Entries from September 2008
As of right now, Austin is expected to experience high winds and heavy rains as a result of Hurricane Ike.
Hurricanes, though, can change direction and speed over time. I suggest that individuals take whatever precautions they deem appropriate to keep themselves safe. It is also recommended that companies turn off and unplug computers, telecommunications equipment, office equipment and appliances to protect from power surges and/or loss of power.
If anyone is at work and a storm hits the area, they should proceed (using stairwells, not elevators) to the lowest level of the building. They should go the center of the building, away from windows, crouch down low and protect their head and neck with their hands.
It might also be a good idea to stay away from the Austin downtown area…lots of construction & cranes so there could be flying debris!!!
For the Full Hurrican Ike Picture for go to Storm Pulse
http://www.stormpulse.com/fullscreen/current
Categories: Downtown Austin · Everything Austin · Home Safety · Resources
Tagged: austin, austin downtown, hurricane, hurricane ike, storm pulse
There are some new Condo developments going up in the downtown Austin area. Below is an article from the AUSTIN AMERICAN-STATESMAN about the developments. The starting prices on these are expensive in my opinion. They are going after a people with high incomes and the wealthy. I find it kind of odd they’re going after that market when the inventory for luxury homes is pretty high right now. But they probably know something I don’t about that market from their research. At least I hope they do. Read the full article below. (more…)
Categories: Austin Downtown Austin Condos · Austin Housing · Austin Luxury Homes · Austin Real Estate · Downtown Austin · Downtown Austin Projects · Real Estate · South Austin Condos · austin tx homes for sale · homes for sale in Austin texas
Tagged: Downtown Austin, Downtown Austin Projects, Austin Luxury Homes
Well, it is no secret that things are changing rapidly in the mortgage realm and especially, with Fannie Mae and Freddie Mac. I received the following information today from a lender friend of mine, and I thought it would be something worth passing on to you.
I wanted to make sure you knew how this (Fannie & Freddie) affects our business. Fannie Mae and Freddie Mac are placed into conservatorship immediately. This amounts to a government take-over of the two companies. To promote market stability, the companies will be allowed to buy more mortgages through the end of 2009. However, starting in 2010 the number of mortgages they own will gradually be reduced at a rate of 10% per year, eventually stabilizing at a much lower size.
The US Treasury will ensure that each company maintains positive net worth by buying their stock as well as providing a new lending facility to serve as an “ultimate liquidity backstop.” This facility will expire on December 31, 2009. This morning, the companies are expected to resume normal business operations. The U.S. government assumes control over the Board and management. Current Fannie Mae and Freddie Mac CEOs are being replaced, but will stay on through a transition period. All lobbying/political activity by the companies will cease.
What does this all mean? These actions will provide stability to the market that many experts think will be the turning point in the housing crisis. Interest rates will fall (they already have this morning) and there will be plenty of money for mortgage financing. We may see a mini refinance boom as borrowers take advantage of rates we haven’t seen in a while. We will likely see some financing guideline changes in the future, but it is just too early to tell what these might be.
Categories: Real Estate
September 6, 2008 · 1 Comment
Here are a couple cool resources for anyone looking to buy a home called EveryBlock.com. www.Everyblock.com provides a wealth of information about the five cities they serve (Charlotte, Chicago, New York, Philadelphia, and San Francisco). They display business reviews, permits, crimes, liquor licenses,
real estate listings from Trulia and Redfin, restaurant inspections, zoning agenda items, as well as maps pinpointing relevant locations.
Another good local site, www.Eventful.com, claims to be the “world’s leading events website” and has a comprehensive list of events occurring near your local address.
Categories: Buying Real Estate · Real Estate
Tagged: austin events, eventful.com, everyblock.com
Yesterday rates improved, and so far this morning we’re looking at the same! The yield on the 10-yr is down to 3.67%. Yesterday during the morning we had Factory Orders +1.3% in July, stronger than expected. In fact, Factory Orders have been strong for several months now. However, the bond market seemed to shrug it off, and we improved as buyers for mortgages came in and the Fed’s Beige Book was released. (Goldman called it “An unremarkable report, reiterating weak growth trends in most sectors, an ongoing tightening in credit availability, continued input price increases (though with a nod to the recent downturn in commodity prices), and softening labor markets.”)This morning we’ve already had the ADP Employment Change Index, Jobless Claims and the next-up is ISM’s Non-Manufacturing Index. The number of U.S. workers filing new claims for jobless benefits jumped by 15,000 last week, indicating that the labor market is still weak. Initial claims for state unemployment insurance benefits climbed to a seasonally adjusted 444,000 in the week ended Aug. 30 from a revised 429,000 in the prior week, according to the Labor Department. Tomorrow, of course, we have Nonfarm Payrolls (expected -75k) and the Unemployment data (expected to go from 5.7% to 5.8%).
Remember that interest rates have dropped quite a bit lately, and the market is technically “over-bought” – so think twice before believing that rates can fall much more after tomorrow’s numbers especially since there is no news due out Monday.
Categories: Market Update · Mortgages/Financing · Real Estate
Tagged: austin, Market Update, mortage, mortgage update
