Cheryl Thomson

Ten-hut! I figure I get a headstart about Veteran's Day coming up next week. Being a Army veteran myself, I am proud to announce that Manassas, Virginia on Sat, Nov 7, 2009, will have their first Veteran's Day Parade. It will start at 11 am. The members of The American Legion Robert V. McCaugh Post 10, will be hosting the event. For more information go online: www.manassasveteransparade.org. Hope to see you there!

That's right I said it!...sorry I was having flashbacks and for a second I thought I was single again...

Well if you haven't been paying attention let me tell you it's true. Single women account for the fastest growing segmentof the home-buying population in the U.S. This trend has been on the rise for many years. From 1994 to 2002, the number of unmarried women owning homes climbed from 13.9 million to 17.5 million. By 2004, 18% of all homebuyers were single women. According to the latest NAR profile of homebuyers and sellers, that number has risen to 22%.

Factors leading to this increaseinclude the following demographic trends: better education, more women working and seeking financial independence, and young women delaying marriage. Also, women have significantly increased their purchasing power. They own and operate 38% of all businesses in America and make up nearly 40% of all business school graduates. More immediately, historically low interest rates, affordable home prices, ample housing supply and the first-time homebuyer tax credit have fueled the increase of single women homebuyers.

Statistically, women do more research...(as if you didn't know that) and spend a longer period of time searching for a home. They're also more inclined to make home repairs. I don't know what the numbers are but I feel confident that nearly half of all purchases made in Home Depot and Lowes are made by women and many women homeowners claimed to have completed a home improvement project by themselves probably in the last few years.

Some home characteristics that experts say appeal to women are 1. a safe community (single women account for a large number of condominium purchases where they find a sense of security), 2. a home office (home-based businesses are very popular among women), 3. maintenance friendly yards, 4. lots of storage, and 5. natural light, particularly in the master suite and bathroom. I have also found that women are also more likely to work with female mortgage brokers, attorneys and real estate professionals. So single men there you have it, if you want to get back in the lead...I think you'll be waiting for a while!

Its bad enough already borrowers are having trouble getting loans so lets pay attention to your credit card statement...if you have one. If you have unexplained small charges and can't remember making them or have a receipt for, I would say its time to take some action.

In my opinion this poses a larger problem...stolen credit. Being fast can save you a lot of time later on.

So how do you restore you good name? First please file a police report! I would advise submitting this report to creditors and others to prove your case/theft.

Then please notify the credit bureaus: Transunion, Equifax and Experian. Once there is a fraud alert in tact and in your file, you are entitled to a free copy of your credit report from each. Take your time and review carefully.

Then please close the account you know or believe to have been tampered with, and then speak to someone in the security or fraud dpt for each company. Document your conversation, include dates, time and who you spoke with and keep copies of all supporting documentation, don't take anyone's word.

If and when you open new account, use NEW passwords, avoid the easy to figure out ones...like your birthday.

Then file a complaint with the FEDERAL TRADE COMMISSION.

Borrowers are finding it more difficult to lock in interest rates on jumbo mortgages as Fannie Mae and Freddie Mac's maximum loan amounts are set to decline on Jan 1, 2010. The higher limits are key of the economic recovery efforts because it helped make affordable loans available for a mortgage. It will roll back to a temporary increase of $729,750 to $625,500 in markets if Congress doesn't permanently raise the limits.

In most of the country the loan limits are $417,000 and as high as $729,750 in the most expensive real estate markets...it has helped many especially here in Northern VA. Even though the temporary limits do not expire until the end of this year, obtaining financing is already becoming more difficult and more expensive. So Congress will you please help us help us?

It looks like the sales of new homes have dropped last month due to the effects of the temporary tax credit for first-time owners are slowly vanishing. It is the first decline since March of this year. Despite that though sales are up 22 percent from the bottom in January. As we all know it is taking longer to close a transaction this year because its taking longer to get approved for a mortgage and to have a property appraised.

I believe the power of the first-time homebuyers tax credit demonstrates its power. The economy is just not back to where it is without having the housing market needing any support. I am hoping Congress extends the tax credit through the end of next yr, if its not extended then I think it would be a dramatic and significant effect. I know many believe it is an unnecessary subsidy for people who don't need it, but what else has worked, or is working? Who can deny that low mortgage rates, the tax credit and homes that are now more affordable did not give a big boost and lift to the housing market this year? Something needs to be done now in my opinion or we are going to be in for a long long down spiraling fall.