Tennessee Ranks #4 in the Happiest States in America!!

February 2nd, 2010 10:15 AM

People in sunny, outdoorsy states -- Louisiana, Hawaii, Florida -- say they're the happiest Americans, and researchers think they know why. A new study comparing self-described pleasant feelings with objective measures of good living found these folks generally have reason to feel fine.

The places where people are most likely to report happiness also tend to rate high on studies comparing things like climate, crime rates, air quality and schools.

The happiness ratings were based on a survey of 1.3 million people across the country by the Centers for Disease Control and Prevention. It used data collected over four years that included a question asking people how satisfied they are with their lives.

Economists Andrew J. Oswald of the University of Warwick in England and Stephen Wu of Hamilton College in Clinton, N.Y., compared the happiness ranking with studies that rated states on a variety of criteria ranging from availability of public land to commuting time to local taxes.

Probably not surprisingly, their report in Friday's edition of the journal Science found the happiest people tend to live in the states that do well in quality-of-life studies.

Yet Oswald says "this is the first objective validation of 'happiness' data," which is something he says economists have been reluctant to use in the past.

"Very loosely, you could say that we prove that happiness data are 'true,' -- such data have genuine objective informational content," he said.

"Moreover," Oswald added, "it is interesting to uncover the pattern of life-satisfaction across one of the world's important nations."

Ranking No. 1 in happiness was Louisiana, home of Dixieland music and Cajun/Creole cooking.

Oswald urged a bit of caution in that ranking, however, noting that part of the happiness survey occurred before Hurricane Katrina struck the state, and part of it took place later. Nevertheless, he said, "We have no explicit reason to think there is a problem" with the ranking.

Rounding out the happy five were Hawaii, Florida, Tennessee and Arizona.

At the other end of the scale, last in happiness -- is New York state.

As if to illustrate the problem, residents attending a meeting Wednesday in rural Queensbury unleashed their anger and cynicism at a state government they described as corrupt, self-dealing and too quick to increase taxes. It was a tirade that had one lifelong resident saying he was ready to flee "this stinkin' state."

Oswald suggested the long commutes, congestion and high prices around New York City account for some of the unhappiness.

He said he has been asked if the researchers expected that states like New York and California, which ranked 46th, would do so badly in the happiness ranking.

"I am only a little surprised," he said. "Many people think these states would be marvelous places to live in. The problem is that if too many individuals think that way, they move into those states, and the resulting congestion and house prices make it a non-fulfilling prophecy."

Besides being interesting, the state-by-state pattern has scientific value, Oswald explained.

"We wanted to study whether people's feelings of satisfaction with their own lives are reliable, that is, whether they match up to reality -- of sunshine hours, congestion, air quality, etceteras -- in their own state. And they do match."

Oswald and Wu used data from CDC's Behavioral Risk Factor Surveillance System collected from 2005 to 2008. The survey, launched in 1984, collects information on a variety of health measures.

The research was supported by Britain's Economic and Social Research Council.

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Purchasing Foreclosed Property - Pros and Cons

February 8th, 2010 5:20 PM

Even if you know that your financial situation is pretty solid, you may realize that purchasing foreclosed properties has an avalanche of risks. The risks do vary based upon the foreclosure stage wherein you try to buy foreclosed properties. In shopping for a foreclosed home, it is also important to note what rocks your boat concerning properties. Indeed, there are several pros and cons when purchasing foreclosed properties in a common foreclosure process.

When it comes to pre-foreclosure, it is the actual period where homeowners go into default meaning that they fail to pay their dues on the agreed date. The lender then files public notices about these properties and you can check them out in your local newspapers or local public records office. The pros of pre-foreclosures veer towards more time in snatching comparable market analysis, making title research, and getting home inspections. Most experts will tell you that this is certainly one of the best times to purchase foreclosures. For this reason, the default notice normally provides several months worth of bringing current loans which the borrower could take advantage of.

Also, this is the time where sellers are at their bargaining best. If the property is not up for sale, you will avoid competition in the open market that comes with properties listed on multiple services. This means that there is enough chance for you to negotiate a more desirable price range.

The cons, however, have showed that pre-foreclosures tend to swerve towards titles tagged with judgments. Such judgments may contain fines and past dues. Also, if a previous homeowner is unable to pay mortgage loans, chances are there are not enough budgets for an upkeep. This goes by selling the home in an as is condition and may require expensive repairs and maintenance.

If you want to bid on foreclosed properties at foreclosure auctions, you have to keep in mind that such auctions differ from state to state. Usually, they are held at county offices, at a foreclosed home, or even at courthouse steps. There are pros to acquiring foreclosures at these auctions which include motivated sellers to sell at a fair price, may come with packets of inclusive information about the property which buyers can compare, and auction terms usually reveal closing dates which removes speculation about contingencies in transactions.

However, buying foreclosures have cons as well. More often than not, auctions lure in hardcore investors who have the money to sell the property within a short period of time for a good profit. For winning the auction bid, you are required to pay with cash or a check drawn on the lines of credit. Sales are final equating to the total bid amount. Bidding competition could leave you empty-handed especially if you are at pricing war with savvy investors. You may end up with a foreclosure property that does not float your boat.

Whatever way you choose to buy foreclosed homes, be sure that you get the proper research. Purchasing foreclosures can be a challenging process. Although you may obtain foreclosures at affordable prices, you might not get the chance to do home inspections and may grab yourself a home that has lots of maintenance jobs.

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6 Tax Tips for Real Estate Owners and Investors

February 3rd, 2010 10:32 AM

^[1]RISMEDIA, February 2, 2010—As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits. They should keep in mind these tax tips that could help them save money in the long run:

1. Determine if your partnership qualifies for an income deferral for debt reacquisition transactions. Has your business had debt forgiven? There is a tax election available that will allow you to defer cancellation of debt (COD) income until 2014, when it will then be recognized ratably over five years. Carefully consider the options before making this irrevocable election as your COD income could be fully excluded under other provisions.

2. Color your building green. Take advantage of special deductions and credits for green, or environmentally friendly, buildings.

3. Determine if you are a dealer or an investor. Do you know if you are a real estate dealer or an investor with regard to taxes? Proper planning will ensure the desired treatment upon disposition of the property.

4. Allocate land costs to your benefit. To defer income upon the sale of parcels from a tract of purchased land, it is necessary to properly allocate the cost among the various parcels. The IRS requires that the cost be equitably apportioned, but how? Consider several methods when allocating costs.

5. Take advantage of lower property valuations. Have you considered gifting real estate property or partnership interest for estate planning purposes? You may want to consider converting a corporation into an LLC since built-in gains may be low due to depressed real estate values.

6. Properly account for your lease income. You may be accounting for your lease income based on the cash received or the terms of the lease agreement. However, an Internal Revenue Code section specifically addressing leases may require the income to be accounted for in a different manner.

“To learn how these tax tips may apply to your real estate business or investment, please contact your tax advisor,” said Jerry Williford, a Grant Thornton Real Estate Tax executive director.

For more information, visit http://www.grantthornton.com/ ^[2].

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