March 2009

It's Bunny Season!

We were recently out in the backyard admiring the trees as they bloomed and sprouted their spring foliage The dog was over in a corner of the lot near some landscaping digging like there was no tomorrow. When we walked over there, we discovered a nest of six newborn baby bunnies. Seeing rabbits in Ridgeview Ranch is very common and we even have a coyote that appears from time-to-time, but we've never seen newborn bunnies.

The mother was nowhere to be found but a quick Google search revealed that she would only visit once per night to feed her litter so she did not call attention to her nest. Several days later, we went back and the litter was gone. The photo above and the empty shallow area near the base of the shrub are the only evidence that they were there.

Source: Gina and Tom Branch

Mortgage Rates at 52-Year Low

The average 30-year fixed mortgage rate dips to 5.19%, according to a report from Bankrate.com, the lowest rate since 1956.

NEW YORK (CNNMoney.com) -- Home mortgage rates dropped to a 52-year low this week, according to a report released Thursday, in the wake of the government's announcement that it will buy more than $1 trillion in debt.

The average 30-year fixed mortgage rate fell to 5.19% this week, down from 5.29% in the week prior, according to Bankrate.com's weekly national survey.

The previous low was 5.28%, hit this January and in June 2003; the last time rates dipped lower than 5.19% was in 1956, according to Bankrate.com.

Read the entire article here.

Source: Catherine Clifford, CNNMoney.com Staff Writer

Final K Hovnanian Home in Highland Meadows - Priced to Sell!

The final K Hovnanian new home remaining for sale in the Highland Meadows subdivision, Seagoville is priced for a quick sale. In the Mesquite ISD, this large 3 bedroom 2 bath home with separate dining room and a large game room up is on a large home site and is loaded with extras. Reduced from $184,900 to $144,900 and K Hovnanian will pay $6,000 towards closing cost if closed before May 1, 2009.

Please call or email us for details on builder incentives. Visit www.newhomesnorthdallas.com to see more great deals on new homes!

Source: K Hovnanian Homes

Existing Home Sales Up 5.1% in February

The number of existing homes sold in February unexpectedly rose last month, an industry trade organization said Monday, as distressed home sales continued to remain the dominant force in the nation?s impaired housing market.

According to the National Association of Realtors, the number of homes sold rose 5.1% to a seasonally-adjusted rate of 4.72 million units in February up from 4.49 million annualized units.

The jump in sales was much better than what economists had predicted, who were expecting existing home sales to fall to 4.45 million units. The data helped boost stocks broadly, pushing the Dow Jones Industrial Average up nearly 300 points.

While the increased sale of homes is a welcome sign to Wall Street -- as many believe that the housing will eventually lead the nation?s economy out of this recession -- the bulk of February?s sales were distressed purchases. The average price for a home sold was $165,400, down 15.5% from a year ago.

?Because entry level buyers are shopping for bargains, distressed sales accounted for 40% to 45% of the transactions in February,? said NAR?s chief economist Lawrence Yun in a statement.

As it has been for the past couple months, existing home sales were stronger in the West than the rest of the nation -- primarily in the struggling housing market of California. Existing home sales in the region were up 2.6% from a month ago to 1.2 million annualized units, and are up 30.4% from a year ago.

In the Northeast, sales rose 15.6% to an annualized rate of 740,000 units and are down 14.9% from a year ago. In the Midwest, sales were basically flat -- up 1% -- to 1.04 million units.

In the struggling Southern market, existing home sales rose 6.1% to an annualized rate of 1.74 million units, according to the trade organization.

Source: FOX Business News

Special Alert - Federal Reserve Surprises Financial Markets

Here we go again, with the talking heads on financial news misinterpreting the impact of the Fed's actions on home loan rates.

Here's the scoop. What the Fed just announced is huge ? they have committed to buy another $750B in Mortgage Backed Securities, and $300B in Treasuries.

But what does this mean and why do you care?

Their actions provide a demand for Mortgage Backed Securities, which should help keep a ceiling on home loan rates from moving much higher in the foreseeable future. That's good news, for homebuyers who are seeing the bargains out there and understanding that now is the time to act. Good news for those who are ready to refinance too.

But an important distinction ? this does not mean rates may move significantly lower. Depending on exactly which coupons the Fed purchases when they go shopping for Mortgage Backed Securities, their actions may keep a lid on rates, but not push them very much lower. And based on what they've been buying since the beginning of this year, when they started their purchasing program ? that is exactly how it has played out.

Present home loan rates are within inches of historic lows. What is keeping you on the sidelines from acting now to refinance and get some dollars back into your own pocket, where they belong ? or moving forward to buy the home of your dreams, while it is still on sale?

Why Foundations Fail

Soil: The Root Of It All

First, let's look at the basics of a foundation. The weight of a home is is supported by foundations set on soil. The home's foundation in turn distributes the building's weight on the soil.

Read the entire article here.

Source: MBR Foundation Repair

Tom and Gina Branch on CBS "Hot-On! Homes" Show

Tom and Gina Branch will appear on the "Hot-On! Homes" Show airing Sunday, March 15th at 10am on CBS. The featured neighborhood is Winding Creek Estates and the builder is K Hovnanian Homes. This community is located at Custer Road and Eldorado Parkway in Frisco where it borders McKinney. Click here or on the screenshot above to watch a clip from the show.

2009 is a great year to purchase a home with interest rates at 40-year lows and an $8,000 tax credit from the government!

Source: Wendi Leigh, K Hovnanian Homes

Maytag Recalls Refrigerators

The U.S. Consumer Product Safety Commission, in cooperation with the firm named below, today announced a voluntary recall of the following consumer product. Name of product: Maytag®, Jenn-Air®, Amana®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand refrigerators.

Hazard: An electrical failure in the relay, the component that turns on the refrigerator's compressor, can cause overheating and pose a serious fire hazard. Description: The recall includes certain Maytag®, Jenn-Air®, Amana®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand side by side and top freezer refrigerators. The affected refrigerators were manufactured in black, bisque, white and stainless steel.

Sold at: Department and appliance stores and by homebuilders nationwide from January 2001 through January 2004.

For more information including model and serial numbers, click here.

Source: Fidelity National Title

Ask George and Chuck - Leases

Dear George: I'm renting a townhouse and my lease is up. If I sign another 12-month lease and get laid off, will breaking the lease ruin my credit or ability to lease in the future? I thought of renting month-to-month, but it would be cost prohibitive.

Answer: The written lease contract states what occurs in the event of a tenant default. Read the renewal contract. Ask the landlord or rental agent what would happen if you got laid off. Would they make any reductions in your rent until you could gain employment? If you get laid off, would you receive any unemployment or severance pay from your employer? Are you eligible to receive unemployment compensation? Check with your employer's human resources department.

The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.

Source: Texas Association of REALTORs®

Grant Companies Exploit Confusion over Stimulus Bill to Rip Off Consumers, Warns BBB

Better Business Bureau is warning the public to be extremely wary of companies that offer "free" advice on how to get government grants. Dozens of Web sites claim that, because of the recently passed stimulus package and other actions taken by President Obama, consumers can easily get government grants to pay bills or get out of debt. Contrary to such claims, the federal government does not award grants to help consumers pay general debt and complaints to BBB show that people who sought free advice were ultimately charged as much as $69.95 every month on their credit or debit card.

Read the entire article here.

Souce: Dallas Better Business Bureau

January Home Sales Follow Expected Seasonal Decline

January projected sales in Collin County and surrounding areas were 26 percent lower than the same time last year, reports the Collin County Association of Realtors (CCAR). While January marked the lowest number of sales for a single month in several years, new listings and homes under contract were up sharply from December.

"January is typically the slowest month of the year for real estate sales, and this year is no exception," says Steve Haid, CCAR member services director.

The CCAR Pulse, which delves into the real estate markets of 36 local communities, reports that the average time a house was on the market in January was 110 days, compared to 112 days in January 2008. In addition, the median sales price of a home in January was $156,200, which was down substantially from the same time last year: $170,000.

To read the entire article, click here.

Source: Collin County Association of REALTORS®