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Welcome to Your Monthly Newsletter provided by Jessica Lynch, Your Lifelong REALTOR!
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Dear Friend,
Great news! The Housing and Economic Recovery Act of 2008 was signed into law today and will provide millions of dollars to assist qualified home owners and first-time home buyers with their real estate needs.
Also, check out My Top REO Picks (NEW!) below under The Real Estate Connection. It's a great time to buy!
I hope you and yours enjoy the rest of the summer months and the rest of 2008 to the fullest!
The Very Best of Success and Happines to You & Yours!
Jessica Lynch, ABR
Your Lifelong REALTOR
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| Housing Economic Recovery Act of 2008 |
First-time home buyers will be credited up to $7,500 for their home purchases made between April 9, 2008 and July 1, 2009.
President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide. The Housing & Economic Recovery Act of 2008, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes. The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009. The bill - H.R. 3221, the Housing and Economic Recovery Act of 2008 - also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits. According to an article released July 24, 2008 by the Arkansas Democrat-Gazette, the following are key parts of the housing bill:
- Gives the Federal Housing Administration $ 300 billion in new lending authority and relax standards to provide affordable, fixed-rate mortgages to debt-ridden homeowners. Any losses would be covered by an affordable housing fund financed by Fannie Mae and Freddie Mac, the government-sponsored companies that finance mortgages.
- Allows the Treasury Department temporary authority to lend money to Fannie Mae and Freddie Mac or buy their stock to avert a collapse of one or both of the mortgage giants. The authority expires on Dec. 31, 2009.
- Creates a new regulator and tighten controls on Fannie Mae and Freddie Mac, including power for the regulator to approve pay packages for company executives.
- Creates a new affordable housing fund drawn from their profits. Permanently raise the limit on the loans they may buy -- set to revert to $417, 000 by the end of the year -- to $625, 000 in the highest-cost areas.
- Allows them to buy loans 15 percent higher than the median home price in certain cities.
- Provides $3. 9 billion in grants to the hardest-hit communities for buying and fixing up foreclosed property.
- Modernizes the FHA and allow it to back loans for riskier borrowers.
- Permanently increases the size of loans the agency may insure - currently set to revert to $ 362, 790 by the end of the year - to $ 625, 000 in the highest-cost areas. The agency can buy loans 15 percent higher than the median home price in certain cities.
- Bars the FHA from insuring mortgages in which the borrower's down payment is paid by the seller, beginning on Oct. 1, 2008.
- Places a one year moratorium to bar the agency from charging premiums based on the riskiness of the homeowner, until Oct. 1, 2009.
- Provides $15 billion in housing tax breaks, including for low-income housing.
- Gives a credit of up to $ 7, 500 for first-time home buyers who purchase residences between April 9, 2008, and July 1, 2009.
- Allows people who don't itemize their taxes to claim a $ 500- $ 1, 000 deduction on their 2008 property taxes.
- Gives states an additional $ 11 billion in tax-free municipal bond authority for low-interest loans to first-time home buyers, construction of low-income rental housing and refinancing subprime mortgages.
- Offers protection from investor lawsuits for mortgage holders that modify loans to borrowers who are in default or about to default.
- Provides $180 million for pre-foreclosure counseling and legal services for distressed borrowers.
"These are all designed to help the housing and mortgage industries and boost the U.S. economy," NAR President Dick Gaylord said in a statement. "NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership."
Article Sources:
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Saving Money on Groceries
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Tightening the pocketbook is becoming more of a priority in today's economy. In monitoring my own family budget, groceries seem to be one of our biggest expenses. Recently, I found the below great tips for cutting grocery dollars while still maintaining a great selection in my kitchen and would love to share them with you!
Saving money on groceries doesn't have to be hard work. Making just some small changes can net big rewards to your pocketbook. Simple changes in the way you plan and shop can help you reduce the amount your spending on groceries.
Have a Plan Preparing a weekly menu of what you would like to eat is the first step in effective grocery buying. You will want to list entrees as well as any side dishes, salads or deserts you are planning to prepare. This meal plan can be simple.
Download a free menu planner by clicking HERE. After you have your menus planned, make a list of ingredients you will need to prepare each meal. There is no right or wrong way to make a list. It is mainly a listing of all the foods you will need to cook the meals you have planned for the week. You may want to group them in the order they appear in the store or by category such as meats, fruits and vegetables, canned items, frozen foods, cleaning supplies and miscellaneous items. Check out our free printable grocery list by clicking HERE.
How to Avoid Over Spending
Avoid displays meant to tempt you. Grocery stores spend quite a bit of time planning how to tempt you to impulse shop. You can avoid temptation by sticking to your list and closing your eyes to those tempting displays. Also, be aware that sometimes the best buys are displayed on lower and higher shelves. If a product is at eye-level, it may be more expensive than the items that are located just above and below it. Just remember, your mission is to look high and low for the best prices.
Don't go to the store hungry. To avoid overspending while at the grocery store, don't go to the store hungry. If you are hungry, stop for a small snack first before starting to shop. The cost of the snack will be much less than the extras you would have purchased if you were starving!
Shop at off peak hours. It is a good idea to schedule shopping at off peak times. If you have to be at the store during peak hours, then you will be in and out faster by having a list and a plan.
Shop alone. When possible, shop alone. If you have to shop with children and family, help them help you. Assign your children price checking jobs. This will help them with their math skills and also distract them from checking out the candy, cookie and toy aisles. They can also be a big help in reaching those items on the bottom shelves. Use a trip to the store as an opportunity to help teach them how to be a savvy shopper.
Shop only once per week. Try to make the adjustment to shopping just once per week. If you have planned well, you will have everything you need for the week. This will help reduce impulse shopping and should be a big cost saver. If you must go more than once per week, stick to your list.
Can I save money by shopping at multiple stores per week? Some smart and energetic shoppers have found that by shopping multiple stores, they can save money. The most important aspect of their savings systems involves knowing what prices each store charges for common purchases. Then through that system they are able to identify a good sale price and stock up.
Knowing prices is the first step in saving. Sometimes the store brand is the cheapest price and sometimes coupons can help defray the cost of some items. You can find out most prices by analyzing your itemized grocery receipts. If you'd like to know more about making a price book, check out the book called The Complete Tightwad Gazette by Amy Dacyczyn.
Consider your local farmer's market
You might consider visiting your area's farmer's markets for seasonal produce. Often if a farmer has an overabundance of seasonal items, he or she will offer a discount to unload the overstock! Click HERE for a list and schedule of all Colorado Farmer's Markets. If you do not want to take the time to shop at multiple stores you can still save on groceries. Find a grocery store with good overall prices, and then take these additional steps to save money:
- Avoid purchasing convenience foods and empty calorie snack foods.
- Buy cheaper cuts of meat that can be cooked using a slow cooker method.
- Calculate the cost of meats by serving rather than per pound.
- Buy larger boxes of cereal. Look at the price per ounce.
- Consider buying whole chickens, vegetables, fruits, and cheese rather more processed versions. It is generally cheaper.
- Prevent food waste by purchasing only what your family can eat.
With a small amount of planning and a little discipline you can cut your overall food bill and reap the rewards of that extra money.
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Featured Property Listing
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NOW ONLY $309,000!!!!!
$10,000 PRICE IMPROVEMENT!
Stunning mountain & city views framed by vast picture windows plus modern chic style welcome you home to easy city living close to Denver's best hot spots!
Walk to Coors Field, Downtown Business District, nightlife, restaurants, shopping, walking/biking trails, parks & so much more!
Enjoy watching sunsets or mornings sipping coffee on your peaceful patio while next to a flowering garden... grow your own flowers, herbs & veggies right here in the city!
The vast picture windows and front entry French doors create a light & bright open living room, dining and kitchen area... an entertainer's haven!
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Master Suite Loft with Private Full Bath & Large Walk-in Closet
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Main Floor Full Bath
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16-foot ceilings
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Stainless steel appliances
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Updated lighting
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Granite countertops with travertine tile backsplash in kitchen & bathrooms
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Original wood beam factory ceiling
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Tile, wood & stained concrete flooring
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Huge island/breakfast bar
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Deeded covered parking with remote-operated security gate
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Secure gated building
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Bonus Main Floor Laundry Room/Walk-in Pantry/Private Study or Work Shop
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and Much More!
See the Listing Website for full details about this incredible loft in Denver's Ballpark District/LoDo area!
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Jessica Lynch, ABR
Your Lifelong REALTOR
303.870.8395
Helping to Bring You the
Quality of Life You Deserve!
Prudential Colorado Real Estate
Cherry Creek
360 S. Monroe, Suite 500
Denver, CO 80209

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| Jessica's Top Home Picks |
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Please help me sell these wonderful properties:
www.11123BryantMews.com ***JUST SOLD!!!*** Most stylish and affordable semi-custom patio home in North Denver! Spectacular style and soaring vaulted ceilings with light & bright open floor plan and custom features throughout make this beautiful low-maintenance home a must see! 2702 total square feet, 2 master suites, main floor master, 42" oak kitchen cabinets and so much more!
www.BagFactory8.com ***Contemporary Chic Bag Factory Loft in Ballpark District/LoDo Denver with Stunning Mountain & City Views!*** Walk to Coors Field, Downtown Business District, parks, walking/bike trails, shopping, restaurants, nightlife and much more! City loft living at its finest close to Denver's best hot spots!
MY TOP REO PICKS
Townhome with charming curb appeal! 532 square feet in basement not shown on public MLS. Needs moderate fix up. HUD-owned property with chance of winning the bid at 10% below asking price! Current fair market value range for the neighborhood is $170K-$180K, which translates into approx. $40K-50K in combined instant & sweat equity after repairs! Great rental opportunity, too! Median rent in Lafayette is $900 for a 2/2 unit.
10041 Miller Street -- Westminster, CO Single family home with great potential! Short drive or bike ride to Standley Lake! Home needs moderate to high-moderate fix up. Current fair market value range for the neighborhood is $215K-$230K. Approx. $25K-40K in combined instant & sweat equity after repairs!
Single family home in darling Sheridan Green neighborhood! Located across from sprawling open space, trails and park! Home needs moderate to high-moderate fix up. Current fair market value range for the neighborhood is $210K-$225K. Approx. $20K-35K in combined instant & sweat equity after repairs!
If you or someone you know has a real estate need, I am always available and more than happy to help! I assist home buyers and sellers daily and would feel privileged to help your or your friends & family!
The Very Best of Success & Happiness To You & Yours!
Jessica Lynch, ABR
Your Lifelong REALTOR
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