Mr. Howard Liggett

GLG News by Mr. Howard Liggett, President and CEO

Tax Lien Certificates Offer Stability During Unstable Times

October 1, 2009

Analysis of:Tax Bills Put Pressure on Struggling Homeowners | www.nytimes.com

Present estimates of  unpaid property taxes in the United States place the figure as high as $15 billion annually.  The choices available to government officials for remedying this shortfall are limited.  Counties and cities could increase the tax rate,borrow (maybe) the necessary capital,reduce services (again) or sell the tax debt to investors willing to take the risk they will be repaid.  The first three options are distasteful to most property owners,particularly those who pay on time.

Foreign & Domestic Investors Positioning For Florida Distressed Real Estate Deluge

June 8, 2009

Analysis of:IS IT A GREAT TIME TO BUY PROPERTY IN FLORIDA NOW? | www.overseaspropertymall.com

South Florida's depressed real estate market is still about six months from rock bottom, but now bargain hunters are out in force. At a recent conference, real estate brokers and lawyers agreed the sharpest declines in value and the highest spikes in foreclosures will hit once most of Miami's new condo units are built in late 2008 and into 2009. Still, several brokers are noticing that distressed properties are starting to sell, and buyers - especially foreign buyers - are already eyeing the market to make sure they don't miss a feeding frenzy for cheap real estate. The trifecta of the housing glut, the subprime crisis and the weak dollar has made South Florida real estate attractive again - but for a very different reason than in 2005.

South Florida's Real Estate Armageddon Presents Huge Acquisition Opportunities

January 15, 2009

Analysis of:Nonresidential Construction Seen Falling 11% in 2009 | www.cnbc.com

South Florida's commercial and residential real estate markets suffered in 2008, and the New Year doesn't figure to offer much relief. Continued foreclosures and the weak economy will continue having an impact on prices and number of properties available with only aggressive sellers disposing of properties. Although home sales started picking up this past summer, the beleaguered housing market has been hammered by foreclosures and falling prices. Meanwhile, the sputtering economy has local businesses retrenching and cutting jobs, dealing a blow to the retail, office and industrial sectors. All this carnage creates an opportunity for those positioned to take advantage of the adjustment in prices, and higher expected returns.

Valuation Vendors Critical to the Home Sale Rebound

December 12, 2008

Analysis of:U.S. Eyes Plan to Lift Home Sales | online.wsj.com

As markets change,servicers and lenders need to choose a valuation company that can quickly and easily adapt.  Questions to ask include: Does your valuation vendor use a quality evaluation logic that can be changed on the fly?  The preferred valuation model would weigh more heavily on comps in an appreciating market and listings in a declining market.

Credit Default Swaps Are Dangerous Should the Waters Rise

December 5, 2008

Analysis of:N.Y. Approves ICE Credit-Default Swap Clearing Plan (Update 2) | www.bloomberg.com

Credit default swaps have been a major element in the ongoing financial crisis. That doesn't mean it's necessarily easy to understand just what the problem is with them.  In an effort to gain clarity I have engaged in a self-directed study on the topic with the following analogy to report.

Nationalization of the Finance Industry Will Doom Middle Class America

September 16, 2008

Analysis of:Capital Markets' Turmoil Clouds Some Realities | www.globest.com

The government takeover of ailing mortgage giants Fannie Mae and Freddie Mac was no surprise and has been jumped all over by the mainstream press. This move was intended not to cause something to happen, but to prevent something from happening. That something was the imminent bankruptcy of the two entities that account for about 80 percent of U.S. mortgage issuance.  What does it mean for those who watch from afar in locales like Omaha,Denver,Orlando and Atlanta?

State & Local Tax Reforms May Cripple Municipal Development

July 15, 2008

Analysis of:Cleveland Sues Banks Over Foreclosures | www.msnbc.msn.com

July 1 marked the beginning of a new fiscal year for most states and about one third of local governments, and, as a result of declining economic conditions, ushered in a period of cutback management and difficult decision making for many state and local leaders. Reduce taxes,reduce spending is the hue and cry from John Q. Public and understandably so.  However,we as voters sometimes shoot ourselves in the foot when it comes to government reform predicated solely on the idea "not if it impacts me".   Reductions in infrastructure funding,cutbacks in nonessentials such as public parks, street festivals,art appreciation events can spell doom for commercial developers and retailers who had earlier held plans to locate within municipal boundaries.

HELOC Losses are Increasing and Will Reduce Access to the American Dream

June 23, 2008

Analysis of: The American Dream Goes On | www.usnews.com

In their first quarter results, several banking organizations reported stunning losses and provisions generated by these loans, with predictions of much more to come in future quarters. Indeed, national banks, which hold about half of all home equity loans, sustained as much loss from this type of credit in the first quarter of this year than they did in all of 2007.  Home equity lending has grown dramatically in recent years, more than doubling since 2002 to about $1.1 trillion outstanding!

Stain Upon Mortgage Industry Will Not Be Easily Removed

June 4, 2008

Analysis of:Survey Says Americans Have No Faith in Lenders | www.dsnews.com

Kerri Panchuk's article addresses the most significant intangible loss brought about by the subprime mortgage failures.  Namely,the loss of consumer borrower trust which may never be fully regained as long as predatory mortgage horror stories continue to capture headlines and replace mortgagor confidence with skepticism and even disdain.

Connecticut Bucks National Trend of Inventory Overbuild

May 23, 2008

Analysis of:Housing Prices Going Lower | www.lvrj.com

It easy to think nationally when reading of the foreclosure number increases;the glut of homes and the downward impact on price point when,in fact,there are many regions of the country that have not been as adversely affected by speculator development and inflated land values.  Connecticut is one of several states that have weathered the storm and continue to have considerably healthier residential markets.

The Future of Florida's Municipal Golf Courses

May 1, 2008

Analysis of:How Green is Golf? | www.golfdigest.com

Foreclosures,tax increases,land devaluations and a sour economic outlook  for the remainder 2008 have forced municipalities and counties to look at fat trimming measures which hurt the least number of citizens.  The recently passed Amendment One forces local governments to limit tax increases to a 10% cap.  Critics say the amendment's provisions are draconian,but Florida taxpayers demanded relief.  The frills get cut first and tax subsidized golf courses are the easiest of targets.  The weather along with escalating gasoline prices will change the "look" of golf as many have come to expect.

Will Rogers was REIT~Buy Land;Especially Residential

April 22, 2008

Analysis of:The REIT Time? | www.forbes.com

The nation's homebuilders have an enormous inventory problem and it is not limited to only completed homes sitting idle on the market.  Many builder-developers with planned for housing communities have seen the blueprints shelved as existing home sales have stalled and new homes garner little more than drive-by attention.  As the misery index rises,many of the large land tracts committed to subdivision housing are being sold as cash starved builders try to weather the storm.

Got REO ? Better CYA (Cover Your Assets)!

April 16, 2008

Analysis of:Vandalism Rises as More Foreclosed Homes Sit Empty | www.pe.com

Vacant properties invite a host of ills including vandalism,neglect,arson,and even destruction by former owners.  REO managers must have a set of preemptive security tools at hand to protect against deliberate damage and,as much as possible, the unpredictable forces of nature.  Grafitti artists,homeless vagrants,and litterbugs will never be eliminated,but being alert,aware,and incorporating sound property preservation techniques can greatly reduce loss to the portfolio.  

Home Buyer Tax Credits-Assistance Without Substance?

April 15, 2008

Analysis of:Congress Told Home Buyer Tax Credit Would Help Rally Economy | www.lawnandlandscape.com

Home sales have continued to be sluggish this year, with existing home sales down nearly 24% in February compared with February 2007, according to the National Association of Realtors. New home sales fell to a 13-year low in February, according to the U.S. Commerce Department.  Federal legislation has now been introduced to ostensibly aid the hurting residential real estate market.  The measure would extend home buyer tax credits to first time purchasers,but is it merely a band aid with a very short shelf life? 

Student Housing Gone Wild!

March 17, 2008

Analysis of:Is the ETF Time REIT? | www.etftrends.com

There are several reasons to consider the student housing and dormitory construction market as niche real estate investments that will continue to prosper despite the downturn we are currently experiencing.  First,there is a real shortage of dormitory space at both public and privately run campuses across the nation. Second, the college-age population is increasing and so is the number of individuals who will be attending college. 

Saving Homeowners While Cutting Lender Losses is Doable

February 26, 2008

Analysis of:Existing Home Sales and Prices Fall in January | www.mortgagenewsdaily.com

Now is the time for creative innovation within the public and private sectors.  It behooves the related industries of home construction,mortgage,and banking to uncover strategies that put in play will allow distressed homeowners to cut their payments and,at the same time, cut lender losses that increase substantially when foreclosure actions are initiated.  Consider fractional ownership.

Green Building RetroFitting Makes Good Dollar Sense

February 12, 2008

Analysis of:Events Build Florida's Capacity to Promote Community Vitality through Brownfields Redevelopment | www.enn.com

For builders looking for a smooth landing spot amid today's softening market for new construction, it makes good dollar sense to examine the  green market opportunities available on existing office and commercial space.  The LEED (Leadership in Energy and Environmental Design) rating is spreading among commercial construction projects throughout the State of Florida.  This green fever is catching on and for some very sound reasons.

The Myths of Modular Housing

December 27, 2007

Analysis of:Public Housing Coming Down in New Orleans | www.cbsnews.com

"Modular" used to be a dirty word in the building industry, bringing up images of hucksters touting crackerjack-box homes plopped down on a street corner or a vacant lot.  Not any more and modular does not mean "mobile" as in double-wide trailer.  What is more,modular homes typically cost 10 to 15 percent less than comparable stick-built homes.

Foreclosures Press Communities to Partner With Institutional Investors

November 30, 2007

Analysis of:Foreclosure Impact:Next Stop,Tax Drop | money.cnn.com

Will the abandonment of mortgage defaulted properties create opportunites for tax debt investors? What innovations may be on the horizon to address the anticipated loss of property tax revenue to the nation's cities & counties?  Will tax certificate sales become the method of choice for recovering tax revenue on mortgage foreclosed parcels? Will local governments take the tremendous negatives associated with the foreclosure mess and turn it around by making institutional investors a part of the recovery process?

Political Helping Hand for Florida's Existing Home Sales

November 19, 2007

Analysis of:FAR, Gov. Crist launch group supporting property tax amendment | media.living.net

The idea of having politicians involved in the solution of any problem of economics is,admittedly,frightening.  However,congrats and kudos are in order for those members of the Florida Legislature which crafted the concept of real estate tax "portability" and,further,put forth the idea in a voter referendum to be held this coming January 29,2008.  

Page : 12Next1 to 20 of 37