URGENT!! Don't let the media spook you!! You do not have to have 20% down to obtain a home loan, we are financing people with a minimum of 3% down and even 0% down on special programs and areas. Right now is the perfect time to buy a home, it is the largest investment you and your family will make. If you do not own a home or are interested in moving to a new one please call us. We can find a program that will best suit your needs.
Lisa Warren
Branch Manager
Contact Kelly Martin For More Information.
Direct line 817-881-1612
Wednesday, October 29, 2008
Tuesday, October 28, 2008
$4 Billion in Federal Grants for Foreclosed and Abandoned Homes
Written by: Trista Winnie
Click a star to rate.
Federal grants—to the tune of nearly $4 billion—will be distributed to state and local governments in an effort to help them buy foreclosed and abandoned homes. A spreadsheet, created by researchers at the Local Initiatives Support Corp. (LISC) documents how widespread subprime lending and delinquency and foreclosure rates in more than 1,000 markets, according to Inman News. This spreadsheet could play a role in determining the allocation of the $4 billion in federal grants. (Download the spreadsheet as an xls here.)
"State and local governments must submit an action plan by Dec. 1 detailing how they will distribute the Neighborhood Stabilization Program funds, which are supposed to go to high-risk areas with the greatest percentage of subprime loans and foreclosures," according to Inman News.
The Neighborhood Stabilization Program was created by Congress in July, and last month, the U.S. Department of Housing and Urban Development allocated $3.92 billion to the program in the form of 300 grants. "States receiving the largest allocations include California ($530 million), Florida ($541 million), Michigan ($264 million), Ohio ($258 million) and Texas ($178 million)," according to Inman News.
To determine which areas will get the grants, LISC developed a metric they call a "foreclosure needs score" for a geographic area. These geographic areas are defined by the Community Development Block Grant (CDBG) level and the scores are defined by measures of subprime lending, foreclosures and delinquency from McDash Analytics and vacancy rates from the U.S. Postal Service, according to HousingPolicy.org. LISC is planning to create foreclosure needs scores at the ZIP code level in the future.
Although the spreadsheet was not intended for real estate investors, it contains the type of data that makes it seem tailor-made for them: "vacancy ratios and the number and percentage of delinquencies, foreclosures and real-estate-owned properties in hundreds of individual housing markets, as well as the number and percentage of subprime loans," according to Inman News.
The information could prove useful both to real estate investors who seek out foreclosures as investment opportunities and those who want to avoid them. While investing in a foreclosure could mean a great deal on a property for an investor, those who are searching for a property to use as their primary residence might want to avoid areas with lots of foreclosures, because a higher number of foreclosures in an area has been shown to correlate with an increased crime rate. A 2005 study by the Federal Reserve Bank of Chicago found "that higher foreclosure levels do contribute to higher levels of violent crime....A standard deviation increase in the foreclosure rate (about 2.8 foreclosures for every 100 owner-occupied properties in one year) corresponds to an increase in neighborhood violent crime of approximately 6.7 percent."
HUD also has extensive information on a Neighborhood Stabilization Program page on its website, which contains information such as income limits for the program, along with foreclosure rates and foreclosure and abandonment risk scores for various markets.
Click a star to rate.
Federal grants—to the tune of nearly $4 billion—will be distributed to state and local governments in an effort to help them buy foreclosed and abandoned homes. A spreadsheet, created by researchers at the Local Initiatives Support Corp. (LISC) documents how widespread subprime lending and delinquency and foreclosure rates in more than 1,000 markets, according to Inman News. This spreadsheet could play a role in determining the allocation of the $4 billion in federal grants. (Download the spreadsheet as an xls here.)
"State and local governments must submit an action plan by Dec. 1 detailing how they will distribute the Neighborhood Stabilization Program funds, which are supposed to go to high-risk areas with the greatest percentage of subprime loans and foreclosures," according to Inman News.
The Neighborhood Stabilization Program was created by Congress in July, and last month, the U.S. Department of Housing and Urban Development allocated $3.92 billion to the program in the form of 300 grants. "States receiving the largest allocations include California ($530 million), Florida ($541 million), Michigan ($264 million), Ohio ($258 million) and Texas ($178 million)," according to Inman News.
To determine which areas will get the grants, LISC developed a metric they call a "foreclosure needs score" for a geographic area. These geographic areas are defined by the Community Development Block Grant (CDBG) level and the scores are defined by measures of subprime lending, foreclosures and delinquency from McDash Analytics and vacancy rates from the U.S. Postal Service, according to HousingPolicy.org. LISC is planning to create foreclosure needs scores at the ZIP code level in the future.
Although the spreadsheet was not intended for real estate investors, it contains the type of data that makes it seem tailor-made for them: "vacancy ratios and the number and percentage of delinquencies, foreclosures and real-estate-owned properties in hundreds of individual housing markets, as well as the number and percentage of subprime loans," according to Inman News.
The information could prove useful both to real estate investors who seek out foreclosures as investment opportunities and those who want to avoid them. While investing in a foreclosure could mean a great deal on a property for an investor, those who are searching for a property to use as their primary residence might want to avoid areas with lots of foreclosures, because a higher number of foreclosures in an area has been shown to correlate with an increased crime rate. A 2005 study by the Federal Reserve Bank of Chicago found "that higher foreclosure levels do contribute to higher levels of violent crime....A standard deviation increase in the foreclosure rate (about 2.8 foreclosures for every 100 owner-occupied properties in one year) corresponds to an increase in neighborhood violent crime of approximately 6.7 percent."
HUD also has extensive information on a Neighborhood Stabilization Program page on its website, which contains information such as income limits for the program, along with foreclosure rates and foreclosure and abandonment risk scores for various markets.
Governor discusses Tex. economyDallas Business Journal - by W. Scott Bailey
The current state of the national economy has left its fiscal and political scars on people and places across the United States.
But in Texas, Gov. Rick Perry says the Lone Star State has managed to absorb the one-two punch of a national economic crisis and a devastating hurricane — Ike, which rolled through Texas in early September.
Perry was sworn in as the 47th governor in December 2000. Achieving economic success, he says, has not been easy.
In early 2003, Perry says Texas lawmakers were dealing with an unexpected $10 billion budget shortfall. And that’s when he says state leaders knew they had to make some tough financial decisions.
“We lowered taxes, we prioritized spending and we focused on the essentials,” Perry says.
He says that effort helped build the foundation for the economic stability Texas has enjoyed at a time when other states are struggling with the fallout from the economic meltdown.
“Today, we’re the number-one exporting state in the nation,” Perry says. “And we are now the home to more Fortune 500 companies than any other state in the nation. That’s a powerful statement.”
Perry points to what happened in 2003 as a game-changer for Texas.
“That’s when we really sent a powerful message to the people who risk capital, create jobs and create wealth that we were not going to be like other states,” he says.
Eyes wide open
Perry has his share of critics. Some of them question why Texas still leads the nation with the highest percentage of uninsured. Roughly one in four Texans lack health insurance.
And Texas has not been entirely immune to the national economic woes. Early this year, D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas, raised some red flags when she warned that Texas’ housing industry was in for a tough 2008.
A Federal Reserve report published earlier this month suggests Texas experienced a September slowdown affecting retailers, the auto industry and real estate leasing activity.
In recent days, Perry has called upon state agencies in Texas to take measures to cut as much discretionary spending from their budgets as possible. He has also pledged to push for more budgetary transparency.
Texas Comptroller Susan Combs says the Lone Star State took in nearly $1.7 billion in sales tax revenues last month — a nearly 4 percent increase over September 2007 collections.
“While growth remains positive overall, sectors such as construction, retail trade and restaurants are showing signs of slowing down,” Combs says.
Some suggest Texas may need to tread more cautiously in the days ahead.
“We continue to be somewhat exempt in Texas from the national problems — especially in San Antonio,” says Bill Ozer, vice president of San Antonio-based NAI REOC Partners. “But we need to be careful in the investments we make moving forward. We can’t grow blindly.”
Says Perry, “The fact of the matter is that there are some concerns. But we shouldn’t bury our heads in the sand. We shouldn’t go hide in the closet and wait for the financial bogey man to go away.”
Still standing
Perry believes Texas leaders have already taken some proactive steps, which have helped to shield the state from some of the economic storm surge that has hit other parts of the country.
One example was Texas’ decision to enact stronger guidelines for home-equity borrowing and lending. Perry says that has resulted in Texas having one of the lowest levels of mortgage defaults among the nation’s top 10 most populous states.
But in Texas, Gov. Rick Perry says the Lone Star State has managed to absorb the one-two punch of a national economic crisis and a devastating hurricane — Ike, which rolled through Texas in early September.
Perry was sworn in as the 47th governor in December 2000. Achieving economic success, he says, has not been easy.
In early 2003, Perry says Texas lawmakers were dealing with an unexpected $10 billion budget shortfall. And that’s when he says state leaders knew they had to make some tough financial decisions.
“We lowered taxes, we prioritized spending and we focused on the essentials,” Perry says.
He says that effort helped build the foundation for the economic stability Texas has enjoyed at a time when other states are struggling with the fallout from the economic meltdown.
“Today, we’re the number-one exporting state in the nation,” Perry says. “And we are now the home to more Fortune 500 companies than any other state in the nation. That’s a powerful statement.”
Perry points to what happened in 2003 as a game-changer for Texas.
“That’s when we really sent a powerful message to the people who risk capital, create jobs and create wealth that we were not going to be like other states,” he says.
Eyes wide open
Perry has his share of critics. Some of them question why Texas still leads the nation with the highest percentage of uninsured. Roughly one in four Texans lack health insurance.
And Texas has not been entirely immune to the national economic woes. Early this year, D’Ann Petersen, an economist with the Federal Reserve Bank of Dallas, raised some red flags when she warned that Texas’ housing industry was in for a tough 2008.
A Federal Reserve report published earlier this month suggests Texas experienced a September slowdown affecting retailers, the auto industry and real estate leasing activity.
In recent days, Perry has called upon state agencies in Texas to take measures to cut as much discretionary spending from their budgets as possible. He has also pledged to push for more budgetary transparency.
Texas Comptroller Susan Combs says the Lone Star State took in nearly $1.7 billion in sales tax revenues last month — a nearly 4 percent increase over September 2007 collections.
“While growth remains positive overall, sectors such as construction, retail trade and restaurants are showing signs of slowing down,” Combs says.
Some suggest Texas may need to tread more cautiously in the days ahead.
“We continue to be somewhat exempt in Texas from the national problems — especially in San Antonio,” says Bill Ozer, vice president of San Antonio-based NAI REOC Partners. “But we need to be careful in the investments we make moving forward. We can’t grow blindly.”
Says Perry, “The fact of the matter is that there are some concerns. But we shouldn’t bury our heads in the sand. We shouldn’t go hide in the closet and wait for the financial bogey man to go away.”
Still standing
Perry believes Texas leaders have already taken some proactive steps, which have helped to shield the state from some of the economic storm surge that has hit other parts of the country.
One example was Texas’ decision to enact stronger guidelines for home-equity borrowing and lending. Perry says that has resulted in Texas having one of the lowest levels of mortgage defaults among the nation’s top 10 most populous states.
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