Quintessentially French, But With A Twist

Known as “The Belvédère of the Dordogne,” the château and gardens of Marqueyssac are perched on top of a chalk bluff about 500 feet above the valley, giving visitors a spectacular panoramic view of the Dordogne River and the Périgord Noir area of France.

The château is a late 18th-century luxury residence, built on the eve of the French Revolution, but it is the garden that draws visitors from all over the world. It is quintessentially French, but with a twist. You’ll find the precision-clipped boxwoods (150,000 of them, many more than one hundred years old) that you would expect in a French garden, but instead of being pruned into classic geometric forms, the boxwoods at Marqueyssac are hand-pruned into amorphous shapes resembling Henry Moore sculptures, amoebas, and strange creatures from another planet. When you stand among the pillowed shapes, there is an intimate feeling of being enclosed in a soft billowy environment. Seen from an overlook higher up, the experience is completely different. You can see the patterns created by the pruned shrubs and understand the humor and whimsy of the concept. The unfolding experience, and the contrast between the two, is fascinating.

The rosemary path is a straight cobblestone walkway lined with a low clipped hedge in the traditional French manner, but the path runs downhill rather than on a level, and the hedge, which is tightly clipped rosemary, is planted in a sinuous line that snakes down the slope on either side of the walkway. Gray lavender cotton (Santolina) surrounds the rosemary parterre, making the green curving line more dramatic against the gray. The lavender cotton is planted straight along the walkway, providing a clean-cut, oh-so-French edge to the path. Taller hedges on either side, also perfectly pruned, define this aromatic garden room.

But it’s not just the unexpected forms and plant materials that make the garden at Marqueyssac so captivating. There also are the views. The bluff stands alone in the landscape, like a mesa formation in the Southwest United States. At the far end from the château and primary gardens is a belvédère, or overlook, that commands a wide view across the countryside. From this vantage you can look down on the charming village of La Roque-Gageac. Known as one of the prettiest villages in France, its ochre-colored houses are built right up against the cliffs along the river. On the opposite bank, vineyards follow the contours of the land, creating an undulating pattern of rows and espaliered vines, and directly below, the Dordogne River wraps around the bluff, encircling it on three sides. From this bird’s-eye perspective, one can see the flat-bottomed boats, known as gabarres, that ply the river for the tourists and the kayakers enjoying the water experience.

Two miles of paths in the garden are organized in three circuits, each leading to the belvédère. One of the three paths makes about a mile-long circle, following the rim of the bluff. It passes a stone chapel, proceeds under holm oaks, whose characteristically dark foliage inspired the name (Noir, or Black) given to that section of Périgord, follows along the chalk cliffs where a climbing school is held, past a cylindrical stone garden folly topped with a bell-shaped roof, and finally to the belvédère. The circuit continues past a poet’s retreat, along a grand allée, and back to the château. Openings among the trees reveal the stunning views across the valley. The “high road” to the belvédère follows the spine of the bluff, and is enlivened with sculptures by d’Alain de Cerval, a descendant of the original owner.

Continue reading HERE at Home by Design.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Please join us at Harmon's & Barton's for First Friday

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street Portland, Maine 04101
207-775-2121 Office 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

New Portland Condo Listing

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street Portland, Maine 04101
207-775-2121 Office 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Weak Data Supports Lower Rates

Generally weaker than expected economic data again pushed mortgage rates to new lows last week. In a highly anticipated speech Friday morning, Fed Chief Bernanke confirmed that economic growth has fallen below the expected levels in recent months. He also suggested that the Fed is unlikely to take further stimulus action unless the economy deteriorates significantly. The current Fed outlook is for below average economic growth with low
inflation, which is a favorable environment for low mortgage rates.

The impact of the homebuyer tax credit was seen in the weak housing market data released this week. July Existing Home Sales dropped 27% from June to an annual rate of 3.83 million units, the lowest level since May 1995. July New Home Sales showed a decline of 12% from June to the lowest level ever recorded. These figures sound terrible, but they really just demonstrate the effect of the homebuyer tax credit on the timing of purchases. The National Association of Realtors (NAR) still expects total existing home sales this year to be roughly the same level as last year.

Since the financial crisis, the Federal Housing Association (FHA) has grown rapidly and is now backing nearly half of all new home-purchase loans. To boost reserves and reduce risk to taxpayers, the FHA will raise the annual fee it charges to new borrowers. In particular, for case numbers ordered October 4 or later, it will raise annual insurance premiums (MIP) to 0.85% or 0.90%, based on LTV, up from 0.55%.

Also Notable:

• The four-week average of Jobless Claims rose to the highest
  level since November 2009


• Fed officials were particularly divided over the decision to
  buy Treasuries at the last meeting


• The Fed's Bullard suggested that a double-dip recession is
  "not very likely at this point"


• Credit card debt dropped 4% during the second quarter to the
  lowest level since 2002

This Week

The biggest economic event this week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the
month. Early estimates are for a decrease of about 120K jobs in August. Before the employment data, Personal Income will be released today. The Chicago PMI will be released on Tuesday, along with the minutes from the August 10 Fed meeting. ISM Manufacturing will come out on Wednesday. Pending Home Sales, a leading indicator for the housing market, is scheduled for Thursday. ISM Services, Productivity, Construction Spending, Consumer Confidence and Factory Orders will round out the busy schedule.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Mortgage Interest Rates Explained

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Government cash didn't help John Foley and Cindy Case sell their Minneapolis house before the federal home buyer's tax credit expired at the end of April, so the couple decided to take matters into their own hands.

They hosted a backyard party with food and an open bar, invited the neighbors and professional contractors — in case potential buyers had questions about remodeling. To top it off, they're offering their own $8,000 rebate on the $675,000 home.

Three years ago, such cash enticements were the norm. And cash was only the beginning. Sellers regularly tried to lure prospective buyers with free cars, big-screen TVs and stainless appliances at closing. But after nearly a year and a half of a government tax credit program and mounting economic uncertainty, sellers have scaled back on marketing gimmicks and buyer incentives, largely in an effort to limit their losses. Meanwhile, new rules aimed at reducing the risk of mortgage defaults have made many once-common incentives illegal, so many sellers are simply resorting to one of the oldest tricks in the book: dropping the price.

Aaron Dickinson of Edina Realty says that buyers today have access to more information about the market than ever before, so competitive pricing is the best way to attract attention.

"At the end of the day, buyers aren't stupid," he said. "Gimmicks don't work well when buyers have so many avenues to be educated about what's for sale and what has sold and for what price."

In addition, buyers are worried about the economy and their job and have focused on getting the best price — and the lowest house payment — rather than a free perk. Indeed, many buyers are making decisions based on the assumption that someone in their family might lose their job, said Stephanie Gruver, a sales agent with Keller Williams Integrity Lakes in the Minneapolis-St. Paul, Minn., area.

"They're buying on one income rather than two, and they're buying within their means," she said.

Perhaps the biggest reason for the decline in seller incentives comes from the mortgage industry itself. In an effort to reduce defaults, the government has cracked down on all forms of seller incentives. New rules are designed to eliminate any exchange of cash or property before and after a closing that might affect how much equity a buyer has in their new home. That's an about-face from a time when underwriting standards were much less stringent and cash-back signing bonuses and other perks were a common way to help push buyers over the fence. The goal now is to maximize a buyer's investment in the hopes that they'll be less likely to walk away from their obligation.

Current government loan guidelines limit seller contributions — usually in the form of closing costs — on conventional mortgages to 3 percent of the purchase price; FHA loans allow a 6 percent contribution, but that's going to be reduced to 3 percent during the next few months.

Lenders say that losses are mounting on mortgages in which appraisers failed to discover — or sellers failed to disclose — incentives that were never deducted from the sale price of the house. That's led to improperly priced loans and inaccuracies in valuations. Already Fannie Mae and Freddie Mac are asking lenders to repurchase billions of dollars in improperly underwritten mortgages, including some in which enticements weren't properly disclosed.

The government tax credit was a particularly good deal for cash-strapped buyers and sellers because it wasn't tied to the value of the house and it arrived in the form of check with few restrictions on how it could be spent.

To buyers spoiled by such an offer, that makes the prospect of pre-recession incentives seem a little less enticing.

"Incentives from the seller don't replace the incentives from the federal government," Dickinson said. "Oftentimes, it's easier to do a price reduction than offering a rebate."

That was Coldwell Banker's thinking when, after the expiration of the government's $8,000 tax credit, in June it asked its sellers to offer prospective buyers a 3 percent discount for purchases made by the end of the month. Participation was limited, but sellers are likely weary of still-lower prices.

But party-giver Foley, a professional marketer, attributes the pullback on incentives to an all-out surrender. "Everybody has had a hard time selling," he said. "It doesn't mean you stop. It's almost as if people, including sellers and Realtors, have given up. They've lost faith in what they knew."

The bottom line, he said, is that sellers and their agents need to get creative and have more fun.

An evening storm rolled through Minneapolis the night of the party, which Case and Foley put together with the full support of their real estate agent. They promoted it with just about every form of social media, from Facebook to Twitter, and a few phone calls to local media. But in the hour and a half that a reporter attended the two-hour party, no prospective buyers showed. The 30 or so guests were largely friends, neighbors or the media.

Foley said several prospective buyers showed up eventually, but added his goal wasn't to reach a high number of prospective buyers, but rather find the one who wants to buy the house.

"I'm not saying that we're going to reap success and sell our house, but as a marketer, my chances of succeeding are greatly enhanced by putting forth some sort of imagination and effort," he said. "Some sellers are literally giving away thousands of dollars because they haven't given sellers a reason to buy their house. If we can market water for $7 a gallon, don't tell me you can't find a reason to make your house more charming or exciting for someone."

In lieu of attention-grabbing incentives, here's what works best today:

—Price it right. Buyers have access to lots of data, and they'll know if your house is too expensive.

—Offer to pay some of the buyer's closing costs.

—Maximize exposure. Saturate the Internet and all forms of social media with your listing.

—Use great photos, not good ones. Make sure your house makes a great first impression.

—Make it sing. Listing information must be complete and well-written.

—Curb appeal matters. Spend a little money on flowers, new plants and fresh paint.

—Inside, your house should look fresh, so make sure the paint, carpeting, light fixtures and appliances are updated and clean.

—De-clutter. Eliminate one-third to two-thirds of your stuff; hire a stager.

—Network. Sales come together because brains understand homes better than computers.

—Be patient. Statistics say that it takes 21 showings, not including open-house traffic, to sell a house.

Originally posted HERE at RIS Media.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

WINE TASTING BENEFIT - 10 Wines from the South American Region

4:00 P.M. to 7:00 P.M> Sunday, August 29, 2010

Slainte, 24 Preble Street, Portland, ME Tickets $20 in advance or at the door. For more information please call 207.878.9663 or e-mail development@woodfords.org. All proceeds to benefit WOODFORDS FAMILY SERVICES. Sponsored by Devenish Wines amd Slainte.

Performance: Hors d'oeuvres, Live Music and Raffles

Where: Slainte, 24 Preble St. Portland

Phone: kdebree@woodfords.org

Cost: $ 20.00

Category: Benefits

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Vacant Homes Pose Insurance Risks

As the U.S. housing market struggles to rebound, many homeowners are stuck with hard-to-sell properties longer than expected. Some frustrated home sellers who must relocate for a new job opportunity, want to downsize or simply want to buy a new place have left homes empty. Vacant or unoccupied homes can leave the homeowner exposed to loss and liability that may not be covered by their insurance, according to the National Association of Insurance Commissioners (NAIC).

The Pending Home Sales Index, released today by the National Association of Realtors, dropped 2.6 percent to 75.7 based on contracts signed in June from 77.7 in May, and is 18.6 percent below June 2009 - another sign of the stagnant housing market.

"In many cases, people who have been trying to sell their homes for awhile have moved forward with their plans regardless, leaving a vacant home on the market," said NAIC President and West Virginia Insurance Commissioner Jane L. Cline. "Having an unoccupied home can create several insurance implications that typically are not covered under a standard homeowners policy."

The Added Risks of Vacant Homes
Homeowners policies are meant to insure homes that are occupied, so they generally include exclusions for neglect or property abandonment on a home left vacant or unoccupied for a specified number of consecutive days.

In insurance terms, a vacant home is one the resident has moved out of and taken his/her belongings with him/her. An unoccupied home is one where the resident is not staying at the home, but the furniture and other belongings remain.

Because vacant and unoccupied homes pose a higher risk for damage than occupied homes, insurance companies insure these properties differently and usually at a higher price. These risks include:

-- Break-ins: When a home has been unoccupied for awhile, it can show signs that nobody is around - unkempt lawn, full mailbox, no lights on - that can tip off burglars to an easy target.

-- No emergency response: Without anyone home to call 911 or respond to emergencies, a manageable problem - such as a small electrical fire - can turn into a much larger, more costly disaster.

-- Property liability: There is no one present to prevent others from entering the property or to supervise activity, which could increase the likeliness of an accident on the premises or property damage when the owner is not there.

Keeping A Vacant Home Properly Insured
The definition of vacancy and unoccupancy can vary from policy to policy. Some insurers may not pay claims if a home is vacant for 60 days or more. Some policies might automatically shift to a different amount of coverage (e.g. liability insurance only) after a specific number of days unoccupied.

Many homeowners policies have a "vacancy clause" that can be triggered if the homeowner is gone for an extended period of time. If this happens, the homeowner could violate the terms of their contract and some or all of their coverage may not apply in the event of a loss.

"Before you decide to leave a home vacant or unoccupied for a long period of time, talk to your insurance agent or company to learn how they define vacancy and unoccupancy, and whether the company will pay claims if a house is unoccupied," said Cline. "Be honest about your situation, because while an extra policy might cost more, it could save you money down the road should there be an accident or damage to the home."

Many insurance companies offer an endorsement that will provide coverage for a dwelling that is unoccupied for an extended period of time. Vacancy policies can also be purchased for different term lengths to cover a few months to a year, depending on the need.

The cost of vacancy coverage depends on the company and state in which the property is located, but costs usually are higher than a typical homeowners policy due to the overall increase in risk.

Originally posted HERE at RIS Media.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

New West End Listing from The Hatcher Group

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street Portland, Maine 04101
207-775-2121 Office 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

New Portland Listing from The Hatcher Group

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street Portland, Maine 04101
207-775-2121 Office 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

You Can Keep Your Good Credit During This Recession - If You Know The Score

People are having to make tough financial choices today, but many don't have to wreck their credit scores if they know how the system works, according to credit expert Eddie Johansson, president of Credit Security Group.

"With the same amount of money, you can make decisions that kill your credit score or ones that keep your score - or at least give you the ability to rebuild your score quickly later," he said. "Most people have wrong or little information about how the system works, and that's a big reason scores go down when difficult decisions are made during a recession."

Johansson advises major financial institutions and consumers on the FICO credit score model used by most lenders in deciding the borrower's risk and interest rate. He described three common misconceptions that needlessly lower credit scores.

Misconception #1: Paying late didn't hurting my credit since I'm caught up now.
Johansson said recent late payments are the credit score killers he sees most often. "It's great that you caught up," he said, "but it doesn't change the fact that you paid late. Anything other than 'paid as agreed' on accounts on your credit report hurts your score."

Misconception #2: Dollar Amounts Matter in Credit Scores.
An example of bad credit score advice here is "pay the highest bill first," Johansson said. "Dollar amounts don't matter in FICO scoring; ratios and recency do. The effect on your score is the same for a $1 late payment as a $1,000 late payment. The fewer late payments on your credit report, the higher your score - regardless of their dollar amounts," he said.

Johansson emphasized the importance of paying all your bills on time, every time. However, he says that if you must pay late and want to avoid damage to your score, pay the accounts that report to credit bureaus first. You can find this information by getting a copy of your credit report.

Misconception #3: Closing Credit Card Accounts Helps Your Score.
If you cancel a card, you may have just thrown away your chance to increase your score by continuing to build on years of positive credit. "Very long term positive account history can really boost your score," Johansson said. "It's best for your score to keep cards open and active, using them for small purchases. Next best is to just keep them open so you can build your score back up quickly by using them later."

Don't Make a Bad Situation Worse.
In tough economic times, people often buy more on credit than they usually would. The amount they pay in interest on these purchases is largely determined by their credit scores. Poor decisions that lower scores combined with an already tight budget can be very costly, making money problems worse than they have to be. "What we're trying to do," Johansson said, "is help people get through these tough times with as little financial damage as possible. This is best for them, for lenders and for our economy."

Johansson emphasized that lower credit scores may be unavoidable for some, and that credit scores are not the only factor to consider. "However," he said, "good credit is an important part of financial security and must be considered when making the best long-term decisions. Having the right information is necessary to make good choices - now more than ever."

Originally posted HERE at RIS Media.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Lead Paint Certification Training Class September 2nd/10th Portland Maine

8am-5pm Thursday, September 2, 2010

Register online for our Lead Paint Training (RRP) classes on Thursday, September 2nd or Friday, September 10th in Portland, Maine from 8am-5pm. $259 Call 800-501-9440 for more information. Beginning April 22, 2010, paid contractors, maintenance workers, painters and others performing renovation, repair and painting projects that disturb lead-based paint in housing and other child-occupied facilities built before 1978 must be certified. (Child-occupied facilities are those where children under age six are present on a regular basis.) The rule applies to all interior projects involving more than 6 square feet, exterior projects of more than 20 square feet and all window replacement, maintenance or repair. All firms that perform renovation, repair or painting work are required to be EPA certified. Firms must also have at least one “certified renovator” on the job site where lead-based paint is disturbed. To become a certified renovator, an individual must successfully complete the Lead Certified Renovator Training course conducted by an EPA-accredited provider and pass the certification exam (where applicable). The full course is eight hours. Your certification is valid for five years from the date of completion of the course. Who Should Attend: Professional contractors, maintenance workers, painters, Home Inspectors, remodelers and other workers who are paid to perform renovation, repair and remodeling projects in pre-1978 housing and child occupied buildings. .

Where: First Assembly of God Church, 243 Cumberland Ave. Portland

Phone: 800-501-9440

Cost: $ 259 You will receive your Lead Paint Rennovator\'s Certification upon completion

Category: Workshops

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Shanghai Stories - A Multimedia Performance Inspired by Life in Shanghai

8:00PM Tuesday, August 24, 2010

Maine guitarist and composer Ryan Baird returns to Portland to share his experiences living and studying in Shanghai, China, for the past two years through a unique multimedia performance called Shanghai Stories at One Longfellow Square on Tuesday, August 24, at 8:00 p.m. Having earned his way on stage with world-class musicians in the Shanghai music scene while rapidly learning to speak and write Chinese, Baird returns to Portland transformed. “Shanghai Stories is my attempt to bring a piece of my life abroad back for those in Portland to experience in a dynamic way,” says Baird. Combining live performances of his original compositions with video, photography, and storytelling, Shanghai Stories is a delightful mosaic of experiences, observations, and lessons—all told from the perspective of a foreigner immersed in the juxtaposition of a modern city in one of the world’s most ancient cultures. “When I starting planning my trip home, I knew I wanted to share my music, but I also wanted to find ways of enhancing the performance so that the audience could really see, hear, and feel how different life is in Shanghai.” So Baird teamed up with Portland-based design company Apogee Creative Studios (www.apogeecs.com) to create this unique event. The audience can expect to see scenes of daily life in Shanghai, hear the views of locals, and even learn how to speak a few phrases of Chinese. Baird will discuss cultural differences between East and West, the intricacies of the Chinese language, and his experience as a foreigner. At the same time, the audience will hear Baird’s process of translating his experiences into music. One piece, “Gu Zheng Song” is inspired by an old traditional Chinese stringed instrument. The melody of another piece takes its shape from the four tones of Mandarin Chinese. Baird grew up in Maine and has been creating music since age 10. He began studying jazz theory and composition at the University of Maine in Augusta while only a junior in high school. Already performing professionally by age 18, Baird continued his studies at the University Southern Maine and the City College of New York. Baird has shared the stage with many talented musicians such as Adam Chilenski, Sam Caldwell, RJ Miller, James Tweedie, Devin Gray, and Adam Frederick at such events as the Maine Jazz Festival, the Deer Isle Jazz Festival, and Portland Maine’s “Dimensions in Jazz” series. In 2008, Baird’s interest in Chinese culture brought him to Shanghai, China, where he currently resides. Baird performs regularly with multiple groups in Shanghai, and is a teacher at the well-known JZ School. Shanghai Stories will be performed at One Longfellow Square on August 24 at 8:00 p.m. Tickets are $12 and will be available at One Longfellow Square ticket office. You can also hear Baird performing with his jazz trio (featuring Chris Sprague and Noel Brennan) at the Dogfish Bar & Grille on August 19 and the North Star Music Café on August 27.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Use Extreme Saving Strategies to Pare School Costs

Pencils, papers, backpacks, books: It's back-to-school shopping season once again.

As any parent knows, it can quickly dent a wallet. The average family of four will spend about $550 to $600 getting kids ready for school, according to a raft of back-to-school spending surveys.

And parents may be opening their wallets a wee bit wider this year, compared with 2009. About 83 percent plan to spend the same — or more — than a year ago, according to a July survey by Deloitte & Touche LLP of more than 1,000 households with children in kindergarten through 12th grade.

But given the cranky economy, parents say they're also looking for the best deals, discounts and money-saving ways to get kids outfitted for school.

One Web commenter posted on the Sacramento Bee's saving-money forum that she uses online coupons from her favorite retailers to boost her savings at back-to-school sales. Recently, she scooped up an "additional 20 percent off" coupon on already reduced items at JCPenney.

"I was able to get all three of my boys plenty of school clothes, including printed T-shirts, skinny jeans, socks and undershirts for a total of $180 (tax included)," she said. Average cost: $6 per item.

As you and your kids gear up for the classroom, here's a roundup of money-saving ideas from parents and pros:

SORT IT OUT: Comb through desk drawers and your children's rooms. You may already have a huge stash of paper, felt tips and binders left over from last year. Even the best deal isn't worth it if there's already a stockpile of supplies at home.

Same with clothes: Sort through closets and dressers to see what still fits, what doesn't.

STICK TO IT: Decide how much you can comfortably spend, write it down and take the list with you. And don't be afraid to let your kids know there's a set amount, advises the California Society of CPAs.

When it comes to back-to-school shopping, it's important to distinguish between needs and wants, said Perry Ghilarducci, a Sacramento CPA and father of three teenage boys. Peer pressure can lead to impulse buying as kids and teens decide they "have to have it" because everyone else does.

With his teens, Ghilarducci said, "we'll talk about it and decide to discuss it again in a few days or a week. It's amazing how less-important an item often becomes." The same is true, he said, when it's suggested that kids spend their own money. "Often they decide it's just not that important."

And parents can often agree to meet kids halfway.

If your daughter "needs" those $100 designer jeans, for instance, work out a compromise: You'll pay half if she can earn half to pay for them.

DON'T RUSH: You don't have to buy everything on your list before the first day of school. "Ask the teacher which supplies your kids will need on Day 1 and which can wait until after stores start unloading their overstocked inventory," suggests Jason Alderman, who writes on personal finance at practicalmoneyskills.com, the Visa-sponsored website.

Same with clothes. You don't need to buy an entire school-year wardrobe at once. Lots of fall fashions go on sale in October or so, as retailers make room for holiday merchandise. By then, your kids will know what's hot and what's not.

SHARE IT: Consider teaming up with other families. Whether it's lunchbox granola bars or multipacks of T-shirts, consider buying in bulk at warehouse outlets like Costco or Sam's Club and splitting the cost with another family.

If your kids wear a uniform, check if the school has a trade-in policy or clothes closet where you can swap outgrown sizes with those from other parents. Look for "gently used" school clothes at garage sales, thrift shops and consignment stores.

CHECK THE COUPONS: Whether they're clipped from the paper or downloaded off a website, coupons can slash the price tag on everything from Vans sneakers to Cliffs Notes. Find your favorite sites among the dozens carrying hundreds of coupons, such as CurrentCodes.com, Retailmenot.com, dealcoupon.com or Becentsable.net.

Rachel Gordon, a former librarian who now blogs about money-saving tips at MashupMom.com, says no one should ever shop without a coupon.

"If you print out coupons online and wait for sales, you can often find stuff that's free — or close to free," said the stay-at-home mother of two young boys in suburban Chicago.

GRAB THE DEALS: Some budgeteers advise spreading your purchases over the year. In other cases, it's smart to pounce on those "loss-leader" items that stores use to lure you in, like 10-cent spiral notebooks or $1 packs of pens.

Gordon says mid-July through August is the best time to stock up on school supplies because retailers know that's how to get you into their store.

Be careful about loading up your cart — and your credit card — which can cancel any savings. "It's tempting to get all the back-to-school shopping out of the way, but it can be better to fit it into your weekly shopping," she said. "Grab the 10-cent notebooks this week, the 25-cent Crayolas next week."

She also advocates drugstores and office supply chains, like Walgreens or Staples, which she says often offer back-to-school bargains via mail-in rebates, gift cards and rewards points.

For instance, she decided against a cartoon-character backpack for her soon-to-be third-grader and opted for a more expensive model she hopes will last longer. At Staples, she bought a $45 design that came with a full-price rebate, which she'll get back as a $45 gift card.

Is all the time spent bargain-hunting and coupon-clipping worth it?

Absolutely, say money-saving experts. Gordon says many people on her MashupMom website say they never bothered with coupons until their family was slammed by the recession, either by layoffs, pay cuts or downsizing.

"A fixed expense like the mortgage, rent or gas are things we can't do much about," said Gordon. "But what we're spending on groceries, at drugstores and for back-to-school — those are things we can control and do something about."

BY THE NUMBERS:
Based on a July survey of 500 U.S. households with K-12 students, the majority said they'll spend more (39 percent) or the same (41 percent) this year outfitting their kids for class than in 2009.

Among the survey's details:

—$550: Amount spent by the average family of four on school expenses

—$240: Average spending on apparel (including socks/underwear, T-shirts, sneakers and jeans)

—$100: Average spending on shoes

—$90: Average spending on school supplies

—94 percent: Want to stretch their back-to-school dollars

How they're doing it:

—63 percent: Sticking to a budget

—76 percent: Shopping for clearance/sale merchandise

—63 percent: Clipping coupons and/or watching for store promotions

—51 percent: Reusing last year's items

—51 percent: Buying only what the school requires, not extras

—27 percent: Getting hand-me-downs

—22 percent: Shopping consignment stores

—One-third: Percentage of parents buying back-to-school electronics. Most popular purchases: Computers (18 percent) and scientific calculators (16 percent)

And in a finding that surprised surveyors:

—45 percent: Parents who said they'll dole out money for cosmetic services for their kids, including teeth whitening, waxing and even tattoos.

Source: American Express Spending & Saving Tracker

WAYS TO SAVE:
Here are some additional ways to save from MashupMom.com's Rachel Gordon:

—Sign up for online alerts from your favorite retailer, whether it's Macy's or Old Navy. Use a separate e-mail account so you don't clutter up your home or work e-mail.

—Print out coupons; file in a binder, an accordion-style file or hanging folders.

—Take advantage of buy-one, get-one-free deals. Gordon recently stocked up on Athenos hummus, one of the "few healthy things" her 7-year-old likes in his lunchbox. She printed two buy-one/get-one coupons from the company's Facebook page, along with the same coupon offer from her local grocery store. By combining the company and store coupons, "I bought four containers and only paid the sales tax," she said.

—File Sunday newspaper inserts by date. Gordon doesn't bother clipping individual coupons but files "the whole darn section" each week. Periodically, when she's planning to buy a certain item, like Pampers or Quaker rice snacks, she goes to websites like CouponTom.com that list the week a given item ran in a newspaper. That way, she does no clipping till it's needed.

—When you spot a good deal, stock up. When Target offered Bic pens for 99 cents, Gordon used a $1 off coupon printed from the store's website "and got a pack of pens for free." She doubles up on coupons to buy things she knows her family will eat or wear.

—Always do the rebates. First thing after getting home from a shopping trip, Gordon fills out the rebate form, whether it's online or on paper; "otherwise, I'll forget."

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Baby Boomers Willing to Delay Gratification Now For a Better Lifestyle in Golden Years

The quest for "the good life" continues to drive Baby Boomers to sacrifice today, so that they can enjoy the finer things tomorrow. According to MainStay Investments' Boomer Retirement Lifestyle Study, 76 percent of the Baby Boomers surveyed (age 45-65 that are not yet retired) say they are willing to spend less now to invest for a more comfortable lifestyle in the future.

"When it comes to lifestyle, Baby Boomers are redefining what constitutes a basic need and what they consider a luxury. We have clearly expanded beyond the three traditionally thought-of necessities - clothes, food and shelter. Our study aims to explore the things in life that are most valued, and to analyze what Boomers say they will do to continue to enjoy a more robust life in retirement," said Matthew Leung, director and head of practice management programs at MainStay Investments.

Forty (40) percent of the Boomers surveyed said they will have to delay retirement in order to afford the lifestyle they want to live. Besides working longer, Boomers are saving more, adjusting their portfolio allocations, and seeking help from financial advisors--in that order.

What Do Baby Boomers Consider a Luxury?
According to the survey, the majority of Baby Boomers believe that healthcare coverage, internet connection, shopping for birthdays and special occasions, and pet care are basic needs. And about half of those surveyed consider annual family vacation or weekend getaways, having eldercare/home aid, professional hair cut/color and funding children/grandchildren's education to be basic needs as well.

"An interesting pattern that we noticed throughout the research was that as consumers age, things that were once considered luxuries are more likely to be considered basic needs--thereby reaffirming that Boomers essentially want it all," said Leung. "In fact, almost half of consumers (47 percent) say they would downsize their home in retirement in order to afford these luxuries."

Outside of a select few traditionally "gender-specific" luxuries, males and females held similar attitudes towards needs and luxuries. When asked which luxuries would be the most difficult to give up, traveling and dining-out topped the list for both men and women.

"It was interesting that a Mars vs. Venus dynamic was not evident in the results as men and women generally applied similar relative values on the luxuries without material difference of opinion," said Leung.

Healthcare Costs are Biggest Threat to a Comfortable Retirement
Virtually all Baby Boomers (98 percent) said healthcare coverage is not a luxury, but a very basic need--and a need that they are extremely concerned about being able to afford. Almost three- quarters of respondents (74 percent) rated healthcare costs as either their greatest concern or their second greatest concern.

"While a majority of consumers are setting aside funds specifically for future healthcare costs, a whopping 41 percent are not doing anything specific to save for healthcare, and will be relying on their retirement assets to cover healthcare and everything else," said Leung. "Given their lack of allocating pre-retirement income toward these looming costs, we find Boomers' actions do not always reflect their greatest concerns."

More than half (55 percent) of the consumers indicated they would rather work longer to pay for healthcare expenses, rather than give up luxuries in retirement.

Boomers' Attitudes Towards Retirement Strategies and Products
When it comes to asset allocation, Baby Boomers say they are willing to sacrifice a portion of their assets if it will help them achieve their retirement goals. Eighty-four percent of consumers said that they would be willing to allocate a portion of their total assets in order to guarantee income for life. However, around half of the 84 percent said that they would only be willing to allocate a portion of their assets if the income was enough to cover both basic and discretionary expenses.

"The research indicates that an appetite for guaranteed income products clearly exists among this demographic," said Leung.

While consumers are making progress with regard to being open to products and strategies to help them achieve their retirement goals, more than half (52 percent) said they do not plan to consolidate their retirement assets and almost half (48 percent) are not even using a financial advisor-- suggesting that Boomers may still have some work to do in terms of developing a solid retirement strategy.

"Given the longevity risk boomers face, our survey indicates that boomers could use some help in creating a successful retirement plan. By working together with a financial advisor(s) to educate themselves on retirement income issues, and by planning and developing a consolidated retirement strategy, boomers can achieve the life they desire in retirement," concluded Leung.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

How to Choose a Home - Tips to Make Sure You Don't Settle

Finding the home that is right for you can be a time-consuming process. The experts at Move.com offer the following tips to help make sure you don’t just settle for a home, but instead find the home that is perfect for you.

Once you've settled on a couple of neighborhoods where you would like to live, it's time to pick out a few homes to view. Your wish list can remind you which features are absolute requirements and which amenities you'd like to have if possible. When narrowing down your home search, consider:

-Types of homes
-Home purchase considerations
-Home comparison chart
-What to do when you’ve found the right home for you

Types of homes
In addition to single family homes (one home per lot), there are other forms of home ownership to consider as you begin looking for the next place you will call home:

-Multifamily homes: Some buyers, particularly first-timers, start with multiple family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
-Condominiums: With a condo, you own "from the plaster in" just as you would a single house. You also own a certain percentage of the "common elements"—staircases, sidewalks, roofs and the like. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowners association administers the development.
-Co-ops: In a few cities, cooperative apartments are common. With those, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own apartment. A board of directors supervises management. Monthly charges include your share of an overall mortgage on the building.

Home purchase considerations
Most buyers' first consideration, after neighborhoods are chosen, is the number of bedrooms. As you begin to view homes, keep the following purchase and resale considerations in mind:

-Weigh your needs, budget and personal tastes in deciding whether you want a home that’s a newly constructed, an older home or a home that requires some work—a ‘fixer-upper.’
-One-bedroom condos are more difficult to resell than two-bedroom condos.
-Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore less appreciation potential.
-Homes with ‘curb appeal,’ (a well-maintained, attractive and charming view-from-the-street appearance) are the easiest to resell.
-When resale is a possibility, don't buy the most expensive house on the street, or anything that is unusual or unique. The best investment potential is traditionally found in a less expensive, more moderately sized home on the street.

Home comparison chart
While house-hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Create a comparison chart before you begin looking at homes so you can keep track of your search, organize your thoughts and record your impressions.

When you’ve found the right home
Before you begin the home buying process, resolve to act promptly when you find the right house. Every Realtor has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then revealed that "we always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story has a sad ending—someone else came in that evening with an offer that was accepted.

Resolve at this point that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or under-priced.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

10 Low-Cost Tips to Improve Your Home's Appeal

When selling your home, the goal is to sell it quickly for the highest price while investing as little as possible in renovations. With a limited budget and a little effort, you can greatly increase your home's appeal by focusing on what prospective buyers can see on their first visit. The experts at BuyOwner.com offer the following recommendations for preparing a house for sale and staging it for showings.

Tip #1: Refresh the exterior
First impressions count when it comes to selling a home. Most buyers won’t even leave their car if they don’t find the exterior appealing. The best ways to improve your home’s exterior include:
-Repairing and/or replacing trims, shutters, gutters, shingles, mailboxes, window screens, walkways and the driveway.
-Painting siding, trim and shutters and lamp and mailbox posts.
-Pressure washing vinyl siding, roofs, walkways and the driveway.
-Washing windows.

Tip #2: Spruce up the lawn and landscape
Home buyers associate the condition of your lawn and landscaping with the condition of your home’s interior. By improving the outside, you affect buyers’ impression of the entire property. The best ways to enhance the yard include:
-Mowing and edging the lawn.
-Seeding, fertilizing and weeding the lawn.
-Keeping up with regular lawn maintenance by frequent watering.
-Trimming and/or removing overgrown trees, shrubs and hedges.
-Weeding and mulching plant beds.
-Planting colorful seasonal flowers in existing plant beds.
-Removing trash, especially along fences and underneath hedges.
-Sweeping and weeding the street curb along your property.

Tip #3: Create an inviting entrance
The front door to your home should invite buyers to enter. The best ways to improve your entry include:
-Painting the front door in a glossy, cheerful color that complements the exterior.
-Cleaning, polishing and/or replacing the door knocker, locks and handles.
-Repairing and/or replacing the screen door, the doorbell, porch lights and house numbers.
-Placing a new welcome mat and a group of seasonal potted plants and flowers by the entry.

Tip #4: Reduce clutter and furniture
A buyer cannot envision living in your home without seeing it. A home filled with clutter or even too much furniture distracts buyers from seeing how they can utilize the space your home offers. If you have limited storage space, you may want to consider renting a temporary storage unit to place items you wish to keep. The best ways to declutter your home include:
-Holding a garage sale to prepare for your move, getting rid of unnecessary items.
-Removing clutter such as books, magazines, toys, tools, supplies and unused items from counter tops, open shelves, storage closets, the garage and basements.
-Storing out-of-season clothing and shoes out of sight to make bedroom closets seem roomier.
-Removing any visibly damaged furniture.
-Organizing bookshelves, closets, cabinets and pantries. Buyers will inspect everything.
-Putting away your personal photographs, unless they showcase the home. Let buyers see themselves in your home.
-De-personalize rooms as much as you can.

Tip #5: Clean, clean, clean
The cleanliness of your home also influences a buyer's perception of its condition. The appearance of the kitchen and bathrooms will play a considerable role in a buyer's decision process, so pay particular attention to these areas. The best ways to improve these areas include:
-Cleaning windows, fixtures, hardware, ceiling fans, vent covers and appliances.
-Cleaning carpets, area rugs and draperies.
-Cleaning inside the refrigerator, the stove and all cabinets.
-Removing stains from carpets, floors, counters, sinks, baths, tile, walls and grout.
-Eliminating house odors, especially if you have pets.
-Considering air fresheners or potpourri.

Tip #6: Make minor repairs
The small stuff does count, especially with first-time home buyers. Without dismissing the importance of repairing major items such as a leaky roof or plumbing, you do not need to spend money on replacing these items. Instead, focus on the minor repairs that will make your home visually appealing. The best ways to improve your home include:
-Repairing ceilings and wall cracks.
-Repairing faucets, banisters, handrails, cabinets, drawers, doors, floors and tile.
-Caulking and grouting tubs, showers, sinks and tile.
-Adding fresh paint to ceilings, walls, trim, doors and cabinets.
-Tightening door handles, drawer pulls, light switches and electrical plates.
-Lubricating door hinges and locks.

Tip #7: Showcase the kitchen
The heart of any home is the kitchen. If you are going to spend any money on renovations, this is the one area where you will see the greatest return. Even with a modest budget, focusing on a few key areas can make a great difference in getting the asking price for your property. The best ways to showcase the kitchen include:
-Replacing cabinet doors and hardware.
-Installing under-cabinet lighting.
-Replacing light fixtures.
-Replacing outdated shelving with pantry and cabinet organizers to maximize space.
-Baking cookies or cupcakes for a showing, to create a homey smell.

Tip #8: Stage furniture
Furniture placement can enhance the space of your home while giving buyers an idea of how to best utilize the space with their own belongings. Take some time to rethink how different areas in your house could be used. Some ideas to think about include:
-Moving couches and chairs away from walls in your sitting and family rooms to create cozy conversational groups.
-Creating a reading corner in the master bedroom.
-Clearing an empty room to set up a reading space.
-Turning an awkward space into a home office.
-Setting the dining room table with your best china.
-Set wine glasses in front of the fireplace or next to a Jacuzzi tub.

Tip #9: Light up the house
Create a sense of openness and cheerfulness in your home through its lighting. To improve the lighting try:
-Opening shades and drapes to let the sunshine warm and brighten rooms.
-Installing brighter light bulbs in rooms that tend to be dark.
-Adding additional lamps for ambient lighting.
-Turning on all the lights for a showing.

Tip #10: Add fresh touches
You can easily add color and style to your home by adding fresh touches throughout. Some ideas to consider include:
-Placing fresh floral arrangements in the entry and master bedroom.
-Placing bowls of bright-colored fruit in the family room and the kitchen.
-Filling an empty corner with a potted leafy plant.
-Setting new hand soap in the bathrooms.
-Displaying fresh towels near sinks.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Survey: Widespread Improvement Continues for Apartment Industry

The apartment market's rebound continues to gain momentum, according to NMHC's latest Quarterly Survey of Apartment Market Conditions.

Sales volume is up, debt and equity are more available and markets are tighter. Indexes for both sales volume and equity financing registered all-time highs. The biggest improvement came in debt financing, which jumped from 58 to 81.

"Apartment market conditions continue to improve across the spectrum," said NMHC Chief Economist Mark Obrinsky. "Indeed, the average for all four NMHC indexes set a new record for the second quarter in a row."

"The strong responses in each of our last two surveys indicate widespread improvement over the last six months," Obrinsky continued. "Demand for apartment residences has substantially increased thanks to modest improvements in the jobs market and the continuing decline in homeownership rates. While the level of transactions remains subdued compared with the boom years of 2005-2007, activity is gradually growing from the low levels of late 2008-early 2009."

"Going forward, the near-term outlook for the apartment industry is likely to be tied to the pace of job growth," Obrinsky added. "Over the longer term, positive demographic trends are likely to keep the demand for apartments growing."

Key findings include (for all four indexes, figures above 50 indicate improving market conditions):

-- The Debt Financing Index increased dramatically, from 58 to 81, meaning borrowing conditions have improved. A full 64 percent of respondents said conditions for multifamily borrowing were better this quarter than last. This is the second-highest debt financing figure in the history of the series. Only three percent reported worse conditions.

-- The Market Tightness Index, which measures changes in occupancy rates and/or rents, rose from 81 to 83. Fully 69 percent of respondents said markets were tighter (meaning lower vacancies and/or higher rents). This was the sixth straight quarter in which this measure has risen, and is the highest figure since July 2006.

-- The Sales Volume Index increased from 72 to a record-setting 78. Sixty-one percent of respondents indicated sales volume was higher. This was the second consecutive record level in this index, and an indication of widespread improvement.

-- The Equity Financing Index increased again from a prior record 71 to new record 73, indicating that equity financing is more available. Nearly half -- 48 percent -- indicated that equity financing was more available, another record. This is the seventh straight quarter of improvement for this index.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

FHA Launches Short Refi Opportunity for Underwater Homeowners

In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

“We’re throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined,” said FHA Commissioner David H. Stevens. “This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.”

FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA’s refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500. The property must be the homeowner’s primary residence. And the borrower’s existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower’s combined loan-to-value ratio to no greater than 115%.

In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal.

To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Kwenu!

The Museum of African Culture will host the Kwenu Festival Saturday, August 28, 2010 from noon to 4pm on Brown Street in front of the museum. Kwenu means to unite in celebration, and the Museum has much to celebrate. August marks the museums 12th anniversary in Portland. Chief Oscar Mokeme invites everyone to join in the day's festivities.

Starting at noon with a traditional Drumming Circle, which anyone with a drum can join, the celebration of Dambe will begin. Drummers of all ages are welcomed.

At 2:00 pm Chief Mokeme will perform a moving and spiritual Masquerade Ceremony.

From 2:30-4:00pm you will be able to enjoy an afternoon of live traditional African Dance and Music from the Diaspora.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

Bayisde Trail Ribbon Cutting Celebration

Next Thursday, the City of Portland, Portland Trails, Trust for Public Lands (TPL) and the Bayside Neighborhood Association will help cut the ribbon at the start of the city’s Bayside Trail officially opening it to the public. The trail is the result of a ten year effort to re-imagine the area, stimulate economic development and build a welcoming and safe neighborhood for residents and local businesses. The one mile trail has transformed a 13.2 acre corridor that runs parallel to Marginal Way through the Bayside Neighborhood into a ribbon of green that will connect the Eastern Prom with Deering Oaks Park.

Part of a growing network of trails in Greater Portland, the Bayside Trail connects the East Bayside and Bayside neighborhoods and will become a key link connecting the city's most used trails and parks: the Back Cove Trail, the Eastern Promenade and Eastern Prom Trail, East End Beach, and Deering Oaks – and its urban core. The $2.3 million trail was funded in part by federal grants, city funds and privately raised monies and helped the city reclaim and decontaminate a prominent brownfield for recreational use in the downtown. The design and construction of the trail utilized a number of green elements including rain gardens, LED lighting, and pervious concrete that captures stormwater and avoids run-off.

Refreshments and entertainment including a live performance by Big Chief are scheduled for the celebration. People will also have the opportunity to take a guided walk along the trail. The event is open to the public.

When: Thursday, August 19, 2010

4:00 PM

Where: Bayside Trail (Elm Street side)

Portland

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

WORKIN' NINE TO FIVE... WHAT A WAY TO MAKE A LIVIN'..." Dolly Parton.

But unfortunately, last week's Jobs Report was worse than expected, showing more and more people aren't workin' nine to five or any other kind of full time job. So what does this mean for our economy and home
loan rates?

Last Friday's Jobs Report showed that 131,000 jobs were lost for the private and government sectors, versus the 87,000 job losses expected. To add insult to injury, the revisions for June showed nearly 100,000 more jobs lost than had been previously reported. While some of the losses were due to the government laying off temporary census workers, the private sector was also disappointing, showing 71,000 job creations for July, worse than expectations of 83,000... and well short of the market's hope of 100,000. Rounding out the report, the Unemployment Rate remained steady at 9.5%, just below the 9.6% anticipated.

In addition, something to keep in mind is that the State governments are now under major pressure because of growing budget deficits. With tax revenues declining and budget cuts needed, States are finally having to make cuts like the private sector already has. As they start to catch up in making cut-backs to headcount, this could cause the unemployment rate to worsen. Not very good news, as an improvement in the labor market is needed to fuel the economic recovery... and especially disappointing, considering the money that has been injected to try and remedy this situation.

Also in the news, the Commerce Department reported last week that Personal Spending and Incomes were unchanged in June, due to a slowing of the economic recovery in the spring. In addition, the Savings Rate increased as consumers cut back on spending.

Why is all this significant... and what does it have to do with interest rates?

It has to do with something called the velocity of money. Even though the government keeps pumping money into the system, nothing happens until that money is spent or lent, and passes from one hand to another, or one business to another. The speed at which this money passes between parties is called the velocity of money. With the job market still very sluggish, consumers aren't spending much money these days... and businesses are still reluctant to spend money making investments in their business. With present velocity at low levels, inflation remains subdued...however, once velocity increases, the excess money in the system will cause inflation.

And remember, inflation is the arch enemy of Bonds and home loan rates... which means that
even the scent of inflation can cause home loan rates to worsen.

While we certainly want to see better Jobs Report numbers in the future, Bonds and home loan rates were able to benefit from the poor report. Remember, weak economic news often causes money to flow from Stocks to Bonds as traders seek to protect their investments in the safer haven of Bonds. As a result, Bonds and home loan rates ended the week slightly better than where they began.

There will be plenty of action ahead this week, beginning with Tuesday's Federal Open Market Committee meeting. This week's meeting will be very important and closely watched as the important "extended period" language will come under scrutiny, as well as options that the Fed will discuss to further stimulate the economy and avoid deflation. Their decisions could certainly impact home loan rates, and I will be watching closely to see what happens.

Also this week, Thursday brings another Initial and Continuing Jobless Claims Report, while on Friday we will see both the Retail Sales and Consumer Price Index (CPI) Reports. Remember, last week it was reported that Personal Savings increased, so it will be important to see how this impacts Retail Sales. And, as mentioned above, any hint of inflation can hurt Bonds and home loan rates, which is why the CPI Report - which measures inflation at the consumer level - is also an important one to watch.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

8 Tips to Getting Your Loan Modification Application Reviewed

Many homeowners seeking a loan modification to lower their monthly mortgage payments and avoid foreclosure continue to find the application process a complex web, often causing them to give up before their application is ever reviewed by their mortgage company.

Certified housing counselors for CredAbility, a national nonprofit credit counseling and education agency, speak daily with hundreds of homeowners seeking a loan modification or other solutions to keep their homes. The organization has several tips for people that will help them increase the chances that their application is reviewed as quickly as possible.

"A homeowner needs to collect and send several documents that tell the mortgage company why you need a modification, and it needs to be done in a timely, organized manner," said Michelle Jones, senior vice president of counseling for CredAbility. "Once a homeowner has submitted these documents, they need to stay in regular contact with the company. With hundreds of thousands of applications under consideration, homeowners must take matters into their own hands to make sure their application gets to the right person at the company."

Here are CredAbility's recommendations for homeowners seeking a loan modification:

Speak With a Nonprofit Housing Counselor to Understand Investor Rules for Your Loan. Every homeowner's mortgage loan is different, so don't rely on information you may have heard from your neighbor or your sister-in-law, even if they received a loan modification. For example, if your 30-year, fixed interest rate loan is owned by one investor, and your neighbor's is owned by another investor, the rules governing a loan modification may be quite different. A certified counselor at a nonprofit credit counseling agency can help you find the investor who owns your mortgage and determine your options.

Submit All Documents That Prove Your Current Income. Income verification is critical, but homeowners sometimes don't provide their mortgage company with recent documents. If you lost a job in June, don't provide pay stubs from March. In addition to recent pay stubs and other traditional income sources, homeowners should also provide a document called a "contribution letter." This letter explains the source of any household income that is not easily verified. For example, a servicer will want to know the total household income of a married couple, even if only one person's name is on the loan. The letter could also include income verifying that you have a roommate that pays rent.

Submit Current Bank Statements. Recent bank statements allow your mortgage company to verify your income and expenses. This information enables the mortgage company to see your monthly expenses for food, utilities and other expenses and determine whether you will have enough money to make your mortgage payment.

Mail Your Documents to the Mortgage Company. Many people prefer to send all of their documents by fax or scan their documents and send them via email. However, postal mail is usually more reliable, especially if it's addressed to the person you spoke with at the mortgage company. Faxes often get lost.

Label Each Page With Your Name and Loan Number. One of the most common complaints among homeowners is that the mortgage company loses their documents. You can help your own cause by writing your name and loan number on each page of every document.

Fully Explain Any Recent or Unique Income Changes. For example, a bank deposit may show various one-time transactions, such as an asset sale, cash gifts from family members or a bonus. Unless you explain this one-time increase in income, the servicer may not understand it and use this information to deny your loan modification.

Include a Timeline in Your Hardship Letter. Every application for a loan modification must include a "hardship letter" that explains the reasons for your request. But the letter must have specific dates explaining when an income loss has occurred. If your spouse lost her job on July 15 and your family income will decrease by $3,000 beginning in August, your letter needs to provide these details.

Call Your Mortgage Company Every Week. Many homeowners work extremely hard to submit all of their paperwork to the servicer - and then wait for weeks before picking up the telephone to call them about the status of their application. This is a mistake for several reasons: the person handling your application may quit; the application may be transferred to another person; the company may need more information. You get the picture.

Originally posted HERE at RIS Media.

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us