Sep. 25, 2008 - Tight Mortgage Credit Curtails Sales Activity

I came acros a recent report from the National Association of Realtors regarding the slowing down of existing home sales that I thought was interesting. Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity.

Sales rose in the Midwest and South but fell in the Northeast and West. Nationally, existing-home sales -- including single-family, townhomes, condominiums and co-ops -- declined 2.2 percent to a seasonally adjusted annual rate of 4.91 million units in August from an upwardly revised pace of 5.02 million in July. “The difficulty in obtaining a mortgage increased over the past couple months, making it more challenging for creditworthy borrowers to find financing,” said NAR President Richard F. Gaylord, adding the pendulum in the mortgage market has swung too far. “Our hope is that overly tight lending criteria can be loosened with reasonable standards and credit so that sales activity can catch up with demand. Interest rates have already declined, but there is a serious question as to whether a cash infusion by the U.S. Treasury into Wall Street would help consumers by improving mortgage funding. “We urge Congress to restore access to sound mortgage credit so people have the ability to make and keep a long-term investment in the American dream of homeownership. Congress needs to take care of Main Street and not just bail out Wall Street.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.48 percent in August from 6.43 percent in July; the rate was 6.57 percent in August 2007. However, as of late September, the 30-year fixed had dropped to 5.78 percent, the report said. With the recent crisis the mortgage industry is in, it will be an interesting year ahead no doubt.

Sep. 20, 2008 - Tankless Water Heaters Make Good Sense

If your current water heater is on its last leg, or you've decided you need a better unit to suit your needs, consider a tankless water heater when you go shopping.

Tankless water heaters can save energy and money and deliver an endless flow of hot water. While a conventional tank-style water heater continuously stores 40 to 80 gallons of water and keeps it hot until it’s needed, a tankless water heater only heats water when it's needed. Obviously, keeping 40 to 80 gallons of water hot 24 hours a day, seven days a week, month after month, wastes considerable energy.

Instead of continuously heating a large tank of water, a tankless water heater circulates incoming water through a series of electric coils or gas burners that heat up automatically when you turn on a hot water tap or appliance. When you turn off the faucet, the elements or burners turn off. In other words, you're only burning energy when you have a demand for hot water.

There are several varieties of tankless water heaters, from small electric point-of-use models (for use at a specific location, such as a kitchen or bathroom sink) to larger gas appliances that supply the entire house. Point of use models start around $150 and larger units capable of supplying more hot water start around $750.

Sep. 20, 2008 - Area Schools affect Home Values

You've most likely heard that location, location, location is the most important factor in real estate. While this may be true, another important factor to consider as you try to find the best neighborhoods for resale value is the quality of the local school system. Even if you don't have children, it would be prudent to research the closest schools before purchasing a home.

By placing a call to the local school district, you should be able to find out what type of funding area students receive, what the average class size is, and how well students have performed on standardized tests. In addition, find out if they offer any special programs, what percentage of students graduate and go on to college, and whether or not the district will be opening or closing any schools in the near future.

For many prospective home buyers with children (or plan to), the quality and reputation of the local school system may be as critical to their buying decision as the appeal of the home itself. Regardless of where the home is located, the quality and reputation of the schools will affect the home's value, not only when you buy, but when you sell.

Also, you can find out a lot of information about the school district and individual schools on the internet.

Here are a few example websites in Texas about schools:

• Lewisville ISD
• Great Schools, The parents guide to k-12 success
• Texas Education Agency
• Texas Accountability ratings
• Lewisville School statistics
• Flower Mound School statistics
• Highland Village School Statistics
• All other Texas School Statistics
• Private school Directory
• Texas Schools k-12
• Texas Private Schools
• Texas Private School Review
• State Regulation of Private Schools

 Thank You and I hope this information is helpful to you.

Sep. 6, 2008 - New listing in Lewisville