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Showing posts with label durham real estate. Show all posts
Showing posts with label durham real estate. Show all posts
Wednesday, February 9, 2011
Buy A HUD Home Here!
Saturday, October 23, 2010
2010 HOUSING OPPORTUNITY SURVEY
Americans Still Believe Buying a Home Is a Good Financial Decision
NAR's eighth annual Housing Opportunity Pulse Survey reveals that nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership. The telephone survey of 1,209 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program.
Some key results:
Americans continue to believe that buying a home is a good financial decision (77 percent believe total strongly or not so strongly, 68 percent strongly so).
More than two-thirds of respondents (68 percent) say that now is a good time to buy a home.
Job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery.
Respondents see the recession and job losses as the main reasons for the foreclosure problem, a shift from last year when they more likely to blame homeowners who bought homes they could not afford.
A majority of renters say that owning a home at some point in the future is either one of their highest priorities (39 percent) or a moderate priority (24 percent). Just 21 percent of renters say that owning a home is not a priority at all.
Frustration with banks is up: now a majority worry that banks have made it too hard to qualify for a home mortgage loan.
51 percent of respondents say foreclosures remain a big or moderate problem in their area. While there has been a significant drop in the percentage of those surveyed who say foreclosures have increased, 51 percent say that the rate of foreclosures is about the same as it was last year.
Most of those surveyed say that it is harder to sell a home in their neighborhood than it was a year ago.
Looking forward, 70 percent expect real estate sales in their neighborhood to remain about the same over the next few months. A nearly identical number (69 percent), also expect home values to remain the same.
Nearly one-quarter (23 percent) are now very concerned about the number of homes and condos for sale in their area—a number that is up 7 points from last year.
Most respondents are more concerned about the drop in home values than they are about home costs being too high. Still, cost remains the significant barrier to many who would otherwise like to buy a home.
NAR's eighth annual Housing Opportunity Pulse Survey reveals that nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership. The telephone survey of 1,209 urban and suburban adults in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program.
Some key results:
Americans continue to believe that buying a home is a good financial decision (77 percent believe total strongly or not so strongly, 68 percent strongly so).
More than two-thirds of respondents (68 percent) say that now is a good time to buy a home.
Job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery.
Respondents see the recession and job losses as the main reasons for the foreclosure problem, a shift from last year when they more likely to blame homeowners who bought homes they could not afford.
A majority of renters say that owning a home at some point in the future is either one of their highest priorities (39 percent) or a moderate priority (24 percent). Just 21 percent of renters say that owning a home is not a priority at all.
Frustration with banks is up: now a majority worry that banks have made it too hard to qualify for a home mortgage loan.
51 percent of respondents say foreclosures remain a big or moderate problem in their area. While there has been a significant drop in the percentage of those surveyed who say foreclosures have increased, 51 percent say that the rate of foreclosures is about the same as it was last year.
Most of those surveyed say that it is harder to sell a home in their neighborhood than it was a year ago.
Looking forward, 70 percent expect real estate sales in their neighborhood to remain about the same over the next few months. A nearly identical number (69 percent), also expect home values to remain the same.
Nearly one-quarter (23 percent) are now very concerned about the number of homes and condos for sale in their area—a number that is up 7 points from last year.
Most respondents are more concerned about the drop in home values than they are about home costs being too high. Still, cost remains the significant barrier to many who would otherwise like to buy a home.
FHA Programs:
• As the leading advocate for homeownership, the National Association of Realtors® strongly supports the Federal Housing Administration’s single- and multifamily mortgage insurance programs.
• The FHA single-family mortgage program has played an important and vital role in the mortgage marketplace. Nearly 33 million families have achieved the dream of homeownership through FHA since 1934.
• NAR has long maintained that the principal barrier to homeownership is accumulating the money needed for downpayment and closing costs.
• Many first-time home buyers rely on FHA loans to purchase a home, which only require a 3.5 percent downpayment, in many cases
• Major reforms in recent years and increased loan limits have greatly increased FHA's market-share. However, FHA continues to operate with 30-year old technology and limited staffing resources.
• Although FHA's capital reserve fund has fallen below the congressionally mandated level of 2 percent. FHA also has a cash reserve account separate from the capital reserve. FHA's actual total reserves are higher than they have ever been - with combined assets of $30.4 billion.
• Because FHA plays a vital role in helping families achieve the dream of homeownership, it must be strengthened and supported.
• FHA has taken steps to ensure its long-term financial soundness.
• NAR continues to lobby Congress to permanently increase the FHA loan limit.
• NAR continues to advocate on behalf of the FHA single-family mortgage insurance program and has called on Congress and the new administration to work together to appropriately fund the staffing and infrastructure that will complete FHA modernization.
Background
In October 2009, President Obama signed legislation that contained a provision to keep the existing higher FHA loan limits of 125 percent of the median home sales price, capped at $729,750. This increase is only temporary and will expire on December 31, 2010 to 115 percent of the median home sales price, capped at $625,500.
In October 2009, FHA announced that its capital reserve fund had fallen below the congressionally mandated level of 2 percent. The capital reserves are not FHA’s only reserve fund – FHA also has a cash reserve account separate from the capital reserve. FHA actual total reserves are higher than they have ever been – with combined assets of $30.4 billion. However, the drop in capital reserves has led Congress and the administration to call for changes to strengthen FHA.
In January 2010, FHA announced major changes to ensure its long-term financial soundness, including:
• The upfront mortgage insurance premium will increase but may be financed.
• Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment (the minimum down payment will remain at 3.5 percent for all other borrowers).
• FHA will seek legislative authority to increase the annual premium (currently capped at 0.55 percent).
• Seller concessions will be reduced from 6 percent to 3 percent.
NAR partnered with FHA to create a toolkit for Realtors® and home
• The FHA single-family mortgage program has played an important and vital role in the mortgage marketplace. Nearly 33 million families have achieved the dream of homeownership through FHA since 1934.
• NAR has long maintained that the principal barrier to homeownership is accumulating the money needed for downpayment and closing costs.
• Many first-time home buyers rely on FHA loans to purchase a home, which only require a 3.5 percent downpayment, in many cases
• Major reforms in recent years and increased loan limits have greatly increased FHA's market-share. However, FHA continues to operate with 30-year old technology and limited staffing resources.
• Although FHA's capital reserve fund has fallen below the congressionally mandated level of 2 percent. FHA also has a cash reserve account separate from the capital reserve. FHA's actual total reserves are higher than they have ever been - with combined assets of $30.4 billion.
• Because FHA plays a vital role in helping families achieve the dream of homeownership, it must be strengthened and supported.
• FHA has taken steps to ensure its long-term financial soundness.
• NAR continues to lobby Congress to permanently increase the FHA loan limit.
• NAR continues to advocate on behalf of the FHA single-family mortgage insurance program and has called on Congress and the new administration to work together to appropriately fund the staffing and infrastructure that will complete FHA modernization.
Background
In October 2009, President Obama signed legislation that contained a provision to keep the existing higher FHA loan limits of 125 percent of the median home sales price, capped at $729,750. This increase is only temporary and will expire on December 31, 2010 to 115 percent of the median home sales price, capped at $625,500.
In October 2009, FHA announced that its capital reserve fund had fallen below the congressionally mandated level of 2 percent. The capital reserves are not FHA’s only reserve fund – FHA also has a cash reserve account separate from the capital reserve. FHA actual total reserves are higher than they have ever been – with combined assets of $30.4 billion. However, the drop in capital reserves has led Congress and the administration to call for changes to strengthen FHA.
In January 2010, FHA announced major changes to ensure its long-term financial soundness, including:
• The upfront mortgage insurance premium will increase but may be financed.
• Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment (the minimum down payment will remain at 3.5 percent for all other borrowers).
• FHA will seek legislative authority to increase the annual premium (currently capped at 0.55 percent).
• Seller concessions will be reduced from 6 percent to 3 percent.
NAR partnered with FHA to create a toolkit for Realtors® and home
Wednesday, October 20, 2010
It's Time to Vote!
It’s On Now !!!
Voting trends are definitely trending upward in terms of voter turnout. And it looks like it’s going to heat up even more as we move toward the weekend. You can help turn out the vote by doing the following:
· Voting yourself
· Taking all registered voters in your household to vote
· Host a “meet-up” at the Board of Elections and post to FB as a “prelude” to a later event that same evening (in other words, vote first - then hang out)
· Call 10 people you know and encourage them to vote
· Encourage friends to attend the film screening of “Obama in NC” on Sunday, October 24, 2010 at Union Baptist Church (904 N. Roxboro St.) – particularly young people who need to understand the dynamics of this historic event
· Encourage friends to visit The Committee’s website to see who the endorsed candidates are at www.durhamcommittee.com
The link to find out the latest daily voting totals for Durham County is http://www.durhamcountync.gov/departments/elec/2010_Election/November%20Election/One%20Stop%20Turnout.html.
Voting trends are definitely trending upward in terms of voter turnout. And it looks like it’s going to heat up even more as we move toward the weekend. You can help turn out the vote by doing the following:
· Voting yourself
· Taking all registered voters in your household to vote
· Host a “meet-up” at the Board of Elections and post to FB as a “prelude” to a later event that same evening (in other words, vote first - then hang out)
· Call 10 people you know and encourage them to vote
· Encourage friends to attend the film screening of “Obama in NC” on Sunday, October 24, 2010 at Union Baptist Church (904 N. Roxboro St.) – particularly young people who need to understand the dynamics of this historic event
· Encourage friends to visit The Committee’s website to see who the endorsed candidates are at www.durhamcommittee.com
The link to find out the latest daily voting totals for Durham County is http://www.durhamcountync.gov/departments/elec/2010_Election/November%20Election/One%20Stop%20Turnout.html.
Friday, October 15, 2010
The Raleigh Report
The Raleigh Report
From the Office of Representative Larry D. Hall
October 11, 2010
Our seniors have helped make North Carolina a place that is growing and vibrant and have led us through many difficult times. During my past term in the General Assembly, I supported several initiatives that we hope will keep them healthy, safe and financially secure. Whatever we have and have accomplished we owe to previous generations who made the difficult decisions and sacrifices to achieve today’s reality.
Below, I have included a few highlights of our work in the past two sessions, as well as some information from the 2010-11 budget. I hope you will find it useful.
Please contact me if I can be of any help. I look forward to continuing to serve you.
Planning - The General Assembly has directed several agencies to begin better preparing for the aging baby-boomer population. The law (SB 195 - SL2009-407) directs the University of North Carolina Institute on Aging and the Division of Aging and Adult Services to organize meetings of gerontologists, researchers and others to identify and prioritize issues the state will have to address. It also calls for the development of a website with information about how serve increasing numbers of adults.
Adult Care - The Division of Aging and Adult Services has been asked to study the issue of criminal history record checks for owners, operators, volunteers, and prospective owners, operators, and volunteers in adult day care programs and adult day health services programs. Among other things, the legislation (HB 1703 -SL2010-93) specifies that the study should identify which positions warrant a background check, develop a process for conducting the checks and designate who is responsible for requesting and paying for the check.
_County Departments of Social Services have been directed to conduct follow-up monitoring of adult care homes (HB 1186 - SL2009-232). The law is meant to improve patient safety by improving oversight of adult-care homes.
Health -_ Legislation to establish a long-term care partnership program was passed (SB 1193 - SL2010-68). Under a partnership program, a person who purchases a qualified long-term care insurance policy that provides a certain dollar amount of benefits will be allowed to disregard assets equal to the insurance payout when applying for Medicaid. States that have initiated a partnership program have found that this encourages people to plan for their long-term needs and also results in savings to their state Medicaid programs.
_ Several recommendations made by the N.C. Study Commission on Aging to expand dental care services for older and disabled North Carolinians with special care needs were approved, including having state agencies look at Medicaid reimbursement for certain services and coordinating workforce efforts to increase the number of dental care providers serving persons with special care needs. (SB 188 - SL2009-100).
_Automated calls to protect the public health, safety, or welfare are now allowed under a new state law (HB 1034 - SL2009-364). The system will be used to inform people that they have purchased products or medication that may be subject to a safety recall; that the person has not picked up a filled prescription drug or that one of their accounts may be subject to potential fraudulent activity. The calls cannot be used for any commercial purposes.
Safety - The Division of Emergency Management is establishing a voluntary registry that counties and municipalities can use to identify functionally and medically fragile people during a disaster under a new state law (SB 258 - SL2009-225). The law also authorizes counties and municipalities to operate similar registries.
_We passed a new law to clarify that a Silver Alert may be issued for a person of any age (HB 1129 - SL2009-143). The Silver Alert System is a statewide system used to notify people about missing persons believed to be suffering from dementia or other cognitive impairments. Trends show more citizens will suffers from these conditions at an increased rate and at an earlier age.
Housing - The Statutory Homestead Exemption has been increased under a new state law (HB 1058 - SL2009-417). Qualified people aged 65 or older qualify for the exemption, which increased from $37,000 to $60,000.
Budget - $100,000 was approved to support Project C.A.R.E., the respite care and support program for families caring for persons with Alzheimer’s.
_ Funding for optional services under Medicaid (such as dental care; eye care and eyeglasses; occupational, physical, and speech therapies; hospice; prosthetics and orthotics; community alternative program; and rehabilitation services) for aged, blind, and disabled adults was preserved for the most part. The one area in which there was a significant cut was to Medicaid personal care services which provides in-home help to disabled and frail older adults. This program received a recurring cut of $50.7 million. The program had been criticized for allegedly serving people who did not meet the specific disability criteria and for providing more hours of service for people than what they needed.
_ We maintained funding for the Home and Community Care Block Grant at the current level which helps older adults stay in their homes.
_ $450,000 was appropriated for the operation of the Stroke Advisory Council, the continued implementation of the public awareness campaign and identification of stroke rehabilitation services throughout the State.
_ $150,000 was authorized for a grant-in-aid to Prevent Blindness of North Carolina .
_ $50,000 was provided for a non-recurring grant-in-aid to NC Arthritis Patient Services is provided for in the budget.
Notes
_ The latest US Bureau of Labor Statistics report shows that North Carolina led the nation in employment gains from July to August with the addition of 18,600 jobs. The report also points out that our state ranked fourth among the states in employment gains from August 2009 to August 2010 with 36,700 jobs. We were third in the nation in over the year jobless rate with a decline of 1.2 percentage points.
_ Cree Inc., a global leader in LED lighting technology and products, will expand its manufacturing operations in Durham . The company plans to create 244 jobs over the next two years and invest $135 million.
_ Empire Foods Inc., an advanced-technology food processing company, will bring 200 jobs to Halifax County . The company, using technology licensed from N.C. State University , plans to create 200 jobs and invest $2.5 million over the next five years.
_ Baltek Inc., a manufacturer of core materials for the wind energy, mass transit, marine and military markets, will relocate to a new manufacturing facility in Guilford County . The company plans to create 68 jobs and invest $3.25 million over the next three years.
_ DNP IMS America Corp., a printing-technology company, will expand in Concord . The company plans to create 37 jobs and invest $24.8 million during the next three years.
From the Office of Representative Larry D. Hall
October 11, 2010
Our seniors have helped make North Carolina a place that is growing and vibrant and have led us through many difficult times. During my past term in the General Assembly, I supported several initiatives that we hope will keep them healthy, safe and financially secure. Whatever we have and have accomplished we owe to previous generations who made the difficult decisions and sacrifices to achieve today’s reality.
Below, I have included a few highlights of our work in the past two sessions, as well as some information from the 2010-11 budget. I hope you will find it useful.
Please contact me if I can be of any help. I look forward to continuing to serve you.
Planning - The General Assembly has directed several agencies to begin better preparing for the aging baby-boomer population. The law (SB 195 - SL2009-407) directs the University of North Carolina Institute on Aging and the Division of Aging and Adult Services to organize meetings of gerontologists, researchers and others to identify and prioritize issues the state will have to address. It also calls for the development of a website with information about how serve increasing numbers of adults.
Adult Care - The Division of Aging and Adult Services has been asked to study the issue of criminal history record checks for owners, operators, volunteers, and prospective owners, operators, and volunteers in adult day care programs and adult day health services programs. Among other things, the legislation (HB 1703 -SL2010-93) specifies that the study should identify which positions warrant a background check, develop a process for conducting the checks and designate who is responsible for requesting and paying for the check.
_County Departments of Social Services have been directed to conduct follow-up monitoring of adult care homes (HB 1186 - SL2009-232). The law is meant to improve patient safety by improving oversight of adult-care homes.
Health -_ Legislation to establish a long-term care partnership program was passed (SB 1193 - SL2010-68). Under a partnership program, a person who purchases a qualified long-term care insurance policy that provides a certain dollar amount of benefits will be allowed to disregard assets equal to the insurance payout when applying for Medicaid. States that have initiated a partnership program have found that this encourages people to plan for their long-term needs and also results in savings to their state Medicaid programs.
_ Several recommendations made by the N.C. Study Commission on Aging to expand dental care services for older and disabled North Carolinians with special care needs were approved, including having state agencies look at Medicaid reimbursement for certain services and coordinating workforce efforts to increase the number of dental care providers serving persons with special care needs. (SB 188 - SL2009-100).
_Automated calls to protect the public health, safety, or welfare are now allowed under a new state law (HB 1034 - SL2009-364). The system will be used to inform people that they have purchased products or medication that may be subject to a safety recall; that the person has not picked up a filled prescription drug or that one of their accounts may be subject to potential fraudulent activity. The calls cannot be used for any commercial purposes.
Safety - The Division of Emergency Management is establishing a voluntary registry that counties and municipalities can use to identify functionally and medically fragile people during a disaster under a new state law (SB 258 - SL2009-225). The law also authorizes counties and municipalities to operate similar registries.
_We passed a new law to clarify that a Silver Alert may be issued for a person of any age (HB 1129 - SL2009-143). The Silver Alert System is a statewide system used to notify people about missing persons believed to be suffering from dementia or other cognitive impairments. Trends show more citizens will suffers from these conditions at an increased rate and at an earlier age.
Housing - The Statutory Homestead Exemption has been increased under a new state law (HB 1058 - SL2009-417). Qualified people aged 65 or older qualify for the exemption, which increased from $37,000 to $60,000.
Budget - $100,000 was approved to support Project C.A.R.E., the respite care and support program for families caring for persons with Alzheimer’s.
_ Funding for optional services under Medicaid (such as dental care; eye care and eyeglasses; occupational, physical, and speech therapies; hospice; prosthetics and orthotics; community alternative program; and rehabilitation services) for aged, blind, and disabled adults was preserved for the most part. The one area in which there was a significant cut was to Medicaid personal care services which provides in-home help to disabled and frail older adults. This program received a recurring cut of $50.7 million. The program had been criticized for allegedly serving people who did not meet the specific disability criteria and for providing more hours of service for people than what they needed.
_ We maintained funding for the Home and Community Care Block Grant at the current level which helps older adults stay in their homes.
_ $450,000 was appropriated for the operation of the Stroke Advisory Council, the continued implementation of the public awareness campaign and identification of stroke rehabilitation services throughout the State.
_ $150,000 was authorized for a grant-in-aid to Prevent Blindness of North Carolina .
_ $50,000 was provided for a non-recurring grant-in-aid to NC Arthritis Patient Services is provided for in the budget.
Notes
_ The latest US Bureau of Labor Statistics report shows that North Carolina led the nation in employment gains from July to August with the addition of 18,600 jobs. The report also points out that our state ranked fourth among the states in employment gains from August 2009 to August 2010 with 36,700 jobs. We were third in the nation in over the year jobless rate with a decline of 1.2 percentage points.
_ Cree Inc., a global leader in LED lighting technology and products, will expand its manufacturing operations in Durham . The company plans to create 244 jobs over the next two years and invest $135 million.
_ Empire Foods Inc., an advanced-technology food processing company, will bring 200 jobs to Halifax County . The company, using technology licensed from N.C. State University , plans to create 200 jobs and invest $2.5 million over the next five years.
_ Baltek Inc., a manufacturer of core materials for the wind energy, mass transit, marine and military markets, will relocate to a new manufacturing facility in Guilford County . The company plans to create 68 jobs and invest $3.25 million over the next three years.
_ DNP IMS America Corp., a printing-technology company, will expand in Concord . The company plans to create 37 jobs and invest $24.8 million during the next three years.
Thursday, October 14, 2010
Foreclosure Freeze
Understanding the Foreclosure Freeze
by Bob Stahl, www.MyPhoenixMLS.com Guest Writer
Last week, Bank of America announced that it was halting foreclosures in all 50 states in order to review its foreclosure procedures, specifically the use of “robo-signers” – employees who were pushing paperwork through without verifying authenticity of the information. And now there is pressure mounting for other banks to follow suit. As of “press time” for this blog, Wells Fargo has adamantly denied that they will halt foreclosures to the point that BofA has, and most banks are doing more targeted foreclosures freezes.
This has created a lot of question from homeowners: both those interested in pursuing a foreclosure as well as those simply wondering how the freezes will impact them. I asked readers from my blog to submit questions and I also have some over-arching ones here to help us get a better understanding of the situation and its influence.
Why is this happening?
There is a lot of paperwork involved in buying a house. Yes, I’m pointing out the obvious. But it’s important to think about that pile of paperwork when understanding how the breakdown can happen.
Essentially, banks right now are having a difficult time proving that they own some of the mortgages they are attempting to foreclose on. Why? Because of a piece of paperwork called an “assignment” that is typically a short document signed by both the seller and buyer of the mortgage acknowledging the sale. In a perfect world, after the sale, it is then attached to the mortgage documents and delivered to the new owner.
However, during the height of the housing bubble, investment banks were churning out mortgage bonds in such a frenzy, sometimes the assignments never got executed. Often times, much of the documents were not properly signed, administered, inputted and filed. It was a fast growing bubble and difficult to keep up with.
But these assignments are important as they show ownership. For most mortgages, the assignments probably exist somewhere and it’s just a matter of tracking them down. But some mortgage lenders have since gone out of business or been acquired by a larger bank. This makes the process difficult. And if a bank can’t prove they own the mortgage, how can they foreclose on it?
How did it get to this point?
This issue has actually been quietly simmering for some time. But what really brought the issue to light was when Jeffrey Stephan, a GMAC loan officer who supervised 14 people, admitted in a sworn deposition that he signed off on between 8,000 and 14,000 foreclosure documents. . . a month. . . for five years. This Web site has much of his testimony, which is pretty interesting to read.
So it’s all Stephan’s fault? No, not at all. But it gave way to examination on how foreclosures were being processed everywhere and Stephan’s experience wasn’t isolated. And this is where the term “robo-signer” was born, given that people were acting as robots, just signing documents without taking the time to properly review them.
Hence, banks have chosen to freeze filings, take a step back and breathe. Where do they go from here?
If the problem is just that of robo-signers, banks can likely resume foreclosures before too long. But there is suspicion that banks don’t know where those assignments are, can’t prove that they own these mortgages – and this can truly impair their ability to foreclose on a property.
What does this mean for the housing market and the economy?
Lots of speculation, but analysts are saying that home prices will increase in the short term as the low-priced bargain foreclosures are taken off the market. However, home prices will most likely take a dip once the banks deal with robo-signers, find the assignments and foreclosures go back on the market
There is a concern out there that this may impact the economy by banks pulling back lending (yes, even more than they already have). This would be disappointing, but hopefully if it did happen, would just be in the short-term as they deal with the current issue at hand and gain an understanding of their true portfolios/ownership of these properties.
For REALTORS® and prospective home buyers, it means really checking into the foreclosed properties that are on the market to ensure that they are properly documented so that your purchase doesn’t get put on hold or take a long time to exchange hands.
by Bob Stahl, www.MyPhoenixMLS.com Guest Writer
Last week, Bank of America announced that it was halting foreclosures in all 50 states in order to review its foreclosure procedures, specifically the use of “robo-signers” – employees who were pushing paperwork through without verifying authenticity of the information. And now there is pressure mounting for other banks to follow suit. As of “press time” for this blog, Wells Fargo has adamantly denied that they will halt foreclosures to the point that BofA has, and most banks are doing more targeted foreclosures freezes.
This has created a lot of question from homeowners: both those interested in pursuing a foreclosure as well as those simply wondering how the freezes will impact them. I asked readers from my blog to submit questions and I also have some over-arching ones here to help us get a better understanding of the situation and its influence.
Why is this happening?
There is a lot of paperwork involved in buying a house. Yes, I’m pointing out the obvious. But it’s important to think about that pile of paperwork when understanding how the breakdown can happen.
Essentially, banks right now are having a difficult time proving that they own some of the mortgages they are attempting to foreclose on. Why? Because of a piece of paperwork called an “assignment” that is typically a short document signed by both the seller and buyer of the mortgage acknowledging the sale. In a perfect world, after the sale, it is then attached to the mortgage documents and delivered to the new owner.
However, during the height of the housing bubble, investment banks were churning out mortgage bonds in such a frenzy, sometimes the assignments never got executed. Often times, much of the documents were not properly signed, administered, inputted and filed. It was a fast growing bubble and difficult to keep up with.
But these assignments are important as they show ownership. For most mortgages, the assignments probably exist somewhere and it’s just a matter of tracking them down. But some mortgage lenders have since gone out of business or been acquired by a larger bank. This makes the process difficult. And if a bank can’t prove they own the mortgage, how can they foreclose on it?
How did it get to this point?
This issue has actually been quietly simmering for some time. But what really brought the issue to light was when Jeffrey Stephan, a GMAC loan officer who supervised 14 people, admitted in a sworn deposition that he signed off on between 8,000 and 14,000 foreclosure documents. . . a month. . . for five years. This Web site has much of his testimony, which is pretty interesting to read.
So it’s all Stephan’s fault? No, not at all. But it gave way to examination on how foreclosures were being processed everywhere and Stephan’s experience wasn’t isolated. And this is where the term “robo-signer” was born, given that people were acting as robots, just signing documents without taking the time to properly review them.
Hence, banks have chosen to freeze filings, take a step back and breathe. Where do they go from here?
If the problem is just that of robo-signers, banks can likely resume foreclosures before too long. But there is suspicion that banks don’t know where those assignments are, can’t prove that they own these mortgages – and this can truly impair their ability to foreclose on a property.
What does this mean for the housing market and the economy?
Lots of speculation, but analysts are saying that home prices will increase in the short term as the low-priced bargain foreclosures are taken off the market. However, home prices will most likely take a dip once the banks deal with robo-signers, find the assignments and foreclosures go back on the market
There is a concern out there that this may impact the economy by banks pulling back lending (yes, even more than they already have). This would be disappointing, but hopefully if it did happen, would just be in the short-term as they deal with the current issue at hand and gain an understanding of their true portfolios/ownership of these properties.
For REALTORS® and prospective home buyers, it means really checking into the foreclosed properties that are on the market to ensure that they are properly documented so that your purchase doesn’t get put on hold or take a long time to exchange hands.
Saturday, October 9, 2010
Rates Are Hot!!
It may be getting cool outside but rates are hot!!!
30 year FRM 3.875%!!!
15 year FRM 3.375%!!!
5/1 ARM 2.625%!!!
Chris Holt
Sr. Mortgage Consultant, NMLS#93067
(919) 416-2225 Direct Line
(919) 595-9796 Secure Fax
cholt@fmlending.com
www.fmlending.com/durham
30 year FRM 3.875%!!!
15 year FRM 3.375%!!!
5/1 ARM 2.625%!!!
Chris Holt
Sr. Mortgage Consultant, NMLS#93067
(919) 416-2225 Direct Line
(919) 595-9796 Secure Fax
cholt@fmlending.com
www.fmlending.com/durham
Friday, October 1, 2010
The Raleigh Report- Larry D. Hall
The Raleigh Report
From the Office of Representative Larry D. Hall
September 16, 2010
One of the fastest growing parts of the state budget is Medicaid, the health plan for poor people who need extra help covering their medical costs. Since fiscal year 2000, the state’s budget for medical expenses associated with Medicaid, including federal dollars, has increased from $4.8 billion to $9.9 billion. The state and local share of those costs during that time has grown from roughly $1.8 billion to $2.3 billion. The original budget for this fiscal year called for an increase in this line item to $2.7 billion. The increased cost of Medicaid can be attributed to many things, including population growth, an aging population, rising medical costs and the recent economic downturn. Still, faced with balancing a budget without raising taxes, my colleagues and I identified several cost cutting measures this year that kept the budget essentially flat while still providing service to those who need some help getting through difficult times. This week, I wanted to share some of our recent work in this area with you.
If you have any questions or if I can be of service to you, please contact me. Thank you as always for your interest in North Carolina and state government.
Efficiencies - The state approved a number of measures this year intended to help trim Medicaid costs. These efficiency measures include:
· Authorizing the Department of Health and Human Services to require prior authorization for brand name drugs for which the phrase "medically necessary" is written on the prescription.
· Allowing the Secretary of Health and Human Services to prevent the substitution of generic drugs for brand name drugs if after consideration of all rebates the cost is less than the generic.
· Requiring that medications prescribed for mental illness are included on the Preferred Drug List. This measure, in addition to the previous two, is expected to save at least $10 million in drug costs.
· Limiting coverage to procedures recognized or approved by the National Institutes of Health.
· Directing the department to apply Medicaid medical policy to recipients who have primary insurance other than Medicare, Medicare Advantage, and Medicaid.
The state also made several steps in the effort to combat Medicaid fraud. The anticipated savings from these measures is expected to reach $40 million this year. These efforts include:
Authorizing the Department of Health and Human Services to create a fraud prevention program that uses information from state and private databases to develop a fraud risk analysis of Medicaid providers and recipients.
Allowing the department to modify or extend exi s ting contract s to achieve Medicaid fraud prevention s aving s in a timely manner.
· Establishing a Class I felony for knowingly and willfully soliciting or receiving kickbacks, bribes, or rebates in return for or to induce a person to engage in Medicaid fraud.
· Doubling the Medicaid Investigative Unit staff at the Attorney General’s Office to expand the prosecution of Medicaid fraud and abuse. Additional staff will ensure increased prosecution and additional Medicaid funds recovered from fraudulent providers.
Budget- The state’s budget also calls for saving $50 million in Medicaid costs by better case management. The initiatives:
Expand efforts of the Community Care Network of North Carolina (CCNC). The Department of Health and Human Services contracts with the network to manage use of Medicaid services. Savings will be generated by expanding care management programs in hospital discharge, mental health; palliative care, and pharmacy. The improved system will enhance data integration, analytics, and reporting, increasing performance and save an estimated $45 million.
Eliminate Medicaid reimbursement of 'never events' in hospital inpatient settings. 'Never events' are certain types of medical issues that develop or are acquired while a person is in a hospital, but should have been prevented. The policy change brings Medicaid in line with Medicare reimbursement. Estimated savings are $5 million.
Studies- Legislators have also asked for two studies related to Medicaid policies. The studies will examine:
Provider rates - The Department of Health and Human Services or a contracted group will study reimbursement rates for Medicaid providers and program benefits.
HIV waivers - The department will study the feasibility of reducing the waiting list for the AIDS Drug Assistance Program by expanding eligibility for Medicaid to HIV‑positive individuals with incomes at or below 133 percent of the federal poverty level.
North Carolina suffered through a record-breaking drought in 2007 and the aftermath of that difficult time continues to influence our public policy. In addition to the immediate response to that crisis, we have made a number of changes that will improve our long-term approach to water planning. One of the decisions made in the House of Representatives was to establish a standing House Committee on Water Resources and Infrastructure so that we can examine water resource issues more closely and develop more expertise in the area. That committee has been busy and closely considered a number of measures.
Public Water - A new law (S.L. 2010-150, HB 1747) directs large community water systems and local governments that provide public water service to revise their local water supply plans when 80 percent of the water system's available water supply (based on calendar year average daily demand) has been allocated or when seasonal demand exceeds 90 percent. The plans must address foreseeable future water needs. Local governments must normally develop and submit such plans to the Department of Environment and Natural Resources at least once every five years.
Grants and Loans - The state has modified its criteria for which water and sewer projects receive priority when applying for grants and loans. The changes in the law (S.L. 2010-151, HB 1744):
· Clarify that the repair or replacement of leaking waterlines is a priority in situations where the line repair or replacement is being done to either improve water conservation and efficiency or to prevent contamination.
· Give priority to local governments with more than 1,000 service connections over similarly sized units if they have an asset management plan.
· Establish that a high-unit-cost project has priority over lower-cost projects. In addition, the act establishes a sliding scale system for determining the priority given to projects that exceed the high-unit-cost threshold.
· Give priority to those projects that promote the consolidation, management, merger, or interconnection of water systems. If an applicant demonstrates it is not feasible for the project to include regionalization, the funding agency must assign the project the same priority as a project that includes regionalization.
· Direct each local government to develop and submit a local water supply plan to the Department of Environment and Natural Resources at least once every five years. The department must use the information in the plans to create a state water supply plan and must also identify potential conflicts among the various local plans and ways in which local water supply programs could be better coordinated.
· Require local governments to adopt minimum water conservation measures to respond to drought or other water shortage conditions, but allows local governments to adopt more stringent standards. The act gives priority to those projects that adopt more stringent water conservation measures.
Studies - The Department of Environment and Natural Resources has been directed to establish a task force to: (1) develop a statewide survey to assess the state's water and wastewater infrastructure needs; (2) develop a plan for incorporating the information compiled from the United States Environmental Protection Agency surveys into the State Water Supply Plan; and (3) develop a plan for the creation and maintenance of a statewide water and wastewater infrastructure resource and funding database.
The act (S.L. 2010-144, HB 1746) also asks the department and the Local Government Commission to evaluate the costs and benefits of increasing the oversight of public water systems and wastewater. The agencies must report their findings and recommendations to the Legislative Study Commission on Water and Wastewater Infrastructure no later than November 1.
_ The Department of Agriculture and Consumer Services and the Department of Environment and Natural Resources have been asked to: (1) work with the North Carol ina Farm Bureau Federation, other agricultural organizations, and farmers to develop a plan to identify and report on agricultural water infrastructure needs; (2) identify and encourage voluntary practices that conserve and protect water resources; and (3) design a cost-share program to assist farmers and agricultural landowners who implement best management practices to conserve and protect water resources related to agricultural use. The law (S.L. 2010-149, HB 1748) also requires that a report on their findings and recommendations be submitted to the Legislative Study Commission on Water and Wastewater Infrastructure no later than November 1
From the Office of Representative Larry D. Hall
September 16, 2010
One of the fastest growing parts of the state budget is Medicaid, the health plan for poor people who need extra help covering their medical costs. Since fiscal year 2000, the state’s budget for medical expenses associated with Medicaid, including federal dollars, has increased from $4.8 billion to $9.9 billion. The state and local share of those costs during that time has grown from roughly $1.8 billion to $2.3 billion. The original budget for this fiscal year called for an increase in this line item to $2.7 billion. The increased cost of Medicaid can be attributed to many things, including population growth, an aging population, rising medical costs and the recent economic downturn. Still, faced with balancing a budget without raising taxes, my colleagues and I identified several cost cutting measures this year that kept the budget essentially flat while still providing service to those who need some help getting through difficult times. This week, I wanted to share some of our recent work in this area with you.
If you have any questions or if I can be of service to you, please contact me. Thank you as always for your interest in North Carolina and state government.
Efficiencies - The state approved a number of measures this year intended to help trim Medicaid costs. These efficiency measures include:
· Authorizing the Department of Health and Human Services to require prior authorization for brand name drugs for which the phrase "medically necessary" is written on the prescription.
· Allowing the Secretary of Health and Human Services to prevent the substitution of generic drugs for brand name drugs if after consideration of all rebates the cost is less than the generic.
· Requiring that medications prescribed for mental illness are included on the Preferred Drug List. This measure, in addition to the previous two, is expected to save at least $10 million in drug costs.
· Limiting coverage to procedures recognized or approved by the National Institutes of Health.
· Directing the department to apply Medicaid medical policy to recipients who have primary insurance other than Medicare, Medicare Advantage, and Medicaid.
The state also made several steps in the effort to combat Medicaid fraud. The anticipated savings from these measures is expected to reach $40 million this year. These efforts include:
Authorizing the Department of Health and Human Services to create a fraud prevention program that uses information from state and private databases to develop a fraud risk analysis of Medicaid providers and recipients.
Allowing the department to modify or extend exi s ting contract s to achieve Medicaid fraud prevention s aving s in a timely manner.
· Establishing a Class I felony for knowingly and willfully soliciting or receiving kickbacks, bribes, or rebates in return for or to induce a person to engage in Medicaid fraud.
· Doubling the Medicaid Investigative Unit staff at the Attorney General’s Office to expand the prosecution of Medicaid fraud and abuse. Additional staff will ensure increased prosecution and additional Medicaid funds recovered from fraudulent providers.
Budget- The state’s budget also calls for saving $50 million in Medicaid costs by better case management. The initiatives:
Expand efforts of the Community Care Network of North Carolina (CCNC). The Department of Health and Human Services contracts with the network to manage use of Medicaid services. Savings will be generated by expanding care management programs in hospital discharge, mental health; palliative care, and pharmacy. The improved system will enhance data integration, analytics, and reporting, increasing performance and save an estimated $45 million.
Eliminate Medicaid reimbursement of 'never events' in hospital inpatient settings. 'Never events' are certain types of medical issues that develop or are acquired while a person is in a hospital, but should have been prevented. The policy change brings Medicaid in line with Medicare reimbursement. Estimated savings are $5 million.
Studies- Legislators have also asked for two studies related to Medicaid policies. The studies will examine:
Provider rates - The Department of Health and Human Services or a contracted group will study reimbursement rates for Medicaid providers and program benefits.
HIV waivers - The department will study the feasibility of reducing the waiting list for the AIDS Drug Assistance Program by expanding eligibility for Medicaid to HIV‑positive individuals with incomes at or below 133 percent of the federal poverty level.
North Carolina suffered through a record-breaking drought in 2007 and the aftermath of that difficult time continues to influence our public policy. In addition to the immediate response to that crisis, we have made a number of changes that will improve our long-term approach to water planning. One of the decisions made in the House of Representatives was to establish a standing House Committee on Water Resources and Infrastructure so that we can examine water resource issues more closely and develop more expertise in the area. That committee has been busy and closely considered a number of measures.
Public Water - A new law (S.L. 2010-150, HB 1747) directs large community water systems and local governments that provide public water service to revise their local water supply plans when 80 percent of the water system's available water supply (based on calendar year average daily demand) has been allocated or when seasonal demand exceeds 90 percent. The plans must address foreseeable future water needs. Local governments must normally develop and submit such plans to the Department of Environment and Natural Resources at least once every five years.
Grants and Loans - The state has modified its criteria for which water and sewer projects receive priority when applying for grants and loans. The changes in the law (S.L. 2010-151, HB 1744):
· Clarify that the repair or replacement of leaking waterlines is a priority in situations where the line repair or replacement is being done to either improve water conservation and efficiency or to prevent contamination.
· Give priority to local governments with more than 1,000 service connections over similarly sized units if they have an asset management plan.
· Establish that a high-unit-cost project has priority over lower-cost projects. In addition, the act establishes a sliding scale system for determining the priority given to projects that exceed the high-unit-cost threshold.
· Give priority to those projects that promote the consolidation, management, merger, or interconnection of water systems. If an applicant demonstrates it is not feasible for the project to include regionalization, the funding agency must assign the project the same priority as a project that includes regionalization.
· Direct each local government to develop and submit a local water supply plan to the Department of Environment and Natural Resources at least once every five years. The department must use the information in the plans to create a state water supply plan and must also identify potential conflicts among the various local plans and ways in which local water supply programs could be better coordinated.
· Require local governments to adopt minimum water conservation measures to respond to drought or other water shortage conditions, but allows local governments to adopt more stringent standards. The act gives priority to those projects that adopt more stringent water conservation measures.
Studies - The Department of Environment and Natural Resources has been directed to establish a task force to: (1) develop a statewide survey to assess the state's water and wastewater infrastructure needs; (2) develop a plan for incorporating the information compiled from the United States Environmental Protection Agency surveys into the State Water Supply Plan; and (3) develop a plan for the creation and maintenance of a statewide water and wastewater infrastructure resource and funding database.
The act (S.L. 2010-144, HB 1746) also asks the department and the Local Government Commission to evaluate the costs and benefits of increasing the oversight of public water systems and wastewater. The agencies must report their findings and recommendations to the Legislative Study Commission on Water and Wastewater Infrastructure no later than November 1.
_ The Department of Agriculture and Consumer Services and the Department of Environment and Natural Resources have been asked to: (1) work with the North Carol ina Farm Bureau Federation, other agricultural organizations, and farmers to develop a plan to identify and report on agricultural water infrastructure needs; (2) identify and encourage voluntary practices that conserve and protect water resources; and (3) design a cost-share program to assist farmers and agricultural landowners who implement best management practices to conserve and protect water resources related to agricultural use. The law (S.L. 2010-149, HB 1748) also requires that a report on their findings and recommendations be submitted to the Legislative Study Commission on Water and Wastewater Infrastructure no later than November 1
Thursday, September 23, 2010
Wednesday, September 8, 2010
Saturday, August 28, 2010
I love you but...
"I love you, but I'm not IN LOVE with you?"
What does that statement mean?
A person who says, "I love you, but I'm not IN
LOVE with you," is making a distinction between 2
different feelings. But NEITHER of those feelings
are love!
When a person says, "I love you, but I'm not IN
LOVE with you," they're saying that I CARE about
you but I'm not EXCITED about you.
CARING about someone is a good thing. It's
reflective of CONCERN. But it's different than
love. I care about the starving children in
Africa, but I don't love them.
Being EXCITED about someone is also a good thing.
But it's different than love. I might be excited
to have a relationship with the President of the
United States or a Hollywood star, but that
doesn't mean I love them.
While someone who says, "I love you, but I'm not
IN LOVE with you" seems to be making a
distinction between "different loves;" in fact,
they are expressing their confusion about what
love really is. And that's why they're having
marital problems and maybe even an affair
(because who are they IN LOVE with?).
Love is something we articulate in the vocabulary
of ACTION. Love is a verb. It's not a feeling you
get from another PERSON; it's an experience you
receive as a result of DEEDS YOU DO for another
person.
And those deeds are not a secret. In other words,
love is NOT a mystery! There are specific things
you can do with your spouse to solve your
problems and build love in your marriage. Just
as there are physical laws of the universe (such
as gravity), there are also laws for
relationships. Just as the right diet and
exercise program makes you physically stronger,
certain habits in your relationship WILL make
your marriage stronger. It's a direct cause and
effect. If you know and apply the laws, the
results are predictable...you can "make" love.
This is exactly why I created the Marriage
Fitness program. I wanted to offer people a
step-by-step system to make and maintain love in
their marriage. And the program works for any
marriage, even if only one spouse does it.
Very often in the program someone will say to me,
"I love my spouse, but I'm not IN LOVE with my
spouse."
My immediate response is to ask, "Can you list
for me 5 ways in the last week that you've
DEMONSTRATED your love for your spouse?"
I usually hear noise on the other end of the
phone; grunts, partial statements, and gasps for
breath, but none of what I hear ever passes for
an answer to my question.
"I love you, but I'm not IN LOVE with you" is a
cop out. It basically means that I have no clue
how to make a relationship last LONG-TERM so I'm
exiting to get high from another short-term
romance. But whoever they're IN LOVE with now
will also eventually hear, "I love you, but I'm
not IN LOVE with you."
Of course, this is all fine and good, but it's
really your spouse who needs to hear this, right?
Do NOT print this email out and give it to them.
And do NOT tell them what I said.
Getting your spouse from "I love you, but I'm not
IN LOVE with you" to "Okay, let's give this
another chance" is a tricky task. If this is your
situation, it's crucial you handle it properly.
One false step and your marriage could be over.
If you take the right steps, you can draw your
spouse back in and begin to restore your marriage
TOGETHER. How do you do that? This is what I
teach in the Lone Ranger Track of the Marriage
Fitness Tele-Boot Camp. I'll teach you how to
bring your spouse back without applying pressure
that will drive them farther away. For more info,
go to:
http://www.MarriageMax.com/marriage-tele-boot-camp.asp
The Marriage Fitness Tele Boot Camp is a 7-week
marriage-transforming AT-HOME (that's right, all
you need is a telephone) multi-sensory program.
The next one begins September 2. To register or
for more info, go to:
http://www.MarriageMax.com/marriage-tele-boot-camp.asp
If you can't wait until the next boot camp begins
or if you don't have 7 weeks to turn things
around, then order...
MARRIAGE FITNESS HOME-FLEX
A 9-Phase interactive multi-sensory
relationship-changing self-guided system that
gives you everything you need to transform your
marriage. And you get it all tomorrow! For more
information or to order, go to:
http://www.MortFertel.com/home-flex.asp
Depending on your circumstances, you may also
benefit from private sessions. I do phone
sessions and full-day intensive "house calls."
For more information, go to:
http://www.MortFertel.com/marriage-coaching.asp
If you need help with your marriage, at the very
least get yourself the MARRIAGE FITNESS AUDIO
LEARNING PROGRAM. It's a 5 CD audio listening
program that you'll find to be an invaluable
guide to renewing your marriage. If you don't
have it, then you can't be serious about fixing
your situation. For more info or to order, go to:
http://www.MortFertel.com/audio-program.asp
Let me know if you have any questions and what I
can do to help.
Wishing you well,
Mort Fertel
Author & Founder of Marriage Fitness
What does that statement mean?
A person who says, "I love you, but I'm not IN
LOVE with you," is making a distinction between 2
different feelings. But NEITHER of those feelings
are love!
When a person says, "I love you, but I'm not IN
LOVE with you," they're saying that I CARE about
you but I'm not EXCITED about you.
CARING about someone is a good thing. It's
reflective of CONCERN. But it's different than
love. I care about the starving children in
Africa, but I don't love them.
Being EXCITED about someone is also a good thing.
But it's different than love. I might be excited
to have a relationship with the President of the
United States or a Hollywood star, but that
doesn't mean I love them.
While someone who says, "I love you, but I'm not
IN LOVE with you" seems to be making a
distinction between "different loves;" in fact,
they are expressing their confusion about what
love really is. And that's why they're having
marital problems and maybe even an affair
(because who are they IN LOVE with?).
Love is something we articulate in the vocabulary
of ACTION. Love is a verb. It's not a feeling you
get from another PERSON; it's an experience you
receive as a result of DEEDS YOU DO for another
person.
And those deeds are not a secret. In other words,
love is NOT a mystery! There are specific things
you can do with your spouse to solve your
problems and build love in your marriage. Just
as there are physical laws of the universe (such
as gravity), there are also laws for
relationships. Just as the right diet and
exercise program makes you physically stronger,
certain habits in your relationship WILL make
your marriage stronger. It's a direct cause and
effect. If you know and apply the laws, the
results are predictable...you can "make" love.
This is exactly why I created the Marriage
Fitness program. I wanted to offer people a
step-by-step system to make and maintain love in
their marriage. And the program works for any
marriage, even if only one spouse does it.
Very often in the program someone will say to me,
"I love my spouse, but I'm not IN LOVE with my
spouse."
My immediate response is to ask, "Can you list
for me 5 ways in the last week that you've
DEMONSTRATED your love for your spouse?"
I usually hear noise on the other end of the
phone; grunts, partial statements, and gasps for
breath, but none of what I hear ever passes for
an answer to my question.
"I love you, but I'm not IN LOVE with you" is a
cop out. It basically means that I have no clue
how to make a relationship last LONG-TERM so I'm
exiting to get high from another short-term
romance. But whoever they're IN LOVE with now
will also eventually hear, "I love you, but I'm
not IN LOVE with you."
Of course, this is all fine and good, but it's
really your spouse who needs to hear this, right?
Do NOT print this email out and give it to them.
And do NOT tell them what I said.
Getting your spouse from "I love you, but I'm not
IN LOVE with you" to "Okay, let's give this
another chance" is a tricky task. If this is your
situation, it's crucial you handle it properly.
One false step and your marriage could be over.
If you take the right steps, you can draw your
spouse back in and begin to restore your marriage
TOGETHER. How do you do that? This is what I
teach in the Lone Ranger Track of the Marriage
Fitness Tele-Boot Camp. I'll teach you how to
bring your spouse back without applying pressure
that will drive them farther away. For more info,
go to:
http://www.MarriageMax.com/marriage-tele-boot-camp.asp
The Marriage Fitness Tele Boot Camp is a 7-week
marriage-transforming AT-HOME (that's right, all
you need is a telephone) multi-sensory program.
The next one begins September 2. To register or
for more info, go to:
http://www.MarriageMax.com/marriage-tele-boot-camp.asp
If you can't wait until the next boot camp begins
or if you don't have 7 weeks to turn things
around, then order...
MARRIAGE FITNESS HOME-FLEX
A 9-Phase interactive multi-sensory
relationship-changing self-guided system that
gives you everything you need to transform your
marriage. And you get it all tomorrow! For more
information or to order, go to:
http://www.MortFertel.com/home-flex.asp
Depending on your circumstances, you may also
benefit from private sessions. I do phone
sessions and full-day intensive "house calls."
For more information, go to:
http://www.MortFertel.com/marriage-coaching.asp
If you need help with your marriage, at the very
least get yourself the MARRIAGE FITNESS AUDIO
LEARNING PROGRAM. It's a 5 CD audio listening
program that you'll find to be an invaluable
guide to renewing your marriage. If you don't
have it, then you can't be serious about fixing
your situation. For more info or to order, go to:
http://www.MortFertel.com/audio-program.asp
Let me know if you have any questions and what I
can do to help.
Wishing you well,
Mort Fertel
Author & Founder of Marriage Fitness
Monday, August 23, 2010
Wednesday, August 4, 2010
Thursday, February 11, 2010
Potholes
See a Pothole – Report It
City’s Street Maintenance Wants to Know Where They Are
DURHAM, N.C. – Winter weather brings more than cold temperatures with snow and ice – it also brings dreaded potholes, and the City of Durham wants to hear about it.
Durham residents are urged to report potholes to Durham One Call at (919) 560-1200, from 8 a.m. to 6 p.m. weekdays, or after hours and on weekends via the Durham One Call online service request form at www.durhamnc.gov/departments/onecall/online_index.cfm.
According to Katie Kalb, director of the City’s Public Works Department, the recent rash of icy, winter weather has taken its toll on city streets and the department wants to know where the potholes are located as soon as possible. “January through March is the roughest time of year for our streets and is the timeframe when we receive the most reports of potholes,” Kalb said. “Right now, we need to know where all of the potholes are so we can get them into the system to be repaired as soon as asphalt is available.”
According to Kalb, the department strives to repair potholes within five-to-eight business days, but is often at the mercy of local asphalt plants for getting the necessary materials to complete the job. “During the winter, the asphalt plants are not open daily, so it really affects whether or not we can repair the potholes as quickly as we would like. If the pothole is severe and a safety hazard, we will use ‘cold patch’ as a temporary fix and then come back later when hot asphalt is available for a more permanent repair. But, first we need to know about them, so we can get them on the list to fix as soon as we get asphalt, or let the State know if the pothole is on a State-maintained street,” Kalb said.
As soon as asphalt plants open again, Kalb said that three pothole repair crews will be working to permanently repair potholes that were temporarily fixed with cold patch, and to fill the potholes that have been reported. When reporting potholes to the City, motorists are urged to be as detailed as possible on the specific location of the pothole as well as its approximate size. Kalb said not to worry if you don’t know if the street is City or State-maintained – Durham One Call has the software to identify that information and to notify the State if needed, or send the service request to the City’s Public Works Department. “We just want to know where the potholes are at since our motorists cover a lot more ground each day than our crews,” Kalb said. “Just call us with the location and size of the pothole and we’ll handle the rest.”
Until asphalt becomes available again and the weather warms up enough to lay asphalt, the City asks motorists to be patient. “Street maintenance crews have been told that filling potholes is their highest priority,” Kalb said.
To learn more about Operation Green Light, the City’s ongoing effort to keep residents informed about progress the City’s Public Works Department is making toward smoother streets for Durham, visit www.DurhamOperationGreenlight.org
City’s Street Maintenance Wants to Know Where They Are
DURHAM, N.C. – Winter weather brings more than cold temperatures with snow and ice – it also brings dreaded potholes, and the City of Durham wants to hear about it.
Durham residents are urged to report potholes to Durham One Call at (919) 560-1200, from 8 a.m. to 6 p.m. weekdays, or after hours and on weekends via the Durham One Call online service request form at www.durhamnc.gov/departments/onecall/online_index.cfm.
According to Katie Kalb, director of the City’s Public Works Department, the recent rash of icy, winter weather has taken its toll on city streets and the department wants to know where the potholes are located as soon as possible. “January through March is the roughest time of year for our streets and is the timeframe when we receive the most reports of potholes,” Kalb said. “Right now, we need to know where all of the potholes are so we can get them into the system to be repaired as soon as asphalt is available.”
According to Kalb, the department strives to repair potholes within five-to-eight business days, but is often at the mercy of local asphalt plants for getting the necessary materials to complete the job. “During the winter, the asphalt plants are not open daily, so it really affects whether or not we can repair the potholes as quickly as we would like. If the pothole is severe and a safety hazard, we will use ‘cold patch’ as a temporary fix and then come back later when hot asphalt is available for a more permanent repair. But, first we need to know about them, so we can get them on the list to fix as soon as we get asphalt, or let the State know if the pothole is on a State-maintained street,” Kalb said.
As soon as asphalt plants open again, Kalb said that three pothole repair crews will be working to permanently repair potholes that were temporarily fixed with cold patch, and to fill the potholes that have been reported. When reporting potholes to the City, motorists are urged to be as detailed as possible on the specific location of the pothole as well as its approximate size. Kalb said not to worry if you don’t know if the street is City or State-maintained – Durham One Call has the software to identify that information and to notify the State if needed, or send the service request to the City’s Public Works Department. “We just want to know where the potholes are at since our motorists cover a lot more ground each day than our crews,” Kalb said. “Just call us with the location and size of the pothole and we’ll handle the rest.”
Until asphalt becomes available again and the weather warms up enough to lay asphalt, the City asks motorists to be patient. “Street maintenance crews have been told that filling potholes is their highest priority,” Kalb said.
To learn more about Operation Green Light, the City’s ongoing effort to keep residents informed about progress the City’s Public Works Department is making toward smoother streets for Durham, visit www.DurhamOperationGreenlight.org
Monday, January 25, 2010
Restrictions Lifted on Flipped Properties
Effective for all sales contracts dated on or after February 1, 2010.
Certain property may be resold and financed using FHA insured financing without waiting 90 days.
FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance.
• Private sellers and investors are now eligible to take advantage of this waiver.
• These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.
• In cases where the sales price is 20% or greater than the seller’s acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work.
o If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer.
o The lender must order a property inspection and provide that report to the home buyer. Buyer’s may be charged for the cost of this inspection.
There is much more detail to this wavier and if you have transactions meeting this guideline you are advised to read the waiver in its entirety here: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
Certain property may be resold and financed using FHA insured financing without waiting 90 days.
FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance.
• Private sellers and investors are now eligible to take advantage of this waiver.
• These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.
• In cases where the sales price is 20% or greater than the seller’s acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work.
o If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer.
o The lender must order a property inspection and provide that report to the home buyer. Buyer’s may be charged for the cost of this inspection.
There is much more detail to this wavier and if you have transactions meeting this guideline you are advised to read the waiver in its entirety here: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
Wednesday, December 16, 2009
Holiday Home Maintenance Tips
Home Maintenance Tip -
HEALTH & SAFETY: Safety Tips for Holiday Decorating
The holiday season is here...and with the holidays comes decorating! The following tips and suggestions will help ensure safety as you get in the holiday spirit.
Decorate only with lights that have a NOEL or U/L testing agency label. Check wires, plugs and sockets for signs of wear or defects. Remember: If in doubt - throw them out.
Do not overload outlets and extension cords. Never tie together more than three extension cords.
Be sure decorative lights used outside are approved for outdoor use.
When decorating outdoors, be aware of all power lines. Don't work near overhead power lines or anywhere there is a possibility of contacting an overhead power line, either directly or indirectly, with a ladder or other piece of equipment.
Place Christmas trees away from fireplaces, radiators, television sets, and other sources of heat that may prematurely dry out the tree and make it more susceptible to fire. Make sure the tree has a sufficient amount of water at all times.
Don't burn wrapping paper or boxes in the fireplace. These types of materials ignite quickly and may burn uncontrollably.
HOUSEHOLD TIP: Calculating Holiday Energy Costs
It's that time of year when houses shine a bit brighter. Ever wonder how much the decorative holiday lights add to a monthly electric bill? Here's an easy way to help calculate energy costs this holiday season.
Count the bulbs on all of your decorative indoor and outdoor lights.
Check the wattage per bulb.
Multiply watts per bulb by number of bulbs. (1 watt per bulb x 1,000 bulbs = 1,000 watts).
Convert watts to kilowatts - 1,000 watts = 1 kilowatt (kw).
Estimate the hours per month the lights are on. (5 hours per day x 30 days = 150 hours)
Multiply the total kilowatts by the total number of hours the lights will be on to get the total kilowatt-hours (kwh). For example, 1 kw x 150 hours = 150 kwh.
Multiply the total kilowatt-hours by the total cost of electricity per kwh. (150 kwh x $0.14 per kwh = $21) In this example, the cost of holiday lighting would be an additional $21 per month.
HEALTH & SAFETY: Safety Tips for Holiday Decorating
The holiday season is here...and with the holidays comes decorating! The following tips and suggestions will help ensure safety as you get in the holiday spirit.
Decorate only with lights that have a NOEL or U/L testing agency label. Check wires, plugs and sockets for signs of wear or defects. Remember: If in doubt - throw them out.
Do not overload outlets and extension cords. Never tie together more than three extension cords.
Be sure decorative lights used outside are approved for outdoor use.
When decorating outdoors, be aware of all power lines. Don't work near overhead power lines or anywhere there is a possibility of contacting an overhead power line, either directly or indirectly, with a ladder or other piece of equipment.
Place Christmas trees away from fireplaces, radiators, television sets, and other sources of heat that may prematurely dry out the tree and make it more susceptible to fire. Make sure the tree has a sufficient amount of water at all times.
Don't burn wrapping paper or boxes in the fireplace. These types of materials ignite quickly and may burn uncontrollably.
HOUSEHOLD TIP: Calculating Holiday Energy Costs
It's that time of year when houses shine a bit brighter. Ever wonder how much the decorative holiday lights add to a monthly electric bill? Here's an easy way to help calculate energy costs this holiday season.
Count the bulbs on all of your decorative indoor and outdoor lights.
Check the wattage per bulb.
Multiply watts per bulb by number of bulbs. (1 watt per bulb x 1,000 bulbs = 1,000 watts).
Convert watts to kilowatts - 1,000 watts = 1 kilowatt (kw).
Estimate the hours per month the lights are on. (5 hours per day x 30 days = 150 hours)
Multiply the total kilowatts by the total number of hours the lights will be on to get the total kilowatt-hours (kwh). For example, 1 kw x 150 hours = 150 kwh.
Multiply the total kilowatt-hours by the total cost of electricity per kwh. (150 kwh x $0.14 per kwh = $21) In this example, the cost of holiday lighting would be an additional $21 per month.
Wednesday, December 9, 2009
Tuesday, December 8, 2009
Today's FM Lending Rates
30 year Fixed Conv 4.625%
15 year Fixed Conv 4.25%
30 year Fixed FHA 4.75%
5/1 ARM Conv 3.5%
15 year Fixed Conv 4.25%
30 year Fixed FHA 4.75%
5/1 ARM Conv 3.5%
Daily Rate Lock Advisory
Tuesday's bond market has opened in positive territory again following early weakness in stocks. The stock markets are showing sizable losses with the Dow down 85 points and the Nasdaq down 6 points. The bond market is currently up 11/32, which should improve mortgage rates by approximately .250 - .375 of a discount point over yesterday's morning rates.
There is no relevant economic news scheduled for release today or tomorrow. Therefore, I am expecting the stock markets to likely be the biggest influence on bond trading and mortgage rates today. If the major stock indexes move lower we may see bond prices move higher and mortgage rates improve this afternoon.
Tomorrow does bring us the first of this week's two important Treasury auctions. The 10-year Note sale will be held Wednesday while 30-year Bonds will be sold Thursday. Wednesday's auction is the more important of the two events and will likely influence mortgage rates more. Results of each sale will be posted at 1:00 PM ET. If they were met with a strong demand from investors, particularly international buyers, we should see afternoon strength in bonds and improvements to mortgage pricing those days.
There is no relevant economic news scheduled for release today, tomorrow or Wednesday. October's Goods and Services Trade Balance report will be posted early Thursday morning. This report gives the size of the U.S. trade deficit, but it is the week's least important release. It is expected to show a $37.0 billion trade deficit. Unless it varies greatly from forecasts, I don't expect it to affect mortgage pricing.
If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
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