Rod's Notes Archives for 2013-10

Rod's Notes For Wednesday 10/16/13


Go to:  www.rodnolespropertymanagement.com and click on radio notes and sign up to have them emailed each week. If you know of someone looking for rental space, apartments, homes, retail, office or industrial send them to www.rodnolespropertymanagement.

 

You can participate in the show by calling 318-442-8255 (talk) between 8:05 and 8:55 on Wednesday morning.  Do not attempt to call Saturday this is our encore performance (fancy way to say taped). KSYL has now added Wednesday evening encore at 8:00 pm

 

Attachments: two week snap shot of activity at Noles-Frye Realty Inc. 30% market share of MLS provides glimpse of new listings, under contract, sold and price adjustments.  

 

Priscilla’s announcement: Young lawyers Council has invited YPG members to attend “Annual Fall Party” 6:30 to 9:30 at Diamond Grill October 18th. Priscilla take flyer for 1,100 square feet we have available in our building. Young real estate attorney could open shop upstairs and would be in place where 350 transactions happened this year.

 

George Zimmer is known to U.S. TV audiences for his advertising catch phrase "you're gonna like the way you look” you may remember he was removed as CEO. Well the news today is George’s former company rejected $2.3 billion dollar offer takeover bid from Jos. A. Banks. Last month the boss of Men’s Warehouse provided a novel explanation for a big quarterly drop in profits saying what…..number 13 was causing suspicious brides to defer wedding away from unlucky number 13. 

  

Every Deal has a Tale / Tail:

 

Adam Rubin with Southern Textiles purchased Carroll Furniture is expanding his current business located on Masonic Drive. Share comment made by Carol Fowler about the quality of Rubin family: Brame/Cathey Co., Ltd. (5741 Hill St., Alex., LA 71301) to Samuel A & Melissa S Rubin (107 Kincaid Lane, Boyce, LA 71409) – 5 acre tract known as 1819 Memorial

 

Construction Contracts:

 

Jade Property Management, LLC (5527 Coliseum Blvd., Alex., LA 71303) to Tudor, Inc. (1412 Centre Court, Suite 500, Alex., LA 71301) - Construction of new building & associated site work at 5527 Coliseum Blvd., $160,872.00

 

State of LA Military Dept. to Artech Construction & Design, LLC (1025 Palmer Chapel Road, Pineville, LA 71360) - Building 483 Latrine Addition, Camp Beauregard, $80,760.00

 

(+3.75) Rod’s economic indicator perfect score is 5.

Legal recorder data: business days from time period of October 7, 2013 through October 11th. This is 7 come 11 week for all you dice players. Wsj article 2.8% of gamblers make up 50% casino revenues and 11.7% of big players account for 80% of casino’s revenue.

(1) Total of 40 closed deals for the week has positive score

(2) At least one new home sale for the week has positive score

(3) At least one subdivision lot sale for the week garners positive score

(4) Number of lender sales in market place is less than 5% of the total market sales for the week.   

 

(-1.25) Total weekly volume: on October 7th there was one sale in daily legal recorder for the week there are 23 sales with volume of $4,297,350 if you remove Carroll Furniture sale volume is under $3,000,000. Low but not unusual that slow week follows $12,000,000 volume 61 transactions from last week.

 

(+1.25) Lot sales: To rank positive score need one sale per week the market gave us four 50% were developers volume

 

Bocage Subdivision of Alexandria, LLC (P O Box 12846, Alex., LA 71315) to V & V Builders, LLC (P O Box 12846, Alex., LA 71315) –

Lot 268, Bocage Subd., Phase VI (5908 Toria Dr., Alex., LA 71303), $25,000.00. V&V only has six lots remaining.

 

Melot Construction, LLC to Jennifer D Botts (117 Rue Donahue, Pineville, LA 71360) - Lot 12, Rue Donahue Subd., Phase II, $165,950.00

 

Richard C Bordelon (6006 Coty Dr., Alex., LA 71303) to Randall A & Lizette L McBride (4804 Collinsburg Dr., Alex., LA 71303) –

Lot 56, The Lake District, Phase 1, $52,000.00

 

Jonathan D & Robin R Watkins (8127 Ridgemont Dr., Pineville, LA 71360) to Jon R & Donna H McPherson (119 Country Club Dr., Pineville, LA 71360) - 3.61 acres in Sec 16 & 17, T5NR1W, $20,000.00

(+1.25) New home sales: looking for one new home sale per week the market gave us three sales

 

Johnny Porter & Son Contractors, Inc. to Kenneth S Thomas (108 Shady Crest Ave., Deville, LA 71328) - Lot 18, Shady Crest Subd., Phase II

(108 Shady Crest Ave., Deville, LA 71328), $185,500.00

 

Palmetto Enterprises, LLC to Nathan S Calloway (104 Shady Crest Ave., Deville, LA 71328) - Lot 16, Shady Crest Subd., Phase II

(104 Shady Crest Ave., Deville, LA 71328), $183,500.00

 

Melot Construction, LLC to Jennifer D Botts (117 Rue Donahue, Pineville, LA 71360) - Lot 12, Rue Donahue Subd.,

Phase II, $165,950.00

 

 

 

 

       

Lender sales: to rank positive score lender sales must be less than 5% of total transactions for the week one sale.

 

J P Morgan Chase Bank (270 Park Ave., New York, NY 10017) to Brandon C Hendricks (112 Holly Moore Dr., Pineville, LA 71360) - 1.03 acre tract known as 112 Holly Moore Dr., Pineville, LA 71360, $95,000.00 / $4,297,350 = 2.21%

 

Interest rates: 30 year rate was 4.27% this week is 4.29%, the 15 year rate was 3.34% this week it is 3.36%. this is still low by historical standards but up 100 basis points from lowest point last year at the same time. Rule of thumb at this level each 1% increase in rate increases your note by 12%

 

Review of 3Q13 select sales.

 

Shadow Center at Kingscountry AC-Pineville, LA-1, LP (4747 Williams Dr., Georgetown, TX 78633) to The Sun & Fan, LLC (771 Allison Way, Sunnyvale, CA 94087) - Lot 1, Kings Country Estates Subd., $1,560,000.00

 

Ole Riley Auto Parts Pineville highway 28 East KDBPG, LLC KIMBLE DEVELOPMENT, L.L.C. (10606 Coursey Blvd., Suite B, Baton Rouge, LA 70816) to Yahweh, LLC (1423 Lee St., Alex., LA 71301) - Tract in Sec 7, T4NR1E, $1,365,000.00

 

3 sales on Versailles:

 

Pecan Bayou Development, LLC (1223 MacArthur Dr., Alex., LA 71303) to Sadie & Sophie Investments, LLC (1301 Wimbledon Dr., Alex., LA 71301) - Lot 10, Pecan Bayou Subd., Phase 1 (124 Versailles Blvd., Alex., LA 71303), $340,000.00

 

Sadie & Sophie Investments, LLC (1301 Wimbledon Dr., Alex., LA 71301) to FSG Holdings, LLC (3416 North Blvd., Alex., LA 71301) - Lots 11 & 12, Pecan Bayou Subd., Phase 1 (128 & 134 Versailles Blvd., Alex., LA 71303), $240,000.00

 

Pecan Bayou Development, LLC (1223 MacArthur Dr., Alex., LA 71303) to 3 Wood Holdings, LLC (744 MacArthur Dr., Alex., LA 71303) - Lot 3, Pecan Bayou Subd., Phase 1 (80 Versailles Blvd., Alex., LA 71303), $465,000.00

 

3 medical sales that totals nearly $11,000,000 in transaction volume

 

Alexandria Surgery Center Real Estates, LLC (15305 Dallas Parkway, Suite 1600-LB 28, Addison, TX 75001) to HC-3436 Masonic Drive, LLC (4211 W Boy Scout Blvd., Suite 500, Tampa, FL 336070) - 1.719 acres in Sec 42, T4NR1W adjacent to Lots 9 & 10, Cabrini Su$ 4,700,000.00. Area next to former Aiken Elementary School, now orthopedic Center on Masonic Drive

 

Oceans Real Property Holdings, LLC (1 Lakeshore Dr., Suite 1900, Lake Charles, LA 70629) to Pontus OH Portfolio, LLC (7825 Fay Ave., Suite 360, La Jolla, CA 92037) - 6.51 acres in Sec 17 & 18, T4NR1W - Northport West Subd., $3,100,000.00

 

Bayou Health Care, LLC d/b/a Crossroads Regional Hospital (644 High Plains Ave., Baton Rouge, LA 70810) to Crossroads Regional Hospital, LLC (44 Versailles Blvd., Alex., LA 71303) - Tract in Sec 27, T4NR1W (44 Versailles Blvd., Alex., LA 71303), $3,094,790. New owner is Acadia Healthcare www.acadiahealthcare.com this company has 47 behavioral healthcare facilities approximately 3,700 licensed beds in 21 states. Acadia provides psychiatric and chemical dependency services to its patients

 

MRL, LLC WILLIAM C. BARRON (P O Box 3401, Pineville, LA 71361) to HNS Properties, LLC HENRY NORMAN SAURAGE, IV (5135 Bluebonnet Blvd., Baton Rouge, LA 70809) - Lots 1 & 2, MRL Subd., $910,000.00

Freddie Mac's Plan to Stall Impact of Shutdown

With the government shutdown now in its second week, Freddie Mac issued intermediate guidelines to lending institutions for approving home loans and modifications to keep the housing market from grinding to a halt.

Federal employees and contractors are not receiving paychecks during the government shutdown, but Freddie Mac is allowing lenders to approve mortgages for those borrowers — even in the absence of steady income — assuming they meet other loan requirements and plan to return to work once the government reopens.

"Today’s bulletin is intended to give lenders the certainty to continue approving and delivering new mortgages that meet Freddie Mac guidelines to eligible borrowers, such as federal employees and contractors, during the temporary shutdown," says Dave Lowman, Freddie Mac executive vice president of single-family business. "We are also reminding servicers of our forbearance options to assist qualified home owners with Freddie Mac mortgages to minimize the shutdown’s impact on our nation’s families and communities."

Freddie Mac has mortgage relief and forbearance policies available to public- and private-sector employees who are affected by the government’s shutdown. One of the biggest hurdles for lenders is being unable to verify borrowers’ income directly from the IRS during the government freeze. But both Fannie Mae and Freddie Mac have said they would adjust policies as needed so that loans and modifications could continue to be approved.

Realtors® Warn Congress Default Could Have Severe Impact on Housing Market

Defaulting on the nation’s federal debt could be disastrous for the U.S. economy and catastrophic for the housing recovery, cautioned the National Association of Realtors® today in testimony before the Senate Committee on Banking, Housing and Urban Affairs.

NAR President Gary Thomas called on Congress to raise the debt limit in a timely manner to avoid the consequences of a severe and drawn-out recession that would rapidly erase recent gains in the still young housing recovery.

“A default would be devastating for homeowners whose largest asset would lose value and equity, for home buyers who would see dramatic increases in interest rates and tighter credit standards, and for entire communities that are still grappling from the impact of the financial meltdown,” said Thomas, broker-owner of Evergreen Realty, in Villa Park, Calif. “As the leading advocate for housing issues, NAR is committed to protecting the value of homeownership from the avoidable and substantial harm that would be inflicted by Congress’s inaction to avert a default.”

Thomas said that even a one percent increase in mortgage rates could lead to 450,000 fewer home sales and price many middle-class Americans out of the housing market. For a borrower earning $60,000 and taking out a $200,000 mortgage, a one percentage point increase in interest rates would raise their monthly mortgage payment by 10 percent, a difference that could be costly to buyers and potentially disqualify them from many lending programs.

During his testimony, Thomas pointed to the significant financial market disruptions resulting from the debt ceiling impasse in 2011, which reduced consumer and business confidence and led to slower job growth. He urged Congress to raise the debt limit to help sustain the housing market rebound, which will keep the economy on its healthy path to recovery.

Source: REALTOR.org

 

 

Indices

 

Last

Last Week

YTD return %

DJIA

15126.07

14996.48

15.43%

NASDAQ

3760.75

3774.34

24.55%

S&P 500

1692.56

1678.66

18.68%

MSCI EAFE

1810.82

1820.63

12.89%

Russell 2000

1069.50

1070.90

25.92%

 

Consumer Money Rates

 

Last

1-year ago

Prime Rate

3.25

3.25

Fed Funds

0.10

0.17

30-year mortgage

4.23

3.39

 

Currencies

 

Last

1-year ago

Dollars per British Pound

1.596

1.600

Dollars per Euro

1.352

1.289

Japanese Yen per Dollar

98.110

78.260

Canadian Dollars per Dollar

1.038

0.980

Mexican Peso per Dollar

13.084

12.949

 

Commodities

 

Last

1-year ago

Crude Oil

103.01

91.25

Gold

1298.24

1761.18

<br />

Bond Rates

 

Last

1-month ago

2-year treasury

0.34

0.44

10-year treasury

2.65

2.89

10-year municipal (TEY)

4.37

5.03

 

Rod's Notes For Wednesday 10/09/13


Go to:  www.rodnolespropertymanagement.com and click on radio notes and sign up to have them emailed each week. If you know of someone looking for rental space, apartments, homes, retail, office or industrial send them to www.rodnolespropertymanagement.

 

You can participate in the show by calling 318-442-8255 (talk) between 8:05 and 8:55 on Wednesday morning.  Do not attempt to call Saturday this is our encore performance (fancy way to say taped). KSYL has now added Wednesday evening encore at 8:00 pm

 

Last weekly show December 18th, 2013

 

People not property: 

 

Jeanette Dingeldein my secretary for past 39 years passed away Sunday. Her funeral is this Saturday at 11:00 am Sacred Heart Church in Pineville, visitation Friday at 5:00 pm at Hixson in Pineville.

 

Personal privilege two stories from my long and wonderful history with this special lady

1.    Work for free

2.

 

Ted Silver, I had hoped to break his story prior to this morning’s front page in Town Talk. Weiss & Goldring did the fitting and supplied clothing for President’s Cup Golf Tournament in Ohio. Ted Silver outfitted Tiger Woods and Phil Mickelson and other famous golfers. I saw Ted at Atwood’s Saturday morning and the pictures he had on his I-Phone were unreal.

  

Every Deal has a Tale / Tail:

 

Bayou Health Care, LLC d/b/a Crossroads Regional Hospital (644 High Plains Ave., Baton Rouge, LA 70810) to Crossroads Regional Hospital, LLC (44 Versailles Blvd., Alex., LA 71303) - Tract in Sec 27, T4NR1W (44 Versailles Blvd., Alex., LA 71303), $3,094,790. New owner is Acadia Healthcare www.acadiahealthcare.com this company has 47 behavioral healthcare facilities approximately 3,700 licensed beds in 21 states. Acadia provides psychiatric and chemical dependency services to its patients.

 

New Mattress Company tis going to be built right where the jet air plane site next to Haverty furniture on South Circle.

 

Wynn T & Toni C Harvey (P O Box 3295, Pineville, LA 71361) to KR Ranches, Ltd. (1109 Dudlefski Road, Yorktown, TX 78164) - 300 acres in Sec 43, T4NR2W, et al, $692,480.00. $1,000,000 farm was sold last week to Mike Dekeyzer that sale was $2,600 per acre the sale this week is $2,308 per acre

 

Demo of burned out house on Beauregard was long past due. Kelly Ducote delivered an acceptable offer week after burned out house next to Councilman Larvadain law office was demolished.

 

Just a note to let you know we will be having our ribbon cutting on Wed at 10 AM with the chamber and the mayor.  I know you have the radio show, but if you can make it, would love to see you.  I’ll buy you a cup of coffee.  Our grand opening will start on the 14th and run through the 19th.  We will be giving away great prizes including two guitars on Saturday the 19th and many items throughout the week.  Our address is 2901 Hwy 28 East Suite A.

 

Thanks,

Herbert Nugent

 

Mykoff Absorption Report

 

For sale 9-1-13, 2013          Number Sold            Supply           new properties on the market

 

Total Market              828                                                     94                    8.81                            168

 

$400,001 up              39                                                        0                      39                                7

 

$250K to $400          99                                                        6                      16.5                            17  

 

$150 to $250             234                                                     35                    6.69                            44

 

Under $150               456                                                     53                    8.6                               100

 

Look for next month to be 10 month’s supply every price point saw more homes coming on the market than were sold plus transfers do not take place in November and December. As a reminder below 6 is a seller’s market.

 

Construction Contracts:

 

Alexandria Housing Authority (P O Box 8219, Alex., LA 71306) to T.L. Construction, LLC (P O Box 12893, Alex., LA 71315) - Central office call center, bldg. 2558, Loblolly Lane, unit upgrades, $123,000.00 

 

 

(+5.00) Rod’s economic indicator perfect score is 5. When top rating of 5 appears week after week I will share with our audience, that “Green Shots” is here and recovery is in full swing.   

Legal recorder data: business days from time period of September 30, 2013 through October 4th.

(1) Total of 40 closed deals for the week has positive score

(2) At least one new home sale for the week has positive score

(3) At least one subdivision lot sale for the week garners positive score

(4) Number of lender sales in market place is less than 5% of the total market sales for the week.   

 

(+1.25) Total weekly volume: 61 Transactions volume of $12,115,490 record week for 2013

 

 

(+1.25) Lot sales: To rank positive score need one sale per week the market gave us two sales

 

Ballina Farms, Inc. (P O Box 12487, Alex., LA 71315) to Thomas Bolton Properties & Construction, LLC (4821 Porter Circle, Alex., LA 71303) –

Lot 167, Tennyson Oaks Subd., Phase 7-B Revised (6713 Taylor Oaks, Alex., LA 71301), $58,500.00. Two of three Lake Lots went under contract this week, there is only one lot remaining in Tennyson Oaks.

 

ABC Homes, Inc. (P O Box 1236, Glenmora, LA 71433) to Jose P Garcia, et al (9934 Hwy. 165 South, Forest Hill, LA 71430) –

1.953 acres in Sec 18, T1NR1W, $80,000.00

(+1.25) New home sales: looking for one new home sale per week the market gave a single sale

 

Antoon Properties II, LLC (P O Box 222, Alex., LA 71309) to Gertrude H Vercher, nee Hebert (107 Belleau Wood Blvd., Alex., LA 71303) –

Lot 140, Fairfield Subd., Phase IV (107 Belleau Wood Blvd., Alex., LA 71303), $236,862.00

 

 

 

 

       

(+1.25) Lender sales as percent of total sales: rates positive score if lender sales are below 5% of total sales, the market gave us four sales with total volume of $227,322 / $12,115,000 = 187%

 

Capital One, NA (7933 Preston Road, Mail Stop 31062-0310, Plano, TX 75024) to Pensco Trust Co., Custodian fbo of R Scott Sullivan, IRA

(717 17th St., Suite 2200, Denver, CO 80202) - Lot C, T F Howell Subd. (4809 Howell Dr., Ball, LA 71405), $70,000.00

 

J P Morgan Chase Bank (201 St. Charles Ave., 29th Floor, New Orleans, LA 70170) to Jerry D & Misty L Baden (6328 McRay Dr., Ball, LA 71405) –

Tract known as 95 West Shamrock Ave., Pineville, LA 71360, $14,000.00

 

Standard Mtg. Corp. to Federal National Mtg. Assoc. (2001 Bryan Tower, Suite 1200, Dallas, TX 75201) –

Part of Lots 2 & 3, Blk 6, Town of Lecompte (1718 Hardy St., Lecompte, LA 71346), $75,322.67

 

J P Morgan Chase Bank (1400 East Newport Center Dr., Deerfield Beach, FL 33442) to Robert L Smith

(3737 Hwy. 107, Pineville, LA 71360) - Lot 285, Grundy Cooper Subd., Ext. 5 (6004 Benjamin St., Alex., LA 71303), $68,000

 

Interest rates: 30 year rate was 4.28% this week is 4.27%, the 15 year rate was 3.33% this week it is 3.34%.

 

Flood Insurance Update

As many of you are aware, on October 1st, Section 205 of the Biggert-Waters Act of 2012 went into effect.  Section 205 will dramatically increase flood insurance premium rates for some Pre-FIRM (Flood Insurance Rate Map) primary residences upon renewal of their flood insurance policy.  Some other Pre-FIRM primary residences will see drastic increases in their flood insurance premiums upon sale of the property or after a lapse of flood insurance coverage on the property.  Business properties covered by Pre-FIRM subsidized rate policies will see yearly 25% increases until they get to the FEMA determined actuarially sound amount.     The below memorandum spells out the particulars of these flood insurance premium increases, and details efforts being made to delay, amend or otherwise mitigate the impact of the Biggert-Waters Act.  The memorandum also includes numerous links with helpful information. 
Click here to view the updated flood insurance memorandum. 
We will continue to supplement information contained in the memorandum with new information in our weekly LBA Government Relations Update.  Please be on the lookout for those updates. 
A few other notes: 

  1. FEMA has confirmed to us that the government shutdown will not have a direct impact on the National Flood Insurance Program, and the ability to obtain NFIP flood Insurance policies continues on;

 

Robert Kinberger Update

 

Indices

 

Last

Last Week

YTD return %

DJIA

14996.48

15328.30

14.44%

NASDAQ

3774.34

3787.43

25.00%

S&P 500

1678.66

1698.67

17.70%

MSCI EAFE

1820.63

1832.08

13.51%

Russell 2000

1070.90

1078.41

26.08%

 

Consumer Money Rates

 

Last

1-year ago

Prime Rate

3.25

3.25

Fed Funds

0.09

0.17

30-year mortgage

4.32

3.36

 

Currencies

 

Last

1-year ago

Dollars per British Pound

1.617

1.609

Dollars per Euro

1.362

1.291

Japanese Yen per Dollar

97.240

78.550

Canadian Dollars per Dollar

1.032

0.986

Mexican Peso per Dollar

13.230

12.824

 

Commodities

 

Last

1-year ago

Crude Oil

103.31

88.14

Gold

1316.35

1779.18

<br />

Bond Rates

 

Last

1-month ago

2-year treasury

0.32

0.45

10-year treasury

2.62

2.92

10-year municipal (TEY)

4.34

4.94

 

Rod's Notes For Wednesday 10/2/13


Go to:  www.rodnolespropertymanagement.com and click on radio notes and sign up to have them emailed each week. If you know of someone looking for rental space, apartments, homes, retail, office or industrial send them to www.rodnolespropertymanagement.

 

You can participate in the show by calling 318-442-8255 (talk) between 8:05 and 8:55 on Wednesday morning.  Do not attempt to call Saturday this is our encore performance (fancy way to say taped). KSYL has now added Wednesday evening encore at 8:00 pm

 

Dozen more Wednesday shows and I am leaving the air for weekly update. I will come back once a month and send out our notes.

 

NPR “Wait, wait, don’t tell me” James Carville was guest and was unbelievably entertaining. Although host Peter Segal said the Saturday morning show has an audience of 4,000,000 I have found few people familiar with the show but we certainly enjoyed it.  

 

People not property: 

 

Steven Hebert Coldwell Banker Pelican in Lafayette has been appointed to La. Real Estate Commission. Many of you remember Steven as former Regional Manager for Coldwell Banker local franchise that was purchased from Carol White.

 

Priscilla Perry will help me put together major sales from 3Q13 for our show next week

 

Tip: do not ignore citation from LREC: The Investigation Division opened 1,429 cases for the 2013 Continuing Education Audit. As of September 1, 2013, the Investigation Division has received over 250 stipulations consent orders for individuals who failed to complete all or part of their required continuing education. The Commission has yet to receive responses from over 300 licensees. Licensees who fail to respond by October 1, 2013 will be issued a cease and desist order and will not be allowed to renew their license. As always, licensees should retain their course completion certificates, and licensees can view the education currently on file with the Commission on the Commission’s website.

 

Link to LREC newsletter boundary line http://www.lrec.state.la.us/files/boundarylines_JulyAugust2013.pdf

 

Every Deal has a Tale / Tail:

 

Kings Country Estates Betty Lofton (135 Kincaid, Boyce, LA 71409) to JDP Leasing, LLC David Preiffer  (125 Breckenridge Dr., Pineville, LA 71360) - Lot 3, Kings Country Estates Subd., $250,000.00. This is lot on Pinecrest drive not a corner $3.28 psf can see Wal-Mart from back corner of property. David Preiffer is the engineer that purchased library on Parliament.

 

Martin A Smith, Jr. (1926 Corporate Square, Suite A, Slidell, LA 70458) to DeKeyzer Properties, LLC Michael R. Dekeyzer (5017 Hot Wells Road, Boyce, LA 71409) - 373.248 acres in Sec 28 & 63, T4NR2W, $100,000 cash & Mtg. to seller for $900,000. This is really a $1,000,000 sale with owner financing explain to our audience how this works. Price per acre works out to be $2,680 per acre not sure where farm is or if there were any improvements.

 

Government Shutdown Update

In anticipation of a possible shutdown, NAR is consulting with officials from the U.S. Department of Housing and Urban Development, Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA, Rural Housing Service, and other agencies, and will post information on how a shutdown is expected to affect operations. As of early afternoon today, September 30, lawmakers were discussing short-term budget legislation, called a continuing resolution, to pay for federal government operations after midnight tonight.

FHA Single Family Housing

HUD officials have updated NAR concerning the status of FHA with a Federal Government shutdown looming at midnight eastern time.

  • The Office of Single Family Housing will endorse new loans under current multi-year appropriation authority in order to support the health and stability of the U.S. mortgage market. (FHA endorsements currently represent 15% of the market.) Approximately 80% of FHA loans are endorsed by lenders with delegated authority. The remaining 20% are endorsed through the FHA Homeownership Centers, leveraging FHA staff with a contractor that works on-site.
  • The Office of Single Family Housing will maintain the minimum operations necessary to support FHA’s existing portfolio.
  • The FHA Call Center and the National Servicing Center’s Call Center will remain open.
  • Any function of FHA that is funded through a multi-year appropriation or where the failure to perform those functions would result in an imminent threat to the safety of human life or the protection of property will continue. FHA's portfolio of insured mortgages – multifamily, healthcare, and single family, as well as commitments entered into for project-based rental assistance are within those functions.
  • The Office of Housing will continue to work on planned sales of defaulted notes, as required for the orderly termination of HUD’s fiduciary insurance and servicing obligations

Source: Realtor.org

 

Property offering for the week: House with 10 acres in National Forest has Priscilla give details on the air.

 

Construction Contracts: medical office building at former North Circle $3,800,000 construction project by Ratcliff Construction and

Golden Carroll is well under construction.  

 

England Economic & Industrial Development District: no sales, grants, or construction projects this week

 

 

Rod’s economic indicator perfect score is 5.

Legal recorder data:

(1) Total of 40 closed deals for the week has positive score

(2) At least one new home sale for the week has positive score

(3) At least one subdivision lot sale for the week garners positive score

(4) Number of lender sales in market place is less than 5% of the total market sales for the week.   

 

Total weekly volume:

 

42 transaction $5,663,772 would have expected volume at $5,500,000 or better being last Friday in the month,

if you remove $1,000,000 sale volume is $4,600,000 not bad but not great could be early signal that housing is cooling off here as it has

been nationwide.

 

(+1.25) Lot sales: To rank positive score need one sale per week the market provided three sales.

 

Van Mol & Sons, LLC (222 Hwy. 456, Lecompte, LA 71346) to David J Van Mol (222 Hwy. 456, Lecompte, LA) - Lot 33, Ocho Rios Subd.,

Phase I-B, $29,000.00

 

Louisiana Conference Center of The United Methodist Church (2350 Methodist Parkway, Woodworth, LA 71485) to Marvin C Cassell (1945 Tom Cassell Road, Woodworth, LA 71485)

- Lot 126, Country Club Place, Phase VI, $46,000.00

 

DONK, LLC (1580 Hwy. 115, Deville, LA 71328) to David F Rutherford, Jr. & Penny H Rutherford, et al (2826 Hwy. 107 # 31, Pineville, LA 71360)

- 2.9 acres in Sec 38, T4NR2E, $40,000.00

 

(+1.25) New home sales: looking for one new home sale per week the market gave us

 

Malcolm L & Rebecca R Burns (1985 Philadelphia Road, Pineville, LA 71360) to Luther F Smith, Jr. & Arleenia M Smith (252 St. Andrews Dr., Alex., LA 71303) –

Lot 110, St. Andrews Links Estates, Phase III (252 St. Andrews Dr., Alex., LA 71303), $285,500.00

 

V & V Builders, LLC (P O Box 12486, Alex., LA 71315) to Joseph R Deville, Jr. (142 Waterford Circle, Rancho Mirage, CA 92270) –

Lot 274 & part of 275, Bocage Subd., Phase VI (5810 Toria Dr., Alex., LA 71303), $219,000.00

 

 

 

 

       

Lender sales as percent of total sales: rates positive score if lender sales are below 5% of total sales, the market gave us only three sales

With volume of $437,900 / $5,663,772 = 7.73% for negative score.

 

Ouita J Corley, et al (111 Wild Rose Lane, Youngsville, LA 70592) to Randall A & Paula G Cote (400 Hickory Hill Road, Boyce, LA 71409) –

Lot 24, Frank N Magee Subd., $325,900.00

 

Federal Home Loan Mtg. Corp. (5000 Plano Parkway, Carrollton, TX 75010) to Ray L & Tammy L Smith (98 Cherri St., Alex., LA 71302) –

Lot 17, Ashton Acres, Phase I Subd. (98 Cherri St., Alex., LA 71302), $57,000.00

 

Red River Bank (1412 Centre Court, Ste. 301, Alex., LA 71301) to Steven D & Jackie M Smith (300 Shuler Road, Boyce, LA 71409) –

Lot 913, Hidden Path Subd. (TBD Hidden Path Lane, Pineville, LA 71360), $55,000.00

 

Interest rates: 30 year rate was 4.42% this week is 4.33%, the 15 year rate was 3.41% this week it is 3.38% second week the rates have declined.

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