So it has been a week since the feds came in and took over Freddie Mac and Fannie Mae. While it will obviously take some time to know the long term repercussions I wanted to look at some of the immediate reactions to the move.

First let's look at the reaction from the media and the general public. One would expect there to be some political fallout from the largest takeover in government history. But because of the election and Hurricane Ike the reactions have largely been muted. There have been of course the expected positive reactions that this was a shrewd move to help the real estate market and negative reactions that the government should limit its involvement. But for the most part their has not been a big reaction one way or another. I have actually seen more stories about the reactions on the takeover from the presidential candidates than stories simply about the takeover.

While the media reaction has been muted the reactions in the financial markets have not been. Not surprisingly, the stocks of Fannie Mae and Freddie Mac plummeted after the announcement. The government said before hand that the common shares of Freddie Mac and Fannie Mae would lose most of their value in the event of a government takeover. So following the news of the takeover the share promptly lost 80% of their value.

The mortgage markets have reacted very favorably to the news. Considering the Fed has cut interest rates multiple times this year mortgage interest rates have remained relatively high. The reason for this was that banks were unsure about the financial stability of Freddie Mac and Fannie Mae which provides insurance for about half of the residential loans issued in the United States. This risk has now been lowered since the government takeover. Consequently mortgage rates have plummeted in the last week. 30 Year mortgages have dropped from 6.35 to 5.93. This is after rates have moved down from 6.63 to 6.35 partially on expectations that Fannie Mae and Freddie Mac were going to be taken over. I have seen some reports that this is lowest rates have been in the last 4 months. I think this understates how low rates have come down. Besides two brief drops at the beginning of 2008 this is the lowest rates have been since 2005.

The lower interest rates should have a positive effect on the real estate market. Lower rates pull down the mortgage on a house and tend to have a positive effect on real estate values and market activity. In another positive sign although their has not been too much media coverage the coverage that has come out has been mostly positive. To be honest I was a little surprised by this. I would have expected the coverage to be a little more mixed. But regardless the favorable media reaction combined with lower interest rates should help the real estate market. And based on what I have heard from different realtors their does seem to be an upswing in activity. But we won't have any hard data on this for a month or so.

So, at least in the short term, it seems the Feds have accomplished their goals of helping the real estate market with the Freddie Mac and Fannie Mae takeover. We will of course have to wait over the next few years to see if this move turns out to be wise. But for now the Fed has finally been able to push down mortgage rates.

Ki is a real estate broker working in the Austin real estate market. He maintains a website with a Austin MLS search and a frequently updated Austin real estate blog.

So on Friday it was leaked that the government is taking over Freddie Mac and Fannie Mae. On Sunday it was official. Freddie Mac and Fannie Mae have now been taken over by the federal government. But what does it mean for the real estate market, mortgage interest rates, and the US economy.

First let's look at what it means for mortgage rates. I would expect that the government takeover will result in lower mortgage rates, possibly a full point lower. Why? Basically the Fed has been struggling to lower mortgage rates for the last year in an attempt to assist the troubled real estate market. The Fed has lowered prime rates several times in an attempt to pull down mortgage interest rates, with mixed success. Now with full control of Freddie Mac and Fannie Mae (which provides insurance for most mortgages in the US) they will have much more control over the mortgage market and mortgage rates. As long as their objective stays the same, we can expect lower rates.

What does the takeover say about the current situation in the real estate market? This should have been obvious from all the events that preceded this but the takeover shows that the real estate market is in serious serious trouble. The federal government doesn't just take over large companies on a whim, especially an administration with a Republican president that believes strongly in free markets. This is not simply a government takeover. This is the largest takeover in US history. Basically the takeover happened because it was believed if nothing was done we were headed for economic catastrophe.

How is this going to effect the real estate market? Although the takeover is a bad sign about our current situation it should have a positive effect on the real estate markets moving forward. First lowering mortgage interest rates should be quite a boon for the real estate market. Lowering rates lowers the effective cost of a house. And historically lowering rates has a positive effect on real estate values.

Additionally, if the Fed is smart they will reduce some of the mortgage restrictions Freddie Mac and Fannie Mae have created in the last year. While I would not like to see the mortgage market return to the free-wheeling lending of a few years ago, some of the current rules are bizarrely restrictive. The lending environment typically works like a pendulum moving from one extreme to another. Currently lending restrictions are not just stricter than what we saw during the real estate boom a few years ago but they are more restrictive than anything we have seen in the last 15 - 20 years. Hopefully a federally controlled Fannie Mae and Freddie Mac can help return us to normal as far as lending restrictions.

Lastly the government takeover could put taxpayers in the lurch for billions in loan losses. In the short term the government is going to have to infuse money into Freddie Mac and Fannie Mae. They have been losing money for quite some time and that is not going to change overnight. If the market improves over the next year or two, which was likely before, and the takeover improves the outlook for the real estate market, the government will have to infuse maybe a total of 20 to 30 billion into Fannie Mae and Freddie Mac to get them back to financial solvency. That sounds like a lot but to put the number in context, the cost of the Iraq War has been running at about 100 billion a year for the last 7 years. So a 20 billion dollar expense is an unpleasant but manageable expense. But if real estate market gets a lot worse over the next two years, I can't think of the adjective to describe how expensive things could get.

Fannie Mae and Freddie Mac provide insurance for 5 trillion in loans or about half of the residential loans in the United States. Because of the takeover, the federal government now provides insurance for 5 trillion in loans. If we are just on the cusp of severe real estate problem that means that the federal government is on the hook for 5 trillion in loans. That's more than double the entire federal budget for 2007 and 10 times what the US has spent on the Iraq War. So as taxpayers we should hope things improve soon because if the rate of foreclosures skyrockets over the next 2 or 3 years, we are basically going to be paying for it.

Does this mean the federal government is insane? It depends on how you look at the issue. This was certainly a risky move. But on the other hand allowing Fannie Mae and Freddie Mac to fail would have devastated the US economy and likely lead to a severe depression. So doing nothing was equally risky. And while taking over Freddie Mac and Fannie Mae was a risky move for taxpayers, in a depression those that keep their jobs have to make up for all the lost tax revenues for the large number of people that lose their jobs. So in summary the federal government found itself in a tight spot and decided to bet the farm they can fix the real estate market and for our sakes, let's hope they are right.

Ki lives and works in central Texas. He provides a search of the Austin MLS on his site along with current information on the Austin real estate market. His site also provides a tool that show current trends for mortgage interest rates.

Staging a home can end up being a valuable tool in selling the house. Not only can it assist in selling a house, but it can also help the seller get top dollar.

The amount of staging needed varies wildly from a small scale de-cluttering of a home to hiring staging professionals to the tune of several thousand dollars, but the goal is the same- creating a pleasant mood by making a house appear bigger, brighter and warmer while neutralizing the area so prospective buyers can visualize how their own furniture and belongings can be incorporated into the home.

In a good or bad housing market, some studies have shown that staged homes can add between 10 and 15 percent to the sale price of many homes. Sellers who don't take the time to properly stage may end up with their house on the market for longer periods of time, and agreeing to a lower selling price to a buyer who can see the potential the home has that other viewers did not.

Though professional home stagers may be needed if a home is completely empty, the majority of staging can be accomplished by the seller. A quick visit to some newly built model homes can help a seller get an idea of how interior designers and stagers prepare a home. There's a delicate balance between keeping the home sparse enough to appear as spacious as possible, and picking the right pieces to maintain a warm and livable space.

The first impression a potential home buyer will have of a house will be of the exterior, so nice curb appeal is important. A fresh coat of paint on the front door, a nicely trimmed lawn, and fresh flowers in a garden or on the front porch are easy and effective staging techniques. A brightly colored patio set in the backyard can help the home's exterior appearance when the buyer steps out the back door.

Kitchens and bathrooms are two of the most important rooms in buyers' eyes. Kitchen counters should be clear of all small appliances and other items that tend to gather on them. When counter tops are cleared of clutter, the amount of working surface increases. A splash of color, such as a bowl of fruit is acceptable, but a refrigerator, covered in personal pictures and comic strip cutouts, is not.

Bathrooms should look as open and airy as possible, and above all clean. A new white toilet or tub, or a new set of sink faucets could be a worthy investment during the staging process. Personal toiletries, like toothbrushes, should be removed from sight, while the addition of scented soaps, lotions and clean white towels could give the room more of a spa type feeling.

For bedrooms, remove as much unnecessary furniture as possible, and keep it in the garage or in storage if need be. For smaller rooms, hang curtains high on the wall, and do not cover the actual window with them. Doing so will increase the apparent height and width of the room. Neutralize the rooms by removing all personal pictures and keeping wall colors a nice warm, clean color.

By following a few simple and effective staging guidelines, a home seller can increase his or her chance to sell the home quickly, and the time and effort will pay off by netting the highest offer as well.

Working as a realtor in Austin Texas Ki helps people search for Austin homes. He provides general information about Austin real estate online as well as tool that graphs mortgage interest rates.

Ten women go whizzing past wearing wild fishnet hoses. Their colorful get-ups also include helmets and kneepads and flying scarves and the skates on which they are racing around the oval track.

Elbows fly, legs lock, bodies go careening and sliding along the masonite track. Occasionally two shapely lovelies go at each other, swinging hard and fast, falling to the ground, rolling and grappling as the beer-soaked, capacity crowd roars in approval. It's Sunday afternoon at the roller derby bout; roller derby with a Texas twist.

Austin, the city that likes to keep itself weird, has given birth to yet another entertainment craze that has gone national. All-girl roller derby, loosely fashioned after the co-ed roller derby teams of yesteryear, took root here in 2001 with the founding of the TXRD Lonestar Rollergirls. A couple of years later, most of the teams in the league spun off to form a second league, Texas Rollergirls, due to a difference of opinion about how the original league was managing things. In addition, the Texas Rollergirls play on a flat track, rather than the traditional banked track that the Lonestar Rollergirls prefer.

Volunteerism and inclusion are two of the philosophical and practical pillars of the success of this Austin-born movement. The women risk bodily injury for the thrill of extreme sport and the glory of winning; they don't get paid. Proceeds go to local charities and to the expense of running the league. Texas Rollergirls, in particular, are fiercely committed to their slogan, a league for the skaters, by the skaters.

Both leagues boast an independent, tough-girl spirit and are proud of the way their movement grew from their own sweat and muscle to grow within a few short years into a national phenomenon as all-girl roller derby leagues have sprouted up all over the country. Several documentary films and one reality-style national TV show have helped propel the popularity of this fast-paced, contact sport for women. The leagues in different cities have begun to hold inter-city and inter-state competitions and a national tournament as well.

The sport has been hugely successful in Austin as both local leagues constantly draw sell-out crowds. Enthusiasts swill ice-cold cans of Lone Star and local bands fill the arena with loud, raucous Austin rock and roll. Fans of the flat track version of the sport love to sit in the first two or three rows where the chances are likely that they'll become part of the painful action when some blocker or jammer gets knocked off the track-there are no rails or barriers-and goes sailing into someone's lap.

Rough and tumble roller girls with names like Raquel Welts, Misty Meaner and Lucille Brawl plaster and pummel each other all through the four 20-minute periods of the game. By day, they are moms, special ed teachers, maternity nurses and art school graduates. On the track though, they assume their alter egos and put on a show that one of them, Melissa Joulwan (Melicious), describes in her book, Rollergirl: Totally True Tales from the Track, as a "dazzling carnival on wheels"a sport of speed-skating and brutal body checks, played out against a backdrop of head banging rock. The spectacle drives fans into a hormone-and-beer induced frenzy.

AE channel produced a 13-episode television program in 2005 called Rollergirls that was about the TXRD league, their skating and scrapping escapades, and their life off the rink with boyfriends and bosses. The website for the show describes the sport as raucous bouts that combine fierce competition with jaw-dropping outfits and crowd-pleasing personalities.

The rollergirls impact has even had an effect on the local Austin real estate market. Texas Rollergirls marketing director Rebecca Guitierrez (RadioActive) said that we've had many folks move here because of the derby movement.

That's because it's not just about the thrill, the sex-appeal and the colorful, carnivalesque atmosphere of the sport. It's the community-based, locally controlled, creative and free-wheeling spirit of fun and competition that sets Austin apart from so many other cities in the country, that has been attracting people to come and settle here for decades.

Escapeso Realty helps investors looking for Austin Texas real estate. They provide a graphical search of the Austin MLS along with a blog with updated trends and info on Austin real estate.

For the second week in a row mortgage rates have fallen. For those that don't read my updates regularly I wanted to give a short background on what rates have been doing. From the end of April to the beginning of June 30 year mortgage rates hovered around 6 percent. Then during the month of June 30 year mortgage interest rates rose peaking out at 6.45 at the end of June. But since then rates have fallen through the month of July ot 6.26. So we are not down to 6 but rates have come down quite a bit from their recent high. Its also interesting rates have fallen although the FED has cut the Fed Funds rate or the discount rate since April 30th. Below are mortage interest rates for the major mortgage products for the last 5 weeks.

July 17,2008
30-yr 6.26 15-yr 5.78 5-yr ARM 5.80 1-yr ARM 5.10

July 10,2008
30-yr 6.37 15-yr 5.91 5-yr ARM 5.82 1-yr ARM 5.17

July 3,2008
30-yr 6.35 15-yr 5.92 5-yr ARM 5.78 1-yr ARM 5.17

June 26,2008
30-yr 6.45 15-yr 6.04 5-yr ARM 5.99 1-yr ARM 5.27

June 19,2008
30-yr 6.42 15-yr 6.02 5-yr ARM 5.89 1-yr ARM 5.19

Mortgage rates are nice to look at but what do these mortgage rates flucatuations mean for a mortgage. Using our free mortgage calculator we can run the numbers and see how these mortgage rate changes would affect the mortgage on a 200k loan.

July 17th
30-yr $1232.73
15-yr $1664.03
5-yr ARM $1173.5
1-yr ARM $1085.89

June 26th
30-yr $1257.56
15-yr $1692.03
5-yr ARM $1197.81
1-yr ARM $1106.88

June 5th
30-yr $1210.69
15-yr $1650.11
5-yr ARM $1136.83
1-yr ARM $1080.98

For a 30 Year mortgage on June 5th the monthly mortgage payment would have been $1210.69. Three week later on June 26th a mortgage on the same amount would have risen 4% to $1257.56. Now another 3 weeks the mortgage payment has fallen 2% to $1232.73

The other major change occuring with mortgages is that banks are becoming more selective in giving out mortgages. We have noticed over the last month that more restrictions from lenders have been coming into play. So although mortgage rates are relatively low it has become more difficult to get a loan. Over the last few years lenders would give a loan to anyone that could walk in the door this has changed over the last year. This is why potential home buyers should start paying more attention to their credit scores. Also lenders are expecting larger downpayments. Lenders are also cracking down on investment loans. The biggest change has been that most lenders are not allowing borrowers to get more than 4 investment loans. This has essentially stopped many investors from purchasing new properties.

So what do we expect to happen in the future. The general feeling among mortgage brokers is that lenders are unlikely to return to the free wheeling style we saw in 2006. But at the same time its likely that the current extreme restrictions in lending might ease up some over the next six months.

Ki is a real estate agent in Austin. His website has current information on mortgage interest rates. Along with a free mortgage calculator and information on historical mortgage interest rates

So what has been going on in the world of finance and mortgages? Certainly the biggest news was the fall of IndyMac. Last week we heard that IndyMac had stopped giving out new mortgage loans and was going to concentrate on simply servicing the existing loans in its portfolio. Apparently this was due to the fact that regulators felt that IndyMac was not adequately capitalized.

Many experts speculated that the days of IndyMac were numbered and might not last the year. They were right and not only did they not make it through the year they didn't even survive the rest of the week. On Friday it was announced that IndyMac was seized by US banking regulators. This was preceded by a rush on the bank by panicked depositors. The insurance fund currently has around 53 billion so the failure of IndyMac should be a significant drain of the insurance fund. The failure of the bank should cost the government insurance fund between 4 to 8 billion.

Moving on what is going on with mortgage rates this month. After rates rose through the month of June rates have fallen off in the first 2 weeks of July. This is good news because the rates feel in spite of the FED choosing not to lower rates at their last meeting. Rates on all the major mortgage products (30 Year, 15 Year, 5 Year and 1 Year) from the week of June 26 to July 3. Then rates for the most part held steady from July 3rd to July 10th. Rates fell the most on 5 Year Arms.

Its interesting to note that the spread between 5 Year Arms and 30 Year fixed notes has increased over the last month making 5 Year Arms more attractive. Below are the rates for the major mortgage products for the last few weeks.

July 10, 2008
30-yr 6.37 15-yr 5.91 5-yr ARM 5.82 1-yr ARM 5.17

July 3,2008
30-yr 6.35 15-yr 5.92 5-yr ARM 5.78 1-yr ARM 5.17

June 26,2008
30-yr 6.45 15-yr 6.04 5-yr ARM 5.99 1-yr ARM 5.27

June 19,2008
30-yr 6.42 15-yr 6.02 5-yr ARM 5.89 1-yr ARM 5.19

June 12,2008
30-yr 6.32 15-yr 5.93 5-yr ARM 5.70 1-yr ARM 5.09

June 5,2008
30-yr 6.09 15-yr 5.65 5-yr ARM 5.51 1-yr ARM 5.06

Moving on lets look at mortgage payments. I like to translate mortgage interest rates into how they would affect a mortgage payment because at the end of the day that is what we are dealing with. So breaking out our free mortgage calculator lets see what these rates mean for a mortgage on a 200k house.

July 10th
30-yr $1247.08
15-yr $1678
5-yr ARM $1176.05
1-yr ARM $1094.51

July 3rd
30-yr $1244.47
15-yr $1679.08
5-yr ARM $1170.96
1-yr ARM $1094.51

June 5th
30-yr $1210.69
15-yr $1650.11
5-yr ARM $1136.83
1-yr ARM $1080.98

So what do we see happening over the next few months. At the beginning of the summer we felt rates would rise because the FED decided to stop cutting rates. Rates rose for a month and then recently have held steady and then felt a bit. Moving forward I don’t have a clear idea what will happen with rates. I would have thought rates might fallen but with the fall of IndyMac the mortgage industry does not seem to be stabilizing so its uncertain what will happen with rates over the next month.

Ki works in Austin. His site is filled with information about mortgage interest rates along with providing a free mortgage rates widget and a free mortgage calculator.

Regardless of whether it's across the country or across town, moving is a stressful, expensive and time-consuming event. It requires extensive planning, organization, and a lot of physical activity. While there is no easy way to move house, there are several things you can do to simplify the process and reduce the amount of stress on yourself.

First things first: identify a target moving date. You'll want to take a variety of factors into consideration when determining your moving timeframe, such as work schedules if you're changing employment, school schedules for your kids, housing considerations such as rent or lease terms, and even the weather. A good rule of thumb is to give yourself a two-to-three week window to complete your entire move, from packing and cleaning your current residence, to moving itself, to unpacking and organizing in your new home.

Summer is always a peak moving time—particularly for families, as it provides for minimal interruption in kids' school schedules—but it’s also typically the hottest and least physically comfortable time of year to be doing all that heavy lifting. While unpleasant, blistering heat is not likely to be a deal breaker, but it is worth taking into consideration (scheduling your move for late May as opposed to mid-July, for example, could make a significant difference).

Once you've worked out a timeframe for your move, it's time to take inventory of your home. The most important part of this process is identifying what to keep, and what to get rid of before the move—there is no sense in moving items you don't plan on keeping long-term. A good way to determine what to keep and what to lose is to divide your household into three categories: 'Must Keep,' 'May Keep,' and 'Don't Need.' Once you’ve gotten rid of the 'Don't Need' items, go back through the 'May Keep' piles and eliminate everything you can.

If you're having trouble knowing when to let go of something, apply the six-month test: If it hasn't been used in the past six-months, you don’t need it (the exception here, of course, would be season items like winter coats, box fans, etc., that aren't intended for use year-round). Tip: Don’t automatically throw things you no longer need away—there are plenty of charity organizations that are constantly accepting donations of all kinds to help others in the community, and they would be happy to have your unwanted items. Plus, you can write off the donations for a nice tax break next April.

Now that your household is organized and you've done a thorough inventory of everything that will be making the move with you, it's time to start thinking about the logistics of actually moving it all. The easiest way to do it (but also the most expensive) is to hire a full-service moving company (*Note: Be sure to shop around for the best rate, and check out customer reviews online to make sure you choose a reputable company that won’t rip you off). They’ll come to your house, pack everything up, ship it off for you, and unpack at your new home. The next option—a bit more time consuming and work-intensive on your part, but certainly less expensive—is to pack and unpack yourself, but hire movers for the heavy lifting and physical transportation part of the process. All you have to pay for is the time they spend physically moving your possessions.

A third option would be to rent a truck and pack, lift and move everything yourself. There are plenty of truck rental services designed just for these kinds of projects, and their rates are typically very reasonable (although rising gas prices may make this option slightly less appealing). Finally, if you're determined to spend as little as possible, get a group of kind-hearted friends—and their cars—together and make moving a group activity. You can typically get away with a small payment to each helper, or the cost of dinner for the group. This is certainly the most labor-intensive option, but it won't cost you much at all.

Once you've chosen the right moving method for you, get everything planned out and scheduled at least 4-6 weeks in advance. Also, it's a good idea to begin the organization and overall move-out process as early as possible, so as to avoid having to cram it all—packing, cleaning, moving—into a few days or a weekend. Hit your local grocery or wholesale store to pick up empty boxes for free and pack up seasonal items and other things you don't use on a daily basis early on—fancy china, extra bedding, etc. While prolonging the moving process isn't exactly fun, spacing the massive task out will significantly reduce your stress level and help you feel more relaxed, prepared and in control of the process.

No matter how well you prepare, moving is always at least somewhat stressful, so do what you can to reduce that stress ahead of time, breathe deeply, and remember: it will be over before you know it.

Ki provides information on Austin real estate for buyers and sellers investigating the Austin market. His site has a search of the Austin MLS and information on Austin area neighborhoods.

Pemberton Heights is the name of a beautiful and historic area of Old West Austin, centrally located and convenient to downtown, the University of Texas campus, and the State Capitol complex, as well as easily accessible by the MoPac Expressway, also known as Loop One. The gateway to Pemberton Heights is considered to be the Keith House, at 2400 Harris, and this historic home was built in 1933 and has an unobstructed view of the Texas Capitol building from the front balcony, since it is located in the northern area of Austin’s State Capitol view zone. The Keith House was exhibits characteristics of both the Monterey Revival style as well as the Colonial Revival Style, with a wooden balcony and low-pitched roof, as well as varied exterior wall materials. This home is considered to be the earliest example of the Monterey Revival Style in the Austin area, and has chimneys at the gable ends, a central hallway, and shutters throughout, illustrating the Colonial Revival style. Two other historic and majestic homes in the neighborhood are Pemberton Castle, also known as the Fisher-Gideon home, at 1415 Wooldridge Drive, and the Catterall Mills House, at 2524 Harris, very near the Keith House.

Pemberton Castle is a limestone structure, with ivy-covered walls, which was built in 1926 from the remnants of an old cistern that was built on the spot in the late 1800s, and which was originally used to help Austin’s first fire fighters access water in the area. The home was originally owned by Judge John Harris, of Galveston, who was one of the earliest settlers to the area, and for whom Harris Boulevard is named. Harris was the Attorney General of Texas in the 1940s under then-governor Elisha Pease, for whom Pease Park is named, and Pease and Harris were real estate partners at the time. In 1925, the tower of the home was converted into a gothic structure by Samuel Fisher and his wife, Lucille.

The neighborhood was named Pemberton Heights about the same time, in 1927, when the developers filed a plat with the Travis County Clerk’s office for the first home in the new subdivision to be called Pemberton Heights. Shortly thereafter, the Castle became the sales office for the new development.

The Catterall Mills House was built in 1937 in the style of Early American Georgian Revival, and it is a plain, symmetrical, wooden structure covered with red wood siding. The home was bought by the Chester Family in 1999, and features some very unusual architectural amenities, including a bomb shelter built in the backyard during the Cold War. There is also an Italian marble fireplace and many stained-glass windows throughout the home.

Pemberton Heights roughly encompasses the area from the intersection of MoPac and Windsor, south along Windsor Rd., and north along Shoal Creek to 29th Street. The street which encompasses the eastern edge is Harris Boulevard, which eventually intersects with Northwood and then Jefferson. Westover Road is considered the last bordering street of the neighborhood, and the land contained within these boundaries is generally considered to be Pemberton Heights. The subdivision is considered to be one of the most prestigious as well as livable neighborhoods in Austin for a variety of reasons.

The Pemberton Heights subdivision was named in the 1998 issue of Town and Country magazine as one of the twenty-five Platinum Addresses in the United States, and in 2007, this neighborhood, along with its Old West Austin counterparts, was named by the American Planning Association as one of its “Great Places” neighborhoods. There is a very active neighborhood association in the subdivision, open to all residents, and some of the issues they are involved with include the preservation of trees and other foliage, less expansion by the MoPac into the neighborhood, and retaining the historic character, as well as creating and maintaining a pedestrian friendly environment in Pemberton Heights, which is also considered to be a very family-friendly area.

Today, residents and visitors can become knowledgeable about issues by reading the Pemberton Journal, which is published by the neighborhood association, and the subdivision has numerous single-family dwellings for sale and rent as well as condominiums and apartments available for rent. Pemberton Heights is one of the most desirable locations to live in Austin, and is minutes from downtown and various other attractions. If you are looking for the good life, Pemberton Heights has it all.

Ki works in the Austin real estate market. His site has a free search of the Austin MLS and information on mortgage interest rates.

As the Austin Texas real estate market expands in all directions, areas we used to think of as “way out there” are not only seeming closer, but are getting their own infrastructure. Maple Run in Southwest Austin is just one of those areas. Located south of William Cannon, north of Slaughter, west of Brodie and east of Mopac, this little oasis offers quiet streets, attractive and affordable housing, burgeoning businesses and is a hop, skip and a jump to one of the city’s cleanest, newest and nicest parks.

Each street in the area seems to have its own personality. The Deer Park subdivision is full of brick homes, with meticulously manicured gardens and lawns. These folks do a magnificent job with holidays – their Christmas lights are worth a trip, and Halloween is always scary! A few blocks down, you will find a more relaxed atmosphere, maintained just as nicely, but with a more casual feel. The busiest street is Copano, which is not busy at all! The houses in this area can run the gamut from a 3,000 square foot two story brick home with a pool to a 1200 sq. foot one level 2 br/ 2 bath with a nice yard. Many of these homes back to a greenbelt – nice and quiet.

Brodie Lane, one of the main north-south thoroughfares of the area, is full of convenient businesses closer to Ben White, but as you follow the street south of William Cannon heading down to Slaughter you find new business popping up almost every day. Take the intersection of Alexandria and Brodie – you have the best Cajun food and live music in town, an Austin Regional Clinic, Love Pet Hospital, Shipley’s Donuts, a florist, nail salons, a JiffyLube, and more! Just up the road is a Montessori school, just down the road is the Kid’s Zone preschool and daycare. Austin Telco and Advance Auto just came to the area, although the property adjoining them still has cattle on it – a truly Austin juxtaposition.

Families will love the Longview playground and park located at the eastern end of Harper’s Ferry. Swings and a play structure perfect for toddlers on up to school age are in great condition, and there are lots of trees for shade. A big field is perfect for kicking the ball or throwing the Frisbee, and there is a basketball court right up the hill. If you are looking for a little more, just head over to Dick Nichols – just west of Mopac off Davis. The toddler structure here is brand new, and the bigger kids one is in great repair. Picnic tables, a fountain for splash play, volleyball courts (or the world’s largest sandbox, depending on your age), tennis courts and a hike/bike trail can all be found here. Their pool is one of the best, with separate shallow and deep ends, plus a toddler wading pool – all crystal clear and in excellent condition.

It might seem “way out west,” but Southwest Austin is only 15 minutes to downtown, and the bang for your housing buck make it well worth considering.

Escapeso Realty helps buyers looking for properties in the Austin Texas real estate market. Their site allows potential to home buyers to search the Austin MLS and read about the latest market updates on their blog about Austin real estate along with info on mortgage interest rates

There are some home renovations that really should be left to a professional. Finding a good contractor that is trustworthy and dependable can sometimes be a challenge, but with some preparation it can be done.

Before accepting to work with a contractor, ask for a list of references. Ideally, the list will be fairly long, and not rigged towards a few happy customers. Call these references, skipping around from recent customers to older ones to see how the work has held up. If possible, visit one of the remodel sites in person. Ask about the quality of the work, and if the contractor stayed on budget and finished in a timely manner. Also, check how the contractor dealt with problems that arose, and if the reference would use him again.

A good contractor is one that the client feels comfortable speaking with. He should have clear solutions to your remodeling ideas. The contractor may be in your house for an extended period of time, and some problems will arise, so having good chemistry with this person is key to having a positive remodeling experience.

After getting a few different bids, do not base the job on lowest price alone. Read the details of the bid. It’s possible that if the cost for materials is cheaper than other bids, it could be an inferior product that won’t last. If one bid is significantly lower than the others, the contractor could desperate and his workmanship may be poor.

Make sure that the contractor is a professional. Verify he has workman’s compensation insurance in case a worker is injured in the home, and general liability insurance for any damage that might accidentally happen to house. Major remodeling improvements legally require a building permit so inspectors will check over the contractor’s work. Make sure the contractor applies for these permits. Certain industries allow contractors to get professional designations, such as Certified Remodeler and Graduate Certified Remodeler. Check if the contractor is part of any trade association, as they are more likely to be keeping up with current industry standards and practices.

Once a contractor is chosen, it’s good to have a contract written up so there is no confusion during the actual remodel. The contract should have the starting and projected ending dates, as well as a payment schedule which details when payment is due, and how much each payment will be. Usually, certain amounts will be paid after particular milestones are completed in the project. Also, have the contractor put any warranties he offers into the contract. Outline which duties the contractor or the homeowner will perform, such as cleanup when the job is completed, in the contract to avoid butting heads when the time comes.

Though a contractor may be needed for large remodel jobs, a homeowner can save money along the way by doing some of the low level work, such as painting walls or ceilings. Some contractors will allow the homeowner to pick up materials, such as lumber, toilets, flooring, etc, which would have been added as a surcharge on the final bill.

After some research, well thought out questions, and open communication, landing the perfect contractor for those large remodeling jobs can be achieved.

Ki operates as a real estate broker in Austin Texas. His site is filled with information about Austin real estate along with providing visitors information about mortgage interest rates along with a graphical search of the Austin MLS.

A fireplace is meant to be the centerpiece of your living space, the heart of your home. Sometimes, however, this focal point is less than impressive and more than lacking in the drama factor. If your fireplace is bland, plain or simply unattractive, a quick color change can do wonders. The secret is using multiple coats to build up depth and create a faux finish, rather than just painting on one flat color.

You will need three complimentary colors for this project in progressively darker shades. Natural stone and earthy colors, such as grays and browns, are ideal. A quart of each color will be more than enough to complete your fireplace. Flat exterior paint works best, providing better resistance and more clemency for the hot environment of the fireplace surround than interior glossy paint.

First, choose a color for your base coat. This should be the lightest color of the three. For instance, if you are going for a stone look, choose a medium gray.

The next color will be used for ragging over the top of your base. This color should be several shades darker than the base color and will provide dimension to your finish.

Finally, choose an accent color. This color will be used in moderation, to highlight and further enhance the finish. It can be a varying color from the first two, as long as it is natural and complimentary.

Begin by protecting all surfaces you don’t wish to be painted with drop cloths and painters tape. Apply an even coat of your base color with a paint roller or large paintbrush. A second coat may be needed, depending on the surface and color being painted.

Once the base has completely dried, you can begin applying the next color. Working in one small area (for instance, if your fireplace is brick, do one brick at a time), daub several uneven streaks of paint on the surface. Using a rag, rub the paint, spreading it and pulling it randomly. Continue with another small area until the entire fireplace is complete. A spray bottle of water can be used to dilute the paint while you’re working, making it easier to spread and thinning out some areas, creating a more authentic look.

After you have ragged the fireplace to your satisfaction, use the third color to highlight some crevices, corners and other key areas (It is not necessary to rag this color on the entire fireplace). Use the same technique with the rag and spray bottle to soften the edges of the paint.

In addition to painting, you can enhance the look of your fireplace with a few tiles, appliqués, onlays or other architectural elements. In no time and with just a little paint and a few decorative touches, it can be simple to change a plain, ordinary fireplace into a showstopper.

Ki is a realtor in Austin. He helps buyers and sellers interested in the Austin real estate market. His site has a free graphical search of the Austin MLS along with updated information on his Austin Real Estate Blog.

Two beautiful areas of Austin which are also very historic are the Tarrytown neighborhood and the Deep Eddy neighborhood, and these two areas are adjacent to each other with Tarrytown being slightly farther north than Deep Eddy. These areas are situated in western Travis County, adjacent to Lake Austin, which is what the part of the Colorado River which is just west of Lady Bird Lake is called. These areas roughly encompass the part of Austin between Lake Austin Blvd. to the south, and Loop One to the east, which is also called the MoPac, since it runs alongside the Missouri Pacific railroad tracks for much of its length. The western border of both Tarrytown and Deep Eddy is the Colorado River, also known as Lake Austin in the area, and many homes in the area have lakefront access. The Tarrytown neighborhood is roughly bordered on the northern edge by 35th Street, near the old military base which is called Camp Mabry. Camp Mabry was named after Brigadier General Woodford H. Mabry, who was the adjutant general of Texas in the late 1800’s. The base originally covered ninety acres of land, but by 1911, Camp Mabry had expanded to 311 acres. During the onset of World War I, the Texas National Guard utilized the camp, which was later used to train auto mechanics for the army. At the present, the post houses the 136th Regional Training Institute, which is located in the Texas National Guard Academy building. The post celebrated its 100th year of operation in 1992, and enjoys the distinction of being the third oldest active military installation in Texas. The base had also been used for the Department of Public Safety training schools in the past, and has hosted many military dignitaries over the years. Numerous historic aircraft are displayed at Camp Mabry, and these planes are visible from Loop One to motorists. Camp Mabry is currently the home of the Texas Military Forces Museum and has many interesting exhibits on display.

The southern border of Tarrytown is the Deep Eddy area, and its southern boundary is the lake. The Deep Eddy area is frequently referred to as the Lake Austin area since Lake Austin Blvd. runs alongside the southern area of the neighborhood, and the Clarksville neighborhood area is just east and a little bit south of Tarrytown. All three of these neighborhoods meet around Eilers Park, which is where Deep Eddy Pool is located. The concrete pool at Deep Eddy was built in 1916, along with a bath house, and Deep Eddy Pool is the oldest outdoor swimming pool in Texas. Deep Eddy was originally a natural swimming hole on the river and is spring-fed. The pool and park are bordered on one side by the lake and the hike and bike trails that encircle the lake along the northern shore. Deep Eddy is a very popular spot for picnicking, swimming, wading, and many other family activities, and is surrounded by beautiful, stately Oak, Banana, and Cottonwood trees which provide shade to many of the seating areas of the park. Occasionally, well known family-oriented films are shown at the pool on weekend nights, called Splash Nights, and watching the Wizard of Oz or something similar on a Saturday evening from a float in the pool with family members and friends is a special treat for the residents of the area and visitors to the pool.

There are many nice restaurants in the Tarrytown and Deep Eddy areas, including Magnolia Café and Maudie’s, which are both near Deep Eddy, and which specialize in breakfast items as well as Mexican food favorites respectively. Kerbey Lane Café, which is farther north, reasonably close to Camp Mabry, is in the Tarrytown area, and Zoot, a continental restaurant which pairs very appropriate wines with its spectacular entrees, is closer to the Deep Eddy edge of Tarrytown.

There are many nice places to live in this old, historic region, including homes, apartments, condominiums, and University of Texas dormitories, and also many schools, a library branch, and excellent medical facilities at Set on Hospital. Tarrytown is a must-see area when visiting Austin, or for residents alike!

Ki's site provides a guide to Austin Texas real estate along with a search for homes in the Austin MLS. He also makes regular market updates on blog covering Austin real estate.

One of the most cost effective ways to renovate your home is to “do-it-yourself.” From sanding and painting to digging and planting, there are many projects that a determined homeowner can accomplish. There are some jobs, however, that are better left to the professionals. These jobs are too heavy, too labor intensive or require specialized tools and skills.

Case in point: installing new granite countertops. The weight of the granite alone is enough to send anyone running to a phone to call for professional help. If you have new countertops on the way complete with the manpower do get it done, you are probably thinking you get the day off. But don’t lay down your tools just yet. There is a way to cut costs on this otherwise costly project—by doing the demo work yourself. Some contractors charge as much as $550 to remove the old countertops, a relatively easy job that even the most inexperienced handyman can handle.

First, remove all the drawers from your cabinets. This makes it much easier to gain access to your work area. You will also need to remove the contents of your cabinets so you can get underneath to work. Fortunately, these are things you will need to do before your new counters are installed anyway, so you are already ahead of the game.

It will also be necessary to remove your old sink. To do this, simply detach the plumbing from the drains and faucet (don’t forget to turn the water supply off), and remove the fasteners from the underside of the sink. There will be some sealant around the edge of the sink, but it should easily lift from the countertop.

If you look at your existing laminate countertops, you will see that they are in sections. Each section is attached to the cabinet base by screws drilled through the underside of the countertop. The next step to removing the old countertops is removing all these screws. This requires getting down on the floor and inside the cabinets at all kinds of uncomfortable angles. Luckily, a power screwdriver can speed this process along (although a manual screwdriver may still be needed for those hard to get to angles).

Next, remove the sealant from the edge of the backsplash. You can use a putty knife or screwdriver to do this. Be careful to remove as much as you can from any surface that you plan to save, so that when you pull off the counters, it doesn’t damage the wall.

Before you try to remove the countertops, make sure you have removed any outlet covers that may be attached to your backsplash. Also, keep in mind that there may be some glue adhering the backsplash to the wall, requiring a little more elbow grease to remove.

Finally, you are ready to take the old counters off. Have someone assist you with the lifting and removal. If you have trouble getting a section off, double check that all your screws have been removed. If the backsplash adhesive is giving you trouble, try sliding a putty knife behind the backsplash to break the bond.

Now your old counters are gone, your kitchen is ready for the new ones, and you saved yourself a little money. Now, all that’s left to do is watch the professionals get to work.

Ki helps individuals looking for houses in the Austin real estate market. His site has information on mortgage interest rates along with a graphical search of the Austin MLS.

When Austin’s airport moved to its current location at the old Bergstrom Air Force base, the Robert Mueller airport became 711 acres of land just east of Interstate 35 ripe for developing. The city of Austin, along with the Catellus Development group, have created a master plan that includes a variety of housing styles, private businesses and retail stores, and are attempting to make the entire “city within a city” as green as possible.

This area, now referred to as the Mueller development, has three housing types available in their first phase of building: yard houses, garden court houses, and row houses. The prices for the first phase range from the $180,000s to the $600,000s, and are 900 square feet up to 3,700 square feet in size. Though 350 homes will be built in the first phase, the development is planning to build 2,200 in total. Six different home builders were chosen to participate during phase one, including 3 locally based builders, Saldana Homes LLP, Streetman Homes Inc. and Muskin Co.

Though some of the homes may be a little cookie cutter in appearance, others are built in a traditional Austin bungalow style, and seem to fit in with their new central location. None of the new homes are built in the currently popular modern style, but it’s possible that different builders will be chosen for future phases of building, to diversify homes as much as possible. All homes built in the Mueller Development have alley ways behind them, with garages built on the backside of houses leaving the fronts garage-free, with more room for larges porches. This also makes the streets and sidewalks more pedestrian friendly.

The initial phase of homes created a large amount of interest, and Catellus Development set up a lottery-style system by hiring a company to randomly create a priority list of buyers. To keep in line with the development’s vision of a mixed income neighborhood, a certain number of homes were set aside for families making at or below 80 percent of Austin’s median income. All of the “affordable housing” homes were sold, and 265 total homes were purchased, with the remaining homes offered to the public.

Many of the businesses in the Mueller Development opened before any residents moved in. Some big box stores are already open, such as Best Buy and Bed, Bath, and Beyond, but other private businesses are also moving in. Seton Family of Hospitals is building their 165,000 square foot headquarters in the development. Not only are they the second-largest private employer in central Texas, but this will also be the first headquarters of a large company to move east of interstate 35. Seton’s new facility, the Dell Children's Medical Center of Central Texas, will open next to the new headquarters in 2009.

One of the Mueller Development’s major objectives is to be as green as possible from the ground up. They will have shops, recreation, entertainment, jobs and transit close at hand, in hopes that driving will be kept to a minimum. Giant solar collectors are being built along the new hike and bike paths to provide shade in the daylight, and light up the paths in the evening. Austin Energy has also built a new power plant on site that not only supplies electricity to new residents, but also sends chilled water for air conditioning to nearby businesses. The power plant generates power in a cleaner fashion, while the shared HVAC system lowers energy costs.

The Mueller Development is the right spot for those looking for a newly built, centrally-located home, offered at a reasonable price.

Escapeso Realty operates in the Austin real estate market. They provide a search of the Austin MLS along with a free mortgage calculator.

An area of Austin which is currently undergoing revitalization is the old Mueller Airport area, near the intersection of Manor Road and Airport Boulevard in East Central Austin. This location offers residents and visitors alike many interesting opportunities. Housing is very affordable in the area, including single family homes and duplexes, and also numerous nice but inexpensive apartment complexes. Since this area is just a few miles from the University of Texas campus, it is ideal for students and faculty members, as well as downtown area employees who are looking for a neighborhood which is affordable yet extremely close to downtown business and entertainment districts and the college area. Manor Road itself is home to many fine restaurants, including El Chile, and El Gringo, both wonderful restaurants specializing in Mexican cuisine, and Hoover’s , a southern-style restaurant specializing in BBQ and various other regional Texas specialties. The Eastside Café, a popular restaurant which specializes in natural and fresh from the garden choices, is situated on Manor Road just across the interstate and is very convenient for U.T. students, faculty, and visitors to the campus area. The Eastside Café has a reputation for very fresh seafood as well as tempting steaks and other entrees. All of these restaurants have been patronized by well known political visitors recently, including Bill Clinton’s visit to Hoover’s while campaigning in Austin with his wife Hillary and family.

The University of Texas sports facilities are also very close to the east-central vicinity of Austin, especially Dish Faulk field, for Longhorn baseball fans, and Royal Memorial Stadium, for Longhorn football fans. Both of these sports venues are near the intersection of Interstate 35 and East Martin Luther King Blvd, which runs somewhat parallel to Manor Road, east of Interstate 35. The Erwin Center is also just a stone’s throw away, at Red River and Martin Luther King, just west of the interstate.

Prior to closing in 1999, Mueller Airport was the oldest municipal airport in Texas, and it originally opened to the public in 1930. After the new Bergstrom International Airport was established south of Austin at the site of the old Bergstrom Air Force Base, Mueller Field closed to air traffic, and is presently being redeveloped as a center for the arts, affordable homes, and many other exciting businesses and attractions. The old airport site encompasses 711 acres of space, and is designated for “mixed use” development now, including many movie-making related facilities. The site is home to the new Austin Studios film-making complex, which includes soundstages, sets, and various other commercial ventures associated with Austin’s burgeoning motion picture, theater and arts communities. Many of the old airport hangars have been converted to use as soundstages for these endeavors, and the area is ideal for this type of activity, since it is such a large area, and so conveniently located, but is still very quiet and has a rural feel to it since it has not been developed or inhabited much in the past, especially since the airport relocated.

The site will eventually be home to 10,000 residents and has been referred to as an “urban village”, with its proximity to the major urban areas yet its small town flavor. The site will eventually include schools, shops, homes, apartment complexes, entertainment and various other businesses and services. In addition to these exciting, revenue-generating ventures, the area is projected to include 140 acres of public open spaces and 13 acres of hike and bike trails, making the neighborhood very pedestrian-friendly as well as offering immediate access to Austin’s fine mass transit system, the Cap Metro bus routes.

Right across Manor Road from the old airport entrance is another attraction for sports fans, the Morris Williams Golf Course, which is an eighteen-hole public golf course, with green fees of twenty dollars or less on a year-round basis. This area is also very accessible to out of town visitors, since both Manor Road and Martin Luther King eventually intersect with U.S. Highway 183 when travelling east or northeast. U.S. 183 serves the Austin metro area as a loop around the eastern perimeter of the city, where it is referred to as Ed Bluestein Blvd. It also intersects with Highway 290 East and Highway 71 East, as well as Interstate 35, so it is very convenient to get in and out of the east-central community around the old Mueller Airport.

This area is sure to become a vital part of Austin in the very near future, and offers the finest attractions and amenities now for every segment of the population, young and old alike!

Ki works as a Realtor in the Austin area. His site is filled with information about Austin real estate and provides visitors a free search for Austin Homes. You can also find updated information on mortgage interest rates.

All investments depend on making returns, which in turn are affected by macro cycles such as the Great Depression or the dot-com boom. When a market is receding, it makes more sense for long-term, stability-seeking investors to look elsewhere upon first glance. However, in the case of the housing market of many parts of the US, the likelihood of long-term housing depression are still relatively slim. Furthermore, other factors will continue to influence the stability of housing pricing in the short term.

Likely investors in most areas will be able to get great values for some time, but housing prices have statistically increased on a per-capita level for the vast majority of the past century. Even with the 30% decrease in home prices during the years of 1930-33, economic stimulus eventually prevailed. The Depression was also the primary topic of a young Ben Bernanke who, before his current position as head of the Federal Reserve, wrote a 350-page report on how the US' largest recession was due to the blunders of the then newly-created institution. Bernanke has also taken more unprecedented steps to help preserve large investment banks than homeownership, citing a housing bubble which needs a necessary (though unfortunate) correction.

As foreclosure rates continue to increase, many properties are being revalued at less than the price they were purchased at. However, this is only half the story. America's losses are oft distributed unequally. And while the Midwest generally experiencing the worst effects of past recessions, this time may be a little different. Across middle America, home prices have depressed for seven straight months, but several previously hot markets have deteriorated below pre-bubble prices. Southern California and Arizona are two examples that stand out, particularly in terms of how rapidly falling home values have affected previously booming areas.

Now consumers are hit with two difficulties which make housing slumps particularly viscous: rising mortgage payments and loss of home equity, which has restricted lines of credit for homeowners. Furthermore, the advantages of America's size are diminished in a housing slump because homeowners are unable to migrate to other areas. Historically, there have been many such exoduses from economically depressed areas in search of higher wages, but homeowners are increasingly unable to do so unless they sell their homes at a loss.

This stagnation also means that markets with rising values will continue to attract investment, while government intervention may be necessary to lift more blighted areas. The Northwest continues to experience positive property values, despite the prospects oflooming layoffs from troubled financial firms. Texas continues to experience exceptional developmental growth, and relatively stable house prices in his area likely contributed to the Dallas Fed's dissenting vote against the recent record Federal Funds Rate cut. In central Texas, development has continued relatively unabated, in contrast with other areas where property values have dropped more considerably. This reasoning indicates that these markets are likely to accelerate growth as the larger economy recovers from the sub-prime crisis, and will probably be more valuable in the mid-term by comparison to more depressed areas.

Either way, the US recession is not likely to remain too deep, thanks to the generous monetary policy of the Fed. Should current inflationary pressures continue their current trends, home prices will necessarily rebound, although not quickly enough to facilitate speculative short sells. Therefore, for those looking for the long haul, deals are out there.

Ki operates as a realtor working in the Austin Texas real estate market. He writes a blog covering Austin real estate as well as providing a free search of the Austin MLS.

You would probably have to have been living on a remote desert island for the better part of two years to not see any signs of the slowdown in the economy of the United States. Since August of 2007, the real estate market has been reeling from plummeting house prices, due primarily to increasing defaults on sub-prime mortgages. While these mortgages were issued to millions of borrowers with patchy or relatively poor credit ratings over the past several years, interest rates remained unusually low before the Federal Reserve began to increase rates over 2005-2006.

Up until late 2006, this process was self-reinforcing, mainly due to the