Thursday

 

Mortgage Refinance

Mortgage Refinance Best Mortgage

Refinance Your High Interest Current Mortgage:

Over the past several years, mortgage rates have hit all time lows. Thousands of people have seized on this opportunity to save money on their existing home loan. This era has been marked as the mortgage refinance era. If you are interested in obtaining the latest mortgage rates apply for either a refinance quote or a home loan equity quote.

There are several benefits to refinancing your existing home loan:

First, refinancing allows a home owner to lower his or her existing monthly mortgage payments.
Second, refinancing is also a great way for a home owner to consolidate their debt so as to save valuable money in the long term.
Finally, home owners can also benefit from a lower refinancing rate by freeing up cash that can be used on much needed expenditures.
If a penny saved is a penny earned, then finding the right refinancing rate for your home can be one of the best and safest ways for you to "make" money for your family.

Free Up Your Hard Earned Cash With A Low Rate Home Equity Loan or Line:

If you’re looking to free up some money to use for home improvements, lowering your monthly payments on high interest credit card bills, or simply to take the vacation of a lifetime, check out the latest home equity loan rates available through our advertising partners. Our partners provide some of the most competitive rates nationwide on home equity loans and they are happy to work with you to find the loan that works best for you and your family. Home equity loans are a great way for a family to make much needed improvements on their existing home thus increasing the overall value of the home.

First Time Home Buyer? We can help!

Are you a prospective first time home owner? Do you need a competitive home loan rate to get started? If so, let us help you: From providing you with the information you need to make an informed decision on what the best mortgage type for you is to putting you in touch with the companies and lenders that can help you regardless of what your situation might be.

It is foolish to spend untold hours looking at the location of your home with out taking the careful time to research the best home loan. Your home loan is, in fact, a much larger purchase than your home and something that you will likely be dealing with for decades. It is very important for a first time home owner to get the very best mortgage rate or program available. Doing so could literally save you tens of thousands of dollars in the long run!

Tuesday

 

Million-dollar homes

Million-dollar homes ... for a fraction of the price

Get a big, luxurious vacation home in a beautiful resort for just a tenth of the going rate.

The catch is that you only get to use it a fraction of the time.

For a rapidly increasing number of Americans, "fractional-ownership" is a perfect trade-off. Owners get a beautiful, high-quality house, in a fantastic location, with great services and amenities and a carefree vacation lifestyle for 10 percent or 15 percent of what they would have to pay to buy the house on their own. The costs of buying and running these often expensive properties is shared by a number of people and the homes, instead of sitting idle most of the time, are nearly always being used.

Fractionals, often called residence clubs, form one of the fastest-growing segments of the vacation-home market. New real estate sales totaled $1.5 billion in 2005, up 42 percent for the year. Dozens of projects are in the works.
The industry began in Utah little more than 10 years ago when the first fractional-ownership community in Park City was started. Many of the very expensive lodge-type homes there were under-utilized and he figured owners were spending a lot of money for just three or four weeks of use.

The average Aspen ski-country house costs around $4 million. A one-eighth share of a three-bedroom lodge in the Timbers Company fractional ownership development runs about $430,000, plus yearly dues of about $10,000.

Of course, there's no confusing fractional ownership with full ownership. You can't redecorate or even hang photos of your grandmother on the wall. But fractional owners are guaranteed six weeks in residence including two prime weeks during ski season and two summer weeks - these are prioritized on a rotating basis among all owners - and additional off-season weeks. Owners can also call on short notice to see if there are additional openings.

Another plus: Home owners don't have any responsibility for daily care. The operator mows the lawn, shovels sidewalks and paints the trim.
These are not time shares, which are merely contracts specifying a right to use a property on certain weeks. Fractional ownership is an actual, deeded interest: You can sell it, leave it in your will, put it in a trust, practically anything you could do with any normal deeded property.

They can even be a good investment. Helping that has been the roaring real estate markets, which have been especially good in many of the locations where fractionals are sited. At the Deer Valley Club in Park City, shares that cost $130,000 about 10 years ago sell for about $655,000 today.

The price of entry to most residence clubs can be quite high; only the wealthy need apply. A marketing firm that tracks the industry, reports median annual household income is $425,000.

The posh properties often provide luxury-hotel-type services and amenities: airport pick-ups, ski concierges, spas, grocery restocking, restaurant reservations and more. It's like having a beautiful, high-quality home within a fine hotel.
As a matter of fact, luxury hotel chains, such as Ritz Carlton, are involved in fractional ownership. It is in doubt as to whether says he doubts that very many future high-end residence clubs will open in resort locations without some kind of boutique hotel component.

Last year, more than half of all real estate sales in Aspen involved fractional ownerships. Lately, they have also been started in cities such as New York and San Francisco and internationally, in places like the Tuscan countryside.
Buyers should shop carefully; owners depend much more on operators to protect their investment than they would buying their own house. Burden expects some fractionals could eventually fall by the wayside. Failure to keep offering high-quality, personal service could doom some projects.

Sunday

 

Colorado foreclosures

Colorado foreclosures, California foreclosures, Illinois foreclosures, Nevada foreclosures, Weld foreclosures

Colorado in May had the highest percentage of homes in foreclosure of any state in the nation for the third consecutive month, according to an Irvine, California company that tracks foreclosure filings.

There was one foreclosure filing for every 436 households in the state, a rate 2.8 times that of the national average - one filing for every 1,247 households.

It is certainly of concern and little increase is expected this year, but not that level.

Experts say that loose lending practices, adjustable-rate mortgages and homebuyers taking on more debt than they can afford are some reasons for a high foreclosure rate in Colorado and other states.

Another factor is that homebuilders have added more homes to the Colorado real estate scene than migration and population numbers justify. That, he said, has created a difficult used- home market.

Metro Denver set a record for the number of existing homes up for sale, according to statistics released this month.

There were 30,457 houses on the for sale in May, up from 25,198 during the same month last year.

Colorado reported 4,198 properties entering some stage of foreclosure during May, a 13 percent increase from April and a 41 percent jump from May 2005. Other states, including Georgia, Nebraska, Arizona and Oregon, also posted double-digit rate increases in foreclosures during May.

Foreclosure activity declined in May for 25 states, including California, Illinois and Nevada.

Across the U.S., there were 92,746 properties entering some stage of foreclosure during May. That translates into one foreclosure out of every 1,247 households, an increase of 1.7 percent from April.

In foreclosure, a homeowner who cannot pay what is owed may lose the house to the mortgage holder, who may then sell the property.

Weld County, a fast-growing area of 3,999 square miles north of Denver, had the highest foreclosure rate in the state. One out of every 145 homes was in some stage of foreclosure in Weld, a rate 8.6 times the national average. More than 80 percent of the new foreclosures in Weld are coming from homeowners who used mortgages with adjustable interest rates that are now rising.

Thursday

 

Mortgage rates rising

Mortgage rates

Mortgage rates rose this week with 30-year mortgages climbing to the highest level in more than four years on investor fears about inflation.

It was reported Thursday that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 6.71 percent, up from 6.63 percent last week. It was the highest level for 30-year mortgages since they averaged 6.76 the week of May 31, 2002.

The housing sector is slowing this year under the impact of rising mortgage rates after five big years powered by the lowest mortgage rates in four decades. Analysts are predicting that home sales of new and existing homes will decline by more than 10 percent as higher mortgage rates make home ownership more costly.

A variety of mortgage types saw rates increase this week, gains that were attributed to growing worries about inflation and the likely reaction to those concerns at the Federal Reserve. The Fed meets next week and financial sectors now view it as a virtual certainty that the central bank will boost rates for a 17th consecutive time.

They believe that the current rate of inflation is above the Fed’s comfort zone, which will lead to more mortgage rate hikes in the near future.

It has also been reported that real estate is not only expecting a June rate hike, but there is growing concern the Fed will also raise rates at its August meeting as well.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, increased this week to 6.36 percent, up from 6.25 percent last week. Rates on one-year adjustable rate mortgages rose to 5.75 percent, up from 5.66 percent last week and the highest level since one-year ARMs averaged 5.77 percent the week of Aug. 3, 2001. Rates on five-year adjustable-rate mortgages climbed to 6.32 percent, up from 6.23 percent last week.

The mortgage rates do not include add-on fees known as points. The 30-year and 15-year mortgages each carried a nationwide average fee of 0.5 point, while the five-year ARM had an average fee of 0.6 point and the one-year ARM had an average fee of 0.8 point.

A year ago, 30-year mortgages averaged 5.57 percent, 15-year mortgages stood at 5.16 percent, one-year ARMs were at 4.23 percent and five-year ARMs averaged 5.05 percent.

Tuesday

 

Manhattan million dollar real estate

Manhattan million dollar real estate

Manhattan Beach leads million-dollar plus home sales for towns in California.

Forget Beverly Hills, Santa Monica and Malibu--Manhattan Beach is home to the most million dollar-plus home sales in the state.

Last year, 313 Manhattan Beach homes homes sold for one million or more, up 86 percent from the 168 sold in 2001 and eclipsing the 304 sold in Beverly Hills and Santa Monica combined, according to DataQuick Information Systems.

La Jolla, at 258, was second in the state in million-dollar home sales while Rolling Hills Estates, with 217, represented the next-highest figure in the county.

The surge is illustrative of a rise in California housing , as nearly 14,000 multi million dollar real estate transactions took place in the state last year, up 46 percent from the 9,500 in 2001.

It also reflects the teardown phenomenon that has occurred in the South Bay community of 34,000 residents, where the median price for a home sold in 2002 was $850,000, up 17 percent from 2001, according to DataQuick.

With an influx of sports and entertainment industry types, many of the three-bedroom, 1,300-1,500-square-foot houses that proliferated in the 1940s are being replaced by larger homes according to a realtor in Manhattan Beach.

Monday

 

Mortgage rates comparison

Mortgage rates comparison

Or is it discrimination ??

A national consumer group has just lobbed a bombshell at the mortgage brokerage industry -- a charge of "pervasive" discrimination against African-American and Hispanic loan applicants.

After a 28-month investigation in six metropolitan areas using "paired testers," or mystery shoppers, the National Community Reinvestment Coalition (NCRC) says it documented widespread and costly unequal treatment of minority loan applicants compared with whites.

As a result of the investigation, NCRC has begun filing a series of federal fair lending complaints. The first complaint was filed last Wednesday against the largest mortgage brokerage network in the country -- Houston-based Allied Home Mortgage Capital Corp.

The paired tester investigation took place between February 2004 and early June 2006 in Baltimore, Washington DC, Los Angeles, Chicago, St. Louis and Atlanta. A significant portion of the funding for the study was provided by the U.S. Department of Housing and Urban Development (HUD), which has federal oversight authority in the fair housing area.

In paired tests, minority shoppers -- couples and single individuals -- visit mortgage broker companies seeking mortgage rate quotes and fees. White testers visit the same mortgage brokerage firms, shopping for the same size home loan. The minority home buyers in this investigation were assigned slightly stronger credit, income and employment-tenure credentials compared with paired white applicants, according to David Berenbaum, executive vice president of NCRC.

Despite higher credit scores and incomes, however, minority shoppers often were quoted higher rates and presented fewer loan options than whites. Specifically the investigation found that:

Mortgage brokers didn’t discuss their fees -- a key expense in any mortgage transaction -- as often with the minority as they did with whites. Nearly 74 percent of white mortgagees received information about fees, but only 31 percent of minority mortgagees received disclosures.

Brokers offered twice as many home loan alternatives to whites than to minorities. Ninety percent of white mortgagees were offered a fixed-rate first mortgage, compared with 56 percent of minorities.

Twice as many whites were offered lower-cost conventional mortgages, while minorities more often were steered to subprime home loan deals.

Brokers spent more time discussing home loan options and terms with whites -- 39 minutes on average -- compared with 27 minutes with minorities. The net effect, was to "deprive (minority) applicants of full and equal access to mortgage credit opportunities" in spite of their superior credit and income profiles.

The complaint against Allied, filed with HUD’s fair housing and equal opportunity office, charged that the company’s mortgage brokers in multiple cities quoted "different interest rates and fees on the basis of race and steered African-American borrowers toward nonprime products despite being qualified for prime products. The complaint also alleged that Allied mortgage brokers did not treat African-American mortgage applicants as seriously as their white counterparts. African-American testers experienced differential treatment in loan recommendations and the quality of information provided by Allied brokers.

Allied’s general counsel, said the firm had not yet had an opportunity to study the complaint and had no comment about the investigation. Nonetheless, if found to be accurate, any such discriminatory practices would be an absolute violation of company policy.

HUD had no immediate comment on the allegations

Sunday

 

Alternative Home Loans

Alternative Home Loans

Can a lender increase your increase rate just because you have been at your job less than two years ? Yes. Lenders can do that. They can do mostly anything they want as long as they do it without prejudice and they can make as many goofy lending rules as they see fit. Fortunately, there really aren't that many goofy rules that are different from lender to lender. But sometimes there are certain "quirks" that a lender may call "exceptions."

A lender will make an exception to a lending guideline, but only if that lender has previously negotiated that exception with their investors. Each time an exception is granted, the lender will most often increase the price of the home loan, typically because any negotiated exception costs them extra, too.

Exceptions are few in the conventional world, where Fannie and Freddie have set lending parameters. Exceptions are most often found in the "alternative" lending environment, usually called "Alt" or "Alt-A" loans. Alt loans aren't specifically designed for those with bad credit. In fact, that's why many lenders who use Alt products also have the "A" immediately following it, letting borrowers and mortgage brokers know that although it's an Alt loan, it's also for "A" quality paper.

There are Alt loans that allow for lower credit grades but being Alt is not synonymous with bad credit. And it's in the Alt world where most exceptions are found.

In a conventional world, where a loan would require being self-employed for two years or no loan approval, an Alt loan could allow it. Yes, the rate would be a bit higher than a similar conventional model but not by much.

Or a borrower was having trouble documenting her income for two full years. An Alt loan could accommodate for that. Perhaps a debt ratio was higher than what was required for a particular loan program … again, an Alt exception could be made.

Each time an exception is issued, the lender will typically either increase the mortgage rate or the discount point or both. Some lenders limit the number of exceptions a borrower may have and still be approved.

It's in the Alt world that people who don't quite fit the conventional or government box should look when they have problems qualifying. Common Alt loans can allow for multiple property ownership. Where a conventional home loan might now allow a borrower to acquire more than 4 investment properties every two years or limit the number of properties a borrower can own, an Alt home loan product could work.

Perhaps someone wants to buy a four-plex but only has 10 percent down. Conventional home loans require 25 percent down, while an Alt product can be found with only 10 percent down.

Who has Alt loans? Your mortgage broker does. So does your mortgage banker. Alt home loans are actually quite common, you just don't hear them advertised as Alt. But when a lender says they can approve your home loan under certain circumstances or allow for something "just outside the box" they're talking about Alt home loans.

And your lender can raise your rate just because you've been at your job less than two years. But that's okay. Now you can qualify for a home loan instead of waiting.

Thursday

 

Metropolitan Real Estate

Metropolitan Real Estate

Keep an eye on the supply of homes in your market.

Inventories may have to more than double before home prices begin to decline, but if you know when inventories are sufficient to impact home prices you could be in a better position to negotiate.

A New York City real estate agent says the number of existing homes listed on Realtor.com rose 60 percent to 2.3 million in May 2006 this year, but home prices continued to rise. The national median price of all homes -- single-family, townhomes, condominiums and co-ops -- rose 4.2 percent from $214,000 in April 2005 to $223,000 this April, according to the latest figures from the National Association of Realtors.

In its latest repeat-sales index for single-family homes only, the Office of Federal Housing Enterprise Oversight says home prices rose nationwide 12.54 percent from the first quarter of 2005 to the same quarter this year.

It is also said that home sales declines were evident only where inventories increased by far more than 60 percent, as home price increases or stable prices were the norm in the vast majority of the 100 largest metro areas (1,655 counties) it tracks for the report.

A significant decline is seen in asking home prices in certain counties, where the volume of available properties online has increased as much 400 percent. However, 75 percent of the counties in the sample showed no change or increases in prices, suggesting that asking home prices in overall market are not in a downward cycle -- yet.

The survey is based on a ZIPcode analysis of homes listed online at Realtor.com. Each month, data on home listing is gathered including its location, list price, number of bedrooms and bathrooms and the listing broker or agent.

The survey of homes in the nation's 100 largest metropolitan areas reveals that the median list price nationwide was up 8.4 percent in May 2006 compared to May 2005. Asking home prices for existing homes fell most sharply in metros in Florida real estate, California real estate, Massachusetts real estate and in the Virginia suburbs outside of Washington, DC.

The number of Florida home listings, which have been tracked grew as much as 400 percent between May 2005 and May 2006 as home prices declined 25 percent during the same period. It is also reported that some of the largest increases in list prices from May 2005 to May 2006 came from migration following Hurricane Katrina in September, 2005. Around Baton Rouge, Los Angeles real estate asking prices were up 56 percent and in Galveston, Texas real estate prices were up 44 percent.

The OFHEO also said the post storm go-to area of Hattiesburg real estate saw prices rise by 12.16 percent during the first quarter this year, and areas more directly hit by Hurricane Katrina also enjoyed price jumps from the first quarter 2005 to the first quarter 2006 -- New Orleans Los Angeles real estate was up 14.32; Baton Rouge real estate up 12.07 percent; Gulfport-Biloxi real estate up 15.88 percent and Mobile AL real estate up 14.61 percent.

Tuesday

 

Gulf Coast Real Estate

Gulf Coast Real Estate

Select Gulf Coast communities, hardest hit by hurricane-spawned housing shortages, have become profitable regional anomalies, surrounded by larger real estate locations suffering some of the slowest price gains in the nation.

In the first quarter this year, the West and East South Central real estate were the third and fourth slowest in the nation. Only the West and East North Central regions, among nine tracked by the Office of Federal Housing Enterprise Oversight (OFHEO), had slower rates of appreciation. The OFHEO said first quarter 2005 to 2006 home price appreciation in the West South Central region came in at 7.69 percent. However, New Orleans, Los Angeles real estate clocked an average 14.32 percent rate of home price appreciation with Baton Rouge, Los Angeles real estate coming in at 12.07 percent during the same year-long period.

University of New Orleans (UNO) real estate researchers said average home prices have risen 10 percent just since Hurricane Katrina made landfall as the nation's greatest natural disaster ever. With New Orleans' population at about 220,000 -- half what it was before the storm -- many neighborhoods remain largely piles of rubble and tottering houses where homes once stood.

However, home sales are brisk, UNO says. Some 3,600 houses sold in the greater metro area in the first three months of 2006, ahead of quarterly averages for 2003-2005, when more than 13,000 homes sold each year, UNO reported. The average single-family home price rose to $215,179 in the first three months this year, up from the average $195,377 in the first eight months of 2005, according to the university.

Immediately after Katrina, Baton Rouge experienced an overwhelming surge in home sales and prices as an exodus of fleeing residents from the Big Easy and incoming volunteers, rescue workers and others crowded the capital city until it was bursting at the seams.

Now as the trickle of residents returning to New Orleans builds to a stream, some say home prices are rising more than lagging indicators reveal and are likely to continue to do so in the immediate future.

It is said that property values in central New Orleans have risen 49.1 percent since August 2005. This increase is due to the properties being recently reconstructed or remodeled. This is the perfect time to buy a gutted home for a great bargain in an excellent area for a huge discount.

In the next region over to the east, homes in the entire East South Central market averaged a 7.74 percent rate of inflation from the first quarter 2005 to the first quarter 2006, compared to 12.16 percent in Hattiesburg, MS; 15.88 percent in the Gulfport-Biloxi area and 14.61 percent in Mobile, Alabama.

Agents in the Mississippi coastal area also say price appreciation is rising faster than major reports reveal.

It is also reported that (Biloxi) Home prices are up approximately 30 percent across the board since 'the storm.' Materials shortages, labor and land cost increases all contribute. There is a definite shortage of 'affordable homes.' Coastal Cities are working diligently to correct this.

Further inland, in Hattiesburg, where residents also retreated, real estate agents are keeping close tabs on the market to assure appraised values are true.

Effects of Hurricane Katrina have placed a high demand on housing in the area. Although prices are up, the need for a home to appraise at home loan value has prevented unreasonable escalation.

Sunday

 

California Real Estate

California Real Estate

As prices continue to rise unabashed by sales slips, Californians are backing off adjustable rate mortgages and it is being made are making it tougher to qualify for home loans.

In February, 51.9 percent of all California home buyers financed their purchases with an adjustable rate mortgage (ARM), down from 63.7 percent in January, 68.7 percent in December and 70.9 percent in November, according to DataQuick Information Systems in La Jolla, CA. The use of ARMs, considered easier to get because of initially lower monthly mortgage payments, are also considered an indication buyers are stretching finances. ARM use in California was highest in May last year at 73.7 percent.

It has been said that some of the financing issues at play in the California real estate scene are fairly complex and would include this year's higher conforming loan limit, the spread between the cost of an ARM and a fixed-rate mortgage, use of equity lines, and federal regulators who have recently instructed that risk levels be lowered. Indeed, fewer home loan applications are being approved with a minimum of underwriting as scrutiny around a house is tightened in a housing scene with narrowing margins of error, according to HomeSmartReports.com a San Juan Capistrano, CA, service that provides consumers with online access to sales trends, property value estimates and risk analyses.

Mortgage applications in HomeSmartReports' so-called "slam dunk" category of limited underwriting accounted for 79.6 percent of the last six month's home loan application volume, down from 83.8 percent in the prior six months. As a result of increased lender scrutiny, mortgage risk of default has declined by 22.7 percent in the past year, according to Mike Ela, HomeSmartReports' president.

As appreciation rates come down, fewer mistakes will be submerged by the rapid rise in home values. Some added caution may also be because federal regulators have told the lending industry to be more careful, especially when it comes to loans in the so-called subprime category.

Coinciding with both DataQuick's and HomeSmartReports' news, the California Association of Realtors reported home sales in the Golden State fell by 15.5 percent in February, compared to a year ago.

Meanwhile California real estate continued its upward march, rising 13.7 percent from a year ago to a median $535,470 in February. However, the February price was a decrease from a month ago when in January this year the median hit $551,300 in California.

Unsold inventory rose again in February to a 6.7 month supply, one of the highest inventory levels in several years. It is expected that expect the pace of price appreciation of California real estate will slow from the 13 to 17 percent range of 2005 to 10 percent this year as rising inventory levels mitigate some of the upward pressure on home prices. The higher-priced coastal areas will see price gains in the mid-single digits while the inland areas will see increases in excess of 10 percent," she added.

Sales of California real estate also slowed to a median 52 days in February this year compared to only 40 days a year ago.

Thursday

 

Sunbelt Hot Real Estate Investments

Sunbelt Hot Real Estate Investments

With bubble like appreciation in many of the primary locations like San Francisco, Las Vegas, Miami, and New York an entrepreneurial investor knows to look to the second and third tier zones that have more upside and less downside risk. An investor looks for those that have above average growth rates for jobs, population and retirees. They often offer the best rates of growth in these categories are in the Sunbelt.

The Sunbelt is the southern and western part of the United States, focused on Florida, Texas, Arizona, and California, and extending as far north as Virginia. The US population is migrating to warmer climates that offer affordable housing and increasing employment opportunities. This trend is expected to continue for several more decades. Attracted by the relative lack of labor unions and the prospect of cheaper labor than was generally available in the north, manufacturers began to locate in the Southeast in significant numbers after World War II; aerospace firms and defense contractors were drawn to the vicinity of military bases throughout the Southwest. Additionally, the birth rate in the Sunbelt is about 10% greater than that in the rest of the country.

Within the Sunbelt a good portion of the US population is moving to small towns. According to Jack Shultz author of _Boom Town USA_ more than 18 million people moved from metropolitan areas into small cities or rural counties during the 1990s. Why? The bottom line is quality of life. According to economist Joel Kotkin many companies are applying de-clustering techniques to their business which allows workers to telecommute and be more productive than they would be by working in the head quarters office in a large metropolitan area. Workers telecommuting save the company_s money on space and other related costs while contributing to their own quality of life.

So with all of this said which specific cities look most attractive?

Austin Texas is a very attractive zone. It is anchored by the state capitol, the University of Texas (50,000 students) and nearly one hundred tech companies--led by $40 billion giant Dell. The best part of Austin is that according to Richard DeKaser, chief economist for National City Corp the housing zones is undervalued by at least 5%.

Tucson Arizona is another outstanding growth zones. It is experiencing 5% population growth and still maintains the small town feel. Tucson boasts affordable housing in the middle of a beautiful desert with a University of Arizona and Raytheon Missile Systems (10,000 employees each) as the largest employers in the region. Tucson ranked number 17 up from 40 of the best performing cities list by the economic think tank the Milken Institute.

Finally, Clarksville Tennessee and Oak Grove Kentucky they are separated by Fort Campbell and brought together by the 200,000 people who live there. This region is 1 hour north of Nashville and was ranked 4th Best Place for Affordable Living, by Business Development Outlook. Job growth is very strong with a 58% increase in the last 10 years according to the Clarksville Economic Development Council.

In Summary, as the US population continues to grow (currently 3.2 million per year) and the 78 million baby boomers continue to retire, the migration to the Sunbelt is expected to accelerate. Investors selecting zones in the Sunbelt look for increasing job growth, attractive, culturally rich regions with affordable housing. The presence of these dynamics leads the way for high population growth; therefore creating strong demand for housing.

Tuesday

 

Million dollar real estate

Million dollar real estate

As higher interest rates have slowed the rise in residential real estate prices the past few months, one segment has remained relatively strong: The luxury home scene.

It is said that there's enormous wealth in the high end, chasing the available homes. Though there are upticks in inventories and time-on-the-market, luxury homes sales have even improved in some states. In Idaho and Montana it's up tremendously.
Minnesota too. In 2005, Coldwell Banker reported that sales of million-dollar plus homes sold by the company totaled more than $55 billion, 24 percent higher than 2004.

Most luxury home buyers pay cash for their homes, which specially trains agents to handle luxury home sales. As a result, rising interest rates that cut affordability for most home buyers, have less impact on affluent buyers. The resiliency of the million-dollar market is evident even outside its usual haunts of bucolic suburbs, gated communities and fashionable urban enclaves.

There are many neighborhoods in the old rust belt cities of the Northeast and Midwest, some of which have not enjoyed much of a price rise at all, where homes have now smashed through the million-dollar price barrier. Many are in neighborhoods that had endured decades of closed factories, declining populations, high crime rates and failing schools.

The areas, however, have retained a lot of their infrastructure, much of which will probably never be replicated in sunbelt cities. The cost of building with brick and stone, plaster and lath, is too prohibitive to be done on the same scale as was done 100 years ago. And the great virgin hardwood forests that furnished much of the gorgeous cabinetry, paneling and flooring of those times are gone as well.

Many of the homes built for the middle class of that time have features and details, such as oak or mahogany doors and crown moldings and stained glass windows, so costly to reproduce today that they are rarely found outside of the homes of the very wealthy.

And, although the average home built today is much larger than those built 40 years ago, many of the homes built in the earlier part of the 1900s were larger yet, tailored for the families of six seven and eight children or more.

During the past few years, urban flight has flagged and the virtues of city living are being rediscovered by a whole new generation. Core urban centers are now being lauded for their rich cultural offerings and lively street scene. And workers are attracted to these areas for their easy commutes.

The result: Many of these area's homes are back in demand and fetching high prices.


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