New-Home Market Posts Big Gains as Permits Surge

Provided By: Realtor.com

Housing permits for home construction reached a five-and-a-half-year high in October, signaling a strong uprise in new-home construction, the Census Bureau reports.

Led by a big jump in multifamily permits, overall building permits surged 6.2 percent in October to a seasonally adjusted annual rate of 1.03 million units. That marks the highest level since June 2008. Permits typically lead housing starts by at least a month.

Housing permits are up 13.9 percent from year ago levels.

Permits for multifamily homes -- buildings with five units or more -- posted a double-digit increase in October of 15.3 percent in October,  following a 20.1 percent increase in September too.

Single-family home permits -- which make up the largest part of the market -- rose 0.8 percent, following a 1.9 percent drop in September.

Housing permits in the West and South posted some of the strongest gains with permits rising to the highest levels in those regions since January 2008. Permits fell in the Midwest and stayed flat in the Northeast.

"Permits are often a harbinger of future housing activity and the strong showing in the multifamily sector along with stable numbers on the single-family side bode well for a continuing, gradual upturn in housing over the coming months," says Robert Denk, a senior economist with the National Association of Home Builders. "But consumer and builder confidence could be seriously undermined unless policymakers make progress over looming budget, tax and economic policy issues in the weeks and months ahead."

7 Timeless Skills for Any Real Estate Market

Provided By: RealtorMag.org

 

The real estate profession changes every day, but the qualities you find in top-performing practitioners do not. The details may shift as technology rolls forward, yet the underlying skills are always the same. If you can master these, you'll be successful in any market.

 

Skill 1: Meeting New People

The simple fact is that if you never meet anyone new, you will never have anyone new to sell to. Whether you encounter them for the first time in person, online, or over the phone doesn't matter. Get one-on-one with them in a conversation about their needs, and you've at least started down the path to success.

 

Skill 2: Making Personal Connections

You don't have to be the best at everything to succeed in this business. You just have to be competent and likeable.People buy from people they like. Develop the ability to connect with your clients and make them trust you, and 90 percent of your sales process is done. Want a quick way to engender trust? Tell the client something that it's not in your best interest to tell them. Show them that honestly is more important than anything to you.

 

Now, this doesn't mean to tell them that you got sued last week — that will make people nervous. But it could mean mentioning that the houses in another neighborhood have the same amount of space and are less expensive. They know that you get paid more if you sell them a higher-priced house. Showing them something in their best interests instead of yours makes you trustworthy.

 

Skill 3: Following Up on Every Lead

Follow-up is a big area where agents fail. If you aren't going to take every lead you get and work it to death, then you'll never be a top performer. Working every lead until it either closes or is clearly not a lead anymore is critical to building the solid pipeline that's required to keep your business continually producing. This means that you need a system to make sure that nothing gets dropped or forgotten. Throw away your Post-it notes; they should never be used as a place to write down a lead. All leads need to be kept in one place, and all of them need a minimum amount of information. That includes:

 

The person's name

Contact information

What property they contacted you about (or where they came from if it wasn't from a property)

What their timeframe is for moving

If they're buying, selling, or both

If they're buying, what they're looking for and in what area

What their emotional hot buttons are (what they get excited or angry about)

If you don't have all of the information you need, don't be afraid to contact them again for more information. And once you have the information you need, continue to contact them on a regular basis to make sure they stay on track. Don't worry that you'll be bothering them—instead, worry that they would otherwise forget who you are or feel ignored by you.

 

Skill 4: Asking for What You Want

This is typically a big problem with real estate rookies, but you'd be surprised how many veterans forget this piece of the puzzle, too. It's not always easy, but you have to ask for things to get them. Ask for the sale. Ask for the appointment. Ask for the phone number of the person your client wants to refer.

 

Don't wait for people to call you, for the clients to say they're ready, or for the buyers to tell you that this is the house they want. Be direct. Ask them, "Is this the house you want to buy?" "I'll get your house on the market tomorrow if you'll sign right here." "Which is better for you: Monday at 6 p.m. or Wednesday at 3 p.m.?" "Why don't you give me your friend's number and then you don't have to think about it anymore?" All of these are great closing questions used by some of the top practitioners in the industry.

 

Skill 5: Setting Appropriate Expectations

Once you have the contracts signed and your clients are committed to the process, then it's all about meeting expectations. And make no mistake, there will be expectations—whether you set them or your clients do. This is why it's important to set those expectations yourself; you don't want to get blindsided by something the clients decided to expect without consulting you.

 

The best real estate professionals are masters at setting expectations. They know what reasonable timeframes are, and they don't make promises they can't keep. They let clients know immediately if things need to change and they set the new expectations quickly and decisively, leaving no room for the clients to wonder (and worry) what happens next.

 

Skill 6: Taking Care of Details

You must treat you business like a business. This means that having a system in place to make sure that deadlines get met, appraisals are ordered, home inspection responses come in on time, appointments aren't forgotten, and problems are solved. You should even have systems to make sure that your clients—and, if you're really smart, the other side's clients—have handled all of the details that they need to attend to. Hold on to every deal and work it until it closes, letting nothing go. In saving multiple deals from certain death each year, top performers improve their closing ratios and increase their per-hour earnings.

 

Skill 7: Paying Close Attention to Money

Lots of agents tell me that it's not about the money for them; it's about the people. And that's great. I love helping people, too. But if you don't focus on making money, you're not going to make any. Real estate is your business, your livelihood, and you deserve to be compensated for the skills and services you provide. If you stop paying attention to the money, you'll do things like:

 

Negotiate away your commission.

Not take a referral fee "to be nice."

Work on listings that will never pay you anything close to reasonable compensation for the amount of work they are because you "feel bad for the person."

Take overpriced listings so that the sellers will like you.

Not make buyers sign contracts.

Stay with a broker who pays you a below-market split.

All of these things result in you working too hard and not making what you deserve. It's not your job to right the wrongs of the world. It's your job to make a living for yourself, preferably a really good one. It's not about the number of deals you do; it's about how much money you get to keep when the deals are done.

 

You have to focus on the money if you hope to be successful. If you're not making a profit, you're running a charity, not a business, and you don't get grants like charities do to make ends meet.

 

You have to keep up with changes in technology, industry regulations, buyer and seller priorities, and economic conditions. But the skills that I've listed above will take you further than any new flashy marketing plan or social media technique. No matter what's going on in real estate, these skills will be the difference between a good agent and a great one.

Dallas apartment builders hope less space means more profits

Provided By: dallasnews.com



 

They say good things come in small packages.

Builders are hoping that old saying holds true for apartments.

To hold down monthly rental costs, apartment developers are scaling down some rental units to the size of a hotel suite. They’re betting that renters will make do with less to live in a posh apartment in a prime location.

“If we can give someone luxury living at a price they can afford, they’ll jump at it,” said developer Matt Segrest, president of apartment builder Alamo Manhattan.

At Monaco, Alamo’s new building in Dallas’ Uptown neighborhood, a 571-square-foot studio apartment will set you back $1,459 a month.

While small by Dallas standards, the apartment comes with a view of the Katy Trail, top-of-the line appliances and use of the rental project’s many amenities.

“Our small units are in high demand,” Segrest said. “People want to live where the action is.”

Alamo Manhattan has leased more than a quarter of the Monaco project and is trying to slow rentals to catch up with construction. The average unit size in the entire project is about 800 square feet.

The trend toward smaller apartments started on the West Coast and quickly spread across the country.

The 24-story SkyHouse Dallas apartment tower that’s under construction in Victory Park just north of downtown Dallas will have units that start in size at 577 square feet. The average size in the 336-apartment tower will be about 800 square feet.

“While our apartments are designed to be very efficient and therefore to meet our residents’ budgets, the floor-to-ceiling glass makes the apartments feel like a larger home,” said Thornton Kennedy, spokesman for developer Novare Group.

Dallas apartment architect Mark Humphreys said apartment sizes have dropped as development costs and rents have soared.

“It’s been a hot topic for some time,” he said. “New micro units are now below 400 square feet.

“We have these all over the country, and it’s done great.”

But efficiency apartments have to be done right for renters to accept them.

“The key to us is you have to have a separate sleeping area,” Humphreys said. “They don’t want to walk in the living room and there is the bedroom.”

Humphreys & Partners is putting the bed in an alcove off the main living area to give a sense of privacy.

“It seems to have a lot of legs,” Humphreys said.

At its Taylor apartment project under construction in Uptown, developer StreetLights Residential has studio units starting at less than 570 square feet.

StreetLights partner Tom Bakewell said they appeal to younger renters but not the older, empty nester tenants who are looking at the project.

“Their comment is this unit is too small,” Bakewell said at a recent apartment seminar in Dallas. “Our doors have been open a little over a month now, and 30 percent of our traffic coming in is an empty nester.”

Longtime Dallas apartment analyst Greg Willett said there is renter demand for all sizes of new rental units. But he cautions developers not to produce too many small units.

“You do see a lot of these units in San Francisco and New York, and it works in those markets where the rents are so incredibly high,” said Willett, vice president of Carrollton-based MPF Research. “In the middle of the country, overdoing these would be pretty easy.

“There is demand for this product, but it’s a niche.”

Keller Williams Realty Becomes Largest Real Estate Franchise in North America!

Provided By: http://moving-careers.com/keller-williams-realty-becomes-largest-real-estate-franchise-in-north-america/

Keller Williams Realty Becomes Largest Real Estate Franchise in North America
Company reports record growth, productivity and profitability gains;
announces expansion into the United Kingdom.

 

AUSTIN, TX (September 16, 2013) - With a net gain of 12,000 associates in the past year, Keller Williams Realty is now the largest real estate franchise in North America. The announcement, based on publicly available agent count data as of September 9, 2013, was made during Keller Williams Realty’s Midyear State of the Company presentation. Keller Williams is now home to more than 90,000 associates around the world.

 

“We are not a company of complacency,” CEO Mark Willis said. “We have the best business model in the industry and it’s leading to increased productivity, profitability and profit sharing that are at all-time highs for our company and unrivaled in our industry.”

 

In recent months, Keller Williams Realty has shattered its monthly records for listings taken, contracts written, commissions earned, owner profit and profit share:

 

• Year over year, units are up 8 percent, closed volume is up 17 percent and gross commission income is up 18 percent.
• Ninety-five percent of the company’s offices are profitable year to date – a figure that far outpaces the standard for franchise businesses.
• In the past 12 months, the company has distributed $58 million in profit share to associates, a 33 percent increase over the previous year.

 

Features for consumers include:

 

• The ability to search for homes based on criteria or by custom drawing on an interactive map;
• GPS localized data displays homes in a given area that match the consumer’s price range;
• The ability to easily swipe through galleries of photos to decide whether a home fits one’s needs and then add it to saved searches for convenient reference on the app or via the agent’s website, where the saved searches are synced;
• The ability to save notes on properties for future reference; and
• Faster communication between agents and consumers via call, text or email.

 

The strong growth, productivity and profitability gains follow a year of milestones for the company:

 

• The release of the Keller Williams mobile app – personally branded for each of the company’s 90,000 associates. In the past 30 days, more than 58,000 consumers have downloaded the app to their Apple and Android devices.
• Publication of co-founder Gary Keller’s new book, The ONE Thing, which has appeared on 117 bestseller lists, including The New York Times, where it has been on the business bestseller list for 5 months, and The Wall Street Journal, where it earned the #1 spot.

 

Willis used concepts from The ONE Thing to illustrate his presentation, which took place at Mega Camp, the real estate industry’s premier educational and networking event for top producers. “Keller Williams leaders, what you’re doing is lining up a perfect domino run,” he said. “Being #1 in agent count in the United States was our first domino. We’re on our way to knocking over bigger and bigger dominos until we’re #1 in agent count, transactions and volume all across the world.”

 

Keller Williams Worldwide President Chris Heller also announced the company’s expansion into the United Kingdom. In recent years, the company’s global division has announced franchise agreements in Austria, Germany, Indonesia, Southern Africa, Switzerland, Turkey and Vietnam. Heller touted the achievements of the company’s regions outside of North America and welcomed more than 100 international guests from countries including Brazil, China, Colombia, Ghana, Israel, Italy, Mexico, Poland and Russia.

 

“Around the globe, entrepreneurs, brokers and agents are looking for and asking for what we offer,” Heller said. “They crave our models, systems, training and technology. And because Keller Williams can offer all of those at a level they have never seen before, we are attracting tremendous talent and gaining momentum.”

 

“Success leaves clues,” Keller Williams President Mary Tennant said during her State of the Culture update. “And your unprecedented achievements this year all flow from the culture of success, caring and opportunity you created and are enhancing every day.”

   

10 months later, Hurricane Sandy's 'blessing': Treasures wash ashore

Provided By: CNN.COM

Professed "Jersey girl" Christeena Hockin-Minopetros began collecting sea glass from the New Jersey shore when she was 5. She recalls that when she was younger, before the glass became scarce, you could walk home with a bucketful after a day at the beach.

Now, 10 months after Hurricane Sandy hammered the Atlantic coastline, the Florida resident says she's shocked by how many of the frosty relics she found while walking along Sea Bright Beach back home this summer.

 

"It's everywhere," Hockin-Minopetros said, explaining how she found two large bags of sea glass in a variety of hues: brown, white, blue, milky green and a "gorgeous" red piece she can't take her eyes off.

 We can thank Sandy for the finds, said coastal geologist Cheryl Hapke.

"This is an epic summer for a collection of beach glass," she said.

Sea glass, or beach glass, begins essentially as garbage -- broken glass dumped into fresh or salt water. Over time, waves, water and sand smooth its sharp edges. It's the smaller pieces of sea glass that usually get brought onto shore for people to pick up, Hapke said.

It's well-known that hurricanes erode seashores and hamper tourism, but, according to Hapke, a storm like Sandy -- which boasted record-high waves in late October -- can filter larger, coarse materials from the seabed and wash them onto the shoreline.

That's good news for beach-side businesses that sell their finds.

 

As Sandy swallowed beaches and deterred patrons, businesses in southern New Jersey's Cape May Point suffered, said resident Jeanette Bartolomeo. Her son-in-law's Sunset Beach Gift Shops, where Bartolomeo works as the jewelry manager, were among the few fortunate.

 

Never mind the sea glass; Bartolomeo's eye is drawn to the "Cape May Diamonds" -- clear quartz pebbles that, when polished, resemble real diamonds -- and Sunset Beach Gift Shops are known for their collection.

 The pure quartz pebbles, which break off from pockets of quartz crystal in the upper reaches of the Delaware River, have always been in abundance, but bigger pieces churn up after a storm.

That's why Hurricane Sandy and the February nor'easter were "a blessing," Bartolomeo said.

 "Thank God they keep coming in," she said.

 Though Sandy didn't damage Cape May as much as other parts of New Jersey, many residents and visitors assumed beaches and shops there were closed, so Cape May tourism suffered and business was slower than usual, Bartolomeo said.

"We had people calling, 'Are you open now?' " she said. "But we were never closed."

 

Gov. Chris Christie's administration announced last week that every public boardwalk and beach along the New Jersey shore is now open, after 10 months of renovations and "beach replenishing."

 

Bartolomeo said she's already seen an increase in tourists this summer at Sunset Beach, where visitors can be found scouring the beach for the quarter-size "diamonds" washing up on the shore.

Despite the good news for many businesses, Hockin-Minopetros is concerned that beach replenishing -- by which sand from other areas is used to revitalize an eroded beach -- might affect the abundance of sea glass, much like she worries construction and spiking insurance rates along the coast could affect the shoreline's pristine quaintness.

"I'm afraid New Jersey's shoreline will be one big McMansion, and that saddens me deeply," she said.

In addition to the sea glass she collects to craft into jewelry, which she sells, Hockin-Minopetros also keeps a personal collection of about 500 "really fantastic" pieces, most of which she collected while living in Greece.

But her best piece is one she picked up in Point Pleasant, New Jersey, she said.

The heavy, 8-inch-long, clear glass is actually a deck prism, which sailors used in the upper deck of a ship to illuminate the ship's passageways below deck. It's one she won't be selling, she said.

 

"I only keep the real unusual," she said.

Dallas developers step up to fill Midland’s housing crisis

Provided By: www.bizjournals.com

A group of Dallas-based developers have started a new $12.8 million urban loft project in downtown Midland as part of the city's overall plan to mitigate the housing shortage tied to the oil and gas shale boom.

The public-private partnership project, dubbed the Wall Street Lofts, is the west Texas city's first downtown residential housing. Midland is constructing an adjacent parking garage for public and private parking.

Shale drilling in the Permian Basin in West Texas has brought an influx of workers who need places to live. In the past, Dallas-based hotel developers have stepped up to help with housing, however, developers can't build fast enough, which means a room could rent for $150 to $200 a night, in some cases.

 

The four-story, 108-unit building, which includes 5,000 square feet of retail space on the ground floor, will help mitigate that demand. The developers say they expect the residential units to be quickly absorbed because of the severe housing shortage.

 

The development partnership includesRoger Gault, Robert Gunby and C.W. Fields. Compass Bank is providing the construction financing. Greystar Real Estate Partners will lease and manage the project.

 

Midland's unemployment rate is 3.4 percent, which is well below the state and Dallas-Fort Worth unemployment rate, which sit at 6.4 percent and 6.9 percent, respectively, according to the U.S. Bureau of Labor and Statistics.

The project is scheduled for completion in December 2014.

Agent Benefits of Using CSS

Provided By: Showings.com

 

Agent Benefits of Using CSS

• More showings on your listings because CSS listings are easier to show
• Increased feedback for showings on your listings
• Enhanced communication with your sellers
• CSS is open 33% longer than standard real estate offices
• Increased exposure for your listings
• Get more listings using CSS as a listing tool
• Instant notifications of showings on your listings via email and/or text messages
• CSS ‘Listing Announcement’ notifies showing agents of changes to the property
• Using CSS is like having your own personal assistant to set showing appointments
• Customized “branding” of your reports with your logo and picture
• Call one number to schedule multiple appointments
• Easily reschedule and cancel appointments
• Professional and courteous customer service representatives dedicated to your call
• Sellers can approve or decline showings via text message using ‘Text2Approve‘ feature

Q & A Centralized Showing Service.

Provided By: showings.com

 

What is CSS?

Centralized Showing Service (CSS) is the nation’s premiere residential real estate showing service. CSS provides a single phone number in each market we serve for all real estate agents to schedule showings for their buyers.  Having one phone number to call is far more convenient for all REALTORS® in the area.  CSS is also open 33% longer than traditional real estate offices.  Our hours are 8 a.m. to 9 p.m. Monday through Saturday and 8 a.m. to 6 p.m. on Sunday.  Additional hours, better efficiency and more convenience may mean more showings and additional prospective buyers which can then turn into faster sales!

 

What are your hours of operations?

Call Center operations are Monday through Saturday from 8:00 a.m. to 9:00 p.m. and Sundays from 8:00 a.m. to 6:00 p.m.

 

How does CSS get my listing information?

In most CSS markets, CSS obtains your listings directly from your local MLS.

 

What is a Listing Announcement and/or Email Announcement?

This Showings.com feature provides the ability to notify all REALTORS who have previously shown a CSS listing of any changes to the property.  If the seller improves the property (e.g., repainted interior walls, replaced carpet, installed new fence, etc.) listing agents using the Listing Announcement feature easily notify and request that all showing agents give the listing further consideration via a group email through Showings.com.  This is an additional opportunity to make a good impression. 

 

What is Text2Approve?

This Showings.com feature provides sellers added convenience by allowing them to receive text messages on their mobile phone when their CSS listed property has a showing request. Upon receiving the text message, sellers can respond back with YES or NO to setup or decline the showing. That is a simple, convenient and time saving courtesy that sellers appreciate.

 

How can I get the CSS App?

The CSS Mobile App is available for Apple, Android and BlackBerry mobile devices.  CSS members can download it for FREE by visiting their mobile app store on their mobile device.  Manage your showings wherever you are.  Create appointments, give and get feedback, manage listings and showings from your smart phone or tablet.

 

I forgot my CSS Login and/or Password. What do I do?

On the home page of Showings.com, click on the "LOGIN" link in the upper right corner.  The "Forgot Password" link is located under the user name and password fields.  For security reasons, you will be required to provide your name and/or other information.

Did You Know! Centralized Showing Service

Provided By: showings.com

 

Established in 1996, Centralized Showing Service, Inc. (CSS) was the first company to address the issue of home showing inefficiencies in the residential real estate community. Since our inception, CSS has become the largest and most successful company of its kind. CSS currently schedules over 15 million showings per year and has over 130,000 REALTOR® members in over 70 markets across the U.S. Our membership includes everything from, independent agents to large companies to entire REALTOR® Associations and MLS board-wide services.  CSS has operations in Dallas/Fort Worth, Houston, San Antonio, Kansas City, Raleigh,NC and Charlotte,NC. 

The success of CSS has grown out of our commitment to provide REALTORS® a quick, courteous and professional way to schedule their showing appointments. Our state-of-the-art website reporting and feedback collection systems augment our high-quality, personalized service.  In each market, our goal is to provide a single number for all REALTORS® to call  when scheduling their showing appointments. CSS provides agents the ability to schedule 10 to 12 showings in less than 5 minutes through our convenient call centers or even easier through the newShowings.com website and mobile app.  This ease of scheduling appointments through CSS makes our members' listings more attractive for co-op agents to show!

 

 

Blame Game Smothers Solution For Fannie Mae And Freddie Mac

Provided By: forbes.com

I guess I shouldn’t be surprised that “Replacing Fannie Mae And Freddie Mac Is A Fix That Has Nothing To Do with The Problem,” ignited a blaming war between the left and the right. The housing and mortgage finance collapse darn near crippled our economic life force and attaching fault gets more air time than finding solutions. The right blames Barney Frank and the Clinton Administration and the left blames George W. Bush. Neither side offers up much in the form of solutions as the argument fills with passion and righteous finger pointing, raging to the usual stalemate.  Picture two kids standing over a broken flower vase as mom walks in the room, kid fingers point at each other and testify, “he did it.” Same thing.

For the record, the housing and mortgage finance collapse was everybody’s fault. Well-meaning politicians and self-serving politicians, “smartest-guy-in-the-room” financial wizards creating profit tools for stockholders and bonus pools, Fannie Mae and Freddie Mac for being the theater of operations for much of the campaign, ratings agencies struggling with the simple alphabet, mortgage lenders banking seemingly endless fail-safe loans, mortgage originators with no industry barrier to entry maximizing income opportunities at all costs, home sellers riding the inexplicable value appreciation wave, home buyers chasing the heretofore unattainable homeownership dream, Realtors with commission incomes never before seen, appraisers and home inspectors so busy they could cherry pick orders, real estate attorneys with growth exploding practices and title companies profitable beyond rationale expectations. And of course the inevitable graft and fraud fueling the underbelly of these industries as the entire cacophony rose to its inevitable conclusion.

If I left anybody out, it was not intentional, as far as I’m concerned, nobody gets a pass, everybody was in the pool. The question is not about who was to blame, the question is simply, how do we fix the mess we made.

The debate over who caused the mortgage mess is an exercise in nothing. Bring on the debate over the best fix, blueprint a solution, navigate from where we are to where we need to be, use the history lesson to guide us from peril, but focus forward.
Erasing Fannie Mae and Freddie Mac from the landscape creates a high profile scapegoat, and a titanic void eagerly filled by private sector financial titans with private sector financial interests. This is how our free market system works, it is efficient and the balance of interests will tip away from the quasi-government Fannie Mae and Freddie Mac mission statements to what is in the best interests of the stockholders. The federal government may be tossing the stewardship of the housing and mortgage finance markets like a hot potato, less interested in a best solution than it is in political chess.
The mortgage industry needs vision and leadership; Fannie Mae and Freddie Mac seem to be rudderless ships managed by reaction and an inability to navigate out of the morass. Mortgage lenders live with the constant threat of having to buyback loans that may meet underwriting guidelines, but may be missing redundant supporting documentation. There is no clear instruction book that can be relied on, it changes and is interpreted as new circumstances arise. Creative documentation has become the norm as underwriters struggle to bullet-proof loan files with beyond-a-reasonable-doubt credentials.

A case was recently brought against First Third Bank alleging that the Fair Housing Act was violated when a married couple was asked to provide a letter from their doctor as evidence that their disability income would be continuing. This request was outside of the FHA underwriting guidelines and may have in fact been discriminatory, but it is more likely that the lender was defensively documenting the loan file to avoid the dreaded buyback. In their quest to over-document the loan file, they potentially strayed into discriminatory lending practices and may suffer the unintended consequences of just trying to get it right. We need better direction than this, the kind of direction that professional management brings.

Harmonic, straightforward, common sense documentation guidelines would eliminate much of the fear managing that is everyday life in mortgage loan processing shops across the country.  Defensive guideline and documentation fortification has become the primary mortgage loan creation issue in the mortgage industry.  The buyback threat is a part of every processing shop decision from start to finish, as a zero tolerance appetite has gripped mortgage lenders for fear of what Fannie and Freddie will promulgate next.  We need highly skilled management, forward marching with unwavering fortitude, absent reactionary sidetracking to bring Fannie and Freddie to be the foundation at the epicenter of the mortgage universe.

The best and brightest private sector finance players can bring the skills of professional management to the table, but they will need the broad balance focus that will right the housing and mortgage finance ship and bring order to chaos. The wheel that is Fannie Mae and Freddie Mac already exists, reinventing for the sake of the storming villagers with their torches and pitchforks is political posturing and is absent any economic or financial structural integrity. The bones and the gears are in place, we need the wherewithal that only major league management can bring. Look at what Brian Moynihan has done with the mess that he inherited at Bank of America, stymied by the catastrophic acquisition of Countrywide and tasked with executing a fix in this room temperature economic climate, he has turned BAC in the direction of profitability. This is the kind of personnel upgrade we need at Fannie and Freddie. In his book, Good to Great, Jim Collins talks about getting the right people on the bus and then making sure those people are in the right seats, simple math, sound direction for the future of Fannie Mae and Freddie Mac.

Enough debate, let the talent search begin.

New Texas law prohibits drivers from using cell phones while driving in school zones

Provided By: RockwallNews.com

ROCKWALL – Parents and other adults dropping off and picking up children from schools should remember that new state laws go into effect Sept. 1  prohibiting drivers from using mobile phones on school grounds while vehicles are moving, requiring all occupants in vehicles to wear seat belts and mandating that all children under the age of eight or shorter than 4’9″ tall are seated in a proper child safety seat

The first new law, Section 425.4252 of the Transportation Code, prohibits the use of a wireless communication device while operating a motor vehicle on the property of a public elementary, middle, junior high, or high school for which a local authority has designated a school crossing zone, during the time a reduced speed limit is in effect for the school crossing zone, unless: (1) the vehicle is stopped; or (2) the wireless communication device is used with a hands-free device.

In other words, while school zone lights are flashing, it is a misdemeanor offense for a driver to use a cell phone while the vehicle is moving anywhere on school property—not just on the road in school zones, but also when driving through the parking lot and drop-off lanes—unless he or she is using a hands-free device.

The only exception to the law is if the driver must call an emergency provider, including a family doctor.

Drivers who ignore this new law may face fines up to $200 per offense.

This means drivers cannot text, play games or use the phone for any other purpose while driving. Passengers may use cell phones for these various purposes, however, since there are no restrictions for them.

It is also the responsibility of local governments to post clearly visible signs as reminders to drivers. If they do not, a citation may then be defended in court. Remember that the signs might be obscured by foliage or for other reasons. Limiting cell phone use near schools is the safest way to avoid a ticket.

If children do not have their seat belts buckled or if they are not in safety seats, the new law mandates a $25 fine for a first offense and $20 for additional offenses.

How to unload a timeshare

Provided By: CNNMoney.com

Is there a legitimate way to sell a timeshare? Read in June issue of Money Magazine about a guy in Ohio who sold his at a loss and wanted to claim a capital loss. I'd like to just get rid of mine, regardless of a loss. --Mike, Fort Myers, Fla.

Timeshares give owners joint ownership in vacation properties, often in tropical hotspots like Hawaii or Florida. But on top of purchase costs, the properties typically come with annual maintenance fees and other costs that can add up to thousands of dollars a year

Whether the resort wasn't the vacation paradise they intended or they simply couldn't afford it anymore, many timeshare owners have struggled to unload properties they purchased during better financial times.
This has created fertile ground for scam artists, who charge thousands in upfront fees to help sell timeshare properties, but rarely facilitate actual sales, the Federal Trade Commission warns.
But you can unload a timeshare without getting stuck in a scam. Just be prepared to lose money on the sale, since resale prices are usually much lower.
Related: Feds crack down on scams targeting timeshare owners
Before attempting a sale, make sure you have all your ownership paperwork as well as details about what and where you own, resort amenities, and fee details. To be able to transfer the title, you should also be current on all payments and maintenance fees.
If you'd like to try selling it on your own, some timeshare management companies or homeowners associations may offer free advertising in a newsletter or website, according to the American Resort Development Association, an industry trade association.
You can also advertise your property for sale on sites like Craigslist or eBay for no or relatively low fees. You can also advertise in real estate or travel sections of newspapers and websites dedicated to timeshare resales, but you may have to pay a bit more. Advertising fees can vary from a few dollars to hundreds, so make sure you understand the cost and for how long your advertisement will run.
If you find a buyer, you will have to go through a process similar to selling a home. In addition to drafting a contract with the purchase details, your buyer may also request the assistance of a closing company to help process the transfer, which will typically cost $300 or more.
Related: Losing money on a timeshare?
You could also try contacting the company that manages or developed your property. Most high-end companies with timeshare properties, such as Marriott or Hilton, will help broker a resale, though you will likely have to pay a significant commission, said Reed Frasa, a New Jersey-based financial planner. Be sure to ask about any restrictions or transfer fees related to selling your property.
Working with a licensed real estate company who can help advertise your property as well as assist in the transfer of the property is another option, but these firms will usually charge commissions of 10% to 30% of the final sale price, according to the ARDA.

If you look for an outside "timeshare resale" service to help you find a buyer, proceed with caution. The Federal Trade Commission warns consumers to only use a reseller who doesn't ask for payment until after a timeshare is sold. Some other red flags, according to the Better Business Bureau, include unsolicited contact from a reseller, claims of eager buyers "waiting in the wings," and promises of a profit.
Some companies also offer services to help frustrated owners donate their timeshares to charity, but this avenue also often requires thousands of dollars in fees. While the companies advertise the prospect of a tax write-off, the amount you can legally deduct as a charitable donation is based on the property's "fair market value," which in saturated markets could be nothing at all

Take the big stress out of a big move

Provided By: CNNMoney.com

 

The couple's plan was to be near Boulder, where they had spent many happy vacations mountain biking and snowboarding. So Lauren, a personal trainer, and Greg, a communications engineer who telecommutes, sold their Maryland home, going from listing to a signed contract in only 10 days.

 

The Martins' decision to move and the speed with which they sold their home reflect the rise in mobility accompanying the country's economic recovery.

With unemployment falling from 10% in 2009 to 7.4% today, and with fewer homeowners carrying underwater mortgages -- 850,000 homes exited negative equity in the first quarter of 2013 -- people are more willing and able to pick up stakes.

The Census Bureau says nearly 5.1 million people moved to a new state last year -- up 17% from 2010 and the highest level since 2006. And as real estate has recovered, demand has outstripped existing supply: Only 5.2 months' worth of homes were on sale in June, down from 9.4 in 2010.

Related: Where homes are affordable

So if you're ready to make a long-haul relocation, you'll have to contend with not only the perennial hassles of moving -- navigating real estate transactions, packing up possessions, finding the perfect neighborhood -- but also today's economic conditions.

BRACE FOR TODAY'S MARKET REALITIES

In most metropolitan areas, potential buyers far outnumber available homes, according to Redfin. That's great for the selling part of your relocation, but multiple bids and fast sales make finding your next place harder. Tight lending rules, moreover, are likely to limit your flexibility in selling and buying.

Your best moves:

First sell, then buy... Most lenders today won't extend a short-term bridge loan if you're trying to buy a new home prior to selling your current one, says Peter Boomer, executive vice president at PNC Mortgage.

Nor will it be easy to carry two mortgages at once, says Dan Green, a loan officer at Waterstone Mortgage in Cincinnati. Should all your debt payments -- the two mortgages, plus any car loans and consumer debt -- top 40% of your monthly gross income, you'll have trouble getting approved, he says.

Related: Was my home a good investment?

Plan to rent out your old home and buy in your new town? Green warns that you need at least 30% equity in the old home for your rental income to be counted on a conventional mortgage application. Even so, just 75% of that income will be factored in, he says.

... Or rent your new place. Renting gives you time to get a boots-on-the-ground feel for exactly where you want to be. It also gives you a wider choice of starter housing: As you search for the perfect home, you can settle for a good-enough home without regret, since the compromise will be only temporary.

The Louisville-bound Martins -- who had always planned to rent first and buy later -- couldn't find affordable rentals in the older Boulder neighborhoods they liked most. So as a fallback, they took a one-year lease in Broomfield, a newer area.

Allow for more time to look. Whether you plan to buy or rent, expect plenty of competition during your search. "A long weekend of house hunting worked in the past, but right now it can take at least a week," notes Nadya Nahirniak-Hansen, director of relocation services at Madison real estate agency Restaino & Associates.

USE NEW TOOLS TO REFINE YOUR SEARCH

A Knight Foundation survey of 43,000 Americans landed on three basic attributes that make a community lovable: plenty of entertainment, an inviting vibe, and ample green space. Maybe that's important to you; maybe not.

To help you focus on what neighborhoods you like best, Carol Fradkin, author of the bookMoving Gracefully, suggests compiling a detailed, prioritized list of your family's must-haves. That might mean great schools, easy access to public transportation, or proximity to a place of worship.

"The more specific you are about what matters most to you," says Fradkin (who herself has moved 16 times since her college years), "the more likely you'll have a smooth and happy transition." Then, well before you move, you can start looking for your ideal neighborhood.

Your best moves:

Consult a matchmaker. Hoping to re-create the look and feel of your current town in your new home? Check out the Match tab at the top of the NeighborhoodScout.com website. Plug in a place you know and like, and the site will generate a list of areas in your destination that are the closest matches, based on 273 factors.

Get a walking tour from Google's Pegman. In the Street View feature on Google Maps, drag the yellow Pegman to an address you're checking out. Then click on the white arrows in the photo to walk the neighborhood. Plug in a destination -- say, the local school -- to get a sense of what the kids' walk would be like.

Learn about headaches before you commute. Visit the SigAlert.com website for real-time commuting information for major cities of 37 states and the District of Columbia. You can get a taste of your drive from maps showing congested routes, along with live feeds from traffic cams. Another way to learn about your prospective commute: Listen regularly to the online feed of a local radio station's rush-hour broadcast.

PICK MOVERS WISELY, PACK MINIMALLY

Given the average cost to box and ship possessions for an interstate move -- $5,630, estimates the American Moving & Storage Association -- it would be nice if everything went smoothly. Alas, the Federal Motor Carrier Safety Administration, which regulates interstate moving companies, fielded 28% more complaints last year compared with 2010.

Some typical problems: Final charges that were far out of line with estimates, and delays in pickup or delivery. Sure, unsavory movers are a problem, but even the good guys are under pressure. Les Velte, president of the Consumers Relocation Services moving company in Weston, Vt., says many reputable van lines have not hired back all the workers let go during the financial crisis, making it harder to book a quality crew.

Your best moves:

Shop on reputation, not price. Get written estimates, yes, but curb your enthusiasm for the lowest bid, says Michael Garcia, author of Moving 101. And definitely steer clear of companies willing to give you an estimate over the phone.

"Check references," says Garcia. "Check their complaint record. That's how you avoid disasters." On the federal government's ProtectYourMove.gov website, you can search for movers' safety records and complaint history. Your local Better Business Bureau is another important reputation check.

Related: America's Best Places to Live

Avoid crunch time. If you're flexible, move during the October-March off-season to increase the odds you'll get a more attentive crew. "Movers are human," says Velte. "If they are go-go-go from April through July, by the time your move rolls around in August they can be exhausted." Movers are also more likely to hire less experienced temps during peak months.

Buy third-party moving insurance. Ask your home insurer whether your goods will be covered during the move; different policies from the same company may have different terms. A mover's free coverage is limited to 60¢ a pound per article, which is woefully inadequate.

Movers also sell full replacement value coverage, but Garcia recommends buying moving insurance elsewhere. "If there's a problem, I'd want a third party representing me," he says.

Shop online at movinginsurance.com or moveinsure.com: A policy with a $1,000 deductible can run about 1% of the total value of your possessions.

Get the urge to purge. The fewer possessions you move, the less you'll pay. Michael Stone, a Portland, Ore., move specialist who works with downsizing retirees, recommends mocking up room-by-room layouts based on the square footage of your new home to get a realistic feel of what's not going to fit.

And push yourself to steer clear of the savior of indecisive souls: the self-storage facility. Renting a small unit can run you over $150 a month.

MAXIMIZE YOUR RELOCATION PACKAGE

Twenty-seven percent of firms intend to increase the number of workers they relocate this year, up from 10% in 2009, according to Atlas Van Lines. Should your company be moving you, be aware that its financial support may be limited: Only about 60% of firms fully reimburse transferees and only 50% provide that help to new hires.

Your best moves:

Know what's standard. More than 75% of companies give workers two weeks or less to accept or decline a job transfer. Amid the whirlwind that such a tight deadline creates, get in writing what is and isn't paid for -- and start negotiating.

For example, shipping one automobile is commonly covered, but you could pay at least $500 apiece for any additional vehicles. Seventy-one percent of companies, reports Atlas, offer a temporary-housing allowance, typically covering a month at an extended-stay hotel.

Moving into a very tight market? You might want to ask for more time or money.

Check the expiration date on benefits. The package your company offers may include a home buying benefit such as down payment help or closing costs. If you intend to rent at first, however, make sure you can still claim the benefit when you are ready to buy. Unless you negotiate otherwise, these benefits tend to expire within a year of your move.

Avoid nasty tax surprises. Because the dollar value of your relocation benefit counts as income, you can be stuck with a big bill at tax time. So companies often add a gross-up to your benefit -- extra cash to cover the taxes you'll owe.

Unfortunately, says David Oltman of the corporate relocation firm Ineo/Relocation in Wilton, Conn., employers often underestimate gross-ups. So, he says, get a written promise from your employer to make another payment if the original proves inadequate. Based on his data, the tax hit for employees of large corporations averages $20,000 -- a lot of money better put toward enjoying your new Best Place.