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PRICE SLASHED ON THIS CUSTOM OAK RIDGE ESTATES HOME on 3 acres: 4200+ SQ FT, 4 BD, 3 BA, Owner says sell! Not a short sale! Fast Close! Move in by Thanksgiving! Now just $349,900

Exceptional value: http://dld.bz/zJhC

Most- and Least-Promising Metros for Real Estate Investors

Local Market Monitor, a North Carolina firm that measures the potential for price appreciation in real estate markets with more than 200,000 residents, recently evaluated markets for conservative investors. It identified the best metros as those with signs that prices are stabilizing. It also named markets where prices are still falling as “dangerous.”

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)

New Reporting Requirements for Landlords

The NAR reports Small Business legislation (HR 5297) recently signed into law includes a new revenue provision that will create additional burdens for anyone who receives rental income. Under current law, property managers are generally required to provide Form 1099 on many of the expenditures they incur as part of their management of rental property. The new law expands this rule so that ANY person who receives rental income (not just property managers) will be required to report all expenditures of more than $600 to anyone from whom they purchase services.

The landlord will file IRS Form 1099 with the IRS and with the person who provided the service. Thus, any landlord who purchases such services as plumbers, yard or garden workers, electricians or any other service will be required to report payments any time the total expenditures/payments to a particular vendor in one year exceed $600. The new requirement goes into effect as a permanent feature of the law starting with expenditures on or after January 1, 2011.

NAR conducted a Call for Action opposing this proposal in May 2010. Congress nonetheless adopted it as part of the "pay-for" of the small business benefits the legislation created.