SmartMoney calls these locales “doppelgangers” — more affordable twins with similar climate, culture, and amenities than their better-known other half.

Here are their suggested substitutes:

● Prescott, Ariz., as an alternative to Sedona, Ariz.
● St. Augustine, Fla., instead of Sarasota, Fla.
● Chattanooga, Tenn., instead of Ashville, N.C.
● Bloomington, Ind., instead of Madison, Wis.
● Caron City, Nev., instead of Boulder, Colo.
● Auburn, Ala., instead of Pinehurst, N.C.
● Bellingham, Wash., instead of Eugene, Ore.
● San Luis Obispo, Calif., instead of Santa Barbara, Calif.

Source: SmartMoney, Catey Hill (10/20/2010)

Here are the 10 most-promising areas for conservative investors:

1. Tulsa, Okla.
2. Oklahoma City, Okla.
3. San Diego-Carlsbad-San Marcos, Calif.
4. Albany-Schenectady-Troy, N.Y.
5. Indianapolis-Carmel, Ind.
6. El Paso, Texas
7. Winston-Salem, N.C.
8. Cincinnati-Middletown, Ohio-Ky.-Ind.
9. Worcester, Mass.
10. Louisville-Jefferson County, Ky.-Ind.

The top 10 most “dangerous” areas are:

1. Ocala, Fla.
2. Lakeland-Winter Haven, Fla.
3. Reno-Sparks, Nev.
4. Orlando-Kissimmee, Fla.
5. Deltona-Daytona Beach-Ormond Beach, Fla.
6. Port St. Lucie, Fla.
7. Las Vegas-Paradise, Nev.
8. Boise City-Nampa, Ind.
9. Prescott, Ariz.
10. Cape Coral-Fort Myers, Fla.

Source: The Wall Street Journal, M.P. McQueen (10/01/2010)

On Wednesday, September 22, the Senate passed S. 3814, the National Flood Insurance Program (NFIP) Re-extension Act by unanimous consent. This bill will extend the NFIP for one year, until September 30, 2011. The House passed the bill on September 23 by a voice vote. The bill will now go to the President for his signature into law. To see the most recent updates on the NFIP issue, including testimony and press releases, please visit the Government Affairs page on REALTOR.org: http://www.realtor.org/government_affairs.

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10 Reasons to Buy a Home
Time magazine is being overly pessimistic in its recent cover piece that called into question the benefits of homeownership. In fact, now is a great time to buy. And, what’s more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn’t changed.

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They’re at a level that makes sense for people’s income.
2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.
3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
4. It’ll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
5. You can get a better home. In some markets, it’s simply the case that the nicest places are for-sale homes and condos.
6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.
7. It’s risk capital. If the economy picks up, you stand to benefit from that, even if you’re goal is just to have a nice place to live.
8. It’s forced savings. A part of your payment each month goes to equity.
9. There is a lot to choose from. There are some 4 million homes available today, about a year’s supply. Now’s the time to find something you like and get it.
10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

Specifically, this bill contains $12 billion in tax cuts for small businesses, tax cuts that will help businesses across the country put their money into growing their businesses and creating new jobs. It will greatly expand two of the Small Business Administration’s (SBA) most important loan programs, basic 7(a) loans and so-called “brick and mortar” 504 loans. It also will provide other enhancements to SBA loan programs that will increase lending to small businesses by $5 billion in the first year.

Importantly, this bill aims to address a key problem small businesses have had with obtaining the capital they need to operate, expand and grow. Just as the recession has battered the value of our homes, it has battered the value of business property, such as real estate, factories and equipment. This has badly damaged the ability of small businesses to get bank financing, because it has lowered the value of property they can offer as collateral. And so, businesses with plenty of customers and excellent credit histories have been unable to get the financing they have relied on and need, endangering existing jobs and preventing the creation of new jobs.

To address this issue, many states, including Michigan, have established and implemented successful collateral support programs to help provide businesses with the support they need to secure adequate financing. Since 2006, Michigan’s Capital Access Program has used only $3 million to leverage nearly $88 million in private lending to businesses.

The success of these programs has created a demand that far exceeds available resources. In response, I am pleased the Senate recognized the opportunity these collateral support programs have created by including the State Small Business Credit Initiative in this bill. This provision, which I fought to have included, will provide $1.5 billion in badly needed assistance to state and local programs across the country that help small businesses thrive and grow.

In addition, this bill also includes my proposal for an Intermediary Lending Pilot Program, which will allow the SBA to make loans to intermediary lenders, such as business incubators, that can then loan the money to growing businesses.

Finally, this bill will create the Small Business Lending Fund, an initiative very similar to the Bank on Our Communities Act (S.1822), which I was proud to cosponsor. The fund will provide capital to local, community banks, the banks on which small businesses depend, so they can in turn lend that money to small businesses. And, it does this in a way that will not add to our budget deficit.

I believe we should continue to do everything within our power to help the businesses of this nation put the workers of this nation back on the job. We cannot afford to miss opportunities to boost employment, because the hundreds of thousands of people in Michigan, and the millions across the country, who have lost their jobs in this recession deserve our very best efforts. I will continue to support effective initiatives that will grow our economy and put Americans back to work.

Sincerely,
Carl Levin