New alarm: Option-ARM 'liar's loans'

Mr McIlwain said race wagering had begun to recover after its "exceedingly strong growth" was stalled by the equine influenza outbreak. "Race wagering sales have declined by 7 per cent year to date," Mr McIlwain said. "They have begun the long road back to positive territory ... this recovery will accelerate when metropolitan racing resumes in New South Wales and Queensland tomorrow." Mr McIlwain forecast first half earnings to be $5 million lower than the $69.8 million delivered in the previous corresponding period last year. "We expect that the first half profit shortfall of around $5 million will be substantially recovered in the second half even if sales are marginally behind the level set last financial year," Mr McIlwain added. "The second half of fiscal 2008 is expected to see a recovery in the wagering business while Tatts pokies will struggle under the weight of new government restrictions." In October, the Victorian Government awarded 10-year lotteries licences to both Tatts and Greek-based gaming company Intralot, breaking Tatts' 54-year monopoly of the market. read more

Realty tax tips: Home equity line of credit can help in emergency

Property assessments in Davenport continue to lag behind the market value of the city’s housing stock, despite the national trend of falling home prices, according to the Davenport City Assessor’s Office.After fielding many calls from angry homeowners who continue to see their assessments and property taxes climb, aldermen asked for a report from the city assessor.On Thursday, Becky Eitling, the office’s chief deputy assessor, said that based on real estate sales data from the first three quarters of 2007, homes in Davenport on average are selling for prices 5.5 percent higher than their assessed values. In other words, she said, market value is outpacing the values placed on homes for taxing.The information came as a surprise to some aldermen and likely to many homeowners who have appealed their assessments in the past year."One of the complaints I get is that property values are going down in Davenport, but assessments continue to go up," 5th Ward Alderman Bill Lynn said, adding that when he told several acquaintances in the real estate business about the assessor’s office explanation, they "laughed in my face."Lynn said the high number of foreclosures in Davenport must be detrimental to the city’s overall property values."I understand there may be a lag, but my concern is everyone is calling me saying their assessments are going up, but property values are going down," he said. read more