Archive for November, 2007
Monte Hewett Homes offers year-end 4% commission incentive
Posted by admin under: Main Nov 29Monte Hewett Homes is offering extra holiday cash to real estate agents with a 4% commission on homes that close by December 31, 2007. The year-end incentive applies to closings on Monte Hewett Homes in Villages at Huntcrest in Gwinnett; Heatherton in North Fulton; Park at East Paces in Fulton; and Sherwood Park, Stonehaven at Vinings, Hays Farm and West Village
in Cobb.
“We appreciate all of the real estate agents who support Monte Hewett Homes by recognizing the quality of our homes and sharing us with their clients,” said Monte Hewett, President of Monte Hewett Homes. “Agents play an integral role in helping consumers make good home buying decisions. The extra commission is our way of saying thanks for all you do.”
New townhomes and single-family homes are available for move-in by the end of the year in Atlanta’s most popular places to live, including Lawrenceville, Roswell, Buckhead, Smyrna and Vinings. For a listing of available homes, visit the Monte Hewett Homes Web site.
Monte Hewett Homes builds homes in a variety of price ranges, from the $400,000s to over $1 million. Monte Hewett builds in Atlanta’s best locations, including the Atlanta Regional Commission’s 2007 Development of Excellence Award winner, West Village in Smyrna. Winner of the EarthCraft House Builder of the Year award for 2005, Monte Hewett Homes makes sure its customers win every day with great design, incredible value and exceptional after-the-sale customer service. By building every home to meet or exceed EarthCraft and Energy Star requirements, Monte Hewett Homes helps buyers save from 30 to 45 percent on their energy costs. The builder has made a commitment to meeting customer needs, uniquely and personally, for life. To find out more about the award-winning Monte Hewett Homes and neighborhoods, call 404.459.6080 or visit our site. You’ll see that Monte Hewett is building a reputation…for Life.
Source: Monte Hewett Homes offers year-end 4% commission incentive
LEED for Homes Announced
Posted by admin under: Main Nov 28LEED for Homes is a rating system that promotes the design and construction of high-perfomance green homes. For the many benefits of green homes, visit the U.S. Green Building Council’s new green homes Web site.
Green homes use less energy, less water (important in a drought) and less natural resourses. These homes create less waste and are healthier and more comfortable for those who live in them.
Benefits to homeowners residing in LEED homes include lower utility bills, reduced greenhouse gas emissions, less exposure to mildew, mold and other indoor toxins. Best of all, the cost of owning a LEED home is comparable to that of owning a conventional home.
I think we will see more examples of green homes in the Atlanta real estate market in the near future. Let’s get green Atlanta!
Source: LEED for Homes Announced
Prince Bandar Pulls 135 Million Dollar Aspen Home Off Market
Posted by admin under: Main Nov 28
Well, it looks like the housing slowdown has taken another victim. The royal Prince Bandar of Saudi Arabia has pulled his 135 million dollar Aspen estate off of the market due to not receiving a good enough offer. The family decided that they liked the home too much to part with it after not getting a good enough offer.
Darn those low ballers!
“The ranch is off the market and is no longer for sale,” said William Jordan III, an Aspen attorney who represents Bandar’s local interests. “Prince Bandar and his family realized that they enjoyed the ranch, and Aspen, too much to want to part with it.”
Aspen real estate broker Joshua Saslove, who listed the house known as Hala Ranch for sale in July 2006, said there was “enormous interest” in Prince Bandar’s home, which sits on 90 acres in the gated Starwood neighborhood just outside of Aspen.
“However,” Saslove said, “none of the interested parties wrote a contract that was acceptable to the seller.” Aspen Daily News
Source: Prince Bandar Pulls 135 Million Dollar Aspen Home Off Market
Homes, Condos & Apartments For Rent
Posted by admin under: Main Nov 28National Relocation a major real estate portal that offers many useful services when you are relocating to a new area or just in your own bakyard. Just launched their new rentals section with the new design. Owners, property managers and landlords can list their apartments for rent and homes for rent for free. Home seekers can search their database of properties for free as well. What a great resource for both!
Actually they have been pushing their new design in all their channels this whole week. They pushed real estate earlier in the week. It has great new functions like comparing mortgage rates, locating a Realtor, research information about schools and city data information as well. You can even find a foreclosure if you are looking for a bargain.
They will also be pushing the new design for their movers section this week. Next week they will be finishing the new design by adding Insurance including life insurance, car insurance and homeowners insurance. All the different types you will need when you are moving to a new area. More home buying stuff will be the home inspectors section and title insurance section.
This is definately a helpful and useful site when you are checking home values and researching different housing options for a new neighborhood.
If you are moving to Hawaii we can help assist you in the home hunting process and answer any other relocation questions you may have.
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Source: Homes, Condos & Apartments For Rent
Family friendly cities…
Posted by admin under: Main Nov 28Here is a bit taken from the Opinion Journal website.
Interesting to note…
Married people with children tend to be both successful and motivated, precisely the people who make economies go. They are twice as likely to be in the top 20% of income earners, according to the Census, and their incomes have been rising considerably faster than the national average.Indeed, if you talk with recruiters and developers in the nation’s fastest growing regions, you find that the critical ability to lure skilled workers, long term, lies not with bright lights and nightclubs, but with ample economic opportunities, affordable housing and family friendly communities not too distant from work. “People who come here tend to be people who have long commutes elsewhere, and who have young children,” notes Pat Riley, president of Alan Tate company, a large residential brokerage in Charlotte, N.C. “They want to be somewhere where they don’t miss their kids growing up because there’s no time.”
Be sure to read the whole thing. I believe that part of the challenge for Kingman and it’s future lies with attracting the so called Millennial generation. I know that the Boomer generation is also slated to come this way, but successful working families will mean much more to the economy and the health of the city. Plus, if the efforts to attract working families are successful, those folks will live and add to the prosperity of Kingman for a much longer time. To me it is the better long term investment to make and it MUST be part of the equation for planning the future of Kingman.
Source: Family friendly cities…
JPMorgan Chase to Cut 91 Subprime Mortgage Jobs
Posted by admin under: Main Nov 28
JPMorgan Chase plans to cut 91 jobs at its subprime mortgage loan facility in Ontario, California effective December 15, according to a recent filing with the California Employment Development Department.
The layoffs are a result of tighter lending standards and weak home prices which have led to decreased demand and eligibility for subprime loans.
It is believed that the entire Ontario facility will be shut down as a result of the downsizing.
“That was our entire facility in Ontario,” said Christine Holevas, spokeswoman for the Wall Street-based financial services conglomerate. “Because of what’s going on with home prices and tighter credit conditions, we decided to consolidate.”
JP Morgan noted that it has recently reduced its subprime offerings, cutting all subprime home equity loans and reducing other high-risk options.
Interestingly, mortgage division spokesman Tom Kelly said about 40 percent of the subprime loans the mortgage lender originated a year ago would not be approved based on current guidelines.
New, tighter guidelines include the need for larger down payments, better documentation, and higher credit scores.
JPMorgan said that it expects to originate about $1 billion in subprime loans per month as demand cools.
Last month, 375 Chase employees in the retail nonprime lending unit, including loan officers and support staff, received a 60-day notice.
Check out the latest list of mortgage layoffs, closed lenders, mergers, and rumors.
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Source: JPMorgan Chase to Cut 91 Subprime Mortgage Jobs
Bank of America Sees More Mortgage Trouble Ahead
Posted by admin under: Main Nov 27
According to data calculated by Bank of America Corp., interest rates on $362 billion in adjustable-rate subprime mortgages will reset in 2008.
Banc of America Securities estimates that $85 billion in subprime mortgages will reset during the current quarter, and the same amount will reset in the first quarter of 2008, followed by $101 billion in the second quarter.
Another $152 billion of other loans will also reset in 2008, including jumbo loans and Alt-A mortgages that have an adjustable-rate feature.
What that means is a new flood of loan defaults, despite the fact that many of the early defaults were due to things like fraud and bad underwriting.
“The initial wave was largely driven by a higher frequency of fraudulent loans…and loose underwriting,” says Larry Litton Jr., chief executive of Litton Loan Servicing.
“A much larger percentage of the defaults we’re seeing right now are the result of ARM resets.”
The problem is compounded because many of these troubled borrowers obtained financing through means that are no longer viable, or simply not available, such as through low or no-documentation loans with ultra-high loan-to-values.
“There is a large amount of borrowers who are in products that either no longer exist or that they no longer qualify for,” said Banc of America Securities analyst Robert Lacoursiere.
For these borrowers, who would typically refinance and move on to another hybrid ARM, the only choice may be foreclosure.
The Mortgage Bankers Association estimates that 1.35 million homes will enter the foreclosure process this year, and another 1.44 million will do so in 2008.
And foreclosures generally drop the value of surrounding neighborhood homes, adding downward pressure to an already falling housing market.
Not to mention that bad mortgages are probably still being underwritten and funded on a daily basis despite all the current problems and increased scrutiny.
If you’re interested in staying abreast of the latest mortgage news, consider our free e-mail updates!
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Source: Bank of America Sees More Mortgage Trouble Ahead
Mortgage Lenders Criticised for Poor Advice
Posted by admin under: Main Nov 27
A study by the FSA has revealed that 25% of mortgage lenders are giving poor advice.
In particular the FSA was critical of self certification mortgage lenders. Quite a few were willing to proceed with lending despite the uncertainty of the income for borrowers.
10 of these (mainly) self-certification lenders now face sanctions from the FSA. These sanctions could include a ban on trading until the relevant criteria are met. Another 65 companies are being considered for possible referral
The FSA were keen to point out that the majority of lenders were sticking to agreed FSA rules about borrowing and advice for lenders. The surveys were taken out between June and September of this year. Since their review the issue of unconventional mortgages has gained greater importance due to the sub prime crisis in America.
The council of Mortgage Lenders welcome the FSA review, although they requested that the FSA should be clear about all the rules.
Regulators criticised by FSA
Source: Mortgage Lenders Criticised for Poor Advice
Water Conservation - Simple things you can do
Posted by admin under: Main Nov 27Water is one of our most precious natural resources. Clean water is a luxury that many people worldwide don’t have. The recent water crisis in Georgia has caused all of us to think twice when we turn on the faucet. Water restrictions impact everyone in the Atlanta real estate industry from landscapers to homeowners. Conserve Water Georgia! is a Georgia Environmental Protection Division Web site with tips for conserving water indoors, outdoors at work and more. The tips are availalbe in Spanish as well.
Here are our top 10 favorite ideas, simple things everyone can do.
- Turn off lights when you are not in the room (energy production utilizes lots of water).
- Reduce dishwashing - only wash full loads and limit pre-rinse by soaking dishes.
- Reuse clean household water - collect the water that typically runs down the drain while waiting for the shower to get hot and use it to water indoor or outdoor plants.
- Compost - avoid using your garbage disposal which uses water & compost instead. Your plants will thank you for it.
- Don’t leave the faucet running while you brush your teeth or wash your hands.
- Shorten your shower - see if you can get it under 5 minutes.
- Install water-saving showerheads, low-flow toilets & fix leaking faucets and running toilets
- Mulch outdoor plants with bark chips or pine straw. Use newspapers underneath to retain soil mositure. This keeps plants moist and reduces weeds.
- Collect rain water and use it to water plants. Or divert the water from your clothes washer to a barrel and utilze it.
- Car Washing - visit car washes that recycle water. Dirty cars are in, have you seen mine?
I bet we see water conservation methods incorporated into green building trends in 2008.
Source: Water Conservation - Simple things you can do
Credit Card Offers from Past - Unpaid Creditors Should Be Avoided
Posted by admin under: Main Nov 27Creditors are always looking at new and innovative ways to get debtors to repay past due debt. No matter how sneaky those ways may be.
Here is one of the best and sneaky methods I have seen to date.
You receive a credit offer from one of your past creditors that you have never repaid. The credit offer seems attractive at first glance.
The sales pitch seems too good to be true. Not only will the creditor approve you for a $500 line of credit, but will roll over your past due balance on to the new line of credit.
On top of that, they will report the new line of credit to the credit-reporting agency, giving you a ‘fresh start’. Moreover, the interest rate is unbelievably low.
Well, if you so happen to accept this ‘boob’ of a deal, here is what you could get in return.
The ‘old debt’ clock gets to re-start all over again as it relates to the statute of limitations. Any attorney fees and collection costs can be added to the outstanding debt.
Oh, and lets not forget about the continuing accruing interest that never stopped on the old debt in the first place.
And buried somewhere in the fine print, there you will find most times a stipulation that explains that if you are late just one time, your low interest introductory offer will increase to an unbelievable amount.
Therefore, by accepting this so-called new line of credit you have given the creditor great advantage to come after you all over again.
My advice to anyone receiving such an offer from a creditor that you owe past due money too is to rip it up and evaluate your position.
If the statute of limitations is nearing, you might be better off ‘waiting it out’. If the statute of limitation is still far off, approach the creditor on your own re-payment terms but do so in writing and do not accept any verbal agreements.
It’s universal. Bad things happen to good people. Just don’t let the bad things cloud your thinking. Being in debt can make some people feel vulnerable and helpless. This should absolutely not be the case.
Face your debts, be prepared, get a plan and execute the plan. Stay focused and disciplined.
There is a solution to every problem. Some solutions come with great sacrifice. But In the end, you may find that it was all worth it.
Carlos D Cruz
ccruz@debtcreditlearningcenter.com
http://www.DebtCreditLearningCenter.com
Sign up for our and get the information you need to battle unscrupulous debt collectors.
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Source: Credit Card Offers from Past - Unpaid Creditors Should Be Avoided