The Deadline
to File for the Providence Homestead Tax Exemption Has Been Extended
The clock is ticking to get your paperwork in if you live in the house you own in Providence. Providence is one of the handful of cities and towns in Rhode Island who offer a tax break for occupying the house you own in the Capitol City. Providence allows a 50% tax break from the assessed value of your house. BUT, to get the exemption, you have to file paperwork by April 6, 2012.
Don’t have the necessary paperwork? Don’t stress…click here to download them.
Greek Debt Deal Unlikely to Change U.S. Mortgage Rates Soon
US Mortgage Rates – Week Ending 2/10/2012
A debt deal has been struck with Greece, and one would think that would instill a sense of calm through the markets and rates would slightly rise. But, I don’t think anyone is completely sold on the idea that Greece has seen the last of its economic problems. The debt deal comes with many strings attached. Simply put, the cost cutting measures voted on in are based on lower spending and a reduction in the amount of benefits and public services provided.
This agreement is causing riots in Greece.
Banks and foreign businesses have been the target of looting and burning. The Greek people, already suffering through what is basically an economic depression are now up in arms over more budget trimming measures which will only make matters worse.
Search for Half of the Country's Foreclosures in One Place
The U.S. Department of Housing and Urban Development has unveiled a web-based map search tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and FHA. These account for nearly half of all foreclosed (REO) properties in the U.S.
The idea is to move the shadow inventory and help stabilize local real estate markets. Until the majority of these distressed properties are gone, housing prices will not rise. This tool will make it easier for investors and owner occupieds to find these homes and with one click be shown how to make an offer on it.
The image is a snapshot of Rhode Island's search results.
Central Falls City Services Being Shut Down
Since 1980, only about 46 cities or towns in the entire U.S. have filed for bankruptcy protection. Central Falls could be number 47.
Central falls has roughly 19,000 residents and 15% unemployment. The state took over Central Falls last year following the uproar of every teacher being fired from the High School.
Negotiaitions are being held with labor unions and retirees. Cuts are being made throughout the budget, including:
- At the community center, the subsidized lunch for seniors is no longer being served.
- The pool has been drained.
- Health screenings have been cancelled.
- The locks to the building were changed last week.
- The public library has been closed.
Overall, Central Falls faces $80 million dollars in unfunded pension and benefits obligations and an estimated $25 million in deficits over the next five years.
