The NRVLiving Real Estate Blog

Insurance Companies To Taylor, Bean & Whitaker Customers – “your bill’s in the mail”

Jeremy Hart (Coldwell Banker Townside) — Tue, 25 Aug 2009 13:33:57 -0500

Remember that whole Taylor, Bean & Whitaker mess? It’s been on my mind since it happened, I think in part because I have friends whose mortgage is with TBW. And one of the questions they asked was “where do I pay my mortgage?“ Word to the wise … keep paying. They’ll tell you where to send your next payment.

But what hypocrisy, because as homeowners are making their payments to Taylor, Bean & Whitaker, it’s highly probable that the company is not making the necessary payments to the municipalities and insurance companies on behalf of those same borrowers. I dug around a bit today and am starting to hear that that in fact is the case – more and more companies are probably going to begin reporting that escrow payments from TBW are not being made.

Find out what to do, at NRVLiving.com ...

A Fundamental Shift - How's Your Business Adjusting?

Jeremy Hart (Coldwell Banker Townside) — Sat, 15 Aug 2009 15:37:46 -0500

There’s a fundamental shift going on in the way we are getting our information, processing it, and acting on it. Organizations – of all shapes/colors/flavors/sizes – would be wise to pay attention:

Facebook would be the fourth largest nation in the world
YouTube (where I found this video) is the second largest search engine in the world

People are talking:

25% of search results for the world's 20 largest brands link to user-generated content
millions of bloggers are talking about your products online

Think about it ... do you buy a product - a bike, a car, a house - because of an ad, or because of the recommendation(s) of others. The majority of our decisions as consumers are based on recommendations from those we trust. And despite that, companies continue to yell and scream and try to get our attention. Car dealers print bigger ads in newspapers that no one's reading. Politicians buy more air time for shows that no one's watching. Real estate agents try to be everything to everyone ("Call me for all your needs") in an era where specialization and consultation are demanded. I can promise you that you're missing the point if you think all of this is about marketing in an online world. There are Get-Rich CD's for that.

And let me stress that Active Rain isn't the end-all be-all, either.

A good explanation of social media, in plain english:

Is your company or organization evolving? Mine will be.

More On the Taylor, Bean & Whitaker Beat Down

Jeremy Hart (Coldwell Banker Townside) — Fri, 07 Aug 2009 11:08:02 -0500

A couple of days ago, the news in the mortgage industry was the beat down Taylor, Bean & Whitaker was getting. Since that post, I've contacted a few past clients and friends who have used TBW to secure their mortgages, and everyone wants to know ...

"What happens to my mortgage now?"

Find out what at NRVLiving.com.

Taylor, Bean & Whitaker Gets The Smackdown

Jeremy Hart (Coldwell Banker Townside) — Wed, 05 Aug 2009 13:48:12 -0500

WASHINGTON - The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW's ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW's nearly $25 billion Ginnie Mae portfolio.

Step On Out In Blacksburg This Weekend

Jeremy Hart (Coldwell Banker Townside) — Wed, 05 Aug 2009 07:51:15 -0500

Looking for something to do this weekend in the New River Valley? Want something a little different from the norm?

Head out to Blacksburg this Friday and Saturday for the annual Steppin' Out festival.
Read more, and get the full schedule, at NRVLiving.com ...

Montgomery County - Prepare for Higher Property Values

Jeremy Hart (Coldwell Banker Townside) — Tue, 04 Aug 2009 07:05:22 -0500

If you live in Montgomery County, be prepared for a tax increase in 2011. I know, that's a year and a half away, but start putting away those shekels now - the County is beginning real estate reassessments this month. From Montva.com:

Montgomery County Begins Real Estate Reassessments

From A To Regulation Z

Jeremy Hart (Coldwell Banker Townside) — Mon, 03 Aug 2009 09:27:09 -0500

Ever heard of Regulation Z? No? How about Truth In Lending? Still nothing?

That's okay - I'd be willing to bet most agents haven't even heard of Regulation Z (sounds top secret, doesn't it?). Nevertheless, I received information from a mortgage professional, Tom Vanderwell, that I thought important enough it needed to be shared here. Tom, thanks for sending me this.

First, some background.

When Selling Your Home, GREAT Photos Matter

Jeremy Hart (Coldwell Banker Townside) — Mon, 03 Aug 2009 01:56:43 -0500

Several months ago, I started hiring Sean Shannon Photography to take high-quality photos of the real estate properties. I was finding that while my camera certainly takes good photos, it couldn't show the house off quite as well as a professional could. I talked with Sean about my problem, and he immediately showed me what I was missing.

Now, my properties stand out. They pop. And they turn heads. I use Sean's photos everywhere I run an ad, and everyone comments on how they look.

Read the interview with Sean Shannon at NRVLiving.com ...

What's The Best State for Business in the US?

Jeremy Hart (Coldwell Banker Townside) — Fri, 24 Jul 2009 11:09:31 -0500

Ever wondered what the best state to start a business in is? I'm sure you can guess, given I'm living and working in Virginia, but here's an interesting look at WHY Virginia continues to win these awards.

See the video at NRVLiving.com.

Top 10 Things To Expect In The Housing Market

Jeremy Hart (Coldwell Banker Townside) — Fri, 02 Jan 2009 22:58:50 -0600

It's not a Letterman Top 10 list, but could I get a drumroll please?

Thank you.

From FrontDoor.com comes their "Top 10 Things To Expect in the Housing Market in 2009" list. #5 might be the most important, in my opinion.

Continued market adjustments - With home prices in some markets having reached astronomical levels, it was inevitable a reset button be pushed. Sellers will continue to be challenged in 2009 as the inflated pricing of years past adjusts to normal levels. With banks and builders willing to slash prices to sell a backlog of foreclosures and new homes, individual sellers will have to price their homes competitively.
Action from the Obama administration - President-elect Barack Obama's plan to help the housing sector includes a 10 percent mortgage tax credit for homeowners who don't itemize their taxes and a crackdown on abusive lending practices.
More assistance programs for homeowners in danger of foreclosure - While the federal government is attempting to reduce foreclosures, a report released by the Joint Economic Committee predicts 2 million foreclosures in 2009. Homeowners who are at risk should take steps to avoid foreclosure.
Some calm to the chaos of the banks' restructuring - This should cause loan modifications and short sales to get easier, and it will also (eventually) decrease the number of bank-owned properties on the market.
Thorough reviews of mortgage applications - Before the subprime mortgage debacle, you didn't have to prove you could afford to borrow $200,000 for a home and you didn't need a down payment. Those days of sketchy lending practices are gone. Lenders now require potential borrowers to provide extensive income and expense documentation. Homebuyers with the best credit will get the lowest interest rates. Take steps now to get your finances in order and boost your credit score.
Low prices and low interest rates - 2009 could be the time for reluctant homebuyers to act, as this is perhaps the last year of the best buying opportunity in recorded economic history.
Cool tech tricks and tools for the real estate obsessed - As homebuyers turn to the Web more and more for their real estate needs, video, webcasts and mobile search tools are becoming more prevalent. Sellers should consider using these cutting-edge tools to make their homes stand out.
Wiser consumers - After facing this foreclosure crisis, buyers, sellers, real estate agents and even tenants will have a deeper understanding of real estate, mortgage and credit, which they can use to make better decisions and be more self-protective in the future.
Leaner, greener homebuying - Across the board, homebuying is becoming more eco-friendly, from transactions being conducted digitally to buyers opting for smaller homes within walking distance of school and work.
An increase in consumer confidence - As the year goes on and we near the projected end of the recession, sellers can breathe a sigh of relief as buyers regain confidence in the market.

Well ... we've got a year to see what comes true.

Here's How To Get Your Mortgage Under $1000 a Month

Jeremy Hart (Coldwell Banker Townside) — Tue, 16 Dec 2008 11:36:27 -0600

Looking to buy a house in Southwest Virginia? Perhaps you've been looking at homes in Christiansburg, or in Radford, and you just don't think you can afford it. I'd remind you that the opportunities are there for buyers right now for two reasons - (1) the inventory available, and (2) the rates that local lenders are willing to lend at. Let's look at the numbers ...

Assuming a house is priced at $150000, and the interest rate is 5.00% (the current USDA rate), here's how your monthly payments would break down on a home in Christiansburg purchased for $150000 with NO MONEY
DOWN:

Principal & interest:       $805.24
Prop Taxes (estimate):     114.83
PMI (None with USDA):             0

Total Payment:             $920.07

Imagine - a $150000 mortgage for less than $1000 a month. And it's important to note that this is a USDA loan, with a secure 30-year fixed rate and NO prepayment penalty. STILL think you can't get a loan? I promise you that it's still easier than you think. Contact me, I'll help you search for your best option with local lenders who have money to lend.

This can work well for many buyer profiles, but what one buyer often has a job, credit and no money? Recent college graduates. Virginia Tech and Radford alum, let's see how we can make this work for you!

So Easy A Caveman Can Do It

Jeremy Hart (Coldwell Banker Townside) — Tue, 16 Dec 2008 09:43:37 -0600

I've been meaning to put this post out there for quite some time, then a month or two ago another agent did something similar and so I figured it was probably time to move it up the To-Do list.

A lot of people ask me "when's that house down the street going to sell?", or "how much did that two-story on Main Street sell for?" While I'm glad to tell you, there's a way you can find out even faster. If you'll email me your name, email address and the neighborhood you live in, I'll set up a search in the MLS that'll email you every time a property in your neighborhood comes on and off the market. You'll be the first to know when it this the market, the first to know if the price changes ... be the envy of all your friends! Don't worry - by providing your email address I won't be spamming you, or sending you cutesy recipe cards in the hope that you'll remember my name. If it helps, I won't even save your address.

I've just found that if you're interested in following the values in your area, this is a good, real-time way to do that. I've set it up for myself to track my own neighborhood, and those of some of my former clients, and can do the same for you. Just email me and I'll set it up; I hope you find it useful.

NEWS FLASH: NRVLiving's Abandoning Real Estate, Moving Into Apparel! Video at 11!

Jeremy Hart (Coldwell Banker Townside) — Mon, 08 Dec 2008 08:47:14 -0600

Out of the Absolutely-Positively-100%-Without-A-Doubt-Shameless-Promotion-And-I-Don't-Care Department comes this post ...

Last week Jay Thompson in Phoenix talked about how he was paying models across the country to show off his "Phoenix Real Estate Guy" t-shirts. Jay is known far and wide as THE Phoenix real estate dude in, well, Phoenix, and now he has the models to prove it.

Which got me thinking ...

I haven't mentioned in a very long time that NRVLiving Real Estate has things for sale. We have for a long time, actually. Shirts ... and mugs ... and stuff for kids ... and it's Christmas, don't you need to pick up some last-minute gifts for the special pet in your life?

It's true, the NRVLiving Real Estate Group has it's own store, and you can buy all kinds of things there that are emblazoned with our very own NRVLiving logo. I mean, look at that smile on WDBJ7's very own Natasha Ryan as she shows off her new t-shirt (and ignore the doofus behind the bubble)! Don't you want that same sense of excitement?!

Seriously though, we do have a store. And it's not to put money in our pockets, either - we're an entrepreneurial bunch here, but not quite like that. See, we don't talk about the ways we're involved in the community very much, but one of the things I AM proud to talk about is our involvement with a local child care center, the Valley Interfaith Child Care Center. The folks involved with this center are very dedicated to their mission ... taking care of children from low-income, working families throughout the New River Valley, so that Mom and Dad can get back into the workforce. One of the many ways we support this group is through the NRVLiving Store - 100% of all profits we make go directly back to the center. It's not much, I promise you, but every little bit counts.

All kidding aside, if you'd consider supporting the Valley Interfaith Child Care Center through our store we'd greatly appreciate it. And if you'd like to discuss other ways you might be able to support, either through volunteering your time and talents, dedicated giving, etc., let me know - I'd be glad to tell you more about what we're doing. The needs are great, for sure - thanks for considering how you might give back.

NOW GO GET YOUR SHIRTS! :)

Ten Easy Ways To Save Green This Winter

Jeremy Hart (Coldwell Banker Townside) — Thu, 04 Dec 2008 16:36:33 -0600

It's the winter time - duh, it's cold outside - and many folks are looking for inexpensive ways to save dollars AND energy in their homes. I came across this list from GreenCville.com and thought I'd repost it (italics are mine):

Seal duct work - this is the number one way to conserve energy during the winter. Duct work can leak heated air into the attic or crawl space if all the joints and intersections are not sealed with foil-backed tape or silicone caulking. (which is another reason Mt. Tabor Meadows is so unique)
Seal air leaks to attic - seal all holes from pipes and wires that run in and out of the living space. This includes light fixtures, pipes, wires, attic stair openings.
Seal fireplaces - never use a fireplace as a heat source for your home. Even as a supplemental heat source, the cold air introduced to a warm home through an open flue isn't as efficient as sealing off a fireplace and using the primary heat source. For natural gas fireplaces, turn off the pilot light when not in use.
Lower thermostat - in the winter, set the thermostat between 65 and 70 degrees during the day and to 58 degrees at night or when away from home for several hours. Keeping the temperature at 70 degrees is recommended for homes where there are elderly or infants. (this can be hard to maintain in homes that take a long time to heat - a programmable thermostat might help as it allows the home to begin heating at a prespecified time of day)
Lower water heater to 120-125 degrees - many water heaters are automatically set at 140 degrees. Lowering the temperature on your water heater will reduce the amount of fuel needed to heat the water.
Change furnace filters every month - This is the number one reason for furnace breakdowns. Inspect heating and cooling equipment annually. Have a professional check and clean furnaces once a year.
Weatherstrip doors and windows - inspect doors and windows for air leaks. If you can see daylight around a door or window frame, then it needs sealing. Air leaks can be sealed with caulking or weather stripping.
Insulate water pipes coming from the water heater - insulate the first three to six feet of cold and hot water pipes near the water heater. Insulating all hot water pipes is not necessary if pipes are lo cated in an attic or crawlspace.
Add an insulation blanket to your water heater - wrapping the water heater with an insulation blanket can save heating money by slowing the drop in temperature from the hot water tank as it sits unused. Inexpensive insulation kits are available at most home improvement stores.
Add insulation to attic - when adding insulation, start at the top and word down only after eliminating air infiltration. (I've had clients do this and it drastically reduced their heating and cooling bills)

What are YOU doing to save money on energy costs this winter?

Santa's Warming Up With LimbGear

Jeremy Hart (Coldwell Banker Townside) — Thu, 04 Dec 2008 16:31:09 -0600

Saw this today from Handshake 2.0 and it just made me chuckle. I don't have anything from LimbGear so I can't speak to their quality, but if they'd like to send me some stuff to test out on the slopes I'd be glad to review! :)

Seriously ... enjoy. This made me laugh; I was working on a couple of Price Opinions for new listings and it was just the thing I needed. Thanks LimbGear.

The State of the Market - November 2009

Jeremy Hart (Coldwell Banker Townside) — Wed, 03 Dec 2008 16:18:44 -0600

Ever been in a candy shop? You know, the type where there are candies of all sizes, shapes and colors lining the walls? The shops where you shove a big metal shovel the size of Delaware into a barrel of assorted candies, and you come up with all different types of sweets?

Yea - that's what the real estate market is like right now.

It's not that it's a huge surprise ... the winter is always slower than normal, so we were prepared for that. I can't say anyone saw bailouts of the banks, the construction folks, the auto makers, the pizza bakers and the professional matchmakers, but needless to say here we are.

See how I did that, the whole rhyming thing and all? I know - Eminem I'm not. Nor am I fan of bailouts of irresponsible mismanagement, but that's a story for another day.

Buyers, if you: (1) have a job, (2) have money to put down and (3) have good - notice I didn't say excellent - credit, our current real estate market will be like walking into that candy shop and taking your pick of everything that's available. I don't mean that you'll get it for pennies on the dollar, but the opportunities are there to pick up excellent values right now. Think about it - if a property is listed now, between the Thanksgiving and Christmas time frame, don't you think that Seller is serious about selling his or her home NOW? I do, and my Sellers are. And it's important to note that when I say you need money to put down I don't mean ten's of thousands of dollars. There are lenders here locally, right now, offering great rates on FHA and other buyer programs that are requiring as little as 3% down, not to mention the free money - yes, free money, not additional loans - that localities like Blacksburg are offering qualified buyers.

Let me post the latest absorption rate numbers for the New River Valley market now, and then check in with folks that might need to sell their home in the next few months. When it comes to absorption rates, we're looking at how long it would take to sell the existing residential inventory in a particular area, if nothing else came on the market until supply was exhausted. Anything over 5 months is typically a buyers' market, and anything less than 5 months is typically a seller's market.

Area # of Active Properties

# of Sold Properties	Absorption Rate	Buyer/Seller Market
Blacksburg	211	12	17.58 Months	Buyer
Christiansburg	258	13	19.85 Months	Buyer
Montgomery County	64	0	64.00 Months	Buyer
Floyd County	115	4	28.75 Months	Buyer
Giles County	54	1	54.00 Months	Buyer
Pulaski	101	5	20.20 Months	Buyer
Dublin	107	4	26.75 Months	Buyer
Radford	70	3	23.33 Months	Buyer

Sellers, the market's not in your favor now when you look at the numbers above. 28, 54, 64 months worth of inventory? An average of more than two years worth of inventory is a scary thing when you're putting your home on the market, but remember it's not taking EVERYTHING that long. The average for the NRVLiving Team in 2008 is 101 days, or just over 3 months. Some have taken less, some will take more, but we're doing our best to expose our listings in every effective way possible. That being said ... selling right now isn't for everyone. If you bought a townhouse in Christiansburg last year for no money down and expect a 10% return, it might be a good idea to rent for the home for a while. Those are products that are having difficulty selling in today's market, and will need some time to settle out. Nevertheless, there ARE ways to get it sold ... not the least of which includes patience. There is a lot of uncertainty right now, and it's going to take patience and carefully executed marketing to reach buyers who are ready to execute.

At the halfway point of the year, I wrote a post looking at what the market was doing up to that point, and compared it to the year prior. The results were striking, and I'm working on a follow-up for the entire 2008 year that I hope will be helpful. There will be some in the real estate market who will be happy they held off selling, and others that will regret not buying, but the time is not right for everyone. Be patient, find an agent who is studying and demonstrating they know the market they're serving, and grab that shovel - there's candy to be had.

If you enjoyed this post, why not leave a comment and subscribe via RSS or email here to be sure you don't miss the next post?

News Ain't Just Broken On TV Any More

Jeremy Hart (Coldwell Banker Townside) — Tue, 02 Dec 2008 15:07:52 -0600

A few weeks ago, I was contacted by WDBJ7's news anchor Natasha Ryan about a story she was writing on the online social media site called Twitter.

Now, I've admitted my addictions here on the blog before, and it was interesting to see a local news outlet not only recognizing the power of the service but taking the time to investigate it further. Below is the final result, in two parts done on last night's broadcast:

Certainly I feel the service is an invaluable tool - it helps me connect with friends, it's enabled me the opportunity to meet current and future customers, and it's even influenced the creation of a new small business startup in the New River Valley. It's nice to see local news outlets exploring new ways of breaking news and staying in touch with their viewers. If you're on Twitter, make sure to check out these local news and civic organizations:

There are many more, I'm sure, but these were some I could recall off the top of my head. Thanks to Natasha and WDBJ7 for the story, as well as to Patsy Stewart, Ira Kaufman and Stuart Mease for their participation as well!

Hey - are we connected?

Lee Corso and Hanging Chads in the Same Post

Jeremy Hart (Coldwell Banker Townside) — Tue, 02 Dec 2008 06:54:02 -0600

Last week I mentioned that I'd been knocked out of the second annual VAR Blog Brawl. In the words of Lee Corso, "not so fast, my friends."

I can't say for sure exactly what happened because truth be told, I've no clue. But I've just learned that I'm in the semi-finals of the contest and I need your help! Take 30 seconds, visit VARBuzz.com Take 2 and please vote for NRVLiving Real Estate. Your reward? Absolutely nothing but the warmth in your heart from knowing you took the time to vote.

Yea, we're keeping it simple like that; no hanging chads here. I'd greatly appreciate your vote.

We Have Much To Be Thankful For

Jeremy Hart (Coldwell Banker Townside) — Thu, 27 Nov 2008 11:10:15 -0600

Happy Thanksgiving to all, and thank you for your patronage and friendship in 2008.

What In The World Is Virginia Doing?

Jeremy Hart (Coldwell Banker Townside) — Mon, 24 Nov 2008 10:22:04 -0600

From the Virginia Resources Authority comes this announcement on Friday:

The Virginia Resources Authority has just sold $215 million in infrastructure revenue bonds – a real triumph and nothing short of miraculous given the economic situation. This represents the largest transaction in the pooled financing program in VRA history.

The bonds will finance a number of projects in localities across Virginia. The projects are varied in scope, reflecting VRA’s broad support in 14 areas for community investment including public safety and local government buildings. Participating localities will construct a variety of projects including: upgrades to bridges and wastewater treatment plants, replacement of water and sewer lines, and construction of a new firehouse, a new library, and a public safety academy.

“Bricks and mortar projects mean jobs and income in Virginia communities,” said Sheryl Bailey, Executive Director of the Virginia Resources Authority. “We can’t over-emphasize the importance of such projects in stimulating the local and state economy. Infrastructure is a key to America’s economic recovery.”

Important? You bet! With funding comes improvements, with improvements comes jobs, and with jobs comes tax revenue, quality of living and any other number of benefits. Virginia has had a strong bond rating for many years, meaning low loan rates for localities, and $215 million will go a long way to localities being able to move forward with planned improvements. No word in the press release on whether any of those projects are planned for the Blacksburg/Christiansburg/Radford area, but we'll see moving forward.

Updated 11/25 10:02am - This is the largest ever transaction in the history of VRA's pooled financing program, and represents 25% of VRA's financing in that program to date ($862 million total). You can read the entire November 21 press release at http://www.virginiaresources.org/news.shtml.

Virginia Tech at the Forefront of Sustainability Issues

Jeremy Hart (Coldwell Banker Townside) — Thu, 20 Nov 2008 15:02:31 -0600

I've written before about Virginia Tech's focus on energy research and sustainability, even going so far as to say that the university's focus on these issues is a nice example of putting their money where their mouth is, with no outside pressure. And I believe that.

And appointments such as these lead me to believe it even more. Sure, Dr. Leo's appointment is one that is made to further the university's research advancement goals and bring in more money, but you can bet they'll be putting much of these initiatives in place right here on campus.

Kudos to Dr. Leo and Virginia Tech. Once again, Inventing the Future.

Loan Modifications Perpetuate The Problem, and Don't Use The Benefit Of Experience

Jeremy Hart (Coldwell Banker Townside) — Wed, 19 Nov 2008 16:20:09 -0600

Inman News posted information last week a new plan whose focus was to streamline the loan modification process.

I'm admittedly behind on this post, and it's been rehashed across the web. Essentially, if (1) you're at least 90 days delinquent on a home that is your primary residence and on which you owe at least 90% of the home's value AND (2) either Fannie, Freddie or one of their participating loan companies must own the loan, then under the loan modification program you can restructure your loan to as much as 38 percent of your gross income.

Forgoing the in-depth analysis and critique from economists and Harvard-types for a moment, I have a problem with this. I'm struggling with the issue of personal responsibility, and Government subsidy of these loans doesn't resolve the problem. The problem is poor decision-making on the part of consumers and lending institutions and the real estate industry. I'm not sure modification or "streamlining" resolves the issue of personal responsibility, and on the flip side I don't know that allowing millions of loans to default and further crippling the housing and financial sector makes a lot of sense either. I have no answer for this, but struggling with the issue.

Bloodhound writes (emphasis mine):

The streamlined process looks only at income, not assets. If you refinanced your home to buy a Mercedes or own another home, you won’t be expected to sell them to pay your mortgage.

Peter Schiff, president of Euro Pacific Capital, predicts that many homeowners who have little or no equity will stop paying their mortgage and then reduce their income to get the biggest payment cut possible. They could stop working overtime or, if two spouses work, one could quit. After the modification, they could try to boost their income again.

“This is a once-in-a-lifetime opportunity,” Schiff says. “People are going to feel like complete morons if they don’t participate. The people getting punished are the ones who never made an irresponsible decision to buy a house they couldn’t afford.”

The government is offering loan servicers $800 for every homeowner they get into the plan.

Schiff predicts that loan agents “will be cold-calling people trying to get them into it. Just like they encouraged people to overstate their income to get a bigger loan in the first place, now they will encourage them to understate their income to qualify for a smaller loan.”

I can see Schiff's point. Desperate lenders will have an incentive to push people into what appears to be an even worse problem.

As I said, I'll leave the bulk of the analysis to economists and people who have a better grasp of the larger picture. I know that locally, Blacksburg and Christiansburg lenders haven't gone crazy with out of control loan terms. Rates are low, borrowers are bringing money to the closing table and deals are getting done. Mark Weddle says it's "Back To Basics" and he's right ... you can still buy and sell in today's market.

It was eery watching this video, reposted on Jim Duncan's blog, this morning. Take the 10 minutes to watch what Peter Schiff has to say, and then tell me you didn't raise your eyebrows in surprise at how history has played out these last several months.

No ... the photo has nothing to do with the post. I took the photo, and I liked it. That's all.

The Colosseum Wasn't Built In A Day

Jeremy Hart (Coldwell Banker Townside) — Thu, 13 Nov 2008 07:17:52 -0600

And this one won't be, either.

A few days ago, I needed a break. I had been in the office all day working on some things, and my craving for a Diet Pepsi Max (yea, I'm one of the 31 people across the nation that actually like the stuff) kicked in. One of the many reasons I like my office is that its an easy walk to a local gas station, so I hoofed it down to pick up that invigorating cola and then headed back.

On my way back I passed the site for The Colosseum, so I snapped some photos of the excavation. It had been a while since I had stopped in and so I thought I'd capture the moment. Just a lot of dirt right now ...

There's a lot of Blacksburg history in those layers of dirt:

Dozens of piles of dirt looking back towards South Main Street:

Someone's going to have a killer view:

How Obama Will Fix the Housing Issues

Jeremy Hart (Coldwell Banker Townside) — Wed, 05 Nov 2008 17:08:44 -0600

Wow ... I might get around to posting some thoughts on this election, one day. I alternated between proud, worried, optimistic, hopeful, and any number of other emotions yesterday, and like so many others followed the coverage well into the early hours of Wednesday morning. January 20, 2009, we'll be inaugurating the 44th President of the United States, President Barack Obama, and congratulations to President-elect Obama and his family. Regardless of whether your candidate won, lost, placed or didn't even show, it was monumental for any number of reasons.

So what's an Obama administration mean to the housing market? Well, his website lays out a plan:

Protect Homeownership and Crack Down on Mortgage Fraud - Obama and Biden will crack down on fraudulent brokers and lenders. They will also make sure homebuyers have honest and complete information about their mortgage options, and they will give a tax credit to all middle-class homeowners.

Create a Universal Mortgage Credit: Obama and Biden will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year.

Ensure More Accountability in the Subprime Mortgage Industry: Obama has been closely monitoring the subprime mortgage situation for years, and introduced comprehensive legislation over a year ago to fight mortgage fraud and protect consumers against abusive lending practices. Obama's STOP FRAUD Act provides the first federal definition of mortgage fraud, increases funding for federal and state law enforcement programs, creates new criminal penalties for mortgage professionals found guilty of fraud, and requires industry insiders to report suspicious activity.

Mandate Accurate Loan Disclosure: Obama and Biden will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow individuals to easily compare various mortgage products and understand the full cost of the loan.

Close Bankruptcy Loophole for Mortgage Companies: Obama and Biden will work to eliminate the provision that prevents bankruptcy courts from modifying an individual's mortgage payments. They believe that the subprime mortgage industry, which has engaged in dangerous and sometimes unscrupulous business practices, should not be shielded by outdated federal law.

Additionally, REALTOR Magazine did an interview with both Senator McCain and Senator Obama, and they asked "What's the most important action the federal government can take to ease the mortgage crisis and prevent a recurrence?" Senator Obama responded:

For the short term, the housing relief legislation [signed by Pres. George W. Bush July 30] authorizing the FHA to refinance the mortgages of struggling homeowners is the right approach. I’ve also called for the creation of a $10 billion foreclosure prevention fund that works in tandem with state, local, and community nonprofit efforts to help households facing foreclosure renegotiate with lenders or put their homes on the market. We also need to expand the mortgage revenue bond program to give state housing agencies $10 billion in new resources to help struggling homeowners. For the long term, the Stop Fraud Act that I introduced two years ago would create criminal penalties for mortgage professionals found guilty of fraud and increase funding for federal and state enforcement of antifraud programs. I also want to see a simplified, standardized metric for calculating the costs of a home mortgage, similar to the annual percentage rate used by banks to identify the effective interest rate a borrower ends up paying on a loan.

Possible? I don't know. I have to think that in some respects, Congress - and a new President - don't want to get into a fight with the banking lobbyists. And while his idea of tax credits might be a good idea, it also means government's going to be receiving less money. So how do these "sweeping reforms" happen?

I've no idea. Lots of promises are made on the campaign trail, who knows whether or not a new administration can work to fix what ails us. The popular vote seems to think that it can, so we'll see ...

IDX Solution from Diverse Solutions

Jeremy Hart (Coldwell Banker Townside) — Wed, 05 Nov 2008 16:42:45 -0600

Hi all - I'm currently in the process of doing a redesign for NRVLiving.com and NRVLiving.Typepad.com, that will combine both sites into one and be more of an appropriate reflection of the NRVLiving Real Estate Group. One of the things that obviously needs to be in the site is an IDX search, so browsers can see all NRVMLS properties in real-time, not just properties that NRVLiving has listed. Right now, our IDX feed is so outdated that we're still using Systems Engineering, which was the group that ran Navica!

FlexMLS has two solutions, a free version and a paid version. As you would expect, the free solution is VERY barebones, and the paid version is not much different, and truthfully neither really fit the look of what I'm going for with this new website. Additionally, should NRVMLS make a change from FlexMLS to another provider, than I'll have to do the coding and feed changes myself on the site because FlexMLS won't be handling the IDX feed any longer - huge pain in the keister, it's a WHOLE lot easier to have your IDX provider just point the feed to another MLS system so that you don't have to do it. . Truth be told, as a consumer I want as much information as I can possibly have at my fingertips, and while I REALLY like FlexMLS for a lot of their services, the IDX feed falls short, in my opinion.

So, I've started looking around at other agent's sites, and I started by going outside of the New River Valley. One solution in particular that I've REALLY been impressed with is from Diverse Solutions - it has a very intuitive, graphical look to it, and it's really easy to browse and adjust. They've gotten very good reviews from the customers I've talked with, and I decided that was the group I wanted handling my IDX feed. When I called them, however, I learned that they don't serve the New River Valley at this time. They want to, but apparently I was the first inquiry and they need more people interested in using the service than just me.

If any of you are looking for a new IDX provider, please let me know. Diverse Solutions has said that if we can get several (~ 5) agents to sign up for the service, that they'll begin working with FlexMLS to configure the feed. If you, or perhaps someone in your office, has been talking about getting a multi-functional, well-designed IDX solution then have them get in touch with me, and maybe we can get Diverse Solutions to bring their product to the New River Valley!

Updated 11/10 11:25pm - Here's an example of a site using Diverse Solutions ... GREAT search tool, search by school, features, days on market, even whether or not it's had a price drop. disthttp://www.realcentralva.com/search-charlottesville-mls/