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Millennials Rent vs Buy


Millennials (18-34) overall have conservative views on homeownership.

However, low interest rates and affordable mortgage payments are encouraging, and skyrocketing rents are compelling motivation for them to make a change in their housing situation.

Rent has become increasingly unaffordable.

The question isn’t “Why don’t millennials want to buy a home?” It’s “When and what can they afford to buy?” I can help you answer that!

The issue facing millennials and other first-time home buyers is whether it’s more economical to continue renting or to make the leap and purchase a home. To help determine that, renters need to identify their breakeven horizon — the number of years they will need to own and live in a home until it becomes more financially advantageous than renting the same home.

Current renters spend roughly 30 percent of their household income on housing; home buyers spend about 15 percent of their monthly income on a mortgage payment for a typical home.

Economic News

Good morning. Economic news as it relates to mortgage rate movements…

GNMA down 1, FNMA down 1, 10 yr Treasury at 2.22%

Mortgage bond prices were weaker this morning which erased some of the small gains from yesterday afternoon. Rates remained near unchanged since pricing yesterday morning despite the negative movement.

News out of the eurozone showed manufacturing strength. In addition, employment figures for the eurozone were better than expected. Eurozone unemployment fell to 10.7% in October from 10.8% in November. The European Central Bank meets Thursday and a rate cut is anticipated.

ISM index data will be released at 10am et this morning.

This week is jobs week with three reports starting Wednesday with ADP payrolls and concluding Friday with the all-important Bureau of Labor Statistics (BLS) employment situation report. This is the last jobs report before the Fed meeting later this month. The report has the ability to cause volatility. A wide miss from the expected jobs gain of 201K could cause the Fed some concern on raising rates.

Holiday Safety Tips

Holiday Safety Tips—Wherever You Are!
At Home
If you are leaving town, stop newspaper and mail delivery; alert a trusted neighbor; install a timer on your interior and exterior lights; leave a car parked in the driveway or ask a neighbor to park in your driveway.
Don’t place boxes at your curbside which advertise any expensive items you just purchased (e.g., large screen TV box).
Trim bushes and landscaping back from windows; make sure exterior lighting is adequate around exterior of house.
Install deadbolt locks on all doors leading outside of residence, along with 3″ screws in the strike plate.
If you see any suspicious activity/people, call the Police Non-Emergency number (385-5000) immediately.
Participate in Neighborhood Watch; if you don’t have one in your community, now’s the time to start one up.
Join Nextdoor – it’s secure, tailored to residents in your immediate community, and provides a secure way for you to connect with your neighbors, on safety and more!
Shopping Safely
Park in well-lit areas; lock up your vehicle and take your keys with you; have your keys in your hand when returning to your vehicle.
Never leave your car running and unattended, even for a second.
Keep valuables and packages out of sight (preferably locked in trunk).
Make periodic trips with packages to your vehicle to avoid being overwhelmed and unable to react if approached or attacked.
If you are alone after dark, request an escort to your vehicle from mall or store security, or ask other citizens if you can walk out with them (there is safety in numbers).
Make sure to keep a close eye on children and talk to them about what to do if they get separated from you while shopping (how to find a trusted adult – police officer, security officer, or store clerk).
While You’re Out and About
·Always be aware of your surroundings – walk with your head up, shoulders back and constantly scan the area around you.
·Avoid walking, jogging or biking after dark, particularly alone, and stay in well-lit, populated areas
·Avoid wearing headphones (you will not hear someone approaching)
·If you are approached by an armed criminal demanding your valuables, comply with his or her request – your property is replaceable; you are not.

  • November 16th, 2015
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Renters Listen Up;A homeowner’s net worth will be 45 times greater than that of a renter by 2016

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a recent Forbes article the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater.

Hurricane Preparedness

•Water, one gallon of water per person per day for at least three days, for drinking and sanitation
•Food, at least a three-day supply of non-perishable food
•Battery-powered radio
•Flashlight and extra batteries
•First aid kit
•Whistle to signal for help
•Dust mask, to help filter contaminated air and plastic sheeting and duct tape to shelter-in-place

•Moist towelettes and garbage bags for personal sanitation

•Can opener for food
•Local maps

•Cell phone with chargers, inverter or solar charger.

Completing Your Emergency Kit

Once you have the essentials, it is a good idea to add these additional items to your kit:
•Written list of each family member’s allergies and
•prescriptions (include prescribing doctor’s name and contact information)
•Toilet paper, soap, toothpaste, feminine supplies and other personal hygiene items

•One-week supply of each person’s prescription medication and extra contact lenses or glasses
Change of clothing, sturdy shoes and a blanket or sleeping bag for each person
•Food and water for pets (their prescriptions as well if any) BabyBottle_WEB_250pxW.jpg

•Special items that may be needed for an infant (i.e. bottles, diapers, formula, baby food), the elderly (i.e. cane or hearing aides), or disabled family members (wheel chair).
•Water-purification supplies – iodine tablets or plain household chlorine bleach and a medicine dropper – diluted nine parts water to one part bleach, bleach can be used as a disinfectant. You can also treat water by using 16 drops of regular household liquid bleach per gallon of water if necessary.

•Cash or traveler’s checks and change
•Important family documents such as copies of insurance policies, identification and bank account records in a waterproof, portable container. You can use the Emergency Financial First Aid Kit (EFFAK) developed by Operation Hope, FEMA and Citizen Corps to help you organize your information

•Emergency reference material such as a first aid book or information from www.ready.gov.
•Fire extinguisher
•Lighter or matches in a waterproof container

•Mess kits, paper cups & plates, paper towels and plastic utensils
Paper and pencil
•Books, games, puzzles or other activities for kids
•Also keep a recent photo of your children in your go-bag

Contact Information
Office of Emergency Management
Direct: (757) 385-8585 | Email: VBOEM@vbgov.com

Weekly Interest Rate


The Markets. Rates on home loans were stable in the past week. Freddie Mac announced that for the week ending September 3, 30-year fixed rates rose one tick to 3.90% from 3.89% the week before. The average for 15-year loans also increased one tick to 3.10%. Adjustables were mixed with slight changes, with the average for one-year adjustables rising one tick to 2.63% and five-year adjustables falling two ticks to 2.91%. A year ago, 30-year fixed rates were at 4.12%, close, but still higher than today’s levels. Attributed to Sean Becketti, chief economist, Freddie Mac — “Following a shortened week, rates on home loans were virtually unchanged, inching up 1 basis point to 3.90 percent. The employment report released last Friday provided mixed signals, adding one more note of uncertainty prior to the Fed’s September meeting. The unemployment rate dropped to 5.1 percent in August, the lowest rate since April 2008, but only 173,000 jobs were added, well below expectations. Wages grew 2.2 percent, a neutral indication at best.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated September 11, 2015

Daily Value Monthly Value
Sept 10 August
6-month Treasury Security 0.25% 0.22%
1-year Treasury Security 0.39% 0.38%
3-year Treasury Security 1.06% 1.03%
5-year Treasury Security 1.55% 1.54%
10-year Treasury Security 2.23% 2.17%
12-month LIBOR 0.843% (Aug)
12-month MTA 0.221% (Aug)
11th District Cost of Funds 0.643% (July)
Prime Rate 3.25%

How to Prepare for a Showing in Ten Minutes or Less…

1. Put the dishes in the dishwasher. (Or quickly wash the dishes!)
2. Make the beds.
3. Wipe the counters.
4. Empty the garbage.
5. Hide dirty clothes in the washer.
6. Take a deep breath!
7. Run the vacuum.
8. Turn on the lights.
9. Leave the house before showing!
10. Smile! You did it!

We’re working hard to get your home SOLD!
The Brenda Rawls Star Team

The Market is Coming Back

Housing: Year End Reports Reveal Market Coming Back

by The KCM Crew on January 2, 2013 · 0 Comments

Housing MarketEvery year-end housing report revealed that the real estate market is recovering quite nicely. Here is a quick synopsis of each:

Existing Home Sales Report

  • Total existing-home sales rose 5.9 percent in November over last month
  • Sales are 14.5 percent higher than November 2011
  • Sales are at the highest level since November 2009
  • The national median existing-home price was $180,600 in November, up 10.1 percent from November 2011
  • Total housing inventory at the end of November fell to a 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months

Pending Sales Report

  • Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years
  • The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit
  • With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007
  • On a year-over-year basis, pending home sales have risen for 19 consecutive months

New Home Sales Report

  • Sales of new homes rose 4.4% in November to a two-and-a-half-year high
  • This is the highest level since April 2010, when a temporary tax credit boosted demand.
  • Sales are now 15.3% higher compared to one year ago

A Prayer for Sandy Hook Elementary School

Sandy Hook Elementary School

Twas 11 days before Christmas, around 9:38

When 20 beautiful children stromed through Heaven’s Gate.

Their smiles were contagious, their laughter filled the air.

They could hardly believe all the beauty they saw there.

They were filled with such joy; they didn’t know what to say.

They remembereed nothing of what had happened earlier that day.

“Where are we?” asked a little girl, as quiet as a mouse.

“This is heaven” declared a small boy. “We’re spending Christmas at God’s House.”

When what to their wondering eyes did appear,

But Jesus, their Savior, the children gathered near.

He looked at them and smiled, and they smiled just the same.

Then He opened his arms, and He called them by name.

And, in that moment was joy, that only Heaven can bring.

Those children all flew into the arms of their King.

And as they lingered in the warmth of His embrace,

One small girl turned and looked at Jesus’ face.

And as if he could read all the questions she had

He gently whispered to her, “I’ll take care of Mom and Dad.”

Then he looked down on Earth, at the world far below

He saw all of the hurt, the sorrow, and woe.

Then He closed his eyes and He outstretched His hand,

“Let my power and presence re-enter this land!

May this country be delivered from the hands of fools.

I’m taking back my nation. I’m taking back my schools.”

Then He and the children stood up without a sound.

“Come now my children, let me show you around.”

Excitement filled the space, some skipped and some ran.

All displaying enthusiasm that only a small child can.

And I heard Him proclaim as He walked out of sight,

“In the midst of this darkness, I AM STILL THE LIGHT.”

  • December 20th, 2012
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Cape Henry Lighthouse Grand Illumination

When: Friday, Nov. 30, 5pm-8pm

Live music , kid-friendly activities, vendors, and the holiday  illumination of the tower. Free to the public, regular admission charge to climb the tower ($5 adult, $3  children 12 and under, military and senior discounts available) Security gate check will be in progress.

Every Friday in December, the Cape Henry Lighthouse has extended hours til  7pm for Twilight Climb. Come see the sunset where the Chesapeake Bay meets the Atlantic Ocean.

This email was provided by:    Amy Simpson Interpreter at Preservation Virginia’s Cape Henry Lighthouse

  • November 29th, 2012
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