In particular I was concerned over a couple of propositions that were worded to deceive the public into thinking they were getting something they were not. In this year of skepticism, however, voters managed to cut right through the smoke and mirrors and gave resounding decisions on these propositions.

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frivolous lawsuit, Arizona Election, Arizona Prop 201, Proposition 100, Save Our Homes Initiative, Homeowners’ Bill of Rights,2008 election year,

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So Jake the Snake (Joe the Plumber’s brother-in-law) goes from builder to builder and creates lawsuits with his favorite attorney friend against the builders. He’ll win some and lose some, but he has no penalty for losing, and his gains pay both him and his attorney. In fact, he doesn’t even have to purchase the home in order to file a lawsuit.

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Furthermore, Arizona is strapped for cash and is likely to look for sources of increased revenue in the very near future. But is double taxation on our homes really the answer? The Arizona Association of Realtors says “NO” which is why they are sponsoring the Protect Our Homes Amendment, Proposition 100.

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Keep in mind that the bank may be losing much more than 15% if the loan is higher than the appraised value. The FHA then turns around and gives the borrower a loan at 90% of the appraised value in exchange for 50% of all future appreciation!!

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