USDA Grants Aim to Improve Rural Living

The U.S. Department of Agriculture is taking steps to improve the quality of life in rural areas, which often lack access to modern amenities such as high-speed Internet, affordable electricity, and clean water supplies.



The USDA is extending funding to help reduce energy costs for residents who live in remote rural areas.



"These grants will help home and business owners offset rising energy costs by financing energy efficiency and power generation improvements to deliver energy in a more cost-effective and environmentally appropriate way," says Agriculture Secretary Tom Vilsack.



Many of the communities that will be using the grants to improve energy efficiency are in Alaska.



Source: “Rural Initiatives,” Realty Times
 
 
 

Emily Lee

call/text 606-499-7836

www.HarrogateTnHomes.com

w/The Realty Group II

broker:423-869-5111



States with the highest foreclosure rates

Lenders Repossess 1 Million Homes in 2010


Banks repossessed more than 1 million homes in 2010 and this year is expected to get even worse, according to RealtyTrac, a foreclosure tracking resource. About 5 million borrowers are at least two months behind on their mortgage payments, which industry analysts say will likely lead to lenders taking back even more homes this year as borrowers continue to struggle with job losses and dropping home values.



"2011 is going to be the peak," says Rick Sharga, a senior vice president at RealtyTrac Inc.

One in 45 U.S. households received a foreclosure filing last year, a record high and a 1.67 percent increase from 2009.



Some states are harder hit than others. In Nevada alone, one in every 11 households received a foreclosure filing last year. The state had a 71 percent spike in bank repossessions in December.



Banks in recent months have mostly slowed their pace in evictions, following allegations that they were handled improperly. But Sharga says banks will resume repossessions and the first quarter will likely show a rebound in foreclosure activity.



The states with the highest foreclosure rates:



• Nevada



• Arizona



• Florida



• California



• Utah



• Georgia



• Michigan



• Idaho



• Illinois



• Colorado



Source: “Lenders Take Back 1 Million Homes Last Year Despite Slowdown in Foreclosures in December,” Associated Press (Jan. 13, 2011)

Emily Lee

call/text 606-499-7836

Realty Group II

Broker:423-869-5111

Federal Tax Report

Law Extends Tax Rates, Some Credits

President Obama has signed a massive tax bill that includes numerous provisions of interest to REALTORS® or other people in real estate. Check out the clink below to review the bill.



TAX Summary


EMILY LEE
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REALTY GROUP II
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Pending Home Sales Show Healthy Gain

Pending Home Sales Show Healthy Gain


Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®.



The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.



Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”



Pending home sales by region:



Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.

Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.

South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.

West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.



Source: NAR

 
 

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EMILY LEE

606-499-7836

REALTY GROUP II

423-869-5111

Mortgage Rates Hold Steady

Mortgage Rates Hold Steady

The average rate on 30-year, fixed mortgages held at 5.04 percent for the week ended Sept. 24—down from 6.09 percent a year ago, according to Freddie Mac. Interest on 30-year, fixed loans has declined in the past three weeks, according to Freddie Mac chief economist Frank Nothaft, and the Mortgage Bankers Association reported a 13 percent increase in application volume last week. Other rates performed as follows:

15-year fixed loans dipped for the week from 4.47 percent to 4.46 percent.
Five-year hybrid adjustable-rate mortgages were flat at 4.51 percent.
One-year ARMs fell from 4.58 percent to 4.52 percent.

Source: Wall Street Journal (09/25/09)