There were 2,487 home closings reported for the month of October, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 25 percent from the 3,331 closings reported for the same period last year.Year-to-date closings for the Greater Nashville area are 29,852, down 12 percent compared to the 34,080 closings reported for the same period as last year, which  was a record year for home sales in the region. "Several factors are very favorable for home purchasing in Greater Nashville, including the fact that prices are stable even though the number of transactions is down," said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "Dr. Lawrence Yun, managing director and senior economist with the National A... 11/08/2007

 Review of Last Week THE FED'S HALLOWEEN TREAT...WITH A TRICK  Wall Street celebrated Halloween with a nice treat from the Fed...a 25 basis point (.25%) cut in the Fed Funds Rate AND the Fed Discount rate. BUT...the accompanying policy statement played a trick on investors expecting rate slashes through the end of the year. The message: THIS IS IT! The Fed feels they've adequately responded to the credit crunch with the last two cuts. If NEW data comes in, they could make another cut. But for the present situation as we know it, they've done their job...NO MORE FREEBIES!The markets first dipped on this news, then rallied strongly, ending Halloween looking like Power Rangers. Thursday morning, though, they turned into Zombies. Why? Analysts downgraded Citigroup, fearing more subprime los... 11/05/2007

In an attempt to make a special dinner for you last night, your spouse started a small grease fire. Although the fire was contained to a small section of the kitchen and extinguished quickly, you have some obvious damage as well as smoke damage throughout the main level of house. Repairs can cost thousands of dollars.   Bad things occasionally happen to all of us and that's why we carry insurance. When something like this does happen, you wonder "Should I file a claim?" You hear people talk about insurance companies refusing to renew policies because a homeowner filed a claim.Anytime there is a loss, you have to evaluate the situation and determine whether it makes sense to file a claim.  It's not always an easy answer and there are many factors to consider before making a decision. Unf... 11/05/2007

The FED dropped rates again this week a quarter percent. Some hoped for another half percent like last time, but this will do! With consumer confidence on the rise buyers are swarming back into the home market! Traffic at websites is increasing and buyer calls are flowing in! Williamson County Tennessee, one of the HOT places to buy always, is seeing a marked upsurge in buyer activity. At least in my experience. I have more houses to show and buyers looking to close before the end of the year than I can almost handle! As the end of the year approaches, buyers who have been hanging back, afraid of lender issues and value drops are running to get the tax breaks and start the New Year in a NEW HOME! I have multiple buyers from as far as California to local areas buying in the Brentwood Rea... 11/02/2007

 There are well over 450 different mortgage products on the market today. There are hundreds of different mortgage companies who offer slightly different versions of each of those products. And each of those products has a range of interest rates that could be offered on any given day.  #1 factor is your credit scores. Your credit history is collected by 3 different credit bureaus. When you make application for a home loan, the lender will get a credit score from each of the three credit bureaus. Most lenders use the median (numeric middle of the 3) as the score with which they will underwrite your loan. The higher your credit score, the better your credit grade. Most of the mortgage products on the market usually have a higher rate for lower scores and a lower rate for higher scores. #... 10/30/2007

Review of Last Week FINANCIALS COME CLEAN, MARKETS SHINE... The week on Wall Street began with financial powerhouse Merrill Lynch 'fessing up to a $7.9 billion third quarter write down for their collateralized debt obligations (CDOs) and U.S. subprime mortgages. This was a substantial revision upward from the $4.5 billion they told us to expect. The net result? Merrill's stock finishe d up for the week. On Friday, mortgage lender Countrywide posted a wider than forecast loss of $1.2 billion, but projected a return to profitability by the end of the year. This outlook soothed investors who sent Countrywide shares up 32%! Honesty can be powerful, but what really turbo-charged the markets were great earnings from the techies. Leading the charge were Microsoft's strong quarterly profits, bo... 10/30/2007

Review of Last Week 20 YEARS AFTER BLACK MONDAY, WALL STREET SKIES TURN GREY... If you're financially minded AND have a taste for morbid celebrations, the 20th anniversary of Black Monday is hard to beat. On October 19, 1987, the Dow fell 508 points-a record 22.6% drop for the day. At today's level for the index, that would be one-day drop of over 3,000 points! Well, this week Wall Street saw nothing that bad, but five straight losing days for the Dow proved an overall downer for stocks. Friday was the Black Monday anniversary, and the Dow sympathetically fell 366.94 on the day, ending the week down 4.1%, at 13,522.02. Let it be noted, however, the Dow is still up 8.5% for the year. The S&P 500 closed at 1,500.63, down 3.9% for the week, but up 5.8% for the year, and the NASDAQ sank to ... 10/22/2007

That's a great question to ask during National Fire Safety Month! Some manufacturers recommend replacement after 5 years. If you don't have the manufacturer's information and your smoke alarms are 10 years old or older, it's time to replace them with new ones. Since smoke alarms can become desensitized over time, replacement is strongly advised. If possible, replace old smoke alarms with interconnected alarms. These alarms are linked together so if one alarm is activated, all alarms will sound. In the event of a fire, this gives you extra time to help get family members to safety. You may also want to consider a monitored smoke/heat detector installed by a home security company. Test smoke alarms once a month and change the batteries in your smoke alarm at least twice per year. Also, be... 10/22/2007

SEPTEMBERClosingsMedian PriceInventoryTotal2,58722,821Residential2,014$182,29115,438Condominium415$162,5002,434Multi-Family32390Farms/Land/Lots1264,559 Pendings: 2,214Days on Market/Residential: 67 Compared to AugustAUGUSTClosingsMedian PriceInventoryTotal3,35922,396Residential2,643$189,71915,172Condominium524$162,3462,450Multi-Family41360Farms/Land/Lots1514,414Pendings: 2,896Days on Market/Residential: 64For more information go to http://www.gnar.org/GNARHomeSalesInfo  But, the question is, will October bring up the rear with better numbers?As I have indicated before, October is historically a better month for home sales.From what I am experiencing that answer just may be..YES!Just before the Hollidays and after summer is over is a great time to find that dream house!Vanessa StaletsRE/... 10/09/2007

Historically October sees an increase in sales in the Middle Tennessee area. This year we sure need it. Has it happened?Well yes, in a manner of speaking. Not like previous years, but in the last 2 weeks there has been a definite surge in activity. yay, right? Maybe. While there have been a couple of good clients pop up I have seen a lot of sub prime, hard to get approved or can't approve must wait loans come in as well. The return of contingent upon sale of home has also been marked here. I have several "clients" who have been trying to get approved and it is just not working. I know they are frustrated, possibly with me as well, I will not show property until a lender tells me they are good to go. Why set themselves up to get their hearts set on something only to be shot down when the... 10/08/2007

You're not the only one thinking about a way to update your kitchen. Home buyers and sellers are watching HGTV (Home and Garden Television) and thinking about remodeling their kitchens. Six hundred respondents to The Digital Kitchen Study recently gave a lot of thought to the same subject. According to the study, commissioned by the Internet Home Alliance Research Council (an industry network of companies engaged in research to advance the connected home space), kitchens today are used for much more than cooking. As a result, today's families continue to look for ways to squeeze the most out of each valuable square foot. The Digital Kitchen Study questioned male and female homeowners ages 25 to 64, with household incomes greater than $35,000. According to the findings, at least 15 perce... 10/05/2007

MODERNIZING FHA - FINANCING THE FUTURE "DENVER - Congress created the Federal Housing Administration (FHA) in 1934 to provide families access to homeownership through reasonably priced, low down payment, government-insured mortgages. FHA is a major program of the U.S. Department of Housing and Urban Development. Since its inception, FHA has helped 34 million Americans and their families become homeowners. However, even as FHA's product line remains a solid financing alternative, the mortgage industry now offers a wide variety of loan options, some of which have unfortunately proven costly for a number of homebuyers. Several situations have been publicized and cause us great concern about the families whose dreams of homeownership have ended unhappily. FHA business declined in recent yea... 10/01/2007

For the week of October 1, 2007 - Vol. 5, Issue 40  >> Review of Last Week "BEARS DON'T LIVE ON PARK AVENUE."  Bernard Baruch The Wall Street legend would have applauded the net bullish ending to this most volatile third quarter. It featured the market swings of August, the surprising major rate cut by the Fed in September, super strong commodity prices, but a still tight credit situation and slow housing markets in many parts of the country. Nonetheless, during this quarter, which is traditionally their worst, the markets did very nicely, thank you. For the three months ended last week, the Dow was up 3.63% to 13,895.63, while the S&P 500 was up 1.56% to 1,526.75, and the NASDAQ finished up 3.77% to 2,701.50.Economic highlights of the week began with a lower than expected September Con... 10/01/2007

 >> Review of Last Week "OUR BRIGHTEST BLAZES OF GLADNESS ARE COMMONLY KINDLED BY UNEXPECTED SPARKS."  Samuel Johnson (1709-1784)The wise and witty Dr. Johnson, author of the first authoritative English dictionary, would have loved this week on Wall Street. The "unexpected sparks" were Tuesday's surprise announcements by the Fed of a .50% cut in the Fed Fund rate AND a .50% cut in the Discount rate. These kindled a very bright "blaze of gladness" indeed--a 336 point rise in the Dow, its best performance since 2003! Mortgage Bonds also heated up with a quick 41 basis point rally. As Fed chairman Ben Bernanke explained to Congress on Thursday, this was "a pre-emptive move" motivated by concerns over the potential "effects of tighter credit conditions" on the economy.Party poopers worrying... 09/25/2007

Little by slowly is the name of the game this fall season. As the mortgage industry tries to "settle" in again, buyers are cautiously putting a toe or two in the hoiusing market again. I have seen an increase in buyer activity in the last week alone. Historically October brings good sales numbers the the TN housing market, but I was unsure how this year would go. It looks as if it will rally a bit at least. Good, the reality is that there are some AWESOME homes out there for buyers, and great prices and good rates! Here's to a restoration of balance, I for one am glad to see it!Happy Buying/Selling Everyone!Vanessa Staletswww.vanessastalets.com615-957-6333615-661-4400RE/MAX Elite 09/15/2007

If you turn on the Television, pick up a newspaper or listen to the radio, even go to the salon, all you hear these days is how bad the Real Estate industry is right now. Is this truth?! Yes and No. Here's why; yes the mortgage industry has had some harsh times recently, the days of Wine and Roses are gone. But! And it is a large but(no pun intended) the real issue here is FEAR. One of the deadliest four letter words I know. Nothing runs us a humans stronger and faster than fear. It can dictate to an intelligent person and have them behaving foolishly. This is what I believe is happening now. After hearing how bad it is over and over ad nausea finally everyone believes it. It is just not so! OK, what is true is that the days of 100% loans with no documentation just because your credit s... 09/12/2007

Mortgage Fact and Fiction:  Fiction:    FACT:100% financing... gone100% loans available today!Low doc loans... goneLow doc loans available today!Jumbo loans... goneJumbo loans available today!The mortgage industry is going through many changes. At times like these it's always better to know the facts. The credit market is clearly in turmoil, but there are still loans available for qualified borrowers! Now more than ever, it's vital to work with someone whose qualifications and experience can give you and your clients the peace of mind that comes with an on time, no surprise closing. Please call me for the latest facts about the current mortgage market. For qualified clients, there are solutions available! >> The Review of Last Week "PREDICTION IS VERY DIFFICULT, ESPECIALLY IF IT'S ABOUT... 09/11/2007

Monday, 9/10/07 4:30 PM   Two Federal Reserve bank presidents suggested that the U.S. economy is weakening after the labor market shrank in August, and that the housing market shows no sign of recovery. Janet Yellen, head of the San Francisco Fed, cited "significant downward pressure based on recent data indicating further weakening in the housing sector and the tightening of financial markets.'' Atlanta Fed President Dennis Lockhart said employment began softening in June. He also declined to repeat remarks he made just four days ago that there weren't "conclusive'' signs of a faltering economy.  The interest rate market continued to get safe haven buying as the recession outlook is becoming hard a cement after the jobs fell in August. According to Yellen, the decline in employment act... 09/10/2007

Brentwood TN Real Estate    There were 3,359 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 10.9 percent from the 3,772 closings reported for the same period last year.Year-to-date closings for the Greater Nashville area are 24,778, down 9.2 percent compared to the 27,294 closings reported through mid-year 2006, which  was the best year ever for regional home sales. "These numbers are very good and represent a stable market, " said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "The real estate picture for Greater Nashville has changed this year to become more normal and balanced, particularly when compared with last year's exceptional recor... 09/10/2007

 Brentwood TN Real EstateYou bet! In this market where 100% loans are harder to find and "bridge" loans becoming a more exclusive commodity many buyers who need to sell a home first are finding themselves in this type of contingent contract. What exactly does contingent upon sale of home mean to you as a buyer or seller? Well first let me take the buyer side; as a buyer with this type of contingent contract many buyers erroneously assume they are "in" on the home of their choice.That could be wrong, here's how. There is something called "first right of refusal", what that means in layman's terms is that the buyer has a contract and seller is giving said buyer first right of refusal, meaning that if another buyer comes along and puts a contract on buyer A's already contracted property th... 09/10/2007