This Veteran’s Day, The Harriman Team would like to take this opportunity to stop a minute and thank all the veterans, past and present, who have helped keep this great country free. As we have said in the past, we have a close connection to the military: I am a Viet Nam veteran, Pat was a military wife, and we have children who either are now or have been in the service. For all our veterans do for us, we owe it to them to take a few moments out of our busy schedules to thank them for what they do for us. The sacrifices they make, the hardships they endure, and the courage they display all entitle them to our respect, esteem and admiration.

Also, our hearts go out to the families who lost loved ones in the recent shootings at Fort Hood, Texas. It’s bad enough to lose someone close to you in military combat, but when unfortunate circumstances such as those at Fort Hood happen, they can only serve to draw us closer to the ones left behind, and focus our attention on the trials and tribulations they go through every day. May they take comfort from those whose love and support surrounds them, and may those who lost their lives rest in everlasting peace.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Veteran’s Day 2009

Build your dream in this wonderful community at Chatham Lake. This lot is located in area of fine homes. It has almost three acres with seasonal views of the lake.  If you enjoy boating, kayaking & fishing, this is the place to be!

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Just Listed: Fantastic Lot on Haddam’s Chatham Lake

As expected at its Wednesday meeting, the Fed made no change in the fed funds rate. The statement kept the same language indicating that the Fed will hold rates at extremely low levels for an “extended period.” The Fed reported that economic activity has “continued to pick up” and that the housing market has improved. According to the Fed, inflation is likely to remain low due to unused capacity in the economy. Overall, there were no major surprises in the statement, and the Fed provided no firm guidance on the timing of future rate hikes. The statement noted that low inflationary expectations and high unemployment rates reduced the need to raise rates. Investors interpreted this to mean that these will be key indicators to determine when the Fed will begin to raise rates. As such, Friday’s Employment data provided no reason to expect a rate hike in the near future. The economy continued to lose jobs in October, and the Unemployment Rate shot up to 10.2% from 9.8% in September, which was the highest level since April 1983.

President Obama signed a bill Friday extending the $8,000 first-time homebuyer tax credit, making it applicable to contracts entered into by April 30, 2010, and closing by June 30, 2010. The bill also includes a new $6,500 tax credit for homebuyers who have previously owned a home, if that home was their primary residence for five consecutive years out of the last eight years. Both the $8,000 credit and the $6,500 credit have expanded buyer income limits, and the cost of the home being purchased is limited to $800,000.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, November 6th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.000% APR = 5.282%

15 yr conforming fixed: rate = 4.750% APR = 4.954%

7/1 yr conforming ARM: rate = 4.875% APR = 5.225%

5/1 yr conforming ARM: rate = 4.375% APR = 4.614%

30 yr FHA Fixed : rate = 5.000 APR = 5.345%

30 yr CHFA w/ 1 pt : rate = 4.750% APR = 5.293%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 5.500% APR = 5.752%

15 yr jumbo fixed: rate = 5.125% APR = 5.457%

7/1 yr jumbo ARM: rate = 4.875% APR =5.225%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of November 5 – November 11 , 2009

Homebuyer Mortgage Plan:
Interest rate: 4.750 % (APR range 4.850 – 5.250%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 4.750 % (APR range 4.850 – 5.250%)
Fees: Up to $2000 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 11/6/09

Funny what you find out by listening to the radio…

While listening to a local radio station today (DRC 102.9 FM), we heard DJ Larry Wells mention during a commercial that The Steve Miller band would be at the Oakdale Theater tonight, November 7th. Then he said, “…that’s right, it’s back to the Oakdale…”. This took us by surprise, as we’ve suffered through all the name changes of the Oakdale over the years, but we still called it “Oakdale” through them all.

Anyway, this is big news in these parts, as the Oakdale has been around since it was a tent pitched in a field on July 3, 1954, and called the Oakdale Summer Theater. So I did a little detective work, which turned up the (unofficial) news that Chevrolet has pulled its sponsorship of the venue. Without the umbrella of a sponsor to give it a name, the only thing they could do was go back to calling it Oakdale Theater again, and this change was effective on October 30th.

I was told that there should be an official announcement coming from the Oakdale management shortly, so maybe then we’ll find out what prompted Chevy’s pull-out, and also whether or not the name change will be permanent. If another sponsor steps in the name Oakdale could be changed yet again, so we’ll enjoy it while it lasts. Anyway, to the locals who patronize the theater, it will always be just, “The Oakdale”.

Watch this post for future updates to this story as they become available.

(Update 11/9/09: Mary Ellen Godin of the Meriden Record-Journal has confirmed this news: http://bit.ly/eii7F)

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford’s Chevrolet Theater is Oakdale Theater Again

I know, for the past 48 hours or so you’ve been seeing blogs all across the Interwebs shouting from the rooftops that the $8000 Homebuyer Tax Credit has been extended, expanded, retooled, rebuilt and pretty much made into the Six Million Dollar Man (actually, it’s closer to 10.8 Billion Dollars, man). But, as well-meaning as those eager beavers were…it just wasn’t so.

Yes, the Senate slammed it through in a 98-0 vote on Wednesday, but that didn’t make it a LAW; yes, the House breezed through a 403-12 vote to pass the bill yesterday, but that STILL didn’t make it a LAW. Well, today, after much hand-wringing and teeth-gnashing by Realtors, home buyers, and Republicans everywhere, the President finally signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, and a collective sigh could be heard throughout the Land.

As you probably know, there are some changes to the tax credit that people should be aware of, so without further ado here is what the tax credit looks like in its current form:

• The existing $8,000 tax credit for first time home buyers, which was set to expire on November 30th, is hereby extended to May 1, 2010. The credit is for 10 percent of the home’s purchase price or $8,000, whichever is less.
  
• For current homeowners, the credit is 10 percent of the home’s purchase price or $6,500, whichever is less.
• As a first-time home buyer, you have to either buy a home for the first time or you cannot have owned a primary home within the past three years. First time home buyers filing separate taxes are only eligible for a credit of $4000.
  
• Current homeowners must have lived in their home for at least five consecutive years out of the past eight years in order to qualify for the $6,500 credit. Married homeowners filing taxes separately can only get a credit of $3250.
  
• In order to claim the credit, a home buyer must be in a binding, written contract no later than April 30 1, 2010, and they must close on that contract no later than June 30, 2010. If you sign your contract on may 1st or later, you’re out of luck. Ditto if you close on July 1st or later.
  
• The income limits for the old tax credit were $75,000 for singles and $150,000 for married couples filing jointly. Under the new credit, those limits have been increased to $125,000 for singles and $225,000 for married couples. If you earn more than those amounts, your potential credit will be reduced accordingly. Married couples who earn more than $245,000 are ineligible.
• The maximum purchase price of a primary residence for the purposes of this credit is $800,000. If the home is $800,001, it doesn’t qualify.
• Members of the Armed Forces deployed on duty outside the United States are also eligible for the tax credit; however, they must have been deployed outside the U.S. for at least 90 days between Dec 31, 2008 – May 1, 2010. They have until April 30, 2011 to sign their contract and June 30, 2011 to close the sale.
  
• A Tax Fraud provision has been added to this bill to prevent unscrupulous people from abusing it. There have been many instances of tax fraud surrounding the old tax credit, so in order to claim the new credit you must submit documentation along with their tax return to prove the home was purchased. This would probably be a copy of the HUD-1 Settlement Statement, but you may want to check with your tax advisor to ensure you provide the right documents.
• The credit is NOT retroactive on homes bought prior to the date of enactment of this legislation. There is no “grandfather” clause for the credit.
  
• The credit may be applied to an RV, motor home, or houseboat as long as it it used as a primary residence.

So, I think that about covers everything about the new tax credit. Well, all the important stuff, that is. I could go on for days with the minutiae of the bill, but that would bore you to tears. If you have lots of time on your hands, or you just like subjecting yourself to torture, you can read the technical explanation of the bill here.

The information presented here was obtained from sources deemed to be reliable, including various government sources. However, if you happen to see something here that you feel is inaccurate or misleading, or if we’ve omitted something important, please bring it to our attention so we can research, verify and correct it.

This tax credit is the third in a series of credits designed to stimulate the housing market and, thereby, the economy. Some experts feel it will be the spark the economy needs to begin returning to prosperity again, while others are worried about the cost of the tax credit, not only right now, but also to future generations. In addition, they are not convinced that these tax credits have been instrumental in the rise in home sales over the past few months. The bottom line is this: Don’t let anyone tell you that you need to buy a house NOW because of this tax credit. Do your homework. Take all of your circumstances into account and make the best possible decision for you and your family that you can make before taking the plunge. If after all that, you’re sure it’s time for you to buy, give us a call…we’ll be here to guide you every step of the way!

(Update 11/9/09: These FAQ’s may be of use to you, check them out: Tax Credit FAQ)

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Surprise! $8000 Homebuyer Tax Credit is Officially Extended and Expanded

Affordable ranch with open floor plan and windows galore. Parquet floors, updated bath, furnace, gutters, hot water heater, electrical and roof all done within last 5-10 years. Large deck and nice corner lot on Wallingford’s East side. Home needs some TLC and is sold as-is. Call Pat at 203-672-4499 for more info or to schedule an appointment.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Just Listed: 3 Burke Heights Dr., Wallingford CT

While daily volatility was high this week, mortgage rates ended just slightly lower than last week. The primary factors influencing mortgage rates were offsetting. The economic growth data released this week was stronger than expected, but inflation remained low. While the first two Treasury auctions produced impressive results, the final one was relatively weak.

Demand was extremely strong for this week’s 2-yr and 5-yr Treasury auctions, but it slacked off considerably for the 7-yr securities. When demand is low, higher yields are required to attract investors. In addition, the Treasury is interested in shifting its issuance toward a greater percentage of longer-term securities relative to shorter-term securities to lock in currently low rates. For mortgage markets, though, a move in this direction would add to the supply of competing investments. The Fed is already in the process of winding down its purchases of mortgage-backed securities, removing demand from the market. Higher supply of long-term investments and lower demand would pressure mortgage rates higher.

Government influence on mortgage markets has been substantial. It has pushed mortgage rates to historically low levels and has made credit available where it might not be otherwise. Two important programs, the first-time homebuyer tax credit and the extended conforming loan limits, were set to expire soon. Fortunately, both programs received strong support from lawmakers this week and are likely to be extended.

For expert assistance with your financing needs, call our in-house mortgage executive, Rick Cannavaro, at (203) 672-2706.

Click here to send a secure online mortgage application.

Here are this week’s rates:

Friday, October 30th, 2009

All rate quotes are for a 60-day lock with 0 points, 5% down payment, and a 720 FICO score.

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.000% APR = 5.282%

15 yr conforming fixed: rate = 4.750% APR = 4.954%

7/1 yr conforming ARM: rate = 4.875% APR = 5.225%

5/1 yr conforming ARM: rate = 4.375% APR = 4.614%

30 yr FHA Fixed : rate = 5.000 APR = 5.345%

30 yr CHFA w/ 1 pt : rate = 4.750% APR = 5.293%

———————————————————–

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 5.375% APR = 5.652%

15 yr jumbo fixed: rate = 5.000% APR = 5.317%

7/1 yr jumbo ARM: rate = 4.875% APR =5.225%

———————————————————————————

CHFA (Connecticut Housing Finance Authority) rates for the week of October 29 – November 4 , 2009

Homebuyer Mortgage Plan:
Interest rate: 4.750 % (APR range 4.850 – 5.250%)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term – 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 4.750 % (APR range 4.850 – 5.250%)
Fees: Up to $2000 Application Fee * Payable to Lender
Term – 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply. All information provided is deemed reliable but is not guaranteed and should be independently verified .

William Raveis Real Estate, 465 S. Main St., Cheshire, CT 06410

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Mortgage Rate Update 10/30/09

The Wallingford housing market again reflected the same activity as the Meriden market for September. Both single family home and condo sales were down for the second straight month, and it’s likely that the uncertainty of the tax credit had a lot to do with this. There are still many buyers sitting on the fence, and the recent news of a possible extension of the tax credit to move-up buyers has just added more people to the list.

The time to qualify for the existing $8000 tax credit has surely passed, as it expires at the end of November and the chances of getting a closing done in 30 days is fairly remote, except maybe for the most problem-free of loans. The probability of the new tax credit being signed into law next week seems good, as both chambers of Congress have given it their blessing; now all that remains is a vote to pass it and then the President signing it. Once this is done, there will be a lot more buyers qualifying for the credit, so we should see market activity trend up accordingly. The 4th quarter of the year is traditionally a quiet one for home sales; it will be interesting to see what the new tax credit does to change that.

Here’s the comparison of the last three months:

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford Market Update September 2009

The Meriden housing market continued on a slight downward trend for September. New listings, pending sales and sold homes were again down slightly, but average days on market managed a significant drop. The condo market also saw some lower stats for the month but, just as in the single family market, average days on market was down considerably.

Some of the slowdown in the market was probably due to the approaching expiration for qualifying for the $8000 tax credit. There has been increasing talk recently about the possibility of the tax credit being extended and expanded to include move-up buyers, and this seems to have put many buyers in “wait-and-see” mode until a decision is made on the status of the tax credit. At this writing, it looks as though the credit will, indeed, be extended and expanded, but what the new criteria will be and when it will be signed into law still remains to be seen. If it is made law, we expect to see another uptick in market performance as the people on the fence get back into the house-hunting game. Also, current homeowners who have thought about selling and buying something else may also throw their hat into the ring, as they’ll now have more incentive to make a move. The normally quiet 4th quarter of the year may turn out to be quite interesting.

Here’s the comparison of the last three months:

*** = No stats due to no sales.

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by the CTMLS (Connecticut Multiple Listing Service).

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Meriden Market Update September 2009

As we advance in age, our bodies become more susceptible to the ravages of injury and disease. Some ailments make themselves known immediately: broken bones, sprains, head and muscle aches, etc. But there are other, more insidious, health issues that are not so readily apparent and that may not show outward symptoms for extended periods of time, sometimes until it’s too late. That’s when some simple tests can be your best defense against catastrophic illness.

Life Line Screening Could Save Your Life

Life Line Screening is the leading provider of community-based preventive health screenings in the country, and they will be offering their services in Wallingford on Wednesday, November 25, 2009. This potentially life-saving clinic will be held at Our Lady of Fatima Church at 382 Hope Hill Road in Wallingford and will be a one day only event.

Many people think that, if these screenings were really necessary, their doctor would order them done himself. However, most insurance companies will not pay for them unless there are noticeable symptoms. The problem is, only 1 in 5 people who have a stroke show symptoms or warning signs.

Available Screenings

The following screenings will be available:

1. Stroke/Carotid Artery Screening (checks for build-up of fatty plaque, the leading cause of strokes)
2. Heart Rhythm Screening (EKG test that checks for irregular heart rhythm, which can increase the risk of stroke by 5 times)
3. Abdominal Aortic Aneurysm Screening (Ultrasound test for the presence of an enlargement in the abdominal aorta that could lead to a ruptured aorta)
4. Peripheral Artery Disease (PAD) Screening (checks for extreme plaque build-up in the lower extremities)

The cost for all four of these screenings is $139; an additional screening can be done for Osteoporosis (abnormal bone mass density) for an additional $10. The total time for all 5 screenings is approximately 1 – 1.5 hours.

Cardiovascular disease is the #1 killer of both men and women in this country, and a leading cause of permanent disability. Please take the time to have these important tests done now to ensure that you – or a loved one – is not at risk for cardiovascular disease. Remember this is a one day event, and pre-registration is required. Call 1-800-395-1801 today to schedule your screenings. The life you save may be your own.

Post from: Wallingford Wired©2009 by Pat & Wayne Harriman

Wallingford to Host Life Line Screenings