October 2009

Halloween 2009

Happy Halloween! Many of our neighbors in Ridgeview Ranch go all out. This year was no exception with many homes completely decked out for the occassion. It's always nice to see everybody out having a good time and enjoying the cool evening air.

Source: Tom Branch

Homebuyer Credit Gets New Life

Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)

Plano Balloon Festival Celebrates 30 Years

Gina and I recently worked the RE/MAX of Texas booth at the Plano Balloon Festival. RE/MAX of Texas was taking and printing photographs like the one above raising money for Children's Miracle Network. By selling RE/MAX blinky pins and balloon booth photos, we were able to raise a total of $4,281 for Children?s Miracle Network. We also had our first ever $100 donation from an attendee at the RE/MAX photo booth. It was a moment of amazing generosity.

We look forward to next year's event!

Source: Tom Branch

Tax Credit Extension Considered in Senate

Senate Majority Leader Harry Reid, a Nevada Democrat, is supporting a four-month extension of the home buyer tax credit.

Two other proposals in the Senate would, respectively, extend the credit through June and, most generously, increase the deduction to $15,000 and open it up to all home buyers and those with higher incomes.

One or more of these proposals is likely to come up for a vote in the next week attached to a measure that would extend unemployment benefits for 20 weeks.

Source: The Wall Street Journal, Corey Boles (10/23/2009)

Tips To Save On Your Electric Bill

- Insulation: There should be a minimum of 7" of fiber glass, rock wool or cellulose. Helps keep in heat in the winter and keeps you cooler in the summer, too. (the #1 biggest loss of electricity in a home)

- Programmable Thermostats: They adjust to your schedule.

- Ducts: If they leak, you will be keeping your attic warm instead of your house.

- Fireplace: Close the flue when not in use so the heat doesn?t go up the chimney.

- Replace Door Thresholds: Check the bottom of exterior doors- if there is light, you?re losing warm air.

- Insulate Electrical Outlets: Hold your hand in front of an outlet on an outside wall to feel for a draft. Buy an inexpensive kit to fix.

Source: Nations Home Warranty - Sharon Harrison

IRS Urges Stronger Controls on Tax Credit

If Congress decides to extend and expand the first-time home buyer credit, the Internal Revenue Service wants stronger regulation that would force anyone who claims the credit to actually prove they closed on the property.

Linda Stiff, deputy commissioner of the Internal Revenue Service, told the House Ways and Means Oversight Subcommittee on Thursday that the IRS would support requiring anyone claiming the credit to file a copy of a settlement statement from the U.S. Department of Housing and Urban Development, known as the HUD-1 form, with their tax return.

IRS auditors testified that the agency believes it paid thousands of fraudulent tax credit claims, totaling at least $139 million since the first of the year.

Source: The Wall Street Journal, Martin Vaughan (10/22/2009)

The Branch Team Wins Third Quarter Award

The Branch Team was named the Number 2 Listing Team with RE/MAX Dallas Suburbs for the third quarter of 2009. This is the third consecutive quarter that the team has been recognized as one of the top producing real estate teams having placed Number 1 in the first quarter and Number 2 in the second quarter.

RE/MAX Dallas Suburbs has been recognized by Dallas RE/MAX Council as the top-producing office in the greater Dallas area for the first and second quarters of 2009.

Source: RE/MAX Dallas Suburbs

New Service Keeps An Eye On Your Property

County Clerk Stacey Kemp has posted a new ? and free ? online service that will let you know when anyone attempts to change your property?s documents on file in Collin County. Property Fraud Alert will notify you of any changes made to your personal or business property.

This notification system is set up to help thwart people filing a fraudulent land records with the County Clerk, making it look like they own your home or business property.

Click here to read the entire story.

Source: Collin County Texas Website

What's a Guaranty Fee?

You may have noticed an unfamiliar fee on closing statements: The guaranty fee. It's not new-the fee's been around since 1975-but it was recently raised to $5. The fee, which is regulated by the Texas Title Guaranty Association, is used to pay claims resulting from shortages in the trust funds or escrow accounts of an insolvent title agency, certain expenses of receivers or conservators, and the expenses of Texas Department of Insurance's title examiners.

To learn more about the guaranty fee and the Texas Title Insurance Guaranty Association, please click here.

Source: Texas REALTOR® Focus

NAR Shows Pending Home Sales Up

FOR IMMEDIATE RELEASE

DFW, Texas ? October 4, 2009 For the seventh month in a row pending home sales have risen, according to data released this week by the National Association of REALTORS®. This represents the longest positive streak since the index started in 2001 and the highest level since March 2007. NAR?s Pending Home Sales Index is a forward looking indicator based on sales contracts signed in August.

Usually, a higher Pending Home Sales index indicates better sales in the coming months, but NAR Chief Economist Lawrence Yun is cautious about the current outlook. ?The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules.? Responding to the continued large presence of distressed properties in the market place, realtors are educating themselves by earning, including the Certified Distressed Properties Expert designation (CDPE).

?While we don?t expect the housing market to completely right itself over night, these are encouraging signs that will bolster consumer confidence,? says RE/MAX Dallas Suburbs Broker Associate, Tom Branch. ?Short sales and foreclosures will not disappear over night. They?ll be part of our market for the next couple of years. But as we prepare for recovery, it?s more critical than ever for real estate professionals to prepare themselves so that they are ready to take on the demands of the market.?

Click here to download the Media Release in PDF format.

Source: Tom Branch, CDPE - The Branch Team, RE/MAX Dallas Suburbs

Which Cities Will See Biggest Rebound?

Which cities are likely to be the hottest post-economic downturn destinations for young, brilliant, and highly mobile workers?

The Wall Street Journal surveyed six trend-spotting experts and they chose cities based on economic diversity, lifestyle and their own personal prejudices.

Here?s the top-10 list:
1. Washington, D.C. (tie)
1. Seattle
2. New York
3. Portland, Ore.
4. Austin, Texas
5. San Jose, Calif.
6. Denver
7. Durham, N.C.
8. Dallas
9. Chicago
10. Boston

Source: The Wall Street Journal, Sue Shellenbarger (09/30/2009)

One-Third of Home Mortgage Applicants Denied

Nearly one third of people who applied for a mortgage last year were denied, the Federal Reserve reported Wednesday.

The denial rate was up 29 percent from 2006 when approvals were highest. Last year?s denial rate was twice as high for African-Americans and Hispanics as it was for whites.

FHA insured more than 50 percent of all loans to African-Americans and 45 percent to Hispanics. Nearly 17 percent of African-Americans and 15 percent of Hispanics got high-priced loans, compared to 7 percent of whites.

The Mortgage Bankers Association said lenders weren?t discriminating by race, but making decisions base on credit score and the size of the down payments.

The data, collected from nearly 8,400 lenders, is required under the Home Mortgage Disclosure Act of 1975.

Source: The Associated Press, Alan Zibel (09/30/2009)