Home Values Are Down

Home prices are down about 12% since the height of the housing boom in 2005 and incomes have grown 14%, bringing “prices relative to income to about where they were in 2003” during this year’s first quarter I believe we have flushed out most of the excess.

Mortgage Rates Jump

Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.03 percent during the week ended April 24, from 5.88 percent the prior week, marking the first time in six weeks that mortgage rates rose above 6 percent. The 15-year fixed mortgage rate climbed during the same period, edging up to 5.62 percent from 5.40 percent.

Braselton Antique & Gardening Festival

Braselton Antique & Gardening Festival set for this weekend April 26 & 27
(Braselton) The semi-annual Braselton Antique and Gardening Festival "goes green before green became cool" this weekend by offering workshops in addition to the booths of antiques, vintage items, collectibles and gardening merchandise. Scheduled for Saturday (9:00-6:00) and Sunday (10:00-5:00) in Braselton Park, all events, exhibits and workshops are free. Food and beverage vendors will be in the park. Timely workshops are hosted by area professionals. "Drought tolerant plants, vegetable gardening and dividing/planting day lilies" are workshops to be presented in the park pavilion. Helpful information on water conservation, forest fire prevention and growing organic foods will be offered by exhibitors. Hometown Community Bank is the presenting sponsor of the festival. Admission and parking are free at the two-day events. The Braselton Park is located one block west of GA 53 in downtown Braselton (Exit 129 from I-85). For further information, telephone 706.654-3693.

Government Efforts with Mortgage Crisis

Some state officials, frustrated by what they view as the federal government's inadequate response to the mortgage crisis, are taking increasingly aggressive steps to address the rising rate of foreclosures.
Company and government efforts to address the mortgage crisis have done little to stanch foreclosures, state officials said.
The Silver Lining: The number of delinquent borrowers working with lenders has increased, they said.
States such as Maryland, Massachusetts, Minnesota and Virginia are looking at extending the foreclosure process or have already taken such steps in an effort to give borrowers more time to work out repayment plans with their lenders. Rising foreclosures hurt not just troubled borrowers, state officials say, but also their neighbors and communities.

Fuel Cost and Housing

The real cost of housing is significantly higher than we think when transportation is factored into the equation, according to a joint study by the Center for Neighborhood Technology and the Center for Transit Oriented Development.These organizations have developed a database that measures affordability in 52 major metropolitan areas around the country. The farther from public transportation a community is located the higher its cost of living. In some cities, the cost of housing is less than 30 percent of income, but when transportation is added in the costs can be as much as 65 percent of income. Gasoline at $1 and gasoline at $3 are whole different worlds.

Jazz Concert

Jackson County Comprehesive High School will be the host location for several jazz concerts from East and West Middle Schools and High School jazz bands. The concert starts at 7:30 pm

Welcome -- Whole Foods

Whole Foods Market - a natural & organic foods grocer opened it regional distribution center in a 111,000 sq. ft. building located on Hwy. 124 Braselton.

Housing Slowdown Goes Beyond U.S.

Countries in the rest of the world are beginning to feel their own versions of the U.S. housing downturn.In Ireland, Spain, Britain, and elsewhere, housing markets are returning to earth after soaring for decades. Experts worry that these countries could suffer the mortgage defaults and foreclosures that have been such a problem in California, Florida, and other U.S. states.''The problems in the U.S. are being transmitted to Europe,'' says Michael Ball, professor of urban and property economics at the University of Reading in Britain, who studies housing prices. ''What's happening now is an awful lot more grief than we expected.''The problem is most acute in Spain, where more than 4 million homes have been built in the last decade – more than in Germany, Britain, and France combined. Now property values have dropped more than 15 percent and mortgages are drying up.

No-Downpayment Mortgages Gone for Good?

While Fannie Mae and Freddie Mac still have products that allow borrowers to finance 100% of their home purchases, at a higher cost, the major private mortgage insurance companies have recently backed off insuring these loans.

Petco Moving To Braselton

Petco -- a national retailer of pet foods plans to open a large distribution center in Braselton's Business Park with a 506,200 square foot facility.

Building Permits Dropped

The number of building permits in Jackson county dropped more than 60% the first quarter of 2008 compared to the same period in 2007. Braselton's dropped from 102 to 48, Jefferson dropped from 63 to 10.

Hoschton's Art Trax

On April 19th Hoschton Depot will host this year's Art Trax. Pottery, glass-blown objects and other fine art will be displayed and available for purchase. For more details contact Robbie Bettis at Braselton Antique Mall 706-654-3693

Here Are Five Low-Cost Ways to Save Energy:

Get a blower test. For $200 to $500 (a fee that's sometimes subsidized by utilities), an energy auditor can find where air is escaping through cracks around windows, doors, pipes and light fixtures. If you plug these gaps with caulk and weather stripping, you can tighten the house considerably. But you should be aware that better sealed homes also need better ventilation, because they tend to build up extra moisture and indoor pollutants like cooking smoke and chemicals from household cleaners. While opening a window can bring in fresh air, it also lets heated air escape, so you may need to add a mechanical ventilation system.
Seal ductwork. Seal joints and openings around heating/cooling registers with mastic sealant or metal tape (not duct tape, which despite its name, isn't durable enough for this purpose). Also, partially close registers in rooms that you don't often occupy.
Improve windows. When it comes to conserving energy, windows are a weak spot, so many states and localities provide incentives to install storm windows, solar glazing for windows (to help control solar heat gain and loss), window films and weather stripping. Some will help subsidize upgrades to new energy-efficient windows as well. For a list of programs, go to EfficientWindows.org.
Install fans. Energy Star-rated ceiling fans improve air flow in your home and make you feel more comfortable in hot weather, so you're less likely to fiddle with the thermostat. Whole house fans in the attic reduce heat build up, so your house feels cooler.
Boost insulation. Over the years, insulation can settle down and lose its fluffiness, reducing its ability to protect against energy loss. Attic insulation should be at least a foot deep

Jackson County Chamber of Commerce Chili Cook-Off

The Jackson County Chamber of Commerce will host it's annual chili cook-off on Saturday April 19 from 3-6pm at Year One Braselton. A classic car show will also be held at this event.

67 Acre Mixed-Use Project with 657 Condos and Townhomes near Braselton

A 67 acre property spanning Hall County and Gwinnett County with 657 condos and townhomes with almost 800,000 sq ft of office and retail space near Hwy 211 located on Thompson Mill Rd next to The Village at Deaton Creek received the blessings of the Hall County commissioners last week. Next month, Gwinnett County commissioners will have their final say on the project.

Fannie Mae Raises Credit Standards

Fannie Mae has tightened standards for the home mortgages it guarantees or buys.

The government-sponsored provider of home loan funding told lenders Monday it will require a minimum credit score of 580 for most loans it buys on an individual basis. Credit scores range from 300 to 850. In the past, Fannie had no minimum score.Fannie also told lenders it will increase the period needed for borrowers to re-establish credit history after a foreclosure from four years to five. Fannie said it would allow shorter recovery periods for borrowers with "documented extenuating circumstances" that caused the foreclosure.
In a separate memorandum, Fannie, told loan services last week that it could extend forbearance periods on delinquent borrowers to as long as six months to allow borrowers time to find an alternative to foreclosure.

American Street Rodders Car Show

The American Street Rodders classic car club will kick off their 2008 season on Saturday April 12 at Towne Center Shopping Center Hoschton Ga. starting at 5pm. For more info visit their web site www.americanstreetrodders.net Cruise-Ins will be held every 2nd Saturday of the month thru Oct.

Tax Benefits of Owning A Home

http://www.realtor.org/RMODaily.nsf/pages/News2008030702?OpenDocument