Commercial Real Estate Market Concerns Congress

As reported by HousingWatch.com, some in Congress, led by Dem. Paul Kanjorski (Penn.) and Rep. Calvert (Calif.) are growing increasingly concerned about the state of commercial real estate industry.

A letter, signed by 77 congressmen and women, was sent to both the U.S. Treasury Department the Federal Reserve warning of the damage a collapse of the $7 trillion industry, which supports some 9 millions jobs, could do to the recovering economy.

The critical moment people are looking ahead to comes in 2013, when $1.4 trillion in commercial mortgages will be due. According to Deutsche Bank analysts, about 65% of them will have a difficult time getting refinanced.

The New York Times has reported that these members of Congress would like the two federal agencies "to make a clear public statement encouraging lenders to continue to make credit available for performing assets, even if the value of the property has taken a hit in its value."

Tax Credit to Home Buyers Extended and Expanded

The White House has confirmed that President Obama will sign into law an extension on the federal tax credit to first time home buyers sometime this weekend. The bill, which also includes an expansion for prospective buyers that already own a home, passed in Congress just days ago. The tax credit was due to expire at the end of November, however, members of Congress worked hard to renew the important economic stimulus package.

Congress has extended the $8,000 tax credit to new home buyers by seven months. They also added a $6,500 tax incentive to those buyers who currently own a home and have lived there for five years or more.

http://cbs11tv.com/national/congress.jobs.homebuyers.2.1293300.html

Arlington County Government

Arlington, VA is governed by a five person County Board, whose members are elected to staggered four year terms. The board elects a County Manager, who is chief executive of the County Government. Arlington, like all Virginia counties, also has a Sheriff, Clerk of Court, Commonwealth's Attorney, Treasurer, and Commissioner of the Revenue; all elected officers. There is also an elected five member School Board.

County Board: Barbara Favola (Chairman), Jay Fisette (Vice-Chairman), Mary Hynes, J. Walter Tejada, Chris Zimmerman.

Virginia Congress: Patsy Ticer (Senator), Mary Margaret Whipple (Senator), David Englin (Delegate), Albert Eisenberg (Delagate), Robert Brink (Delegate), Adam Ebbin (Delegate).

School Board: Sally Baird (Chair), Libby Carver (Vice Chair), Ed Fendley, Abby Rafael, Emma Sanchez-Violand.

Constitutional Officers: Frank O'Leary (Treasurer), Paul Ferguson (Clerk of the Court), Dick Trodden (Commonwealth's Attorney), Beth Arthur (Sheriff), Ingrid Morroy (Commissioner of Revenue).

http://www.arlingtonva.us/portals/topics/TopicsLocalGovt.aspx

$8,000 Tax Credit Set to Expire on November 30th

The $8,000 federal tax credit for first time home buyers is set to expire on November 30th. Congress is now debating whether to extend the program which some say is essential to a fragile real estate market.
As of right now, anyone who has not owned a home in the past three years qualifies for the rebate. As many as 40% of all homebuyers this year will qualify for the credit, which by the end of November will have been directly responsible for several hundred thousand home sales.
Members of congress have proposed more than 20 bills to extend and/or expand the tax credit, many shaped around a $15,000 rebate program that will be offered until September of next year for any buyer that stays in a home for at least 2 years.

San Francisco Chronicle