Athletes With Foreclosed Homes

In today's market even those with money are not immune from foreclosure, especially when they don't monitor their spending habits.  People from Dr. J, to Allen Iverson, and John Smoltz. Head on over to CNBC and check out the other athletes that have had housing problems.

Google Invests $75M In Home Solar Through Clean Power Finance

Despite the recent collapse of solar manufacturer Solyndra, the U.S. solar industry continues to attract private equity such as the $75 million Google announced Tuesday to finance photovoltaic panels for homes.

Google's Rick Needham, speaking at the Renewable Energy Finance Forum in San Francisco, said the money would create a fund with Clean Power Finance to help up to 3,000 homeowners lease solar panels. In June, Google announced its first investment in residential solar -- a $280 million fund with SolarCity, of San Mateo, Calif., to install solar panels in up to 9,000 homes and lease them on a monthly basis with zero upfront costs. >> More

What is Necessary For Home Values To Begin Increasing?

The graph below includes what the Real Estate industry calls the "shadow inventory". In simple terms this is the homes currently on the market that are either in Foreclosure, Serious Deliquent Status, or REO (Bank Owned). While the media speaks of the economy in general, and the problems with banks and credit, in reality any product and the value of that produce is driven by supply and demand.  As the plot below indicates during the height of the housing boom the shadow inventory was extremely low down near 0.4 million homes.  As the economy and housing market began to deepen the inventory levels began to rise. During this past year the number reached a peak of 2 million homes in January. This indicator of the housing market is a lagging indicator.  In other words while the inventory levels reached their lowest level in 2006 the housing market had already began to slow. The same will be true as the inventory declines.  The market is always slightly better than the numbers indicate.

The positive side is that the worst is over.  The inventory is now showing a constant continued reduction. At the current rate of decline the shadow inventory will be near or below 1 million homes in 12 months and 0.5 million in 1.5 years. Let's hope this trend continues and home owners are smiling once again as they celebrate the coming of 2013 on new years eve.

New Houston Charity Events Webpage Added to our Site!

We are now adding local charity events to our website. Sporting events and social events will take precedent but if anyone desires to have their event listed please contact us.  We will be more than happy to accomodate! Charity Events

Mortgage Rates Remaining Low

The 15-year fixed-rate mortgage reached a new record low of 3.29 percent this week, as 30-year mortgage rates remained at the record low it reached last week, Freddie Mac reports in its weekly mortgage market survey. Click here for more information.

Insperity Golf and Discovery Green in Downtown Houston

Numerous local area artists including the highly popular The Art Guys ( covered in The New York Times, The New Yorker, Wall Street Journal, Art In America, ArtNews, Artforum, Sculpture Magazine, CNN, CBS News Sunday Morning) have created a one-of-a-kind 9-hole miniature golf course in Discovery Green park in downtown Houston. The event will be held through October 29th. There are group discounts available and advanced reservations can be made for private parties.  Cost if $5 for adults and $3 for children so head on out and see the incredible art work and have some fun playing.  For more information on artists and the event head over to http://www.discoverygreen.com/.

Bill Hass FedEx Cup Champion!

Congratulations Bill Hass for winning the Tour Championship. The shot from the water during the playoff on the 17th was fantastic!

Adult Flag Football Winter League Beginning Soon!

Men's and Coed flag football winter league begins November 1st and continues till December 15th.  Registration begins October 3rd.  Play is held at Memorial Park Fields on Tuesday, Wednesday, and Thursday evenings from 6:30pm to 10:30pm.  For more information head over to the City of Houston website.

Halliburton Charity Golf Event - October 6th

The Hallibruton Charity Golf Event will be held this year Thursday October 6th. The event raises large amounts of money and this year is helping 15 charities including Mothers Against Cancer , Driscoll Children's Hospital, Ronald McDonald House Houston, Teach for America, and Communities in Schools Houston just to name a few. Over the past 18 years the tournament has provided nearly $4 million to charities. This year the tournament will be held at The Club of Kingwood with breakfast starting at 7:30am. A shotgun start will begin at 9am. For more information head over to their website.

Cub Scouts Charity Golf Tournament Starts Today!

The 35th Annual John B Turner Memorial golf Tournament starts today at Kingwood Country Club. The tournament is played on three courses and money raised goes toward the character-building programs in Scouting!  Go out and show your support. For more information about the tournament head over to the Sam Houston Area Council Boy Scouts of America.

Facts on Energy Efficiency Tax Credits

Energy Efficient items can really impact a homes value.  In addition you can receive up to 30% depending on the specific improvement. The improvements can be Heat Pumps, Solar, Wind, or Fuel Cell technology. For specifics go here.

What is the Median Family FICO Score?

The median family FICO score is currently 711 as reported by FICO.  That is a reasonable number so one would think it's easy to get a lone even if your score is above that number. Well, think again.  Sadly for current single family mortgages backed by Freddie-Mac has the current average FICO score at 751 with a downpayment of 29%. Compare that with 2007 at 707 for FICO and a 23% downpayment.  Numbers like these really illustrate the difficulty in obtaining a mortgage. >> More.

Have you heard of a "Green Mortgage"?

Mortgages that award and encourage energy efficiency for new homes as well as for existing home upgrades are available.  Most of the public is unaware of theses mortgages but they do exist. One is the Energy Improvement Mortgage or EIM. Another is the Energy-Efficient Mortgage. For more information on these programs check out the Q&A with Mortgage Banker Dave Porter from Stanton, Washington here.

New Texas Homestead Exemption Rules Effective September 1

The application process for a homestead exemption in Texas is about to grow more complex.  Earlier this year, the Texas Legislature approved new standards of mandatory disclosure for any one of several kinds of homestead exemptions. Beginning on September 1, 2011, those new rules go into effect.

Prior to September 1, a homestead exemption was relatively easy to obtain; a property owner simply filed an application. Now, home buyers will have to follow new rules and provide more proof they are eligible for the claimed exemption. >> More

Summary and Scorecard of Obama Administration Housing Relief Efforts

In the days ahead, the Obama administration is expected to announce yet another initiative to help rescue the housing market.  Just what the new plan will entail is unknown, but the New York Times and CNBC have speculated that it might unveil a program that would open up refinancing to borrowers who owe more on their loans than their homes are worth, allowing them to take advantage of current low mortgage rates. Such a move would enable many borrowers to keep their homes by making their monthly payments more affordable.

The Obama administration has unveiled several programs designed to help struggling homeowners and ease the foreclosure crisis -- and many of them have fallen short of their goals.

Here are some of the government's previous efforts, and how they've fared:

1. Home Affordable Modification Program (HAMP)

2. Second Lien Modification Program (2MP)

3. Hardest Hit States Fund

4. Home Affordable Foreclosure Alternatives (HAFA)

5. Principal Reduction Alternative (PRA)

6. Home Affordable Unemployment Program (HAUP)

7. FHA Short Refinance

8. Emergency Homeowner's Loan Program (EHLP)

9. Extended forbearance for FHA loans

Fall Houston Youth Tennis Program Beginning Soon!

The free youth tennis program begins next month on October 10th and runs through November 17th. It is open for ages six through eighteen and meets either Monday/Wednesday or Tuesday/Thursday starting at 4:15pm depending on skill level. Equipment is provided and registration is not required. The league also has a year end tournament in December called the Holiday Cheer Tennis Tournament. For more information call 713-803-1112.  You can also contact the local Houston Tennis Association or the Houston Ladies Tennis Association for details.

Additional information can also be found at the Houston goverment website here.