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"Don't aim for success if you want it; just do what you love and believe in, and it will come naturally."
~David Frost

May 2008

Special Days and Events

May 1 - Law Day
May 3 - National Scrapbook Day
May 5 - Cinco de Mayo
May 6 - National Nurses Day
May 8 - V-E Day
May 10 - National Receptionist Day
May 11 - Mother's Day
May 15 - Peace Offer Memorial Day
May 18 - Armed Forces Day
May 21 - National Waiter/Waitress Day
May 22 - National Maritime Day
May 25 - National Missing Children's Day
May 26 - Memorial Day

The birth flower for May is the Lily of the Valley. The birth stone for May is the Emerald.








Housing's Second Wind

The strong home price appreciation that the housing market experienced from 2000 through 2006 was great for homeowners. Increases in home values helped those households build equity and wealth.

However, that price appreciation had a downside as well. It made achieving home ownership much more difficult for first-time buyers and those potential buyers with less-than-perfect credit, particularly when mortgage rates began to rise from historic lows in mid-2005. As rates increased, average monthly payments also rose. The consequence was that home sales fell as fewer people could afford to buy. Additionally, beginning in mid-2007, many homeowners who had taken out adjustable rate mortgages (ARMs) to finance their purchases made after mid-2005 could not refinance. Stagnant or declining prices reduced or eliminated the equity in their home. Unable to refinance, households were faced with making monthly mortgage payments that they could no longer afford. The impact of this trend was particularly harsh on the sub-prime market as funding in this sector evaporated after July of 2007. Default and foreclosure rates increased as a result.

Some Relief in Sight
The good news is that there is some relief on the way. One month ago, Congress passed and the President signed an important stimulus package that goes far beyond the well-publicized $600 tax rebate check. The package includes a provision that will temporarily increase FHA lending limits and the limits on loans that the GSEs can buy.

Prior to 2008, the FHA could only loan up to a maximum of $362,790 for a home in the highest priced markets; most markets had lower limits. Under the new provisions, that limits jumps to as much as $729,500 depending on the local median home price. Based on 2007 mortgage data, NAR Research estimates that more than 140,000 homes in this price category were purchased using sub-prime loans.



Local Weather: Get up-to-date information on weather in the surrounding communities. Home Loans:Prequalify Now - Submit your online loan application to an expert
Mortgage Interest Rates Check current local and national interest rates home mortgage: interest rates, Mortgage 101 interest rates,Mortgage 101 interest rate Home Mortgage Calculator Estimate your monthly mortgage payment Mortgage 101 interest rates,Mortgage 101 interest rate



Featured Homes - Looking for just the right property? Check here first! Buyer/Seller Tips: Read through helpful tips of information on buying or selling your home!
What is your Home's Value? Let me figure out how much your home is worth in today's market! Local Schools: Identify the best school district for your family with my free schools reports.

 

 

Quote of the Day
Man never made any material as resilient as the human spirit.
Bern Williams
more Famous Quotes

        

                   

Sissy Thomas, REALTOR®
TN Affiliate Broker - License # 287388

100 Bluegrass Commons Blvd., Suite 2100
Hendersonville, TN 37075
Business: (615) 822-8585

Each Office Independently Owned and Operated.

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