Happy New Year!

Wishing you a safe and happy New Year!

Happy New Year!!! 2008... Here we come

We'll be traveling over the holiday's so no updates next Friday. We're spending a few days skiing at Okemo in Vermont and looking forward to getting away with the family for a few days.



We appreciate you as a reader, thank you!




We hope that 2008 brings all you want it to and is rewarding and your most successful year of your life to date. Make it count, make it a great year.



Ken

Are you an entreprenuer

You may enjoy this blog: Click here, I came across some good reading on this blog.

A Christmas-Holiday Online Card for You

From us to you, Merry Christmas, Happy Holidays, Happy New Year and we hope you enjoy the season and have a very rewarding 2008!

Click here: This link takes a moment to load, click refresh if it takes too long.

Enjoy the Holidays!

Dear Editor--I am 8 years old. Some of my little friends say there
is no Santa Claus. Papa says, “If you see it in The Sun, it's so.”
Please tell me the truth, is there a Santa Claus?

-Virginia Hanlon

Virginia, your little friends are wrong. They have been affected by the skepticism of a skeptical age. They do not believe except they see. They think that nothing can be which is not comprehensible by their little minds. All minds, Virginia, whether they be men's or children's are little.

In this great universe of ours man is a mere insect, an ant, in his intellect, as compared with the boundless world about him, as measured by the intelligence capable of grasping the whole of truth and knowledge.

Yes, Virginia, there is a Santa Claus. He exists as certainly as love and generosity and devotion exist, and you know that they abound and give to your life its highest beauty and joy. Alas! how dreary would be the world if there were no Santa Claus! It would be as dreary as if there were no Virginias. There would be no child-like faith then, no poetry, no romance to make tolerable this existence. We should have no enjoyment, except in sense and sight. The eternal light with which childhood fills the world would be extinguished.

Not believe in Santa Claus! You might as well not believe in fairies! You might get your papa to hire men to watch in all the chimneys on Christmas eve to catch Santa Claus, but even if you did not see Santa Claus coming down, what would that prove? Nobody sees Santa Claus, but that is no sign that there is no Santa Claus. The most real things in the world are those that neither children nor men can see. Did you ever see fairies dancing on the lawn? Of course not, but that's no proof that they are not there. Nobody can conceive or imagine all the wonders there are unseen and unseeable in the world.

You tear apart the baby's rattle and see what makes the noise inside, but there is a veil covering the unseen world which not the strongest man, nor even the united strength of all the strongest men that ever lived, could tear apart. Only faith, fancy, poetry, love, romance, can push aside that curtain and view and picture the supernal beauty and glory beyond. Is it all real?

Ah, Virginia, in all this world there is nothing else real and abiding.
No Santa Claus! Thank God! he lives, and he lives forever. A thousand years from now, Virginia, nay, ten times ten thousand years from now, he will continue to make glad the heart of childhood.

From the Editorial Page of The New York Sun, written by Francis P. Church, September 21, 1897

Growing Popularity of Reverse Mortgages

Growing popularity of reverse mortgages

Major changes are taking place in the reverse mortgage industry. And with its rapid growth during the past year or so it certainly has become an industry. First, a basic definition: A reverse mortgage is a loan against the equity in the home owned by a senior individual or couple. In most cases the owner(s) must be at least 62 years of age. The loan provides monthly income for the owners, usually for the rest of their lives, or until they sell or move from the property. It can also be taken as a lump sum, line of credit, or combination of those options.

For years there have been three primary reverse mortgage plans available, the most popular being FHA's Home Equity Conversion Mortgage (HECM). The reverse mortgage concept has become more popular in recent months and years with senior homeowners. This has motivated many of the nation's large banks and mortgage lenders to start offering reverse mortgage products. Some of those lenders are trying to edge out competitors by lowering their fees and increasing their payouts. One lender has reduced the minimum age requirement to 60. Others are making loans on second homes, and are offering "jumbo" reverse mortgages for high-end homes valued up to $10 million.

The key reasons for the growing activity in this area are two-fold. First, cost of living that continues to grow while seniors are often living on fixed incomes. They need the extra monthly income to meet their rising financial needs. Also there is a growing number of senior homeowners, with "baby boomers" now reaching retirement age. These factors raise the antennas of banks and lender firms. Before you start calling in representatives of firms selling reverse mortgages, discuss it with a friend, attorney or a trusted financial advisor. Be sure it's the right step for you.

YES! We are an approved Reverse Mortgage Lender with a Reverse Mortgage Lending Specialist on staff. Call us for more information at 431-9299

Home Prices Stabilizing

Home prices stabilizing

Many metro areas are now showing rising or stable home prices, according to a recent survey by the National Association of Realtors. In NAR's latest study, 93 out of 150 metropolitan statistical areas showed increases in median existing single-family home prices from last year. That includes six areas with double-digit annual gains and another 21 metro areas showing increases of six percent or more. About 54 had price declines, and three were unchanged.

Regionally, prices rose in both the Northeast and Midwest, as did the national condo price. Even with most areas showing improvement, a disruption in higher priced sales impacted the national median existing single-family home price - down 2 percent during the third quarter of 2007 from the previous third quarter. Median home prices in the Northeast rose about 3.2 percent during the past year. In the Midwest, the median home price increased 0.5 percent.

The median existing home price in the South is about 3.6 percent below a year ago. In the West, the median price is down by 3.8 percent. Home prices generally seem to be stabilizing in most areas of the country, but nationally they have dropped about 4.5 percent over the past year.

In another survey (by S&P/Case-Shiller for the National Association of Home Builders), the nation's 20 largest metro areas were targeted and studied. It was determined that five of those areas are showing home price appreciation rates over the past year - seven posted declines of less than 5 percent and eight metro areas registered losses of between 5 and 10 percent.

Current opportunities for property buyers

Current opportunities for property buyers

The next 18 months will be a particularly good time to buy real estate, according to Jim Wagner, an attorney specializing in real estate investments and retirement planning issues. He notes the following reasons:

Home construction starts are now at the lowest volume in the past 14 years. Foreclosures are on the rise, providing many good buying opportunities. Inventories of available homes are at a very high volume. And housing prices are declining in most markets. Also, he noted that mortgage interest rates remain at historically low levels, and could go a bit lower. Many banks now offer non-recourse loans.

He recommends the use of a self-directed retirement plan to generate capital for investing in real estate. "The ability to access IRA monies to purchase foreclosed homes or other properties, or to offer private loans when credit is tight, puts the self-directed IRA holder ahead of the game," Wagner said. Whether using IRA funds or financing properties with conventional mortgages, there are strong market factors that point to exceptional opportunities for today's real estate buyers.

Trivia Q and A for the week:

Last weeks question: One more taxi question. Who was Latka's alter ego? Latka's alter ego was none other than Vic Ferrari, the suave womanizer with no foreign accent at all. He nearly swept Latka's girlfriend off her feet. Taxi was a good one.

This weeks question: In the classic "A Christmas Story" what was the name of the boy who got his tongue stuck to the flag pole at school?

Mortgage Rates...

The Fed cut .25% on Tuesday afternoon, but that hasn't helped mortgage rates this week. Mortgage rates continue to bounce around. In my eyes, not a real big deal because rates are so low anyway. If you have a property under contract, best bet is to lock-in to avoid the up movements which can take some time to recover. So, unless you have a really strong stomach and are OK if rates do go up, take the lock-in. See the chart below and the trend since September is up for bond prices which means down for mortgage rates. Trends do stop though and look at the bumpy ride.

Sights to See...

Look closely at the picture on the rigth and you will find my son sitting on a ledge below the great paintings. He gives perspective to the size of these ancient indian paintings. This site has been called one of the greatest areas in the world for ancient indian pictographs and petroglyphs. These paintings are located in Horseshoe Canyon in Utah and this wall is called "The Great Gallery". You can click here for more info.

Housing Expense is Greatest Expense

Based on the new Consumer Expenditure Survey, housing’s share of average spending increased over a full percentage point from 32.7% to 33.8%, making it the continued king of cash flow consideration for the average consumer.

Not only is it the largest expense, but in prior consumer surveys the consumer feels they have the least 'control' over their housing related expenses.

As you can see from the chart, the level of pain is relatively higher for the lower income earners, but still makes up over 30% for the high income earner. This trend is actually pushing home ownership rates in the US down, and putting more pressure on rents, as the median rent in the US jumped 6% in 2006 after stay relatively flat for many years.

Net Wealth...

Net Wealth:
Borrowing grew 7.9% from last year - the slowest growth in borrowing since the start of 2001.

Asset grew 7.4% last year. While borrowing is growing faster than assets, the level of assets is larger than borrowing, so there was still a balance sheet increase in wealth.

Household assets continued to grow at a rate of about $5 trillion per year. Growth in the total value of stock and mutual fund holdings by consumers increased by more than the net equity in real estate for the fourth consecutive quarter and by the largest amount since the first quarter of 2004.

What's up with Mortgage Interest rates

Big jobs report on Friday morning could shape the Fed and probably Fed Funds rate cut next Tuesday. Initial estimates called for 70,000 new jobs created, but the market is thinking a higher number. ADP, the payroll company, reported over 200,000 new jobs, but their reports have been off in the past. A strong jobs report will hamper bonds putting upward pressure on interest rates as seen over the past day and a half. Some investors set rates Thursday morning and changed them twice during the day. Volatile for sure.

Added to the jobs report tomorrow, the mortgage bailout program is helping to spur on the stock market putting added pressure on bonds.

Doesn't matter too much, rates are VERY low!

Look for a Fed cut on the 11th. At least a quarter and possibly 1/2% cut. The Fed feels inflation is under control so a cut in rates may help to spur the economy on. Interesting times for sure as we head into the holidays.

Rates are low, homes are on the market, sellers want to sell... it's an excellent time to be a home buyer!

Eagles...

Alrighty... another tough loss against Seattle and now they face the NY Giants for one more game in this turnpike classic. NFC East division foes, throw out the records and bragging rights usually brings out a good game of football. The Eagles will have McNabb back at the helm and I see him leading the Eagles to victory. Last week was another woulda, coulda, shoulda, but too late and The Giants are in front of the Eagles. I do not see any playoffs this year for the Birds, but winning some big games in December will help them build some good momentum for next year. Go Birds!

Trivia Q and A for the week:

Last weeks question: One of my favorite shows Taxi, was based on a NYC yellow cab garage had a host of great characters. Reverend Jim was classic: What was Reverend Jims real last name on TAXI? Answer: Played by the talented Christopher Lloyd, Reverend Jim "Iggy" Ignatowski.

This weeks question: One more taxi question. Who was Latka's alter ego?

Toys For Tots Toy Drive

Long & Foster Real Estate is holding their annual toy drive to support Toys for Tots

Saturday, December 8th from 9am to noon

108 Foxshire Drive, Lancaster.

Children are invited to donate a NEW, unwrapped toy and make an ornament at one of the craft tables.

Parents, Grandparents, etc. can do some holiday shopping.

Light refreshments for everyone!

SANTA arrives at 10:00AM by FIRETRUCK! Bring your camera for a picture.

Contact Long & Foster Real Estate for details 717-581-5392

For Your Laughing Pleasure

You know you're from Lancaster when...

• You know and LOVE what a whoopie pie is
• Pork and sauerkraut is THE meal New Year's Day
• You got an extra day off from school for the first day of deer season
• You called it "macadem" as a kid, and you don't know why nobody else has a clue what that is
• IT'S SODA, NOT POP!!!
• You know what a Fire Hall Wedding is
• You've been to a chicken and waffle dinner
• You don't understand why the Amish are famous
• You know chicken pot pie has nothing to do w/ a pie
• Shady Maple is the mother of all buffets
• There is no need for the verb "to be" in any of your sentences
• The local post office closes for lunch hour
• They're diners, not restaurants
• You end sentences w/ "a while"
• You don't giggle when you see a sign for Blue Ball or Intercourse, PA
• You've heard of 7-11 but you never see them
• There are beer stores and wine stores, not both
• You can tell stories about Agnes from 1972
• You know Lancaster does not have a G in it
• The iced tea is sweeter than Pepsi
• You know who James Buchanan was
• You know what Shoo Fly Pie is.
• You think Fasnacht Day is a national holiday
• You go buy more at the store when it's "all"
• "Come with?" is a complete sentence
• Your grandparents knit, and your family has a quilt.
• Long Johns are something you eat, not something you wear
• You know that bologna ends in an A and not a Y
• You think orange traffic cones are the natural foliage surrounding Route 30
• You remain faithful to Turkey Hill Minute Markets
• It's Twin Kiss, not Dairy Queen
• Dutch Wonderland is not Dutch, nor is it a wonderland
• The WGAL news team are local celebrities
• You go out of state just to drive on smooth roads
• You've ordered "dippy eggs" for breakfast
• Your turkey has "filling," not "stuffing" and certainly not "dressing"
• In the summer, rush hour is Saturday afternoon
• Chicken corn soup from a firehouse is amazing
• You know what hex signs are
• You think that Pittsburgh is out west, and you know the fastest way to Philly is the Turnpike
• You live within 5 miles of a plant that makes potato chips, candy, pretzels or chocolate
• You call sloppy joes "barbecue"
• You do things "once," "I'll go check the room once"
• When it snows, they put cinders on the roads instead of sand
• If there's a bad driver on the road, you immediately assume they're from Jersey
• You can stop along the road to buy fruits or vegetables on the "honor system"
• Buggy, hoagie, chipped beef and scrapple actually mean something to you