The Obama administration's top housing official says several new programs are in the works to help try to revive the housing market.

Housing and Urban Development Secretary Shaun Donovan said in an interview recently that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes. He also said the department will launch "an emergency homeowners loan program" to help people who are unemployed keep their homes.

Donovan said a drop in July home sales was expected with the end of the housing tax credit, but that the decline was "clearly worse than we expected." He said "it's too early to say" if the credit will be revived.

What do you think about possibly reviving the home buyer tax credit (or some form of it) ?  Good, or bad, for the market?  We'd love to hear your opinion. Just click the comment link below and tell us what you think.

Whether you've finished your school shopping or are scrambling to get it done, saving money is always a welcome lesson.

Have any unique back-to-school savings ideas you'd like to share with our readers? We'd love to see 'em! Just click the 'comment' link below and tell us about them.

Our September 2010 Los Angeles County Real Estate Newsletter is now online…

Read It Here Now!

The property tax burden for residential property owners has not kept up with the present slide and erosion of market values. Everyday commercial businesses are failing and have little or no assets that make up the tangible personal property taxes and real property tax base. State and local tax collectors have lost revenue due to their inability to collect the property taxes due. It could take years to collect the back taxes for these entities, if the tax authorities are even able to collect the taxes. Defunct businesses are closing every day. Many tax jurisdictions have the legal right to seize and confiscate tangible personal property – i.e. machinery, equipment, and fixtures. These items can comprise a large percentage of a tax base. Typically, tangible property is taxed at the same millage rates as real property and goes to pay and provide the same government services that real property taxes.

It should not be surprising that residential homesteads will have to absorb the lost tax revenue. Most tax assessors will be ardent and steadfast in over assessing the homeowner to compensate for the business failures. Business bankruptcies will greatly impact each local and state revenue collection abilities.

Home values have dropped over fifty percent in many states. This drop in market value should be reflected in each home owner’s tax assessment and property tax bill. For those home owners who have not lost their home due to mortgage foreclosure, they are faced with a home that is grossly over assessed and being upside down in their mortgage amount compared to market value. In a normal economy foreclosures are considered an exception. Today foreclosures are a norm in many localities and are the only sales transactions that are occurring. Talk to any real estate appraiser to confirm these market conditions. With this being the case, chances are that your local tax assessor is only making minute adjustments to truly compensate for the market conditions.

Property taxes are typically based upon market value and equalization. Paying more than your fair share of property taxes typically defies your states constitutional obligation. Before you pay that tax bill, ask how it was computed, and don't be afraid to file to have your tax base adjusted. It could save you hundreds of dollars in overpaid taxes.

Criminals recently ripped off $10 million dollars from American credit cards… Yours could have been one of them.

Been ripped off by a credit card scam? We'd love to hear about it and what you did to get your money back. Just click the comment link and share your story.