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Your tax refund may be put on hold for the debt ceiling:
Bottom Line: Ready for this one… So if you wanted to file your taxes early in January you’re already being delayed because of our friends in
So the original estimate was that we wouldn’t hit the debt ceiling until February 28th. Well that timeline could speed up to as soon as February 15th according to some estimates and part of the factor… Tax refunds.
All told more $80 billion in tax refunds are expected to be filed for between mid February and mid March. There is expected to be a bit of a rush in February in part because of the tax form delay that prevented some from filing as early as they would have liked. Additionally virtually all early tax filers are those due a refund. Put it into the mix of the debt ceiling issue and we could have big problems.
If we hit the debt ceiling the Federal Government may not send you your tax refund as planned. If the debt ceiling is hit it will be up to the administration to prioritize what’s funded and what isn’t day to day. Would the Feds make tax refunds a priority? As more people catch on to this possibility you could see an even bigger rush to file occur as people hope to obtain their refund before the debt ceiling is hit. What a mess…
Today’s question – Independent foreclosure review canceled & what’s next:
Bottom Line: Last week a gentleman sent a question / statement regarding the failed Independent Foreclosure Review program that was established by the Federal Government to review victims of bank practices during the boom / bust era. Potential victims were notified by mail and asked to send in the questionnaires to have their case reviewed. Compensation for victims was listed as potentially being as much as $125,000. The deadline for sending in your case was December 31st. Right before the deadline a notice was sent to those eligible for review that the program had been canceled (with no further information). We now have an update.
Yesterday a settlement was reached with the Feds and ten banks. Those banks are:
Rewards could still be as high as $125,000. Here’s what we don’t know yet. Any time line or guidelines for pursuing compensation… I’ll keep you posted when more info is available.
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Majority of companies considering increased perks for employees:
Bottom Line: This could be good news for you in the workplace… Research from Indeed.com indicates that 38% of us want to change employers this year. A big number. Additionally one of the factors that may have prevented workplace mobility in previous years is going away (being trapped in a home with an underwater mortgage). Employers are taking note.
65% of all employers are considering new or increasing existing perks in the workplace this year. The highest number in years. Among concepts being considered:
Now considering and doing are two different concepts so it remains to be seen if your work environment becomes more favorable but it just might.
Rental vacancy rates at lowest level since 2001:
Bottom Line: The housing recovery continues and leads us to this story today. Vacancy rates for rental properties are now at the lowest levels since 2001 (at 4.5%). This will continue to encourage investors buying (often distressed) properties and renting them out, to continue to accumulate rental properties. The low vacancy rates will continue to encourage new construction. The low inventory levels with lower vacancy will continue to lead to higher rent rates. The higher rent rates will continue to encourage renters to buy a home.
It’s a cycle of recovery in housing and its being felt on all fronts right now.
Now that you've had your daily dose of cheating - play "Fact or Fiction" with Jim Edwards: http://www.wjno.com/pages/jimedwards.html