Real Estate Financial News

We’ve reached a juncture in the credit markets where it really doesn’t matter how low interest rates go -- banks are refusing to lend and consumers either have no desire to borrow – or they are in such troubled financial straits they can’t meet the qualification criteria for a loan.

So what’s the Fed to do?

Many believe the Fed will announce in their post-meeting statement tomorrow afternoon (2:15 p.m. ET) that the answer to rekindling economy growth is actually quite simple – print money like crazy.

In a nutshell the idea here is that by flooding the economy with money – banks will ultimately find themselves bursting at the seams with capital – and they will essentially have no other option than to start lending.

As the short-term credit market swings back into action, business confidence will rise, employment will improve and the engines of commerce will roar back to life.

Silver Oak Mortgage
Lisa Warren
Branch Manager
751 E Southlake Blvd Ste 100
Southlake, TX 76092
office 817-410-2518
fax 817-410-2519

Daily Real Estate News

Keeping Costs Down in Vacant Homes


Having a getaway home can be a treat during the winter, even if the home is located in a cold climate.

However, costs can add up quickly when you leaving that second home vacant, but ready for use.

Here are some ways to lower costs.

* Weatherstrip all the doors and windows and make sure that the heating and air conditioning ductwork has no leaks. Install maximum insulation.
* Pay attention to the thermostat. Heating load is proportional to the difference between outside and inside temperature. If it is 10 degrees colder outside than the desired indoor temperature, turn the thermostat down 1 degree and save 10 percent on energy. If there is a 20-degree difference between indoor and outdoor temperatures, turning the thermostat back one degree will only save 5 percent on energy.
* Turn back the water heater. Even if someone will occasionally shower there, keeping the water heater set at 115 degrees keeps the water at a comfortable temperature and saves money compared to usual settings.
* Unplug appliances, televisions and anything else that is on standby. The standby features use lots of watts. For instance, a microwave oven uses as much energy to run the clock as it does to cook.

Source: The New York Times, Billie Cohen (12/11/2008)

America's Most Affluent Neighborhoods

America's Most Affluent Neighborhoods

These towns have prospered in recent years--but some have tougher times ahead than others.
In an economy like this, even the richest communities across the country are feeling the pain.

Take Southlake, Texas. With an estimated median household income of $172,945, this Dallas suburb is the most affluent neighborhood in the country, mostly due to real estate growth. In 2005, the area doubled its town square shopping center, which bolstered the median household income by over $42,000 since the 2000 census. (Even accounting for inflation, that's still a big bump.)

Brian J.L. Berry, dean of the School of Economic, Political and Policy Sciences at the University of Texas at Dallas, says that what separates Southlake from its white-collar counterparts is undoubtedly its town square. "It is an upscale community with an expression of that status in its town square," says Berry. "If there is anything special about the suburb, it is that square."

The only problem is that there's not much room for Southlake to grow. Add to that the highest nationwide unemployment rate in 14 years and the second-lowest consumer confidence index in 34 years, and it's clear that even neighborhoods like Southlake have the potential to be affected by the recession in some way.

Behind the Numbers

To determine America's most affluent neighborhoods, we looked at average median household income estimates--in communities with populations between 20,000 and 64,999--from 2005 to 2007, provided in the U.S. Census' American Community Survey. On Dec. 9, the Census released data estimates on communities of this size for the first time. These include cities, towns, villages as well as census-designated places (CDP), a type of neighborhood that lacks a separate municipal government, but otherwise physically resembles one of these other places.

Topping the list is Southlake, followed by affluent New York, San Francisco and Washington, D.C., suburbs. But the list could see some shuffles in the months or year ahead.

The Tempe, Ariz.-based Institute for Supply Management's index of manufacturing activity--which the trade association releases each month--fell to 36.2 in November 2008 from 38.9 in October. (An index of 50 or lower indicates that an economy is contracting.) That's a 26-year low. To read more about this story.. visit http://finance.yahoo.com/real-estate/article/106273/America's-Most-Affluent-Neighborhoods

Forbes.com
by Lauren Sherman
Wednesday, December 10, 2008

Tips on Saving Water....

* You can use a plastic bucket in your shower to let the cold water run till the hot gets there. Then you can use that water to water plants and animals so it does not just go down the drain.

* Turn the water off while you are brushing your teeth.

* Make sure your toliets are not leaking may need a new flapper a 5-10 dollar piece and a 10 min fix.

* Extreme turn the water off while you lather up.

* Swap out your shower head for a water saver type.

* And double check for secret wasteful things like what is happening in this video.

http://www.dnaco.net/~vogelke/pictures/water-leak/water-leak.wmv

Treasury Department Considers Plan to Lower Mortgage Rates

Treasury Department Considers Plan to Lower Mortgage Rates
Financial industry lobbyists are urging the Treasury Department to take steps to lower rates on 30-year mortgages to 4.5 percent.
WASHINGTON -- Financial industry lobbyists are urging the Treasury Department to take steps to lower mortgage rates and help stabilize the battered U.S. housing market. Under one proposal, Treasury would seek to lower the rate on a 30-year mortgage to 4.5 percent by purchasing mortgage-backed securities from Fannie Mae and Freddie Mac, Scott Talbott, chief lobbyist at the Financial Services Roundtable, said Wednesday.
If enacted, such a plan would be an unprecedented opportunity for anyone with good credit and a solid income who could qualify for a mortgage at the lowest rates on records dating to the early 1960s, said Keith Gumbinger, senior vice president at financial publisher HSH Associates. "You would have the mother of all re-fi booms," said mortgage industry consultant Howard Glaser. The goal of the industry's proposal would be to take advantage of the unusually large difference, or spread, between mortgage rates and yields on government debt. On Wednesday, the yield on the 10-year Treasury note yield sank as low as 2.65 percent, while the national average rate on a 30-year fixed rate mortgages was 5.75 percent, according to HSH Associates. In recent years, there has been about a 1.8 percentage point difference between the yield on a 10-year Treasury note and a 30-year mortgage rate, but that spread currently hovers around 3 percentage points.
To read more on this story, click here!

A Thanksgiving Treat from the Fed

Happy Thanksgiving – Mortgage Rates Plunge Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!

If you have been on the fence about buying or refinancing a home, now is the time to act. Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give us a call.

Don't wait until next week. Call us today and get pre-approved. Rates have already been very volatile and this opportunity might not survive the holidays. In many markets, falling prices are bringing out buyers that have been waiting to buy and they are scooping up both bargains and hot properties. Let me offer you some pointers to help you negotiate a great deal and lower your costs to close.

Whether you are looking to buy or refinance, call me today. I'm here to help. If we don't speak before Thursday, however, I wish you and your family a wonderful and Happy Thanksgiving.

Information provided by:
Lisa Warren
Silver Oak Mortgage
751 East Southlake Blvd Suite 100
Southlake, Texas 76092

Foreclosure Prevention

The two secondary-mortgage-market companies are well aware of the market pain and are taking a number of steps to provide relief, particularly to prevent foreclosures. Among other things, Freddie Mac is allowing lenders to modify their at-risk loans into 40-year, lower interest-rate mortgages and to reduce borrowers' burdens by permitting them to roll up to six months of missed payments into what amounts to an unsecured second loan. The two companies are also ramping up their staff and adjusting compensation so their internal structure better matches the size and complexity of the processing demand they face. What’s more, to help facilitate short sales, Lockhart’s agency will be releasing a large-scale, streamlined, standardized process for expediting short sales, which he said will give lenders flexibility and tools like principal forbearance that they can’t easily use right now.But Lockhart made it clear that the bulk of the problem isn’t with Fannie and Freddie loans, but debt in what the financial services industry calls private-label securities, the Wall Street loans, many of them subprime, that are held by investors all over the world. The streamlined short sale process his agency will be announcing soon—he didn’t give a time line—could go a long way to focusing the minds of lenders on the problem. But ultimately the problem won’t go way until interest rates come down, buyers start streaming back into the market again, and prices firm up, he suggested. —Robert FreedmanRealtor Magazine

SERVING ALL OF SOUTHLAKE TEXAS REAL ESTATE, KELLER, GRAPEVINE, WESTLAKE, COLLEVILE, AND SURROUNDING AREA PROPERTIES!

Find a wealth of useful Texas real estate information for TX home buyers, whether you are buying your first home or need relocation, moving, or financing help in and around Southlake. Texas home sellers, whether you are selling a house, condominium, townhouse, acreage or other property type in and around Southlake. Before you sell or buy a home in Southlake, review Texas market information found on this website. The Southlake area is a great place to live. Whether you already know which area you are interested in, or are looking for some suggestions, contact me today, and we can discuss any question you might have about Southlake TX or any of the surrounding cities!

SELLING A HOME IN THE SOUTHLAKE REGION?If you're thinking of selling your home in Dallas-Fort Worth, Southlake, Keller, Grapevine, Westlake, or Colleyville the first thing you should ask is "How much is my home worth?" Being educated on market trends in your area gives you the best chances of selling your home quickly and for the best price possible. Click on "Free Market Analysis" to request a free (C.M.A.) Comparative Market Analysis of your home. Use our free home search feature to find comparable homes for sale, too. We hope to a ssist you in selling your TX home because as your Realtors, we will go the extra mile to help you achieve your property goals. We constantly research the market and property values in the Dallas-Fort Worth area, so your home is priced effectively from day one. We also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential Texas home buyers.

BUYING A HOME IN THE SOUTHLAKE REGION?Finding Texas properties, such as residential, resale, new homes, luxury, estates, home builders, custom homes, lakefront, waterfront, condos, townhomes, lots, land, horse property, golf course communities, gated communities, retirement community, or investment property in the Southlake area, including Dallas, Fort Worth, Southlake, Keller, Grapevine, Colleyville, Haslet, Haltom City, Argyle, North Richland Hills, Richland Hills, Hurst, Euless, Bedford, Arlington, Trophy Club, Coppell, Lewisville, Springtown, Weatherford or Irving, can sometimes be a challeng e. You can find it here, though, on our Southlake Texas real estate information source. Let us help you find the perfect homes for sale. Because the Texas real estate industry is becoming more sophisticated and challenging every day, you need a realtor® professional team that understands the real estate industry, is positioned to stay ahead of the game, and can help you with relocation, moving to Texas, first time home buying, or financing. With offices in Southlake and Keller Sold Team Realty is in the perfect position to meet and exceed your expectations. So come and join us in the beautiful Dallas-Fort Worth area, home of many professional sports teams like the Cowboys, Rangers, Stars, Mavricks, and so much more!

First-time Homebuyers in Westover Hills, Texas

I will . . .

Provide detailed listing information not available to the general public.

Negotiate the deal to save you money.

Guide you through the avalanche of paperwork.

Commit my time and energy to finding you the right home.
Your decision to buy a home is both a sound financial decision and a commendable achievement. As your real estate agent . . .

• I will lead you through every step of the exciting home buying process.
• I will help you define your "wish list" of features you want in your home, your neighborhood and your school district.
• I will walk you through the mind-boggling financial details associated with buying a home, including understanding the various mortgages and home buying programs available to you.
• I will monitor all new listings and alert you to new houses as soon as they are put on the market.
• I will eliminate the stress involved with buying a home by putting my years of real estate experience to work for you.

Finding the perfect home is my business. Contact me today!