Lawrenceville, GA

30 --- Number of places nationwide with "liberty" in their name. The most populous one is Liberty, Missouri (26,232). Iowa has more of these places than any other state: four (Libertyville, New Liberty, North Liberty and West Liberty).

11--- places have "independence" in their name. The most populous of these is Independence, Missouri, with 113,288 residents.

1 -- places adopted the name "freedom." Freedom, California, with 6,000 residents, has the largest population among these. 3-- is one place named "patriot" - Patriot, Indiana, with a population of 202.

5--And what could be more fitting than spending the day in a place called "America"? There are five such places in the country, with the most populous being American Fork, Utah, with 21,941 residents.

$128.8 million
The value of fireworks imported from China, representing the bulk of all U.S. fireworks imports ($135.6 million) in 2002. U.S. exports of fireworks, by comparison, amounted to $13.5 million, with Germany purchasing more than any other single country ($5.0 million).

Although we do not have a fixed menu for the celebration of the Fourth, you can almost count on traditional favorites such as hamburgers and hot dogs, chicken, ribs, garden salads, potato salad, chips and watermelon. Following is a summary of where these foods come from:

• There's a 1-in-6 chance the beef on your backyard grill came from Texas. The Lone Star State is the leader in the production of cattle and calves.
  
• The chicken on your barbecue grill probably came from one of the top broiler-producing states: Georgia, Arkansas, Alabama, North Carolina and Mississippi.
• The lettuce in your salad or on your hamburger probably was grown in California, which accounts for nearly three-quarters of USA lettuce production.
• Fresh tomatoes in your salad most likely came from Florida or California, which, combined, produced more than two-thirds of U.S. tomatoes. The ketchup on your hamburger or hot dog probably came from California, which accounted for 95 percent of processed tomato production last year.
• As to potato salad or potato chips or fries, Idaho and Washington produces about one-half of the nation's spuds.
• For dessert, six states - California, Florida, Texas, Georgia, Arizona and Indiana - combined to produce about 80 percent of watermelons last year.

Friends, food, fireworks and fun. Check out our guide to Atlanta's Fourth of July events.

Peachtree Road Race

Even if you're not a runner, the Peachtree Road Race is an Atlanta tradition. Tailgating for the race is a fun way to support your friends and family who are running - and even if you don't know anyone, you'll love the crazy costumes you'll see on some spirited runners. The route goes straight down Peachtree from Lenox Mall to Piedmont Park and many businesses open early so you can set up camp and watch the race!

Centennial Olympic Park

Atlanta's biggest Fourth of July celebration is in Centennial Olympic Park with a massive fireworks display over the downtown skyline. This year will include a live performance by Vertical Horizon, plus plenty of fun family activities and food vendors for a festival atmosphere. Cool off in the Olympic Rings Fountain at this truly patriotic celebration. Attendees are encouraged to ride Marta.

Lenox Square Fireworks

Gather at Lenox Square Mall as a huge fireworks show lights up the sky in Buckhead. Complete with a kids zone and live music, this celebration has the largest fireworks show in the Southeast. The fun starts at 6 p.m. and goes until 10 p.m.

Decatur Square

The City of Decatur will celebrate the Fourth in the picturesque Decatur Square with a 6 p.m. Pied Piper Parade for kids followed by fireworks at 7 p.m. Kids can decorate a wagon, ride a bike, skate, or walk in this festive parade.

Buckhead Beach Party

The Buckhead Beach Party is a two-day festival on July 4 - 5 featuring popular cover band Drivin and Cryin and of course, 50 tons of sand, turning landlocked Atlanta into a fun beach luau! They will be running a free shuttle to the Lenox Mall fireworks and those with a Peachtree Road Race t-shirt get free admission before 2 p.m. after the big race. Tickets are $10 for a two-day pass.

Atlanta Symphony Orchestra at Verizon Wireless Amphitheater

Family fun, patriotic sing-alongs and anthems, and a fiery post-concert blast! The American Spirit is alive and well and thriving at a rip-roaring Fourth, with the ASO, the vibrantly gifted conductor Bridget Reischl and the formidable US Army Chorus. And don't miss a special fireworks celebration following the concert! Ticket prices vary.

Stone Mountain Park Fantastic Fourth

Celebrate the Fourth at Stone Mountain Park where all of their attractions can turn it in to a whole day of family fun. The nightly Lasershow Spactacular will feature a special patriotic fireworks show.

10 Surprising Facts About the Fourth of July

1. Independence Day commemorates the formal adoption of the Declaration of Independence on July 4, 1776. However, it was not declared a legal holiday until 1941.

2. Fireworks were made in China as early as the 11th century. The Chinese used their pyrotechnic mixtures for war rockets and explosives.

3. Uncle Sam was first popularized during the War of 1812, when the term appeared on supply containers. Believe it or not, the U. S. Congress didn't adopt him as a national symbol until 1961.

4. There are many precise rules for taking care of the American flag. And speaking of flag traditions, we're sorry to report that contrary to legend, historical research has failed to confirm that Betsy Ross sewed the first flag.

5. Not all members of the Continental Congress supported a formal Declaration of Independence, but those who did were passionate about it. One representative rode 80 miles by horseback to reach Philadelphia and break a tie in support of independence.

6. The first two versions of the Liberty Bell were defective and had to be melted down and recast. The third version rang every Fourth of July from 1778 to 1835, when, according to tradition, it cracked as it was being tolled for the death of Chief Justice John Marshall.

7. The American national anthem, the "Star-Spangled Banner," is set to the tune of an English drinking song ("To Anacreon in Heaven").

8. The iron framework of the Statue of Liberty was devised by French engineer Alexandre-Gustave Eiffel, who also built the Eiffel Tower in Paris.

9. The patriotic poem "America the Beautiful" was published on July 4, 1895 by Wellesley College professor Katharine Lee

10. Father of the country and architect of independence George Washington held his first public office at the tender age of 17. He continued in public service until his death in 1799.

The Problem of PMI and Short Sales

A lot of short sale investors become very confused as soon as PMI is mentioned. PMI or Private Mortgage Insurance is that monthly fee many homeowners pay each and every month for what appears like no apparent reason (in their opinion). Of course, there was a reason for it and if you are contemplating a short sale deal, that reason was a valid concern. PMI was created for the express purpose of insuring against default by home buyers that didn't put at least 20 percent down when purchasing a home. The idea was simple enough; real estate rarely ever falls and when it does, it rarely falls by much more than 20 percent. Because the majority of mortgages are amortized, the closing costs and larger up-front payments effectively reduce the risk even more. To compensate for the difference between anticipated losses and the actual loss of any profit (after taking amortization etc into account) the homeowner would be forced to pay for PMI until the loan to debt ratio fell below 80 perc ent. Sounds like a good plan of protection so what could be the problem when it comes to short sales?

Well, the thought process is like this...if the PMI or private mortgage insurance will cough up a higher cost in the event of a default than the short sale offer then it's less likely they will want to negotiate below a given amount. However, this isn't always the situation. In some instances the primary mortgage holder will accept a short sale offer if there is a second mortgage or promise of future payment - a controversial but relatively common situation since legally the current homeowner is responsible for any gap. Of course, faced with the prospect of losing their home and still owing money, most homeowners tend to either walk away entirely or simply file for bankruptcy protection. Because of the drama associated with PMI and short sales, many investors simply opt to avoid them altogether. Before making that decision it's important to clear up a few myths surrounding PMI and short sales...

1. PMI pays up to 20 percent...not 80 percent. The private mortgage insurance was put into place because the original owner didn't put at least 20 percent down...it's the difference between 100 percent financing and 80 percent (or whatever amount above 80 percent financing obtained for the original loan).

2. Transactions costs, maintenance fees and other expenses must also be taken into account.

3. AIG United Guaranty is one of the larger entities holding many of these issues. As you know (or should know), AIG is facing just a few problems of their own to the point that some mortgage companies no longer want to negotiate directly with the PMI during the course of a short sale.

So, the bottom line is this; when making an offer for short sales on any property be sure to find out for sure (don't leave it to the homeowner to know or understand if they pay PMI) if the property is impacted by PMI. If so, realize that some of the loss will be mitigated by the PMI and plan your calculations accordingly. Should you decide to continue the negotiation process, be sure you fully understand the additional level of complexity added by the existence of PMI into the equation.

Understadn the bank is covered for the PMI 20% of the 100% loan value and if the porpertys current market value is at or near the 80% orginal 1st loan value it maybe more profitable for the Bank to have the barrow default on the loan receive the 20% PMI pay off and market the REO at current market value and payout 10- 15% (closing costs).

Knowing the type of defaulting loan is as important as knowing the projected market value after default .

Slow approval process for short sales hampers housing rebound

Experts believe that the current level of housing inventory has to come down for the industry to get into a phase of sustained recovery. Short sale transactions offer a win-win-win situation to buyers, sellers, and lenders, and help clear the housing inventory available for sale. While short sales have risen in the last year or so, experts believe that banks are still not fully prepared to approve the transactions in a timely manner. Rick Shargo, vice president of marketing at RealtyTrac, said: "Interminable delays of six weeks to three months are not uncommon, or banks rejecting a 20% discount at short-sale only to ultimately take the property back and market it at 40 or 50% lower."

Banks have to report their mortgage assets on a mark-to-market basis, and any sale at a price lower than the value in their books will mean a reduction in their reported profits. Bankers also complain that some buyers take advantage of the current situation, and demand a price which is way below the market price. Walter Molony, spokesman for the National Association of Realtors, said: "Short sales have taken far too long. The faster you clear off this excess inventory the faster you can stabilize home prices."

So whats the solution ? With many banks under self imposed suspend action of foreclosure status and Sellers feel no pressure to act quickly who wins? Ansewer the Banks - They get reduced inventory driving up prices on REO / Foreclosures - reduced inventory on Bank owned assets - giving them (banks) a higher credit rating for barrows and share holders.

Leads me to ask Why would the bank Rush a Short Sale - if there is not Scheduled Foreclsoure Date in Site ?