Mortgage Week in Review
December 1st, 2009 categories: Mortgage Reviews
A combination of factors helped mortgage rates improve yet again during the short Thanksgiving week. Strong demand for the Treasury auctions, low inflation, and a fragile economy were all positive for mortgage markets. As a result, mortgage rates dropped to the lowest levels since January.
The consensus economic outlook is for a gradual recovery with low inflation, and the economic data released during the week was consistent with this view. Economic growth during the third quarter of the year was revised lower, but both the Fed and private economists raised their forecasts for future growth. This week’s economic reports indicated that some sectors of the economy are improving, such as the housing market (see below), while others reflected weakness. Wednesday’s data on Core PCE prices continued to show little inflationary pressure, which allows the Fed to keep rates low to assist the economic recovery.
This week’s home sales data far exceeded expectations across the board. October Existing Home Sales jumped 10% from September. Inventories of unsold existing homes dropped to a 7.0-month supply, the lowest level since February 2007. October New Home Sales rose 6%, and inventories of new homes declined to the lowest level in decades. Extremely low mortgage rates, high affordability levels, and the first-time homebuyer tax credit boosted sales in October.
Copyright @ 2009 MBSQuoteline
Brought to you by our Asheville Beverly-Hanks Mortgage Professional – Cameron Lewis
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Happy to be back in Asheville!
November 28th, 2009 categories: Places I've been
For those of you who follow my blog, I’m sure you’ve been wondering what’s taken so long to see something new? Well, I was on vacation my friends! My mother Claire and I did a wonderful mother/daughter bonding and took a Mediterranean cruise. It’s always fun to visit Europe, but that same old feeling of always being glad to be home in Asheville takes over. Click on the names of the city’s I visited for even more info.
We visited Istanbul, Turkey, which felt and looked very European. Known as the city where the East meets the West, we found it beautiful, the people friendly and the Antiquities fascinating. This is the sarcauphagus of Alexander the Great.
Entrance to Grand Bazaar - Istanbul
Of course we took a trip to the Grand Bazaar and were wowed by the sheer enormity of it all. Would love to go back and spend a week in Istanbul. This is the sarcauphagus of Alexander the Great.
Walled city of Old Dubruvnik
Next, we went to Dubrovnik, Croatia on the Dalmation Coast. What a pleasant surprise Old Dubrovnik was to us. We toured the Old city that is completely walled in, extremely clean, stone walkways and charming shops. Excellent Gelato that I endulged in! Very scenic & interesting.
On to Athens, Greece. This was one of my very much anticipated stops. I’ve been wanting to visit Greece for years, and on this trip I made my way to the Acropolis! Absolutely Fantastic! The view of Athens from the Acropolis is phenomenal. Standing on these grounds you are transported back in time to the beginnings of civilized Greece. I’m definitely bringing my husband back here for at least two weeks!
From Greece, we toured Venice, Naples & Rome Italy. I am IN LOVE with Venice, Italy. Unfortunately, the day we were there it rained all day and a hard wind. But we made our way on the water shuttle to St. Mark’s Square and toured the museum of antiquities. Did you know that St. Mark’s Square is so low now that they have elevated sidewalks made of wood & steel to walk on when it floods? No gondolas open for business that day, Oh well . . .
Venice, Italy
Gaudi Church
The last stop of our 12 day cruise ended up in Barcelona, Spain. A beautiful city, so elegant in architecture and history. We toured a few examples of Gaudi’s architecture, mind boggling! This particular church began construction over 100 years ago and they still don’t know when it will be completed. It is now being built solely on donations.
So, the long trip home was 12 hours of flying time alone. My mother chose Air France because they are known for good food on the flight. They also give you Champagne, wine & beer as part of their routine beverage service. It took me the better part of a week to recover from the jet lag, but so happy to be home in Asheville now and back to real estate blogging!!!
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Asheville Fall colors and Halloween
October 29th, 2009 categories: Real Estate News
This is our beloved Dakota. He was always willing to do silly things that made us happy and was the best darned dog a person could have. Dakota passed away last December and our hearts are still heavy from the loss, but whenever I come across this photo I feel compelled to share it with everyone at Halloween.
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Are Asheville homes in jeopardy over toxic drywall?
October 17th, 2009 categories: Real Estate News
The latest environmental concern for homeowners appears to be Chinese drywall installed in the US between 2004 and 2007. During these years, gulf coast states experienced significant property damage from tropical storms, with damage to Florida being particularly severe. This created a shortage of sheetrock or drywall, and material was imported to meet consumer demand. Some imported Chinese drywall emits a foul odor, causes plumbing to corrode and may be a health risk. While Chinese drywall was sold in North Carolina, the quantities were very small. As you will read below, 96% of all distribution took place in six states.
Click this link for the latest news about Chinese-made drywall.
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Southcliff wins the Gold!
October 16th, 2009 categories: Neighborhoods
The Parade of Homes is an annual showcase of newly constructed homes and complete remodels presented by the Asheville Home Builders Association. Southcliff’s entries included a single family residence and one of our Townhome Lodges-both entries received gold recognition from local area realtors judging this year’s Parade.
The Parade of Homes continues through this weekend (Saturday and Sunday 12:00pm – 5:00pm). Stop by and see for yourself what makes the homes at Southcliff award winning!
For more information visit www.AshevilleHBA.com
45 Slide Rock Way, Edgens Cove
By Longmeadow Homes, $550,000 
A perfect design for today’s casual lifestyle and with room to grow into an unfinished bonus room, the Edgens Cove Cottage packs a lot of living into a smaller footprint. This home’s open floor plan promotes family-centric living but also caters to everyone’s occasional need for privacy-with an upper-floor family room for the kids and a master-suite sitting area for you.
Edgen’s Cove Cottage was built by Longmeadow Homes, a builder of custom homes and lot/home packages, including many of the homes in Southcliff. The partners of this family-owned business have been building homes for over 20 years and offer the hands-on custom touch that makes each of their homes unique. Visit http://longmeadowbuilders.com/ for more information.
19 Hawk’s Branch Circle, Townhome Lodge
by Beverly Grant, $870,982
The Hawk’s Branch
Townhome Lodges are Southcliff’s mountain-style lock-and-go lifestyle homes. Noted architect, Armin Wessel, and Beverly-Grant, Inc. joined forces to create these unique spaces where every imaginable amenity has been included to bring comfort to you and your guests.
This home’s finishes include Cypress tongue-and-groove vaulted ceilings, gourmet kitchens with DCS appliances, home theaters featuring 110″ inch high-definition projection televisions and extensive audio systems, custom closets, covered decks with Trex decking, two-car garages on the main level, and much more. Yes, it is alot to include in any home, but with “seamless living” as the main focus, they created a space that is both hard working and effortless. Southcliff is proud of these lock-and-go units-allowing you to spend as much time away as needed, with the peace of mind of returning to a safe and secure home. Visit http://beverly-grant.com/for more information.
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Southcliff – Nature at your doorstep?
October 15th, 2009 categories: Neighborhoods
If you’re dreaming of mountainside living I want to tell you about one of my favorite developments – Southcliff. Located just across the Asheville/Fairview town line, it’s only 7 miles to downtown Asheville and just 3 miles to the Blue Ridge Parkway.
Southcliff is simply a beautiful neighborhood, kept very wooded with tons of Mountain Laurel, you really do feel a sense of being as close to Nature as you can be in a housing community. The Developers have done a wonderful job creating this mountain atmosphere. There are two featured builders: Biltmore Farms Homes and LongMeadow Homes. Their styles range from French Country, Craftsman to Farmhouse. Sizes range from 1,800 to 3,300 square feet and are priced in the high $300’s to $400’s.
It was planned from the beginning to be an active lifestyle/family oriented neighborhood with a Family Camp, six miles of hiking trails and five park areas featuring fire rings, grills, and picnic seating. There’s an open-air pavillion where you can host cookouts and get togethers, a children’s playground in a natural setting. It’s GREAT! All this plus a 24 hour, manned gatehouse at the entrance.
If you can’t visit in person, here is a Southcliff video to show you what it’s all about. If this looks like the lifestyle you’re looking for, contact me and I’ll send you out a complete packet of information!
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6 things to know about loans in Asheville
October 12th, 2009 categories: Financing Programs, Real Estate News
See this little guy on the fence? I bring him out when I’m going to talk about procrastination or “fence sitting” if you will . . . If you’re still not sure if now is the time to buy, these next 6 items may help you sort it out.
1. Did you know that mortgage rates are the lowest that they have been since the early 1960’s?
2. Did you know that an uptick of as little as one percent impacts the purchaser’s ability to borrow by twenty percent?
3. Did you know that low interest rate loans requiring a zero to five percent down payment are available to homebuyers through FHA, VA, USDA or conventional?
4. Did you know that a qualified buyer can purchase a $200K home with 3.5% down, finance closing costs and have a thousand MORE dollars in the bank when using the First Time Homebuyers Tax Credit?
5. Did you know that your Beverly-Hanks Mortgage loan originator will help your customer tailor a loan today?
6. Did you know that the only person who can take that first step in owning your own home is YOU? Call a professional (like me) and get started!!
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Are you in the market for an Asheville Townhome?
October 8th, 2009 categories: Neighborhoods
Last week I had the opportunity to visit several townhome developments in every corner of Asheville. My client was here for three days from Sante Fe in a quest for a more “green” life, and I’m not necessarily talking about the type of home construction that has an Energy Star label on it. She wants to be surrounded by trees, green mountains and breathing fresh air.
We visited new construction and resales within the price range of up to $350,000. 3 bedrooms, 2 baths, 2 car garage and a minimum of 1,800 square feet. If that criteria fits you, then I know all about it! One of the best floorplans we encountered in new construction was at The Village at Windstone. The Stoneridge, a one level floorplan, the layout and materials were outstanding! As you walk in the front door and a little beyond the foyer, you are facing a double sided fireplace that you can see through to the outside! Beautiful!! This one wins a blue ribbon for most livable and best use of square footage for a 1 level townhome. I’m including this virtual tour to show the detail and quality this builder offers, but it is not the Stoneridge floorplan.
Coming a close second was Hamburg Crossing in Weaverville. Although not new construction, this small community of stone-faced townhomes is as charming as they come. Check out this virtual tour and see what $285,000 can buy. Weaverville is a wonderful little bedroom community of Asheville, only 10 minutes to downtown Asheville and no city taxes!! Are there townhomes you’d like to know about? Ask away . . .
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Festivals Calendar for Asheville
October 2nd, 2009 categories: Festivals
Looking for things to do, places to go in Asheville? Here are a few goings on you just might enjoy!
Scarecrow Festival -
10 a.m. – 4 p.m. Oct 3, Lake Julian. Handmade scarecrow competition. 828-250-4265
Octoberfest -
Celebration by Asheville Downtown Association, 1-5 p.m., Oct 10, Wall Street. $25 at www.ashevilledowntown.org
Hard Lox -
Jewish food festival, 11 a.m. – 4 p.m. Oct 18, Battery Park Avenue, next to the Grove Arcade, Food, music, dancing, children’s activities.
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Why Short sales are really “long sales”
October 1st, 2009 categories: Real Estate News
I read a very good article in the Steve Harney Quick Report about short sales today. Any buyer or realtor here in Asheville, N.C. that have been involved with a short sale will always tell you that it’s anything but short. You have to come to the table with the lion’s share of patience. This small article summed up how the process has been doing, and gives us a peek at the change coming down the road.
“For the last few years the joke has been that ’short sales’ should be relabeled ‘long sales’ because of the difficulty in getting them closed. However, things just may be changing. Completed short sales in the first half of 2009 were up 208% over the first half of 2008.
It seems the banks are no longer happy with the alternatives they have been using in place of the short sale – either loan modification or foreclosure. A new study says that over 50% of successful modifications end up in default anyway within six months. The banks are also seeing that bringing a home through the foreclosure process nets them only a fraction of the price a short sale would.
Look for the administration, in the next few weeks, to announce a ’streamlined’ short sale process that should make selling a short sale quicker and easier. We believe the banks will look favorably on the new process and that will lead to tremendous opportunities in 2010.”
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