, CROWN MOLDING, GLASS BLOCK WINDOWS IN KITCHEN, CEILING FANS, SECURITY SYSTEM AND A DEN! * Room Desc: Den/Office,Great RoomThis listing is courtesy of RE/MAX Achievers

And yet one more!!!!

$124,900 Queen Creek, AZ, 85243 Beds: 5, Baths: 3, SqFt: 3121 MLS #4155866 Property Features * Architecture: Contemporary * Master Bath Desc: Double Sinks, Separate Shwr & Tub, Full Bth Master Bdrm * Cool System: Refrigeration * Fence: Block * Horses: N * Lot Size: 7, 501 - 10, 000 * Pool: No Pool * Roof: Concrete * Kitchen Desc: Disposal, Pantry, Kitchen Island, Range/Oven, Microwave, Dishwasher * School District Elem: 095 - Queen Creek Unified District * Elementary School: Copper Basin * Junior School: Walker Butte * Private Spa: None * Sqft: 3121 * Utlilities: SRP * Year Built: 2005 * Baths: 3 * Beds: 5 * Energy: Ceiling Fan(s) * Heat System: Electric Heat * Level: Two Levels * Garage: 3 Car Garage * Property Subtype: Single Family - Detached * Dining Desc: Formal * RV Parking: RV Gate * School District High: 0001 - Florence Unified District - Pinal * High School: Florence * Sewer: Sewer - Public * Special Conditions: Short Sale Aprvl Req * Subdivision: Copper Basin * Water: Pvt Water Company * HOA: Y Property Description/Comments * Exterior: Yrd Wtring Sys Back,Built-in BBQ,Yrd Wtring Sys Front * Features: Soft Water Loop,Water Softener Owned * Fireplace Desc: No Fireplace * Property Desc: Desert Front * Remarks: This beautiful home is perfect for the growing family. The home features 5 bedrooms a Loft + Den. You will love the upgraded raised panel cabinets and granite countertops. The home has tons of upgraded tile in the all the right places and hardwood floors in the Den. Other features included plantation shutters, two tone paint, large fully landscaped backyard with built in BBQ. This home is a must see and priced to sell. * Room Desc: Den/Office,Loft This listing is courtesy of Powerhouse Realty

We at Rosiesellshomes.com Found this and thought you would enjoy it We found it very interesting.

By Tom Hals WILMINGTON, Del., Oct 13 (Reuters) - Capmark Financial Group Inc will likely become one of the largest commercial real estate lenders to fail, highlighting the challenges facing the deteriorating market for retail and office buildings. A source told Reuters on Monday that Capmark would file for bankruptcy as soon as next week, with about $10 billion in assets. [ID:nSP460515] Restructuring specialists said Capmark's troubles are a symptom of of the wider collapse in commercial real estate values and a signal of tougher times ahead for lenders and developers. "I don't want to belittle Capmark," said Jeffrey Rogers, president of Integra Realty Resources Inc in New York, "but it's just a pimple on what's out there." Capmark's impact will likely be limited because it has curtailed active lending, like many traditional sources of credit in commercial real estate, such as banks, insurance companies and the commercial mortgage-backed securities industry (CMBS). Capmark was acquired by Kohlberg Kravis Roberts & Co [KKR.UL], Goldman Sachs Group (GS.N) and Five Mile Capital in March 2006 for $1.5 billion in cash plus more than $7 billion in debt. "It was troubled from the time it was acquired," said Dan Alpert, the managing director of Westwood Capital, an investment bank in New York. "Think of what they paid for it. It was a disaster waiting to happen because of the leverage put on it." Values of commercial real estate have plummeted over the past year. Moody's commercial real estate price index fell 5.1 in July alone and is down 39 percent from the peak. As prices are falling, an enormous chunk of loans is coming due, and most traditional sources of lending have dried up. For even the best borrowers, getting a loan over $100 million is tough and those over $600 million, which used to finance malls and skyscrapers in the boom years of 2004 through the first part of 2007, are unheard of today. Through the end of 2013, about $1.42 trillion of commercial mortgage-backed securities and bank loans are set to mature, according to accounting firm Ernst & Young. Through the end of the second quarter 2009, about $141 billion in bank and thrift commercial real estate loans were delinquent, according research firm Foresight Analytics. It expects that figure to rise and to cause hundreds of bank failures. For lenders such as Capmark, that means lots of their borrowers are saddled with loans that cannot be refinanced because of a lack of funding or because the loans are worth more than the property securing them. "The poster boy of this problem would be Stuyvesant Town. That is a nightmare," John Lonski, the chief economist at Moody's, told the Reuters Restructuring Summit earlier this month, referring to a Tishman Speyer property in New York. "To think that the market value supposedly of Stuyvesant Town today is half of what they paid for this development just a couple of years ago ... That is incredible." For borrowers, the collapse of Capmark presents less of a problem. The loans are fixed, and they are easily transferred if sold in the bankruptcy. "It's not like CIT," said Paul Halpern of Versa Capital in Philadelphia. He said CIT Group Inc (CIT.N), which is struggling to avoid its own bankruptcy, lends on a revolving basis to small and medium-sized businesses, where credit is especially tight. "CIT has a lot more follow-on impact." Capmark's troubles could ripple through banks if it were forced to sell the loans on its books at fire-sale prices. Banks, which have been criticized for overvaluing their real estate loans, might be forced to write them down and as a result set aside more capital and reduce lending. "I don't think it necessarily has systematic implications for the market," Matthew Anderson, partner and co-founder of Foresight Analytics, said of a Capmark bankruptcy. He said any impact from Capmark unloading its loans would likely be blunted by recent changes to accounting rules. In April the U.S. Financial Accounting Standards Board agreed to give banks more flexibility in applying mark-to-market accounting to their toxic assets, heading off an avalanche of bank defaults. Most specialists downplayed the potential impact from a bankruptcy filing by Capmark, even if it coincides with a CIT collapse, although they warned commercial real estate problems were quite real. "People said about subprime that it was contained and the contagion wouldn't spread," said Stephen B. Selbst, a partner with Herrick Feinstein in New York. "I take the prediction that (commercial real estate) won't affect the broader economy with a grain of salt." (Additional reporting by Ilaina Jonas and Caroline Humer in New York) © Thomson Reuters 2009 All rights reserved

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By Michael Corkery On its face, the recently completed deal to buy Corus Bank’s assets augers well for commercial real estate. In all, eight investors lined up to buy the Corus’s portfolio of mostly construction loans, which is arguably one of the most devalued assets in the U.S. right now. The winning bid from the investor group, which includes private equity firm TPG, Starwood Capital Group and the Federal Deposit Insurance Corp., values $4.5 billion of Corus assets at 60 cents on the dollar. That is nearly double what experts predicted. Bloomberg News Barry Sternlicht, CEO Starwood Capital Group Does this mean that the $2.7 billion price that the investors paid for Corus’s assets is a good benchmark for valuing similar commerical real estate? “No,” says Linus Wilson, a finance professor at the University of Louisiana, who has studied similar FDIC-brokered deals. “Private investors without government subsidized leverage would not be able to pay that price if they have to raise their own capital from private sources.” Indeed, the FDIC is heavily subsidizing this deal. Not only is the agency taking a 60% equity stake, valued at about $831 million, it also is providing $1.38 billion in government guaranteed loans. (The TPG-Starwood group contributed $554 million in equity.) Like the easy mortgages that allowed people to overpay for homes during the housing boom, in FDIC-financed deals, “the guaranteed and subsidized loans increase the incentives to overpay,” Wilson says. That isn’t to say that the FDIC, which was advised by Barclays Capital, is giving away the store to its private partners. All of the debt has to be paid back before the equity investors get paid. Also, the government can increase its equity stake to 70% if the returns are good. And the easy financing terms also buy time for the new owners while the condo market recovers. It is too early to say whether the Corus deal will be smart for the federal government, which is both the buyer and seller. “The government’s objective, which I think they’ve accomplished, is to recover whole dollars to let you have patience with the portfolio,” Starwood founder Barry Sternlicht told the WSJ. But this sale was widely expected to set a mark for valuing commercial real estate more generally. In that, the sale likely doesn’t make the grade. A true benchmark won’t be set until the government isn’t subsidizing a deal. http://blogs.wsj.com/deals/2009/10/07/corus-cash-for-clunkers-of-commercial-real-estate/

$60,000 Queen Creek, AZ, 85243 Beds: 3, Baths: 2, SqFt: 1260 MLS #4205178

Property Features * Architecture: Ranch * Master Bath Desc: 3/4 Bath Master Bdrm * Cool System: Refrigeration * Fence: Block * Horses: N * Lot Size: 1 - 7, 500 * Pool: No Pool * Roof: Comp Shingle * Kitchen Desc: Disposal, Microwave, Dishwasher * School District High: 0001 - Florence District - Pinal * High School: Florence * Sewer: Sewer - Public * Special Conditions: Short Sale Aprvl Req * Subdivision: Copper Basin * Water: City Water * HOA: Y * Baths: 2 * Beds: 3 * Energy: Multi-Pane Wndws * Heat System: Electric Heat * Level: Single Level * Garage: 2 Car Garage * Property Subtype: Single Family - Detached * Dining Desc: Eat-in Kitchen * School District Elem: 095 - Queen Creek Unified District * Elementary School: Queen Creek * Junior School: Queen Creek * Private Spa: None * Sqft: 1260 * Utlilities: City Electric * Year Built: 2005 Property Description/Comments * Fireplace Desc: No Fireplace * Remarks: PROBLEMATIC TENANT. Unfortunatly, drive by only and call to see what I can do to get you inside. Nice lady, medical issues. No interior photo's yet. Priced per recent sales in the area. Start of process, no court sale date set on property at this timeThis listing is courtesy of Call Realty, Inc