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Bill Evans of Jet Stream Lending always keeps me up to date on the latest mortgage news. Below is an email he sent me this morning outlining some worrying information about the USDA Rural Development Single Family Housing Guaranteed Loan Program (SFHGLP). For any agents or buyers that currently have a Rural Development qualifying property under contract, this information is for you!
Rural Development Newsflash!
The Federal Government is operating under a Continuing Resolution (CR) covering the period from October 1, 2008 through arch 6, 2009. For the Single Family Housing Guaranteed Loan Program (SFHGLP), a guarantee level of $2.6 billion was allocated under the Continuing Resolution. Demand for the DFHGLP is at a historic high, and we anticipate this funding will be exhausted by January 9, 2009, if not sooner.
USDA Rural Development - the government - will continue to accept and process applications, and will issue Conditional Commitments "subject to receipt of Congressionally approriated funds." We expect congress to pass a Continuing Resolution allocating additional funds for Rural Development Loans.
Banks may continue closing loans under the SFHGLP, however, we expect the majority of banks will not fund these loans without the availability of government funds in today's environment.
What does this mean for you and your clients?
If you currently have a real estate transaction utilizing the USDA Rural Development Loan Program and it is set to close after January 9th, it may not fund for up to 3 months.
If your clients are in the process of obtaining a Rural Development loan anywhere other than Jet Stream Lending, check with that loan officer now. Ask if the bank intends t fund your clients' loans despite the lack of government money. If this is the case, Jet Stream Lending is ready and willing to close and fund your real estate transactions.
Jet Stream Lending has the resources to fund Rural Development loans despite the lack of government funds. We are committed to you and your clients with or without the funds and promise business as usual.
Thanks to Bill Evans with Jet Stream Lending for providing some really important information on Rural Development loans. As much of Northwest Arkansas property is designated as being able to get Rural Development loans, this is a great thing to know about and stay on top of.
Contact the Jet Stream Lending Team if you have a home loan need by calling them at (479) 254-9403 or visiting their website at JetStreamLending.com or contact me to find out more about the home buying process.
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Rural Development Newsflash from Jet Stream Lending of Northwest Arkansas
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The housing market in Northwest Arkansas is being affected across the board from small single family homes and apartments to sprawling luxury estates. Highly customized luxury homes - from Chuchhill Downs in Springdale to Pinnacle Subdivision in Rogers to Talamore in Bentonville - are sitting on the market, waiting for the right buyer and the right price. Find out why these high-end luxury homes are known throughout the real estate industry as ‘White Elephants.'
What's a White Elephant?
According to Wikipedia, a white elephantis a valuable possession which its owner cannot dispose of and whose cost (and upkeep) exceeds its usefulness. The phase comes from Burma, Thailand, Laos and other southeast Asian countries' Monarchs who kept the sacred animals as a sign of peace and prosperity in their kingdoms. The animals were considered very sacred and local law protected them from being used for labor. This meant that receiving a white elephant as a gift was both a blessing and a curse: a blessing because it meant the receiver was in good standing with the monarch, and a curse because the animal could not be put to practical use (and had to be kept of course, it was a bad thing to sell a gift from a monarch) to offset the cost of maintaining the animal.
White Elephant Luxury Homes in Northwest Arkansas
We have some white elephants here in Northwest Arkansas. They are given this special title for a couple of reasons...
Now, I'm not saying that every home listed for a million or more dollars is a white elephant, I am saying that because of their custom nature - they are hard to find buyers for because buyers for high-end homes will just custom build their own white elephant with amenities to suit their taste and lifestyle.
We currently have 73 properties in Benton and Washington Counties that are listed for $1,000,000 or more. They average 5 bedrooms, 6 baths and over 7,000 square feet. The average list price for these 73 properties is $1,770,986 with an average price per square foot of just under $250.00 per foot. The average days on market for these properties is 202 days and growing.
60 of those are over 5,000 heated square feet.
19 of those are over 8,000 heated square feet.
4 of them are over 10,000 heated square feet.
What you need to take away from this is that there are amazing deals to be had in the luxury home market both in Benton and Washington Counties in Northwest Arkansas, and across the nation.
If you want to know more about great deals on Luxury homes in Northwest Arkansas, contact me or browse current listings to see what's available. Check out more information about Luxury homes and subdivisions in Benton and Washington Counties in the Luxury Homes category of this website.
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The holidays have come and gone, the tree is packed away (actually thrown away this year as we got a real tree - a post in itself), and my seven month old son's toys are somewhat organized in a corner of our living room designated the ‘play area.' During all this chaos, I wrote a few good posts...
If you missed it, check out the Market Report for November ‘08 I did on December 2nd. It will give you some background for this coming week's post about home sales in December. You can always find Market Reports in the Market Conditions category on the right sidebar.
Real Estate Trends to Watch for in 2009 was a lengthy yet highly researched article about the state of real estate in the coming year. Cool stuff if I do say so myself. It also got a nod in the Real Estate Carnival over at Northwest Indiana Mortgages during CORE #122.
In Train Wreck Real Estate: How are Kids Being Affected? I took a look at how the current housing market's abundance of foreclosures and distressed properties is affecting the children of the families involved. I may have written it, but I think it's an important topic to shed some light on.
If you are heading to a closing anytime soon or plan to buy a home this year then Why Going to Closing is Easier than Babysitting is a good article to read.
That's the last month of 2008! 2009 is going to be one busy year. I have recently moved real estate offices, had a baby, and changed the focal point of my business. Look for articles addressing all of the above topics along with social media in real estate, great home owner tips, development news, and more. Remember to subscribe to my RSS feed or subscribe by email to stay up to date on the latest Northwest Arkansas housing information. Also, feel free to browse back through my archives or check out individual categories in the right-hand sidebar. Please contact me if you have any real estate need or question.
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Every ten years since 1790, our government hits the pavement and counts every soul in the United States, District of Columbia, Puerto Rico, and the Island Areas. This creates a need for thousands of new jobs across America, Arkansas, and Benton and Washington Counties. In these tough economic times, I thought it my duty to give new jobs in Northwest Arkansas some exposure to help out my fellow Arkansans. The U.S. Census Bureau is looking for 125 people in both Washington and Benton Counties to be part-time census takers. The hours are flexible, pay is good, and the work is always close to home.
Why do we even have a national census?
The United States Constitution (Article 1, Section 2) requires that everyone in the U.S. be counted at least once every ten years. This number helps our government determine each state's Congressional representation as well as government funding on the State, County, and City levels. It also helps leaders in each community make decisions about infrastructure, taxes, and other local government issues.
How's the 2010 census work?
Every household in America gets a census questionnaire in March of 2010. If a household doesn't send it back, a second questionnaire is sent. If that one isn't sent back then the census worker calls or visits the lazy irresponsible busy citizens and fills out the census data for them. Census workers can always be identified by a census badge and bag. The 2010 census has done away with the ‘long-form' which was given to one in six households in previous censuses (cenci?) to find out more detailed socio-economic information. The long form has been replaced by the American Community Survey which is administered locally every year and aggregated nationally.
2010 Census Timeline: Key Dates
Jobs are available to Washington and Benton County residents in Northwest Arkansas.
Below is a reprint of the recruiting article available from the 2010 U.S. Census Website:
The 2010 Census Offers Short-Term Jobs with Long-Term Results
The U.S. Census Bureau is already looking for job applicants to work for the 2010 Census. Peak hiring will be from February 2009 through the end of May 2010 for temporary assignments, most lasting 5 to 10 weeks. By working on this once-a-decade population headcount, residents have an opportunity to be a part of history. Conducted every decade since 1790, the constitutionally mandated census affects community funding and determines representation in Congress. "The jobs, which offer competitive wages and flexible schedules, also allow people to work in their neighborhoods and for their neighborhoods," said Marilia Matos, the Census Bureau's associate director for field operations. "We hire locally, and an accurate count means a fair distribution of money for schools, roads, neighborhood improvements and elderly care in your community." In 2009, the Census Bureau will hire about 100,000 people to help update the Census Bureau's address list. The workers will use GPS-equipped hand-held computers to verify, add and delete addresses, and they will be paid for training. By the end of the 2010 Census, the Census Bureau will have employed about 750,000 temporary workers in communities across the country. Employees will update the Census Bureau's address list, interview people who do not respond to the census by mail and perform other assignments vital to the national count. By 2010, there will be more than 310 million people living in an estimated 130 million households across the country and everyone must be counted in order to ensure seats are apportioned in the U.S. House of Representatives and federal and state funding is distributed fairly. The U.S. population is more diverse than ever before, with people speaking a record number of languages. As a result, in many areas the Census Bureau will need to hire people who are bilingual. "If we do not obtain an accurate count in 2010, each person residing in the United States will be affected," Matos said. "Everyone deserves to have a voice and be counted, and by working for the 2010 Census, you will be directly involved with ensuring that happens." Most positions require U.S. citizenship, a driver's license and use of a vehicle, and each applicant will undergo a background check. A short-term job with long-term results, 2010 Census positions offer competitive wages and flexible schedules.
To apply for a census job, call toll free 1-866-861-2010. For more information on the
2010 Census, visit http://www.census.gov/2010census/.
To download a census employment application go here.
Contact:
Public Information Office
301-763-3691/763-3762 (fax)
301-457-1037 (TDD)
e-mail: pio@census.gov
This is a great opportunity for those that have recently been laid-off, downsized, or otherwise need a job to make some money from steady employment in the near term. I hope this helps some of you out there. I'll post any updates I get here or, if you have additional information, please leave a comment to help Northwest Arkansas residents get involved.
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It's a new year with new joys and challenges in 2009. While many post stories of the year in review, 2009 resolutions, or challenges faced by [insert industry here] in 2009, I just wanted to say, "Happy New Year" to all my readers and share a couple of fun random things to read and watch while you (hopefully) enjoy some time off.
The Dutch believe that eating donuts on New Year's Day will bring good fortune.
Good luck foods consumed on New Year's Day: Black-eyed Peas, Cabbage
"Auld Lang Syne" - literally means ‘old long ago'.
Ancient Egyptians originally celebrated the New Year with the Feast of Opet around the middle of June, which was when the Nile River usually overflowed it's banks. It caused people to be unable to work so it was a good time for festivities.
The original New Year's Eve Ball in New York weighed 700 pounds, was 5 feet in diameter, and was decorated with 100 25-watt light bulbs. The 2008 (or is it 2009) ball is a 12 foot geodesic sphere, double the size of previous balls, and weighs 11,875 pounds. It is (was) covered in 2,668 Waterford Crystals and powered by 32,256 Philips Luxeon Rebel LEDS. This newest ball is capable of creating more than 16 million colors and billions of color patterns. Quite a change in the last hundred years.
Check out this history channel video about the history of New Year's.
I wish everyone a safe, profitable, and happy new year in 2009.
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