Tuesday, May 31, 2011
FREE BREAKFAST FOR ALL DISD STUDENTS
Dallas ISD was selected to share a $3 million Walmart Foundation Grant to fund the Breakfast in the Classroom program. This program provides free breakfasts to all students in their classrooms while they start on their daily lessons. Several DISD schools participated in this program this year and for the 2011-2012 school year it will be expanded to all schools.
Friday, May 27, 2011
Mortgage Rates Hit New 2011 Low
Rates on fixed-rate mortgages dropped slightly this week, hitting new lows for the year, according to Freddie Mac which just released the results of its latest Primary Mortgage Market Survey.
Although lower rates often trigger applications for refinancing, loan demand from buyers who wish to purchase has also picked up and was slightly stronger a year ago, according to a separate survey by the Mortgage Bankers Association.
Freddie Mac's survey showed rates on 30-year fixed-rate mortgage averaged 4.6 percent with an average 0.7 point in the week ending May 26, that's down from 4.61 percent last week, and 4.84 percent a year ago.
Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.
Rates on 15-year fixed rate mortgages averaged 3.78 percent with an average 0.7 point, down from 3.8 percent last week and 4.21 percent a year ago. Rates on 15-year mortgages hit an all-time low in records dating back to 1991 of 3.57 percent in November.
Although lower rates often trigger applications for refinancing, loan demand from buyers who wish to purchase has also picked up and was slightly stronger a year ago, according to a separate survey by the Mortgage Bankers Association.
Freddie Mac's survey showed rates on 30-year fixed-rate mortgage averaged 4.6 percent with an average 0.7 point in the week ending May 26, that's down from 4.61 percent last week, and 4.84 percent a year ago.
Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.
Rates on 15-year fixed rate mortgages averaged 3.78 percent with an average 0.7 point, down from 3.8 percent last week and 4.21 percent a year ago. Rates on 15-year mortgages hit an all-time low in records dating back to 1991 of 3.57 percent in November.
Tuesday, May 24, 2011
Renting vs Owning
You may be able to own a home for not much more than you are paying in rent. Check the chart below to see how quickly rent payments can add up. Maybe it’s time for you to invest that money in something that lasts — a home of your own.
Monthly rent | 3 years | 10 years | 15 years | 30 years |
$500 | $18,000 | $60,000 | $90,000 | $180,000 |
$600 | $21,000 | $72,000 | $108,000 | $216,000 |
$700 | $25,400 | $84,000 | $126,000 | $252,000 |
$800 | $28,800 | $96,000 | $144,000 | $288,000 |
$900 | $32,400 | $108,000 | $162,000 | $324,000 |
$1000 | $36,000 | $120,000 | $180,000 | $360,000 |
$1250 | $45,000 | $150,000 | $225,000 | $450,000 |
$1500 | $54,000 | $180,000 | $270,000 | $540,000 |
For many homeowners, the after-tax cost of a home loan could be less than the cost of rent. That’s because the interest portion of each mortgage payment may be tax-deductible. In most cases, property taxes are also deductible. You should consult a tax advisor for details.
If you clients are thinking about buying a home I can help. Take the first step and contact me today!
Wednesday, May 18, 2011
Dodies Opening Next Week In Rebuilt Lower Greenville Building That Burned Down Last Year
Residents along Lower Greenville Avenue have watched fire destroy some historic buildings in their neighborhood twice in the last decade. Arcadia Theater was completely burned to the ground, and a vacant lot is all the remains where it once stood. It burned in 2006.
Where the 1930s building in the 2800 block burned last year, there was hope that the façade would hold up while the debris was cleared. For months, the front was reinforced with metal supports to keep it from toppling.
The new Art Deco-style building is nearly complete - and more than 80 percent of the original 1931 cast-stone and brick façade was preserved according to landlord Jon duPerier of Greenville Landmark Venture. This week, the first of three restaurants opens in the new building.
Chris McGuinness, owner of Dodie's Cajun restaurant, plans a soft opening this week with family and friends. They expect to be fully operational next week. With a roof-top deck, his inside oyster-bar sign, and the bar that opens directly to the sidewalk patio, this will definitely be a hot spot you will want to put on your restaurant list.
Dodie's is no new comer to the area. They have a restaurant just a few blocks south on Greenville Ave. and some of the best cajun seafood in the metroplex.
Where the 1930s building in the 2800 block burned last year, there was hope that the façade would hold up while the debris was cleared. For months, the front was reinforced with metal supports to keep it from toppling.
The new Art Deco-style building is nearly complete - and more than 80 percent of the original 1931 cast-stone and brick façade was preserved according to landlord Jon duPerier of Greenville Landmark Venture. This week, the first of three restaurants opens in the new building.Chris McGuinness, owner of Dodie's Cajun restaurant, plans a soft opening this week with family and friends. They expect to be fully operational next week. With a roof-top deck, his inside oyster-bar sign, and the bar that opens directly to the sidewalk patio, this will definitely be a hot spot you will want to put on your restaurant list.Dodie's is no new comer to the area. They have a restaurant just a few blocks south on Greenville Ave. and some of the best cajun seafood in the metroplex.
Saturday, May 14, 2011
Dallas Mayoral Election
Well it appears we are headed for a runoff election for the city of Dallas Mayoral election. As Mike Rawlings clearly is the front runner in this election David Kunkle will apparently by the runner up in the runoff. Ron Natinsky ceded out of the election as he was unable to attain any significant amount of votes.
It looks like the runoff election will be scheduled for June 18th. Who do you think should be the next Dallas Mayor and why?
It looks like the runoff election will be scheduled for June 18th. Who do you think should be the next Dallas Mayor and why?
Friday, May 13, 2011
Texas Tops List For Job Growth
Forbes ranked all 398 current metropolitan statistical areas, based on employment data from the Bureau of Labor Statistics reported from November 1999 to January 2011 for Forbes' list of the best cities for jobs,. Rankings are based on recent growth trends, mid-term growth and long-term growth and momentum. Forbes, also broke down rankings by size since regional economies differ markedly due to their scale.
No place displayed more vibrancy than Texas. The Lone Star State dominated the three size categories, with the No. 1 mid-sized city, El Paso (No. 3 overall, up 22 places from last year) and No.1 large metropolitan area Austin (No. 6 overall), joining Killeen-Temple-Fort Hood (the No. 1 small city) atop their respective lists.
Texas, also produced three other of the top 10 smallest regions, including energy-dominated No. 4 Midland, and No. 10 Odessa.
It also added two other mid-size cities to its belt: No. 2 Corpus Christi and No. 4 McAllen-Edinburgh-Mission.
Whatever they are drinking in Texas, other states may want to imbibe.
California -- which boasted zero regions in the top 150 -- is a prime example. A group of California officials, led by Lt. Gov. Gavin Newsom, recently trekked to the Lone Star State to learn possible lessons about what drives job creation.
2010 rank: 1
Overall rank (for big, mid-sized and small cities): 6
Nonfarm employment change: 1.5%
No. 3: Houston-Sugar Land-Baytown, Texas
2010 rank: 3
Overall rank (for big, mid-sized and small cities): 14
Nonfarm employment change: 1.9%
Overall rank (for big, mid-sized and small cities): 14
Nonfarm employment change: 1.9%
No. 4: San Antonio-New Braunfels, Texas
2010 rank: 2
Overall rank (for big, mid-sized and small cities): 17
Nonfarm employment change: 0.8%
Overall rank (for big, mid-sized and small cities): 17
Nonfarm employment change: 0.8%
No. 5: Dallas-Plano-Irving, Texas
2010 rank: 5
Overall rank (for big, mid-sized and small cities): 18
Nonfarm employment change: 2.3%
2010 rank: 5
Overall rank (for big, mid-sized and small cities): 18
Nonfarm employment change: 2.3%
Monday, May 9, 2011
Walking Away From Your Mortgage Not a Good Idea
An estimated 11 million home owners owe more on their mortgage than their property is worth. This has caused more home owners to consider walking away from their mortgage and home ownership, even those who can still comfortably afford to make their payments, also known as strategic default.
When a homeowner walks away from a mortgage this usually results in either a short sale or foreclosure. There may be far more consequences than what most home owners have ever considered.
Also, there could be the potential for deficiency risks when walking away from a home, which largely varies from state to state. Lenders in some states may sue you for the difference between what you owe and what your short-sale or foreclosure proceeds are.
Home owners should also weigh the potential difficulty they may face from moving as well . If moving into a rental property, they’ll have to convince a landlord to rent to them after they have the red flag of missed mortgage payments on their credit record. Paying for moving expenses — which many walkaways fail to consider — can quickly add up as well.
As the number of employers eyeing employees’ credit profiles continues to grow home owners may also find professional consequences from walking away from a mortgage,
The consequences include everything from badly affected credit to potential tax consequences and deficiency risks. There are even possible professional implications. Home owners' credit scores will be badly hit regardless of whether they attempt a short sale or have their property foreclosed on.
When a homeowner walks away from a mortgage this usually results in either a short sale or foreclosure. There may be far more consequences than what most home owners have ever considered.
Also, there could be the potential for deficiency risks when walking away from a home, which largely varies from state to state. Lenders in some states may sue you for the difference between what you owe and what your short-sale or foreclosure proceeds are.
Home owners should also weigh the potential difficulty they may face from moving as well . If moving into a rental property, they’ll have to convince a landlord to rent to them after they have the red flag of missed mortgage payments on their credit record. Paying for moving expenses — which many walkaways fail to consider — can quickly add up as well.
As the number of employers eyeing employees’ credit profiles continues to grow home owners may also find professional consequences from walking away from a mortgage,
The consequences include everything from badly affected credit to potential tax consequences and deficiency risks. There are even possible professional implications. Home owners' credit scores will be badly hit regardless of whether they attempt a short sale or have their property foreclosed on.
Thursday, May 5, 2011
Dallas, TX One Of The 5 Markets Ripe for Appreciation
Realtor.com recently unveiled a list of markets where property values are stabilizing, buyer traffic is picking up, and prices will likely appreciate soon. Here are the top five "turnarounds" on its list.
1. Buffalo-Niagara Falls, N.Y.: List prices are increasing, and days on the market for inventory is shrinking (87 days, which is nearly half the national average).
2. Los Angeles-Long Beach, Calif.: While housing values here have fallen 378 percent compared to the its 2006 housing peak, a turnaround is underway with list prices showing signs of stabilizing month-over-month and homes spending fewer days on the market. This area is also the third most-searched at Realtor.com, so buyer interest appears high.
3. Fort Myers-Cape Coral, Fla.: Vacation homes here are getting more pricey here: The median list price has risen 24.12 percent in March — the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60 percent lower than the 2006 housing peak.
4. Dallas, Texas: Median list prices are down only slightly by 1 percent year-over-year, and the median age of Dallas' inventory stands at 100 days. While home values here have dropped about 10 percent from their peak (national median drop was 31 percent), Dallas has not faced as steep of property value declines as other bigger cities.
5. Boston, Mass.: Demand for homes here is starting to pick up. The median age of inventory is 130 days, which is 30 days below the national average. Median list prices are down just slightly — 0.26 percent — year over year.
1. Buffalo-Niagara Falls, N.Y.: List prices are increasing, and days on the market for inventory is shrinking (87 days, which is nearly half the national average).
2. Los Angeles-Long Beach, Calif.: While housing values here have fallen 378 percent compared to the its 2006 housing peak, a turnaround is underway with list prices showing signs of stabilizing month-over-month and homes spending fewer days on the market. This area is also the third most-searched at Realtor.com, so buyer interest appears high.
3. Fort Myers-Cape Coral, Fla.: Vacation homes here are getting more pricey here: The median list price has risen 24.12 percent in March — the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60 percent lower than the 2006 housing peak.
4. Dallas, Texas: Median list prices are down only slightly by 1 percent year-over-year, and the median age of Dallas' inventory stands at 100 days. While home values here have dropped about 10 percent from their peak (national median drop was 31 percent), Dallas has not faced as steep of property value declines as other bigger cities.
5. Boston, Mass.: Demand for homes here is starting to pick up. The median age of inventory is 130 days, which is 30 days below the national average. Median list prices are down just slightly — 0.26 percent — year over year.
Gallup Poll: Americans Say Buy Now
Zillow.com reports that with dropping home values in many markets mixed with interest rates at historical lows, homes are more affordable now than they’ve been in the last 35 years,
The average buyer in todays market can expect to spend about 17 percent of their monthly gross income on a mortgage, which compares to a 25 percent average since 1975 according to Zillow.com.
With affordability high, Americans seem to be getting the message about the value of home ownership. According to a recent Gallup poll nearly 70 percent of Americans say now is a good time to buy a home.
Americans living in the West are more favorable toward buying (75 percent), which compares to 64 percent of Americans who live in the South who say now is a good time to buy.
According to the Gallup poll Americans with higher incomes also show more of an interest in home ownership. Americans who make $75,000 or more a year are 18 percent more likely to say that 2011 is a good time to buy a home than those making $30,000-$75,000.
The average buyer in todays market can expect to spend about 17 percent of their monthly gross income on a mortgage, which compares to a 25 percent average since 1975 according to Zillow.com.
With affordability high, Americans seem to be getting the message about the value of home ownership. According to a recent Gallup poll nearly 70 percent of Americans say now is a good time to buy a home.
Americans living in the West are more favorable toward buying (75 percent), which compares to 64 percent of Americans who live in the South who say now is a good time to buy.
According to the Gallup poll Americans with higher incomes also show more of an interest in home ownership. Americans who make $75,000 or more a year are 18 percent more likely to say that 2011 is a good time to buy a home than those making $30,000-$75,000.
Air Conditioning Equipment: Repair or Replace?
Deciding whether to repair or replace central air conditioning equipment? Assess the quality of your house's ductwork and insulation first!
Assess the efficiency of your current system
Even if your central air conditioner is just eight to 10 years old, it could suck up to twice the electricity that even a low-end new one would use. That's because it operates at or below 10 SEER, or Seasonal Energy Efficiency Ratio, which is the amount of energy needed to provide a specific cooling output. Until 2006, 10 SEER was standard, but these days, the minimum allowed by federal law is 13 SEER. That translates to 30% less electrical consumption and 30% lower cooling bills than equipment installed just a few years ago.A new 13 SEER unit will cost $3,000 to $4,000 for an 1,800 square foot house. Double your energy savings by jumping up to 16 SEER, which reduces cooling expenses by 60% over a 10 SEER unit. These super-efficient units are more expensive At $5,000 to $6,000, but they may qualify for a federal tax credit, and possibly local incentives, too.
Inspect the condition of the ductwork
Mechanicals are only part of the central air system.You could upgrade to the highest efficiency gear available and still not feel comfortably cool on hot days. The average house's ductwork leaks 10% to 30% of its air before it can reach your living space. Before deciding whether to repair or replace your condenser and blower units, your technician should run a duct-leakage test, by sealing the vents and measuring how much air escapes the system.
If the ducts are inefficient, he can locate and seal the gaps, typically for $25 to $35 per vent (per "run" in industry jargon), or replace the ductwork entirely with new, insulated pipe for around $100 per run. Your technician may recommend doing the duct improvements in conjunction with replacement of the mechanicals or may recommend only one or the other job.
Consider the building envelope itself
Resolving the house's ineffeciencies may mean that your old system will have enough cooling power to continue to do the job for a few more years. If your house is poorly insulated, it strains your aging air conditioner.Your heating and cooling contractor should assess and, if necessary, upgrade the building envelope. For example, seal gaps and cracks in the outer walls and attic floor, or blow insulation into the walls, either of which could knock as much as 30% off your heating and cooling costs. Insulation also may get you a federal tax credit, and may be a more effective solution to your cooling problems than replacing your equipment.
Make sure a new system is sized right
Make sure the contractor's bid includes a load calculation, which is a computer printout showing how big a system you need and why.Air conditioning is measured by the ton, which is the cooling power of a one-ton block of ice melting in 24 hours. Some installers use a ballpark estimate for sizing equipment, one ton for every 400 or 600 square feet of living space. But, that typically leads to systems that are too big, according to some. Not only do oversized systems cost more, but they also do their cooling work too quickly, which results in more frequent on/off cycles. This can wear out key components a lot quicker. They also wouldn't have a chance to effectively dehumidify the air.
Use contractors that use load-calculating software that factor in such data as the number of windows in your house, the thickness of insulation, the configuration of the attic, and the building's orientation to the sun. It produces not only an exact tonnage requirement, but determines how much cool air each room needs. Get at least three bids from licensed well-regarded companies that include this one-page printout.