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MURFREESBORO, TENNESSEE; OUR HERITAGE; OUR HOME

03-18-08
THE DANEIL HAYES TEAM
Murfreesboro, Tennessee is a place that many call home; both long time natives and newly transplanted residents. However, few that live and work in Rutherford County are aware of the rich and vibrant history of the place that we choose to call home. Here is just a small history lesson on our home and our heritage. In 1811, the Tennessee State Legislature appointed a committee to select a new site for the Rutherford County seat. The site eventually chosen was 60 acres of land belonging to Captain William Lytle. The General Assembly named the new town "Cannonsburgh," honoring Newton Cannon, a young politician in Williamson County, but upon Captain Lytle's request, changed the name to "Murfreesborough" one month later. The naming was in memory of Lytle's friend, Colonel Hardy Murfree. In 1817, "Murfreesboro" was recognized as an official city by the State Legislature and, in 1818, was named the capital of Tennessee because of its central location. (This is a little known fact; even by many native Tennesseans). However, Nashville regained title as the State capital in 1826. In the early years of Murfreesboro, it was mainly an agricultural community, with tobacco, cotton, and corn being the main crops. By 1853, the Murfreesboro area was home to three colleges and several other places of academia, prompting it to be called the "Athens of Tennessee" by a visiting reporter. Although education suffered from the military occupation and the trauma of the Civil War, by the early 1900's it began to regain momentum. In 1911, Middle Tennessee State Normal School, for the training of teachers, was opened in Murfreesboro, joining Tennessee College for Women, which had opened in 1907. Today, Middle Tennessee State University is the home of 23,000 students and has the highest undergraduate enrollment in the state. After WWII, Murfreesboro and Rutherford County began to change from an agricultural based economy to industrial and manufacturing. Industrial growth has been steady since that time, contributing to a stable economy and phenomenal growth. In the past decade, Murfreesboro has enjoyed substantial residential and commercial growth. The City's population has increased 53.2 percent from 44,922 in 1990 to 68,816 in 2000. Murfreesboro now has, by special census, a population of 81,393. Named the Most Livable Town in Tennessee, Murfreesboro is the fastest growing city in the state - and it's not hard to see why. Murfreesboro provides the quality of life that attracts growth-plentiful housing, excellent schools, employment opportunities, outstanding services, recreational programs and regional medical facilities. If you need information on relocating to this wonderful city please contact me via email at Info@danielhayesteam.com or call me directly at; Daniel W. Hayes 615.598.4236.
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New HUD Conforming Loan Limits: What This Means for Housing, REALTORS®, and the Economy

03-08-08
THE DANEIL HAYES TEAM

According to the NAR, The U.S. Department of Housing and Urban Development today published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. NAR stated that the new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750. NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.

NAR research points out that increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation's mortgage market.

An economic impact study conducted by NAR in January 2008 estimated that increasing conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.

Why HUD Took This Action
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13.

How HUD Calculates Its Median Home Prices
HUD median home prices differ from those published by NAR. That is because HUD uses a variety of sources and different areas to calculate the median home price.

Who Will be Affected
Increased loan limits will have a wide impact. The added liquidity in the mortgage market will help to make mortgages more easily available. Receiving direct helped will be borrowers in high cost areas who previously had no recourse except high- cost jumbo loans, and those with high-cost loans who can refinance into lower interest rate loans.

You can find the entire article at: http://www.realtor.org/GAPublic.nsf/Pages/economic_stimulus_fha_limits?OpenDocument

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