You may have heard about the change in Daylight Savings starting this year: DST will start three weeks earlier on March 11, 2007, and end one week later on November 4, 2007.
This could affect machines & computer programs that are set to coordinate time/date using Daylight Savings.
The first step is to ensure that your computer is prepared. For Windows XP users, click the below link to download and install the Daylight Savings patch:
http://www.microsoft.com/downloads/details.aspx?familyid=66F1420C-DF2D-400B-A8A9-EF9061A9A3CA&displaylang=en
Scheduling software, such as Microsoft Outlook, could also be affected.
If you use the calendar feature in Outlook, and have version 2000, 2002, or 2003, you will want to download and install the Time Zone Data Update Tool by using the below link:
http://www.microsoft.com/downloads/details.aspx?FamilyId=E343A233-B9C8-4652-9DD8-AE0F1AF62568&displaylang=en
You will also want to ensure that any fax machines that you use are changed to the correct time, as well as your digital phone at home, mobile phone, PDA, portable music player, programmable thermostat, digital camera, DVR, etc.
For other scheduling software, Smartphone's, & PDA's, check with the manufacturer to determine if you need to install updates to prepare for the new Daylight Savings rules.
To access accurate time and date information for anywhere in the world, add The World Clock to your list of "Favorites."
Monday, February 26, 2007
Friday, February 23, 2007
FORECLOSURES RISE IN SANTA CRUZ COUNTY
According to Jondi Gumz of the Santa Cruz Sentinel, foreclosures for 2007 have more than tripled from the same time period one year ago (from 11 to 41). Even local publications covering foreclosure activity have had to expand their page numbers in order to cover all the foreclosure-related activity! Training for real estate agents covering the handling of foreclosure transactions is a hot commodity in Santa Cruz now, too.
This new jump in foreclosure activity is not necessarily due to traditional causes such as personal, outside crises, however. Some investors who were planning to sell their homes have been caught in a cooling market unable to sell their property or cover the mortgage and taxes with rent payments. In other cases, people are involved in mortgages that require a rising income; and some bought houses they simply couldn't afford.
Whatever the cause, homeowners considering foreclosure are recommended to consult a tax professional; and County prosecutor William Atkinson warns people to watch out for foreclosure fraud operators.
To read the entire article, go to Foreclosures Jump In County
This new jump in foreclosure activity is not necessarily due to traditional causes such as personal, outside crises, however. Some investors who were planning to sell their homes have been caught in a cooling market unable to sell their property or cover the mortgage and taxes with rent payments. In other cases, people are involved in mortgages that require a rising income; and some bought houses they simply couldn't afford.
Whatever the cause, homeowners considering foreclosure are recommended to consult a tax professional; and County prosecutor William Atkinson warns people to watch out for foreclosure fraud operators.
To read the entire article, go to Foreclosures Jump In County
Friday, February 16, 2007
NATIONWIDE MARKET UPDATE: PRICES DROP AT THE END OF 2006
The last three months of 2006 saw home prices fall in over half of the country's biggest metropolitan areas, according to the National Association of Realtors (NAR). In addition, the number of homes sold fell in 40 states plus the District of Colombia. As prices and sales drop, the number of homes on the market rises. Is there any hope for the market in the near future?
NAR believes so, saying that it expects sales and prices to rise in the Spring. David Lereah, NAR's chief economist, says that "home sales are leveling at historically high levels." Data from the Office of Federal Housing Enterprise Oversight shows that prices were in fact rising overall in the third quarter of 2006.
To read the full article by Vikas Bajaj, go to Home Prices Fall In More Than Half of Nation's Biggest Markets
To find out more about specific market trends in Santa Cruz County and what you can do to get your home sold for the most money in the least amount of time, please contact me at 831-457-5550 or frank@frankmurphy.net
NAR believes so, saying that it expects sales and prices to rise in the Spring. David Lereah, NAR's chief economist, says that "home sales are leveling at historically high levels." Data from the Office of Federal Housing Enterprise Oversight shows that prices were in fact rising overall in the third quarter of 2006.
To read the full article by Vikas Bajaj, go to Home Prices Fall In More Than Half of Nation's Biggest Markets
To find out more about specific market trends in Santa Cruz County and what you can do to get your home sold for the most money in the least amount of time, please contact me at 831-457-5550 or frank@frankmurphy.net
Monday, February 12, 2007
THE NEW FACE OF SURFING
Once the sport of "beach bums and bohemians," surfing has grown into as much of a venue for networking as golf or tennis. Surf schools worldwide are catering to the corporate elite. Even the real estate market has felt the effect of the surfing boom, with land that surrounds prime surf breaks quickly being bought up and developed.
Santa Cruz residents will remember well the days when being a surfer and having a career were incompatible. Now, surfing is not only a status symbol in the work place but an ideal sport for making business connections due to its long periods of downtime. Richard Schmidt used to give surf lessons in Santa Cruz on a part-time basis while he worked as a lifeguard. Now, his surf school takes trips to Costa Rica where his clients also enjoy yoga classes and an in-house masseuse. Surf Divas, a school based in La Jolla, hosts corporate clinics throughout the year; many of their clients are from Wall Street or the New York fashion industry.
To find out more about surfing's new image, international surf schools and vacation packages, read the full article by Matt Higgins: Surf's Up, and Upscale, as Sport Reverses Its Beach Bum Image
Santa Cruz residents will remember well the days when being a surfer and having a career were incompatible. Now, surfing is not only a status symbol in the work place but an ideal sport for making business connections due to its long periods of downtime. Richard Schmidt used to give surf lessons in Santa Cruz on a part-time basis while he worked as a lifeguard. Now, his surf school takes trips to Costa Rica where his clients also enjoy yoga classes and an in-house masseuse. Surf Divas, a school based in La Jolla, hosts corporate clinics throughout the year; many of their clients are from Wall Street or the New York fashion industry.
To find out more about surfing's new image, international surf schools and vacation packages, read the full article by Matt Higgins: Surf's Up, and Upscale, as Sport Reverses Its Beach Bum Image
Monday, February 05, 2007
Wednesday, January 31, 2007
FED CONTINUES TO DEBATE INFLATION TARGET
This week marks one year since Ben Bernanke took over as chairman of the Federal Reserve Board, but the Fed has yet to act on his main proposal: "an explicit target for inflation."
Mr. Bernanke argues that a public commitment to an inflation target of 1 to 2 percent a year would be helpful to investors and boost consumer confidence.
His opponents, however, are wary of making changes while things are going well: despite a slight economic slowdown over the last year, wages have increased and unemployment continues to be low. There is also a concern that Mr. Bernanke's policy is too rigid and that a focus on inflation will overshadow the issue of unemployment.
Based on the cautious attitudes of the Fed's governors and staff, and the objections of Congress, Edmund Andrews of the New York Times predicts that "the Fed is unlikely to change gears this year."
To read the full article, go to: Fed Has Yet to Set Target on Inflation
Mr. Bernanke argues that a public commitment to an inflation target of 1 to 2 percent a year would be helpful to investors and boost consumer confidence.
His opponents, however, are wary of making changes while things are going well: despite a slight economic slowdown over the last year, wages have increased and unemployment continues to be low. There is also a concern that Mr. Bernanke's policy is too rigid and that a focus on inflation will overshadow the issue of unemployment.
Based on the cautious attitudes of the Fed's governors and staff, and the objections of Congress, Edmund Andrews of the New York Times predicts that "the Fed is unlikely to change gears this year."
To read the full article, go to: Fed Has Yet to Set Target on Inflation
Monday, January 29, 2007
MORTGAGE DEFAULTS RISE IN SANTA CRUZ COUNTY
According to Santa Cruz Sentinel staff writer Jondi Gumz, "mortgage defaults have been on the rise statewide since Fall 2005." Santa Cruz County is no exception. And as home appreciation slows down, homeowners in default will find it difficult to sell.
Gumz includes some interesting statistics:
Gumz includes some interesting statistics:
- 452 default notices were sent to homeowners in Santa Cruz County in 2006, compared to 333 in 2005.
- 29 default notices have been mailed out to Santa Cruz County homeowners already this year, compared to 20 at this time in 2006.
- In 2006, 151 foreclosure sales took place in Santa Cruz and Monterey Counties. In 2005, the number was 39.
- 16 foreclosures have already taken place in Santa Cruz and Monterey Counties during the first two weeks of 2007
To read the full article, go to: "Mortgage Defaults Spike"
Some analysts predict that the large number of adjustable rate mortgages with artificially low introductory rates issued in the past few years will add significant numbers to the default rolls. Some borrowers will need to refinance to protect their property. Some will need to sell. If you are considering a sale to protect your equity or your credit, contact me at Frank@FrankMurphy.net for help with the selling process.
Friday, January 26, 2007
YOUR CELLPHONE'S SUPER SECRET POWERS
Most cellphone users have experienced the harsh reality of "you get what you pay for." The excitement of receiving your dirt-cheap, or even free, phone when you sign up for service wears off when you see the person sitting next to you at the meeting taking notes or checking e-mail on their new BlackBerry or Treo. Well, it turns out your little flip phone may be capable of more than meets the eye.
As Larry Magid of the New York Times discovered, the average cellphone user doesn't need to shell out hundreds of dollars in order to enjoy the benefits of a smartphone. Many inexpensive cellphones come with exciting built-in features such as note-taking applications, instant messaging and MP3 players. Make sure to ask your cellular carrier about the additional programs and services they can provide for your phone.
Your options go beyond your cellular carrier, too. It's now possible to access Gmail, get GPS navigation tools and even subscribe to blog feeds--all through your very own cellphone!
For more detailed information on these specialized (and often free) cellphone services, read the full article: Plain Cellphones Can Overachieve, With A Little Help
As Larry Magid of the New York Times discovered, the average cellphone user doesn't need to shell out hundreds of dollars in order to enjoy the benefits of a smartphone. Many inexpensive cellphones come with exciting built-in features such as note-taking applications, instant messaging and MP3 players. Make sure to ask your cellular carrier about the additional programs and services they can provide for your phone.
Your options go beyond your cellular carrier, too. It's now possible to access Gmail, get GPS navigation tools and even subscribe to blog feeds--all through your very own cellphone!
For more detailed information on these specialized (and often free) cellphone services, read the full article: Plain Cellphones Can Overachieve, With A Little Help
Wednesday, February 01, 2006
FED CHIEF GREENSPAN RETIRES: RATES RISE
February 1, 2006
WASHINGTON — In the last major piece of business for retiring Chairman Alan Greenspan, the Federal Reserve pushed borrowing costs to the highest point in nearly five years Tuesday and hinted another rate increase was possible.
Shortly after the Fed's announcement, the Senate — showing broad bipartisan support — approved on a voice vote Ben Bernanke's nomination to be the 14th chairman of the central bank.
Bernanke, 52, will be sworn in this morning in a private ceremony at the Fed's marble headquarters.
That will make the historic changing of the guard at the Fed complete.
Greenspan, 79, ends an 18 ½-year run, making him the second-longest-serving chairman of the central bank. He presided Tuesday over his 149th meeting of the Federal Open Market Committee (FOMC), the Fed panel that meets eight times a year to set interest rates.
It was his 1,124th Fed board meeting overall.
A standing ovation greeted Greenspan as he entered to preside for the last time at the long conference table. The group, as expected, raised interest rates again, boosting the federal-funds rate by a quarter percentage point to 4.50 percent.
To mark his last day, Greenspan, a die-hard sports fan, was given an old-fashioned baseball glove signed by the bank presidents. He also received his board chair with his name engraved on a brass plaque, and the flag that flew over Fed headquarters Tuesday.
In return, Greenspan gave a pep talk, urging Fed employees to keep up the good fight to protect the value of the dollar against the ravages of inflation.
"We have a very special mission," Greenspan told about 1,500 employees who filled the headquarters' two-story marble atrium.
"We are in charge of the nation's currency, and the central bank, because of that, is involved in everyone's daily lives. We are the guardians of their purchasing power," Greenspan said.
Although he will turn 80 in five weeks, Greenspan has no plans to retire.
He will return to what he did during a long career in private business, running his own economic-consulting firm, Greenspan Associates, in Washington.
But a little history was made on his last day at the Fed.
The famously secretive institution relented and allowed news photographers and television cameramen in for the first time at an FOMC meeting to record Greenspan's final session — a fitting tribute for someone who worked to make the central bank less secretive.
In opting to boost rates Tuesday, Fed policy-makers said "the expansion in economic activity appears solid" even though recent economic barometers "have been uneven."
Inflation, they said, remains a concern. "Elevated energy prices have the potential to add to inflation pressures."
In response to the Fed's move, commercial banks raised their prime lending rates — for certain credit cards, home-equity lines of credit and other loans — by a corresponding amount to 7.50 percent.
The increases left borrowing costs at their highest level in nearly five years.
Many economists believe the Fed probably will boost the funds rate at least one more time — to 4.75 percent — at its next meeting March 28, the first session Bernanke will lead.
A few, however, believe the funds rate could climb to 5.50 percent this year, a move some analysts think is necessary to keep inflation under control.
Greenspan turns over to Bernanke an economy that is in good shape but faces challenges.
Questions persist about whether the housing market will continue to gradually decline or even crash. No one knows whether foreigners will maintain a hearty appetite for investing in the United States and continue to finance ballooning budget and trade deficits. Energy prices pose another wild card.
"Greenspan's shoes are very large and difficult to fill. If anybody is up to the task, Ben Bernanke is the guy," said Charles Ballard, economics professor at Michigan State University.
Bernanke, chairman of the White House's Council of Economic Advisers, is a former Fed governor and economics professor.
He is considered one of the country's foremost economic thinkers and has written extensively about the Great Depression.
Copyright © 2006 The Seattle Times Company
WASHINGTON — In the last major piece of business for retiring Chairman Alan Greenspan, the Federal Reserve pushed borrowing costs to the highest point in nearly five years Tuesday and hinted another rate increase was possible.
Shortly after the Fed's announcement, the Senate — showing broad bipartisan support — approved on a voice vote Ben Bernanke's nomination to be the 14th chairman of the central bank.
Bernanke, 52, will be sworn in this morning in a private ceremony at the Fed's marble headquarters.
That will make the historic changing of the guard at the Fed complete.
Greenspan, 79, ends an 18 ½-year run, making him the second-longest-serving chairman of the central bank. He presided Tuesday over his 149th meeting of the Federal Open Market Committee (FOMC), the Fed panel that meets eight times a year to set interest rates.
It was his 1,124th Fed board meeting overall.
A standing ovation greeted Greenspan as he entered to preside for the last time at the long conference table. The group, as expected, raised interest rates again, boosting the federal-funds rate by a quarter percentage point to 4.50 percent.
To mark his last day, Greenspan, a die-hard sports fan, was given an old-fashioned baseball glove signed by the bank presidents. He also received his board chair with his name engraved on a brass plaque, and the flag that flew over Fed headquarters Tuesday.
In return, Greenspan gave a pep talk, urging Fed employees to keep up the good fight to protect the value of the dollar against the ravages of inflation.
"We have a very special mission," Greenspan told about 1,500 employees who filled the headquarters' two-story marble atrium.
"We are in charge of the nation's currency, and the central bank, because of that, is involved in everyone's daily lives. We are the guardians of their purchasing power," Greenspan said.
Although he will turn 80 in five weeks, Greenspan has no plans to retire.
He will return to what he did during a long career in private business, running his own economic-consulting firm, Greenspan Associates, in Washington.
But a little history was made on his last day at the Fed.
The famously secretive institution relented and allowed news photographers and television cameramen in for the first time at an FOMC meeting to record Greenspan's final session — a fitting tribute for someone who worked to make the central bank less secretive.
In opting to boost rates Tuesday, Fed policy-makers said "the expansion in economic activity appears solid" even though recent economic barometers "have been uneven."
Inflation, they said, remains a concern. "Elevated energy prices have the potential to add to inflation pressures."
In response to the Fed's move, commercial banks raised their prime lending rates — for certain credit cards, home-equity lines of credit and other loans — by a corresponding amount to 7.50 percent.
The increases left borrowing costs at their highest level in nearly five years.
Many economists believe the Fed probably will boost the funds rate at least one more time — to 4.75 percent — at its next meeting March 28, the first session Bernanke will lead.
A few, however, believe the funds rate could climb to 5.50 percent this year, a move some analysts think is necessary to keep inflation under control.
Greenspan turns over to Bernanke an economy that is in good shape but faces challenges.
Questions persist about whether the housing market will continue to gradually decline or even crash. No one knows whether foreigners will maintain a hearty appetite for investing in the United States and continue to finance ballooning budget and trade deficits. Energy prices pose another wild card.
"Greenspan's shoes are very large and difficult to fill. If anybody is up to the task, Ben Bernanke is the guy," said Charles Ballard, economics professor at Michigan State University.
Bernanke, chairman of the White House's Council of Economic Advisers, is a former Fed governor and economics professor.
He is considered one of the country's foremost economic thinkers and has written extensively about the Great Depression.
Copyright © 2006 The Seattle Times Company
Wednesday, January 18, 2006
Protect your Prop 13 Tax Base with Prop 60!
Santa Cruz County Government
Proposition 60 For Seniors
"Protect Your Prop 13 Base"
This pamphlet, produced by the Santa Cruz County Assessor explains how people over the age of 55 may obtain tax relief by transferring their base year value to a replacement dwelling when purchasing a new home.
What is Proposition 60?
Proposition 60 was passed by the voters on November 6, 1986. It added Section 69.5 to the Revenue and Taxation Code. This Section provides for transfers of base-year values by homeowners who are at least age 55, under certain circumstances.
How does it work?
Basically Proposition 60 allows qualified taxpayers to transfer the assessed value of their original residence to a qualifying replacement dwelling. Without this Section of the code the replacement dwelling would be reappraised at fair market value at the time of tranfer. In a sense, this legislation lets older taxpayers downsize without being penalized by higher property tax payments.
Who qualifies for this proposition?
- People over 55 years of age (at the time of sale of the original property). If married, only one spouse need be at least 55, but must reside in the residence; the same is true of co-owners.
What property qualifies for this treatment?
- The original property has to be eligible for the Homeowner’s Exemption.
- The replacement dwelling must be of equal-or-lesser value and within the same county.
- The replacement dwelling must be purchased or newly constructed within two years of the sale of the original property.
- A claim for proposition 60 relief must be filed within three years of the date a replacement dwelling is purchased or new construction is completed.
What if my original residence is located outside of Santa Cruz County?
Currently, only the following counties will accept intercounty transfers: Alameda, Kern, Los Angeles, Modoc, Orange, San Diego, San Mateo, Santa Clara and Ventura. This information is subject to change. We advise you to contact the Assessor’s office of the county you are considering moving to before taking any action.
What if I receive a property by gift or devise?
The replacement property must be purchased or it will not qualify for relief.
How do I file for Proposition 60 relief?
The claim form for Proposition 60 relief may be obtained from the Assessor's Office and is also available online at http://www.co.santa-cruz.ca.us/tax/taxforms.htm.
When should I file?
The claim for relief must be filed within three years of the date the replacement dwelling is purchased or the new construction of the replacement dwelling is complete.
What kinds of property qualify for relief under this Section?
Property tax relief under this section includes, but is not limited to: single-family residences; cooperative housing corporation units or lots; community apartment projects; condominium projects; planned unit development projects; mobilehomes; and owner’s living units that are a portion of a larger structure, all as prescribed in subdividsions (c)(1) and (2) of Section 69.5.
How many times can I make this claim?
This is one time only relief. Claimants are monitored by the State Board of Equalization in order to prevent multiple claims.
When do I have to purchase the replacement home? What about selling my original property?
The replacement dwelling must be purchased or newly constructed within two years of the sale of the original property. This provides for a four-year window; the original property may be sold before or after the replacement dwelling is purchased or newly constructed.
Are land and improvement values reallocated at the time relief is granted?
No. The land/improvement ratio is retained. The only exception to this is when a Prop 13 base value is transferred to a licensed mobile home. Since the mobile home is not assessed, we need to make some adjustment to the allocation so that an allocated improvement value does not cause a distortion in the assessment.
How will I know whether the sale of my original residence and the purchase of my replacement residence qualify? There seem to be so many technical elements involved, and I would not want to find out I was going to be reassessed when I had depended on Prop 60 relief.
It' s true that many of these transactions are quite complex. It is best to visit the Assessor s Office prior to the completion of all of your transactions. One of our staff will be more than happy to discuss your particular situation in detail.
Should you have any further questions please contact the County Assessor's Prop 60 facilitator at 831-454-2002.
Return to Property Tax Information CenterReturn to County Home Page
For more information about this and other issues in Santa Cruz County real estate, contact Frank Murphy at 831-457-5550 or visit www.LiveInSantaCruz.com
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