Archive for January, 2009
White Oaks Farm -1 lots available!
Enjoy the country life on a paved road just 10 miles from downtown Aiken, off Highway 302.This 2.25 acres is level and ready to build or bring your Mobile Home! Price at $22,500 each!! For more information about this property please contact Victoria Foulkes @ 803 644 4444.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Questions to Ask Any Agent
1. How long have you been in residential real estate in our area? If they have not been in local real estate for several years, they have not been involved in the cyclical market that has defined our market to date. Along with this, ask how many transactions they average per year. One agent could have been in business 10 years and have only closed 30 transactions, while another agent could have been in business 5 years, yet closed 500 plus transactions. Experience is relative to the amount of business the agent does.
2. What is your procedure for assisting a buyer from beginning to closing? Make sure that the agent has a precise presentation for you that explains exactly how they work and how they represent only you and your best interests.
3. What is your experience with financing alternatives, and what might they be in my situation? Each buyer’s situation is different. We can literally put you in a much better financial situation with the same monthly payments simply by adjusting the financing. You might have many alternatives. Don’t depend solely on the lender. Your agent should lead the way.
4. How do you determine my qualifications and when? You would be shocked at how rare it is for an agent to complete your qualifications right away. Even so, it is important to have this done early in the process. This way you are ready to make a strong offer at a moment’s notice, increasing your chances for not only finding, but buying the home of your dreams.
5. How do you provide me with information on new homes for sale? Your agent should have a system that automatically updates you when new homes meeting your criteria come on the market.
6. What is your negotiating philosophy, and how do you apply it to me? This is important. Play close attention to how many transactions the agent does per year. More is better. The more transactions the agent closes, the more experience they have in negotiating just about every situation that could come up.
7. How do you find the best value for me? How do you make sure it is a good value? This is important because the agent should have some immediate and concise answers as to how they accomplish this for you. They should have systems in place and be able to explain them to you.
8. How do you protect me from the extensive costs that lenders, title companies, inspectors and others charge a home purchaser? The typical answer is that these charges are just normal. Make sure that the agent has relationships with companies that can offer you good service and some discounts. Also make sure that the agent has an immediate knowledge of what typical costs are.
9. Can you sell us a new, resale or foreclosed home? Most agents will answer affirmatively, but you should follow up with questions about specific builders and areas.
There are many more questions to ask, this is just a sampling. Do you have a specific question you would like answered? Let us know by clicking here!
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Well-known competitor conducts clinic at Ash Stables
Cindy Sydnor, a renowned name in the world of dressage, conducted a clinic at Andrea Sirrenberg-Hunt’s Ash Stables at White House Farm this weekend. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
New FICO Credit Score Debuts
By JANE J. KIM
Fair Isaac Corp. is rolling out its new-and-improved FICO score, but it’s likely to take a while before consumers see how they stack up under the new system.
On Thursday, Fair Isaac and one of the three major credit bureaus, TransUnion LLC, will start offering the revamped score, dubbed “FICO 08,” to lenders. Equifax Inc. is expected to follow in the second quarter, while Experian Group Ltd. declined to comment due to pending litigation with Fair Isaac. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
3 things sellers must know about Short sales.
Underwater on your mortgage? A short sale may be an option, but you first have to convince the bank to erase part of your debt – and your credit will still suffer. 1. You have to prove hardship. To get the lender to forgive the balance of your mortgage, you’ll have to prove that you [...]
First time buyers could receive a $7,500 tax credit if they purchase soon.
NEW YORK (CNNMoney.com) — If you’re thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that’s now before Congress.
Among its many provisions is a $7,500 tax credit for first time home buyers. The House passed the $819 billion stimulus plan, including this tax credit, in a vote late Wednesday. The Senate may vote on its version of the bill some time next week. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Preview of Antiques in the Heart of Aiken will give collectors sneak peek
By RACHEL JOHNSON
Staff writer
A weekend of antiquing is coming to downtown Aiken.
Antiques hold a special place for many as they are representative of the past and are often passed as family heirlooms from one generation to the next.
The art of antiquing differs for every collector as an item of intrigue differs from person to person.
Antiques in the Heart of Aiken is designed to offer items for everyone from estate jewelry and glassware to furniture and tools. The event, celebrating its 10th year, draws dealers and collectors from all over the United States to participate in the three-day event which begins on Friday and continues through Sunday. Full Story.
Fed moves to help distressed homeowners.
WASHINGTON (AP) — With home foreclosures spiking, the Federal Reserve is taking steps to try to keep some distressed borrowers in their homes.
Under the program, the Fed has a number of options to provide relief, including lowering the amount the homeowner owes on the mortgage, reducing the interest rate or lengthening the term of the loan. Full story
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
US home sales see surprise rise
© BBC MMIX
US home sales unexpectedly rose in December as buyers took advantage of much lower house prices, industry figures have showed.
Sales of existing homes rose 6.5% to an annual rate of 4.74 million, up from 4.45 million units in November, the National Association of Realtors said.
Analysts had been expecting December sales to total 4.4 million.
For 2008 as a whole, sales fell 13.1% to 4.91 million units, the worst year in a decade.
“It appears some buyers are taking advantage of much lower home prices,” said Lawrence Yun, the association’s chief economist.
“Buyers will continue to have an edge over sellers for the foreseeable future.”
The association said that existing home prices fell by 15.3% in December from the same period a year earlier, with 45% of transactions viewed as “distress sales”, where the seller was forced to sell at a discounted price.
2009 rebound?
The rise in home sales was also down to a fall in the number of unsold homes on the market.
However, analysts said that this trend could reverse, as sellers were likely to resume putting their homes up for sale in the spring.
“The bottom line is that existing home sales have weakened markedly following the credit market seizure in September,” said Paul Ashworth, senior economist at Capital Economics.
“The subsequent decline in mortgage rates may spur a rebound in 2009, but nothing is guaranteed,” he added.
New home construction has also been hit by the economic slowdown.
Housing starts in the US fell by 15.5% in December to hit an all-time low, official statistics released last week showed. The rate of new construction was down 45% from December 2007.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/7852011.stm
Published: 2009/01/26 17:07:33 GMT
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Home prices see sharp dip.
A new government report reveals declines that are steeper than usual – even for this market.By Les Christie, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — Home prices continued to plunge in November, according to a new government report released Thursday. Full story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Residents discuss state horse park
A state horse park is a visionary concept that would bring multiple equine disciplines and other events under the umbrella of one … READ MORE
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Avoid the Top 10 Selling Mistakes
Serious about selling your home? Before you sign anything, read about these common mistakes that home sellers make: 1. PRICING TOO HIGH: It’s no secret, price is everything. Overpricing does more to discourage buyers than any other single factor. When you overprice, you put your home in competition with homes that may be newer, larger [...]
7 Essential Steps to Selling Success
Knowing and using these 7 essential, yet simple steps is crucial to achieving the best deal possible – whether you decide to sell your home yourself or hire a professional real estate agent to help you. Take a look at the seven-step system I have outlined in this report. Then, if this new approach to [...]
Questions to Ask Before Listing
Choosing the right Realtor to sell your home can be difficult, especially when they all sound so convincing. The following list of questions will not only help you select the right Realtor, but will also help you get the very best from the agent you choose. 1. Do you work as a full-time Realtor? 2. [...]
Finding Your Home’s Best Selling Price
Statistics show that the best opportunity to sell your home is often within the first few weeks of putting it on the market. This can be good news, or bad, depending on your motivation. Some homes sell right away, while others sit on the market for months without a single offer. To maximize your selling [...]
The Seller’s List of 25 easy home fix-its
The condition of your home will have a huge impact on how fast it sells, and its eventual selling price. Preparing your home for sale can pay you huge dividends. Many fix ups cost very little and consist mostly of time and some elbow grease. Here are some simple tips to help your home show [...]
How Much House Can You Afford?
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand. The first [...]
Save Money on Interest and Taxes
Purchasing a home can save you money very quickly. FIRST, you’ll save on taxes because the interest on your home mortgage is tax deductible. If you rent, your landlord gets the break. SECOND, you’ll save on interest payments while keeping the great tax advantage For example if you are paying $900 per month in rent, [...]
Finance options for Buyers
Fixed-Rate Loans The fixed-rate mortgage is the most popular mortgage program in use today. Fixed-rate loans offer the borrow a fixed interest rate for the life of the loan, typically 15 to 30 years. Borrowers have peace of mind knowing that their monthly payment will not change over time. Conventional fixed-rate mortgages have underwriting requirements [...]
Closing Costs Explained
Here is an overview of the types of closing costs you may incur on your loan. Some are one-time fees, while others reoccur over the life of the loan. When you apply for your loan, you will receive a Good Faith Estimate of Settlement Charges, and a booklet that will explain these costs in detail. [...]
Eight Insider Tips For Home Buyers
1. Be a Pre-Approved Buyer: A pre-approved buyer always has the advantage in an offer situation. Becoming pre-approved is very easy: you complete your loan application with a credit check prior to beginning your home search process. Pre-approval means that you have actually been approved for the purchase by a lender, which gives you the [...]
Dressage show is good opportunity for advanced rider
WAGENER — It was a great opportunity for advanced level event rider Tiffani Loudon-Meetze to prepare for the upcoming eventing season.
The Winnsboro resident competed Saturday at the Quintynne Hill dressage show. Loudon-Meetze was short-listed for the 1998 Pan American Games and the 2000 Olympic games.
The rider collected a fair amount of hardware in 1998, capturing the Rolex Kentucky Three Day Event Concours Complet International Three Star on Makabi and winning the United States Equestrian Team’s Challenge Trophy and was the leading owner/rider. At the 1999 Kentucky Rolex, Loudon-Meetze would win the Bank One Trophy, for highest placed owner/rider, while riding Makabi. Full story
Some pets are not quite ready…
Foster care has some parallels for cats and dogs. At the Aiken SPCA and at other animal shelters, we take in lots of animals who aren’t ready for “prime time” just yet. Like in sports, there are a wide variety of reasons why. Some dogs come in testing heartworm positive. Their previous owner didn’t spend the money to purchase monthly preventive from their veterinarian and now the dog has a disease that will be fatal, if left untreated.
For the full story.
Many Aiken homes top $1M
What makes a million dollar home in Aiken? According to Aiken Multiple Listing Service (MLS), there have been 60 transaction … READ MORE
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Palmetto Golf Club: Pictorial
Aerial Photos of the 18 holes at Palmetto Golf Course.
Check out this link.
It shows why Aiken is a wonderful palce to live and play!!
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Fannie Mae won’t evict renters in foreclosures Will sign new leases with tenants while properties are up for sale
WASHINGTON – Mortgage finance company Fannie Mae said Tuesday it has adopted a policy allowing renters to remain in their homes even if their landlord enters foreclosure.
Full story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Welcome Best Friend Express! Take a Ride With a Friend
Anyone can catch a ride on the Best Friend Express. When you see our bus, just flag us down. It’s easy. We’ll stop and pick you up and you’re on your way.
The Best Friend Express circulates throughout Aiken and North Augusta every 2 hours and even offers transfers to the Augusta Transit System (see SCHEDULE). All Best Friend Express buses are accessible, with wheel chair lifts for persons with disabilities. Our buses are also equipped with bicycle racks. More info.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Forum discusses tourism in Aiken, would a Horse park be good for Aiken?
Tourism officials in South Carolina gathered at the USC Aiken Convocation Center to discuss possibilities of a long-term state tourism initiative which could include a horse park in Aiken. More details.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
How far will my salary go in another city?
Thinking about moving? See how much you should earn to maintain the same lifestyle. more
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Materials costs are plunging, and contractors are begging for work. Suddenly that long-postponed remodel is looking like a smart idea.
Money Magazine: Home renovations on sale
If you’re struggling to see a silver lining in the beaten-down real estate market, consider this one: It may be a rotten moment to sell your house, but if you’ve postponed a much needed renovation project on your home – replacing a rotting deck, repairing a leaky roof or updating an antiquated bathroom – now just might be the best time in years to tackle that task.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Foreclosures up a record 81% in 2008
Filings continued to soar through the end of the year – and there’s no relief in sight for 2009. more
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Keynote speaker touches on equine industry impact
1/17/2009 12:01 AM
CAMDEN — It was a chance to learn about the importance of the state’s equine industry, and how individuals can make a difference. This weekend’s Equine Industry Conference served as a forum for people who are involved with equestrian activities to s … full story
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Aiken a great place for Boomers
Baby Boomers Michael and Elizabeth Krystoviak loved Aiken at first sight. They are not alone. Aiken was recently named a 2009 … READ MORE
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
The year 2008 wasn’t all bad
1/12/2009 5:21 PM
The year 2008 will be remembered for a lot of things that still sting. The mortgage crisis, record high gas prices, bankruptcy and the housing bubble bursting. Most of us couldn’t wait for 2009 to get here, in hopes of better times ahead. While … full story
The 2009 economy and your wallet
The new president’s first job will be to repair a badly broken economy. Here’s how he’ll take on the four biggest challenges – and what that means for you.
By Janice Revell, Money Magazine senior writer
Last Updated: January 13, 2009: 8:52 AM ET
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Remember your animals in this “cool” weather!
Local residents bracing for an Arctic blast of cold air will likely fire up their furnaces and stay indoors, but public safety officials are also reminding residents to remember their pets when they plan for the bitter cold. Temperatures are expect … full story
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Equine Rescue changing focus
1/10/2009 11:51 PM
A second chance is sometimes all that is needed to bring happiness into one’s life. Equine Rescue of Aiken is doing its part to make sure the horses they adopt out can start over and find satisfaction as they make the transition to a new life and ano … full story @ http://www.aikenstandard.com/local/
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Great living in Aiken!!
Magazine takes look at Aiken
1/9/2009 12:50 AM
The lifestyle guide published by the creators of the Carolina Living website is providing readers with “An inside view” of Aiken in its current edition. Aiken is featured in a four-page article by Diana Hunt in the Vol. XXI, No. 2 edition of Carol … full story
The danger of keeping rates at zero
By Paul R. La Monica, CNNMoney.com editor at large
Last Updated: January 13, 2009: 1:28 PM ET
About the author
But I’m starting to worry a bit that the Federal Reserve is willing to leave rates this low for too long and that this could spark inflation down the road.
In a speech in London Tuesday morning, Federal Reserve chairman Ben Bernanke defended the Fed’s series of rate cuts since September 2007, saying that inflation was no longer a major concern. The Fed usually raises interest rates when it is worried about inflation.
Aiken Thoroughbred hall of fame
Hall of Fame to offer free art workshop
It’s almost post time.
30th Annual Augusta Futurity Jan 23 – 31st, 2009
30TH ANNUAL AUGUSTA FUTURITY OFFERS LOTS OF ACTION AND FUN
Press Release
All photos: ©2008 Morris Communications Corp.
AUGUSTA, GA. — The 30th annual Augusta Futurity again promises to be full of cutting horse action and fun taking place Friday, Jan. 23, through Saturday, Jan. 31, in James Brown Arena.
“I can’t believe we’ve been doing this for 30 years,” said Show Chairman William S. Morris III on Jan. 6 at the annual Champions Club Roundup.
“The show is sound financially,” he added. “We’re sound in terms of acceptability by the people who come here from a long way to ride their horses and from the people who watch. We’re sound because of Augusta’s acceptance with this show. We rest on three firm foundations: this Champions Club, our corporate sponsors and more than 100 local volunteers who make this show happen.”
Morris also stressed that this show, the largest cutting event east of the Mississippi River, is destined to last way into the future and quipped that Show Manager Pete May is committed to the long term.
“He has agreed to serve as show chairman for show No. 60,” Morris said with a smile.
Morris noted the first show only had one event while the 2009 show will have eight with about 600 entries compared with the first show which had about 140.
Already there is a lot of interest being shown in a new event being called the Champions Challenge which will be held Jan. 30 and feature 48 past champions — 24 in the Open and 24 in the Non-Pro.
“We think that may be our best event,” May said.
With help from the Champions Club, the Augusta Futurity patrons group, the show will feature almost $800,000 in prize money, up from $727,000 last year. The futurity will have $300,000 of added money, with an additional $50,000 thrown into the mix because of the 30th anniversary.
Here is a summary of the main Futurity offerings:
* AUGUSTA FUTURITY MAIN COMPETITION: Friday, Jan. 23, through Saturday, Jan. 31, cutting horse competition, James Brown Arena, general admission tickets available for daytime events which begin at 8 a.m. Friday, Jan. 23, through Friday, Jan. 30, adults $6, children 12 and younger, $2.
* CHAMPIONSHIP BULL RIDING: Saturday, Jan. 24. Begins 8 p.m., James Brown Arena. Tickets are $22 for premium lower seats; $18 for premium upper seats; $16 for all lower level end seats and $16, adults, and $10 children 12 and younger for all upper level end seats. Tickets available at the arena box office.
* WRANGLER FAMILY FUN FEST: Saturday, Jan. 24, 10 a.m. – 1 p.m. Fun for kids of all ages on Arena Plaza on 7th Street. Pony rides by Graystone Ranch in Hephzibah, Ga., clogging by Rhythm & Class and also Footloose and Fancy Free groups, Western town and performance by Tara Scheyer & The Mud Puppy Band. Festival free! Take your kid’s photo on Maverick, the Texas Longhorn for a donation. Admission inside the arena to watch the cutting action also is free with tickets being distributed during the festival by Wrangler..
* VENDORS: Civic Center Lobby and downstairs, Jan. 23-31; Bell Auditorium Western Expo begins Wednesday, Jan. 28, goes through Saturday, Jan. 31, with western wear and many one-of-a-kind, handcrafted items. Admission is free to the Bell’s Western Expo.
* FUTURITY COUNTRY DANCE: Wednesday, Jan. 28, beginning 8 p.m., Country Club nightclub, rockin’ country music with band Coaltrain plus country star T. Graham Brown and also Cowboy Troy (known for his appearances with Big & Rich); doors open at 7 p.m., show time begins at 8 p.m., $15 for regular patrons, Futurity participants get in free with badges but must pay for drinks.
* AUGUSTA STALLION STAKES BREEDING AUCTION: Friday, Jan. 30, approximately 2 to 6 p.m. (after second go 4-year-old Futurity Non-Pro), Ramada Plaza Hotel, 640 Broad St., not a sale of stallions but of donated breedings.
* THE CHAMPIONS CHALLENGE: Friday, Jan. 30, 7 p.m., James Brown Arena, adults, $14.50; children 12 and younger, $5.
* AUGUSTA FUTURITY HORSE SALE: Saturday, Jan. 31, Begins 9 a.m., James Brown Arena, take home your own cutting horse! Viewing free. Cash and checks accepted.
* FUTURITY FINALS: Saturday, Jan. 31, James Brown Arena. Opening ceremony, 6:30 p.m., adults, $16.50; children 12 and younger, $5.
Low rates not enough?
CNNMoney: Mortgage applications dip despite low rates
NEW YORK (Reuters) – Applications for U.S. residential mortgages slipped from lofty levels last week as homeowners slowed refinancings ahead of expected federal action to lower housing costs, an industry group said on Wednesday.
The real story.
CNNMoney: Credit 2008: Year of the freeze
If the story of 2008 was the government’s unprecedented multi-trillion dollar bailouts of the financial sector, then the credit market was the story behind the story.
The issue of credit moved to the forefront in the past year, as the typically benign market exploded into crisis-mode, and nervous investors bought up historical amounts of safe government debt. It was a year of violent changes in borrowing rates and lending behavior, guided by countless government programs aimed at easing credit for corporate America, banks and consumers.
The so-called credit crunch began after the subprime meltdown of late 2007. High-risk loans on banks’ balance sheets became almost worthless, and as banks were forced to take large writedowns on these so-called “toxic assets,” they became less likely to lend, unwilling to take on more risk.
For much of the year, financial institutions were in a quandary. They had difficulty acquiring loans and at the same time resisted issuing loans. The credit crunch made everything from financing payrolls to getting car, student and home loans difficult for businesses and borrowers.
Then, after the credit situation started to improve somewhat in the summer, Lehman Brothers’ epic collapse on Sept. 15 marked a stunning turning point in the financial markets from which Wall Street is still recovering.
Within two days, overnight Libor, a key interbank lending rate, soared to an 8-month high of 3.06%. Within a week, the market for commercial paper, a key form of business lending, had shrunk to a 2-1/2 year low of $1.7 trillion. And within 10-days, two key measures of risk sentiment – the Libor-OIS spread and the TED spread – were at all-time highs.
However, as the year comes to a close, there are signs that the credit environment has been slowly improving.
Borrowing rates fell from historical highs to all-time lows: the 3-month Libor has dropped from a 2008 high of 4.82% to 1.42% on Dec. 31. And the overnight Libor rate has plunged from an all-time high of 6.88% on Sept. 30 to 0.14% at the end of the year – just 0.03 percentage points higher than the all-time low set a week ago.
Meanwhile, the “TED spread,” a measure of banks’ willingness to lend, slipped to 1.34 percentage points Wednesday – below where the measure stood just before Lehman’s collapse.
But most economists believe it’s still a long road to recovery. Though many of the bailouts have reduced borrowing and costs, all the lending facilities and liquidity programs in the world won’t encourage private lending on their own. Many have said the Fed can only push on a string.
Alan Greenspan, the former Fed chief, has said that we will know the credit markets have returned to normal when the Libor-OIS spread returns to just a hair above the anticipated Fed funds rate. That will show that banks are confident about the market conditions and have resumed normal lending practices. Libor-OIS was less than 0.8 percentage points before Lehman collapsed. It reached a record high of 3.64 percentage points on Oct. 10, and sits at 1.24 today. So according to Greenspan, we’re a little more than halfway to recovery.
Junior riders shine during clinic
1/11/2009 6:32 PM
By BEN BAUGH
Staff writer
There’s absolutely no substitute for education and experience, and the riders who participated in Paradise Farm’s Better Riding Through Knowledge ’09 this weekend had an opportunity to learn from an advanced level rider while improving their skills.
for full story, http://www.aikenstandard.com/Local/0112ward
Local Horse Show
Atlanta Spring Challenge Shows coming in May
1/8/2009 12:10 AM
By BEN BAUGH
The Georgia International Horse Park in Conyers, Ga. will play host to two weeks of ‘AA’ rated shows this May as Equus Events and J.P. Godard present the Atlanta Spring Challenge Horse Shows.
The Atlanta Spring Premiere Horse Show will be held May 6-10 and the Atlanta Spring Challenge will be held May 13-17. The shows have emerged from their nascent stages in 2004 as ‘A’ rated shows to their current ‘AA’ status, attracting many of the nation’s premier hunter/jumper riders. Each week will feature a $25,000 Grand Prix class. The purses for classes at this year’s shows have been increased, said Megan Godard of Equus Events.
Could it happen to me??
CNNMoney: Protecting your home’s value
Foreclosures can affect the value of your property even if you’ve been paying your mortgage faithfully. Here are some ways you can protect your home’s worth if your area is hit hard by foreclosures.
Who needs flood insurance?
CNNMoney: Protect your home from a flood
Flooding isn’t just a problem in the Midwest. In fact, it’s one of the most common hazards in the United States. Here are some tips on how you can protect your home from a flood.
Beating old man winter!
CNNMoney: Keeping your home warm and cozy
Heating your home this winter is going to cost you a lot more according to Energy Information Administration. In fact, Americans will spend $977 to heat their homes this year, 10% more than last year. But insulating your home you can help keep shave those costs. Here’s the best way to do so.
Jack Frost
CNNMoney: Preparing your home for big freezes
From frozen oranges in California to deadly winter storms across the country, extreme weather has taken a very expensive toll. We tell you how to protect your most important assets from the wrath of Mother Nature.
Time away.
CNNMoney: Protecting your home while away
The Holidays were right around the corner, but before you take off for the holiday weekend, make sure your home is safe when you’re not there. Here are some guidelines to keep your home protected.
Now it’s here!?
CNNMoney: Protecting your home from the Big Freeze
Bitter cold and bone-chilling winds across the Northern Plains and the eastern United States have left many homeowners wondering how they can protect their homes – and their families – from the big freeze.
Good news?
Real Estate News – Latest construction, mortgage & housing market …
More real estate news. Mortgage rates tumble to record low …. MSNBC.com’s editorial cartoonists weigh in on the subprime mortgage meltdown. more photos …
www.msnbc.msn.com/id/8874568/ – 67k –
Helpful Advise!
Personal Finance: 20 Dos & Don’ts for 2009
With the economic storm raging outside, how do you keep your financial house safe and sound?BusinessWeek has rounded up 20 savvy ideas from financial pros
During the worst economic crisis in a lifetime, the right financial decisions are crucial.
BusinessWeek asked financial planners for some advice on what to do—or not to do—with your money in the New Year. As we bid farewell to a dreadful 2008, these “resolutions” may help keep your finances on the right track in 2009:
1. Don’t try to predict the future.
“We are currently in the midst of unprecedented and complex challenges,” says Femi Shote of Asset Harvest Group in McLean, Va. Anyone who thinks he or she can predict what’s going to happen is “delusional,” Shote says.
Financial advisers often hear from clients who would like to sell stocks now and then buy again when the market hits bottom. “My response is, ‘How do you know when that will be?’” says Trent Porter of Priority Financial Planning in Fort Collins, Colo.
2. Do keep enough cash available.
Even if you’re not worried about losing your job, a rainy-day fund can provide peace of mind.
There are different guidelines for how much cash to keep on hand. Some say $12,000 or more per adult; others say it should be six to nine months of living expenses. With extra cash available, you can avoid selling investments to pay for expenses in an emergency.
3. Do invest internationally.
Though the financial crisis started in the U.S., the past year has been worse for investments in the rest of the world. The MSCI EAFE, an index of international stocks, is down 43% this year, and stocks in emerging economies fared far worse. American investors who diversified abroad have also been pummeled by the rise in the U.S. dollar.
Even after a year like that, advisers say it’s not wise to abandon international investments entirely. For one thing, though some key overseas economies, like China’s, have been hit hard lately, their long-term economic fundamentals look better than those of the U.S.
4. Don’t try to pick one winning investment. Diversify.
Putting all your money in one stock is dangerous at a time when a company’s bankruptcy can completely wipe out the value of its shares.
Robert Siegmann of Financial Management Group in Cincinnati advises clients to balance their portfolios between fixed income and stocks, with shares in various types of companies — small and large, U.S. and international. “Don’t try to pick the winning stock, or the winning idea. Just diversify across all investments and markets,” he says.
5. Do think about energy efficiency.
Russell Francis of Portland Financial Advisors in Beaverton, Ore., recommends that investors take advantage of a $500 federal residential energy tax credit that was rescinded in 2008 but returns in 2009. The credit can help cover the costs of adding insulation or replacing doors, windows, or furnaces—home repairs that should also save you on heating and cooling costs.
6. Don’t stop contributing to 401(k) and other retirement accounts.
Says Sidney Blum of GreenLight Fee Only Advisors in Evanston, Ill.: “Everyone loves to invest in their 401(k) when the markets are flying high, but they should keep putting money in while the markets are down.” He adds: “More money is made at the bottom of a market than at the top.”
Even more pessimistic planners say you should be taking advantage of any match your employer offers for retirement fund contributions.
7. Do live below your means. Save.
Investing for the future is only possible if you have some money left over at the end of each month to sock away. View this BusinessWeek slide show for 25 ways to save more each month.
8. Don’t make sudden moves.
“Refrain from making extreme changes to the portfolio just because the financial markets are volatile,” says William Howell, a financial adviser in Noblesville, Ind. “Stick to the overall investment game plan.”
In such an extreme environment, investment decisions based on emotion or fear are likely to lose you money. It’s probably better to ignore the day-to-day news and follow a long-term investing plan.
9. Do pay off expensive debts.
Rather than investing your money, you first might consider paying off debts, especially those with high rates or those for which interest is not tax-deductible. The avoidance of interest will likely save you more than your investments would have earned.
Stanley F. Ehrlich, an adviser in Westfield, N.J., notes: “Paying off a car loan with 7% interest provides an immediate 7% return, a return that is not [currently] available through most asset classes.” Credit-card debt is so expensive that most planners say it is always the first thing people should pay off.
10. Don’t give up on stocks.
“Historically some of the best periods for stock market returns have been during dismal economic times,” says Paul Winter of Five Seasons Financial Planning in Salt Lake City. Though investors approaching retirement shouldn’t risk too much money in volatile equity markets, investors hoping to build a nest egg for the long term have few better options than the stock market.
11. Do track your spending.”It’s very easy to lose sight of where your funds are spent,” says Alexandra Ollinger of Truepoint Capital in Cincinnati.
G.M. Livingston III, a planner in Santa Rosa Beach, Fla., advises clients to buy software like Quicken to track their spending. “It’s a universal mistake,” Livingston says. “Most people don’t know where their money goes.”
12. Don’t pay high management fees.
It doesn’t only matter how much your investments earn; it is also important how much you get to keep after trading costs and fees paid to financial advisers and fund managers. When market returns are small or nonexistent, even a 1% or 2% management fee can hurt. Decide if it’s worth it. Also, check out offerings from traditionally low-cost fund companies like Vanguard, where the average mutual fund expense ratio is 0.2%.
13. Do review your credit reports.
With the Federal Reserve cutting the federal funds rate close to zero and policymakers eager to revive the housing market, mortgage rates are expected to drop substantially in 2009. That could be a great opportunity to refinance your mortgage, but only if you have a solid credit score. Check your credit report for any errors now, says Scott Beaudin of Pathway Financial Advisors in Burlington, Vt. “Fixing problems takes time and you don’t want to be trying to fix your report while in the middle of a mortgage application,” he says. The three U.S. consumer reporting agencies set up a Web site, to allow consumers to access a free copy of their credit report each year.
14. Don’t follow the herd.
“Be fearful when others are greedy, and be greedy when others are fearful,” says legendary investor Warren Buffett. Warren Ward, an adviser in Columbus, Ind., agrees, advising his clients to ease back into stock or bond markets rather than seeking the safety of cash or Treasuries as many other investors are doing now. “Do your own thinking and don’t allow yourself to be panicked into taking an action you’ll regret,” Ward says.
15. Do write down an investing plan and budget, and stick to them.
A budget can help control spending and boost the amount of money you save each month. An investing plan takes the emotion out of your investing decision. “Investing systematically [is] especially [important] during market downturns,” Ward says.
16. Don’t forgo necessary insurance.
You can save some money by increasing your car insurance deductible or forgoing life, disability or home insurance, but you could also be left penniless after a serious emergency. Full coverage isn’t always necessary, but make sure you’re protected in a worst-case scenario.
17. Do check out your financial adviser.
The arrest of Bernard Madoff, who saw his $50 billion hedge fund collapse in an alleged Ponzi scheme, shows the danger of relying on one person—whether a fund manager or a financial planner and adviser—to handle your nest egg.
Don’t just pick a broker or planner out of the yellow pages. “Do your homework,” says Eileen Freiburger of ESF Financial Planning Group in Manhattan Beach, Calif. Ask advisers about their qualifications, certifications, and educations, as well as their fees, ethics and disclosure policies. Look them up in online databases that track complaints against planners. The Financial Industry Regulatory Authority’s BrokerCheck is a good place to start.
18. Don’t invest in anything you don’t understand.
This financial crisis has demonstrated the dangers of too much complexity in the investing world. Investors lost big on asset-backed securities and other investments that in many cases they never really understood in the first place. If your adviser or broker can’t adequately explain an investment in a few sentences, maybe it’s not for you.
19. Do make sure safe investments are actually safe.
J. Mark Joseph of Sentinel Wealth Management in Reston, Va., sticks with supersafe government debt for his clients’ fixed-income investments. “Bonds are for safety, so make sure your bonds are safe,” he says. “Just because something is a fixed-income investment does not mean it is safe.”
In case your bank or broker fails, make sure your bank accounts are covered by insurance from the Federal Deposit Insurance Corporation and your brokerage accounts by the Securities Investor Protection Corporation or supplemental insurance.
20. Don’t take more risk than you can handle.
Some investors will react to 2008′s losses by trying to be more prudent and conservative in the future. Others, however, will try to win back their losses through bold, risky bets on the next big thing.
That’s happened in past downturns, says Elaine Scoggins of Merriman Berkman Next in Seattle. After the tech bubble burst, investors flocked to real estate. A classic mistake is “following one investing mistake by an even bigger one.”
The past year has given investors an idea of how bad market conditions can get. In the future, investors may want to evaluate how much risk they’re really willing to take and how long they’re willing to wait to get outsize returns.
Mortgages…now what??
Mortgage rates tumble to record low
Refinancing activity rises to highest level since boom year of 2003
 | Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market. While homeowners around the country are taking advantage of historically low rates to refinance their loans, the opportunity isn’t available to those with poor credit or little equity in their homes, and foreclosures are still likely to surge. |
