Mortgage Rates Much Lower After Debt Deal

 (Photo credit: Wikipedia)

Mortgage rates fell significantly today, returning in line with the lowest levels seen in recent weeks for some lenders.  Not every lender experienced the improvement in the same way, however, with some still not back to last week's best offerings.  Whatever the case, the average top-tier Conforming30yr fixed rate is back to 4.25% (best-execution). Interestingly enough, the most comparable day for rate sheets is just before the start of the government shutdown. Read full article: Mortgage Rates Much Lower After Debt Deal

                                                               

Government Shutdown Updates - Oct 1, 2013

What does the government shutdown mean for REALTORS®?  Congress has failed to approve a Continuing Resolution (CR) providing funding for most government operations. Therefore, spending authority for most of the government expired at midnight on Sept. 30, 2013. Until legislation providing for funding is signed into law, many offices and programs of the federal government are now shut down. This means many, but not all, government programs, including some that impact federal housing and mortgage programs, have been suspended or slowed due to the lapse in government funding. The Office of Management and Budget (OMB) requires each agency to have contingency plans in place. The information below is based on NAR staff review of agency agency contingency plans for the current shutdown and past experience with previousshutdowns and near-shutdowns.  Download PDF summary.  

Federal Housing Administration HUD’s Contingency Plan states that FHA will endorse new loans in the Single Family Mortgage Loan Program, but it will not make new commitments in the Multi-family Program during the shutdown. FHA will maintain operational activities including paying claims and collecting premiums. Management & Marketing (M&M) Contractors managing the REO portfolio can continue to operate. You can expect some delays with FHA processing.

VA Loan Guaranty Program Lenders will continue to process and guaranty mortgages through the Loan Guaranty program in the event of agovernment shutdown. Expect some delays during theshutdown. 

Flood Insurance
The Federal Emergency Management Agency (FEMA) confirmed that the National Flood Insurance Program (NFIP) will not be impacted by a government shutdown, since NFIP is funded by premiums and not tax dollars. Changes to the flood insurance program scheduled to take effect on Oct. 1 will be implemented as scheduled.

Government Sponsored Enterprises
Fannie Mae and Freddie Mac will continue operating normally, as will their regulator, the Federal Housing Finance Agency, since they are not reliant on appropriated funds.

Treasury
The Making Home Affordable program, including HAMP and HAFA, will not be affected as the program is funded through the Emergency Economic Stabilization Act which is mandatory spending not discretionary.   realtor.org/governmentshutdown

FEMA new flood maps/increase...??? Article below by Matthew L. Brown, Boston Business Journal

In an Oct. 2 letter to Congressional leaders, Coakley demands that Congress delay implementation of the Biggert-Waters Flood Insurance Reform Act of 2012 until the Federal Emergency Management Agency has confirmed the science behind its proposed new flood maps.

Massachusetts’ Congressional delegation signed a letter to Senate and House leadership Sept. 26 asking for an affordability study, a delay in premium increases, a review of the maps to ensure accuracy and an improvement in FEMA’s outreach activities.

“While we support the underlying intent of the legislation,” the Sept. 26 letter reads, “we have grave concerns about its implementation.” It is signed by senators Edward Markeyand Elizabeth Warren, and all eight Massachusetts members of the U.S. House of Representatives (excluding Markey's former 5th District seat, to be filled in a December special election).

In Coakley's letter, she argued FEMA should also be made to do an affordability review related to the new maps. Homes and businesses not previously thought to be in flood-prone areas would be, according to the proposed new FEMA maps.

Coakley and others argue that homeowners and business owners in those areas would be forced to buy expensive flood insurance.

On Tuesday, officials in Chatham, Mass., voted to put off adopting the new FEMA maps, arguing, like Coakley, that they should be peer-reviewed. The new maps reportedly would affect about 1,300 parcels in Chatham. Full Story

REMAX Stock IPO

		Wednesday, October 02, 2013
	News Alert: RE/MAX IPO Surges at Opening Bell The RE/MAX initial public offering, which was priced at $22 per share this morning, surged more than 20 percent within an hour of trading. More than 6.5 million shares traded hands as the stock rose sharply, signaling continuing investor optimism in the recovery of the U.S. housing market. RE/MAX agreed to sell 10,000,000 shares for the public offering. The RE/MAX public offering follows other successful IPOs in the sector, including Realogy, Trulia, and Zillow, as the U.S. housing market continues to rebound. According to RISMedia CEO John Featherston, longtime industry observer and analyst, “The RE/MAX public offering to investors provides a ... Read More >

How's The Shoe Market In Africa?

Many years ago... two British salesmen were sent by a shoe manufacturer to Africa to investigate and report back on the market potential for shoes sales.

The first sales rep reported back, "There is no potential here - nobody wears shoes."

The second rep reported back, "There is massive potential here - nobody wears shoes."

Make sure you're wearing your opportunity glasses.

Same Sex Couples Legally Married Are Now Treated As Married For Federal Tax Purposes - Good News For Property Owners

The IRS says that, if a same-sex couple is legally married, they will be treated as married for all federal tax purposes. The ruling applies regardless of whether the couple lives in a state that recognizes same-sex marriage or a state that does not recognizes it. 
The ruling also has important tax implications for same-sex couples who own real estate. For example, same-sex spouses who own a home and have a mortgage together will be able to claim the home mortgage interest deduction jointly on their joint tax return, like any other married couple. There is no need to split the deduction between them on their individual returns.

California (June 17, 2008) Connecticut (April 16, 2009) Delaware (July 1, 2013) Iowa (April 27, 2009) Maine (Nov. 6, 2012) Maryland (Jan. 1, 2013) Massachusetts (May 17, 2004) Minnesota (Aug. 1, 2013) New Hampshire (Jan. 1, 2010) New York (July 24, 2011) Rhode Island (Aug. 1, 2013) Vermont (Sept. 1, 2009) Washington (Dec. 6, 2012) District of Columbia (March 3, 2010) 

http://www.inman.com/2013/08/30/what-irs-recognition-of-gay-marriage-in-every-state-means-for-real-estate/#sthash.v0ggK4Z6.dpuf

Appeal Your Property Tax Bill

Owning a home is an expensive proposition. There’s 
maintenance, landscaping, utilities, renovations, and
of course, taxes. It’s your civic duty to pay the latter 
but it’s also your right not to yield a penny more than 
your fair share. It’s possible to trim your property tax 
bill by appealing the assessed value of your home. But 
making a case against your real estate assessment, the 
basis for your property tax bill, requires doing a bit of homework. Initial research can be done online or by phone over two or three days but
the process can stretch out for months if you’re forced to file a formal appeal.  
Read your assessment letter.... ~ to read full article:  http://goo.gl/DDPW7

Salem MA New Development to cost $45 million

Great news for Salem! SalemNews.com. Salem is  a destination spot for it's variety of restaurants, quirky unique retail shops, farmers market, historic landmarks, architecture, witches, etc.   
Salem's proposed development project is getting positive reaction. This 5 - 6 story building located at the corner block of Dodge & Washington (see map) has a projected cost of $45 million to build. The mayor is quoted to say about the project: "It will have the benefit of stretching our downtown up to this section of Washington St & create a destination replete with wide sidewalks for al fresco dining and ample new retail space, combined with residential and office units above."

Northeast MA Harvest Calendar

Fresh Vegetables & Fruit in season guide: "Northeast MA Harvest Calendar"  

Happy Valentine's Day. Ice Sculpture Festival - February 16 & 17, 2013

This event has been rescheduled to 2/16 weekend:
 Salem So Sweet Brochure & Lineup. Ice Sculptures & Chocolate!

Building momentum: Start with doing anything...

Building momentum   Whether you're in a slump or in motion with momentum, this is an article to read to get you to continue moving forward or up out of that slump!  Law of motion:

An object at rest will stay at rest and conversely, an object in motion will remain in motion, UNLESS compelled to change by another force. Sir Isaac Newton

What To Get Your Cat For Christmas

by: Daniel Estep, Ph.D. and Suzanne Hetts, Ph.D. www.AnimalBehaviorAssociates.com Copyright ABA, Inc.

Many of us will be thinking about presents to give to our companion cats for the holidays. What makes a good gift for a cat? Certainly anything that improves the quality of your cat’s life would be wonderful gift for her and for you. Consider taking her to your veterinarian for that annual health exam that you have been putting off. She might not think it is very much fun, but the reward for her and you is a longer and healthier life.

Most cats seem to like the stimulation provided by outside views. You can build your cat an outside cage where she can be outside on nice days but secure from getting lost or injured in the neighborhood. An alternative is to build or buy an elevated perch where your cat can sit or lie and look out a window and/or watch the activities of the household. Cats seem to like to rest on elevated places. Placing a bird feeder outside a window can be attractive to your cat. There are also videos of birds and small animals especially made to entertain cats.

Puzzle toys are often attractive to cats. Boxes or tracks with balls that can be moved around are fun for lots of cats. Puzzle balls with food treats inside can also be attractive. Feathers on strings or even strings on the end of sticks can be very entertaining for cats. Toys or scratching posts with catnip are fun for most cats. You can grow catnip for your cat or even grow “kitty greens” for your cat to eat. Think about adding an additional scratching post for your cat to give her another place to scratch.

Toys for cats don’t have to be expensive. Many cats enjoy playing in empty boxes or paper bags. Whatever you buy or make for your cat, think about her safety. No sharp edges, nothing that can be swallowed (unless it is food) and nothing that can fall over. Be especially careful of strings, Christmas tree tinsel and ribbons that cats may try to swallow. They can cause serious problems.

Probably the best gift that we can give our cats is the gift of ourselves. Spending quality time with our cats, playing with them, petting them or just sitting with them will be rewarding for them and for us. Especially during the busy holiday season, spending a little extra time with our cats can enrich all our lives.