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This article was taken from the Houston Business Journal week of 6/12-6/18. The alert was issued in response to the growing number of Web sites that have sprung up selling supposed information to help people get their share of the stimulus pie. Some, like FedMarket.com charge $495.00 for a one-year membership. Others, like GrantOneDay.com ask for personal information and a credit card for the $1.99 fee, then an automatic charge of $94.89 per month after a seven day trail. The U.S. Small Business Administration issued one in response to fake letters printed on SBA letterhead seeking bank information from those who may be eligible for tax rebates. The growing list includes: · Mail outs of fake checks that require a small wire transfer prior to deposit. · E-mails promising a free stimulus check from President Barack Obama in return for the purchase of something like a magazine subscription or the activation of a new credit card. · Bogus Web sites that use offers of stimulus money to release spyware onto personal computers. Suspect mailings related to the American Recovery and Reinvestment Act should be reported to Attorney General Greg Abbott (TX) 1-800-252-8011.
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Houston Realtor June 2009 "The housing industry recovery will be a gradual process, but Houston continues to demonstrate the strength of its home values compared to other comminities around the country where pricing ballooned and then bottomed out" said Vicki Fullerton, HAR chair. At $194,222 the average sales price for single-family homes dropped 5.8 percent from April 2008, when it was $206,239. However, the figure is at its highest level since last September. Sales of foreslocure properties, which typically sell below market prices, continue to taper. In April 2009, foreclosures made up 23.6 percent of all single family home sales in the Houston area compared to 34.0 percent in January, 28.0 percent in February and 24.5 percent in March. The median price of April foreclosure sales reported in the Multiple Listing Service (MLS) tumbled 8.6 percent from $91,000 to $83,153 on a year over year basis.
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The USDA underwrites a loan program for home buyers who want to purchase a home outside of city limits (not all areas qualify) in which a home buyer can obtain a home for no down payment. Closing costs can be rolled into the loan or paid by the seller as long as the property appraises for the total, so it is possible for a homebuyer to purchase a home with very little out of pocket expense. Better still, this loan does not require any mortgage insurance and the interest rates are among the lowest available! To find out if a particular area or home qualifies for this program, contact me at Phyllis@LakeConroeLuxuryLiving.com or call 936-672-6639. Thanks!
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Don't overlook your uninsured losses if Hurricane Ike wreaked havoc on you last year! Your deductible, plus any hurricane damage that was not reimbursed by your insurance company may be able to be claimed on your 2008 tax return. Be sure to ask your CPA about a possible deduction if you purchased a generator due to a power outage as well. Don't forget the charities that you may have given a contribution. If you are self employed you still have time to make a contribution to your SEP account. Be sure to check all these with your CPA first! Good luck!
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The weak die on the vine during times like these. Our business climate is more tense than ever around the world than most of us can remember in our lifetimes. While our weak economy affects the rest of the world and there are so many aspects of our lives that we can not control, about all we can do on an individual basis to press in is to do the very best we can day by day on an individual basis. One little company at a time. One public servant at a time. We each have our own responsibility to help this great country to recover from this recession. We must get back to the most basic of things that we have previously buillt upon to improve our business by getting back to doing all of the things that really matter every day. Improve productivity. Cut expenses. Play it close to the vest. Cut out the busy work and get down to the productive work, you know, those times each day that we all devote to those tasks that just take up time and do virtually nothing to further the needs of our professions and the needs of our clients. Just doing that and using the salvaged time to excell in those areas that we all know we can would make a difference in our service to our clients, and to the results that we achieve on their behalf. This is why myself and Pat Wilson have broken away from the huge Real Estate franchises to form our own boutique style-service oriented company known as Elite Real Estate Professionals. We feel that the time is right to improve what we do, reconsider our business model, and to recommitt to our clients and to our profession. For us this meant that we had to be more in control of those things around us that we previously had no control over. Our office, our business plan, our atmosphere, the way we serve our clients. We have felt for a long time that service is the key to gaining more of the market share for our clients benefit and we are now able to do that with nothing but our imagination and our energy levels to slow us down. When times get tough, the tough get going. So, myself and Pat Wilson have branched out on our own, forming our own small group of professionals, hand picked, to serve our clients. We consist only of seasoned and knowledgeable agents committed to our clients and doing business under the highest level of ethics and morals. Our focus is on best representing the needs of our clients. Pure. Simple. So watch for Elite Real Estate Professionals with Pat Wilson and Phyllis Ridings. You will probably see us coming. We are the small group with the happy clients, lower stress levels and more time to serve!
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When Senate Banking Committee Chair Christopher Dodd (D-Conn.) conducted a hearing last week on the credit crisis, he took aim at banks' intention to use funds from the massive $700 billion federal rescue to shore up their financial position rather than tackle the liquidity problem in the mortgage market that was so core to the government's goal in passing its bill. "It's beyond troubling," said Dodd, "that those lenders who will be receiving billions of dollars from U.S. taxpayers are considering using those dollars not to make loans, but rather to pursue 'some acquisition opportunities' and to create a capital 'cushion' on which they will comfortably sit while the American consumer and small business person struggles." That concern over banks' inward-looking use of the funds is one of the driving forces behind NAR's call for Congress to meet after the national elections in a lame-duck session to reinvigorate housing markets. One of the proposals NAR is touting in a four-point plan that it would like to see incorporated into legislation before the end of the year is a provision to hold banks to the purpose of the rescue by pushing them to use funds for lending. NAR also wants to urge banks to stop dragging their feet on short sales and REO sales. "Qualified buyers must be able to get safe and affordable mortgage loans," NAR President Richard Gaylord said. Since the introduction of its four-point plan, NAR has been in communication with members of Congress and their staff on the details. In addition to the bank provisions, the plan calls for expanding the $7,500 first-time home buyer tax credit to all buyers and eliminating that program's repayment requirement; making permanent the prohibition against banks entering real estate brokerage and management; and making permanent the high-cost conforming loan limit of $729,750, which has been in effect for less than a year. Time is of the essence on the high-cost loan limits because the $729,750 drops to a permanent high-cost limit of $625,500 on Jan. 1. NAR analysts say the $729,750 limit, to be effective, needs more time to work, so making it permanent before its expiration is crucial for stabilizing housing markets in high-cost areas like parts of California and Massachusetts. To help push its four-point plan in Congress, NAR is planning a major communications push at the 2009 REALTORS Conference & Expo in Orlando Nov. 7-10 with a Call for Action to all members of Congress. To help publicize the campaign, NAR will invite REALTORS to sign their names to the exterior of a giant model house on the Expo floor emblazoned with the slogan, "We support the NAR housing stimulus plan." The house symbolizes what the federal government's rescue package is all about: helping homeowners, buyers, and sellers on Main Street. That's something NAR hopes lawmakers, and banks, keep that in mind as hundreds of billions of federal dollars in rescue money goes to banks on Wall Street.
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MONTGOMERY – After more than a year without a clubhouse or any substantive information about its replacement, April Sound residents learned about a timetable for construction of a new facility.
A letter issued by the April Sound Property Owners Association last week stated that final drawings will be completed by mid-November. Construction will begin in February, and the grand opening will take place in October 2009.
On Sept. 21, 2007, a three-alarm blaze destroyed the April Sound clubhouse, originally constructed in the 1970s. Although Dallas-based ClubCorp provided a rendering of a proposed replacement facility in December 2007, residents began voicing concerns about continued delays, a lack of information and no construction progress.
According to the ASPOA letter, the new clubhouse at April Sound will be 19,000 square feet, approximately 20 percent smaller than the previous facility, at a cost of $4.5 million to $5 million. If the schedule released is achieved, the new clubhouse will be completed 25 months after the fire.
“This clubhouse should be quite a showplace…”
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Part 2 - America Funds Newsline How long do bear markets last? We still don’t know how long this bear market will last. A long-term look at the history of the Dow Jones Industrial Average shows that the stock market has come back after bear markets, but investors had to suffer substantial pain. After the 1929 crash, it took investors 16 years to restore their investments if they invested at the market high. In 2000, it took about five years. But after the 1990 crash, it took only eight months. (All examples assume dividends were reinvested.) Since 1900, a bear market has concurred once every 3 ½ years on average and has lasted about 329 days. Words from Phyllis...“Would someone go bear hunting please!!!!!!!!”
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From the American Funds Newsletter: The current bear market is, in large part, a result of the housing bubble, which was fueled by easy to obtain subprime mortgages, lax regulation of mortgage brokers, housing speculation and exotic investments based on the securitization of mortgages. Experts called it “financial innovation gone wrong and it led to a credit crunch, bank losses in the United States and abroad and worldwide credit turmoil. So far, the 2008 bear market most resembles the downturn of 1990, when thousands of savings and loans (S&Ls) failed. The 1990 bear market also had its origins in financial innovation and lax regulation, says Mike Shanahan, veteran American Funds portfolio counselor. In the late 1980’s Congress substantially loosened S&L lending standards and let the S&Ls diversify into riskier and more profitable real estate lending. At the same time, federally backed insurance for S&Ls diversify into riskier and more profitable real estate lending. At the same time, federally backed insurance for S&Ls was raised to $100,000 from $40,000. Not only did this trigger a rush of money into S&Ls, but “it also further encouraged the S&Ls to increase risk taking and invest deposits way beyond their competence,” Mike says. More information on this tomorrow-Phyllis
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Hurricane Ike has wreaked havoc on the blood banks supplies, so this is your chance to help! Walden is hosting it’s 21st Annual Blood Drive to benefit M. D. Anderson Cancer Center, on Saturday, October 21, 2008, at the Walden Yacht Club between 8:00 am and 4:00 pm. Call Caryn Patton at 936-582-4355 for more information. See you there....Phyllis
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If you are a boat owner and have your boat in your slip at your home on Lake Conroe, NOW IS THE TIME TO MOVE IT! Word is that the San Jacinto River Authority will be releasing water in the amount of one foot per week from Lake Conroe until the water level is reached that will allow proper inspection and repair of the dam due to damages from Hurrican Ike. Approximately 1,500 was damaged from the previous repair of 3,000 feet from Hurricane Rita. They are working with engineers to ensure that the dam will be made stronger than ever so that this will not happen again in the future. If you do not remove your boat before the water level gets low, then you will likely not be able to get your boat out of your slip for an undetermined time. After Hurrican Rita, the repairs took less time than expected, however, we were in a sever drought and the rains did not come for apprximately six months after completion.
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The Houston Association of Realtors released this statement recently as part of its monthly Press Release: August 2008 Sales | | Houston Area Housing Market Contracts Further In August | Sales of single-family homes priced below $80K continue to excel while other segments slow | | | HOUSTON — (Sept. 23, 2008) — Property sales across the greater Houston area suffered the biggest year-to-year decline ever in August, according to statistics released by the Houston Association of REALTORS® (HAR). August, which marked the twelfth consecutive monthly drop, saw sales of single-family homes slide 20.1 percent on a year- over-year basis.
However, home values remained the bright spot in the HAR monthly report. The average price of a single-family home rose by 4.3 percent in August to $223,933, the third highest level on record. The median price of a single-family home rose 0.6 percent last month to $160,000, tying the third highest level originally established in June 2007. The median price is where half of the homes sold for more and half sold for less.
Sales of all property types for August 2008 totaled 6,641, reflecting a 20.8 percent drop compared to August 2007. Total dollar volume for properties sold during the month was $1.4 billion versus $1.7 billion one year earlier, a 16.9 percent decline.
“The disappointing sales numbers for August indicate that consumers are taking a conservative approach to the real estate market and may continue to do so until after the presidential election,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “The federal government’s bailout plan for the financial markets, beginning earlier this month with mortgage giants Fannie Mae and Freddie Mac, should help boost consumer confidence. However, the devastating effects of Hurricane Ike have left many throughout the greater Houston area struggling to rebuild their homes and lives, which may well mean a further sales slowdown.”
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Tough times create opportunity for those who have the right timing... Phyllis Ridings
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Banks Compass Bank - waived access fees to its network of ATMs in Houston and other cities in Texas where it figures Houstonians fleeing the storm may need quick cash, said Thomas Graham, executive vice president of communications in Houston . The bank also is allowing its small business and consumer customers to efer their loan payments, such as car and recreational vehicle loans. The deferral is up to 60 days depending on the customer's individual circumstances. Customers who need early access to their certificates of deposit can have them without paying early withdrawal fees, he said. And late payments will be forgiven, he said. Graham stressed — as did other service providers the importance of giving notice that a payment will be late. Waived access fees to its AT Capital One - working with its customers affected by Ike on a case-by-case basis, said spokeswoman Pam Girardo in McLean , Bathe bank has a hardship policy and some examples of what it can do for its customers include waiving late fees, going-over-credit-limit fees and non-sufficient funds fees, she said. Capital One will also consider reducing a customer's minimum payments, deferring payments for a limited time, waiving finance charges and waiving accrued interest. Customers need to call and discuss the options, said Girardo. Capital One also waived the ATM fees for all its customers who use a non-Capital One machine and has suspended all of its collection activity in the area. Comerica has waived ATM fees for customers who use non-Comerica machines and has expedited its process to boost credit card limits, according to spokeswoman Pamela Cathion. The bank is also offering to donate up to $100 to a charity or community relief organization designated by a new customer who opens a bank account > with at least $2,500. Discover makes special payment considerations on a case-by-case basis to cardholders affected by a natural disaster, said spokesman Jon Drummond. Those provisions include, but are not limited to, allowing them to delay payments, and waving minimum payments, late fees and other charges for specific amounts of time depending on a customer's need. American Express spokeswoman Molly Faust said the company will handle each cardholder's situation on an individual basis. If you need help, please call the toll-free number on the back of your card, or visit americanexpress.com and click on 'Hurricane Response: Assistance for our Customers.' Chase is asking its customers facing financial difficulty to contact the bank as soon as possible and it will work with them on an individual basis, according to spokesman Greg Hassell. Telecom companies Cable and Communication Providers T-Mobile is topping off pre-paid cell phones that were running low at no charge to make sure people don't run out of service, and it has suspended collections calls in Houston and Galveston. Sprint is waiving roaming fees, call-forwarding, late fees and overage charges for customers who use more minutes or text messages than they're allowed between Sept. 9 and Oct. 11, said spokeswoman Kristin Wallace. The company is also offering free call-forwarding service and Sprint has suspended collections calls and service disconnections. AT&T has suspended all disconnections and collection activities. The company is providing free local and long-distance calling in all of its retail stores, and is offering free Wi-Fi service to anyone at all area Barnes and Noble locations, said spokesman Dan Feldstein. AT&T will work with customers on their billing on a case-by-case basis. AT&T also offers its customers rollover minutes, allowing them to absorb a month in which their usage is heavier than normal. Verizon Wireless is giving one month of free service in the 409 area code and has suspended collections calls in the Greater Houston area, said spokeswoman Gretchen LeJeune. Verizon which provides landline phone service in several cities around Galveston Bay , has suspended collections calls and disconnections, said spokesman Lee Gierczynski. Comcast has suspended disconnections and collections, said spokesman Ray Purser. Time Warner Cable, which provides cable service for Beaumont and parts of Southeast Texas , has credited customers' accounts back to Sept. 12 and will extend credits until service is restored, said spokesman Gary Underwood. The company also is not disconnecting customers or making collections calls. Insurance Allstate is offering deferred billing options, according to spokeswoman Kristen Beaman. The company will send affected customers a letter, but those who have been relocated can call their agent or 800-547-8676. USAA will waive late fees if customers are a few days behind, according to spokesman Justin Schmitt. The company, which also has a bank and offers financial services, also will offer fixed-rate new vehicle auto loans as low as 5.39 percent for people who lost cars in floodwaters. In addition, it will waive insufficient funds fees on checking and savings accounts. Some breaks on bills being offered
By L. M. Sixel, Brad Hem and David Ellison, Cppyright
2008 Houston Chronicle - Sept. 19,2008, 11:00 AM
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Hurricane Ike struck our area with a fury and left us and most everyone in the Gulf Coast area and beyond without electricity for at least a week. To date, there are still some places that are without power. Good news though, some of our important services are offering some relief to help customers with the recovery process.
Power and Gas Providers:
RELIANT ENERGY- waiving late fees indefinitely, working its customers on flexible payment terms and extensions of due date. They have also suspended its credit and collections and has stopped disconnecting customers for non-payment. Just call and ask for payment options if you need help.
GREEN MOUNTAIN- extending its deferred payment plans, and waiving late fees for customers who call in and let them know that they have been affected by Ike.
CenterPoint Energy- Ike victims will not receive late notices and late fees will be waived, security deposits will balso be waived for customers displaced Ike as well.
Banks:
COMPASS BANK- Waives fees to its network of ATMs in Houston and other cities that may have been sanctuaries for those fleeing from Ike. Some loan payments can be deferred for up to sixty days, call your bank for details. CDs can be cashed in without penalty for early withdrawal, and late payments are being "forgiven". More tomorrow...
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The developer of Bentwater just keeps on doing it...As proof that Bentwater is the most exclusive community on Lake Conroe they have announced that $2,000,000 of improvements are in the works for 2008 to provide the following:
50 new boat slips to keep up with increasing demand
Major repairs to the breakwater around the marina
Replacement of the bulkhead around the Yacht Club
Addition of a new Wedding Garden on the N side of the Yacht Club
Upgrading of the irrigation system for the entire Weiskopf golf course
Bentwater has also donated land for the addition of a second entry point into the West side of Bentwater to ease the traffic at peak times, donated land for the construction of North Shore Church, and in the spirit of giving has donated another $15,000 to the United Way of Montgomery County. Way to go Bentwater, keep up the good work!
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