I’ve heard through the grapevine that the Minnetonka police have set up heavy duty police traps to catch speeders along the heavily traveled roads in Minnetonka.   I’ve been told to watch out for 394/494, Highway 7, and the Crosstown or 62.

BTW, it’s easy to be tricked…remember, the speed limit is a ridiculous 55 MPH east of 494 on 394…i.e. the Ridgedale area.  The speed limit is 65 MPH west of 494 on 394.  It’s 60 MPH traveling north and south on 494.  On Highway 7, the speed limit fluctuates from 45-50 MPH.
Perhaps the budget’s a little tight as we come in to year end and they need to generate a little cashflow before the year is out?

Many have said we’re in the perfect storm for housing…oversupply of homes, weakened demand and the credit crunch.   We can now certainly add to that the effort by politicians to make their mark on the housing market.

The Associated Press is reporting that  Congress is looking to make changes to the bankruptcy laws so that judges can reduce the amount of the mortgage to help out homeowners.  Everyone of these fixes like this will have some kind of effect that we are not yet aware of.  However, since it’s an election year, politicians from both sides of the isle need to make it look like they are doing something.

I cannot give legal advise as a real estate professional, but it’s my understanding that a bankruptcy is much worse on one’s credit report than is a foreclosure or pre-foreclosure.

If this bill goes through, you can bet we’re going to see aggressive tactics by lawyers to convince homeowners to file bankruptcy so they can collect their fees.

It still seems to me, the best situation that struggling homeowners should pursue is to sell their home in a short sale situation.  Sure they run the risk that the bank might not accept the short sale.  In that case, they could consider going the foreclosure route or in a worst case scenario…bankruptcy.   If homeowners pursue the short sale route, they might also run the risk that their bank might not forgive their debt.  They might also be hit with a tax bill from the IRS.  However, from what I’m hearing, Congress is looking to pass a bill that would get the IRS off the backs of homeowners who have their debts forgiven in a short sale.  Additionally, many banks today are forgiving the debt. Even they realize, sometimes, it’s best just to move on.

The credit markets and housing markets will right themselves eventually.   If Congress wants to have an impact, they should encourage the States to require all mortgage brokers and loan officers be licensed and take continuing education.  While that is not a guarantee to clean up the business, it’s a major step in the right direction without completely fouling up the system.