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Archive for November, 2009
Thanksgiving is Thursday. If you’re cooking for group (or a crowd) and you haven’t yet put your menu in order, click on through Bon Appetit’s Thanksgiving Menu Planner.
Answer to 3 basic questions and Bon Appetit serves up a list of dishes and their respective recipes.
- For how many people are you cooking?
- How much time do you have to cook?
- What’s your style?
The dishes range from the simple (Pumpkin Pie with Spiced Whipped Cream) to the sophisticated (Herb Roasted Turkey with Apple Cider Gravy). There’s even a menu for vegetarians.
It’s not too late to host a delicious Thanksgiving dinner. Bon Appetit can get you moving in the right direction.
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How to Clean a Granite Countertop — powered by eHow.com
Granite countertops can be handsome additions to a kitchen, but are a challenge to clean sometimes — especially when they’re stained.
In this 2-minute video from eHow.com, in addition to granite-cleaning basics, we learn how to remove wine and marker stains from our granite countertops. Unfortunately, not every household will have the video’s recommended cleaning compounds on hand, so prepare yourself for a trip to the hardware store.
Printable, written instructions for cleaning your granite are available on the eHow.com website.
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Posted by Chad Lariscy on November 18, 2009 | Comments (0) | Tags: Conforming Loan Limits
APR is an acronym for Annual Percentage Rate. It’s a government-mandated calculation meant to simplify the comparison of mortgage options.
A loan’s APR can always be found in the top-left corner of the Federal Truth-In-Lending Disclosure.
Because APR is expressed as a percentage, many people confuse it for the loan’s interest rate. It’s not. APR represents the total cost of borrowing over the life of a loan. “Interest rate” is the basis for monthly mortgage repayments.
The main advantage of APR is that it allows an “apples-to-apples” comparison between loan products.
As an example, a 5.000 percent mortgage with origination points and fees will almost certainly have a higher APR than a 5.500 percent mortgage with zero fees. In this sense, APR can help a borrower determine which loan is least costly long-term.
However, APR is not without its shortcomings.
First, different banks includes different fees into their APR calculations. By definition, this spoils APR as a choose-between-lenders, apples-to-apples comparison method.
And, second, when calculating APR, “life of the loan” is assumed to be full-term. When a 30-year mortgage pays off in 7 years or fewer — as most of them do — APR comparisons are rendered moot.
In other words, APR is just one metric to compare mortgages — it’s not the only metric. The best way to compare your mortgage options is to review all the loan terms together and determine which is most suitable.
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A conforming mortgage is one that, quite literally, conforms to the mortgage guidelines set forth by Fannie Mae or Freddie Mac.
Each year, the government sets the maximum allowable loan size for a conforming mortgage, based on “typical” housing costs nationwide.
Loans in excess of this amount are typically called “jumbo”.
While home prices increased from 1980 to 2006, so did conforming loan limits. Since then, however, as home prices have dipped, the conforming loan limit has held.
Now, in 2010, for the 5th consecutive year, the government set $417,000 as the nation’s conforming mortgage loan limit.
The 2010 conforming loan limits, as released by the government, are:
- 1-unit properties : $417,000
- 2-unit properties : $533,850
- 3-unit properties : $645,300
- 4-unit properties : $801,950
But conforming loan limits don’t apply to all U.S. geographies equally. As a result of various economic stimuli since 2008, the government now considers certain regions around the country ”high-cost” areas. In these areas, conforming loan limits can range to $729,750.
There are less than 200 such areas nationwide. The complete list is published on the Fannie Mae website.
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For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.
As reported by RealtyTrac.com, more than half of October’s foreclosure-related activity came from just 4 states:
- California
- Florida
- Illinois
- Michigan
The remaining Top 10 states in terms of total foreclosure activity included Arizona, Georgia, Texas, Ohio, New Jersey, and Maryland.
Foreclosures are up 19 percent from last October, but a deeper look at the RealtyTrac report revealed two positive developments for the housing market.
- Foreclosure activity is down 3 percent from last month
- Foreclosures per Household decreased in 9 of the 10 most heavily concentrated states
Furthermore, Nevada’s foreclosure pace is down 4% from last year. This is a big deal because Nevada has long led the nation in foreclosure-related activity. Until last month, Nevada’s year-to-year foreclosure rate hadn’t fallen in more than 4 years.
It’s too soon to say that the foreclosure market is drying up, but bargains are getting harder to come by. First-time buyers and bona fide investors alike have been snapping up property at a furious pace.
According to an industry trade group, distressed homes account for nearly one-third of home resale activity.
That said, buying foreclosures isn’t for everyone.
For one, properties are often sold as-is and may be defective. The cost of repairs may negate “the deal” or “the steal” — depending on the cost of the home.
Secondly, closing on a foreclosed home can be a 3-month long process. This is because banks rarely process home sale paperwork as fast as a “person” would. A 3-month timeframe may not fit your schedule.
In the end, fundamentally, buying a foreclosed home is the same as buying a “regular” home — there’s a contract and a closing. Most of the steps in the middle, however, are different.
Read the complete foreclosure report and take a peek at the foreclosure heat maps on the RealtyTrac website. If you like what you see, talk to your real estate agent about what to do next.
There’s still good deals in the foreclosure market, but based on October’s data, they may not last through the winter.
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Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.
The White House says the President will sign it into law today.
The up-to-$8000 tax credit’s expiration date has been pushed forward to spring, requiring home buyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.
The program’s basic eligibility requirements remain the same:
- Buyers can’t purchase the home from a parent, spouse, or child
- Buyers can’t purchase the home from an entity in which they’re a majority owner
- Buyers can’t acquire the home by gift or inheritance
- All parties to the purchase must meet eligibility requirements
The new law includes some notable updates, however.
For one, the definition of “first-time home buyer” has been expanded to include most homeowners with at least 5 years in their current home. “Move-up” buyers like these are now eligible for IRS tax credits, but with a cap at $6,500.
This means that you don’t have to be a true first-time home buyer to claim the “first-time home buyer tax credit”.
Other eligibility changes include:
- The subject property’s sales price may not exceed $800,000
- The subject property must be a primary residence
- Income thresholds raised to $125,000 for single-filers and $225,500 for joint-filer
And remember, the First-Time Home Buyer program grants a tax credit as opposed to a deduction. This means that a tax filer would receive a cash payment of $2,000 from the U.S. Treasury if his “normal” tax liability totals $6,000 and he was eligible for all $8,000 available under the new law.
The complete list of qualifying criteria is posted on the IRS website. Be sure to review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.
It’s 5 months away.
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I hope that you enjoy this Fall Newsletter from Blairsville Realty. Robert Rogers, Broker and Owner of Blairsville Realty stays on top of the Real Estate Market here in Union County. He decided that it would be a great idea to keep not only the customers and clients of Blairsville Realty, but all Buyers, Sellers and anyone that is interested in what is exactly going on in our local market.
Please take a few minutes and look over our latest newsletter. It is packed with a lot of great information and I know that you will find it very informative. Should you have any questions or concerns after reading our Report, please feel free to Contact Me, or simply pick up the phone and call me at 706.994.8686. As always, thanks so much for visiting me on “The Porch” today. Please come back and visit often.
Make it a GREAT day!
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The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.
In its press release, the FOMC noted that the U.S. economy “has continued to pick up” since the September FOMC meeting and that housing market activity has increased.
It’s the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy – a signal that the recession is likely over.
The economy isn’t without threats, however, and the Fed identified several in its announcement, including:
- Ongoing job losses for American workers
- Reduced fixed investment by businesses
- Ongoing challenges for the financial markets
The overall tone remained positive, however, as inflation appears to be held in check.
Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to honor its $1.25 trillion commitment to the mortgage bond market.
The Fed plans to wind down its mortgage market support over the next 5 months, reaffirming its March 2010 exit date. For now, Fed support helps hold mortgage rates down.
Mortgage market reaction to the Fed’s press release is negative overall. Mortgage rates are rising.
The FOMC’s next scheduled meeting is December 15-16, 2009.
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According to the United States Fire Administration, there were an estimated 1.5 million domestic fires last year, resulting in more than 3,400 deaths.
Many of these deaths occurred in homes with no smoke detectors or no working smoke detectors.
When detectors fail, it’s often because its batteries are dead or missing. Therefore, make a point to test your smoke detectors annually.
Here’s how to do it:
- Have somebody go to the farther point of the house from the detector
- Push and hold the testing button for 5 seconds to activate the alarm
- Confirm the alarm is audible by all parties
You should also buy smoke detector aerosol and spray it directly into the device. This will simulate a real fire. If the alarm doesn’t sound, the smoke detector will fail when it’s needed most. Replace the device immediately — even if it beeps when you push the Test button.
Smoke detectors are inexpensive and essential. Make sure the devices in your home are working properly. Test them at least once per year.
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On Thursday of last week, United Community Bank and the Owen Glen Sales Team announced a limited time opportunity to reserve up to 2 lots from a selected few at drastically reduced pricing. Owen Glen, an affordable Mountain Golf Community currently has lots available from $30,000. In addition to the low prices comes low financing rates. For a limited time, United Community Bank will be offering special financing of 2.99% on a 15 year Amortization with a 3 Year Call with 20% Down.
Owen Glen is located in the Beautiful North Georgia Mountains just minutes north of Blairsville, GA. It is a 350 Acre Gated Master-Planned Community. There will be Architectural Guidelines as well as protective Covenants and Restrictions. As of now those guidelines and covenants have not been finalized. They did mention that the Architectural Guidelines would favor “Mountain Traditional” but not leading to anything definite in plans. Home sites will be from 0.75 acres to larger 5 acres lots with golf, wooded and mountains views.
There are plans for several amenities for Owen Glen. The biggest of course is the Old Union Golf Course. This is a Denis Griffiths designed course, who by the way is the only American to design a golf course in St. Andrews Scotland. It opened in Summer of 2009 and I have had the opportunity to play Old Union and I can honestly say that it has the potential of being my absolute favorite course to play in all of North Georgia. It is a 7,667 yard championship length course, Par 72 with 5 sets of tees. There will be a practice facility with double tiered 400 yard grass range, two separate short game target greens, as well as a full putting green. The Golf Shop has plans to open by the end of 2009, but they are currently working out of a temporary trailer. There will be PGA Golf Professionals on hand to offer lessons and clinics.
Other amenities include miles and miles of walking and biking trails, trout fishing in Ivy Creek, and future plans of a picnic area complete with playground, pavilion, Owen Glen Community House, as well as tennis courts and a pool. Nearby you can enjoy Lake Nottely, Lake Chatuge, and Lake Blue Ridge. The North Georgia Mountains are full of hiking and mountain biking trails, charming historic towns filled with unique dining and shopping experiences, mountain streams and rivers for rafting and fishing, festivals and the list just goes on and on.
If you would like more information on Owen Glen, or I have already peaked your interest enough to want to look into a Weekend Discovery Package, please Contact Me, or give me a call at 706.994.8686. This is a Bank Owned Property and I would greatly appreciate it if you would allow me to offer you the information on Owen Glen, but only if you first learned of Owen Glen from this website. A quick registration and you will be on your way to finding out all there is to know about this great Mountain Community. I promise you, my family and I will be grateful that you did.
Thank You so much for taking the time to learn a little more about this great new community in our North Georgia Mountains. Please come back and visit me on “The Porch” anytime that you see fit. You are always welcome.
Make it a GREAT day!
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