Paula Henry

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Archive for July, 2007

Indianapolis Property Taxes

July 21st, 2007 categories: Indianapolis Real Estate News

IMG_4926 (3)The property assessment and tax system in Indianapolis is in dire need of an overhaul.

This is a sign in front of many homes I have seen all over the city this weekend, while out showing homes.

I noticed something I find very disturbing. I’m not sure if it was just the areas of town I was showing homes in or if is an actual happening.

These signs were apparent in many of the revitalized areas of Indianapolis. I thought it rather odd. As a city and as homeowners, we take great pride in the revitalized districts around town.

It has taken many years to makes these neighborhoods what they are today. To think all the work accomplished could be undone by the current tax situation is disturbing.

As a Realtor, I am proud to fight for fair and equitable property taxes. I encourage all to let your voice be heard.

There are many solutions being advocated. One I am in favor of is sponsored by Advance America.

You can also start right in your neighborhood with the this petition.

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The Calm After the Storm~

July 17th, 2007 categories: Indianapolis Real Estate News, Indy Market Trends

Real Estate tornadoHere in the Midwest, we have a familiar saying, “the calm before the storm” when tornado season is in high gear. The sky turns a strange gray blue color, the wind stops howling and the eeriness of the calm is anything but calming. These are the times the sirens wail and the entire family heads for the basement or interior closet, seeking refuge in case a tornado would strike.

Luckily, we have never personally been exposed to the damage a serious tornado can cause. Oh yeah, we have had trees uprooted, extensive hail and wind, but not total destruction.

From 2002-2005, the real estate market was engulfed in tornado type activity. Fueled by historically low interest rates, speculation and greed, the whirlwind hopped, skipped and jumped around the country, leaving financial loss for some.

Now, we are left with the “calm after the storm”.

Everything is kind a quiet

People are out analyzing the situation, proceeding with caution, waiting for insurance before they make a move.

Some are still hanging out in the basement. Without surveying the situation, they believe there really wasn’t much damage.

Many areas around the country are having a difficult time cleaning up the mess. Some are experiencing 10% and more in loss of their proerty value - They didn’t heed the siren warning. They didn’t know when to go inside. They could have come in and gathered some of their valuables and waited for the storm to subside.

The Indianapolis real estate market had some minor damage. We had a few hits across the city and outlying areas, nothing major. It appears the storm is leaving the area, people are starting to asess their options and move forward.

They will make their decisions based on new information gained through weathering the storm.

The great thing about the calm after the storm is, the sky is clearer, the grass greener and the air fresher. Everyone seems to have a different perspective about their experience. Each will make decisions based on their perspective.

What’s your perspective?

How will the storms passage influence your decisions?

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Authored by Paula | Discussion: 1 Comment »

Forestall Future Foreclosure in Indiana

July 3rd, 2007 categories: Indianapolis Real Estate News, Indy Foreclosures, Real Estate Financing

MortgageForclosure rates in the State of Indiana have been the subject of many opinions and news stories. National ranking has the state placing in the top ten most months. While it is better than the first place rank we held, the moniker is one which we would like to place elsewhere.

We have all heard the stories where greed and corruption within the industry has left entire neighborhoods with vacancies and lower property values. Mortgage Fraud and fraudulent loan broker practices have contributed to many of these transactions which have resulted in foreclosure.

The State of Indiana has enacted new laws and regulations regarding loan brokers.

Major provisions of House Bill 1717 include:

  • Requirement for the creation of a principal manager who will oversee the loan brokers at each firm. The principal manager, who must have at least three years of experience in the financial services industry, will be hired privately by each firm.
  • Requirement for criminal background checks on loan broker employees, owners and principal managers.
  • Requirement for written examinations for employees and principal managers. Currently registered employees must take the test upon license renewal.
  • Increased flexibility for the Indiana Securities Commissioner to revoke, deny or suspend a loan broker license for reasons including violations of loan broker-related laws in the past 10 years under the Commissioner’s jurisdiction. In addition, knowingly filing false statements is now a Class C felony.
  • Requirements for certain exempt entities to file notices with the Securities Division every two years.

The new laws went into effect on Saturday, June 30, 2007. While the acts and laws of the State will hamper the initialzation of fraudulent practice in the mortgage industry, it is wise for the consumer to know and understand details of the loan they are qualifying and signing for.

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