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Archive for August, 2011
The Fed publishes meeting minutes 8 times annually – three weeks after each scheduled Federal Open Market Committee get-together. The Fed Minutes summarizes the FOMC meeting.
The Federal Reserve released the minutes from its August 9, 2011 Federal Open Market Committee meeting Tuesday.
The Fed Minutes contained no surprises and, as a result, mortgage rates across Georgia and nationwide have idled.
Although it gets less press attention, the Fed Minutes is every bit as important as the more highly-publicized, post-meeting statement from the FOMC. With its detailed record of conversation, the Fed Minutes highlights the discussions and debates that shape our nation’s monetary policy.
For example, here is some of what was said at the Fed’s August 2011 meeting :
- On growth : Economic growth had been slower than the committee expected
- On housing : The market “remains depressed”. Underwriting standards are “tight”.
- On rates : The Fed Funds Rate will remain low until mid-2013
In addition, the Fed talked about whether a third round of asset purchases should be announced. Ultimately, that plan was rejected by consensus.
The FOMC’s next meeting is a 2-day meeting, scheduled for September 20-21. The meeting was originally scheduled for just one day, but Fed Chairman Ben Bernanke chose to extend it to two. Wall Street believes that the extension was made so Fed members could discuss new forms of economic stimulus.
Depending on the form of said stimulus — if it should even occur — mortgage rates may rise or fall. We can’t know for certain unti the size and scope of the Fed’s plan is known.
For now, mortgage rates remain rock-bottom. There’s more room for rates to rise than to fall. If you’re shopping for a loan and the rate looks right, therefore, consider locking on it.
Related articles
- A Simple Explanation Of The August Federal Reserve Statement (thefrontporchview.com)
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After 3 straight months of gains, the Pending Home Sales Index slipped 1 percent in July. The monthly report is published by the National Association of REALTORS® and measures the number of home under contract to sell nationwide.
The Pending Home Sales Index is closely watched by Wall Street and analysts because it’s a forward-looking housing market indicator. Unlike most housing market data, though, Pending Home Sales forecasts a future housing market event. In this case, the Existing Home Sales report.
In its methodology, the Pending Home Sales Index states that 80% of homes under contract close within 2 months, with most of the remaining home going to closing within Months 3 and 4.
We would expect home sales data to taper into the fall buying season, but this year, they may taper more than normal. This is because, in a separate report, the National Association of REALTORS® said that contract cancellation rates are running high.
As compared to a 4 percent contract cancellation rate in May 2011, June and July both registered 16 percent. This means that fewer homes tallied as part of July’s Pending Home Sales Index will show up as “closed sales” this fall.
Contracts can be canceled for any number of reasons including more stringent mortgage guidelines, appraisals falling short of the purchase price, and changing mortgage loan limits.
For home buyers here in Hiawassee, Blairsville, Blue Ridge and Ellijay, the Pending Home Sales Index may represent an opportunity. Not only are fewer homes going under contract nationwide, but with cancellation rates spiking, sellers may be more willing to “make a deal”.
Note though like all real estate, the pace at which homes go under contract is a “local” statistic; you can’t assume national data applies to all markets equally. The North Georgia Mountain Home Market for example, may out-perform — or under-perform — the national average.
For a closer look at what’s happening on your street including the speed at which homes are selling, talk to a local real estate agent.
Related articles
- Pending Home Sales Unexpectedly Spike In May (thefrontporchview.com)
- Existing Homes Sales Slip In May (thefrontporchview.com)
- Home Resales Still Slipping In July (thefrontporchview.com)
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With seasons changing, it’s a good time to look at weatherizing your home. Whether you live in a single-family home, a multi-family property, or a condominium, your home has windows and, through those windows, air escapes. Even with your windows closed.
In this brief tutorial from Lowe’s, you’ll learn how to use caulk to seal the gaps between your windows and doors and their respective framing to keep your home’s inside air in, and the outside air out.
Weatherizing your windows and doors is a 3-step process:
- Find the air leaks
- Clean the surface of existing caulk and debris
- Seal surface with new caulk, and clean-up
As shown by the video, there are no technical skills required to repair and replace your home’s caulking. It may require a little bit of elbow grease, however. And, depending on your windows’ locations, use of a ladder may be required.
If you’d like professional help weatherizing your home, please ask me for a referral in Hiawassee and Blairsville Georgia.
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Low mortgage rates are terrific — if you can get them.
One week after posting its lowest mortgage rate in 50 years, Freddie Mac reports that the 30-year fixed rate mortgage rose by an average of 7 basis points nationwide this week to 4.22%. To get the rate, you’ll pay an average of 0.7 “points”.
This week’s rise in the 30-year fixed rate mortgage pulled rates off their all-time lows so either you locked last week’s rock-bottom rates, or you missed it.
Mortgage rates are rising.
As a refinancing homeowner or home buyer in Blairsville or Blue Ridge Georgia, rising mortgage rates are something to watch. This is because, as mortgage rates rise, so do the long-term interest costs of giving a mortgage, increasing your home ownership costs.
For example, if you failed to lock a rate last week when rates were bottomed, and then decided to lock-in only after rates had climbed 0.25 percent, at the new, higher rate, over the life of your loan, you would have responsibility for an extra $5,300 in interest costs for every $100,000 you borrowed.
Rising mortgage rates can be expensive.
For home buyers, rising mortgage rates pose a second problem — they erode your purchasing power. A home that fits your budget at today’s rates may not fit your budget at next week’s rates. And because mortgage rates change quickly, you can sometimes feel like you’re racing the clock.
The hard part about mortgage rates, though, is that we can never know what they’ll do next. On some days they rise, on some days they fall, and on some days they stay the same. Instead of trying to “time the bottom”, therefore, a good strategy can be to lock the first, low rate that fits your budget. Then, if rates are lower in the future, you can look to refinance at that time.
Mortgage rates remain at historical lows. It’s a good time to lock a rate.
Related articles
- Mortgage Rates Make New 2011 Lows (thefrontporchview.com)
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CNN Money recently released its Best Places To Live 2011 list.
The annual survey is based on data from Onboard Informatics. Using Quality of Life factors such as education, crime and “town spirit”, and focusing on towns with between 8,500 and 50,000 residents, the CNN Money survey ranks the country’s best “small towns”.
To be eligible, towns must be have a median household income greater than 85 percent, and less than 200 percent of the state median income; must not be a categorized as a “retirement community”; and must be racially-diverse.
From a list of 3,570 eligible towns nationwide, Louisville, Colorado was ranked #1.
The complete Top 10 Best Places to Live as cited by CNN Money, and their respective average home listing prices :
- Louisville, Colorado ($383,569)
- Milton, Massachusetts ($577,008)
- Solon, Ohio ($291,162)
- Leesburg, Virginia ($486,018)
- Papillion, Nebraska ($218,520)
- Hanover, New Hampshire ($643,500)
- Liberty, Missouri ($177,678)
- Middleton, Wisconsin ($347,770)
- Mukilteo, Washington ($345,487)
- Chanhassen, Minnesota ($418,607)
Rankings like these can be helpful to home buyers nationwide, but it’s important to remember that the Best Place To Live survey is subjective. You may find none of the above towns to be to your liking. You may also find the lowest-ranked city to be your favorite.
In other words, before making a decision to buy, connect with a real estate agent who has local market knowledge. That’s the best, most reliable way to make sure you get the housing data that matters to you.
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54 Rocky Road Blairsville, GA. – New Foreclosure from Chad Lariscy on Vimeo.
This is a Brand New Foreclosure For Sale in Blairsville, GA. that hasn’t even hit the North Georgia Mountain Real Estate Market. This property is located conveniently between Blue Ridge and Blairsville near the Union County Saddle Club Arena. Nice 3 Bedroom 2 Full Bath Home offering Privacy and Seclusion on 1.6 +/- Acres.
If you would like additional information, or would like to see a Full Length Virtual Showing of this Bank Owned Property For Sale In North Georgia, please Contact Me and I will be more than happy to assist you with all of your Real Estate needs here in the Georgia Mountains.
Related articles
- New Foreclosure For Sale In Blairsville GA Bordering U.S.F.S. (thefrontporchview.com)
- New Upscale Foreclosure For Sale In Blairsville GA (thefrontporchview.com)
- New Price On Nice Lake House For Sale On Lake Nottely (thefrontporchview.com)
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Home resales slipped in July. According to the National Association of REALTORS®, Existing Home Sales nationwide fell to 4.67 million units on a seasonally-adjusted annualized basis last month. It’s the fourth straight month below the 5 million mark, and the report’s lowest reading since November 2010. An “existing home” is a home that’s been previously occupied or owned.
In addition, the Existing Home Sales report showed home supplies rising nationwide. At the current pace of sales, in other words, the complete, national “For Sale” inventory would be exhausted in 9.4 months. This, too, is the worst reading since November 2010.
On a units basis, however, the number of homes for sale actually fell in July. As compared to June, home resale inventory dropped 65,000 units to 3.65 million.
From these figures, we can infer that, despite low mortgage rates and lagging home values, buyer activity is slowing in North Georgia and nationwide. This may be seasonal, or it may be a long-term trend. Either way, there’s opportunity for today’s home buyers.
With mortgage rates at all-time lows, home affordability is peaking. More households can afford housing payments than during any time in history and with the fall season approaching, buyers in Hiawassee may find contracts negotiations to be more “friendly”.
This can mean lower sale prices and larger concessions from sellers — the hallmark of a Buyer’s Market.
It’s a good time to look at your options. Contact Me today to see what’s out there for you. Low home prices may persist, but low mortgage rates likely won’t.
Related articles
- Existing Home Sales Fall To 8-Month Low (thefrontporchview.com)
- Pending Home Sales Unexpectedly Spike In May (thefrontporchview.com)
- Existing Homes Sales Slip In May (thefrontporchview.com)
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Labor Day is nearing; the unofficial end of summer across North Georgia. If you’re among the many Americans planning an end-of-season barbecue, you’ll want to make sure your grill is clean. A clean grill makes better tasting food.
There are several ways to clean a grill but, for owners of gas grills, the first step always is to disconnect the gas source.
Next, open your grill and remove its metal pieces. This includes grates, trays and flame guards. Take these pieces to your kitchen. If the oven has a self-cleaning mechanism, place the items in your oven and let it “self-clean”. As the temperature reaches 900 degrees or more, residue will literally fall off your grill parts.
Be sure to wipe clean your oven once the cycle completes.
If your oven is not self-cleaning, wash the grill parts in your sink using hot water and detergent. You’ll want to soak the parts in soapy water if they’re especially dirty. Once clean, allow the parts to air dry.
Then, return to your grill and using a wire brush, scrape the residue from the sides, top and bottom of the appliance. Again, using a soapy hot water mixture, wash and wipe down the inside of the grill. Rinse it clean once the residue is removed.
Re-assemble your grill.
Lastly, reconnect the gas source (if applicable) and allow the grill to burn for 5 minutes. This will burn off any lingering residue from the cleaning process, including soap and detergent.
And that’s it!
Plan on cleaning your grill at least twice annually with heavy use.
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Have you ever wondered what Mount Rushmore looked like on the other side? Well….now you know!
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2282 Mockingbird Lane – Lake Chatuge Hiawassee Georgia from Chad Lariscy on Vimeo.
2282 Mockingbird Lane Hiawassee, GA. 30546
This is truly a very unique and special property located on Lake Chatuge in Hiawassee, GA. If you are looking for a gentle, secluded and private location with a lot of Lake Frontage, then this Lake Cottage For Sale is just for you. This property is nestled on 2 lots totaling 1.24 +/- acres above the 1933 contour line with just a little over 800′ of frontage on Lake Chatuge.
A long private drive meanders through tall hemlocks and hardwoods creating a picture perfect Lake setting. Property features long and short range Lake and Mountain Views about 280 Degrees around! Enjoy your very own Private Beach right out from your front door. Cottage features 3 Bedrooms and 1 Full Bath. Build on the second lot and make this a Guest Cottage, or tear it down and build the Lake House of your dreams!
$950,000
MLS# 212147
Please Contact Me with any questions or to schedule a Private Showing of this property.
Listing Courtesy of Charlotte Ledford Realty
Related articles
- Lake Chatuge August 2011 Market Report (thefrontporchview.com)
- 1st Annual Best Trick BBQ At Mountain Wake Cable Park (thefrontporchview.com)
- New Price On Nice Lake House For Sale On Lake Nottely (thefrontporchview.com)
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