Registration is now open for the 2009 Gazelle Foundation Run for the Water presented by Keller Williams Realty. Rapidly becoming the premier fall running event for Central Texas, Run for the Water’s offers everyone from kids to casual joggers to competitive runners a great event that supports a great cause. Retaining last year’s popular downtown and west Austin venue, events include a 5K run, 10-mile race and a Kid’s K. Details for the race and race registration are at www.runforthewater.com .
By simply entering the race, every runner, regardless of their level, basically enables a lifetime of clean water for one other person in Burundi.
The founder of the Gazelle Foundation is Gilbert Tuhabonye. You can read more about him and his surviving genocide "This Voice in My Heart".
Tuesday, September 29, 2009
Monday, September 28, 2009
FICO 08 - New Credit Score Model
The credit scoring system is being tweaked again as Fair Isaac Corporation, developer of the FICO credit score rolls out a new model dubbed FICO 08.
The three major credit bureaus announced credit score packages of their own, probably having seen the success FICO was having in charging consumers for information on their credit scores. FICO, however, remains the product used by most lenders not only to grant credit but to set interest rates and other loan terms. FICO scores are also factored into credit decisions by insurance underwriters, cell phone, and utility companies and are sometimes used by employers to evaluate prospective employees.
FICO predicts that the new scoring system will help lenders reduce default rates on consumer loans between 5 and 15%. FICO 08 will supposedly go easier on consumers who make the occasional slip while coming down harder on those with multiple offenses. For example, it will give a slightly higher score than previously to a borrower who is late on one obligation but current on multiple other accounts. Those with several delinquent accounts could find their credit score has dropped.
To read more: http://tiny.cc/doCy2
The three major credit bureaus announced credit score packages of their own, probably having seen the success FICO was having in charging consumers for information on their credit scores. FICO, however, remains the product used by most lenders not only to grant credit but to set interest rates and other loan terms. FICO scores are also factored into credit decisions by insurance underwriters, cell phone, and utility companies and are sometimes used by employers to evaluate prospective employees.
FICO predicts that the new scoring system will help lenders reduce default rates on consumer loans between 5 and 15%. FICO 08 will supposedly go easier on consumers who make the occasional slip while coming down harder on those with multiple offenses. For example, it will give a slightly higher score than previously to a borrower who is late on one obligation but current on multiple other accounts. Those with several delinquent accounts could find their credit score has dropped.
To read more: http://tiny.cc/doCy2
Sunday, September 27, 2009
This Month In Real Estate: August 2009
Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to help combat the "doom and gloom" messages of the national print and television media with real information on real estate.
If you have any questions about the Austin real estate market, please contact me.
If you have any questions about the Austin real estate market, please contact me.
Saturday, September 26, 2009
Investing in Real Estate
It could be a good time to invest in real estate, given the abundance of foreclosures and other distressed properties with reduced prices. It could also be a bad time to invest in real estate, if you don't know what you are doing.
There's the rub.
It's a good time to invest, but it is difficult. Now when you go out to invest you are competing with a dozen offers. The investors are back. Just like buying a home to live in, taking the real estate investment plunge requires taking stock of your financial goals, planning and lifestyle before taking the plunge.
Pretty much like buying any property. If you've got the time, the money and the lifestyle that lends itself to managing a real estate investment, you are just about half way there.
There's the rub.
It's a good time to invest, but it is difficult. Now when you go out to invest you are competing with a dozen offers. The investors are back. Just like buying a home to live in, taking the real estate investment plunge requires taking stock of your financial goals, planning and lifestyle before taking the plunge.
Pretty much like buying any property. If you've got the time, the money and the lifestyle that lends itself to managing a real estate investment, you are just about half way there.
Friday, September 18, 2009
Pending Homes Sales on Record Roll
Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.
Lawrence Yun, NAR chief economist, stated “other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,”
NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.
Lawrence Yun, NAR chief economist, stated “other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,”
NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.
Wednesday, September 16, 2009
Mortgage Credit Certificate Program (MCC)
How can your borrower...
1. Qualify for an additional $166 a month maximum?
2. Receive an additional $2,000 tax credit at the end of the year?
3. Pay a rate of 6% and it feel more like 4%?
4. Earn more income per month with a 1st time buyer program?
5. Receive an extra tax benefit for every year they own a home?
6. Reduce their monthly mortgage payment by $166 a month?
7. Buy a house for $0 out of pocket and still receive a Tax Credit?
8. Save at least $25,000 in interest over the life of their mortgage?
....with the MCC Program.
A Mortgage Credit Certificate Program (MCC) allows the homebuyer to claim a tax credit for some portion of their mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability. The program is open to those individuals and families who:
• Meet income and home purchase requirements.
• Have not owned a home as a primary residence in the past 3 years.
• Meet the qualifying requirements of the mortgage loan.
• Will use the home as heir principal/primary residence.
1. Qualify for an additional $166 a month maximum?
2. Receive an additional $2,000 tax credit at the end of the year?
3. Pay a rate of 6% and it feel more like 4%?
4. Earn more income per month with a 1st time buyer program?
5. Receive an extra tax benefit for every year they own a home?
6. Reduce their monthly mortgage payment by $166 a month?
7. Buy a house for $0 out of pocket and still receive a Tax Credit?
8. Save at least $25,000 in interest over the life of their mortgage?
....with the MCC Program.
A Mortgage Credit Certificate Program (MCC) allows the homebuyer to claim a tax credit for some portion of their mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability. The program is open to those individuals and families who:
• Meet income and home purchase requirements.
• Have not owned a home as a primary residence in the past 3 years.
• Meet the qualifying requirements of the mortgage loan.
• Will use the home as heir principal/primary residence.
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