Tuesday, March 31, 2009

How will Foreclosure Affect Credit Scores?

Unfortunately there are a lot of people foreclosing on their homes. I just thought you might be interested on how it affects your credit score.

Daily Real Estate News | March 16, 2009 | Share
How Will Foreclosure Affect Credit Scores?
The amount of damage to a credit score caused by foreclosure, deed in lieu or a short sale during 2008 and 2009 may be mitigated by the slower economic times, say some credit and legal experts.

FICO may have to adjust its credit scores to lessen the impact of a foreclosure in the last two years, says Todd J. Zywicki, a professor of law at George Mason University.

''It just seems obvious that a foreclosure in 2008 or 2009 doesn't have as much information value as a foreclosure five years ago,'' he says. ''To the extent that foreclosure doesn't predict future behavior as much as it did in the past, you'd expect that the FICO algorithm would change to adjust for that.''

One of the country’s largest credit unions Golden 1 has already figured out a way to lend to people with a foreclosure on their record by offering a mortgage repair loan specifically for those who have lost a home to foreclosure and who want to buy a new one.

BECU, another large credit union based in Washington State, is about to present a program to fellow lenders, ''How to Lend to the Newly Credit Impaired.”

Source: The New York Times, Ron Lieber (03/14/2009)

How a Doodle Serves your Noodle

This is from the April 6, 2009 BusinessWeek

Often viewed as a sign of wandering mind, doodling may actually help us absorb information. In a study published in Applied Cognitive Psychology, Jackie Andrade at Britain's University of Plymouth played a rambling voice-mail message to 40 people, half of whom were given shapes to fill in as they listened. The result: The doodlers recalled 29% more of the message than those who just listened. Andrade says idle scribbling uses just enough cognitive bandwidth to prevent daydreaming, so it may help us stay focused. One boardroom doodler, retiring G< Vice-Chairman Bob Lutz, says he isn't surprised by the finding. "I can look at old sketches done in meetings 40 years ago," he says, "and experience sudden recall of the room, the table, the voices." - Ellen Gibson

See...Doodling is a good thing!!

Thursday, March 12, 2009

First Time Homebuyers Tax Credit

As many of you have heard, there is a new tax credit for First-Time Home Buyers for up to $8000. There are a few requirements, but most buyers WILL qualify for this refund!! Below is a short video and information from the Kansas Association of Realtors. If you need more information or have questions, please let me know! AND if you or someone you know is a First-Time Home Buyer looking to take advantage of this great savings, CALL ME!!

Click Here to see a quick video on the tax credit.

The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) was signed into law on February 17. In the end, the elements of NAR's housing agenda were included.

For a chart describing major modifications to the First-Time Homebuyer Tax Credit, click here and for more details about the Credit see NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit.

Some provisions include:

Homebuyer Tax Credit – a maximum $8,000 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and December 1, 2009.

The credit does not require repayment.

Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit, as well.

The Bill includes a total of 10 provisions affecting housing. For more information about them, see the constantly-updated webpage on REALTOR.org.

Make no mistake—our work with Congress and the Treasury Department is not yet completed, as the leading advocate for homeowners and the real estate industry, the National Association of REALTORS will continue to address the issues facing Americans who are trying to purchase a new home, protect their current home or preserve investment opportunities in residential and commercial properties.

NAR recognizes the efforts of the members of Congress and the Senate who understand that without a housing recovery, an overall economic recovery is impossible.

Tuesday, March 10, 2009

Check your credit

Did you know you are entitled to a FREE credit report every 12 months? There are many sites out there that claim to be free - but aren't. (trust me, I learned this the hard way!). A site reccommended by the Kansas Association of Realtors is www.annualcreditreport.com. Be sure you don't check your credit too often, but it is good to know where you stand.

Monday, March 9, 2009

I'm soooo proud!!

I HAVE to use today's blog to talk about my dear friend Emily and this great new magazine RSVP Perfect (www.rsvpperfect.com)

As many of you know, I am soooo proud of my friends & family and their many accomplishments. My friend Emily is no different. She has been my friend for over 25 yrs. She has her own stationary business (www.sliceoflimedesign.com) and is responsible (this is a good thing) for my awesome logo, business cards and marketing materials! She is fabulous! (and for those of you who don't know...I am not a good lier..so if I didn't like the stuff...you'd probably know!) Well, there is a NEW magazine in St Louis - RSVP Perfect. It was created by a gal named Arina Lanis who is a graphic and webdesigner (www.arinalanis.com) I got a copy in the mail the other day (thanks to these great gals) and read it cover to cover in one sitting!! It was great. It has a ton of ideas on different times of parties, etc. AND my friend Emily's work is features in a TON of the articles! I mean, I knew she was awesome...but to see her stuff in print..in a real publication! Now that's pretty darn cool!!!

Friday, March 6, 2009

Deals, Deals & More Deals

I LOVE deals! If I can find a deal, I will. Now, I'm not rude about it...I won't go to the grocery store and ask for a reduced price (I've seen them suggest this on tv!!), but I will use coupons, watch the ads and do my research online! There are a TON of online websites, blogs, etc that are GREAT deal finders! I have a few I check daily and wanted to share:

www.slickdeals.net (must be .net!!) This site lists different discounts, codes, etc

www.woot.com - one day sale. They have one item for sale each day (they also have wootshirt and wootwine) and once it's sold out, it's gone. I've gotta a dyson vacuum for over $100 off from this site!! I learned that you can only make ONE order per day, BUT you can order more than one item. (I tried to order something for me and something for my dad and wanted to ship the separate..I ended up having to use two different credit cards, two addresses and two different users)

www.nicolesnickels.blogspot.com - This is FOR SURE my new favorite site!!! Just check it out, I can't begin to say how much I LOVE this site!!!

www.sisterlysavings.com - Almost as cool as Nicole's Nickel (actually found out about Nicole via this site), it has not only deals but also some good advice as well.

www.dealdays.com - Just found out about this today from my hygentist. They have great prices on cell phone accessories. (yes, I ordered a cover for my phone b/c someone it gets dropped a lot...not sure how. haha)

ok, I know there are a LOT more sites out there...but these are BY FAR my favorite! I check woot & slickdeals EVERY day and have both Sisterly Savings & Nicoles Nickel set up on my google reader blog so I know when they are udpated. (Thanks Emily for teaching me that!)

I hope you enjoy these sites as much as I do!!! Let me know!! And if you have some you LOVE...tell me tell me!!!

Thursday, March 5, 2009

Body Art Ball, Facebook, etc.

Well, I experienced another Kansas City site on Sunday!!! The Uptown Theatre! I know, I know, it's hard to believe I'd never been there before. I went to see the Body Art Ball (http://www.kansascity.com/238/story/1052305.html). It was pretty cool. I was really expecting to see more body art...there was some, but there was a lot more dancing. It was a great show overall - and FREE!!

As many of you know, I've got a "slight" facebook addiction. BUT, I think it's totally justified b/c I can keep up with friends, family and clients!! I would have missed a few birthdays at the end of last year if it wasn't for facebook! Plus, I LOVE pictures! I found a picture the other day that just made me laugh out loud! My clients the Alexander's moved to KC a few months ago from Lawrence. Because of the way things happened with closings, they crashed at a friends house for a few nights. When they got to closing, Creighton had the three kids and two dogs (standard poodles) in the car. To make things funnier, the closer wasn't the happiest when she sees three small (well behaved!) children come in for closing. So Creighton offered to bring in the dogs too - she had no idea he was SERIOUS!! Well, when searching facebook the other day I found a picture from that day with all 5 (3 kids, 2 dogs) in the back of the car!! Hilarious!!!