Tag Archives: United States

Real Estate

Oil Prices Dropping, Good News or Bad News For Home Buyers

Photo courtesy of http://worldsamazinginformation.blogspot.com/2011/06/worlds-top-10-biggest-oil-producer.html
Photo courtesy of http://worldsamazinginformation.blogspot.com/2011/06/worlds-top-10-biggest-oil-producer.html

 

The drastic drop in oil prices could put downward pressure on mortgage rates.

The U.S. Energy Information Administration reported that the price of regular gasoline was $2.20 per gallon, its lowest point since a peak of $4 per gallon in May 2011. EIA estimates that the savings could amount to $550 per household in 2015.

It might not all be good news:Lower Oil Prices Could Stall Home Appreciation

“Lower oil prices mean a lower inflation rate, which pushes down mortgage rates,” economists note at the National Association of REALTORS®‘ Economists’ Outlook blog. Indeed, the 30-year fixed-rate mortgage averaged 3.73 percent last week — the lowest average in 20 months — according to Freddie Mac’s weekly mortgage market survey. Taking into account the median home price of $205,300, a 0.75 percentage point drop in mortgage rates could yield a savings of about $1,000 annually, according to NAR researchers.

“What this means for REALTORS®: The decline in oil prices is generally positive to households by way of the gas savings and lower mortgage payments,” economists note. “That savings will boost consumer spending in other areas. But there may be some layoffs in oil-producing states.”

The lower oil prices may prompt revenues to flatten out in some oil-boom areas, notably North Dakota and Texas.

Still, the overall impact to national employment likely will be minimal, since most of the employment growth is coming from many economic sectors. Those employed in oil and gas extraction represent just 0.14 percent of the U.S.’s 138 million workers, according to data from the Bureau of Labor Statistics. Most state economies are diversified enough, too. Even in Texas, which is the biggest state for oil production and accounts for about half of U.S. oil and gas extraction workers, the oil industry covers less than 1 percent of its workers.

That said, some smaller counties may feel the impact more, since they do have higher employment in the oil sector. Those counties include Washington County, Okla.; Upton County, Texas; Woods County, Okla.; Crockett County, Texas; Hutchinson County, Texas; Yoakum County, Texas; and Gilmer County, W. Va.

Source: “Recent Oil Trends and What They Mean for the Housing Recovery,” National Association of REALTORS® Economists’ Outlook Blog (Jan. 12, 2015)

 

 

Live in Nevada County? Call or fill out the form below
for a your free home market analysis’

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091

BRE#00669941

Error: Contact form not found.

 

Travel

Visit to New York Tenement Museum

1 Comment

front-tenament-museum

Image 1 of 10

Tenement Museum

New York again… this time February 7, 2013… COLD… We did come prepared, thermal underwear, hats, gloves, scarves, and  boots, but this is really cold, high of 30 degrees.

Last time we had tried to go on a tour of the Tenement Museum, but couldn’t due to the crowds, although we did see a nice 30 minute movie of the times. This is a 5 story tenement that 10,000 people from 25 countries called home between 1863 and 1935 in the Lower East side of NY at 97 Orchard Street. So this time we made reservations to the tour called “Hard Times”.

This was a tour of the three room apartments of two families of immigrants who survived the economic depressions at 97 Orchard Street between 1863 and 1935. We visited the restored apartment of the German-Jewish Gumpertz family, whose patriarch disappeared during the Panic of 1873  (they think he just ran away from his family) but the mother became a seamstress and move up in the world later in life.

And we also visited the Italian-Catholic Baldizzi family, who lived through the Great Depression and went on to move up to a better area of town. Fascinating stories complete with artifacts and pictures. In the tour, they say one in eight Americans can trace their lineage back to the immigrant tenements in New York.

After this we wandered through Chinatown and Little Italy (right next door to each other), the changes happen rapidly between one and the other within just one block!! It is amazing… like going to a different country by walking!!

We ate a wonderful Italian meal at El Piccolo Buffalo at 141 Mulberry Street – see picture! We recommend it!
For all your real estate neeeds
Call or email:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE# 00669941

Enhanced by Zemanta
Travel

New York City – Central Park Visit (Before Sandy)

httpv://youtu.be/rpucggKjfIc

This time our week long trip in early October 2012 was to New York City, John and I, along with John’s daughter Teresa, and her daughter Leah.

Day One – New York City –  Grand Central Park

Traveling from our Queens Hotel to the downtown area via subway, we arrived at the NYC Central Park at the south entrance, and saw the squirrels near the Heckster Playground. We then went walking past the Central Park Carousel (Since 1971, a carousel has operated at this location in Central Park. The current replaced the original that was destroyed in a fire in 1950. Built in 1908, the current carousel was originally on Coney Island and is famous for having the largest hand carved horses of any carousel.) PS: no picture in our video check the link.

We then strolled up the “Literary Walk”, and the Mall Pomenade, one of the few formal features of Central Park, the Promenade is flanked by American elm trees, a favorite of Central Park architects Olmstead and Vaux. There are many statues of literary figures along the Mall, including Shakespeare, Sir Walter Scott and Robert Burns. Located in the middle of the park, The Mall runs from 66th to 72nd Streets past an old white band shell for concerts.

Following that we visited the Angel of the Waters, also called Bethesda Fountain, rising from the Bethesda Terrace on “The Lake” in Central Park. (The statue references the Gospel of John, which describes an angel blessing the Pool of Bethesda and giving it healing powers.) On our walk in that area we saw at least five (5) weddings!! It was amazing  – all different kinds of people and formality!

Walking west, we ended up at the entrance to the park at Merchants Gate, and saw the Maine Monument which commemorates the 260 American sailors who perished when the US battleship Maine exploded in the harbor of Havana, Cuba, then under Spanish rule. It is still unclear what caused the explosion on February 15, 1898, but Spain declared war on the United States by April 1898. The treaty, which ended the war in December 1898, freed Cuba from Spanish dominion, ceded Puerto Rico and Guam and surrendered the Philippines to the United States.

The gilded bronze figures atop the pylon represent Columbia Triumphant leading a seashell chariot of three hippocampi — part horse, part sea-creature that are said to be cast from metal recovered from the guns of the Maine itself. The figures reflect America’s new position as a dominant world force.

Unfortunately we only had one day to spend in the Park, and only covered (briefly) less than a third of its area. We now hear that Hurricane Sandy downed over 800 trees in the park. Sad.

Written by Judy J Pinegar

Related articles

For all your Real Estate needs call:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE# 00669941

Enhanced by Zemanta
Real Estate

FHA Eases Burdensome Condo Financing Rules

Photo credit: http://www.ebcak.com/archives/446
Trailer Trash Condos    Photo credit: www.ebcak.com

 

The biggest source of funding for low-down-payment condo mortgages, the Federal Housing Administration, has revamped controversial rules that caused thousands of building across the country to lose their eligibility for FHA financing.

  • The revised guidelines, which were issued Sept. 13 and took effect immediately, should make it easier for a large number of homeowner associations to seek certification by the FHA.  Without approval of an entire development, no individual unit can be financed or refinanced with an FHA mortgage.
  • The previous rules prohibited FHA insurance of units in buildings where more than 25 percent of the total floor space was used for commercial or nonresidential purposes.  Yet many condominiums in urban areas have lower floors devoted to retail stores and offices that generate revenues that help support the entire project.  The revised rules allow exceptions of up to 35 percent commercial use, and provide for additional case-by-case exceptions to 50 percent or higher.
  • The Community Associations Institute, the condo industry’s largest trade group, is predicting that the relaxed FHA rules will spark home sales and helps tens of thousands of condominium communities begin to recover from the housing slump.
  • The new rules also offer greater flexibility on investor ownership.  In existing developments, one or more investors are now allowed to own up to 50 percent of the total units provided that at least half of the units are owner-occupied.  The previous rule required that no more than 10 percent of units could be owned by a single investor.

Read the full story

Related articles

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

Enhanced by Zemanta
Real Estate

Obama Promises to Protect Morgage Insurance Deduction for the Middle Class

Official photographic portrait of US President...
Official photographic portrait of US President Barack Obama (born 4 August 1961; assumed office 20 January 2009) (Photo credit: Wikipedia)


 

 

 

 

 

 

 

 

 

 

 

President Barack Obama in his speech last night to accept the Democratic nomination for president said he will protect the mortgage interest deduction for middle-class families.

“I refuse to ask middle-class families to give up their deductions for owning a home … just to pay for another millionaire’s tax cut,” he said.

The president’s speech focused heavily on preserving the financial health of middle-class households, and he said that any deficit reduction and tax increases that he would seek in a second term would not affect households earning up to $250,000.

“I want to reform the tax code so that it’s simple, fair, and asks the wealthiest households to pay higher taxes on incomes over $250,000 — the same rate we had when Bill Clinton was president,” he said, “the same rate we had when our economy created nearly 23 million new jobs, the biggest surplus in history, and a lot of millionaires to boot.”

Alluding to the excesses in mortgage originations during the housing boom and the subsequent mortgage crisis, the president touted the rules that are now in place to protect households from taking out loans for which they don’t have the ability to repay. “We believe that when a family can no longer be tricked into signing a mortgage they can’t afford, that family is protected, but so is the value of other people’s homes, and so is the entire economy,” he said.

The president says in a Q&A for the September/October issue of REALTOR® Magazine, which comes out in mid-September, that he’s open to ensuring the rules don’t cut off the flow of mortgage credit to otherwise creditworthy borrowers.

“We will work with regulators to strike the appropriate balance for a healthy market that is open, fair and sustainable over the long term,” he said in the Q&A.

 

Related articles

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

Enhanced by Zemanta
Entertainment

Casino Royale Mega Yacht to Vist Stockton

The Ship Casino Royale
The Ship Casino Royale

Stockton’s downtown marina will soon become the temporary home for one of the world’s best known super yachts, the 163 foot Casino Royale. The James Bond themed ship  arrived in Stockton at approximately 12:30 p.m. on Wednesday, March 21st; culminating a 10,000 mile journey which began in Genoa, Italy, last October. The yacht is owned by retired Fresno area CEO and business owner David McDonald. Regarding the ship’s Stockton arrival, Mr. McDonald stated, “I am thrilled to now have the Casino Royale so close to home. I really enjoy the California Delta and have many good friends in Stockton. The outstanding hospitality extended to us by the Stockton Marina and the City of Stockton is greatly appreciated. We are planning a number of exciting West Coast cruises based out of Stockton over the next year, including the Northwest and Alaska.”

The yacht’s westward trek from Italy included a comprehensive maintenance period in Florida where the ship’s mast was lowered by four feet to allow for passage beneath Stockton’s I-5 bridge. Other advance preparations include the yacht funded installation of custom shore power at the Stockton Marina. It is believed that the Casino Royale will be the largest private yacht to ever venture this far into the Delta. Mr. McDonald is a former member of the Delta Yacht Club and several years ago he berthed one of his previous yachts, the Halo, at Stockton’s River Point Landing.

ABOUT THE CASINO ROYALE

Owned by California businessman David McDonald, The Casino Royale is a spectacular 163 foot mega yacht built by Christensen Shipyards in Vancouver, Washington. Launched in the fall of 2008 after a three year build, the yacht was constructed under the close direction of famed yacht builder John Staluppi and remains the largest Christensen ever built. With dozens of unique features and a breathtaking interior, the Casino Royale was named “Queen of the Miami Boat Show” in 2009. The ship’s beam (width) is thirty feet, the draft (depth below waterline) is nine feet, the air draft (height above waterline) is fifty feet, and the yacht’s total weight is 848,000 pounds. Carrying 15,000 gallons of diesel fuel, she has trans-Atlantic range; and holds 2200 gallons of fresh water which is constantly replenished from sea water by two RO water makers. The Casino Royale cruises at twelve knots and has a top speed of eighteen knots. The yacht is powered by twin MTU engines producing 3540 horsepower, has three 480 volt high output generators, bow and stern thrusters, and zero-speed stabilizers.

Unique to the Casino Royale’s interior is the elaborate stonework throughout, striking original artwork, and extensive sapele mahogany raised panel woodwork. With six luxurious guest staterooms (each with en suite bath), the yacht can accommodate twelve guests who are constantly cared for by the ship’s permanent ten-person crew.

The yacht’s advanced audio/video system includes twenty-two HD televisions, US, European, and Caribbean satellite TV throughout, a movie library with 4200 titles, and a ten camera security system. There’s plenty of room to roam with 7000 feet of interior space in addition to 3000 feet of exterior deck space; and all four decks are accessible via elevator. The yacht has three tenders and carries four jet skis, two Vespa scooters, and two Segways. The Casino Royale has fifteen bathrooms, common area seating for ninety-six people, a top deck hot tub, and a commercial scale galley which can serve seventy meals per day. The Marshall Islands registered yacht’s prior cruising areas include Alaska, the US Northwest, the Panama Canal and Central America, Bahamas, the Caribbean, México, the Mediterranean, and the US East Coast. For complete photo library and more information, go to YachtCasinoRoyale.com.

For further information contact:
Erin Johnson ~ (559) 323-8108
Casino Royale Office Administrator
erin@mcdonaldoffices.com
YachtCasinoRoyale.com

Related articles

Thinking of buying or selling?
For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

Enhanced by Zemanta
Real Estate

$1 Billion To Be Paid By Bank Of America For Mortgage Fraud

Photo of Bank of America ATM Machine by Brian ...
Image via Wikipedia


 

 

 

 

 

 

Largest False Claims Act Settlement Relating to Mortgage Fraud 

As part of the global resolution between the United States of America and the five largest mortgage servicing banks in the country, which will bring much needed relief to financially distressed homeowners nationwide, Loretta E. Lynch, United States Attorney for the Eastern District of New York, today announced that the government will also resolve its claims against the Bank of America, Countrywide Financial Corporation and certain Countrywide subsidiaries and affiliates (Countrywide) for underwriting and origination mortgage fraud.

As part of the global settlement, Bank of America will pay $1 billion to resolve the wrongdoing uncovered during the office’s investigation. The settlement will entail an immediate payment of $500 million to provide a recovery for the harm done to the FHA by Countrywide’s conduct. Payment of the second $500 million will be deferred to fund a loan modification program for Countrywide borrowers across the nation with underwater mortgages. Under the terms of the program, Bank of America will solicit all potentially eligible borrowers and provide a loan modification to anyone with an eligible mortgage who accepts the offer. If, after the expiration of three years, the bank has not met its obligation to apply the full $500 million to provide such relief, any remainder will be paid directly to the United States.

“We announce today the largest ever False Claims Act settlement relating to mortgage fraud. Through their underwriting and origination of tens of thousands of government-insured loans to unqualified borrowers, Countrywide Financial subsidiaries systematically abused the Federal Housing Administration and became some of the main players in this country’s financial crisis. We are committed to protecting the FHA’s ability to provide assistance to qualified low-income and first-time home-buyers, and this settlement goes a long way toward that end. It also puts lenders on notice that they will face serious financial consequences for violating their obligations under the FHA’s programs,” stated United States Attorney Lynch.

“This agreement is demonstrative, and should serve as a model, of what results can be achieved when agencies of the United States Government join forces in a united effort to combat fraud in the FHA insured mortgage program,” said Inspector General Montoya. “OIG staff served IG subpoenas, conducted multiple interviews, reviewed loan files, and worked closely with the U.S. Attorney’s office in developing this case.” He further added, “I am appreciative of the tenacity with which the Assistant United States Attorneys approached this matter, the expertise and effort of my OIG auditors, investigators and legal team, and the assistance of the HUD Office of General Counsel and its Office of Program Enforcement and Philadelphia Home Ownership Center throughout this endeavor.”

Source: The United States Attorney General

For more information about the task force visit: www.stopfraud.gov.

 

 

Related articles

Thinking of buying or selling?
For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

Enhanced by Zemanta
animals

Dogs Welcoming Miltary Coming Home From Deployment

httpv://youtu.be/iD3cgDRsDck

 

I’ve just learned that there is website called Welcome Home Blog that has daily videos of military homecoming. Sure, it’s probably impossible to have a military homecoming video that isn’t wonderful, but this one’s a little different. In it, the returning soldiers are greeted by their dogs who welcomes them home with all the excitement one would normally expect from the more human members of the family.

 

Related articles
Enhanced by Zemanta
History

Martin Luther King Biography

President Lyndon Johnson signing Civil Rights Bill as Martin Luther King looks on. Source: Wikimedia Commons
President Lyndon Johnson signing Civil Rights Bill as Martin Luther King looks on. Source: Wikimedia Commons

Martin Luther King, Jr., (January 15, 1929-April 4, 1968) was born Michael Luther King, Jr., but later had his name changed to Martin. His grandfather began the family’s long tenure as pastors of the Ebenezer Baptist Church in Atlanta, serving from 1914 to 1931; his father has served from then until the present, and from 1960 until his death Martin Luther acted as co-pastor. Martin Luther attended segregated public schools in Georgia, graduating from high school at the age of fifteen; he received the B. A. degree in 1948 from Morehouse College, a distinguished Negro institution of Atlanta from which both his father and grandfather had graduated. After three years of theological study at Crozer Theological Seminary in Pennsylvania where he was elected president of a predominantly white senior class, he was awarded the B.D. in 1951. With a fellowship won at Crozer, he enrolled in graduate studies at Boston University, completing his residence for the doctorate in 1953 and receiving the degree in 1955. In Boston he met and married Coretta Scott, a young woman of uncommon intellectual and artistic attainments. Two sons and two daughters were born into the family.

Continue reading Martin Luther King Biography →

Business

Buy Made In America – Buying Five Percent More Creates 220,000 Jobs

video platformvideo managementvideo solutionsvideo player

 

This is a great video, it has a thirty second commercial at the start, but it is really worth watching.

In Bozeman, Mont., Anders Lewendal is hard at work building a home he hopes will be a blueprint for creating jobs in America.

Lewendal, an economist turned builder, is constructing a house made entirely from U.S.-made products. Everything from the nails, screws and bolts, to the steel, staples and bathtub is made in the United States.

“Every piece here is made in America,” he said.

Lewendal is convinced that if every builder bought just 5 percent more U.S.-made materials, they would create 220,000 jobs. The Boston Consulting Group agrees, confirming that Lewendal’s numbers add up.

Source  ABC News

 
For all your real estate needs:
Call or email

John J. O’Dell Realtor® GRI
Real Estate Broker

(530) 263-1091
Email jodell@nevadacounty.com

DRE #00669941