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Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do. Rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 home loan, would have saved a bundle by waiting until May. At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a payment of $1,561.82. The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month. That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit. Borrowers eager to lock in a very low-rate fixed should apply quickly. Rates haven’t been this low since the 1950s.

It’s prime time for house hunters. Nearly anyone with a decent job and a good credit score can afford to buy in their home towns. More than 72% of American families making the nation’s median income of $63,800 a year could afford to buy a home during the first three months of 2010, according to a report from the National Association of Home Builders. The national median home price for the quarter was $175,000. 'Homeownership continues its more than year-long trend of remaining within reach of more households than it has for almost two decades,' said NAHB chairman Bob Jones. 'With rates still hovering at low levels, companies starting to hire new employees and the economy beginning to rebound, this should encourage more home buyers to enter the market and help further stabilize housing and the economy.' The NAHB judges a home to be affordable if a family making the metro area’s median income could devote no more than 28% of their take-home pay toward housing costs. Source: CNN/Money

March 26th 2010
Condominium and home owners associations desperate for money are experimenting with a tactic called “reverse foreclosure” to force banks to pay association fees. The process works like this: When a borrower stops paying the loan, banks often delay taking the property into foreclosure. When banks delay, neither the former home owner nor the bank is paying association fees. To remedy this, the association files its own foreclosure notice, taking over the title. The association can’t sell the property because of the bank’s lien on it. So the association goes to court, renounces the property and asks the judge to give the title back to the bank. When the judge does so, the bank has to pay the fees. Experts say this technique is becoming very popular in parts of the country where there are a lot of foreclosed condos. Source: Miami Herald

The Fed Speaks In response to our protracted recession and financial crisis, we have experienced a long period of fiscal stimulus from the Federal Reserve Board. In a typical cycle we focus on the Fed’s actions with regard to rates. However, during this cycle their activity has extended far beyond traditional stimulus. Certainly, keeping short term rates near zero for over a year has been very significant. Remember at the beginning of the crisis we were focusing upon subprime loans and the lurking danger of rate increases because of rising adjustables. However, with most adjustable rate indices at or less than 1.0%, this threat became secondary to many other issues within the housing sector.
The Fed has supplied hundreds of billions of dollars in stimulus to help stabilize the economy. Paramount has been their purchases of Treasuries and mortgage-backed securities (MBS). The Treasury purchase program has winded down and now the Fed says that they are on track to end the MBS purchase program at the end of this quarter. These actions have been significant in their efforts to keep long-term rates low to facilitate the recovery, especially in the housing sector. Now that the economy has stabilized and it looks like the recovery is beginning, the Fed is returning fiscal policies to normal, slowly but surely. Of course, the next action would be an increase in rates and the speculation has started in this regard, despite the fact that the Fed has indicated that rates will remain low for an 'extended' period of time. The Fed also has indicated that because the recovery is expected to be fragile, they remain ready to reintroduce the fiscal stimulus if needed. The more immediate question is, how much will home loan rates rise when the Fed stops purchasing securities? This will be a good test to see if the financial markets have indeed begun to return to normal.

Feb 12, 2010 The FHA-backed 203(k) rehab loan is an increasingly popular option in today’s market because so many available properties, especially foreclosures, are in need of repair. A streamlined 203(k) provides money to pay for improvements such as a new roof, appliances, furnace, energy-efficient windows, and cosmetic improvements like carpet, paint, and remodeled kitchens and baths. The maximum loan available is $35,000. The buyer must put down 3.5 percent of the acquisition. At closing, the seller is paid and the remaining money goes into an escrow account to pay for repairs. A licensed contractor must complete the work within six months. Some lenders allow the borrower to do minor cosmetic work like painting themselves. Source: Minneapolis-St. Paul Star-Tribune

Green market research firm SBI Energy forecasts that in the next five years, the market for energy-efficient home renovation products will grow 15 percent, 50 percent faster than the renovations market as a whole. According to the report, the energy-efficient market will reach $35 billion and claim 15 percent of all home renovation dollars spent. 'The growth will come as a result of the tax credits, new incentives, and the reality that more agencies and utilities are promoting the fact that adding improved energy efficiency is the most cost-effective way to decrease home utility bills,' says Norman Deschamps, author and SBI Energy analyst. Source: SBI Reports

Falling prices for real estate and the declining value of the dollar are luring investors from all over the world to purchase properties for as little as half what they might have paid four years ago. 'This could be a once-in-a-generation opportunity for real estate investment,' says Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has invested $5 million in properties in the U.S. Southwest and plans to buy millions more. Buyers from countries like Brazil, Canada, France, and the Netherlands, whose currencies are particularly strong against the dollar, are spending millions on luxury condos in New York City, Las Vegas, and Miami. Foreign buyers also find the warm climates of California, Texas, and Arizona attractive. Peter Zalewski, a principal with Miami-based Condo Vultures, says he has sold foreign condo buyers seven bulk deals in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela. Source: MSNB

Why choosing The Right Real Estate Agent is key?

People don't talk about it a lot. But finding the right real estate agent can be the difference between a happy, stress-free home buying or selling experience, and an unhappy, stressful experience.

First, you'll want an agent ready and able to make a full-time commitment to you. I can and will do that.

Second, you'll want an agent with the experience needed to know the local neighborhoods, schools, market conditions, ordinances, etc. With my years of experience in the local market - I have the expertise and track record of success you need.

Third, you'll want an agent who embraces the convenience of technology without losing the personal touch. You'll love the resources available on my website and the e-mail alerts that I send, but these will never replace the time I spend with you, serving as your personal guide through this exciting process.

Let's get together and talk about your home buying plans. Call me at ( 860) 525-9110 or e-mail me at JMontout@aol.com., We'll set-up a time that is easy and convenient for you to meet.

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Installing a Paver Patio

Pavers are very versatile. Even if you have an old sidewalk or concrete porch, you can still use brick pavers to cover up your old cracked slab.

If you plan on starting from scratch, then you will need to do some digging. Use stakes and twine to layout the walk or patio. You also can use paint or a hose to outline the ground around curves. As you layout, consider the pavers dimension and leave an extra ¼ inch in your overall layout. Once the patio or walk is laid out, dig out at least 8 inches of soil. This will leave enough room for a gravel bed, sand and the pavers which should sit ¼ to ½ inch above the natural soil.

Once you have excavated the patio or walkway add the gravel about 4 inches thick along the excavated ground and compact with a ground pounder or hand tamp for smaller areas. Pitch the level of the gravel away from your home. It should pitch roughly ¼ inch per foot.

Install the edging or border you plan on using. This can be any material really, but they do sell paver borders that are flexible and made from vinyl. These edgings also come in matching colors of your pavers. Install the edging level with the top of your pavers.

Add sand in a two inch layer along the gravel bed. Tamp with a hand tamper or ground pounder for large areas. Use a 2x4 notched at the bricks width and length of the walk or patio to screed the sand level. Now, add the soldier bricks along the edge if you are adding a border. If any bricks or pavers are defective on one side, turn the bad side down. There still usable.

Work one section at a time. Lay the bricks or pavers in the desired pattern. Drop the bricks or pavers into place rather than slide them into place. If you slide them then you will cause the sand to become unleveled and you'll have an uneven walkway. Space the paver about 1/8 inches apart to allow sand to get packed in between the bricks or pavers. Save all the cuts for last, this way you can lay all the bricks and pavers adjusting as necessary. Cut the bricks with a wet tile saw. Tap bricks in place with a rubber mallet hammer to avoid damaging the bricks or pavers.

Now spread course white sand over the pavers in a roughly 1 inch thickness. Brush into the cracks with a stiff bristled broom or brush. Brush in at a 45 degree angle to push the sand into the cracks. Spray a garden hose along the walkway or patio. Don't over water. Add sand again and spread evenly into the cracks. Do this until no more sand can fit into the spaces

Water your pavers and bricks occasionally and add sand as necessary. Pull op sinking bricks as needed and add sand to bring up the paver or brick level with the rest. With a little care and maintenance you can have a beautiful patio or walk that will last a lifetime.

You can learn more about Dave and the services he offers at www.asinspectiongroup.com

A & S Home Inspections
38 Summit Farms Road Suite 116
Southington, CT 06489

Toll-Free: 800-362-4325 / 800-DO-CHECK

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