Fed Announces Stimulus
As expected, a week packed with major economic events produced a great deal of daily volatility in mortgage rates. The Fed's announcement was positive for mortgage rates, the Employment report was negative, and the election results were neutral. In the end, mortgage rates finished the week a little lower.
On Wednesday, the Fed announced that it will purchase an additional $600 billion in Treasury securities by the end of the second quarter of 2011 to boost the economy. The Fed expects to purchase about $75 billion per month to reach this target. This fell near the middle of the wide range of investor forecasts. The Fed will regularly review both the pace of the purchases and the overall size of the program. Added demand for Treasury securities generally benefits other bonds as well, including mortgage-backed securities (MBS), and expectations for this plan have helped lower mortgage rates over the last couple of months. Prior to the announcement, there was so much uncertainty surrounding the program that mortgage rates improved a little further when the details contained no major surprises.
Mortgage rates rose on Friday when the Employment report came in stronger than expected. Against a consensus forecast for a gain of 60K jobs, the economy added 151K jobs in October. Private employers hired 159K workers, the highest level since April. Revisions from prior months added an additional 103K private sector jobs. As expected, the Unemployment Rate remained at 9.6%. Average hourly earnings, a proxy for wage growth, rose 0.2% from September. Stronger than expected economic data raises future inflation expectations, which pushed mortgage rates higher after the report.
Also Notable:
• As expected, the Fed made no change in the fed funds rate
• September core PCE inflation rose at a low 1.2% annual rate
• September Pending Home Sales fell 2% from August
• The Treasury will auction $72 billion in 3-yr, 10-yr, and 30-yr securities next week
The Week Ahead
Next week will be a very light week for economic data. The Trade Balance and Import Prices, which generally are not market moving reports, will be released on Wednesday. Consumer Sentiment will come out on Friday. There will be Treasury auctions on Monday, Tuesday, and Wednesday. These will be the first auctions since the Fed's announcement about quantitative easing, and the results may produce a significant reaction. Mortgage markets will be closed on Thursday for Veterans Day, while the stock market will not close.
Thanks Mark!
Mark Townsend
Senior Loan Officer
Friday, November 5, 2010
Thursday, October 21, 2010
Luxury Real Estate Weekly Review
LUXURYREALESTATE.COM
We are excited to share with you that on Monday night we launched newly redesigned property details pages on LuxuryRealEstate.com with several updated functions that improve the exposure of all members' listings. Among the noteworthy updates are better mapping, support for streaming virtual tour videos embedded right onto the page and "people also viewed" recommendations for every property. Please see these examples:
Better Mapping & Also Viewed This Listing: http://luxre.com/r/6VC0
Streaming Video: http://luxre.com/c/L
Luxury Vacation Rental Industry Leaders Gather This November to Discuss 2011
Harry Norman, Realtors Releases its Fall Issue of Harry Norman Home
Hamptons 3rd Quarter 2010 Home Sales Report
Intero Opens Doors to Two Innovative Offices
North Fork 3rd Quarter 2010 Home Sales Report
Daniel Gale Sotheby's Introduces Innovative Mentoring Program to Branch Offices
Zephyr Launches Comprehensive Social Media Program for Realtors
Jack Cotton, Cape Cod's Premier High-End Realtor, Launches Selling Luxury Homes
Intero Announces Larry Klapow as the New Executive Business Strategist
Women in Relocation Holds Fall Event
Fannie Hillman posts 77 Third Quarter Sales for $19.9 Million
VACATION RENTAL NEWS
LUXE TRAVEL TIPS
Thursday, October 14, 2010
Week in Review - October 13, 2010
October 13, 2010
LUXURY REAL ESTATE NEWS
LuxuryRealEstate.com Holiday Card Photography Contest
Brown Harris Stevens Wins Affiliate-of-the-Year Awards from Christie's Great Estates
Zephyr Real Estate Wins IMA Website Award
Lake Nona in the News
Michi Olson Addresses Real Estate Professionals at Leading Real Estate Companies of the World Fall Workshop
Harry Norman, Realtors Awarded Christie's Great Estates Affiliate-Of-The-Year Honors
Top Hamptons Real Estate Agent Jay Flagg Joins Saunders & Associates
A Spanish Castle, Furniture Included, Estate of the Day
Hammond South End Office Welcomes DeAngelo and Ranco
The Process and Progress of a Significant Georgian Estate Restoration
John. R. Wood Realtors Moving to Historical Downtown Office
One of a Kind Custom Mediterranean Estate in Exclusive Paradise Valley
Hammond Wellesley Office Welcomes Gordon
Luxury Real Estate Welcomes New Member Kentucky Select Properties.
Todd Wilkie Joins Tradewinds Realty
SIGNIFICANT SALES
Magnificent Shanel Estate Sells
New Record Set On Casey Key
Lila Delman Real Estate Sells Berry Hill Estate in Newport, Rhode Island
Sale of "Cove Haven" - Newport Luxury Market Alive
VACATION RENTAL NEWS
LRE on Expert Panel at International Hotel Conference in Venice
Luxury Vacation Rental Best Practices Presentation
Seth Godin Gives It to the Luxury Market
Sign Up for the LRE Vacation Rental Conference
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Saturday, April 24, 2010
Tuesday, April 6, 2010
Digital Luxury Magazine
http://issuu.com/realpropertymg/docs/aletii1_covera?mode=embed&layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Flight%2Flayout.xml&showFlipBtn=true
Tops again!
Out of the top 50 Metros, Austin is projected to be the best performing economy in terms of the quickest recovery. In the following article, Beverly Kerr also summarizes reports from several excellent economic sources that report on Austin.
Central Texas Economy In Perspective
By Beverly Kerr, Chamber Vice President of Research
Recent reports from the U.S. Conference of Mayors and the Brookings Institution provide perspective on the relative pace of recovery among different metropolitan areas in this recession. And a new assessment of the state of the Texas economy from the Federal Reserve Bank of Dallas provides additional context for Austin.
The annual U.S. Metro Economies report from the U.S. Conference of Mayors provides a wealth of both historical and projected data on jobs, unemployment, and gross metropolitan product. Their projections include unemployment rates through 2013 and what quarter each metro will return to their former peak employment level.
As we’ve heard in numerous reports on the recession, job growth and reductions in unemployment will lag the return to economic growth that signals the end of the recession. Though Austin’s had a relatively moderate recession this time around, we know well from this region’s experience of the 2001 recession that the job market hangover can be prolonged.
The Mayors’ report, with data from Global Insight, gives the time frame for our return to peak employment as Q2 2010. Austin’s previous peak employment relative to this recession was Q4 2008, so regaining that within 6 quarters is considerably better than what is expected for almost all other metros. The prerecession peak for all U.S. metros, Q4 2007, will not be returned to until Q3 2012. In Austin’s experience of the 2001 recession, we peaked in Nov. 2000 with 690,300 jobs and did not see that total again until April of 2005—54 months or over 13 quarters.
Austin’s also had a better experience of the recession, relative to other metros, as measured by the unemployment rate. However, currently at 7.2% (NSA) or 7.0% (SA), unlike job growth/loss, this metric is higher than the rates seen here in the previous recession. Unemployment in Austin averaged 4.4% in 2008, but with projections in the Mayors’ report only going to 2013, we don’t know when Austin will again see rates that low. Rates appear to be projected to hover over 7% through 2011 and only drop to 6.1% by the end of 2013. In the last recession unemployment did not go above 6.7% here and only exceeded 5% for about 35 months. The unemployment rate is in uncommon territory statewide as well, at over 8%, its highest level in 22 years. The Mayors’ report projects the majority of U.S. metros will still have unemployment rates over 6% at the end of 2013.
The new Dallas Fed report of March 23 provides a broad ranging update and outlook, including how employment, unemployment and gross state product indicators in this recession compare to previous Texas recessions. The review indicates that job growth will return to positive territory, gaining 1%-2% in 2010, putting the state ahead of the nation again, but below the 2.8% pace seen historically. They also indicate that unemployment has probably peaked, but do not give any indications of the pace or magnitude of improvement that might be expected for this indicator for 2010 or beyond.
The Brookings Institution’s latest quarterly MetroMonitor tracks recession/recovery to date in the nation’s 100 largest metros, but does not provide projections. Austin has consistently placed in the best performing quartile through the recession. This quarter, the metropolitan profiles offer an interesting perspective on the initial 8 quarters of employment through the last four recessions.
This same perspective is available for Dallas-Fort Worth, Houston, and San Antonio, or any other metros you might like to examine such as Phoenix, San Jose, Raleigh-Cary, etc. If this graphic’s legend isn’t presenting very readably, note that the current recession is yellow, 2001 is blue, 1990 is green and 1981 is red.
Central Texas Economy In Perspective
By Beverly Kerr, Chamber Vice President of Research
Recent reports from the U.S. Conference of Mayors and the Brookings Institution provide perspective on the relative pace of recovery among different metropolitan areas in this recession. And a new assessment of the state of the Texas economy from the Federal Reserve Bank of Dallas provides additional context for Austin.
The annual U.S. Metro Economies report from the U.S. Conference of Mayors provides a wealth of both historical and projected data on jobs, unemployment, and gross metropolitan product. Their projections include unemployment rates through 2013 and what quarter each metro will return to their former peak employment level.
As we’ve heard in numerous reports on the recession, job growth and reductions in unemployment will lag the return to economic growth that signals the end of the recession. Though Austin’s had a relatively moderate recession this time around, we know well from this region’s experience of the 2001 recession that the job market hangover can be prolonged.
The Mayors’ report, with data from Global Insight, gives the time frame for our return to peak employment as Q2 2010. Austin’s previous peak employment relative to this recession was Q4 2008, so regaining that within 6 quarters is considerably better than what is expected for almost all other metros. The prerecession peak for all U.S. metros, Q4 2007, will not be returned to until Q3 2012. In Austin’s experience of the 2001 recession, we peaked in Nov. 2000 with 690,300 jobs and did not see that total again until April of 2005—54 months or over 13 quarters.
Austin’s also had a better experience of the recession, relative to other metros, as measured by the unemployment rate. However, currently at 7.2% (NSA) or 7.0% (SA), unlike job growth/loss, this metric is higher than the rates seen here in the previous recession. Unemployment in Austin averaged 4.4% in 2008, but with projections in the Mayors’ report only going to 2013, we don’t know when Austin will again see rates that low. Rates appear to be projected to hover over 7% through 2011 and only drop to 6.1% by the end of 2013. In the last recession unemployment did not go above 6.7% here and only exceeded 5% for about 35 months. The unemployment rate is in uncommon territory statewide as well, at over 8%, its highest level in 22 years. The Mayors’ report projects the majority of U.S. metros will still have unemployment rates over 6% at the end of 2013.
The new Dallas Fed report of March 23 provides a broad ranging update and outlook, including how employment, unemployment and gross state product indicators in this recession compare to previous Texas recessions. The review indicates that job growth will return to positive territory, gaining 1%-2% in 2010, putting the state ahead of the nation again, but below the 2.8% pace seen historically. They also indicate that unemployment has probably peaked, but do not give any indications of the pace or magnitude of improvement that might be expected for this indicator for 2010 or beyond.
The Brookings Institution’s latest quarterly MetroMonitor tracks recession/recovery to date in the nation’s 100 largest metros, but does not provide projections. Austin has consistently placed in the best performing quartile through the recession. This quarter, the metropolitan profiles offer an interesting perspective on the initial 8 quarters of employment through the last four recessions.
This same perspective is available for Dallas-Fort Worth, Houston, and San Antonio, or any other metros you might like to examine such as Phoenix, San Jose, Raleigh-Cary, etc. If this graphic’s legend isn’t presenting very readably, note that the current recession is yellow, 2001 is blue, 1990 is green and 1981 is red.
Friday, February 26, 2010
Enjoy Life
"In terms of balancing human values, I would give the enjoyment of life first priority and justify that on the grounds that if you don’t know how to enjoy life, you’re going to be a burden to other people."
John D. Drake
My wife Amy has this posted in a cabinet in our house and I believe it to be very true. I, as many of us do have a hard time dealing with the stresses of life and the certainty of death. Enjoying life means different things to different people but ultimately comes down to living by your core values and when you go to bed and wake in the morning you can look at yourself and know you are doing the absolute best you can and if today was your last day of life, the people who love you and care about you know that you love and care about them.
Enjoy Life!
John D. Drake
My wife Amy has this posted in a cabinet in our house and I believe it to be very true. I, as many of us do have a hard time dealing with the stresses of life and the certainty of death. Enjoying life means different things to different people but ultimately comes down to living by your core values and when you go to bed and wake in the morning you can look at yourself and know you are doing the absolute best you can and if today was your last day of life, the people who love you and care about you know that you love and care about them.
Enjoy Life!
Thursday, February 4, 2010
Market Stats
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Sunday, January 17, 2010
20723 Lakeshore Dr.
With No ETJ, Zoning or Restrictions, your imagination is the only limit to this multi-use property. Three separate lots included (6, 7, and 55) as well as a .3 acre conservation easement. The home has expansive views of the south shore of Lake Travis along with a remodeled kitchen, metal roof, huge game room, sports court, 3 bedrooms and 2 baths. The property will accommodate both investors and home owners alike. With commercial zoning and no restrictions you can build on each lot or keep together. Walk to HOA Park with boat dock and gazebo. You must visit this property to appreciate.
Austin Texas Median Home Price
As home prices continue to decrease the number of active properties do as well. There are currently under 10,000 active listings in the Austin area for the first time since 2004.
With the shortage of inventory it is getting harder and harder for qualified buyers to find quality porperties. Also as we get closer to the end of the first time home buyer (8,000) and move up buyer (6,500) tax credits competition for the best properties will continue to increase.
Now is the time to Buy!
Tuesday, January 5, 2010
Austin Texas Median Price per foot.
This is a good comparison between the four different price quartiles. Price per foot is one of the most common ways to assign value to a home, but not the only thing you should compare when it comes to buying or selling. The price of a certain property depends on many factors, price fer foot is one of them.
Austin continues to be a strong market for both buyers and sellers. A neutral market is when available inventory is at 6.5 months, meaning it would take 6.5 months at the current pace of sales to sell all of the homes on the market if no new ones were added. Austin currently only has 5.5 months of available inventory, which is another indicator of a lack of inventory. This shortage of inventory will eventually turn the market from nuetral to a sellers market where demand outpaces supply. Prices/Price per foot at this point will begin to go up.
Monday, November 30, 2009
Saturday, November 7, 2009
First Time Homebuyer Tax Credit Extended Into 2010!
First Time Homebuyer Tax Credit Extended Into 2010!
Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines: In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked QuestionsHere are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
Plus...A New Tax Credit for Certain Existing Home Owners!
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines: In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. First-Time Homebuyer Tax Credit – Frequently Asked QuestionsHere are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Can you claim the tax credit in advance of purchasing a property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.
Are there other restrictions to taking the credit? Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.
- You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
- You do not use the home as your principal residence.
- You sell your home before the end of the year.
- You are a nonresident alien.
- You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
- Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009. - Can you buy a home from a step-relative and be eligible for the credit? Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.
- Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit? Yes.
- Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years? No. However, the spouse may be eligible for the repeat buyer credit.
This is the NAR report.
Thursday, November 5, 2009
Saturday, September 5, 2009
Just put some "Tussin" on it, or WD-40!
I had a neighbor who had bought a new pickup. I got up very early one Sunday morning and saw that someone had spray painted red all around the sides of this beige truck (for some unknown reason). I went over, woke him up, and told him the bad news. He was very upset and was trying to figure out what to do probably nothing until Monday morning, since nothing was open.
Another neighbor came out and told him to get his WD-40 and clean it off. It removed the unwanted paint beautifully and did not harm his paint job that was on the truck. I'm impressed! WD-40 who knew? 'Water Displacement #40'. The product began from a search for rust preventative solvent and degreaser to protect missile parts. WD-40 was created in 1953 by three technicians at the San Diego Rocket Chemical Company. Its name comes from the project that was to find a 'water displacement' compound. They were successful with the fortieth formulation, thus WD-40. The Convair Company bought it in bulk to protect their atlas missile parts.
Ken East (one of the original founders) says there is nothing in WD-40 that would hurt you. When you read the 'shower door' part, try it. It's the first thing that has ever cleaned that spotty shower door. If yours is plastic, it works just as well as glass. It's a miracle! Then try it on your stove top..... Voila! It's now shinier than it's ever been. You'll be amazed..
Here are some other uses:
1. Protects silver from tarnishing.
2. Removes road tar and grime from cars.
3. Cleans and lubricates guitar 20 strings.
4. Gives floors that 'just-waxed' sheen without making them slippery.
5. Keeps flies off cows.
6. Restores and cleans chalkboards.
7. Removes lipstick stains.
8. Loosens stubborn zippers.
9. Untangles jewelry chains.
10. Removes stains from stainless steel sinks.
11. Removes dirt and grime from the barbecue grill.
12. Keeps ceramic/terra cotta garden pots from oxidizing.
13. Removes tomato stains from clothing.
14. Keeps glass shower doors free of water spots.
15. Camouflages scratches in ceramic and marble floors.
16. Keeps scissors working smoothly.
17. Lubricates noisy door hinges on vehicles and doors in homes.
18. Bug guts will eat away the finish on your car if not removed quickly! Use WD-40!
20. Gives a children's playground gym slide a shine for a super fast slide.
21. Lubricates gear shift and mower deck lever for ease of handling on riding mowers.
22. Rids kids rocking chairs and swings of squeaky noises.
23. Lubricates tracks in sticking home windows and makes them easier to open.
24. Spraying an umbrella stem makes it easier to open and close.
25. Restores and cleans padded leather dashboards in vehicles, as well as vinyl bumpers.
26. Restores and cleans roof racks on vehicles.
27. Lubricates and stops squeaks in electric fans.
28. Lubricates wheel sprocket s on tricycles, wagons, and bicycles for easy handling.
29. Lubricates fan belts on washers and dryers and keeps them running smoothly.
30. Keeps rust from forming on saws and saw blades, and other tools.
31. Removes splattered grease on stove.
32. Keeps bathroom mirror from fogging.
33. Lubricates prosthetic limbs.
34. Keeps pigeons off the balcony (they hate the smell).
35. Removes all traces of duct tape.
36. Folks even spray it on their arms, hands, and knees to relieve arthritis pain.
37. Florida 's favorite use is: 'cleans and removes love bugs from grills and bumpers.
38. The favorite use in the state of New York , WD-40 protects the Statue of Liberty from the elements.
39. WD-40 attracts fish. Spray a little on live bait or lures and you will be catching the big one in no time. Also, it's a lot cheaper than the chemical attractants that are made for just that purpose. Keep
in mind though, using some chemical laced baits or lures for fishing are not allowed in some states..
40. Use it for fire ant bites. It takes the sting away immediately and stops the itch.
41. WD-40 is great for removing crayon from walls. Spray on the mark and wipe with a clean rag.
42. Also, if you've discovered that your teenage daughter has washed and dried a tube of lipstick with load of laundry, saturate the lipstick spots with WD-40 and re wash. Presto! The lipstick is gone!
43. If you sprayed WD-40 on the distributor cap, it would displace the moisture and allow the car to start.
44. It cleans motor oil off of vinyl boat seats…
P. S. The basic ingredient is FISH OIL!
Another neighbor came out and told him to get his WD-40 and clean it off. It removed the unwanted paint beautifully and did not harm his paint job that was on the truck. I'm impressed! WD-40 who knew? 'Water Displacement #40'. The product began from a search for rust preventative solvent and degreaser to protect missile parts. WD-40 was created in 1953 by three technicians at the San Diego Rocket Chemical Company. Its name comes from the project that was to find a 'water displacement' compound. They were successful with the fortieth formulation, thus WD-40. The Convair Company bought it in bulk to protect their atlas missile parts.
Ken East (one of the original founders) says there is nothing in WD-40 that would hurt you. When you read the 'shower door' part, try it. It's the first thing that has ever cleaned that spotty shower door. If yours is plastic, it works just as well as glass. It's a miracle! Then try it on your stove top..... Voila! It's now shinier than it's ever been. You'll be amazed..
Here are some other uses:
1. Protects silver from tarnishing.
2. Removes road tar and grime from cars.
3. Cleans and lubricates guitar 20 strings.
4. Gives floors that 'just-waxed' sheen without making them slippery.
5. Keeps flies off cows.
6. Restores and cleans chalkboards.
7. Removes lipstick stains.
8. Loosens stubborn zippers.
9. Untangles jewelry chains.
10. Removes stains from stainless steel sinks.
11. Removes dirt and grime from the barbecue grill.
12. Keeps ceramic/terra cotta garden pots from oxidizing.
13. Removes tomato stains from clothing.
14. Keeps glass shower doors free of water spots.
15. Camouflages scratches in ceramic and marble floors.
16. Keeps scissors working smoothly.
17. Lubricates noisy door hinges on vehicles and doors in homes.
18. Bug guts will eat away the finish on your car if not removed quickly! Use WD-40!
20. Gives a children's playground gym slide a shine for a super fast slide.
21. Lubricates gear shift and mower deck lever for ease of handling on riding mowers.
22. Rids kids rocking chairs and swings of squeaky noises.
23. Lubricates tracks in sticking home windows and makes them easier to open.
24. Spraying an umbrella stem makes it easier to open and close.
25. Restores and cleans padded leather dashboards in vehicles, as well as vinyl bumpers.
26. Restores and cleans roof racks on vehicles.
27. Lubricates and stops squeaks in electric fans.
28. Lubricates wheel sprocket s on tricycles, wagons, and bicycles for easy handling.
29. Lubricates fan belts on washers and dryers and keeps them running smoothly.
30. Keeps rust from forming on saws and saw blades, and other tools.
31. Removes splattered grease on stove.
32. Keeps bathroom mirror from fogging.
33. Lubricates prosthetic limbs.
34. Keeps pigeons off the balcony (they hate the smell).
35. Removes all traces of duct tape.
36. Folks even spray it on their arms, hands, and knees to relieve arthritis pain.
37. Florida 's favorite use is: 'cleans and removes love bugs from grills and bumpers.
38. The favorite use in the state of New York , WD-40 protects the Statue of Liberty from the elements.
39. WD-40 attracts fish. Spray a little on live bait or lures and you will be catching the big one in no time. Also, it's a lot cheaper than the chemical attractants that are made for just that purpose. Keep
in mind though, using some chemical laced baits or lures for fishing are not allowed in some states..
40. Use it for fire ant bites. It takes the sting away immediately and stops the itch.
41. WD-40 is great for removing crayon from walls. Spray on the mark and wipe with a clean rag.
42. Also, if you've discovered that your teenage daughter has washed and dried a tube of lipstick with load of laundry, saturate the lipstick spots with WD-40 and re wash. Presto! The lipstick is gone!
43. If you sprayed WD-40 on the distributor cap, it would displace the moisture and allow the car to start.
44. It cleans motor oil off of vinyl boat seats…
P. S. The basic ingredient is FISH OIL!
Monday, August 24, 2009
Central Texas Economy In Perspective
For the first several months of 2009, Austin was alone among major metros in continuing to see positive year-over-year job growth. That streak ended when revised May numbers were released by the Texas Workforce Commission. The initial release of July estimates shows that our losses since July 2008 are a relatively moderate -0.2%, meaning our "best performing" position continues to hold in our major metros ranking based on percent change in nonfarm payroll jobs.
Houston's 3.1% job loss rate has put it at 18th in this ranking for July, but Dallas, Fort Worth, and San Antonio continue to place in the top 10.
If this ranking was expanded to the 100 largest metros, instead of the 50 largest, there would only be three metros outperforming Austin. Two of those metros added jobs over the last 12 months: El Paso (0.9%) and Baton Rouge (0.2%).
The median rate of loss among the 50 largest metros is -4.1%. Nationally, the difference between July 2008 and July 2009 is -4.2%, and for Texas it is -2.1%. Eleven states outperform Texas on job growth.
New York is the best performing large state with job losses amounting to only -1.9% and three divisions of the New York MSA also make the best performing metros top 10 list. California's losses (-5.0%) put it at 43rd and the state's large metros have seen losses ranging from -4.2% to -6.0%. Two of California's metros, Sacramento and Riverside, fall into the bottom quintile of the 50 largest metros. The very bottom of the ranking includes Detroit and Warren, with well known job market issues, but also Phoenix and Las Vegas, metros that, previous to this recession, had been among the fastest growing.
When we looked at the data for Austin and other Texas metros last week in @theChamber after the TWC release of this data, two sectors set Austin apart. Austin saw growth in private service providing jobs (3,200 jobs or 0.6%), where the other large Texas metros saw losses; and in goods producing industries, Austin's losses (10,000 jobs or 9.4%) were more dramatic than those seen elsewhere.
Breaking out private service providing employment for the nation's top 50 metros also shows Austin to be the only metro with positive job growth.
For goods producing industries (manufacturing, construction and natural resources), Austin's -9.4% change would rank as the 18th best. In the top 10 performing metros nationally, only Washington saw a decline in goods producing jobs as large as Austin's, however that metro is considerably less concentrated in goods producing industries than Austin and other metros.
The dominant sector buoying Austin's performance is continued growth in government jobs (5,400 or 3.5%). Other Texas metros and the nation generally are seeing those jobs grow, however Austin benefits from the relative share that the sector represents here. Among the top 10 performing metros, only Washington and Virginia Beach also have a government sector accounting for more than 20% of total employment. The average government share in the other top performing metros is about 15%.
by Beverly Kerr, Chamber Vice President of Research
Houston's 3.1% job loss rate has put it at 18th in this ranking for July, but Dallas, Fort Worth, and San Antonio continue to place in the top 10.
If this ranking was expanded to the 100 largest metros, instead of the 50 largest, there would only be three metros outperforming Austin. Two of those metros added jobs over the last 12 months: El Paso (0.9%) and Baton Rouge (0.2%).
The median rate of loss among the 50 largest metros is -4.1%. Nationally, the difference between July 2008 and July 2009 is -4.2%, and for Texas it is -2.1%. Eleven states outperform Texas on job growth.
New York is the best performing large state with job losses amounting to only -1.9% and three divisions of the New York MSA also make the best performing metros top 10 list. California's losses (-5.0%) put it at 43rd and the state's large metros have seen losses ranging from -4.2% to -6.0%. Two of California's metros, Sacramento and Riverside, fall into the bottom quintile of the 50 largest metros. The very bottom of the ranking includes Detroit and Warren, with well known job market issues, but also Phoenix and Las Vegas, metros that, previous to this recession, had been among the fastest growing.
When we looked at the data for Austin and other Texas metros last week in @theChamber after the TWC release of this data, two sectors set Austin apart. Austin saw growth in private service providing jobs (3,200 jobs or 0.6%), where the other large Texas metros saw losses; and in goods producing industries, Austin's losses (10,000 jobs or 9.4%) were more dramatic than those seen elsewhere.
Breaking out private service providing employment for the nation's top 50 metros also shows Austin to be the only metro with positive job growth.
For goods producing industries (manufacturing, construction and natural resources), Austin's -9.4% change would rank as the 18th best. In the top 10 performing metros nationally, only Washington saw a decline in goods producing jobs as large as Austin's, however that metro is considerably less concentrated in goods producing industries than Austin and other metros.
The dominant sector buoying Austin's performance is continued growth in government jobs (5,400 or 3.5%). Other Texas metros and the nation generally are seeing those jobs grow, however Austin benefits from the relative share that the sector represents here. Among the top 10 performing metros, only Washington and Virginia Beach also have a government sector accounting for more than 20% of total employment. The average government share in the other top performing metros is about 15%.
by Beverly Kerr, Chamber Vice President of Research
Saturday, August 1, 2009
The Party
Thank you, thank you, thank you; the party was a hit, we had a great time and raised a little money for Any Baby Can. There are so many people that I owe a huge thank you to for all their help.First and foremost Thank You to BartonPlace and the efforts of both Ashley LaRocca and Andrew Shaw for all their work to help me both in the planning and execution of the party. The BartonPlace Visitors Center is a beautiful space and was perfect for event. I am excited to be associated with such a professional, creative, hard working group.
Thank you to everyone that attended the party and donated to Any Baby Can. I appreciate you showing up and pitching in. I cant wait for next year.
I also want to recognize and thank the sponsors of the party:
First American Title-Laurie Nunnellee
Austin Capital Mortgage-Jeff Wilkinson
Austin Capital Mortgage-Jeff Wilkinson
Nunnelle Inspections-Kyle Nunnelle
First American Home Warranty-Kathy Kelly
Cornacopia-Nadia Elhaj
Congratulation to Dave and Lori Letourneau, they were the winners of the raffle and won a 26" flat screen donated by Jeff Wilkinson and Austin Capital Mortgage.
Congratulation to Dave and Lori Letourneau, they were the winners of the raffle and won a 26" flat screen donated by Jeff Wilkinson and Austin Capital Mortgage.See you next year!!!!!!!!!!!!!!
Monday, July 20, 2009
It's Swimmin Time!
Emma has learned how to swim and is doing an amazing job!First thing she learned was how to hold her breath (very important). Once she got the hang of that she start getting comfortable staying under and moving around in the water. We swim a lot at the Lifetime fitness in south Austin and Dick Nichols Metro Park so she is getting alot of practice.
One day about a week or so ago Emma and I were at the Deep Eddy Pool (Freezing and fun all in one!) and she picked her feet up and doggy paddle her little body straight over to me. Now i am not saying she is Janet Evens and ready to break any Olympic records, but for being 3 she is kickin butt and taken names!!!
I guess we all have the choice to sink or swim and my little lady bug decided she was going swim.
Now its my turn, being in the real estate business you have to be up for the challenge every day. I have the chance to talk to people all day about real estate and get all types of perspectives on our "Market". The truth of the matter is, it is not easy, we have challenges in the real estate industry. Their are a ton of things that can be percieved as road blocks, challenges, problems, issues, whatever your word is, it is about managing those challenges (my word) and fighting your way up stream. I am commited to my mission and to my industry and look forward to the challenges ahead and the opportunities that will be created!!
This is the most recent home i am selling for a client in Buda. It is a Beautiful Custom Built home on 2.48 acres in a gated community called Elliot Ranch. The house is a 4143 sqft, 4 bedroom, 4 bathroom two story with the master down. There are also 4 full bathrooms in the house which is very convenient for large families and house guests.
Front Foyer with Hard Tile and Granit insets.
Large Kitchen with granit counters, large center island, bay window at sink, tons of cabinets and counter space.
Wide open living room, with great natural light, built in shelving, gas fireplace.
One of the great things about this house is the upstairs, it has a huge gameroom/upstairs living as well as a theater/gameroom/pool table which give kids and adults alike to hang out and have a great time.
Large covered back padio which looks out to a very private and level 2.48 acre lot.
Check out all of my listings at benphillipsrealestate.com
Wednesday, June 17, 2009
BartonPlace
1600 Barton Spring Rd. #6409 Austin TX 78704
There is a one of a kind community being built in Austin and I get to be a part of it!!
Part of my reason for writing this post is to say THANK YOU to Ashley LaRocca and Constructive Ventures for the opportunity they have given myself and Turnquist partners.
They gave back to the Austin community by donating $500,000 to the City of Austin's Affordable Housing. BartonPlace worked closely with the support of the Zilker neighborhood to come up with a plan that preserved the native pecan trees that EXCEEDED the city's regulations. The developers absorbed the cost of preserving these trees. (Over $200k cost).
As for the location, BartonPlace is in the center of all that is Austin. One of the many conveniences of living at BartonPlace is the direct access you have to Lady Bird Lake, Zilker Park and over 10 miles of hike and bike trails. You can literally step out the front door of the property and begin enjoying one of the cities unique features and hot spots. If you are out to improve your fitness and endurance or just a casual stroll, Lady Bird Lake is a beautiful serene backdrop to enjoy.
Now that you are feeling rejuvenated and ready for a good meal find yourself again right outside your front door for some of Austin’s most popular restaurants and night life. On Barton Springs alone is: Chuys and Baby A’s (Tex Mex), Shady Grove (Tex Mex-Features Austin Unplugged by KGSR), Uncle Billy's (Brew & Q, music, bar-b-queue), and Green Mesquite (Barb-b-queue, live music), Austin Java and Flipnotics (Coffee bar/breakfast food), Romeo's (Italian), Daily Juice, and Tom's Market for all of your Grocery and Daily necessities.
There is a one of a kind community being built in Austin and I get to be a part of it!!Part of my reason for writing this post is to say THANK YOU to Ashley LaRocca and Constructive Ventures for the opportunity they have given myself and Turnquist partners.
BartonPlace Residence located at 1600 Barton Springs Rd is projected to be completed February 2010.
From day one the residence of this 6 story mid-rise will benefit from the premier location of the property as well as the efforts and awareness of Constructive Ventures.
BartonPlace was the 1st project endorsed by Save Town Lake, a community organization dedicated to responsible development.
They gave back to the Austin community by donating $500,000 to the City of Austin's Affordable Housing. BartonPlace worked closely with the support of the Zilker neighborhood to come up with a plan that preserved the native pecan trees that EXCEEDED the city's regulations. The developers absorbed the cost of preserving these trees. (Over $200k cost). Austin's City Planning Commission and City Council voted unanimously for the project with the support of organizations like the Zilker Neighborhood Association & Save Town Lake.
BartonPlace is also participating in Austin's Green Building program.
BartonPlace is also participating in Austin's Green Building program.
As for the location, BartonPlace is in the center of all that is Austin. One of the many conveniences of living at BartonPlace is the direct access you have to Lady Bird Lake, Zilker Park and over 10 miles of hike and bike trails. You can literally step out the front door of the property and begin enjoying one of the cities unique features and hot spots. If you are out to improve your fitness and endurance or just a casual stroll, Lady Bird Lake is a beautiful serene backdrop to enjoy.
Now that you are feeling rejuvenated and ready for a good meal find yourself again right outside your front door for some of Austin’s most popular restaurants and night life. On Barton Springs alone is: Chuys and Baby A’s (Tex Mex), Shady Grove (Tex Mex-Features Austin Unplugged by KGSR), Uncle Billy's (Brew & Q, music, bar-b-queue), and Green Mesquite (Barb-b-queue, live music), Austin Java and Flipnotics (Coffee bar/breakfast food), Romeo's (Italian), Daily Juice, and Tom's Market for all of your Grocery and Daily necessities.This is truly the heart of the city and for all of those who choose to make Bartonplace their residence, you will get to experience Austin the way it was meant to be.
Wednesday, June 3, 2009
$8,000 Credit
Get your $8,000 HUD tax credit now!
HUD tweaked stimulus tax incentive so first-time home buyers get instant assistance with down payment and closing costs.
NEW YORK (CNNMoney.com) -- First-time homebuyers will now have access to quick cash to help them with their down payments.
On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
"We believe this is a real win for everyone," said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). "Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time -- when it's needed.
The delay created an obstacle to reigniting the housing market because most first-time buyers -- the ones who would buy much of the available inventory -- have only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
The mechanics of the new program, according to NAHB economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS. Homebuyers must still come up with FHA's mandatory downpayment of 3.5% on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.
The initiative also authorized downpayment help programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. To quickly infuse cash into their housing markets, the housing finance authorities in these states created bridge loans to allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.
There are also non-profit groups, such as ones affiliated with the National Home Ownership Programs for the community organizer NeighborWorks America, that offer bridge loans for downpayment assistance that will be repaid with the tax credits.
Under the state and non-profit programs, the tax credit can provide the entire downpayment; there's no requirement that homebuers put 3.5% down.
The first state to launch such a plan was Missouri, which rolled out its Missouri Housing Development Commission Tax Credit Advance Loan program on January 14 -- a month before Congress approved the stimulus package. Since then, Missouri has approved applications by more than 360 borrowers and closed on 166 of them.
Lamar Cherry and his wife, Chrishanna, used the program to augment their down payment when they bought their home in Kansas City.
The couple purchased a four-bedroom, three-bath split-level home for $150,000, putting about 6% down. Much of that $9,000 came from the loan program, which they tapped so they wouldn't have to drain their reserves.
"We had money saved up that we were going to use for the down payment," said Cherry. "Now we can use some of that to buy some things we need for the house."
At closing, the Cherrys, like all buyers in the program, signed for their first mortgage, plus a second mortgage issued by the state. The second note is good for 6% of the price of the home, up to $6,750; there is a $350 set-up fee, but no interest is charged if the debt is repaid by June 2010.
In Missouri, borrowers can only access $6,750 of the $8,000 credit for down payments. "We wanted them to have a cushion below that $8,000 in case other tax liabilities show up," said Greg Spurgeon, the single-family homeownership administrator for the Missouri Housing Development Commission.
If borrowers don't pay off the note, it becomes a 10-year fixed-rate mortgage with an interest rate one-half percentage point above that of their first mortgages. For example, borrowers paying 6% on their first mortgages would be charged 6.5% on the second.
So far, Spurgeon said, a significant proportion of participating homebuyers have repaid their loans. He expects most of the others to do the same before the deadline.
Cherry has claimed the federal tax credit on his 2008 taxes, but he hasn't gotten his refund yet. He definitely intends to repay the loan before the 2010 deadline because, he said, not doing so would add about $75 a month to his house payments.
First Published: May 29, 2009: 2:37 PM ET
HUD tweaked stimulus tax incentive so first-time home buyers get instant assistance with down payment and closing costs.
NEW YORK (CNNMoney.com) -- First-time homebuyers will now have access to quick cash to help them with their down payments.
On Friday, the U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
"We believe this is a real win for everyone," said HUD secretary Shaun Donovan in a speech before the National Association of Homebuilders (NAHB). "Families will now be able to apply their anticipated tax credit toward their home purchase right away. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
As part of the stimulus package, Congress created a refundable first-time homebuyers tax credit in hopes of helping on-the-fence buyers to take the home-purchase plunge. But buyers couldn't collect the $8,000 credit until tax time, rather than at closing time -- when it's needed.
The delay created an obstacle to reigniting the housing market because most first-time buyers -- the ones who would buy much of the available inventory -- have only saved enough to cover 4% of the purchase price, according to the National Association of Realtors.
The mechanics of the new program, according to NAHB economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS. Homebuyers must still come up with FHA's mandatory downpayment of 3.5% on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.
The initiative also authorized downpayment help programs already offered in Colorado, Missouri, New Jersey, Pennsylvania, Tennessee, Washington and other states. To quickly infuse cash into their housing markets, the housing finance authorities in these states created bridge loans to allow buyers to borrow against the $8,000 credit and then repay it with their tax refunds.
There are also non-profit groups, such as ones affiliated with the National Home Ownership Programs for the community organizer NeighborWorks America, that offer bridge loans for downpayment assistance that will be repaid with the tax credits.
Under the state and non-profit programs, the tax credit can provide the entire downpayment; there's no requirement that homebuers put 3.5% down.
The first state to launch such a plan was Missouri, which rolled out its Missouri Housing Development Commission Tax Credit Advance Loan program on January 14 -- a month before Congress approved the stimulus package. Since then, Missouri has approved applications by more than 360 borrowers and closed on 166 of them.
Lamar Cherry and his wife, Chrishanna, used the program to augment their down payment when they bought their home in Kansas City.
The couple purchased a four-bedroom, three-bath split-level home for $150,000, putting about 6% down. Much of that $9,000 came from the loan program, which they tapped so they wouldn't have to drain their reserves.
"We had money saved up that we were going to use for the down payment," said Cherry. "Now we can use some of that to buy some things we need for the house."
At closing, the Cherrys, like all buyers in the program, signed for their first mortgage, plus a second mortgage issued by the state. The second note is good for 6% of the price of the home, up to $6,750; there is a $350 set-up fee, but no interest is charged if the debt is repaid by June 2010.
In Missouri, borrowers can only access $6,750 of the $8,000 credit for down payments. "We wanted them to have a cushion below that $8,000 in case other tax liabilities show up," said Greg Spurgeon, the single-family homeownership administrator for the Missouri Housing Development Commission.
If borrowers don't pay off the note, it becomes a 10-year fixed-rate mortgage with an interest rate one-half percentage point above that of their first mortgages. For example, borrowers paying 6% on their first mortgages would be charged 6.5% on the second.
So far, Spurgeon said, a significant proportion of participating homebuyers have repaid their loans. He expects most of the others to do the same before the deadline.
Cherry has claimed the federal tax credit on his 2008 taxes, but he hasn't gotten his refund yet. He definitely intends to repay the loan before the 2010 deadline because, he said, not doing so would add about $75 a month to his house payments.
First Published: May 29, 2009: 2:37 PM ET
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