Fannie Mae Scraps Declining Markets Policy

Here’s an article I just ran accross.  This is great news for anyone buying Real Estate!!

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Fannie Mae will no longer require borrowers to put up an extra 5 percent down payment when purchasing homes in areas deemed “declining markets,” the country’s largest secondary mortgage market company said Friday.

Fannie Mae had been hearing concerns from REALTORS® and others for months that its declining-markets policy was bad for the housing market because it discouraged consumers from buying homes in markets hardest-hit by foreclosures.

“It stigmatized communities with lower sales and prices,” said Dick Gaylord, president of the NATIONAL ASSOCIATION OF REALTORS®.

NAR met several times this spring with Fannie Mae officials and sent letters reflecting members’ unease with the policy. “We heard the concerns of NAR and we reviewed and determined that changes in our policy were needed,” Gwen MuseEvans, Fannie Mae vice president for credit policy and controls, said in a statement Friday.

Fannie Mae’s announcement comes as more than 8,000 REALTORS® are gathered in Washington, D.C., where Fannie Mae is headquartered, for NAR’s 2008 Midyear Legislative Meetings & Trade Expo.

Under the policy change, borrowers can get loans up to 95 percent loan-to-value, even in markets in which prices have been falling. Prior to the change, borrowers could only get loans up to 90 percent to give lenders a 5-percentage-point cushion to protect against possible price declines in the future.

“This new down payment policy reinforces our goal to support successful home-owning,” says Marianne Sullivan, Fannie Mae’s senior vice president of credit policy and risk management for single-family homes.

The new policy takes effect June 1.

— By Robert Freedman for REALTOR® magazine online

 

A Puppy Party Is A Dog-Gone Good Idea!

 

 

I saw this article in the local newspaper and thought it was an adorable idea! It’s even Lola Approved! Check it out!

http://theinglesideindex.com/articles/2008/05/15/food/food4421.txt

 

–Lisa

 

In Business, Be A Grown Up

We have all seen it….the “office gossip”…the “pot stirrer”….the “troublemaker”. In many business environments there are those folks who just won’t grow up. They insist on behaving like they are still on the Junior High playground…….talking behind peoples backs……starting false rumors…..starting trouble then calling others to watch the results. Frankly, I just don’t understand it.

It’s just bad business to associate or be associated with this type of person….you know who I am talking about…..the “drama queen”! (or king!) The funny thing is, if they would direct this tremendous amount of energy they waste getting all worked up and trying to drag everyone else with them, they would be so much more successful!

But maybe that is why they can’t stop being the “drama queen” or the “troublemaker”.  Did you ever notice, the ones guilty of this kind of behavior are usually the ones with too much time on their hands? If one is really successful in business and is doing well and making money, they don’t have TIME for petty, juvenile behavior! It’s the unfortunate product of having nothing better to do…..

–Lisa

 

Ingleside/Aransas Pass Relay For Life!

Relay For Life is almost here! That’s right, tomorrow night is our local Relay For Life! If you would like to learn more about this community event or better yet, DONATE to the American Cancer Society, visit the link!

http://main.acsevents.org/site/TR?pg=entry&fr_id=6473

 

Declining Housing Markets?

Lisa and I have talked for some time about the housing market here on the Texas Gulf Coast.  Despite what you here from the media, our market has not really declined.  I just read an article on Yahoo that was written by CNNMoney.com.  The article says: 

Pity the residents of Stockton, Calif., whose homes are likely to lose more than half of their 2006 value. But if you happen to live in Texas — or any of the other cities below — congratulations: The housing tornado passed you by.

If you’d like to read the entire article, click here.

- Paul

 

Pricing your home for sale

I read a post this morning that really addresses this issue.  Take a moment to read it here.

I’m not sure I could say this much better.

 - Paul

 

Cole Slaw

I found this recipe for cole slaw and it was a nice accompaniment to the Rosemary Pork Chops we grilled the other night. It is EASY EASY and tastes great!

1 head of cabbage (shredded), 2 carrots (shredded), 1/4 medium red onion (optional, chopped) , 1 C mayo, 1/2 C sugar, 1/4 C apple cider vinegar, celery seed to taste

Mix shredded cabbage, carrots and red onion in a large bowl. In a small bowl, mix mayo, sugar and vinegar. Pour sauce over cabbage mixture and mix thoroughly. Sprinkle with celery seed as desired. Mix will seem dry but do not add additional mayo….TRUST!  Refrigerate for a few hours , mix and enjoy!

–Lisa

 

Ingleside Chamber of Commerce Luncheon

Wednesday May 14th at the Humble Youth Center at Noon. Lunch will be catered by Mac’s Barbeque (Yum!) and the topic will be on Hurricane Preparedness and we all need that! Call Sandi or Jan at the Chamber (361-776-2906    )  to reserve your spot for this important and informative luncheon! Hope to see you there!

–Lisa

 

Who Is Most Likely To Buy A Foreclosure

Interest in buying a foreclosure is rapidly rising! Who are buying these types of properties? Check out the article from Realtor Magazine:

http://www.realtor.org/RMODaily.nsf/pages/News2008050806?OpenDocument

–Lisa

 

Grilled Rosemary Porkchops

I found this incredibly easy recipe at allrecipes.com and used it tonight. They were delicious and incredibly tender! Best of all, it is a simple recipe with ingredients I already had in the house! Paul said the flavor reminded him of Hawaii. Give it a try!

3 T. brown sugar, 1/4 C water, 1/2 C soy sauce, 1 T dried or fresh Rosemary (chopped)

Place all ingrediends in a large zip top bag and marinate porkchops in the refrigerator for a minimum of 3 hours. Grill or broil as desired.

Enjoy!

–Lisa