Realty Jen's Rendition

You can be as smart as this car….Read this months Housing Trends Newsletter!!

FEBRUARY-2011 Newsletter Housing Trends eNewsletter

 
Please click here to view my FEBRUARY-2011 Newsletter

If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

 

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.

WOW!! Habitat for Humanity: 400,000 Homes Built or Repaired Since 1976

RISMEDIA, December 14, 2010—Habitat for Humanity surpassed its 400,000 house milestone during its most recent fiscal year. Since the nonprofit organization was founded in 1976, its self-help, hand-up model has resulted in rehabbed, repaired or new housing for more than 2 million people worldwide.

"Over the last 34 years, Habitat for Humanity has steadily increased its scale and scope to help more families in need of decent, affordable housing," said Jonathan Reckford, CEO of Habitat for Humanity International. "In 2005 we celebrated our 200,000th house. Now, five years later, we have more than doubled that number thanks to the generous support of our volunteers and sponsors. It is a significant milestone and very encouraging, but we realize there is still much more work to be done."

In fiscal year 2010, Habitat for Humanity served a record 74,960 families worldwide through a combination of new construction, rehabilitation and repairs. Habitat also helped an additional 6,355 families establish legal rights to a house or land, and provided more than 46,964 individuals with technical assistance ranging from legal help to construction advice or training.

"Throughout our history we have seen time and again that an affordable, safe and decent home is the gateway to better health, greater family stability and improved educational opportunities in every country where we work," said Reckford. "We are pleased that even in this difficult economy, Habitat for Humanity has been able to help an unprecedented number of families around the world have a better place to live. We are seeing great results from focusing not only on building individual houses, but also on repairing and rehabbing homes and creating partnerships that emphasize total community development."

Habitat for Humanity celebrated its 300,000th home in 2008, its 200,000th home in 2005 and the 100,000th home in 2000.

By 2013, Habitat for Humanity hopes to assist 100,000 families annually with new or improved housing. 

Congratulations to Me!

 

We have a new family member!!  Baby Corbin has arrived….finally!  While I loved being pregnant, I hated being sick…unfortunately “sick, sick, sick” was a huge part of my pregnancy.  But the sickness has passed and sleep deprivation has set in along with sweet coo’s and gobs of gooey love. 

It’s been a wonderful summer!  Corbin arrived July 18th; I’ll be back to work after labor day.  In the meantime, Melissa Fryar, a Keller Williams colleague has graciously been handling my calls and appointments.  My Real Estate business is continuing to thrive!  4 homes have closed in the past 5 weeks and we’ve taken 3 new listings in the past 2 weeks and have several clients waiting for my return…thank goodness! 

Living life passionately and doing what I love is absolutely amazing!!  And now with 3 boys to love on, my husband, my 10 year old and my 5 week old, it’s just getting better and better.  I’m so thankful for my blessings!

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Finally…Congress passes extension to Flood Insurance Program and Tax Credit Deadline

Last night, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

I am happy to report that Congress has ALSO passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. 

The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government_Affairs.
Nearly 83,000 REALTORS® responded to our latest Call for Action, sending more than 250,000 letters to Congress asking them to extend the National Flood Insurance Program.  

Open Saturday’s in May! Timbercraft Homes

3 Beds + Study + Upgrades = GORGEOUS!!!

House Committee Considers Bill to Strengthen FHA

 

House Committee Considers Bill to Strengthen FHA

Now that the majority of buyers below the 270K price tag are utilizing the FHA Loan, HUD has made several revisions to keep the program strong and to allow its continuance.  Some revisions that have already passed include changes to buyer qualifications and underwriting practices.  HUD has also tightened up on appraisers requiring stricter appraisal practices in the data they use to make home valuations.  Severe disciplinary practices have caused many appraisers who may be unfamiliar with an area lean more conservatively towards the home values they provide to sellers & buyers.

In October, HUD released an audit that showed their capital reserves had fallen below the Congressionally-mandated level of 2%. In response, FHA announced a number of changes to the program to strengthen its financial position.

The House Financial Services Committee began consideration of H.R. 5072, the "FHA Reform Act of 2010." This bill will complete several changes FHA needs to insure the solvency of the mutual insurance fund.  This bill includes authority for FHA to increase the annual premium. To date, FHA has increased the up-front premium, because they lacked authority to increase the annual.  This change was made effective April 5th.  Initially the up-front fee was 1.75% of the loan (which can then be financed into the loan) the increase has brought it to 2.25%.  Currently the annual fee that is charged is .55% of the loan. 

Once this new law has passed, FHA plans to reduce the up-front premium and raise the annual instead. In addition, the bill includes a number of lender enforcement provisions.

The National Association of Realtors - NAR is supporting this legislation, and opposing a series of amendments by Rep. Garrett (R-NJ) that would increase the down payment requirement.  NAR is working with a coalition of housing, community and consumer groups to fight any increase in the down payment.

The Committee is expected to complete its work on the bill early this week.

Huge 3 Bedroom Home Yukon, OK - Great Condition!

Brand New Home – Yukon Oklahoma

Renting in Oklahoma - Scary Scenarios

There are many unfortunate scenarios that can happen to anyone who is a renter.  Knowing about these scenarios can greatly improve your chances of NOT ruining your credit or your rental history.  I think one of the most common catastrophes can result from signing a lease with a roommate.  While roommates are fantastic (I’ve a had a few myself) there are some issues that can arise that are much worse than bad bathroom habits. 

 

  Scary Roommate Scenarios

 

The Rebel Roommate: Your roommate has a party with out your knowledge.  He calls it hanging out with a few people after work at 1 am on a Tuesday.  Your neighbor calls security to voice their complaint.  Are you at fault? Yes, you’re responsible.  Not only are you responsible for the noise and any damages but there is also the chance your landlord could give you notice to move if it is a reoccurring problem.  Every tenant has the right to peaceful enjoyment of their home. 

Keep in mind some people live in tombs where you can hear the clock ticking.  I once had two neighbors feuding over television noise…one was a tomb dweller and the other enjoyed WWF every evening.  <sigh> Sometimes it’s difficult to discern peaceful enjoyment…just part of the joy of living with lot’s of neighbors.

The I Don’t Have My Share of the Rent Roommate: What happens when your roommate can’t cough up their part of the rent?  Many leases require that anyone over the age of 18 sign the lease.  When all parties sign the lease it normally means that you are jointly responsible (Like Marriage) unless there is a specific clause that states otherwise (many college towns may have specific leasing programs designed just for this). 

Under normal circumstances, just because you paid your half doesn’t get you off the hook for the other half, the notice to pay rent or quit (eviction notice) will be made out in all names.  This includes co-signers. 

The I'm Moving Out before the Lease Expires Roommate: So your roommate is in love and can’t wait to move in with her honey.  Leaving you high and dry…unless you decide to release your roommate from the contract.  Your landlord will also have to agree to the release and normally it will be contingent upon you qualifying to pay the full rent on your own.  If your landlord won’t allow it, or perhaps you want to hold your roommate to the deal you have full rights to do so.  However, if your roommate doesn’t pay their share each month after moving, you’ll have to come up with it on your own or face eviction proceedings.  The upside is that by keeping all of your documentation including rental receipts you will have a very good case in civil court to sue for the monies owed.

TO BE CONTINUED:   

  There are a ton of other SCARY SCENARIOS when signing a Lease is involved.  If you have any questions

or Scenarios you’d like to add I’d love to hear from you!  Leave a comment or shoot me an email at Jen@RealtyJen.com