| PermalinkNational Apartment Market - Quarterly Conditions | ![]()
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First
quarter data shows the relentless pace of recovery in the apartment
rental sector. The national vacancy rate declined by 40 basis points,
from 6.6 to 6.2 percent,as the sector
posted positive net absorption of over 44,000 units. Increases in asking
and effective rents of 0.4 and 0.5 percent in the first quarter,
respectively,indicate greater pricing power on the part of landlords. As
labor markets continue to improve and hiring picks up,
demand for housing is increasing. However,with the single family home
sales still on the ropes,and with deflationary expectations for home
prices for at least the coming year,few of these newly hired young
workers have the appetite to commit to buying a home. Furthermore,
mortgage rates may be
low,but credit conditions remain relatively tight,with most lenders
requiring a 20% down payment on any new home purchase.
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[Furnished by REISReport] PermalinkAmericans
favor walkable,mixed-use neighborhoods,with 56 percent
of respondents preferring smart growth neighborhoods
over neighborhoods that require more driving
between home,work and recreation. That’s according to
a recent study,the Community Preference Survey,
by the National Association of
REALTORS®. “REALTORS® care about improving
communities through smart growth initiatives,” said NAR
President Ron Phipps,broker-president of Phipps Realty
in Warwick,R.I. “Our members don’t just sell
homes,they sell neighborhoods. REALTORS®
understand that different home buyers are looking for
all kinds of neighborhood settings and that many
home buyers want walkable,transit- accessible
communities.” Walkable communities are defined as
those where shops,restaurants,and local
businesses are within walking distance from homes.
According to the survey, when considering a home
purchase,77 percent of respondents said they
would look for neighborhoods with abundant
sidewalks and other pedestrian-friendly features,
and 50 percent would like to see improvements to
existing public transportation rather than
initiatives to build new roads and
developments. The survey also revealed that while
space is important to home buyers,many are willing to
sacrifice square footage for less driving. Eighty
percent of those surveyed would prefer to live in
a single-family,detached home as long as it
didn’t require a longer commute,but nearly three
out of five of those surveyed – 59 percent – would
choose a smaller home if it meant a commute time of 20
minutes or less. The survey also found that
community characteristics are very important to most
people. When considering a home purchase,88 percent of
respondents placed more value on the quality of
the neighborhood than the size of the home,and 77
percent of those surveyed want communities with
high-quality schools. The survey of 2,071 adult
Americans was conducted by Belden,Russonello and
Stewart from February 15-24,2011.
[email supplied] PermalinkTIPS ON PUMPING GAS I
don't know what you guys are paying for gasoline…. but here in
California we are paying up to $3.75 to $4.10 per gallon. My line of
work is in petroleum for about 31 years now,so here are some tricks to
get more of your money's worth for every gallon: Here
at the Kinder Morgan Pipeline where I work in San Jose,CA we deliver
about 4 million gallons in a 24-hour period thru the pipeline.. One day
is diesel the next day is jet fuel,and gasoline,regular and premium
grades. We have 34-storage tanks here with a total capacity of
16,800,000 gallons. Only buy or fill up your car or truck in the early morning when the ground temperature is still cold.
Remember that all service stations have their storage tanks buried
below ground. The colder the ground the more dense the gasoline,when it
gets warmer gasoline expands,so buying in the afternoon or in the
evening….your gallon is not exactly a gallon. In the petroleum
business,the specific gravity and the temperature of the gasoline,
diesel and jet fuel,ethanol and other petroleum products plays an
important role. A
1-degree rise in temperature is a big deal for this business. But the
service stations do not have temperature compensation at the pumps. When you're filling up do not squeeze the trigger of the nozzle to a fast mode If you look you will see that the trigger has three (3) stages:low,middle,and high. You should be pumping on low mode,
thereby minimizing the vapors that are created while you are pumping.
All hoses at the pump have a vapor return. If you are pumping on the
fast rate,some of the liquid that goes to your tank becomes vapor.
Those vapors are being sucked up and back into the underground storage
tank so you're getting less worth for your money. One of the most important tips is to fill up when your gas tank is HALF FULL.
The reason for this is the more gas you have in your tank the less air
occupying its empty space. Gasoline evaporates faster than you can
imagine. Gasoline storage tanks have an internal floating roof. This
roof serves as zero clearance between the gas and the atmosphere,so it
minimizes the evaporation. Unlike service stations,here where I work,
every truck that we load is temperature compensated so that every gallon
is actually the exact amount. Another reminder,if there is a gasoline truck pumping into the storage tanks when you stop to buy gas,DO NOT fill up;
most likely the gasoline is being stirred up as the gas is being
delivered,and you might pick up some of the dirt that normally settles
on the bottom. To have an impact,we need to reach literally millions of gas buyers. It's really simple to do. I'm
sending this note to about thirty people. If each of you send it to at
least ten more (30 x 10 = 300)…and those 300 send it to at least ten
more (300 x 10 = 3,000) and so on,by the time the message reaches the
sixth generation of people,we will have reached over THREE MILLION consumers !!!!!!! If those three million get excited and pass this on to ten friends each,then 30 million people will have been contacted! If It goes one level further,you guessed it….. THREE HUNDRED MILLION PEOPLE!!! Again,all you have to do is send this to 10 people. How long would it take? I have not verified this information. Maybe someone can verify that the statements are true! They sound good.
Permalink
This might be interesting as to who owns our national debt. At least it might make for some good conversation at the local coffee shop.
Who Owns us
PermalinkRates Fall Again Mortgage rates fell again this past week,along with the lower yields on
Treasury bonds,reports Freddie Mac. Average interest on 30-year fixed
loans declined to 4.87 percent from 4.95 percent a week earlier,and the 15-year fixed home loan rate slipped to 4.15 percent from 4.22 percent. [SOURCES:Freddie Mac;Information,Inc.] It is hard to understand how the rates continue to fall while at the same time there is a discussion about how the cost of mortgages are on the increase. It appears counter productive. :enc
–
Mack Meeks
CENTURY 21 Mid-State Realty L.L.C.
50 West College Street
Monteagle,TN 37356
(931) 967-4321 or (931) 924-2101
Cell:(931) 361-1011 Permalink Paying Buyer's Closing Costs? QUESTION: I think you may have dealt with this question
a while back,but can an agent in my office agree to pay part or all of
a buyer/client's closing costs? ANSWER: The Legislature passed a law that states:"A
real estate licensee shall not give or pay cash rebates,cash gifts or
cash prizes in conjunction with any real estate transaction. As part of
the Tennessee Real Estate Commission's general rulemaking authority the
commission may regulate the practices of real estate licensees in
regard to gifts,prizes or rebates that are not otherwise prohibited by
law."Tenn. Code Ann. 62-13-302(b). The Tennessee Real
Estate Commission (TREC) has interpreted this law as prohibiting agents
from paying closing costs for their clients. You can offer to
reduce your commission,but you cannot pay the closing costs. In
addition to this,the lender may likely have a problem with a third
party paying a portion of the closing costs. [SOURCE:TAR Legal &Ethics Hot Line Attorneys] PermalinkHigher Costs Ahead for FHA Mortgages An article published online at Marketwatch.com ("Higher costs ahead for FHA-insured mortgages"
by Amy Hoak) explains why FHA-insured mortgages have grown as a
percentage of the mortgage market AND the changes ahead for the FHA. *** BEGIN QUOTE *** As one of the few backers of low-down-payment mortgages in a time of
stringent lender underwriting,the Federal Housing Administration has
become a primary means of financing for U.S. home buyers. But as the government moves to reform the mortgage market,the FHA is
heading for some changes that could limit borrowers'access to the loans
- or at least make them more expensive. About 56% of mortgages for a home purchase were FHA-insured in 2009,up from 6% in 2007,according to a report from the George Washington University School of Business. *** END QUOTE ***
To read more,CLICK HERE. [SOURCE:Marketwatch.com] Permalink![Inside Lending from Laurie Raulston]() | | ![Laurie Raulston]()
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Laurie Raulston NMLS #267373
805 S Church St
Murfreesboro,TN 37130 Cell Phone:931-607-7401 Fax:931-901-1270 |
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| | For the week of March 7,2011 – Vol. 9,Issue 10 | >>Market Update
QUOTE OF THE WEEK…"There
are no constraints on the human mind,no walls around the human spirit,
no barriers to our progress except those we ourselves erect."–Ronald
Regan INFO THAT HITS US WHERE WE LIVE…We should be especially
careful to not erect barriers to our progress just because of a minor
setback,like the one we had with last week's Pending Home Sales. The
National Association of Realtors (NAR) index of signed contracts on
existing homes slipped in January for the second month in a row. But the drop wasn't as bad as expected
and,as the NAR's chief economist said:"We should not expect the
recovery to be in a straight upward path–it will zig-zag at times." The latest NAR overall forecast
gave an interesting picture of that recovery. Existing home sales
should grow 8.1% this year and another 5.2% in 2012,with the median
price essentially flat in 2011 before gaining over 3% next year. New
home sales are forecast up about 5% this year,then up over 55% for
2012,with the median price up a bit in 2011,then up 3.5% next year. Fannie
Mae's latest National Housing Survey reported that the vast majority of
people believe housing prices will hold firm in 2011 and that Hispanics,African-Americans and Generation Y (18–34 years old) are
more positive than other Americans about homeownership. BUSINESS TIP OF THE WEEK…Do you know what's the most precious commodity in business? Time! Return calls and e-mails immediately,deliver what clients want sooner than they expect and you'll enhance your competitive edge. >>Review of Last WeekSQUEAKING HIGHER…Investors who were worried about oil prices hitting two-year highs amidst Libyan turmoil sent stocks down Tuesday. But economic data continued to portray a steady if slow recovery. So stocks shot back up Thursday by enough to put all three indexes ahead for the week,even after dipping a bit on Friday. Encouraging economic news appeared on all fronts. The ISM Services index,tracking the sector that employs over 85% of our workforce,reached its highest level since 2005. ISM Manufacturing also hit a multi-year high. Meanwhile,inflation
measured by Core PCE Prices,was up just 0.1% in January and 0.8% the
past year,well within the Fed's acceptable range.
Then Friday we had the February Employment Report with 192,000 new jobs
overall. The private sector contributed 222,000 jobs,its 12th monthly
gain in a row. And the unemployment rate unexpectedly dropped again,this time to 8.9%!
For the week,the
Dow ended up 0.3%,at 12,170;the S&P 500 was up 0.1%, to 1,321;and the Nasdaq was up 0.1%,ending at 2,785. Bond prices were hurt by the improving economic data,but went back
up as a result of the safe-haven buying driven by continuing tensions in the
Middle East and rising oil prices. The FNMA
4.0% bond we watch
ended down slightly for the week,
closing
at $98.14. Mortgage rates dropped for the third week in a row according to Freddie Mac's
weekly survey of conforming mortgages. But
buyers should note that these low rates will not last forever,as the
improving employment picture will eventually edge them back up. DID YOU KNOW?…The median home price is the midpoint price for all homes sold.
50% of selling prices were above it,50% were below. It is less biased
than the average home price,which can be skewed upward by a few
high-priced homes. >>This Week’s ForecastWHAT'S UP WITH THE CONSUMER?…Frankly,
it's a pretty quiet week for economic news,but there are a few
significant readings on the state of the consumer at the very end.
Friday we see February's Retail Sales reports,which are expected to show continued growth,both with and without auto sales included. The University of Michigan Consumer Sentiment Index should show consumer confidence holding pretty steady. Thursday,you'll want to take note of Initial and Continuing Jobless Claims,as jobs remain key to the economic and housing market recovery.
>>The Week’s Economic Indicator CalendarWeaker than expected economic data tends to send bond prices up and interest
rates down,while positive data points to lower bond prices and rising loan
rates. Economic Calendar for the Week of March 7 – March 11 | Date | Time (ET) | Release | For | Consensus | Prior | Impact | | W Mar 9 | 10:30 | Crude Inventories | 3/5 | NA | 0.364M | Moderate | | ThMar 10 | 08:30 | Initial Unemployment Claims | 3/5 | 382K | 368K | Moderate | | ThMar 10 | 08:30 | Continuing Unemployment Claims | 2/26 | 3.750M | 3.774M | Moderate | | ThMar 10 | 08:30 | Trade Balance | Jan | –$41.5B | –$40.6B | Moderate | | FMar 11 | 08:30 | Retail Sales | Feb | 1.0% | 0.3% | HIGH | | FMar 11 | 08:30 | Retail Sales ex-auto | Feb | 0.6% | 0.3% | HIGH | | FMar 11 | 09:55 | U. of Michigan Consumer Sentiment | Mar | 76.5 | 77.5 | Moderate | | FMar 11 | 10:00 | Business Inventories | Jan | 0.8% | 0.8% | Moderate |
>>Federal Reserve Watch Forecasting Federal Reserve policy changes
in coming months…Last
week Chairman Ben Bernanke told the Senate Finance Committee that even
though economic conditions were improving,rates should stay low for
his familiar "extended period"until he sees stronger job
creation. Note:In the lower chart,a 1% probability of change is a 99% certainty the rate
will stay the same. Current Fed Funds Rate:0%–0.25% | After FOMC meeting on: | Consensus | | Mar 15 | 0%–0.25% | | Apr 27 | 0%–0.25% | | Jun 22 | 0%–0.25% |
Probability of change from current policy: | After FOMC meeting on: | Consensus | | Mar 15 | <1% | | Apr 27 | <1% | | Jun 22 | <1% |
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| This e-mail is an advertisement for Laurie Raulston.
The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice,or a commitment to lend. Although the material is deemed to be accurate and reliable,there is no guarantee of its accuracy. The material contained in the newsletter is the property of Nationstar Mortgage and cannot be reproduced for any use without prior
written consent. It is designed for real estate and other financial professionals only. It is not intended for consumer
distribution. The material does not represent the opinion of Nationstar Mortgage.
Nationstar Mortgage LLC,350 Highland Drive,Lewisville,TX 75067. NMLS Unique Identifier #2119. Alabama Consumer Credit License #MC21042. Arizona Mortgage Banker License #BK-0904370. Licensed by the Department of Corporations under the Finance Lenders License. To check the license Status of your mortgage loan originator,visit http://www.dora.state.co.us/real-estate/index.htm. District of Columbia:Conducting Business as:Nationstar Mortgage LLC of Delaware. Georgia Residential Mortgage Licensee,#11585. Illinois Residential Mortgage Licensee,#MB.0004414. Kansas Licensed Mortgage Company,Massachusetts Mortgage Lender License,#ML1443. Minnesota:This statement is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of Minn. Stat. § 47.206(3),(4). Mississippi Licensed Mortgage Company. Crown Center 296,Two Pershing Square,2300 Main Street,Suite 908,Kansas City,MO 64108. Montana Mortgage Lender Licensee #
57. Nevada Mortgage Banker License #575,871 Coronado Center Dr.,Suite 200,Office 259,Henderson,NV 89052,(702) 952-2872. Licensed by the New Hampshire Banking Department. Licensed by the N.J. Department of Banking and Insurance. Licensed Mortgage Banker-NYS Banking Department. Oregon Mortgage Banker License,#ML-1175. Licensed by the Pennsylvania Department of Banking. Rhode Island Licensed Lender and Rhode Island Licensed Loan Broker. Virginia Nationstar Mortgage LLC,Licensed by the Virginia State Corporation Commission,MC-2075. NMLS #267373 |
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PermalinkIrish Luck His name was Fleming,and he was a poor Scottish farmer. One day,while trying to make a living for his family,he heard a cry for help coming from a nearby bog. He dropped his tools and ran to the bog. There,mired to his waist in black muck,was a terrified boy,screaming and struggling to free himself. Farmer Fleming saved the lad from what could have been a slow and terrifying death. The next day,a fancy carriage pulled up to the Scotsman's sparse surroundings. An elegantly dressed nobleman stepped out and introduced himself as the father of the boy Farmer Fleming had saved. 'I want to repay you,'said the nobleman. 'You saved my son's life.' 'No,I can't accept payment for what I did,'the Scottish farmer replied waving off the offer. At that moment,the farmer's own son came to the door of the family hovel. 'Is that your son?'the nobleman asked. 'Yes,'the farmer replied proudly. 'I'll make you a deal. Let me provide him with the level of education my own son will enjoy If the lad is anything like his father,he'll no doubt grow to be a man we both will be proud of.'And that he did. Farmer Fleming's son attended the very best schools and in time,graduated from St. Mary's Hospital Medical School in London,and went on to become known throughout the world as the noted Sir Alexander Fleming,the discoverer of Penicillin. Years afterward,the same nobleman's son who was saved from the bog was stricken with pneumonia. What saved his life this time? Penicillin. The name of the nobleman? Lord Randolph Churchill .. His son's name? Sir Winston Churchill. Someone once said:What goes around comes around. Work like you don't need the money. Love like you've never been hurt. Dance like nobody's watching. Sing like nobody's listening. Live like it's Heaven on Earth. I hope it works… May there always be work for your hands to do; May your purse always hold a coin or two; May the sun always shine on your windowpane; May a rainbow be certain to follow each rain; May the hand of a friend always be near you; May God fill your heart with gladness to cheer you. and may you be in heaven a half hour before the devil knows your'e dead. OK,this is what you have to do…. Send this to all of your friends. But –you HAVE to send this within 1 hour from when you open it! Now…..Make A wish!! I hope you made your wish! Existing Home Sales Rise Again!
January saw an increase in existing home sales: read more | |
