Signs of a Firm Bottom?

Everyone wants to know when we'll hit the bottom and everyone has opinions. I've made my point about speculation before and won't go there again. Personally, I'm a fan of facts over emotions and I've been waiting for enough facts to pile up. Here are a few:

1. Realtors are super busy these days although "season" typically ends with Easter. I have 3 closings this month (first-time homebuyer, investor and relocation)! Last month was good, next month looks even better so far.... Last weekend was, in fact, the first weekend I DIDN'T show property since February.
2. Last months sales statistics from the Sarasota Association of Realtors showed an increase in closed deals and even an increase in the median sales price. Pending transactions have been up so many months now I can't remember when they started rising. For more details, charts and exact figures, click here: http://www.sarasotarealtors.com/about/hottopic.cfm?eveID=110.
3. The number of properties for sale on our MLX has decreased all year. Good job to the Realtors! Congrats to the new homeowners and investors have bought some great deals.
4. More and more folks are receiving actual help to refinance and stay in their homes now with the help of that the government's Making Home Affordable program. Click here for the official website: http://makinghomeaffordable.gov/. Don't get me wrong: more folks need help and the help needs to be less frustrating and cumbersome. Contact me if you'd like to see if you qualify as I can refer you to some amazing mortgage brokers and negotiators.
5. And then... foreclosure filings have dropped for the Sarasota/Manatee area! Read the Sarasota Herald Tribune article here: http://www.heraldtribune.com/article/20090611/ARTICLE/906111057/2055/NEWS?Title=Regional-foreclosures-buck-a-state-trend-. Filings were still up for the rest of the state.
6. You can buy for less than what it costs to rent!

In summary, who knows? The commercial market is still all out-of-whack and that will have a big impact on the residential market. However, I think it's only fair to proclaim once again that Sarasota rocks!

Florida Leads The Way To Recovery?

Florida deserves a round of applause and Sarasota too since we've been leading all other counties in the state with home sales:

Housing Predictor - which monitors over 250 residential property markets nationwide - says Florida appears to be emerging from the realty slump before any other state, including California.

The Sunshine State is seeing population growth, and single-family home and condominium sales have been on the rise for more than six months. Foreclosures and short sales presently account for approximately 67 percent of all sales and often are not included in real estate agents' tallies. Additionally, banks in many Florida housing markets are cranking out more home loans, and sellers finance almost 20 percent of all sales.

Source: First
EmailWire.com (04/21/09)

© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

Can Obama Help You?

The Obama housing plan kicked off yesterday, but officials say borrowers must be patient: lenders will probably be flooded with phone calls. Critics say not all homeowners in need will be helped, and some observers worry that banks still won't willingly work with at-risk homeowners.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-030509.cfm

FHA Loan Max Back to 2008 Price For Sarasota!

HUD announced changes to FHA's single-family loan limits yesterday, the result of initiatives within the American Recovery and Reinvestment Act of 2009. For 2009, the maximum mortgage limit for an area is either the 2008 limit or 2009 limit - whichever is higher. The new loan limits, effective for any loan closed in calendar year 2009, remain in effect through Dec. 31, 2009. Note, however: Because an area's new loan limit is the highest value out of two years, HUD no longer has a process for appealing the limit. To view HUD's complete mortgagee letter online, go to: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee.

To find the FHA limit for your area, go to: https://entp.hud.gov/idapp/html/hicostlook.cfm or email/call me for help.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

January Sales Stats

*The following press release was sent to local media on Feb. 25 at 11:00 a.m.

January 2009 pending sales jump almost 18 percent

In the face of national economic doom and gloom, pending sales in the Sarasota real estate market rose to 683 in January 2009 as reported by members of the Sarasota Association of Realtors®, topping the 500 level for the 13th month in a row. Pending sales last month were much higher than the 516 reported in January 2008, which indicates that local real estate has bucked the national downward to some extent.

Pending sales reflect contracts executed by buyers and sellers. The recent numbers demonstrate a steady, strong pattern, indicating buyers have become more active in the Sarasota market as the traditional season heats up.

"These are certainly historic times for our nation's economy, and we must be realistic and understand that higher unemployment and the recession impacts everyone," said 2009 SAR President Bill Geller. "But we must also understand that even during downturns, opportunities exist for savvy buyers. The Sarasota market is blessed with tremendous, high quality properties, and the lower prices have made this area a goldmine of opportunity. With the guidance of a well-trained, professional local Realtor®, buyers can be assured that they will find the perfect property in today's market environment."

Overall closed sales in the first month of 2009 stood at 319, compared to 327 in January 2008, a year-to-year decline of only 2.4 percent. Sales totaled 406 December 2008, but the monthly decline was expected, especially during a four-year election cycle, when real estate activity often sees a lull prior to a new administration taking office.

The recent signing of the $787 billion American Recovery and Reinvestment Act, plus the Obama administration's enactment of the $75 billion Housing Support and Foreclosure Prevention program should help improve the real estate markets even more in the months ahead, said Geller.

"We are clearly seeing a focus by this administration on the root of the economic problems - the real estate downturn," said Geller. "There have been several initiatives adopted which include suggestions by the National Association of Realtors®, and we are hopeful these programs will help us back on the road to recovery."

For instance, first-time homebuyers who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of $8,000. Unlike the 2008 tax credit, this one does not have to be repaid. Combined with historically low interest rates, experts expect this program to generate an increase in sales.

"And the ripple effects of expenditures for household items, moving costs, furnishings and so on should provide a needed shot in the arm for our local economy," said Geller.

The median sale price for single family homes declined to $149,950 in January 2009 after coming in at $175,000 in December 2008, for a 14 percent decline. Condominium prices fell to $220,000 in January 2009 from the December 2008 figure of $255,000, also 14 percent decline. While statistics have not been tabulated breaking down the number of short sales and foreclosures, many local agents and brokers have indicated these sales have dominated their recent business, which tends to impact the median sales prices substantially.

Another important market tracker - the absorption rate of properties on the market - continues to track lower than last year at this time for both single family homes and condominiums. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month.

For January 2009, the absorption rate for single family homes stood at 25.3 months, compared to 39.0 months in January 2008. For condominiums, the absorption rate was at 38.4 months in January 2009, substantially lower than the 52.0 months reported in January 2008.

Follow this link for a two page stats chart:
http://rs6.net/tn.jsp?et=1102476640349&e=001nCg2Z8ryvYWDzD_YmAYDMflbXHhMmH2kFiAwCVunqeve-U7ht-hiAsyc1Z9ArCn03i6_3ImHM9p5_OENrdyC_QdU8OETq0QbAScbn_X27BM932CqLoq-O3kRAulE2UD_zEhWcPgzw0yzrezlJGzqf-CRruTgRIJt

Rent V. Buy Part 2

Just six months ago, with Florida home prices in a steady fall, the decision to buy or rent was clear for many prospective homebuyers - keep on renting. Today, however, homeownership is a cheaper option for some potential buyers, including many in South Florida.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-021809.cfm

Latest Stimulus Package Update As It Pertains To Real Estate

American Recovery and Reinvestment Act of 2009

H.R. 1, the “American Recovery and Reinvestment Act of 2009,” passed the United States House and United States Senate on February 13, 2009. President Obama is expected to sign the bill TODAY. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.

The mix of provisions of interest to REALTORS® changed frequently throughout the legislative process, with changes continuing to be made just hours before the measure was released prior to the vote. In the end, the elements of NAR’s housing agenda were included. Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry and REALTORS®.

The bill includes the following provisions:

Homebuyer Tax Credit – The bill provides for an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e. an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

The inclusion of these loan limit provisions in the final bill is a victory for homeowners, buyers and REALTORS®.

Neighborhood Stabilization – Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, REALTORS® in many communities have been making important contributions to their local communities’ neighborhood stabilization programs.

Commercial Real Estate - Commercial real estate is impacted primarily through those provisions of the bill focused on green building and energy efficiency as well as business tax incentives. H.R. 1 provides significant funds for state energy programs, which could be used to support commercial property owners' investment in energy efficiency upgrades while commercial property owners seeking to invest in alternative energy systems for onsite power generation would benefit from the Department of Energy Renewable Energy Loan Guarantees Program. Of particular benefit to small businesses would be certain provisions of the bill that provide tax relief in the area of bonus depreciation and capital expenditures, as well as the 5-Year carryback of net operating losses for small businesses.

Rural Housing Service – The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.

Low Income Housing Grants - Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.

Tax-Exempt Housing Bonds - Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.

Energy Efficient Housing Tax Credits & Grants - The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.

Transportation Investments - The bill provides $46.7 billion to states and localities for capital investment for surface transportation projects including highways, bridges, transit, and rail projects. NAR policy supports increased spending on the types of transportation infrastructure addressed in the bill with the exception of Amtrak and high-speed inter-city rail where NAR has no policy. These investments will tend to moderate traffic congestion and support a variety of transportation alternatives which will improve the quality of life of American communities and bolster the value of real estate.

Source: John M. Sebree, Vice President of Public Policy at the Florida Association of REALTORS®

Federal Bailout Update

Homebuyers could see lower mortgage rates and get tax credits as part of a sweeping economic stimulus package being considered on Capitol Hill as lawmakers listen to pleas from Realtors and home builders. A leading Democrat says his party would support a GOP-backed idea to double the first-time homebuyers' tax credit - from $7,500 to $15,000 - and make it available to all homebuyers.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-020309.cfm

Soon To Come... More Honest Appraisals

On Jan. 9, Fannie Mae and Freddie Mac announced revisions to their Home Valuation Code of Conduct. Starting on May 1, lenders that want to sell their loans to the two industry behemoths must follow new guidelines. Mortgage brokers and Realtors, for example, will not be allowed to choose appraisers.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-011909.cfm

Realtors Welcome Obama!

Following the inauguration of President Barack Obama, National Association of Realtors(R) President Charles McMillan issued this statement: "Today is truly an historic day..."

For the full story:
http://rismedia.com/wp/2009-01-21/realtors-welcome-president-barack-obama/

We Want Green!

Today's home buyers are asking for more green features as a means of lowering costs, becoming more environmentally friendly, and adopting a healthier lifestyle.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-012009.cfm

Be A Winner!

"First-time buyers are likely in a better position to buy a house than ever in recent memory. Low prices combined with rock-bottom interest rates means they can effectively run the table." Quoted from the Sarasota Herald Tribune: http://www.heraldtribune.com/article/20090119/ARTICLE/901190302/2055/NEWS?Title=Housing_downturn_s_winners_and_losers.

Truth is... it is a great time to buy if you are a first time home buyer AND if you aren't upside down on your current home.

• There's plenty of safe and/or creative loans out there for first time homebuyers requiring very little money down. I have a long list of programs available if you're interested.
• Also, to qualify for a FHA loan, you only need 3.5% down and can purchase a home up to $292,ooo. You can buy a new or newer home for this price in a lot of communities including Lakewood Ranch and Palmer Ranch and many of the smaller communities in between. Just outside of Sarasota in Ellenton down through Venice, you'd be amazed at what's available.
• HUD homes can be snatched up for as little as $100 down!

Call me (941) 350-4411 or email me at Christina@YourHometownConsultant.com if you want to learn more about your options.... If you still doubt me about the fabulous deals available, then let me offer you proof!

Rent & Then Buy!?!

Falling house prices and a slow market are forcing more homeowners to consider renting their current properties when it's time to buy a new home.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-011309.cfm

Commercial Real Estate Outlook Dampened

With the exception of cash transactions, investment activity in commercial real estate sectors is nearly at a standstill because commercial lending has essentially halted, while job losses are curtailing the demand for space, according to the latest Commercial Real Estate Outlook. Lawrence Yun, NAR chief economist, said there are serious structural problems in commercial lending. The NAR forecast covers the office, industrial, retail and multifamily markets.

Read more:
http://www.realtor.org/press_room/news_releases/2008/commercial_real_estate_outlook_dampened?&WT.mc_id=LS010709&CAT=Comm

Help With Old & New Mortgages

BANKRUPTCY CAN GET YOU A BETTER LOAN?

It is increasingly likely that judges will get the power to rewrite mortgages for homeowners facing bankruptcy, some analysts say. The banking industry has fought these mortgage "cram-downs," but voluntary foreclosure-prevention programs aren't working so far, and judges may be given the power to step in.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-010609.cfm


3.5% DOWN PAYMENTS STILL AVAILABLE!

Don't believe everything you read, says NAR. As part of a housing story, a number of media outlets say buyers now need a 20 percent downpayment to get into a home, which is not true. FHA mortgages, for example, require only a 3.5 percent downpayment.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-010609.cfm

Needs V. Wants

When the economy shrinks, so does the size of housing, sending the popularity of tiny apartments and condos soaring as construction costs rise and financial markets fall. Developers are also responding to buyers' penchant for urban living and their environmental awareness.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-120808.cfm.

September's Sarasota, Florida & US Real Estate Sales Statistics

From the Sarasota Association of Realtors:
http://www.sarasotarealtors.com/StatsSept08.pdf

From the Florida Association of Realtors:
http://www.floridarealtors.org/NewsAndEvents/n1-102408.cfm

From the National Association of Realtors:
http://go-to.realtor.org/r/IY67XN/EWV1D/S3NNA7/FQP6E/755QE/XL/h/

Pains In The...

"Lenders Told They Can't Hide" By Todd Ruger
Published: Monday, October 20, 2008 at 1:00 a.m. Last Modified: Monday, October 20, 2008 at 1:23 a.m.

As more and more Florida homeowners slip into foreclosure, the law firms handling the cases for the banks have become harder to reach, those familiar with the system say. Homeowners and their attorneys, and even judges, cannot get a call back, making it impossible to dispute a debt or work out deals other than foreclosure until the case is in front of a judge.

"The lenders are just not talking to them," Chief Circuit Judge Lee Haworth said. Now, Haworth and other 12th Judicial Circuit court judges are going to force those law firms to meet with the homeowner within 45 days for a frank discussion on alternatives to foreclosure. Those discussions could center around refinancing, forgiving part of the debt or clarifying the amount required to reinstate or pay off the loan.

The Homestead Foreclosure Conciliation Program will start in December. It aims to keep people in their homes and reduce the strain on the court system from foreclosure cases, which are on pace to double this year compared with 2007. The program applies only to property registered as a primary residence under the homestead exemption. Local bar associations and legal aid organizations agreed to provide some attorneys to assist those homeowners during the meeting at no cost.

The law firms representing lenders are also required to notify any homeowner of the program, contact them and invite them to participate.

The large increase in foreclosures has strained almost every part of the foreclosure process, from serving legal papers to finding courtroom time. Coming to a solution within 45 days would avoid protracted legal battles and reduce the number of cases going through the system. Those long legal battles seem to be the only way to get law firms representing banks to return calls, Miami-based foreclosure attorney Rick Neustein said. "Most of the time they don't want to talk to us until they see this thing is being hotly contested," Neustein said. "They don't get serious until we're defending the foreclosure for nine months." Haworth said the main issue is only a small number of law firms handle the foreclosure cases for the banks for small legal fees, so they want to put as little time as possible into a case.

If the law firms do not comply with the new order, they will face courtroom sanctions that would cost them money, since it would take their attorneys more time to handle the cases. The law firms for lenders would not be able to settle the case through a summary judgment, a quick resolution to cases. The lender attorneys would no longer be able to appear at hearings over the telephone. And that lender's cases would be assigned the lowest priority for court hearing times, which may delay the case for an extended period.

Florida was the No. 4 state for foreclosures in August. Across the country, foreclosure filings in August rose 12 percent from the previous month and 27 percent from August 2007. The 303,879 filings -- default notices, auction sales notices and bank repossessions -- represent one filing for every 416 households. According to numbers provided by Sally Olsen Rackey of Sarasota's Hembree & Associates, one out of every three houses sold in Sarasota County since the beginning of the year was a foreclosure sale.

NAR Lobbies For Housing Rescue Package

NAR unveiled a four-point legislative plan to reinvigorate the housing market, and is calling on Congress to act. Among other things, the plan would get rid of the pay-it-back requirement for the current $7,500 first-time homebuyer tax credit, and it would expand that tax credit to all buyers of primary homes.

Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-101608.cfm.

Economic Stabilization Bill Includes Clean Energy Tax Incentives

Update from the Department Of Energy:

President Bush signed the $700 billion Emergency Economic Stabilization Act of 2008 (H.R. 1424) into law last week, which also extended and enhanced critical tax credits and financing relating to renewable energy and energy efficiency. The Energy Improvement and Extension Act of 2008, which was attached to H.R. 1424, provides a one-year extension of the production tax credit (PTC) for wind energy, keeping the credit in effect through 2009. The bill also provides a two-year PTC extension, through 2010, for electricity produced from geothermal, biomass, and solar energy facilities, as well as trash-to-energy facilities, small hydropower facilities using irrigation water, capacity additions to existing hydropower plants, and hydropower facilities added to existing dams. In addition, the bill creates a new PTC for electricity produced by marine and hydrokinetic renewable energy systems (also called advanced water power systems) with a rated capacity of at least 150 kilowatts and placed in service by 2011. To help on the financing end, the bill authorizes $800 million in new Clean Renewable Energy Bonds for all of the above technologies. See the White House press release: http://www.whitehouse.gov/news/releases/2008/10/20081003-17.html.

While the PTC extensions and enhancements are good news for all major renewable energy sources, arguably the biggest winner in the tax bill is solar energy, which gained an 8-year extension (through 2016) of the 30% tax credit for residential and commercial solar installations, as well as the elimination of the $2,000 tax credit cap for residential solar electric installations. The Solar Energy Industries Association (SEIA) expects the creation of more than 440,000 jobs and the generation of at least $325 billion in private investment due to those changes, which should yield more than 28 gigawatts of solar power. The Solar Electric Power Association (SEPA) also sees huge potential growth in a measure that allows electric utilities to take advantage of these tax credits. In addition, small wind power gained a 30% tax credit, up to $4,000 for wind turbines with capacities of 100 kilowatts or less, which is also good through 2016. The tax credits for fuel cells and microturbines are also extended by 8 years, and the fuel cell tax credit limit is tripled, to $1,500 for each 0.5 kilowatts of capacity. The act also creates a new 10% tax credit for certain combined heat and power systems and for geothermal heat pumps (up to $2,000). In addition, the bill also provides accelerated depreciation for utilities installing smart meters and smart grid systems. See the press releases from SEIA http://seia.org/cs/news_detail?pressrelease.id=217 and SEPA http://solarelectricpower.org/docs/SEPA%20Statement%20on%20ITC.pdf.

In terms of energy efficiency and alternative fuels, the act extends and revives a number of energy efficiency tax incentives for buildings, creates new tax credits for efficient vehicles, and extends and modifies tax credits for biofuels. Specifically, it extends energy efficiency tax deductions for commercial buildings through 2013 and revives similar deductions for home improvements installed in 2009, adding a new $300 tax credit for energy-efficient biomass fuel stoves. It also extends tax credits for builders of new energy-efficient homes through 2009 and increases tax credits for manufacturers of energy-efficient appliances, while extending that credit through 2010. The act creates a new tax credit of up to $7,500 for plug-in hybrid vehicles, which are expected to go on sale in 2010, while providing tax exemptions for idle reduction technologies and advanced insulation installed in trucks. The act also extends a 30% tax credit for alternative fuel refueling facilities through 2010 and expands the credit to include electric charging stations. For biofuel producers, the act extends a 50% first-year depreciation for cellulosic biomass ethanol plants to include any plant producing biofuels from cellulosic (non-food) biomass sources. The act also extends through 2009 a PTC of $1 per gallon for biodiesel and other biomass-based diesel fuels and a credit of 10 cents per gallon for small biodiesel producers, but it cuts the PTC for renewable diesel blended with petroleum to 50 cents per gallon, while closing a loophole that allowed foreign producers to earn a U.S. tax credit. See the press releases from the ACEEE http://www.aceee.org/press/0810legislation.htm and the National Biodiesel Board http://biodiesel.org/news/08clickthrus/20081003_taxextender.shtm.

To help individuals take advantage of all the tax credits, Division C of H.R. 1424 increases the income limits for the Alternative Minimum Tax, while the energy tax provision allows unused tax credits to be carried over to the next tax year. And to help finance energy efficiency improvements, the bill authorizes $800 million in Qualified Energy Conservation Bonds, which will be issued by state and local governments. The bonds can be applied to a wide range of energy efficiency projects, research and demonstration projects, and even renewable energy projects. The bill also extends the authority to issue bonds for qualified green building and sustainable design projects through 2012. See the Division B and C of H.R. 1424, and for comparison, see Subparts A, D, and E of Part IV of Subchapter A of Chapter 1 of the existing Internal Revenue Code http://www4.law.cornell.edu/uscode/26/usc_sup_01_26_10_A_20_1_30_A_40_IV.html (posted by the Cornell University Law School), as well as Section 168 of Part VI of Subchapter B.

To subscribe to the source newsletter, visit http://apps1.eere.energy.gov/news/subscribe.cfm.