Wichita Falls Real Estate Blog

New Housing Development - Wichita Falls - Sheppard Air Force Base

2008-10-15T15:04:16Z

New Housing Development
A new housing development on the northside of Wichita Falls near Sheppard Air Force Base caled Patriot Place had its opening this week. New homes priced in the $125,0000 price range will be featured at the Patriot Place. Rhone Building Corporation is the developer of this tract. Homes will be either 3 or 4 bedroom plans. For additional information contact Ashton Gustafson at Ashton@bishoprealtors.com or 940 691-7355.

Wichita Falls Listing Specialist - Ashton Gustafson

2008-10-15T14:53:58Z

Wichita Falls Realtor Participates in University-Level Course Teaching Specialized Methods for Helping Sellers Get Greater Value in Real Estate Sales

Atlanta, Georgia - Ashton Gustafson of Ann and Denny Bishop Realtor Group in Wichita Falls participated in an intensive, two day Listing Specialization course here, learning with a select group of Realtors how to dramatically improve the services they render to real estate sellers, thereby enabling sellers to obtain the home value they're looking for in less time and with fewer hassles.

Ashton, who already ranks substantially above the average real estate agent, has currently helped over 60 home owners move this year. The typical agent in the United States averages less than 12 transactions, buyers and sellers, per year.

According to Gustafson, "The practice of listing specialization has created an opportunity for sellers to receive an unmatched level of professional service, and I've made a commitment to serve my selling clients this way."

Gustafson learned principles, strategies, systems, and techniques for enhancing a powerful, effective, home selling side of the business, focused on helping sellers obtain the maximum value the market will bear for their home faster. Program content also emphasized helping sellers enjoy a smooth, hassle-free and money saving transaction.

The program was presented as part of Howard Brinton STAR POWER Systems' STAR POWER University, the real estate industry's only University-level series of intensive, comprehensive training programs. There are many current events that address a broad spectrum of issues, but only STAR POWER offers a series of sharply-focused, two day programs for specific aspects of the business, from team building and systems implementation to buyer specialization and business operations.

The course was taught by STAR POWER's cadre of STARS - all are top producers, whose annual production averages $43 million and 200 families helped each year.

According to Howard Brinton, founder and CEO of STAR POWER Systems, participants in these events are part of an elite group of agents. "The quality of the learning experience and depth of the practical knowledge and skills acquired by participants is unparalleled.

Brinton claims it is rare in any industry, and certainly in real estate, to find this level of commitment to clients and employees. "Ashton has demonstrated a deep commitment to better serve his clients. His dedication is evidenced in his investment in this course, and the substantial expenses involved to be here. Ashton and his peers are something special, and the clients and employees who are served by them are fortunate indeed," he said.

Wichita Falls Mortgage Update - October 2008

2008-10-09T11:13:14Z

I had the chance to speak with Ralph Dunkelberg of Fidelity Bank this morning about the currently financial situation that we are all facing. He explained that rates are STILL historically low and very available to those with good credit. As of this morning, a 30 year FHA Loan was at 6.5% and a conventional was at 6.375%.

Ralph can be contacted at rdunkelberg@fidelitybankwf.com or 940.763.2100.

Remember to see our other new sites at www.TexomaListings.com or www.TexomaHomeValues.com - All have been very useful to our clients that are in the market to purchase Wichita Falls Real Estate.

Ashton Gustafson - 940.224.0881 - ashton@bishoprealtors.com

7 Reasons You Should Own Your Home - Wichita Falls, TX

2008-10-09T08:04:11Z

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don't rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the "Buy vs. Rent" calculator at www.GinnieMae.gov.

Wichita Falls October Real Estate Podcast

2008-10-05T17:34:09Z

http://www.talkrealty.com/ashtongustafson - LISTEN TO ASHTON'S PODCAST

September was another great month, with 6 closings totalling over $1 million in total volume. With interest rates still historically low, this is a great market that my buyers are taking advantage of. I already have another 7 properties in contract for October - just 5 days into the month. For everything real estate related, see www.TexomaHomeSource.com

Ashton Gustafson

The Bishop Group

www.TexomaListings.com - FOR BUYERS

www.TexomaHomeValues.com - FOR SELlERS

The Best Real Estate Web Sites For Wichita Falls Real Estate

2008-10-03T10:14:02Z

We have been working hard to provide you with the best web sites to help you in both buying and selling Real Estate in Wichita Falls. The sites are as follows:

www.TexomaHomeSource.com - This site serves to provide general information for Wichita Falls Real Estate. Here you can find information on current listings, buyers tips, sellers tips, and search through our preferred vendors.

www.TexomaListings.com - This site takes the criteria that you have for a home and updates you each morning when a new home has come on the market within your criteria. It is fast, free, and easy - Hundreds of buyers have loved this site!

www.TexomaHomeValues.com - Thinking about selling your home in Wichita Falls? This site will send you an up to date CMA within 24-48 hours of submission.

www.TexomaForeclosure.com - This site provides those who need to PREVENT foreclosure.

Bankers Say Local Outlook Is Stable - Wichita Falls

2008-10-02T07:29:28Z

Bankers say local outlook is stable

By Ann Work - Times Record News
Monday, September 29, 2008

If you're ready to put your money under your mattress after watching the stock market hurtle south at a ferocious pace Monday and after watching a banking world that's seeming to come unhinged, local bank presidents offer a surprising amount of hope.

This is a good time to live in Texas, agreed Fidelity Bank President Tommy McCulloch, First Bank's President Chuck White and American National Bank's President Bo Stahler.

Each spoke to the Times Record News in telephone interviews late Monday.

The three bank presidents stressed - in independent interviews - that the Wichita Falls economy, with its broad job base and good people, is still strong, and that the Wichita Falls banks simply reflect their patrons.

You can prove the truth of that statement by asking yourself two key questions, White said in a conversation that mirrored the comments of his fellow bank presidents.

(1) Did you experience the euphoria in the last few years of your home doubling or tripling in value?

(2) When you drive down the streets of Wichita Falls, do you see foreclosure signs everywhere you look?

No?

"We didn't see the big boom that the rest of the country saw, so we're not going to see the big deflator, the big bust," White said.

In Wichita Falls, housing prices have been - and remain - reasonable.

"You and I would scratch our heads and say, ‘How do people afford paying half a million dollars for a house? How do teachers afford that?' But they had to pay that to get housing" in some areas of the country like California and Florida, White said.

Wichita Falls residents are still working at jobs, enjoying a diversified employment base, with stable jobs at large employers like Sheppard Air Force Base, the Wichita Falls Independent School District, Midwestern State University, the agriculture industry and the oil and gas industry.

"Think of all the employment that has provided, with good stable salaries," White said. "Our economy in Wichita Falls is strong. It's good. Therefore, the local community banks that invested in our community are strong."

First Bank's mortgage portfolio is "extremely strong" with "less than one tenth of one percent in delinquencies," he said.

"I'm not here to tell you that we're not getting any phone calls (from fearful customers)," White said. "We are. We are working real hard with our customers to soothe those fears."

Many of the calls revolve around fears that all their money is not covered by FDIC insurance, he said.

For anyone concerned that their money is not FDIC insured, First Bank account representatives take them to the FDIC Web site at www.fdic.gov and walk them through it.

Bank personnel are also helping customers move their money around to get that immediate FDIC coverage, if they don't already have it. "There are lots of ways that a husband and wife can have more than $100,000 insured in one bank. If they're concerned, they need to call their bank. Talk to them. Work through that," White said.

Wichita Falls banks are still lending money the way they did six months ago, said Tommy McCulloch of Fidelity.

And, yes, you can still get a car loan, he said.

"I don't think any of the local banks have changed the way they're making loans," he said. "If someone wants to get an auto loan, I know at Fidelity, that has not changed. If a business wants a loan, that has not changed. We're doing things the same way we were six months ago. It's hard for me to imagine a circumstance where we would change that."

His biggest worry is that eventually, all this gloom-and-doom talk will sap the confidence of the people of Texas and Wichita Falls, and they'll quit spending.

"If everybody keeps telling you that it's really, really bad, though it may not feel bad to you if you still have your job," it's hard not to believe it, McCulloch said.

But this is a big-boy problem, said American National Bank President Bo Stahler.

"All this has to do with the big guys, the national banks, the big regional banks. It's business as usual here," he said.

The impact of the bank failures and credit freeze on American National Bank "has been nonexistent, other than the fact that we're getting calls from depositors that you expect from a crisis. People are getting skittish. All we can do is reassure them," Stahler said.

His bank is well capitalized, the credit quality of its loans is strong, "and we have plenty of access to liquidity to fund loans with," he said. "At this point, anyway, there's not any hit on us."

That may change, however, if Congress doesn't pass a relief bill soon, he said.

"If they don't get this bill passed sooner or later, it's probably going to filter on down through the system, which will affect the availability of credit and make it tough for John Q. Consumer. But that's if nothing gets accomplished."

Stahler said he's convinced the government will step in with some sort of help, even though the House of Representatives voted down the first relief package offered to them Monday.

"I'd be shocked if they don't get this resolved within the next few days or a week," he said. To let Wall Street crumble under the weight of the market forces is too risky, he said. "They can't let it happen, and they know it. Everybody is trying to get a political leg up."

To cope with all the craziness pouring from your television's financial channel, White advises putting it all in perspective by paying attention to who is talking about what.

Most of the panic surrounds people who make their money trading short term. But that's not the Wichita Falls way, he said.

"Our business is long term. We're talking to business owners and people buying houses - long term. They're not speculators. There is a light at the end of the tunnel, and I think it starts on Main Street. Our community is doing well, and we haven't seen the excesses that some other parts of the country saw."

White once worked for a "big bank" but said he is happy to be with a community bank now, where life and business still reflects much of the banking integrity portrayed by James Stewart as George Bailey in the movie classic, "It's a Wonderful Life," where Bailey, a banker, was trying to do the right things at his bank for the right reasons.

"What I see in community banking is what's good and right about being a banker," White said. "This will sound like a commercial, and for that I apologize, but they want their community and its organizations to survive, because they live in that community. Because they know if the community is doing good, the banks will do well. The banks are a reflection of the community they're in."

Though John McCain may be getting hammered for believing that the basic United States economy is good, White said he believes it, too.

Still, he understands the fears. "It's hard not to be afraid, isn't it? I'm going to tell you that I believe this, too, shall pass."

The gyrations of California or Florida markets don't affect Wichita Falls, he said. "We've taken precautions to insulate us from those upstream super banks. We invest in Wichita Falls, in real life human beings."

Education reporter Ann Work can be reached at (940) 763-7538 or by e-mail at worka(at)TimesRecordNews.com.

Lead Base Paint? Wichita Falls

2008-09-30T16:53:44Z

Lead Paint

All sellers with homes built prior to 1978 are required to fill out a lead-based paint disclosure form and provide you, the buyer, with a lead-based paint educational booklet in any sale. Lead is a highly toxic metal that was used for many years in products found in and around our homes.

On the other hand, there are millions of homes with lead paint out there, and many have been painted and repainted several times so the lead paint is well covered up. If in doubt, have the paint tested and evaluated either at a local laboratory, or with one of the home test kits available at your local hardware store.

Questions About Lead Base Paint - Wichita Falls Real Estate

2008-09-30T16:49:08Z

I constantly have questions about Lead Base paint in Wichita Falls with my clients...

There are millions of homes with lead paint out there, and many have been painted and repainted several times so the lead paint is well covered up. If in doubt, have the paint tested and evaluated either at a local laboratory, or with one of the home test kits available at your local hardware store.

Wichita Falls Real Estate PodCast

2008-09-27T08:20:48Z

http://www.talkrealty.com/ashtongustafson

In an effort to serve my clients and allow others to be better informed about the local market, I have launched a new PodCast to be updated monthly. Please subscribe at any time to learn about our economy, the real estate market, and new trends that are helping both buyers and sellers.

Time To Buy?

2008-09-24T13:08:42Z

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Results.

2008-09-18T10:00:17Z

http://www.youtube.com/watch?v=PcjCJ9C6qYg

No other agent can bring you the results in 2008 that Ashton can. He has quickly become the agent in town to make things happen. For everything Real Estate, call him today for all of your real estate consulting needs. Ashton can be reached at 940.691.7355 or

www.TexomaHomeSource.com

www.TexomaListings.com

www.TexomaHomeValue.com

August 2008 MLS Statistics For Wichita Falls MLS

2008-09-18T08:07:47Z

I have said numerous times how fortunate we are to live in Texas at these times. Total sales volume for the Wichita Falls MLS were $25,943,968. When you compare this to August 'O7 ($24,163,809), you will see that we were actually up 7%!!!! If you are considering buying or selling Real Estate at this time, please give me a call or email me at ashton@bishoprealtors.com

And don't forget about the new sites - www.TexomaListings.com - For Buyers

or www.TexomaHomeValues.com for Sellers.

Text message "ASHTON" To 47464

2008-09-10T16:16:19Z

I have now introduced a new system for buyers to utilize while driving and looking at homes. If you pass a listing that I have in Wichita Falls, you can simply text message "ASHTON" to 47464 with your cellular phone and have the criteria of the home sent to your home as well as photos. This is a great feature and another simple set in the modern approach of buying and selling real estate.

Wichita Falls ISD Earns State's Highest Fiscal Accountability Rating for Sixth Year

2008-09-03T14:31:07Z

Wichita Falls ISD Earns State's Highest Fiscal Accountability Rating for Sixth Year

Wichita Falls Independent School District officials announced that the district received a rating of "Superior Achievement" under Texas' Schools FIRST financial accountability rating system, the sixth year in a row at the highest rating. The Superior Achievement rating is the state's highest, demonstrating the quality of Wichita Falls ISD's financial management and reporting system. This is the sixth year of Schools FIRST (Financial Integrity Rating System of Texas), a financial accountability system for Texas school districts developed by the Texas Education Agency in response to Senate Bill 218 of the 77^th Texas Legislature in 2001. The District has received a "Superior Achievement" every year. The primary goal of Schools FIRST is to achieve quality performance in the management of school districts' financial resources, a goal made more significant due to the complexity of accounting associated with Texas' school finance system. The system is designed to encourage Texas public schools to manage their financial resources better in order to provide the maximum allocation possible for direct instructional purposes.

Save Thousands On Interest and AM

2008-08-21T16:10:24Z

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, you are paying a portion of this towards your landlord's property taxes and mortgage loan interest. Your landlord can write this amount off. You derive absolutely no tax break. When you own a home, you now reduce your taxes for the mortgage interest and for your property taxes. Your interest is always the highest during the early years of your loan, so your overall write-off is largest during these early years.

Paying rent is like throwing your money out the car window each month. You pay it out and never see it again. With home ownership you receive loan interest write-off, and gain money over the years from the increased value of your home. Over a ten year period, on an initial purchase price of $100,000, you could gain over $100,000 in tax advantages and appreciation based on an 8% mortgage interest rate and 5% per year increase in home values.

On both the 15 year and 30 year loans, your interest deduction is highest in the first few years of the loan, so your tax deduction is highest then, too. Remember, if you plan to move or refinance after 5 years, you will maximize your tax deductions. Keep in mind that as you pre-pay part of your loan to reduce the interest expense, you also reduce your tax deduction. How long you plan to keep your current mortgage loan can help determine which type of loan, and which payment strategy, is ideal for you.

Have questions? Give me a call. I am happy to help.

Chad Hennings Speaks at MSU

2008-08-19T11:13:10Z

Chad Hennings Speaks at MSU
Former Dallas Cowboy defensive tackle and fighter pilot, Chad Hennings was the featured speaker at the Welcome Back Dinner for the Midwestern State University football team. Chad played on 3 Super Bowl teams while a Dallas Cowboy after graduating from the U.S. Air Force Academy where he earned the Outland Trophy as the top college lineman in the country. Between his collegiate graduation and his stint as a pro football player, Mr. Hennings served his country in the U.S. Air Force as a jet fighter pilot. Hennings inspirational message focused on Commitment to faith, family, friends, freedom and future.

Wichita Falls Schools

2008-08-13T12:38:40Z

Wichita Falls Schools Wichita Falls School to begin 2008 classes August 25th. There are 2 newly built elementary schools that will be opening this semester, Southern Hills Elementary and Scotland Park Elementary. As a reward for his dedicated service to the community and his profession, Superintendent of Schools for the WFISD, Dr. Dawson Orr was given a 3% salary increase by the school board.

Are you facing foreclosure in Wichita Falls?

2008-08-07T10:55:53Z

Are you facing foreclosure in Wichita Falls?

You May Have A Better Way Out!

There are countless hardships that can turn home ownership from a joy into a burden. The loss of a job, medical bills, or an unexpected hike in monthly payments can all make a mortgage unaffordable. But ignoring the bills will not make them go away, it will only make things worse.

If you need help, there are approaches that can help, but you may not be familiar with them. One of these is a "short sale."

In an approved short sale, the lender agrees to accept less than is owed for the property, and the homeowner is relieved of the debt. A lender may be willing to do this because it spares a lot of hassle and expense involved in executing a foreclosure. And typically, a short sale does far less damage to the homeowner's credit than a foreclosure does.

If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please send me your contact information, address, current lender, and information about your home. I will then be in touch within 24 hours to discuss your options at this time.

Ashton Gustafson - The Bishop Group - 940.691.7355 - ashton@bishoprealtors.com

Housing Act May Help Some Struggling Texomans - Ashton On The News

2008-08-05T13:40:59Z

http://texomashomepage.com/content/fulltext/?cid=11601 Click to watch Ashton's News Story

Reported by: Erica Rosales
Friday, Aug 1, 2008 @06:32pm CST

It's being regarded as one of the most significant housing bills in decades.

With more than $300 billion being invested to stabilize a shaky market, some Texoma housing professionals say it can only help.

Ashton Gustafson

Bishop Group realtor associate
"Home values here are very, very affordable and for a first time home buyer it makes this new house bill very promising."

The Housing and Economic Recovery Act of 2008 offers a tax credit to first time home buyers of up to $7,500. The credit is essentially an interest-free loan that buyers will repay to the government over a 15-year period.

Ashton Gustafson

Bishop Group realtor associate
"There's been numerous first time home buyer incentives over the past few years but we haven't seen anything like this."

The bulk of the money in the act aims at helping folks who already own their homes but who are on the brink of foreclosure. Some home owners will be allowed to refinance into fixed-rate loans insured by the federal government. But Debra Clements, owner of Argocie Mortgage, says the measure limits help to some of the people who need the most help.

Debra Clements

Argocie Mortgage President
"You're gonna have to come up with looser guidelines. You can't just sit here and say OK well, we're gonna give all this money to this bill but you've gotta have a perfect credit score."

Housing professionals agree that there are a lot of gray areas in the bill that they'll have to help people sort out before they can find out if they'll qualify for assistance, but they say right now any bit helps.

Debra Clements

Argocie Mortgage President
"There's a lot of people that are hurting right now in a lot of areas of their lives and mortgage is just one part, but I think any help we get is good."

For more specific details on the bill you can visit the Bishop Group website at www.WichitaFallsSource.com/blog or you can find an overview and full text of the act at http://www.govtrack.us/congress/bill.xpd?bill=h110-3221.

Wichita Falls Real Estate News Update -

2008-07-31T14:47:43Z

Many of you have asked me about what exactly House Bill HR3221 means for us in Wichita Falls? This Housing and Economic Recovery Act of 2008 was signed into law by the president this morning. Many homeowners will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market.

This bill is not intended or crafted to allow irresponsible borrowers to escape foreclosure by refinancing their homes and then turning around to sell them. Lenders will be asking borrowers to qualify for these funds and the borrower will have to have a verifiable hardship such as illness, loss of job, divorce, etc. The following are some of the criteria to be eligible:

Must be your primary residence
Must have received a loan between January 2005 and June 2007
Debt ratio cannot be less than 40% <script type="text/javascript"></script>
May or may not be current on mortgage (should not be more than 90 days late)
Must retire all debt including lines of credit
Cannot take a new HELOC for 5 years

I am including a link to an article that was e-mailed to me by realtor.org on 7/30/08 and seems to really hit the highlights of the bill!
http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

One big change current buyers should be aware of is that buyers can now get a 100% loan via down payment assistance that is seller funded. After 10/01/08, seller funded down payment assistance programs will no longer be available. In addition FHA down payment will go up from 2.75 to 3.5%. So, if you are looking to buy with 0 down, make sure that you have your loan closed before October 1, 2008.

The bill has many other features for buyers and/or would-be sellers.

For more information on Seller Funded Down payment Assistance or any other questions please don't hesitate to contact me, if I don't have the answers I can certainly help to point you in the right direction!

For more information about the bill, visit http://www.realtor.org/governmentaffairs.

Please call me if I can serve you in any other way.

Ashton Gustafson

940.691.7355

HR 3221 Passes - 1st Time Home Buyers Get $7500 Credit

2008-07-31T09:18:24Z

Many people have been asking me about what all House Bill HR 3221 does for the Real Estate sector...see below for a detailed overview. If you would like more explanation, please call me at 940.691.7355 or email at ashton@bishoprealtors.com .

Key Provisions in H.R. 3221, The American Housing Rescue & Foreclosure Prevention Act

FHA Housing Stabilization and Homeownership Retention Act

· Provides mortgage refinancing assistance to keep at least 400,000 families from losing their homes, to protect neighboring home values, and to help stabilize the housing market at no cost to American taxpayers.

· Expands the FHA program so many borrowers in danger of losing their home can refinance into lower-cost government-insured mortgages they can afford to repay.

· Protects taxpayers by requiring lenders and homeowners to take responsibility. This is not a bailout; in order to participate, lenders and mortgage investors must take significant losses by reducing the loan principal. In exchange for an FHA guarantee on the mortgage, borrowers must share any profit from the resale of a refinanced home with the government.

· Contains critical protections for taxpayers' dollars, including higher refinancing fees that establish a new FHA reserve to cover possible losses from defaults on these government-backed mortgages.

· Only primary residences are eligible: NO speculators, investment properties, second or third homes will be refinanced.

· According to CBO, this three-year program, starting October 1, 2008, will not cost taxpayers a dime, as it is more than paid for by using funds in the first few years from the Affordable Housing Trust Fund.

· Provides $180 million for financial counseling and legal assistance to help families stay in their homes.

Strengthening Regulations of the GSEs

· Puts a strong independent regulator in place with real teeth, with real responsibilities and powers so that Fannie Mae and Freddie Mac can safely and soundly work to provide our nation's families with affordable housing, as Democrats have been calling for since 2004.

· The new regulator will have enhanced authority to raise capital standards, set strict prudential standards, including internal controls, audits, and to enforce these new standards and promptly take corrective action. The new regulator will oversee, and can directly restrict, executive compensation at Fannie Mae and Freddie Mac.

· Raises the GSE loan limits for single family homes to create affordable mortgage loans for moderately priced homes by allowing GSE loans up to 115% of the local area median home price, and to make GSE loans effective in high cost areas by raising the permanent loan limit from $417,000 to $625,500,.

· Creates a new permanent affordable housing trust fund - financed by the GSEs and not by taxpayers - to fund the construction, maintenance and preservation of affordable rental housing for low and very low-income individuals and families nationwide in both rural and urban areas.

Backstopping Fannie Mae and Freddie Mac To Shore Up the Housing Market

· Gives the Secretary of the Treasury the authority to increase the already existing line of credit to Freddie and Fannie for the next 18 months, as well as giving the Treasury Department standby authority to buy stock in those companies to provide confidence in the GSEs and stabilize housing finance markets.

· Includes meaningful taxpayer protections directing the Treasury Department to take the following into account, when using these authorities:

o Taxpayers should be first in line for being paid back, before other shareholders.

o There should be restrictions on dividends for shareholders and on compensation for the executives of the GSE's until taxpayers are fully reimbursed.

· Strengthens oversight by requiring the Federal Reserve and Treasury to consult with the new regulator on issues concerning the safety and soundness of the GSEs and use of the standby authority.

· While Fannie Mae and Freddie Mac both now meet the capital and liquidity requirements set by their regulator, given the severe turmoil in the markets, the standby authority is needed to increase market confidence and enable both enterprises to continue to raise capital and maintain the availability of mortgage credit.

· The non-partisan Congressional Budget Office says "There is a significant chance -- probably better than 50 percent -- that the proposed new Treasury authority would not be used before it expired at the end of December 2009." CBO estimates that, if used, the federal budgetary cost of this proposal would be $25 billion over fiscal years 2009 and 2010.

· Because CBO estimates that these provisions could increase direct spending, we need to waive PAYGO rules in order to consider it. The bill requires the Treasury Secretary to make an emergency designation before using the authority -- certifying that he is acting to provide stability to financial markets, prevent disruptions in the availability of mortgage finance, protect the taxpayers, and facilitate an orderly restoration of private markets. No spending would occur unless the Secretary certifies that there is an emergency that requires immediate action. However, if those conditions are not met, there would not be any increase in the deficit as a result of this legislation.

Stabilizing Neighborhoods Hurt by the Foreclosure Crisis

· Provides $4 billion in emergency assistance (CDBG Funds) to communities hardest hit by the foreclosure and subprime crisis to purchase foreclosed homes, at a discount, and rehabilitate or redevelop the homes to stabilize neighborhoods and stem the significant losses in home values of neighboring homes.

· Foreclosed and rehabilitated homes would be sold or rented to moderate-income individuals and families -- whose incomes do not exceed 120 percent of the area median income. At least 25 percent of the funds would be targeted to house low-income and very low-income persons and families -- whose incomes do not exceed 50 percent of area median income.

· Any profit from the sale, rental, rehabilitation or redevelopment of these properties must be reinvested in affordable housing and neighborhood stabilization.

· Provides $180 million for pre-foreclosure counseling, to be distributed in grants by the Neighborhood Reinvestment Cooperation (NeighborWorks) - with 15 percent targeted for low-income and minority homeowners and neighborhoods, and $30 million in grants for legal counseling to assist homeowners in foreclosure.

Preventing Future Abuses and Crises

· Establishes a nationwide loan originator licensing and registration system that will set minimum standards for loan originator licensing substantially improving the oversight of mortgage brokers and bank loan officers.

· Establishes improved mortgage disclosure requirements that will help ensure that mortgage borrowers understand their mortgage loan terms.

FHA Modernization

· Expands affordable mortgage loan opportunities for families (many of whom would otherwise turn to subprime lenders) and for seniors through expanded access to reverse mortgages through Federal Housing Administration reform.

· Raises FHA loan limits to create affordable mortgage loans for moderately priced homes by allowing FHA loans up to 115% of the local area median home price, and to make GSE loans more available in high cost areas by raising the permanent loan limit from $362,790 to $625,500.

· Expands opportunities for seniors to tap into equity in their home through FHA reverse mortgage loans, by increasing the loan limit for the program, reducing and capping lender fees for such loans, and strengthening consumer protections limiting the sale of other financial products in conjunction with FHA reverse mortgage loans.

· Prevents HUD from raising single family loan fees on lower- and middle-income borrowers, and from raising loan fees on FHA rental housing loans.

Preserving the American Dream for Our Nation's Veterans

· Increases VA Home Loan limit, as was done in the stimulus package, for high-cost housing areas so that veterans have more homeownership opportunities.

· Helps returning soldiers avoid foreclosure and stay in their home by lengthening the time a lender must wait before starting foreclosure, from three months to nine months after a soldier returns from service and providing returning soldiers with one-year relief from increases in mortgage interest rates.

· Requires the Department of Defense to establish a counseling program for veterans and active service members facing financial difficulties and provides a moving benefit to servicemen and women who are forced to move out because their rental housing was foreclosed on.

· Increases benefits paid to veterans with disabilities, such as blindness, to adapt their housing and allows the Veterans Administration to provide for improvements to homes of veterans with service-connected disabilities.

Tax Provisions to Expand Refinancing Opportunities and Spur Home Buying (H.R. 5720)

· Provides $15 billion in tax benefits, including tax credits to first-time homebuyers, a real property tax deduction for non-itemizers, an additional $11 billion in mortgage revenue bonds for states, and improves access to low-income housing.

· Gives first-time homebuyers a refundable tax credit that works like an interest-free loan of up to $7,500 (to be paid back over 15 years) to spur home buying and stabilize the market. The credit will begin to phase out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return).

· Provides taxpayers that claim the standard deduction with up to an additional $500 ($1,000 for a joint return) standard deduction for property taxes in 2008.

· Temporary increase in mortgage revenue bond authority to allow for the issuance of an additional $11 billion of tax-exempt bonds to refinance subprime loans, provide loans to first-time homebuyers and to finance the construction of low-income rental housing.

· Temporary increase in low-income housing tax credit and simplification of the credit to help put builders to work to create new options for families seeking affordable housing alternatives.

· The cost of the bill (except for the Fannie Mae/Freddie Mac provisions) is fully offset with a tax compliance provision from the President's Budget (requiring credit card companies to report more information to the IRS about credit card transactions) and by delaying the effective date of a tax benefit for multinational companies that has not yet taken effect.

Debt Limit Increase

· Increases the debt limit to $10.6 trillion, as requested by the Bush Administration. This $800 billion increase is identical to provision the House automatically passed as part of the budget resolution conference report. The Senate has not yet enacted this provision, which is critical to ensure that the federal government can effectively manage its finances through next year.

Weekly Wichita Falls Real Estate Update

2008-07-21T11:13:09Z

The Wichita Falls Real Estate statistics for June showed great signs of growth with over almost a $5 million jump from May. This proves that we are still showing great signs of a market that is healthy and stable. If you are in the market for a home, I would suggest going to www.WichitaCountyListings.com. If you are looking or thinking about selling, please see www.WichitaFallsHomeValues.com. Whether you are looking for a home in Wichita Falls, Iowa Park, Burkburnett, or in anywhere in North Texas, these sites are a great avenue to stay abreast in Real Estate market.

For everything else Real Estate, please call me a 940.691.7355

Pumpjack Diner For Sale - Wichita Falls

2008-07-15T14:40:08Z

The Pumpjack Diner has now been listed and is available for sale. Call me anytime to discuss this property - 940.691.7355. It comes fully furnished from top to bottom. Made of 2 antique diners, this property is a must see for anyone looking to have a cafe or diner in Wichita Falls. It totals 4300 square feet and sits on .80 acres at the corner of 9th and Broad in historic downtown Wichita Falls. Click the link below to view more information and feel free to call or email me anytime - ashton@bishoprealtors.com

http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=15800842&SearchID=474542721&SearchResultID=474542721&ResultCount=9&PageNumber=1&SortCommand=DateEntered&SortOrder=DESC&FromLocation=mylistingall&ItemIndex=1&PageSize=20&PgCxtGuid=e095a075-41b5-4a3d-a7df-ab9b3daa2c20&PgCxtFLKey=&PgCxtCurFLKey=MyListingsAll&PgCxtDir=Down

What Is Your Home Worth? - Wichita Falls

2008-07-15T14:34:08Z

http://www.wichitafallshomevalues.com/

Wondering what your home is worth? Go to the link above. You will be given an up to date market analysis of your home within 24 hours of submitting your information. Numerous people have found this useful in helping determine if now is a good time for them to sell. For any questions or concerns, contact Ashton Gustafson @ 940.691.7355.