Take a Siesta!...
When setting goals and planning our future, we sometimes fail to look far enough ahead. Consider the following story:
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellow fin tuna.
The American complimented the Mexican on the quality of his fish and asked how long it took to catch them. The Mexican replied, "Only a little while." The American then asked, "Why didn't you stay out longer and catch more fish?" The Mexican said, "With this I have more than enough to support my family's needs." The American then asked, "But what do you do with the rest of your time?" The fisherman said, "I sleep late, fish a little, play with my children, take siesta with my wife, then stroll into the village each evening where I sip wine and play guitar with my amigos. I have a full and busy life."
The banker scoffed, "I'm a Harvard MBA and could help you. You should spend more time fishing; and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat you could buy several boats. Eventually you would have a fleet of fishing boats. You would eventually open your own cannery and control the product, processing and distribution. You could leave this small coastal fishing village and move to Mexico City, then Los Angeles, and eventually New York where you will run your ever-expanding enterprise."
The fisherman asked, "But, how long will this all take?" To which the American replied, "15 to 20 years." "But what then?" asked the fisherman. The banker laughed and said, "That's the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich. You would make millions." "Millions? And then what?" The American said, "Then you would retire. Move to a small coastal village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos."
So . . . what are you working for? The IPO or the good life? Stop working toward "someday," and appreciate your success on this day.
Take time to enjoy the siesta!
Tuesday, December 9, 2008
Monday, November 10, 2008
Ten Tips for your Fall/Winter Home Maintenance Checklist...
The weather outside is changing (and the fall colors are gorgeous!), and now is the time to run a check of your home.
Listed below is a simple checklist of ten items to ensure your home is ready for winter.
1. Replace heating and air conditioning filters and set your electric thermostats for winter weather.
2. Fireplace - Check to ensure gas light is working and flu is clean.
3. Sprinkler system - drain the system to ensure water doesn't freeze pipes, and change programming to ensure system is shut-off.
4. Windows - Check caulking to ensure water tight. For wooden windows- open and close all windows to ensure they don't get "stuck" over time.
5. Clean gutters of all debris, winter is typically the wet season in Atlanta.
6. Repair any missing paint, shake or shingles.
7. Check all hand rails and balusters to ensure tightly fit to structure.
8. Check your dryer vents and clear of any debris.
9. Check hoses on toilets and washer (both cold and hot) to ensure no leaks or replacement needed.
10. Cover outside water values after shutoff and drain of system.
The weather outside is changing (and the fall colors are gorgeous!), and now is the time to run a check of your home.
Listed below is a simple checklist of ten items to ensure your home is ready for winter.
1. Replace heating and air conditioning filters and set your electric thermostats for winter weather.
2. Fireplace - Check to ensure gas light is working and flu is clean.
3. Sprinkler system - drain the system to ensure water doesn't freeze pipes, and change programming to ensure system is shut-off.
4. Windows - Check caulking to ensure water tight. For wooden windows- open and close all windows to ensure they don't get "stuck" over time.
5. Clean gutters of all debris, winter is typically the wet season in Atlanta.
6. Repair any missing paint, shake or shingles.
7. Check all hand rails and balusters to ensure tightly fit to structure.
8. Check your dryer vents and clear of any debris.
9. Check hoses on toilets and washer (both cold and hot) to ensure no leaks or replacement needed.
10. Cover outside water values after shutoff and drain of system.
Tuesday, November 4, 2008
Top Ten Seller Sins...
1. Priceaphobia: The fear that a property will sell for less than a premium price. Price and greed combine to form a drug like addiction to unrealistic expectations. Researchers are split in attributing this to heredity or stupidity.
2. Shagitis: A burning sensation due to the realization that a home is not a castle when placed for sale. Shag carpet is not coming back. Get over it and have it replaced. Halloween is one day a year. Orange counters are ugly every day of the year. Hire a home stager.
3. Pet Addiction: The feeling that everybody loves your pet as much as you do. Symptoms include scripts such as, "His bark is worse than his bite". Or, "The cat must like you to nestle in your lap". Or, "Don't put your finger in the cage".
4. Photorea: A need to keep dozens of old photos hung to distract a buyer's attention from the real property. A variation of this virus includes 'childhood incrementalism'. Monthly photos of the first born that are in chronological order as a buyer ascends the stairs.
5. Pack Rat Plague: Doll collections, old Coca Cola bottles, Civil War rifles, WWII bayonets, mounted swordfish, big game taxidermy, high school trophies, college dioplomas,10k race medals, Toastmaster ribbons, bronze baby booties, salt & pepper shakers, and Grand Canyon placemats. Prepack these items.
6. Additionism: What was the seller thinking when they enclosed the garage? Probably not the same thing a prospective buyer is estimating. Cold winter cars, hot summer sun, faded auto paint, and remodeling funds. Bigger is not always better.
7. Fried Fish Fetish: If you can smell it, you can't sell it! What do cigar smoke, kitty litter boxes, piles of backyard pet poop, and baby diapers have in common? Shorter visits and fewer breaths by agents and buyers.
8. 'As-Is' ism: If a stubborn seller says, "The buyer can take it or leave it as-is"; they usually won't. Buyers 'horribilize' defects. A broken doorbell symbolizes electrical problems. A cracked window means a faulty foundation. Water stains come before roofing problems and future floods.
9. Color Blindness: Webster's dictionary defines a real estate tour as, "Agents caravaning from house to house making fun of decorating disasters". Most color schemes are ephemeral. Navajo white, white washed cabinets, and flocked wallpaper are out. Less is usually more.
10. Audio Selectivism: The ability of a seller to hear only what they want."The buyer must be confused". "The appraiser was in a bad mood". "My neighbor said I wasn't asking enough". There is a difference between hearing and listening.
By: Paul Pastore
1. Priceaphobia: The fear that a property will sell for less than a premium price. Price and greed combine to form a drug like addiction to unrealistic expectations. Researchers are split in attributing this to heredity or stupidity.
2. Shagitis: A burning sensation due to the realization that a home is not a castle when placed for sale. Shag carpet is not coming back. Get over it and have it replaced. Halloween is one day a year. Orange counters are ugly every day of the year. Hire a home stager.
3. Pet Addiction: The feeling that everybody loves your pet as much as you do. Symptoms include scripts such as, "His bark is worse than his bite". Or, "The cat must like you to nestle in your lap". Or, "Don't put your finger in the cage".
4. Photorea: A need to keep dozens of old photos hung to distract a buyer's attention from the real property. A variation of this virus includes 'childhood incrementalism'. Monthly photos of the first born that are in chronological order as a buyer ascends the stairs.
5. Pack Rat Plague: Doll collections, old Coca Cola bottles, Civil War rifles, WWII bayonets, mounted swordfish, big game taxidermy, high school trophies, college dioplomas,10k race medals, Toastmaster ribbons, bronze baby booties, salt & pepper shakers, and Grand Canyon placemats. Prepack these items.
6. Additionism: What was the seller thinking when they enclosed the garage? Probably not the same thing a prospective buyer is estimating. Cold winter cars, hot summer sun, faded auto paint, and remodeling funds. Bigger is not always better.
7. Fried Fish Fetish: If you can smell it, you can't sell it! What do cigar smoke, kitty litter boxes, piles of backyard pet poop, and baby diapers have in common? Shorter visits and fewer breaths by agents and buyers.
8. 'As-Is' ism: If a stubborn seller says, "The buyer can take it or leave it as-is"; they usually won't. Buyers 'horribilize' defects. A broken doorbell symbolizes electrical problems. A cracked window means a faulty foundation. Water stains come before roofing problems and future floods.
9. Color Blindness: Webster's dictionary defines a real estate tour as, "Agents caravaning from house to house making fun of decorating disasters". Most color schemes are ephemeral. Navajo white, white washed cabinets, and flocked wallpaper are out. Less is usually more.
10. Audio Selectivism: The ability of a seller to hear only what they want."The buyer must be confused". "The appraiser was in a bad mood". "My neighbor said I wasn't asking enough". There is a difference between hearing and listening.
By: Paul Pastore
Monday, October 27, 2008
Forty years and counting...You may have noticed that we edited our profile a bit over the weekend.
It used to read "married almost forty years."
It became forty years last Saturday.
Quite a milestone!
I am now looking forward to forty more.
Our children who live locally, Scott and Amy along with her husband Alan had planned to treat us to dinner at our favorite restaurant in Norcross.
What they had not told us was that they had planned a surprise by inviting my brother Jimmy and his wife Kathy and their daughter Ashley, Dale's sister Joyce, several of our close friends Luke Greene and Celia Harmon and Tom and Mikal Kitchens.It was a great surprise and made it even better by our son Adam flying in from Colorado for the occasion.
Thank you Scott, Amy and Adam for all your planning and a wonderful dinner and thank you to all our family and friends for sharing this special evening with us.
And thank you Dale for forty great years!
Friday, October 24, 2008
Existing-Home Sales Rise on Improved Affordability...
WASHINGTON, October 24, 2008 Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August; the rate was 6.38 percent in September 2007.
Yun said there may be market disruptions. “The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price declines are pressuring owners,” he said. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”
Total housing inventory at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply² at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.
The national median existing-home price3 for all housing types was $191,600 in September, down 9.0 percent from a year ago when the median was $210,500. “Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions. These are pulling the median price down because many are being sold at discounted prices,” Yun explained. “The current market is not being dominated by speculative investors. Rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”
Single-family home sales increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8 percent above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6 percent below September 2007.
Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price4 was $199,400 in September, down 10.2 percent from a year ago.
Regionally, existing-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. The median price in the West was $253,600, down 18.5 percent from a year ago.
In the Midwest, existing-home sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. The median price in the Midwest was $152,500, which is 7.9 percent lower than September 2007.
Existing-home sales in the South rose 2.2 percent in September to a pace of 1.90 million but remain 7.8 percent below September 2007. The median price in the South was $167,200, down 4.1 percent from a year ago.
the Northeast, existing-home sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. The median price in the Northeast was $246,800, down 5.4 percent from September 2007.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
© Copyright NATIONAL ASSOCIATION of REALTORS®
WASHINGTON, October 24, 2008 Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.
Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.04 percent in September from 6.48 percent in August; the rate was 6.38 percent in September 2007.
Yun said there may be market disruptions. “The credit markets are not settled yet, although the mortgage market stabilized with the government takeover of Fannie Mae and Freddie Mac. Inventory remains high, and price declines are pressuring owners,” he said. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”
Total housing inventory at the end of September fell 1.6 percent to 4.27 million existing homes available for sale, which represents a 9.9-month supply² at the current sales pace, down from a 10.6-month supply in August. This marks two consecutive monthly declines since inventories peaked in July.
The national median existing-home price3 for all housing types was $191,600 in September, down 9.0 percent from a year ago when the median was $210,500. “Compared to a fairly small share of foreclosures or short sales a year ago, distressed sales are currently 35 to 40 percent of transactions. These are pulling the median price down because many are being sold at discounted prices,” Yun explained. “The current market is not being dominated by speculative investors. Rather, 80 percent of current buyers are purchasing a primary residence, which is a bit higher than historic norms.”
Single-family home sales increased 6.2 percent to a seasonally adjusted annual rate of 4.62 million in September from a pace of 4.35 million in August, and are 3.8 percent above the 4.45 million-unit level a year ago. The median existing single-family home price was $190,600 in September, which is 8.6 percent below September 2007.
Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 560,000 units in September, but are 15.7 percent below the 664,000-unit pace in September 2007. The median existing condo price4 was $199,400 in September, down 10.2 percent from a year ago.
Regionally, existing-home sales in the West jumped 16.8 percent to an annual rate of 1.25 million in September, and are 34.4 percent higher than September 2007. The median price in the West was $253,600, down 18.5 percent from a year ago.
In the Midwest, existing-home sales increased 4.4 percent to an annual pace of 1.19 million in September, but are 2.5 percent below a year ago. The median price in the Midwest was $152,500, which is 7.9 percent lower than September 2007.
Existing-home sales in the South rose 2.2 percent in September to a pace of 1.90 million but remain 7.8 percent below September 2007. The median price in the South was $167,200, down 4.1 percent from a year ago.
the Northeast, existing-home sales slipped 1.2 percent to an annual pace of 840,000 in September, and are 7.7 percent lower than a year ago. The median price in the Northeast was $246,800, down 5.4 percent from September 2007.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
© Copyright NATIONAL ASSOCIATION of REALTORS®
US Home Sales Rise 5.5%, Signaling a Possible Bottom...
Sales of existing homes rose 5.5% in September, a real estate trade group said, offering a glimmer of hope that the housing slump may be starting to bottom.
The National Association of Realtors said the rise in September from the month before was the best showing since July 2003, during the five-year housing boom.
Even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.
The report came a day after the Federal Housing Finance Agency said US home prices fell 0.6 percent in August versus July.
The drop, however, was slightly less than the 0.8 percent fall in July, which is perhaps a glimmer of hope for the hard-hit U.S. housing market as it may indicate that the precipitous drop in home prices could be abating.
A huge supply of unsold homes, tighter lending standards and record foreclosures have pushed down home prices.
For the 12 months ending in August, U.S. home prices fell 5.9 percent, and the cumulative decline since the April 2007 peak is 6.5 percent, according to the Federal Housing Finance Agency's House Price Index.
By region, seasonally adjusted monthly price changes ranged from a decline of 1.8 percent in the Pacific Division states of Hawaii, Alaska, Washington, Oregon and California to an increase of 0.4 percent in the New England states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut, the report said.
The FHFA monthly index, formerly called the OFHEO monthly house price index, is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
FHFA regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.The index was introduced in the Office of Federal Housing Enterprise Oversight's fourth quarter 2007 House Price Index, or HPI, report and has shown less severe price declines than other reports.
© 2008 CNBC
Sales of existing homes rose 5.5% in September, a real estate trade group said, offering a glimmer of hope that the housing slump may be starting to bottom.
The National Association of Realtors said the rise in September from the month before was the best showing since July 2003, during the five-year housing boom.
Even with the gain in sales, prices kept falling. The median sales price has dropped to $191,600, down by 9 percent from a year ago.
The report came a day after the Federal Housing Finance Agency said US home prices fell 0.6 percent in August versus July.
The drop, however, was slightly less than the 0.8 percent fall in July, which is perhaps a glimmer of hope for the hard-hit U.S. housing market as it may indicate that the precipitous drop in home prices could be abating.
A huge supply of unsold homes, tighter lending standards and record foreclosures have pushed down home prices.
For the 12 months ending in August, U.S. home prices fell 5.9 percent, and the cumulative decline since the April 2007 peak is 6.5 percent, according to the Federal Housing Finance Agency's House Price Index.
By region, seasonally adjusted monthly price changes ranged from a decline of 1.8 percent in the Pacific Division states of Hawaii, Alaska, Washington, Oregon and California to an increase of 0.4 percent in the New England states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut, the report said.
The FHFA monthly index, formerly called the OFHEO monthly house price index, is calculated using purchase prices of houses backing mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.
FHFA regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.The index was introduced in the Office of Federal Housing Enterprise Oversight's fourth quarter 2007 House Price Index, or HPI, report and has shown less severe price declines than other reports.
© 2008 CNBC
Thursday, October 16, 2008
What’s Next for Mortgages, Consumers...
By Chris Kissell RISMEDIA, Oct. 13, 2008-(Bankrate.com) -When the Federal Reserve meets, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate offers help. We’ve looked at five categories-mortgages, home equity loans, auto loans, credit cards and certificates of deposit-to determine if the Fed’s moves made you a winner or a loser. Here’s a look at mortgages:
Winner: Homeowners with adjustable-rate mortgages
The Federal Reserve’s half-point emergency rate cut may not have any affect on mortgage holders. Changes in the federal funds rate do not directly influence the direction of mortgage rates.
However, Fed rate cuts may have more indirect impacts on some mortgage rates, particularly those associated with adjustable-rate mortgages.
Many ARMs are closely pegged to the London Interbank Offered Rate, more commonly known as LIBOR. When the Fed cuts the federal funds rate, LIBOR rates usually decline correspondingly.
During times of financial stress-such as we are experiencing now-this relationship often breaks down, and the spread between the federal funds rate and LIBOR actually tends to widen.
If that trend reverses-and LIBOR rates drop back closer to the federal funds rate-the Fed’s latest rate cut would be a boon to many homeowners with ARMs. Homeowners with these mortgages could expect to see their monthly mortgage payment decline the next time it resets.
Loser: Consumers looking for instant discounts on fixed-rate mortgages
Cuts in the federal funds rate do not directly impact fixed-rate mortgages. So if you’re shopping for a fixed-rate mortgage, don’t expect the Federal Reserve’s surprise rate cut to send mortgage rates lower.
They may fall. Then again, they may rise.
Take action
The Federal Reserve’s emergency rate cut will not directly impact mortgage rates. Fed actions change the federal funds rate, which is not directly correlated to mortgage rates.
As a result, consumers should not make decisions about their mortgages based on the hope that the Fed’s latest emergency rate cut will send mortgage costs plummeting. Mortgage rates often rise after a Fed rate cut. But they could fall just as easily.
For more information, visit www.bankrate.com.
By Chris Kissell RISMEDIA, Oct. 13, 2008-(Bankrate.com) -When the Federal Reserve meets, we all have questions: What does it mean to me? Will my mortgage rate go up or down? Is this a good time to refinance? Bankrate offers help. We’ve looked at five categories-mortgages, home equity loans, auto loans, credit cards and certificates of deposit-to determine if the Fed’s moves made you a winner or a loser. Here’s a look at mortgages:
Winner: Homeowners with adjustable-rate mortgages
The Federal Reserve’s half-point emergency rate cut may not have any affect on mortgage holders. Changes in the federal funds rate do not directly influence the direction of mortgage rates.
However, Fed rate cuts may have more indirect impacts on some mortgage rates, particularly those associated with adjustable-rate mortgages.
Many ARMs are closely pegged to the London Interbank Offered Rate, more commonly known as LIBOR. When the Fed cuts the federal funds rate, LIBOR rates usually decline correspondingly.
During times of financial stress-such as we are experiencing now-this relationship often breaks down, and the spread between the federal funds rate and LIBOR actually tends to widen.
If that trend reverses-and LIBOR rates drop back closer to the federal funds rate-the Fed’s latest rate cut would be a boon to many homeowners with ARMs. Homeowners with these mortgages could expect to see their monthly mortgage payment decline the next time it resets.
Loser: Consumers looking for instant discounts on fixed-rate mortgages
Cuts in the federal funds rate do not directly impact fixed-rate mortgages. So if you’re shopping for a fixed-rate mortgage, don’t expect the Federal Reserve’s surprise rate cut to send mortgage rates lower.
They may fall. Then again, they may rise.
Take action
The Federal Reserve’s emergency rate cut will not directly impact mortgage rates. Fed actions change the federal funds rate, which is not directly correlated to mortgage rates.
As a result, consumers should not make decisions about their mortgages based on the hope that the Fed’s latest emergency rate cut will send mortgage costs plummeting. Mortgage rates often rise after a Fed rate cut. But they could fall just as easily.
For more information, visit www.bankrate.com.
Friday, October 10, 2008
Warren Buffett's Reassuring Words On the Future...
As the stock market's wild moves downward have average Americans worried about their financial futures and looking for leadership, it's important to keep Warren Buffett's reassuring words about the long-run in mind.
Here's what he said live on CNBC just a few weeks ago:
"You know, five years from now, ten years from now, we'll look back on this period and we'll see that you could have made some extraordinary (stock market) buys. That doesn't mean it won't get more extraordinary a week or a month from now. I have no idea what the stock market is going to do next month or six months from now. I do know that the American economy, over a period of time, will do very well, and people who own a piece of it will do well.
"Just don't borrow money to buy your piece.
Three Buffett-style tips for dealing with Wall Street's ongoing turmoil.
1. "Cash combined with courage in a crisis is priceless"
2. "Dont invest in things you don't understand"
3. "Don't try to catch a falling knife until you have a handle on the risk"
As the stock market's wild moves downward have average Americans worried about their financial futures and looking for leadership, it's important to keep Warren Buffett's reassuring words about the long-run in mind.Here's what he said live on CNBC just a few weeks ago:
"You know, five years from now, ten years from now, we'll look back on this period and we'll see that you could have made some extraordinary (stock market) buys. That doesn't mean it won't get more extraordinary a week or a month from now. I have no idea what the stock market is going to do next month or six months from now. I do know that the American economy, over a period of time, will do very well, and people who own a piece of it will do well.
"Just don't borrow money to buy your piece.
Three Buffett-style tips for dealing with Wall Street's ongoing turmoil.
1. "Cash combined with courage in a crisis is priceless"
2. "Dont invest in things you don't understand"
3. "Don't try to catch a falling knife until you have a handle on the risk"
Sunday, October 5, 2008
Good kids...
Our daughter and her husband are both Physics teachers at Norcross High School in Norcross, Georgia. On her Blog, Hayes Habits, Amy published a post this morning entitled "Why I love
teaching" about a group of students in one of her classes and their class Physics project that was performed last week.
She also wrote about her kid's participation in a MDA walk to raise money and to support one of their classmates.
Amy is obviously very proud of this group of kids, and from what I read, rightly so. Check it out. Nice job kids!
Our daughter and her husband are both Physics teachers at Norcross High School in Norcross, Georgia. On her Blog, Hayes Habits, Amy published a post this morning entitled "Why I love
teaching" about a group of students in one of her classes and their class Physics project that was performed last week.
She also wrote about her kid's participation in a MDA walk to raise money and to support one of their classmates.
Amy is obviously very proud of this group of kids, and from what I read, rightly so. Check it out. Nice job kids!
Smart Moves For Real Estate Owners in Turbulent Times...
by John Adams, Copyright 2008.
Recent gyrations on Wall Street and beyond have muddied the financial waters. It’s hard to know just what to do or how to react. And if your largest investment is your home, your course is even less clear.
Here are several moves that I believe are rational and appropriate for the homeowner in today’s economic times:
1. Take a deep breath and relax. Because that is exactly what the Georgia housing market has done.
Over the years, residential real estate has proven to be one of the safest of all investments. And all the predictions of dramatic drops in home values in Georgia have been wrong. While there are some parts of the country where home values have taken a dive, Georgia is not one of them, according to federal regulators at OFHEO.gov.
On average, home prices in Georgia are higher today than ever before. And although appreciation has taken a year off, we have yet to see any decline in average home prices on a year-over-year basis. So it’s OK just to relax.
2. Now is a great time to consolidate your debt and refinance your home loan.
If you carry a balance on credit cards, or you carry a balance on a home equity line of credit, or you owe on a car loan or any type of consumer loan, you may be better off paying these balances to zero and loading up your house with debt.
Rates are low, and the interest may be tax-deductible, lowering your overall interest expense even more. This may be your chance to get a fresh start.
3. If you do refinance, make sure you select a thirty-year fixed-rate loan.
I used to tell clients that it was OK to select a 3 or 5 year ARM if they were sure they were moving from Atlanta within that time period. But I found out that many were so happy living in our fair city that they refused to relocate at the appointed hour, finding a way to stay here. I am persuaded that rates will be higher in years ahead, and those who lock in a low fixed rate today will be glad they did. In addition, if rates happen to go lower, you can always refinance again, although I believe this to be the bottom.
When the stock market stumbles, billions flow from equities to bonds, driving down mortgage rates. When the market recovers, and it will, look for a reverse flow and rates to tick upward.
4. Stop paying extra principal on your home loan, at least temporarily.
If you are one of the financial fundamentalists who oppose all debt, I encourage you to consider this: borrowing against your home is likely the cheapest source of cash you can get, and cash may be king in the months and years ahead.
In my view, if you have extra cash monthly to apply to home loan balances, you are better off to put it in a FDIC insured high yield CD and save it for a rainy day. If you pay it to the mortgage company, it doesn’t lower your monthly payments, and it may be difficult to get it back if you need it.
I know that debt can be dangerous, but it can also be used to improve our lives. In this regard it’s like electricity. We all know that there is danger in the electric socket, yet we tolerate the danger for the benefits it brings us. In addition, your house neither knows or cares that you have a mortgage balance against it.
5. After you have finished refinancing, look for a Home Equity Line of Credit.
In fact, you may be wise to not only put the HELOC in place. It may benefit you to also draw the full balance out, and put that cash in a safe place as well.
This may also prove to be good advice if you have a home equity line with a zero balance. There are disturbing reports of major lenders who are notifying borrowers of seldom-used HELOCs that their lines of credit have ben canceled. This is a bank reaction to perceived lower values for their collateral.
In addition, if you have a line of credit buy rarely use it, the bank probably loses money on your account. Drawing your line out assures you that the bank won’t unexpectedly close the account, and puts you in a stronger cash position.
As with all money moves, it’s smart to discuss them in advance with your financial advisor. Next week, several more ideas for homeowners in today’s market.
This article first appeared in the Atlanta Journal-Constitution.
by John Adams, Copyright 2008.
Recent gyrations on Wall Street and beyond have muddied the financial waters. It’s hard to know just what to do or how to react. And if your largest investment is your home, your course is even less clear.
Here are several moves that I believe are rational and appropriate for the homeowner in today’s economic times:
1. Take a deep breath and relax. Because that is exactly what the Georgia housing market has done.
Over the years, residential real estate has proven to be one of the safest of all investments. And all the predictions of dramatic drops in home values in Georgia have been wrong. While there are some parts of the country where home values have taken a dive, Georgia is not one of them, according to federal regulators at OFHEO.gov.
On average, home prices in Georgia are higher today than ever before. And although appreciation has taken a year off, we have yet to see any decline in average home prices on a year-over-year basis. So it’s OK just to relax.
2. Now is a great time to consolidate your debt and refinance your home loan.
If you carry a balance on credit cards, or you carry a balance on a home equity line of credit, or you owe on a car loan or any type of consumer loan, you may be better off paying these balances to zero and loading up your house with debt.
Rates are low, and the interest may be tax-deductible, lowering your overall interest expense even more. This may be your chance to get a fresh start.
3. If you do refinance, make sure you select a thirty-year fixed-rate loan.
I used to tell clients that it was OK to select a 3 or 5 year ARM if they were sure they were moving from Atlanta within that time period. But I found out that many were so happy living in our fair city that they refused to relocate at the appointed hour, finding a way to stay here. I am persuaded that rates will be higher in years ahead, and those who lock in a low fixed rate today will be glad they did. In addition, if rates happen to go lower, you can always refinance again, although I believe this to be the bottom.
When the stock market stumbles, billions flow from equities to bonds, driving down mortgage rates. When the market recovers, and it will, look for a reverse flow and rates to tick upward.
4. Stop paying extra principal on your home loan, at least temporarily.
If you are one of the financial fundamentalists who oppose all debt, I encourage you to consider this: borrowing against your home is likely the cheapest source of cash you can get, and cash may be king in the months and years ahead.
In my view, if you have extra cash monthly to apply to home loan balances, you are better off to put it in a FDIC insured high yield CD and save it for a rainy day. If you pay it to the mortgage company, it doesn’t lower your monthly payments, and it may be difficult to get it back if you need it.
I know that debt can be dangerous, but it can also be used to improve our lives. In this regard it’s like electricity. We all know that there is danger in the electric socket, yet we tolerate the danger for the benefits it brings us. In addition, your house neither knows or cares that you have a mortgage balance against it.
5. After you have finished refinancing, look for a Home Equity Line of Credit.
In fact, you may be wise to not only put the HELOC in place. It may benefit you to also draw the full balance out, and put that cash in a safe place as well.
This may also prove to be good advice if you have a home equity line with a zero balance. There are disturbing reports of major lenders who are notifying borrowers of seldom-used HELOCs that their lines of credit have ben canceled. This is a bank reaction to perceived lower values for their collateral.
In addition, if you have a line of credit buy rarely use it, the bank probably loses money on your account. Drawing your line out assures you that the bank won’t unexpectedly close the account, and puts you in a stronger cash position.
As with all money moves, it’s smart to discuss them in advance with your financial advisor. Next week, several more ideas for homeowners in today’s market.
This article first appeared in the Atlanta Journal-Constitution.
Thursday, October 2, 2008
Mortgage aid program begins...
Lenders can take loss on loan to help borrowers make payments
From AJC.COM-The Associated Press Thursday, October 02, 2008
WASHINGTON — The government kicked off a program Wednesday that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans.
Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program is designed to help borrowers who owe more on their loans than their homes are worth. Enlarge this image The Associated Press About 400,000 homeowners are eligible for a program that aims to refinance troubled mortgages.
To qualify, borrowers must be spending more than 31 percent of their income on mortgage payments. Loans made this year are excluded, except for those completed on Jan 1. Borrowers must have made six months of payments on their loans.
“For homeowners in trouble, this may be the help that they need,” Housing and Urban Development Secretary Steve Preston said Wednesday. Officials did not have an updated estimate of how many homeowners were likely to qualify, beyond the Congressional Budget Office’s projection from earlier this year that 400,000 borrowers would participate.
The program, dubbed ‘Hope for Homeowners,’ was passed by Congress this summer as part of a massive housing bill. It is one of several government efforts to stem the mortgage crisis.
Critics, however, call the government’s actions sluggish and inadequate. Earlier action to modify loans, they say, might have prevented a $700 billion financial industry bailout now being debated in Washington.
Executives from Citigroup, JPMorgan Chase, Bank of America and Wells Fargo told lawmakers last month they have been hiring additional workers to put the new program in place.
Still, it is unclear whether the industry will embrace the plan fully. One concern is that investors in mortgage securities must take an immediate loss and can’t recoup their lost money if home prices turn upward again.
Investors would rather modify loans in ways that maintain the ability to “share in future appreciation,” JPMorgan Chase executive Marguerite Sheehan said in written testimony submitted to House lawmakers last month.
On Monday, a group of state banking and law enforcement officials released a report that said nearly 80 percent of borrowers with subprime loans were not on track for assistance to avoid foreclosure as of May.
The report by the State Foreclosure Prevention Working Group criticized the lending industry for making only small changes to loan terms and noted that about one in five loans that were modified over the past year became delinquent again.
“While banks and Wall Street firms continue to report record write-downs of mortgage loan portfolios and securities, the losses do not appear to be flowing down to homeowners in the form of sustainable loan modifications,” Iowa Attorney General Tom Miller, a founder of the state effort, said in a statement.
Lenders can take loss on loan to help borrowers make payments
From AJC.COM-The Associated Press Thursday, October 02, 2008
WASHINGTON — The government kicked off a program Wednesday that aims to prevent foreclosures by letting an estimated 400,000 troubled homeowners swap their mortgages for more affordable loans.
Lenders, rather than borrowers, will decide whether to participate in the program, which requires them to take a loss on the initial loan. The $300 billion, three-year program is designed to help borrowers who owe more on their loans than their homes are worth. Enlarge this image The Associated Press About 400,000 homeowners are eligible for a program that aims to refinance troubled mortgages.
To qualify, borrowers must be spending more than 31 percent of their income on mortgage payments. Loans made this year are excluded, except for those completed on Jan 1. Borrowers must have made six months of payments on their loans.
“For homeowners in trouble, this may be the help that they need,” Housing and Urban Development Secretary Steve Preston said Wednesday. Officials did not have an updated estimate of how many homeowners were likely to qualify, beyond the Congressional Budget Office’s projection from earlier this year that 400,000 borrowers would participate.
The program, dubbed ‘Hope for Homeowners,’ was passed by Congress this summer as part of a massive housing bill. It is one of several government efforts to stem the mortgage crisis.
Critics, however, call the government’s actions sluggish and inadequate. Earlier action to modify loans, they say, might have prevented a $700 billion financial industry bailout now being debated in Washington.
Executives from Citigroup, JPMorgan Chase, Bank of America and Wells Fargo told lawmakers last month they have been hiring additional workers to put the new program in place.
Still, it is unclear whether the industry will embrace the plan fully. One concern is that investors in mortgage securities must take an immediate loss and can’t recoup their lost money if home prices turn upward again.
Investors would rather modify loans in ways that maintain the ability to “share in future appreciation,” JPMorgan Chase executive Marguerite Sheehan said in written testimony submitted to House lawmakers last month.
On Monday, a group of state banking and law enforcement officials released a report that said nearly 80 percent of borrowers with subprime loans were not on track for assistance to avoid foreclosure as of May.
The report by the State Foreclosure Prevention Working Group criticized the lending industry for making only small changes to loan terms and noted that about one in five loans that were modified over the past year became delinquent again.
“While banks and Wall Street firms continue to report record write-downs of mortgage loan portfolios and securities, the losses do not appear to be flowing down to homeowners in the form of sustainable loan modifications,” Iowa Attorney General Tom Miller, a founder of the state effort, said in a statement.
Wednesday, October 1, 2008
Atlanta home prices rising slightly...
By KEVIN DUFFY The Atlanta Journal-Constitution Tuesday, September 30, 2008
Has Atlanta’s home price decline bottomed out?
For three months now, resale prices of single-family homes in the metro area have been inching up, according to new data from the Standard & Poor’s/Case-Shiller Home Price Index.
“Atlanta, Dallas, Minneapolis and Tampa showed improvements in their annual and monthly returns, but all four are still too close to their recent lows to determine if the markets have stabilized,” S&P says.
Over a year’s time, prices in metro Atlanta are down 8.2 percent, much less than the 20-city composite average of 16.3 percent. That index and S&P’s 10-city index both show record annual declines, but the month-to-month change has slowed.
From May to June home prices fell 2.2 percent, whereas from February to April the pace of decline was 6 percent.
“There are signs of a slowdown in the rate of decline across the metro areas, but no evidence of a bottom,” said David Blitzer, chairman of S&P’s index committee.
Atlanta’s prices have increased 1.3 percent since April.
The June to July change was an increase of 0.4 percent. Home prices nationwide peaked in June 2006. Las Vegas, Phoenix and Miami have been the worst performers over 12 months. Prices have fallen 28-30 percent in those cities.
By KEVIN DUFFY The Atlanta Journal-Constitution Tuesday, September 30, 2008
Has Atlanta’s home price decline bottomed out?
For three months now, resale prices of single-family homes in the metro area have been inching up, according to new data from the Standard & Poor’s/Case-Shiller Home Price Index.
“Atlanta, Dallas, Minneapolis and Tampa showed improvements in their annual and monthly returns, but all four are still too close to their recent lows to determine if the markets have stabilized,” S&P says.
Over a year’s time, prices in metro Atlanta are down 8.2 percent, much less than the 20-city composite average of 16.3 percent. That index and S&P’s 10-city index both show record annual declines, but the month-to-month change has slowed.
From May to June home prices fell 2.2 percent, whereas from February to April the pace of decline was 6 percent.
“There are signs of a slowdown in the rate of decline across the metro areas, but no evidence of a bottom,” said David Blitzer, chairman of S&P’s index committee.
Atlanta’s prices have increased 1.3 percent since April.
The June to July change was an increase of 0.4 percent. Home prices nationwide peaked in June 2006. Las Vegas, Phoenix and Miami have been the worst performers over 12 months. Prices have fallen 28-30 percent in those cities.
Tuesday, September 30, 2008
Proper Pricing...
IT’S A FACT - A well priced listing is one of the most important factors in marketing your property. Properly priced homes sell faster and for more during the first weeks on the market.
IT’S A FACT - The prime marketing time occurs during the first few weeks. You will miss your prime marketing period by setting a list price higher than justified.
IT’S A FACT - A brand new listing is exciting, is shown more and generally sells for a higher price than comparable older listings. Make sure your home is priced correctly from the beginning.
IT’S A FACT - Setting the price too high discourages showings and tends to eliminate the most likely buyers from viewing your home.
During this correcting Real Estate market it is more important than ever to remember the basics when it comes to marketing your home. Properly pricing you home from the start is one of the three basics in marketing your home.
IT’S A FACT - A well priced listing is one of the most important factors in marketing your property. Properly priced homes sell faster and for more during the first weeks on the market.
IT’S A FACT - The prime marketing time occurs during the first few weeks. You will miss your prime marketing period by setting a list price higher than justified.
IT’S A FACT - A brand new listing is exciting, is shown more and generally sells for a higher price than comparable older listings. Make sure your home is priced correctly from the beginning.
IT’S A FACT - Setting the price too high discourages showings and tends to eliminate the most likely buyers from viewing your home.
During this correcting Real Estate market it is more important than ever to remember the basics when it comes to marketing your home. Properly pricing you home from the start is one of the three basics in marketing your home.
Monday, September 29, 2008
Buying Bank Owned Properties Painfully Slow but Possibly Rewarding...
An excellent article on the subject authored by John Adams, published on his web site and on AJC.COM:
Last week we talked about the flood of bank-owned homes that have clogged up the residential resale market both nationally and locally.
These "post-foreclosure" houses are the harvest of the exotic financing instruments and the loose lending guidelines of recent years. In many cases, the buyers intended to make the payments, but were overwhelmed by dramatic jumps in interest rates as their adjustable loans reset. Unable to pay the required sums monthly, these owners may have tried to sell. But with little or no equity in the homes, their efforts were to be in vain. After a meaningless foreclosure auction where no investors even attended, these homes were deeded back to the lenders, who list them with local real estate professionals for sale.
Banks call these houses REO properties, which stands for "real estate owned."Yes, the savvy real estate buyer can pick up a bargain, but it's important to be cautious when shopping for these "bank-owned" homes.
Here are some questions I am often asked:
Q: What's the difference between making an offer on a "bank-owned" house as opposed to a typical resale home?
A: The primary difference involves recognizing the challenges of dealing with an institutional seller.For starters, a traditional seller would first get their house in clean, ready to sell condition. Only then would they open the doors to the public. Furthermore, most sellers expect a buyer to request a comprehensive inspection, and are not surprised when a buyer requests compensation for needed repairs.
In contrast, banks expect to sell their REO properties "as-is," and they almost never agree to make repairs or put the property in any condition other than the way it is. The bank will likely grant your request for an inspection, but will almost certainly decline any request for improvements.
Q: Are all these REO houses in extremely poor condition?
A: Some are in almost perfect condition, while others are completely unfit for human habitation. In addition to being poor sellers of real estate, banks have a bad habit of being poor property managers during their period of ownership.Because the house is vacant, it attracts vagrants and homeless people who move in and semi-occupy the house. In cold weather, these occupants may build fires in the fireplace to keep warm, and they sometimes break up kitchen cabinets to use as firewood. In addition, as time goes by, these homes often sink into much worse condition. Thieves steal copper pipes and copper wiring to sell for recycling, and air conditioning compressors disappear overnight. Even so, the banks hope to sell these homes "as-is."
Q: How do I go about making an offer on one of these houses?
A: Here is the next hurdle. When looking at a typical resale house, you can expect the seller to respond to your written offer in hours. They may counter, but today's seller takes every offer seriously, hoping for an eventual meeting of the minds.
Banks do things differently.
When you submit a written offer to a bank, they frequently demand proof from your bank that you have sufficient funds on hand to close the transaction. This must be submitted before the bank will even look at your offer. Another frequent requirement is acceptance of multi-page addendums freeing the bank from any liability for the condition of the property involved. Even after all that, my experience is that most banks have trouble finding anyone with the actual authority to make a decision on selling the house. While some lenders are better than others, it is not unusual for offers to sit on the table for a week or more before someone at the bank gets around to responding.
Q: Any other pitfalls to watch out for when buying from lenders?
A: First, know that this seller is unwilling to give you a General Warranty Deed for the property when you buy. They will insist on delivering title by Limited Warranty Deed, thus preventing you from involving the bank in future title problems. To remedy this shortcoming, it is especially important that you purchase the optional Owners Title Insurance policy from the closing attorney.
Also, when selling REO houses, most lenders insist that you pay for settlement costs, and further require that the closing take place in the office of the seller's attorney. If you want legal representation (and you do), you will have to pay for your own attorney to review all your documents and advise you directly. In my opinion, that is money well spent.
Q: It would seem that the banks would be anxious to sell these properties, and would want to streamline the process, making it easy for buyers. Why all the roadblocks?
A: Banks and lending institutions are heavily regulated, and have internal rules and regulations that must be followed. In addition, its part of a corporate culture permeating the world of banking. Banks just aren't set up to sell real estate. They protect our savings and process our checks and loan us the money we need most of the time, but marketing real estate is just not one of their strengths.
Q: What about buying government-owned houses from HUD? Is that any easier?
A: Unfortunately, it's worse. The government has its own procedure for selling, involving a prioritized bid period during which only owner-occupants may bid. And even if you intend to live in the house, you must accept it in as-is condition.
The bottom line in buying any foreclosed property is to make sure you protect yourself at every step, and have your attorney review all documents with you carefully before you sign anything.
Thursday, September 25, 2008
Oops...
On Monday, September 22, I published a post that was an explanation of the proposed Treasury bailout and what it meant for mortgages. Obviously, that was speculation as to what the effects would be and now all those effects may be moot.
As of this hour, after meetings in Washington all day, the entire proposal may be in jeopardy as Congress has not agreed on the terms of this proposed "bail out".
In retrospect, this is might be a good thing, as one can ask the question, should we give the Secretary of the Treasury a $700 billion dollar blank check without seeing a plan as to how it will be spent?
Something does need, in my opinion, to be done to shore up our economy, but since we did not get in this predicament in one week, I think we can take a few days to ensure that this is done correctly.
I suspect we will only get once chance to get it right.
Stay tuned...
On Monday, September 22, I published a post that was an explanation of the proposed Treasury bailout and what it meant for mortgages. Obviously, that was speculation as to what the effects would be and now all those effects may be moot.
As of this hour, after meetings in Washington all day, the entire proposal may be in jeopardy as Congress has not agreed on the terms of this proposed "bail out".
In retrospect, this is might be a good thing, as one can ask the question, should we give the Secretary of the Treasury a $700 billion dollar blank check without seeing a plan as to how it will be spent?
Something does need, in my opinion, to be done to shore up our economy, but since we did not get in this predicament in one week, I think we can take a few days to ensure that this is done correctly.
I suspect we will only get once chance to get it right.
Stay tuned...
Monday, September 22, 2008
I will miss hearing his voice...
Larry Munson, the legendary voice of University of Georgia football, suddenly retired Monday. Munson, who has been the play-by-play announcer for the Bulldogs since 1966, will not call Saturday night’s showdown against Alabama in Athens. “I can’t express enough my deep feelings toward the Georgia football fans,” said Munson, 85. “They have been so friendly especially during this most recent period of time. I feel I owe them so much more than I can give. I’ll remember all t
he great times with the Dogs and have the fondest wishes and good luck toward them all.”
“Larry made the decision over the weekend after consultation with his family, doctor, and close friends,” said Michael Munson, Larry’s son. “The Munson family would like to thank Cox Radio, the University of Georgia and the Georgia people who have been so supportive of Larry throughout his long career and especially the lastSeveral months following his surgery in April, Larry plans to celebrate his 86th birthday this weekend watching the Alabama game with family and close friends.”Munson has been calling only home games for past two seasons. His last game was the Georgia game against Central Michigan on Sept. 6. Georgia won, 56-17.“I want to thank Larry Munson on behalf of this great university for 42 dedicated years of delivering the Georgia Bulldogs to fans on fall Saturday’s around the world,” UGA Director of Athletics Damon Evans said in a press release announcing Munson’s retirement. “I truly appreciate his return at the start of this season from surgery to give us all another opportunity to hear him describe the tradition and pageantry of Georgia football as only he could do it.This is a day that we all knew would come for the Bulldog Nation, Larry Munson is and will always be a part of what is great about being a Georgia Bulldog.”Added UGA President Dr. Michael F. Adams, also in the press release. “Larry Munson has given the bulk of his professional life in the service of the Bulldog Nation and we thank him for it. He has been a unifying element and rallying point for many years. We are grateful for his many contributions and wish for him improved health and many good times to come.”
From AJC.COM By Chip Towers
Larry Munson, the legendary voice of University of Georgia football, suddenly retired Monday. Munson, who has been the play-by-play announcer for the Bulldogs since 1966, will not call Saturday night’s showdown against Alabama in Athens. “I can’t express enough my deep feelings toward the Georgia football fans,” said Munson, 85. “They have been so friendly especially during this most recent period of time. I feel I owe them so much more than I can give. I’ll remember all t
he great times with the Dogs and have the fondest wishes and good luck toward them all.”“Larry made the decision over the weekend after consultation with his family, doctor, and close friends,” said Michael Munson, Larry’s son. “The Munson family would like to thank Cox Radio, the University of Georgia and the Georgia people who have been so supportive of Larry throughout his long career and especially the lastSeveral months following his surgery in April, Larry plans to celebrate his 86th birthday this weekend watching the Alabama game with family and close friends.”Munson has been calling only home games for past two seasons. His last game was the Georgia game against Central Michigan on Sept. 6. Georgia won, 56-17.“I want to thank Larry Munson on behalf of this great university for 42 dedicated years of delivering the Georgia Bulldogs to fans on fall Saturday’s around the world,” UGA Director of Athletics Damon Evans said in a press release announcing Munson’s retirement. “I truly appreciate his return at the start of this season from surgery to give us all another opportunity to hear him describe the tradition and pageantry of Georgia football as only he could do it.This is a day that we all knew would come for the Bulldog Nation, Larry Munson is and will always be a part of what is great about being a Georgia Bulldog.”Added UGA President Dr. Michael F. Adams, also in the press release. “Larry Munson has given the bulk of his professional life in the service of the Bulldog Nation and we thank him for it. He has been a unifying element and rallying point for many years. We are grateful for his many contributions and wish for him improved health and many good times to come.”
From AJC.COM By Chip Towers
What does the treasury bailout mean for mortgages...?
Q: What is the Treasury asking for?
A: The Treasury is asking for $700 billion to buy, own and sell mortgages and mortgage-backed securities. Under the Treasury's proposal, the Cabinet department would be able to buy these assets, sell them and use that money to buy more. The Treasury would have a two-year window to buy securities, beginning with the enactment of the law that would grant the Treasury these powers.
Q: Will I still be able to get a mortgage?
A: It depends upon what type of loan you want.
• Conforming mortgages:
Home loans for $417,000 or less that meet guidelines devised by Fannie Mae and Freddie Mac, the government-controlled housing finance giants. The guidelines require borrowers to have good or excellent credit histories, and to have some equity in their houses -- either by making a down payment (when buying a house) or by having a house that's worth more than the amount borrowed in a refinance.
Mortgages are likely to remain available for qualified borrowers who get conforming loans, as long as they have sufficient equity. To qualify for conforming loans, borrowers might need to have equity of at least 5 percent or sometimes 10 percent or even 20 percent. The amount of necessary equity depends on where the home is, whether it's a condominium and other factors (such as credit history).
People who need to refinance, but owe more than their houses are worth, will not be helped by the powers the Treasury seeks. The Treasury's proposal isn't designed to bail out upside-down homeowners.
• Jumbo mortgages:
Home loans of more than the conforming limit. The jumbo limit varies, depending on location. In some places, it's any mortgage of more than $417,000. In expensive markets such as Los Angeles, it's a loan of more than $729,750. In some places, the limit is in between.
Lenders say jumbo loans, when available, have high rates and fees. This is a result of the credit crunch. If the Treasury's proposal goes through, jumbo loans might become more available and affordable. There's no guarantee of that, though.
• Mortgages insured by the Federal Housing Administration:
Loans for people who have so-so credit histories or who have down payments of only 3 percent or so. Those loans remain available for purchasers and for refinancers who can jump through multiple qualifying hoops.
Q: Help! I've fallen behind on my mortgage and I can't get up! Is the Treasury going to help me?
A: No. The Treasury plan is a bailout for financial institutions, not for homeowners who are in danger of losing their homes in foreclosure. However, Treasury Secretary Henry Paulson contends that the plan will help all homeowners in the long run. "The biggest help we can give to the American people is to stabilize the financial system right now and prevent it from clogging up," Paulson said Sunday in an interview on ABC's "This Week With George Stephanopoulos."
Paulson added: "We've been working to help homeowners for a long time. ... It sure seems to me that, as we buy these mortgage-backed assets, we'll have more leverage in working on the kinds of programs we need to work on. The key question is we want to help those homeowners who want to stay in their home and have the financial ability to stay in their home." So far, Paulson said, most foreclosures are from people who don't want to stay in their homes or never could afford their homes "as a result of irresponsible lending practices."
Q: My house has been falling in value for more than two years. Will this action reverse that decline?
A: No, and it's not designed to. In fact, the sooner house prices hit bottom, the quicker the economy will recover from this credit crisis. Some homeowners might not want values to fall more, but lower prices eventually will make houses more affordable for first-time buyers, as well as for some homeowners who want to move up or move down.
Q: What are the limits on the broad power that the Treasury is asking for?
A: The secretary of the Treasury would be required to submit reports to six congressional committees, twice yearly. The Treasury would have the power to award no-bid contracts without congressional review. Furthermore, according to the proposal: "Decisions by the Secretary pursuant to the authority of this Act are nonreviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." That means no one could sue the Treasury for causing them economic harm. This ban on lawsuits and administrative actions will affect mortgage investors more directly than it will affect homeowners.
Q: How does the Treasury's proposal differ from the Resolution Trust Corp., which the government set up to sell real estate after the savings-and-loan crisis of the 1980s?
A: The Resolution Trust Corp., or RTC, sold the real estate from failed financial institutions.
The Treasury doesn't plan to sell real estate. Its ultimate aim is to prevent financial institutions from failing. The Treasury's plan is an entirely different animal from the RTC. People who refer to the Treasury's proposal as an "RTC-style" bailout are mischaracterizing the plan. You should be skeptical of what they say. Instead of taking and selling real estate, the Treasury plans to buy and sell mortgage-backed securities and possibly mortgages themselves. The goal is to get bad mortgage-related debt off the books of financial institutions all over the world. That, in turn, is supposed to increase the confidence that financial institutions have in one another so that they'll lend money among themselves. The result is supposed to be a stronger global financial system that freely lends to consumers and businesses.
By Holden Lewis • Bankrate.com
Q: What is the Treasury asking for?
A: The Treasury is asking for $700 billion to buy, own and sell mortgages and mortgage-backed securities. Under the Treasury's proposal, the Cabinet department would be able to buy these assets, sell them and use that money to buy more. The Treasury would have a two-year window to buy securities, beginning with the enactment of the law that would grant the Treasury these powers.
Q: Will I still be able to get a mortgage?
A: It depends upon what type of loan you want.
• Conforming mortgages:
Home loans for $417,000 or less that meet guidelines devised by Fannie Mae and Freddie Mac, the government-controlled housing finance giants. The guidelines require borrowers to have good or excellent credit histories, and to have some equity in their houses -- either by making a down payment (when buying a house) or by having a house that's worth more than the amount borrowed in a refinance.
Mortgages are likely to remain available for qualified borrowers who get conforming loans, as long as they have sufficient equity. To qualify for conforming loans, borrowers might need to have equity of at least 5 percent or sometimes 10 percent or even 20 percent. The amount of necessary equity depends on where the home is, whether it's a condominium and other factors (such as credit history).
People who need to refinance, but owe more than their houses are worth, will not be helped by the powers the Treasury seeks. The Treasury's proposal isn't designed to bail out upside-down homeowners.
• Jumbo mortgages:
Home loans of more than the conforming limit. The jumbo limit varies, depending on location. In some places, it's any mortgage of more than $417,000. In expensive markets such as Los Angeles, it's a loan of more than $729,750. In some places, the limit is in between.
Lenders say jumbo loans, when available, have high rates and fees. This is a result of the credit crunch. If the Treasury's proposal goes through, jumbo loans might become more available and affordable. There's no guarantee of that, though.
• Mortgages insured by the Federal Housing Administration:
Loans for people who have so-so credit histories or who have down payments of only 3 percent or so. Those loans remain available for purchasers and for refinancers who can jump through multiple qualifying hoops.
Q: Help! I've fallen behind on my mortgage and I can't get up! Is the Treasury going to help me?
A: No. The Treasury plan is a bailout for financial institutions, not for homeowners who are in danger of losing their homes in foreclosure. However, Treasury Secretary Henry Paulson contends that the plan will help all homeowners in the long run. "The biggest help we can give to the American people is to stabilize the financial system right now and prevent it from clogging up," Paulson said Sunday in an interview on ABC's "This Week With George Stephanopoulos."
Paulson added: "We've been working to help homeowners for a long time. ... It sure seems to me that, as we buy these mortgage-backed assets, we'll have more leverage in working on the kinds of programs we need to work on. The key question is we want to help those homeowners who want to stay in their home and have the financial ability to stay in their home." So far, Paulson said, most foreclosures are from people who don't want to stay in their homes or never could afford their homes "as a result of irresponsible lending practices."
Q: My house has been falling in value for more than two years. Will this action reverse that decline?
A: No, and it's not designed to. In fact, the sooner house prices hit bottom, the quicker the economy will recover from this credit crisis. Some homeowners might not want values to fall more, but lower prices eventually will make houses more affordable for first-time buyers, as well as for some homeowners who want to move up or move down.
Q: What are the limits on the broad power that the Treasury is asking for?
A: The secretary of the Treasury would be required to submit reports to six congressional committees, twice yearly. The Treasury would have the power to award no-bid contracts without congressional review. Furthermore, according to the proposal: "Decisions by the Secretary pursuant to the authority of this Act are nonreviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." That means no one could sue the Treasury for causing them economic harm. This ban on lawsuits and administrative actions will affect mortgage investors more directly than it will affect homeowners.
Q: How does the Treasury's proposal differ from the Resolution Trust Corp., which the government set up to sell real estate after the savings-and-loan crisis of the 1980s?
A: The Resolution Trust Corp., or RTC, sold the real estate from failed financial institutions.
The Treasury doesn't plan to sell real estate. Its ultimate aim is to prevent financial institutions from failing. The Treasury's plan is an entirely different animal from the RTC. People who refer to the Treasury's proposal as an "RTC-style" bailout are mischaracterizing the plan. You should be skeptical of what they say. Instead of taking and selling real estate, the Treasury plans to buy and sell mortgage-backed securities and possibly mortgages themselves. The goal is to get bad mortgage-related debt off the books of financial institutions all over the world. That, in turn, is supposed to increase the confidence that financial institutions have in one another so that they'll lend money among themselves. The result is supposed to be a stronger global financial system that freely lends to consumers and businesses.
By Holden Lewis • Bankrate.com
Friday, September 19, 2008
Tips for Helping You Boost Your Credit Scores and Strengthen Your Financial Footing...
RISMEDIA, Sept. 16, 2008-It is a three-digit score that can shape your financial future, whether you plan to buy a new car or qualify for a reasonable mortgage loan to buy the home of your dreams. Your credit score is a determining factor in whether you obtain financing and at what cost, and there’s never been a better time to clean up your credit history and boost your score.
“With today’s tightened credit market and lenders becoming more selective about issuing loans, a good credit score has become more important than ever,” says David Hanna, president of the Chicago Association of REALTORS®. “Lenders consider credit scores when determining the risk associated with a loan application, especially for people looking to buy a home. REALTORS® know well that credit can be the difference between simply finding the home of your dreams and actually buying the home of your dreams.”
The first step in improving your credit score is to know where you stand. Your credit records have been reduced to a three-digit score commonly known as a FICO, or Fair Isaac & Co., score. Each of the three major credit bureaus (TransUnion, Experian and Equifax) have assigned a score that shows how likely you are to pay back a loan on time - the higher the score, the lower your presumed risk of default. By law, you may obtain one free report annually from each bureau online at www.AnnualCreditReport.com. By accessing your credit information one agency at a time, you can get a free credit report three times a year.
The average U.S. credit score is 694, according to Experian’s National Score Index. FICO credit scores can range from 300 to 850 and are based on the length of your credit history, the mix of credit you already have, and your number of recent credit applications.
Once you know your FICO score, you can work toward improving it. But improving your credit score can require time and commitment.
Here are some valuable tips to get you started:
- Pay your bills on time. Your payment history, including late payments and foreclosures, can count for one-third of your credit score. Accounts more than 60 days past due will be indicated on your credit report. As the length of your on-time payments increase, so too will your score.
- Check your credit report for errors. Removing errors, especially those negatively reflecting late payments or unpaid credit, is one of the easiest ways to improve a credit score. Look for expired negative records and file a dispute if necessary.
- Reduce your balances. One-third of your FICO score depends on the total amount of balances you owe versus your total credit limit. Try to keep your balances less than 80% of your credit limit to maximize your score benefit. Start with those credit cards that are closest to their limits.
- Keep older credit lines open. Having a long history of active accounts indicated to lenders that you are a good credit risk. It also accounts for 10% of your credit score. Try to use your oldest cards regularly for small purchases and pay balances each month.
- Use credit - but use it responsibly. This includes having credit cards and installment loans with timely payments. Accounting for 15% of your score, a balanced account including a mortgage payment can help homeowners boost their score.
- Avoid new credit. Opening new credit will lower your average account age. In addition, the number of new applications counts for 10% of your score. Under the Fair Credit Reporting Act, you may limit “prescreened” offers by removing your name from nationwide lists. Apply in moderation and take on new credit only when you need it.
- Check regularly for identity theft. Agencies may only provide your information to those with a valid need, such as a creditor or insurer. In addition, you must give consent for this information to be seen by an employer.
For most, credit is a way of life. Installment payments and credit cards can be useful financial tools if they are kept under control, but many let credit control them.
“A good credit score is a consumer’s financial calling card, and it is important that they do everything they can to boost their score and put themselves on the best financial footing possible,” says Hanna.
Tuesday, September 16, 2008
"Son, it's just like being 20, only with something seriously wrong with your damn body."...
This is a quote from an article by Steve Thompson in his AT LARGE column in the September 8, 2008 issue of AutoWeek magazine and in the story is the answer to this question: A kid asks the old guy to describe being 60 (or 70 or 80), and he replies, "Son, it's just like being 20, only with something seriously wrong with your damn body."
And that is the good thing about our memory, as we get older, we can remember the good times and relive those over and over again , even if it is difficult or impossible to actually do them again.
As I approach the ripe old age of 62, I am not yet at that point but I assume that at some time in the future I will express the same sentiment.
As Bob Hope used to sing "Thanks For The Memory".
This is a quote from an article by Steve Thompson in his AT LARGE column in the September 8, 2008 issue of AutoWeek magazine and in the story is the answer to this question: A kid asks the old guy to describe being 60 (or 70 or 80), and he replies, "Son, it's just like being 20, only with something seriously wrong with your damn body."
And that is the good thing about our memory, as we get older, we can remember the good times and relive those over and over again , even if it is difficult or impossible to actually do them again.
As I approach the ripe old age of 62, I am not yet at that point but I assume that at some time in the future I will express the same sentiment.
As Bob Hope used to sing "Thanks For The Memory".
Thursday, September 11, 2008
Tuesday, September 9, 2008
Fannie, Freddie Takeover Keeps Mortgages Flowing...
The federal government's sweeping takeover of mortgage market giants Fannie Mae and Freddie Mac is expected to have positive short-term benefits to the real estate market and opens the door for the industry to shape the restructuring of the companies.
The NATIONAL ASSOCIATION OF REALTORS® commended the Treasury Department's decision, which it said will bring much-needed stability and continued liquidity to the nation’s mortgage market.
"This demonstrates that the government is clearly committed to keeping the flow of capital uninterrupted, which is crucial to the housing sector and the economy," NAR President Richard F. Gaylord said in a statement Monday.
Fannie and Freddie own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt.
"Fannie Mae and Freddie Mac play a vital role in the
What the Plan Involves
Under the Treasury Department's action, the two government-sponsored enterprises are placed in a government conservatorship and overseen by two government-appointed chiefs, former Merrill Lynch vice chairman Herbert Allison at Fannie Mae and former U.S. Bancorp CFO David Moffett at Freddie Mac.
Daniel Mudd, who led Fannie Mae for the last few years, and Richard Syron, his counterpart at Freddie Mac, have been relieved of their jobs.
The federal government is taking up to an 80 percent stake in the companies and will review their financial condition on a quarterly basis, injecting money into their operations as needed. The government is directing the companies to help stabilize housing markets by requiring them to increase their mortgage funding over the next year and a half.
For the long-term, the companies and their regulator, the Federal Housing Finance Agency, will begin planning for a major reorganization of their operations, away from their current 100-percent, privately owned model.
According to news reports, one of the models being discussed is something akin to a public utility, in which the government sets limits on the amount of annual return on equity to shareholders.
Positive Real Estate Impact
For the real estate industry, the short term impact is expected to be positive, says NAR Chief Economist Lawrence Yun. With the government now explicitly backing the companies' mortgage obligations, the market for the GSE securities will be treated more like Treasurys, thereby exerting downward pressure on rates, he says.
That will help drive a positive cycle of investment as investors return to the market, further lowering rates and generating funds to lenders to expand their mortgage loan operations. That is expected to help speed up housing sales in markets across the country and help stabilize home prices.
The main down side to the federal intervention will be felt by the companies' current shareholders, who will no longer receive dividend payments and whose holdings are diluted by the equity stake of the federal government.
Looking ahead, the directive for the companies and their regulator to start work on their long-term restructuring opens the door for NAR to help shape that process, and the association already has a process underway to do that, say NAR legislative and regulatory affairs analysts.
From: REALTOR® Magazine Online
Copyright THE NATIONAL ASSOCIATION OF REALTORS®
Monday, September 8, 2008
Morgan is home...
Our Yorkshire Terrier, Morgan, is finally back home after his almost two week stay at the vet to have his collapsed trachea repaired.
As mentioned in an earlier post, the vet inserted a stent into his lower trachea where the problem had occurred. This seems to have done the trick and he is back to normal, as is Bridgette, his crazy cousin, who continues to show that she is the Alpha dog.
We are glad to have him home!
If you ever need emergency help for one of your pets, we cannot say enough good things about Georgia Veterinary Specialists and Emergency Care, especially Dr. Jenya Katz, DVM and Dr. Derek Duval, VMD. Thank you very much!
Our Yorkshire Terrier, Morgan, is finally back home after his almost two week stay at the vet to have his collapsed trachea repaired.
As mentioned in an earlier post, the vet inserted a stent into his lower trachea where the problem had occurred. This seems to have done the trick and he is back to normal, as is Bridgette, his crazy cousin, who continues to show that she is the Alpha dog.
We are glad to have him home!
If you ever need emergency help for one of your pets, we cannot say enough good things about Georgia Veterinary Specialists and Emergency Care, especially Dr. Jenya Katz, DVM and Dr. Derek Duval, VMD. Thank you very much!
Wednesday, September 3, 2008
Why Buy Now...?
By Seth Weissman (reprinted from Atlanta Life Magazine September, 2008)
Purchasing a home in the next six months might be the smartest thing you’ve done all year
Bottoms of real estate markets never announce themselves with fanfare. Economists generally only determine the exact bottom long after the market has sharply rebounded. My prediction is that when the dust finally settles, the experts will look back on the time period between now and the presidential election as the best time to have purchased a home.Why is this the case? There are several interrelated reasons.
The first is that the housing market in the metropolitanAtlanta area is far healthier than most housing markets in the United States
Second, for the moment, the Federal Reserve (Fed) is more concerned about encouraging growth than controlling inflation. Don’t expect this to last. If inflation remains high, look for the Fed to start raising rates right after the presidential election. This, along with the turmoil in the secondary mortgage market, is likely to drive up mortgage interest rates. This will make the effective cost of housing much higher than it is now even if prices continue to fall somewhat or remain flat. Let’s look at the following example to understand why this is the case.
Let’s say that a buyer gets a good deal on a property at $320,000with a 30-year mortgage for 90 percent of the purchase price at an interest rate of 6.25 percent. The buyer’s monthly mortgage payment will be $1,773.27. Now, let’s say that the buyer gets a great deal on the same house at $300,000 but interest rates on the same 90-percentloan are now 7.25 percent. Even though the buyer is borrowing less, the monthly mortgage payment is $1,841.88. In other words, the buyer who waited for the great price actually ended up paying more for the property than the buyer who paid a little more but got a better mortgage interest rate.
Rising mortgage interest rates could drive housing prices even lower. My bet, based on the above example, is that the effective increase in housing costs resulting from rising mortgage interest rates will not be offset by further decreases in property values.
What does this all mean? The answer is that there is likely a short-term window of opportunity to get the best deal in this down cycle of the housing market.
Where are the best deals? Well, remember that the entire housing market is on sale right now. The houses that are most deeply discounted are foreclosed homes presently owned by various lending institutions. These are sometimes referred to as “REO” properties or real estate owned. It’s not a bad place to start your search for a home. However, there is one major caveat to this suggestion: There is a big difference between price and value. The house that is the most deeply discounted from a price perspective is not always the best long-term housing value. If a house is functionally obsolete, in a less than ideal location and/or in a mediocre school district, the long-term value of the house may not be as good as a higher priced home where these things are not an issue. For buyers interested in value, focus on the following four factors:
1. Location: Buyers want to be close to work, shopping centers, healthcare and recreation. This is even more true with the rising cost of gas.
2. School district: Quality public schools always have been a huge factor for most buyers.
3. Quality: Buyers want a well-built house.
4. Design and functionality: Many houses become functionally obsolete because of a lack of closets, size of bathrooms, layout of kitchens, height of ceilings or architectural design.
If the house is being bought for investment purposes, the price point of the house is far more important than when the house is being purchased to live in. Look for lower priced homes that will appeal to a broad rental market.
If you have been sitting on the fence, it is finally time to move!
By Seth Weissman (reprinted from Atlanta Life Magazine September, 2008)
Purchasing a home in the next six months might be the smartest thing you’ve done all year
Bottoms of real estate markets never announce themselves with fanfare. Economists generally only determine the exact bottom long after the market has sharply rebounded. My prediction is that when the dust finally settles, the experts will look back on the time period between now and the presidential election as the best time to have purchased a home.Why is this the case? There are several interrelated reasons.
The first is that the housing market in the metropolitan
Second, for the moment, the Federal Reserve (Fed) is more concerned about encouraging growth than controlling inflation. Don’t expect this to last. If inflation remains high, look for the Fed to start raising rates right after the presidential election. This, along with the turmoil in the secondary mortgage market, is likely to drive up mortgage interest rates. This will make the effective cost of housing much higher than it is now even if prices continue to fall somewhat or remain flat. Let’s look at the following example to understand why this is the case.
Let’s say that a buyer gets a good deal on a property at $320,000with a 30-year mortgage for 90 percent of the purchase price at an interest rate of 6.25 percent. The buyer’s monthly mortgage payment will be $1,773.27. Now, let’s say that the buyer gets a great deal on the same house at $300,000 but interest rates on the same 90-percentloan are now 7.25 percent. Even though the buyer is borrowing less, the monthly mortgage payment is $1,841.88. In other words, the buyer who waited for the great price actually ended up paying more for the property than the buyer who paid a little more but got a better mortgage interest rate.
Rising mortgage interest rates could drive housing prices even lower. My bet, based on the above example, is that the effective increase in housing costs resulting from rising mortgage interest rates will not be offset by further decreases in property values.
What does this all mean? The answer is that there is likely a short-term window of opportunity to get the best deal in this down cycle of the housing market.
Where are the best deals? Well, remember that the entire housing market is on sale right now. The houses that are most deeply discounted are foreclosed homes presently owned by various lending institutions. These are sometimes referred to as “REO” properties or real estate owned. It’s not a bad place to start your search for a home. However, there is one major caveat to this suggestion: There is a big difference between price and value. The house that is the most deeply discounted from a price perspective is not always the best long-term housing value. If a house is functionally obsolete, in a less than ideal location and/or in a mediocre school district, the long-term value of the house may not be as good as a higher priced home where these things are not an issue. For buyers interested in value, focus on the following four factors:
1. Location: Buyers want to be close to work, shopping centers, healthcare and recreation. This is even more true with the rising cost of gas.
2. School district: Quality public schools always have been a huge factor for most buyers.
3. Quality: Buyers want a well-built house.
4. Design and functionality: Many houses become functionally obsolete because of a lack of closets, size of bathrooms, layout of kitchens, height of ceilings or architectural design.
If the house is being bought for investment purposes, the price point of the house is far more important than when the house is being purchased to live in. Look for lower priced homes that will appeal to a broad rental market.
If you have been sitting on the fence, it is finally time to move!
Seth Weissman is a senior partner in the real estate and litigation
law firm of Weissman, Nowack, Curry & Wilco, P.C. He can be
reached at seth@wncwlaw.com.
Update on Morgan...
I wonder if this is the case?
The surgical procedure for Morgan has been delayed due to the non-availability of the stent that is to be inserted into his trachea. The vets at Georgia Veterinary Specialists are hoping to have the stent this Friday m
orning and if so will perform the surgery Friday afternoon. As it is necessary to keep Morgan calm so as not to exacerbate his breathing issues, we decided to leave him at the vet until the surgery can be performed. With his crazy cousin Bridgette (notice how she likes to share her toys!)
and the two cats, R.C. and Rags in
the house, it is doubtful that he would get any rest.
With Morgan not around, it seems as if Bridgette mopes a bit, as if she realizes he is not here and misses him.
orning and if so will perform the surgery Friday afternoon. As it is necessary to keep Morgan calm so as not to exacerbate his breathing issues, we decided to leave him at the vet until the surgery can be performed. With his crazy cousin Bridgette (notice how she likes to share her toys!)and the two cats, R.C. and Rags in
the house, it is doubtful that he would get any rest.I wonder if this is the case?
Tuesday, August 26, 2008
Surgery for Morgan...
We have a house full of pets, two dogs, a male and female Yorkshire Terrier and two Ragdoll cats.
Our oldest Yorkie, Morgan, began experiencing great difficulty breathing last night, to the point that I was concerned that he m
ight suffocate. I had Morgan at our veterinarian, Dominique Rouvet, DVM, at North Hills Animal Hospital first thing this morning and she deduced that he may have an airway blockage but wanted him further examined at Georgia Veterinary Specialists and Emergency Care. After several X-Rays, Morgan was diagnosed with a collapsed trachea, a not uncommon malady in small dogs.
The good news is the problem can be remedied by surgery and the insertion of a stent to keep the collapsed airway open.
The surgery is scheduled for next week and the vet does not expect any complications.
To that end, I wanted to share a story that was forwarded to Dale and I from Mel, our long time good friend from Charlotte.
If you have or ever had a dog, you will truly enjoy this:
A Dog's Purpose
We have a house full of pets, two dogs, a male and female Yorkshire Terrier and two Ragdoll cats.
Our oldest Yorkie, Morgan, began experiencing great difficulty breathing last night, to the point that I was concerned that he m
ight suffocate. I had Morgan at our veterinarian, Dominique Rouvet, DVM, at North Hills Animal Hospital first thing this morning and she deduced that he may have an airway blockage but wanted him further examined at Georgia Veterinary Specialists and Emergency Care. After several X-Rays, Morgan was diagnosed with a collapsed trachea, a not uncommon malady in small dogs.The good news is the problem can be remedied by surgery and the insertion of a stent to keep the collapsed airway open.
The surgery is scheduled for next week and the vet does not expect any complications.
To that end, I wanted to share a story that was forwarded to Dale and I from Mel, our long time good friend from Charlotte.
If you have or ever had a dog, you will truly enjoy this:
A Dog's Purpose
Being a veterinarian, I had been called to examine
a ten-year-old Irish Wolfhound named Belker. The
dog's owners, Ron, his wife Lisa, and their little
boy Shane, were all very attached to Belker, and
they were hoping for a miracle.
I examined Belker and found he was dying of
cancer. I told the family we couldn't do anything
for Belker, and offered to perform the euthanasia procedure for the old dog in their home. As we made arrangements, Ron and Lisa told me they thought it would be good for six-year-old Shane to observe the procedure. They felt as though Shane might learn something from the experience.
The next day, I felt the familiar catch in my
throat as Belker's family surrounded him. Shane
seemed so calm, petting the old dog for the last
time, that I wondered if he understood what was
going on. Within a few minutes, Belker slipped
peacefully away.
The little boy seemed to accept Belker's
transition without any difficulty or confusion. We
sat together for a while after Belker's death,
wondering aloud about the sad fact that animal lives are shorter than human lives. Shane, who had been listening quietly, piped up, 'I know why.'
Startled, we all turned to him. What came out of
his mouth next stunned me. I'd never heard a more
comforting explanation.
He said, 'People are born so that they can learn
how to live a good life - - like loving everybody
all the time and being nice, right?' The
six-year old continued, 'Well, dogs already know how to do that, so they don't have to stay as long .'
a ten-year-old Irish Wolfhound named Belker. The
dog's owners, Ron, his wife Lisa, and their little
boy Shane, were all very attached to Belker, and
they were hoping for a miracle.
I examined Belker and found he was dying of
cancer. I told the family we couldn't do anything
for Belker, and offered to perform the euthanasia procedure for the old dog in their home. As we made arrangements, Ron and Lisa told me they thought it would be good for six-year-old Shane to observe the procedure. They felt as though Shane might learn something from the experience.
The next day, I felt the familiar catch in my
throat as Belker's family surrounded him. Shane
seemed so calm, petting the old dog for the last
time, that I wondered if he understood what was
going on. Within a few minutes, Belker slipped
peacefully away.
The little boy seemed to accept Belker's
transition without any difficulty or confusion. We
sat together for a while after Belker's death,
wondering aloud about the sad fact that animal lives are shorter than human lives. Shane, who had been listening quietly, piped up, 'I know why.'
Startled, we all turned to him. What came out of
his mouth next stunned me. I'd never heard a more
comforting explanation.
He said, 'People are born so that they can learn
how to live a good life - - like loving everybody
all the time and being nice, right?' The
six-year old continued, 'Well, dogs already know how to do that, so they don't have to stay as long .'
Sunday, August 24, 2008
Honest and straightforward...
During my morning walk today I was listening to a talk show on WSB, 750 AM in Atlanta. This was a weekly Sunday morning show, usually hosted by Mike Kavanagh and his program is known as Money Matters. This morning however, Mike was on vacation and the show was hosted by a WSB producer and the guest was Mike Rose, a Senior Mortgage Loan Officer with Bank of America. The subject of the program was mortgages and the Real Estate market, a subject near and dear to me.
What impressed me the most and what I found most refreshing, was that Mr. Rose's answers to all of the caller's questions were always honest and straightforward and to the point. And in several instances, probably not the answer that the caller wanted to hear.
And more of that is exactly what is needed during this correction of the real estate market.
Straight answers to the difficult questions.
Thank you Mr. Rose!
During my morning walk today I was listening to a talk show on WSB, 750 AM in Atlanta. This was a weekly Sunday morning show, usually hosted by Mike Kavanagh and his program is known as Money Matters. This morning however, Mike was on vacation and the show was hosted by a WSB producer and the guest was Mike Rose, a Senior Mortgage Loan Officer with Bank of America. The subject of the program was mortgages and the Real Estate market, a subject near and dear to me.
What impressed me the most and what I found most refreshing, was that Mr. Rose's answers to all of the caller's questions were always honest and straightforward and to the point. And in several instances, probably not the answer that the caller wanted to hear.
And more of that is exactly what is needed during this correction of the real estate market.
Straight answers to the difficult questions.
Thank you Mr. Rose!
Friday, August 22, 2008
"Age is a case of mind over matter. If you don't mind, it don't matter" LeRoy "Satchel" Paige...
I recently completed a continuing education course and earned the designation of Seniors Real Estate Specialist (SRES®). I figured that since I am considered a senior (I am a baby boomer born in 1946, but baby boomers do not like to be called "Seniors"as I learned), I need to know what it takes to service this very large group of consumers.
"Satchel" Paige one of the greatest baseball pitchers of all times and a legendary storyteller said: "Age is a case of mind over matter. If you don't mind, it don't matter" and "How old would you be if you didn't know how old you were?" Those sentiments certainly apply to the "Seniors" that I read about in an article this week on the Atlanta Journal and Constitution web site, AJC.COM.
Senior Citizens Services of MetropolitanAtlanta Atlanta
Consider the gentleman pictured below:
Truett Cathy, 87,
founder and chairman of Chick-fil-A, represents the business group. Accomplishments: Pioneered the concept of restaurants in malls. Established the WinShape Foundation in 1984. Winner of numerous humanitarian awards. Quote: "At 87 years of age, any day I can get up and put my shoes on is a good and blessed day!"
If you loveAtlanta
I recently completed a continuing education course and earned the designation of Seniors Real Estate Specialist (SRES®). I figured that since I am considered a senior (I am a baby boomer born in 1946, but baby boomers do not like to be called "Seniors"as I learned), I need to know what it takes to service this very large group of consumers.
"Satchel" Paige one of the greatest baseball pitchers of all times and a legendary storyteller said: "Age is a case of mind over matter. If you don't mind, it don't matter" and "How old would you be if you didn't know how old you were?" Those sentiments certainly apply to the "Seniors" that I read about in an article this week on the Atlanta Journal and Constitution web site, AJC.COM.
Senior Citizens Services of Metropolitan
Consider the gentleman pictured below:
Truett Cathy, 87,
founder and chairman of Chick-fil-A, represents the business group. Accomplishments: Pioneered the concept of restaurants in malls. Established the WinShape Foundation in 1984. Winner of numerous humanitarian awards. Quote: "At 87 years of age, any day I can get up and put my shoes on is a good and blessed day!"If you love
Our first post...
Welcome to the Randal Group Gab and the first post on our blog.
I am a residential Real Estate Agent living and working in suburban Atlanta, Georgia.
My wife Dale is my business partner in The Randal Group and we both are affiliated with RE/MAX Greater Atlanta, the largest RE/MAX franchise in Atlanta and one of the largest RE/MAX franchises in the country.
Dale is Managing Broker of RE/MAX Greater Atlanta/InTown, an office of 70 plus Real Estate Agents and I handle the day to day interaction with the clients of The Randal Group, the buying and selling of residential Real Estate.
Our hope for this blog is to bring you not only our impressions of the residential Real Estate market in Atlanta, but our impressions of life itself.
Welcome to the Randal Group Gab and the first post on our blog.
I am a residential Real Estate Agent living and working in suburban Atlanta, Georgia.
My wife Dale is my business partner in The Randal Group and we both are affiliated with RE/MAX Greater Atlanta, the largest RE/MAX franchise in Atlanta and one of the largest RE/MAX franchises in the country.
Dale is Managing Broker of RE/MAX Greater Atlanta/InTown, an office of 70 plus Real Estate Agents and I handle the day to day interaction with the clients of The Randal Group, the buying and selling of residential Real Estate.
Our hope for this blog is to bring you not only our impressions of the residential Real Estate market in Atlanta, but our impressions of life itself.
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