Brentwood TN Real Estate Scoop!

I am passing this blog post on from Melissa Grant so it will get into more groups.

Please help!

To some degree we have all fallen on hard times in our slower market. We try to find money saving idea's, lower cost items and ways to save gas, save on groceries. We wonder when things will get back to normal. When business will speed up, where we can capture our next lead. To many of us these are all challenging task's.

But, what about the onewho simply can't help and simply cannot or don't know how to help themselves. The one's who were handed cards in this game of life that they can't play. With the wild joker missing from the deck they have no means to make the hand needed to win let alone get ahead.

I don't know if you all know Jason Crouch, Founder of the Active Rain group Family Ties . I am not sure if you have read about his friend David Wilder ? If you have not you can follow his many links here to read more about David : You can read Jason's latest post here Another update on my friend and my mother-in-law  

My Friend David

A Day of Clarity for my Family

Update on my mother-in-law Jackie and my friend David

Another update on Jackie and David

Update on David and Jackie - The Power of Prayer

Jason has not only been faced with trying to help his mother-in-law but he is also faced with a Dear Friend who has been battling Cancer. David has undergone two bouts with cancer over the past year, both involving his throat and mouth. His tongue was completely removed, along with his vocal chords and larynx.

Jason has given his all in trying to be their both for his family and his friend. He has exhausted himself with his efforts to show great humanity.

I recently spoke with Jason about his friend. Cancer is very close to home with me. My grandfather passed away 5 weeks from his diagnosis of cancer. There was nothing that could be done for him. The cancer had long reached his brain and invaded all the organs needed to live ( it started in his stomach ). That day I lost my best friend and I will never forget it.

David Wilder and his wife Jan are struggling. David physically cannot work. Nor can he speak. His wife is care-taker for her husband and can only work part-time at their small local church. This family has no medical insurance and with every passing day are sinking further and further in debt. The daily routine sometimes consist's of how they will buy food, robbing Peter to pay Paul for medication, food, and other household bills on a small part-time income.

If you have ever been a care-taker for a friend or family member with an illness you are familiar with the greatest need for strength and the will to fight along side a person with such illness/disease. Please lift up as many thoughts and prayers you can for David's wife...Jan Wilder

I have never battled Cancer but I have sat along side my grandfather and many patients with Cancer when I was in the medical field. Their lively-hood is abruptly taken from them. For the man, who was once the head of the household leaves him depressed and often feeling worthless. David NEEDS the will to survive...please lift him up in all of your thoughts and prayers....So, what can we do as a friend, a neighbor. We can pray..we can join in the efforts to fight against Cancer...finding a cure...we can reach out to someone in great need and lift them up, lift their spirits and give them hope.

Friendship Pins have been around as long as I can remember. You know the ones you made with pins and beads and passed them around to your "best friends". When I was in school the purpose of your friendship pin was to show how much you cared for someone and appreciated them. When you made a new friend you passed the torch ( your pin ) on to them out of appreciation and respect. Friendship pins are a great torch to pass on to someone when you see a person in need or need to make someone's day.

Please purchase your Friendship Pin for David. For the small amount of $10.00. Keep your pin or pass it along to someone else who needs to have a brighter day. Purchasing your Friendship Pin is helping David in his fight against cancer. You can purchase more than 1 pin. If you would rather purchase 1 pin and make a donation to him as well this is all appreciated and will help David and his wife tremendously. If you would like to receive Friendship Pins to place within your office to help with our fund-raising efforts please email me at lissalgrant@yahoo.com  and I will be happy to provide as many as you need to process your request. If you are in Jason's area and could set up a food bank/donation bucket at your office please email me at lissalgrant@yahoo.com  and I will help to coordinate this for you. Of course, if you have idea's or ways to help please email me at lissalgrant@yahoo.com  and I will gladly help coordinate any efforts.

Directions :

Please copy and paste and print out the form below :

David and Jan Wilder, our thoughts and prayers are with you !

My name is __________________________________________

( if you would prefer to remain anonymous please leave this blank)

I would like to order ____ friendship pins

Address to send pin to : _____________________

                                   _____________________

                                   _____________________

I am enclosing $______.00 as an added donation to you and your family

Special Note to David and Jan Wilder :

____________________________________________________

____________________________________________________

____________________________________________________

____________________________________________________

____________________________________________________

Enclose your check or money order : If using Paypal please specify in your comment section how many friendship pins you would like to purchase and leave a small uplifting note for David and Jan.

PayPal donations should be sent to : jwilder_99@yahoo.com

( Please allow 7-10 days for your friendship pin to be processed and shipped )

        *************Friendship Pins will come in a variety of colors, shapes and sizes.**************

Please mail your order form to :

JASON CROUCH

20001 Fargo Terrace,

Pflugerville, TX  78660.

( Jason will be collecting the envelopes, passing along all proceeds and supplying me with the information needed to process your Friendship Pin (s) )

Make Checks and/or Money Orders out to :

JAN WILDER

      Thank you all in advance for a beautiful job in helping both David and Jan Wilder....

 Brentwood TN Real Estate

Everyday seems to bring more bad news for the Housing Industry. Lenders caught in the sub-prime melt down are closing their doors while banks and prime lenders are tightening loan requirements. Mortgage rates are rising and PMI (private mortgage insurance) showing industry wide narrowing of guidelines and options all contribute to the general "panic" atmosphere buyers perceive in the Brentwood TN Real Estate market as well as other areas.

 Add to that increasing tax, foreclosures and sellers who have not yet seemed to see the light and you have one big roller coaster ride, complete with stomach dropping fluctuations in the stock and bond markets. The FED has slashed rates attempting to hold off a recession that some say is already here. Too little too late? Will it get worse from here?

Maybe so, but I think the bottom is much closer than buyers may guess.

Now is the time to buy, before interest rates rise substantially. I foresee 3rd and 4th quarter rises as the market adjusts and evens out more.

The spring season is almost here, now is the time to take the plunge.
There will not be a better time for months, possibly a year or more. With FHA and conforming loan limits being raised for 2008 and Fannie and Freddie speculated to not be offering these until June or so there will be a small window in which buyers can scoop these "treats" up.

Buyers educate yourselves on the "real" numbers and take a pass on the news headlines decrying doom and gloom for buyers in general. The media is in full panic monger mode and nothing sells like recession fear!

Look deeper, engage the services of knowledgeable and integrity bound lenders and Realtors. We are here to help clear away the fog of fear and show the very real opportunities for the smart buyer in the current market.

So buyers, take your fingers off the panic button, pick up the phone,
grab your mouse and keyboard and start
looking for the the facts in your area!  

 The sky is NOT falling!

                                     Those who move now will be ahead of the pack come next year!
                                                                     
 Vanessa Stalets
615-957-6333
Brentwood TN Real Estate

RE/MAX Elite
615-661-4400
                                                                                   

 Brentwood TN Real Estate

President Bush signed HR 5140 aka: The Economic Stimulus Act of 2008 into law on February 13th. The law took effect immediately and is effective through December 31st of this year. A major point of the bill for those of us in the mortgage industry is that it significantly increases mortgage lending limits in certain areas of the country but the bill leaves a lot of questions on the table and leads to a great deal of confusion as everyone seems to be asking the question "So what does this mean for loan limits in my area?" Let's take a closer look and see if we can make more sense of HR5140.

For conforming lending, the bill raises current conforming loan limits from the current $417000 cap to 125% of the median home price in high-cost areas with a new cap at $729750. This statement leads to several questions which I am including answers for:

1. What is "median home price" and how do I find out what it is in my area?

The National Association of Realtors aka: NAR releases a report of statistics on state-by-state existing- home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA). MSAs are defined by the U.S. Office of Management and Budget and include the specified city or cities and surrounding suburban areas.

You will find the 4th quarter 2007 median home price reports by state at

 http://www.realtor.org/Research.nsf/files/STATES.pdf/$FILE/STATES.pdf.

You will find the 4th quarter 2007 median home price report for metropolitan areas at

http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf/$FILE/MSAPRICESF.pdf.

2. What is a high cost area and how do I know if my area is considered such? High cost areas as those areas of the country where the trend of median sales prices has been appreciating at a rate higher than the average rate in other areas of the country. For these areas, the new conforming loan limit will be 125% of the median sales price for the area as of 12/2007. My understanding is that the following are those areas considered as "high cost areas" that will be affected by the new conforming loan limit increases:

· CA MSAs: Los Angeles, Napa, Oxnard, Riverside, Sacramento, Salinas, San Diego, San Francisco, San Jose, San Luis Obispo, Santa Barbara, Santa Cruz, Santa Rosa, Stockton, and Vallejo

· CT MSA: Bridgeport

· DC MSA: Washington

· FL MSA: Naples

· HI MSA: Honolulu

· MA MSAs: Barnstable and Boston

· MD MSA: Baltimore

· NJ MSAs: Atlantic City, Ocean City and Trenton

· NY MSAs: Poughkeepsie and New York City

· OR MSA- Bend

· VA MSA: Charlottesville

· WA MSA: Seattle

Other areas of the country are not considered high-cost areas and thus, will not be affected by the new conforming loan limits provided from HR5140.

It is being reported that we should not expect to be able to use lenders using these new limits until June or July because Fannie Mae and Freddie Mac need ample time to adjust their guidelines to accommodate these higher loan sizes. Therefore, in reality, with the current bill set to expire December 31st, we may have limited time to take advantage of these loan limit opportunities. It is being widely speculated, however, that the current expiration date is likely to be extended when it's proposed for renewal later this year.

The stimulus bill also increases the loan limit for most FHA loan programs in high-cost market areas from the current limit of $372,790 to 125% of the median sales price of each area not to exceed $729,750.

So when can we expect to hear of further clarification from Fannie Mae, Freddie Mac and the Department of Housing and Urban Development aka: HUD as to the new loan limits for all areas? HUD is given 30 days from the date of bill passage in which to update their systems so we should expect an announcement regarding FHA limits to come no later than March 14th. Speculation is that it may take Fannie and Freddie longer than 30 days to work through the changes they need to implement with their guidelines and systems.

*Information courtesy Tonya Esquibel, WR Starkey Mortgage, Franklin TN*

Vanessa Stalets
Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400

Brentwood TN Real Estate

Mortgage bond prices fell last week pushing mortgage interest rates higher. Stock strength the beginning of the week hurt mortgage bonds. Stronger than expected inflation data also pressured bonds. Inflation erodes the value of money received in the future. Bond investors require a higher rate of return as inflation rises. Fortunately bonds bounced back erasing some of the earlier losses towards the end of the week with some stock weakness Thursday afternoon and a significantly weak Philadelphia Fed survey. For the week, interest rates on government and conventional loans rose by 3/8 of a discount point.

The gross domestic product data Thursday will be the most important event this week. Producer price index, consumer confidence, durable goods, new home sales, income, outlays, and sentiment data also have the real potential to cause mortgage interest rate volatility.

Economic Factors

Economic Indicator Release Date Time Consensus Estimate Analysis

Existing Home Sales Monday, Feb. 25, 2008 Down 1.8% Low importance. An indication of mortgage credit demand. A significant decrease may lead to lower rates.

Producer Price Index Tuesday, Feb. 26, 2008 Up 0.4%, Core up 0.2%  Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates.

Consumer Confidence Tuesday, Feb. 26, 2008 83.0 Important. An indication of consumers' willingness to spend. Weakness may lead to lower mortgage rates.

Durable Goods Orders Wednesday, Feb. 27, 2008 Down 3.5%  Important. An indication of the demand for "big ticket" items. Weakness may lead to lower rates. 

New Home Sales Wednesday, Feb. 27, 2008 Down 0.6% Important. An indication of economic strength and credit demand. Weakness may lead to lower rates. 

Preliminary Q4 GDP Thursday, Feb. 28, 2008 Up 0.7% Very important. The aggregate measure of US economic production. Weakness may lead to lower rates. 

Personal Income and Outlays Friday, Feb. 29, 2008 Up 0.2%, Core up 0.2% Important. A measure of consumers' ability to spend. Weakness may lead to lower mortgage rates.

U of Michigan Consumer Sentiment Friday, Feb. 29, 2008 None  Important. An indication of consumers' willingness to spend. Weakness may lead to lower mortgage rates.

Preliminary GDP

The Gross Domestic Product (GDP) is one the most important reports during any given quarter. GDP is a measure of US economic output and spending. The report is significant in that it provides investors, analysts, traders, and economists with a comprehensive report of the direction of the economy. In addition, it also influences the decisions of Federal Reserve policy makers, Congressional budget employees, and corporate financial planners.

GDP is the sum total of goods and services produced by the United States. The initial report is often based on incomplete data. Therefore, additional revisions are released over the following two months. There are often substantial differences between the initial release and the revisions. The mortgage-backed security market generally responds favorably to weaker GDP growth.

The preliminary fourth quarter gross domestic product data this week has the potential to move mortgage interest rates. A cautious approach is necessary to protect against market volatility
*Information courtesy Tonya Esquibel, WR Starkey Mortgage, Franklin TN*

Vanessa Stalets
Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400.

This is beautiful!

She jumped up as soon as she saw the surgeon come out of the operating room.
She said: 'How is my little boy? Is he going to be all right? When can I see him?'
The surgeon said, 'I'm sorry. We did all we could, but your boy didn't make it.'
Sally said, 'Why do little children get cancer? Doesn't God care any more? Where were you, God, when my son needed you?'
The surgeon asked, 'Would you like some time alone with your son? One of the nurses will be out in a few minutes, before he's transported to the university.'
Sally asked the nurse to stay with her while she said good bye to son. She ran her fingers lovingly through his thick red curly hair. 'Would you like a lock of his hair?' the nurse asked. Sally nodded yes. The nurse cut a lock of the boy's hair, put it in a plastic bag and handed it to Sally. The mother said, 'It was Jimmy's idea to donate his body to the University for Study. He said it might help somebody else. 'I said no at first, but Jimmy said, ' Mom, I won't be using it after I die. Maybe it will help some other little boy spend one more day with his Mom.' She went on, 'My Jimmy had a heart of gold, Always thinking of someone else, Always wanting to help others if he could.'

Sally walked out of Children's Mercy Hospital for the last time, after spending most of the last six months there. She put the bag with Jimmy's belongings on the seat beside her in the car. The drive home was difficult. It was even harder to enter the empty house. She carried Jimmy's belongings, and the plastic bag with the lock of his hair to her son's room.
She started placing the model cars and other personal things back in his room exactly where he had always kept them. She lay down across his bed and, hugging his pillow, cried herself to sleep.

It was around midnight when Sally awoke. Lying beside her on the bed was a folded letter. The letter said:

' Dear Mom , I know you're going to miss me; but don't think that I will ever forget you, or stop loving you, just 'cause I'm not around to say 'I Love You'. I will always love you, Mom, even more with each day. Someday we will see each other again. Until then, if you want to adopt a little boy so you won't be so lonely, that's okay with me. He can have my room and old stuff to play with. But, if you decide to get a girl instead, she probably wouldn't like the same things us boys do. You'll have to buy her dolls and stuff girls like, you know. Don't be sad thinking about me. This really is a neat place. Grandma and Grandpa met me as soon as I got here and showed me around some, but it will take a long time to see everything. The angels are so cool. I love to watch them fly. And, you know what? Jesus doesn't look like any of his pictures. Yet, when I saw Him, I knew it was Him. Jesus himself took me to see GOD! And guess what, Mom? I got to sit on God's knee and talk to Him, like I was somebody important. That's when I told Him that I wanted to write you a letter, to tell you good bye and everything. But I already knew that wasn't allowed. Well, you know what Mom? God handed me some paper and His own personal pen to write you this letter. I think Gabriel is the name of the angel who is going to drop this letter off to you. God said for me to give you the answer to one of the questions you asked Him 'Where was He when I needed him?' 'God said He was in the same place with me, as when His son Jesus was on the cross. He was right there, as He always is with all His children. Oh, by the way, Mom, no one else can see what I've written except you. To everyone else this is just a blank piece of paper. Isn't that cool? I have to give God His pen back now He needs it to write some more names in the Book of Life. Tonight I get to sit at the table with Jesus for supper. I'm sure the food will be great.

Oh, I almost forgot to tell you. I don't hurt anymore. The cancer is all gone. I'm glad because I couldn't stand that pain anymore and God couldn't stand to see me hurt so much, either. That's when He sent The Angel of Mercy to come get me. The Angel said I was a Special Delivery! How about that?

Signed with Love from God, Jesus & Me.

A dear friend sent this to me and it so touched my heart. So many things we don't understand and we think God has forsaken us or our loved ones. He  is always there, even when we don't see. The comfort always comes if we are ready to receive it. I don't know why I am posting this except that it seemed a good thing. Maybe someone else needs to see it~

Vanessa Stalets

Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400

The following mortgage insurance companies have issued bulletins announcing a number of eligibility changes going into effect soon.   
United Guaranty:  Effective March 10^th the following changes will go into effect:

• DU Expanded Approval Level I and LP Caution 500 Eligible loans with LTV > 95% will be ineligible
• Pay Option ARM’s with potential negative amortization will be ineligible
• Non Traditional Credit with LTV > 95% will be ineligible
• ARMs with first rate adjustment less than 5 years max 95% LTV
• Does not apply to loans receiving DU Approve/Eligible or LP Accept/Eligible
• Limited Doc loans:
•  must have at least 50% of the qualifying income from self-employment.  All non-self-employed income used for qualifying must be documented.
• SIVA and SISA with LTV > 90% will be ineligible
• SIVA  minimum FICO 680 for 2 units
• SISA  minimum FICO 700 for 2 units
• Cash out refinances will be ineligible
• ARMs with first rate adjustment less than 5 years are ineligible
• Limited documentation that does not require disclosure of income and/or assets is ineligible (i.e. No Ratio, NINA, No Doc)

          AUS Doc waiver loans that meet the following are not subject to these policy changes:

• Borrower is applying for full doc loan
• Loan is underwritten by DU/LP and receives either an Approve/Eligible or Accept/Eligible
• Findings do not require income and/or asset documentation

·         Loans that do not use lowest score of all representative borrower scores are ineligible.

·         Maximum of two loans insured per borrower, with only one insured per borrower of the following:

• Primary
• 2^nd home
• NOO
• A-miunus
• Limited Doc

• Interest-Only:
•  maximum LTV 95%
• Minimum 680 FICO
• 2^nd homes are not eligible
• 3-4 units are not eligible
• These changes do not apply to loans receiving DU Approve/Eligible or LP Accept/Eligible

·         A-minus:

• Max 95% LTV for purchase and rate term refinance of 1 unit, primary residence
• Minimum first rate adjustment of 3 years for ARMs
• 2^nd home ineligible
• NOO ineligible
• 3-4 units ineligible
• These changes apply to all loans including DU Expanded Approval Level I, II or III, and LP Caution 500-Eligible

  Effective March 31^st, some rate fees will be increased including but not limited to:

         Monthly ReadiRates

        Selected adders for loans > 95.01% LTV

         Limited Doc

         A-minus monthly

  RMIC: Effective March 21^st the following changes will apply regardless of any Automated Underwriting System (AUS) decision or recommendation.

• A Paper and A-Minus:

        Loans with a FICO score below 620 will be ineligible.

       Loans with a loan to value ratio (LTV/CLTV) over 95% and a representative FICO score below 680 will be ineligible.

        Cash-out refinance loans with representative FICO scores below 680 will no longer be eligible.

        Cash-out refinances will no longer be eligible.

        A-Minus loans with representative FICO scores below 660 will no longer be eligible.

         Declining Value:

• In addition to loans which receive a declining value message from an automated underwriting system (AUS) such as Desktop Underwriter or loans on properties for which the appraisal indicates that property values in the subject neighborhood are "declining" being subject to Declining Value Policy guidelines and eligibility requirements, all properties in the states of AZ, CA, FL, MI, NV and OH must meet these requirements.

        In addition to the maximum allowable LTV/CLTV on declining value properties requiring a five percent reduction from the LTV/CLTV otherwise allowed by RMIC's underwriting guidelines, the following guidelines and eligibility requirements will also apply:

         A-Minus loans, Investment Properties, Cash-Out Refinances, and loans with Reduced Documentation on declining value properties are not eligible for RMIC coverage.

         LPMIpreferred pricing will require a minimum representative FICO score of 720 on declining value properties.

         Loans secured by condominiums determined to be of declining value will be limited to a maximum LTV of 90%, except where the LTV is limited to less than 90% by other factors

• A Paper Monthlies/ZIP Monthlies base rates for loans with LTVs over 95% will be split into two segments: 95.01-97.00% and 97.01-100.00% LTV. Each of these LTV bands will be segmented by two FICO score ranges: 680-699 and 700+. The table below shows selected new A Paper premium rates.

GE:   Effective March 17^th the following changes will go into effect:

• Standard A Loans:

• Loans with LTV > 95% and a credit score < 680 will be ineligible.
• Loans with LTV < 95% and a credit score < 620 will be ineligible.
• Cash out refinances with a credit score < 680 will be ineligible.
• The 103% LTV product will no longer be available as a standard product.

• A Minus Loans:
• EA II, EA III, Refer w/ Caution, and Refer w/ Caution IV will be ineligible.
• All A Minus loans with a credit score < 660 will be ineligible.
• Cash out refinances will be ineligible.
• Manufactured homes will be ineligible.

         Nontraditional Credit or Unscoreable maximum LTV will be 95%.

         Update to Declining/Distressed Markets Policy:

• For properties located in Declining/Distressed markets (as indicated by Genworth’s Declining/Distressed Market Policy, the Appraisal, or Agency AUS indication) the following loan characteristics will be ineligible:

        LTV/CLTV > 95%

         A Minus

         Alt A

         Investment properties

         Cash out

        Interest only

         Nontraditional credit

         Condominiums with LTV >90%

• As per Genworths Declining/Distressed Market List as of January 6, 2008, the following MSAs are considered Declining/Distressed:

         19740 Denver-Aurora, CO Metropolitan Statistical Area Principal Cities: Denver, Aurora Adams County, Arapahoe County, Broomfield County*, Clear Creek County, Denver County, Douglas County, Elbert County, Gilpin County, Jefferson County, Park County

      *Broomfield organized as a new county on November 15, 2001     

      and is coextensive with Broomfield city. For purposes of

      defining metropolitan statistical areas, Broomfield city was

      treated as if it were a county at the time of the 2000 census;

      the standards were applied to data for Broomfield city.

         24540 Greeley, CO Metropolitan Statistical Area  Principal City: Greeley, Weld County

PMI:  Effective March 21^st the following changes will go into effect:

• Loans with LTV and/or CLTV ratios of 97.01% and above, regardless of the automated underwriting system (AUS) decision, are not eligible
• DU Expanded Approval Level I (EA I) AUS recommendations for LTV/CLTV ratios of 95.01% and above are not eligible.
• Limited Documentation: at least 50% of the total qualifying income will need to come from non-salaried sources.
• Distressed Markets:
• 5% LTV/CLTV reduction will be required from the maximum financing allowed for all loan products/programs, not to exceed 90% LTV/CLTV

• Pay options ARMs and A-Minus (FICO scores 575-619) loans for properties in distressed markets are not eligible for mortgage insurance.

          Distressed Markets are defined as (1) specific geographic areas where

          property values are declining or are likely to decline; and (2) specific

          geographic areas where property values are being influenced by 

          foreclosures and unemployment rates, among other factors.

          This policy applies when the following indicators are present:

• The appraisal report indicates declining values; or
• A declining market message from an AUS system is received; or
• A lenders independent research reveals that the subject property is located in a declining market; or
• The subject property is located in an MSA/MSAD on the PMI Distressed Markets List

*Information courtesy Tonya Esquibel, WR Starkey Mortgage,Franklin Tn*

Stay tuned for updates.

Vanessa Stalets
Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400

Only a Southerner knows the difference between a hissie fit and a conniption fit, and that you don't "HAVE" them, you "PITCH" them.

Only a Southerner knows how many fish, collard greens, turnip greens, peas, beans, etc., make up "a mess."

Only a Southerner can show or point out to you the general direction of "yonder."

Only a Southerner knows exactly how long "directly" is, .. as in: "Going to town, be back directly."

Even Southern babies know that "Gimme some sugar" is not a request for the white, granular sweet substance that sits in a pretty little bowl in the middle of the table.

All Southerners know exactly when "by and by" is. They might not use the term, but they know the concept well.

Only a Southerner knows instinctively that the best gesture of solace for a neighbor who's got trouble is a plate of hot fried chicken and a big bowl of cold potato salad. If the neighbor's trouble is a real crisis, they also know to add a large banana puddin!

Only Southerners grow up knowing the difference between "right near" and "a right far piece." They also know that "just down the road" can be 1 mile or 20.

Only a Southerner, both knows and understands, the difference between a redneck, a good ol' boy, and po' white trash.

No true Southerner would ever assume that the car with the flashing turn signal is actually going to make a turn.

A Southerner knows that "fixin" can be used as a noun, a verb, or an adverb.

Only Southerners make friends while standing in lines, ... and when we're "in line," . we talk to everybody!

Put 100 Southerners in a room and half of them will discover they're related, even if only by marriage.

In the South, y'all is singular, all y'all is plural.

 Southerners know grits come from corn and how to eat them. Every Southerner knows tomatoes with eggs, bacon, grits, and coffee are perfectly wonderful; that red eye gravy is also a breakfast food; and that fried green tomatoes are not a breakfast food.

When you hear someone say, "Well, I caught myself lookin'," you know you are in the presence of a genuine Southerner!

Only true Southerners say "sweet tea" and "sweet milk." Sweet tea indicates the need for sugar and lots of it -- we do not like our tea unsweetened. "Sweet milk" means you don't want buttermilk.

And a true Southerner knows you don't scream obscenities at little old ladies who drive 30 MPH on the freeway. You just say, "Bless her heart" ... and go your own way.

To those of you who are still a little embarrassed by your Southerness: Take two tent revivals and a dose of sausage gravy and call me in the morning. Bless your heart!

 And to those of you who are still having a hard time understanding all this Southern stuff, ... bless your hearts, I hear they are fixin' to have classes on Southerness as a second language!

*And for those that are not from the South but have lived here for a long time, all y'all need a sign to hang on y'alls front porch that reads*

 "I ain't from the South, but I got here as fast as I could."

Ok, all Y'all Southerners, add any that might have been missed, we are fixin' to make a complete list here!

Vanessa Stalets
Brentwood Tn Real Estate
RE/MAX Elite
615-957-6333

Brentwood TN Real Estate

Never seen a total lunar eclipse? Then look up tonight about 8:45 CST. The partial eclipse will start around 7:30 pm. The entire event will be over by 11 or so and if you miss it it will not come again until December 2010. If the skies are clear you could see varying colors from orange, red, brown or drk gray. Grab the kids and show them too! If you would like to see it clearer, make a family night of it and visit the
Adventure Science Center Nashville located off I-65   just North of Brentwood.

Vanessa Stalets

Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400

Notice the above 90 day rate history chart. RED is RATES MOVING HIGHER and GREEN is IMPROVEMENT.
So as you can see rates on most programs have moved almost .50% higher.  Therefore, buyers looking and not locking a week ago will have significantly higher rates today.  Tomorrow strong reports are coming out, we are hoping they are in our favor to turn the bond market back around.
* Information courtesy Tonya Esquibel, WR Starkey, Franklin TN*

Vanessa Stalets

Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400

Brentwood TN Real Estate

Mortgage bond prices fell last week pushing mortgage interest rates significantly higher. Stock strength the beginning of the week hurt mortgage bonds. Stronger than expected retail sales, shocked the market. The weakness was compounded as investor concerns about exposure to mortgage bond risk grew. Fed Chairman Bernanke expressed concerns about economic growth but his remarks did little to help mortgage bonds.

For the week, interest rates on government and conventional loans rose by about 1 and 3/4 of a discount point.

The consumer price index data Wednesday will be the most important event this week. The Fed minutes, housing starts, and leading economic indicators also have the real potential to cause mortgage interest rate volatility. Be cautious Tuesday as trading resumes following the holiday.

Economic Factors

Economic Indicator Release Date Time Consensus Estimate Analysis Presidents Day Monday, Feb. 18, 2008 None  Important. Shortened trading week may lead to mortgage interest rate volatility as trading resumes.

Consumer Price Index Wednesday, Feb. 20, 2008 Up 0.3%, Core up 0.2%  Important. A measure of inflation at the consumer level. Lower than expected increases may lead to lower rates.

Housing Starts Wednesday, Feb. 20, 2008 Down 0.5%  Important. A measure of housing sector strength. Larger than expected decreases may lead to lower rates. 

Fed Minutes Wednesday, Feb. 20, 2008 None  Important. Details of the last Fed meeting will be thoroughly analyzed. 

Leading Economic Indicators Thursday, Feb. 21, 2008 Down 0.1%  Important. An indication of future economic activity. Weakness may lead to lower rates. 

Philadelphia Fed Survey Thursday, Feb. 21, 2008 None  Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates. 

HR 5140

President Bush signed into law last week a $152 billion economic stimulus bill that will temporarily allow Fannie Mae, Freddie Mac, and the Federal Housing Administration to guarantee mortgages as large as $729,750 in some high-cost markets.

HR 5140, the Economic Stimulus Act of 2008, raises the conforming loan limit for mortgages eligible for purchase or guarantee by Fannie and Freddie to 125 percent of the median home price in high-cost areas, not to exceed $729,750. In areas not designated as high-cost markets, the conforming loan limit will remain $417,000.

The stimulus bill also increases the upper limit for FHA loan guarantee programs in high-cost markets -- currently $372,790 -- to 125 percent of the median home price, with an upper limit of $729,750. The upper limit for FHA-backed mortgages in "normal" housing markets will be increased from $200,160 to $271,050.

Federal regulators have said it will take longer for Fannie and Freddie to draft new credit guidelines and update their systems to evaluate what are now considered "jumbo" loans. The task is complicated by the fact that the new loan limits for high-cost areas will vary according to the median home price in a given county or metropolitan statistical area (MSA).

While HR 5140 is an effort to help the struggling housing market, there is no guarantee investors will accept the jumbo loans backed by Fannie and Freddie. If investors don't purchase the larger loans after they are securitized, that would limit the benefits to the secondary mortgage market and do less to ease the credit crunch than backers of the move have hoped. Mortgage interest rates remain volatile amid all the uncertainty.
* Information Courtesy Tonya Esquibel, WR Starkey Mortgage, Franklin TN*

Vanessa Stalets

Brentwood TN Real Estate

RE/MAX Elite
615-957-6333
615-661-4400