Southeast Texas students earn service academy nominations

WASHINGTON, D.C. – Congressman Steve Stockman announced this week his service academy nominations.

"I am so proud of the students from the Thirty-Sixth District, and I am especially pleased with the level of their qualifications to compete for an appointment from any of the U.S. Service Academies. I know they will represent their families, schools, communities and Texas with distinction and honor," said Stockman.

Mackenzie Scott Jones to the United States Naval Academy at Annapolis, Maryland, and to the United States Merchant Marine Academy at Kings Point, New York. Jones is the son of Kenneth Jones and Stephanie Bassett. He resides in Seabrook, Texas and attends Clear Falls High School, where he maintains a GPA of 4.73.

Jones is a member of the marching band where he is a drum major and section leader. He is also in the jazz band, concert band, UIL and solo-ensemble competitor, FFA program, National Technical Honor Society member, and Aeronautical Team. Jones also performs regular community service every month.

Joshua Caleb Sims to the United States Naval Academy in Annapolis, Maryland. Sims is the son of Allen & Wanda Sims and resides in Winnie, Texas where he attends East Chambers High School. He maintains a GPA of 3.9.

Sims is a member of the National Honor Society, Fellowship of Christian Athletes, Academic Challenge Team, Student Council, Yearbook Editor, Honor Roll (four years), UIL competitor advancing to regional qualifier in mathematics and accounting, and has been in the top 10% of his class his entire high school career.

Sims has played football for four years, serving as captain of the team his senior year, track & field four years where he was area qualifier in shot put his junior year, is on the Power Lifting Team, and played tennis.

Jacob P. Richard to the United States Air Force Academy. Richard is the son of Joey Richard, Sr. and Angela Richard and resides in Orange, Texas where he attends Little Cypress –Mauriceville School. He maintains a GPA of 4.95.

Richard is a member of the Key Club, National Honor Society, is a Thespian Society representative, Theatre Productions Actor, and varsity cross county athlete. In addition, Richard was nominated an All American Scholar from the United States Achievement Academy, was Homecoming Court representative his freshman, sophomore, and junior year, was State Competitor in Academic UIL, placing 7th out of 762 competitors, and was Junior Star Student in 2012-13.

Richard is active in his community where he visits the elderly in nursing homes, participated in community Trash-Offs, raised money for the Water Project for the LCMHS Key Club to send funds to Africa to dig wells in areas were the water source is polluted, and worked the HEB Feast of Sharing.

Henry R. Garcia 3rd to the United States Air Force Academy at Colorado Springs, Colorado, and the United States Merchant Marine Academy at Kings Point, New York. Garcia is the son of Corina R. Garcia and Henry Garcia, and resides in La Porte, Texas where he attends La Porte High School (LPHS) where he maintains a GPA of 4.8.

Garcia is a member of the Student Council, Hispanics Advocating Better Lives and Attitudes (HABLA), National Honor Society, LPHS Musical Production, Class Council, LPHS Teens Reaching Upwards Toward Health (TRUTH), track and field athlete, and Football, where he played Running Back and Linebacker his junior and senior year, earning his varsity letter.

Garcia has volunteered for Bayer Exxon Mobile Fundraiser and the local food pantries. He is active in the St. Mary's Church Life Teen Youth Group as well.

Forest Walker Bell to the United States Air Force Academy in Colorado Springs, Colorado. Bell is the son of Shawn D. & Kathryn E. Bell and resides in Houston, Texas. Bell is a 2012 graduate of Clear Lake High School in Houston, Texas, and currently attends Stephen F. Austin State University where he has twice been on the Dean's List with honors, and is a Sigma Iota Rho International Honor Society member. Bell was also a cross county triathlete, playing rugby and participating in Track and Field. He was also the Political Club treasure and Rugby Club Secretary. In addition to these accomplishments, Bell had the prestigious nomination of Students for Liberty.

In Bell's free time he serves as a tutor in political science and has also been a student instructor.

Daniel J. Kasprzak to the United States Naval Academy at Annapolis, Maryland. Kasprzak is the son of Daniel & Patricia Kasprzak, and resides in Crosby, Texas while attending Crosby High School, where he maintains a GPA of 4.0.

Kasprzak has been a member of the junior varsity and varsity football team and the junior varsity and varsity soccer team. He has also been a member of the swim and track team..

Kasprzak is a member of the National Honor Society, the National Science Honor Society and the National English Honor Society and is a Crosby High PAC member. He was a delegate to the FFA State Convention in 2012. Throughout his high school career, he also held several part time jobs.

Cole V. Stoveken to the US Naval Academy in Annapolis, Maryland, and to the US Merchant Marine Academy in Kings Point, New York. Stoveken is the son of Robert Stoveken, and Terry Stoveken. He resides in Seabrook, Texas while attending Clear Lake High School, where he maintains a GPA of 4.53.

Stoveken was elected to the Clear Lake High School Varsity Football Leadership Counsel by his fellow teammates after earning his varsity letter for football his junior and senior year. He also participated in track, shot put and discus, and helped with theatrical sets for the theater department. In addition, he has held part time jobs, and assisted the mentally challenged and physically disabled children in little league baseball.

Campbell J. ("CJ") Burke to the United States Naval Academy at Annapolis, Maryland. Burke is the son of Chad and Shannon Burke and resides in Deer Park, Texas. He is a senior attending Deer Park High School where he maintains a GPA of 5.107.

Burke has been involved in many school and community activities, including membership in the Leadership Training for Christ group and the choir. He is also a member of the Math Honor Society (Mu Alpha Theta), National Honor Society (rank 31 of 1040), selected for Peer Assisted Leadership, and Interact Club. In athletics, Burke is on the weightlifting team, Varsity Football Leadership Council captain, and played Defensive End and starting offensive tackle. In track and field, he participates in the discuss and shot put. Burke was nominated to Boys State-Texas American Legion (3 selected from 940).

Neil Hernandez to the United States Air Force Academy in Colorado Springs, Colorado. Hernandez is the son of Jose and Teresa Hernandez of Baytown, Texas.

Hernandez is a senior at Lee High School (LHS) in Baytown, Texas. He is currently ranked in the top ten percent of his graduating class and a member of Mu Alpha Theta. At LHS he is Senior Vice President of Student Council, President of the Spanish Club, and Vice President of the Interact Club, while serving as captain of the Robert E. Lee Varsity Men's Soccer Team. He is an excellent academic student but also excels athletically.

Hernandez participates in many extracurricular activities. He is a member of the National Honor Society, College Forward, and the AB Honor Roll. For several years he has participated in the year-round school campus clean ups. Hernandez is very active in his community as well. He participated in the Trick or Treat for Hunger Drive in 2011-2012, Friends Serving Friends Thanksgiving Dinner in 2012, Love your Pet Food Drive 2011-2013, Christmas Toy Drive 2010-2012, Relay for Life, The Purple Pinky Project, Don't Mess with Texas Trash-Off 2011-2013, and the Baytown Special Olympics in April, 2013. In addition to his school and community activities, he has frequently held part-time jobs.

Megan Theresa Rose, to the US Naval Academy at Annapolis, Maryland, and to the US Merchant Marine Academy at Kings Point, New York. Rose is the daughter of Francis and Michelle S. Rose of Houston Texas.

Rose is in her senior year at Clear Lake High School in Houston, Texas where she has achieved recognition for her many qualities. She was inducted into the National Honor Society in 2011, was nominated in 2013 to represent CLHS for the National Security Youth Forum in Washington, D.C. Along with her academic achievements, she has been involved in Clear Lake High School's extracurricular activities, such as the Girls Cross Country & Track Team, CLHS LOVERS (Clear Lake's Senior Class Spirit Club), CLHS Japanese Culture Club, and in the Theatre Accidental Improve Troupe where she serves as Troupe Captain. Rose also participated in the Clear Lake City Stars Summer Swim team from 2002 to 2011, and the CLHS Basketball Team from 2010-2012.

Outside of the classroom, Rose was named Bluebonnet Girl's State Outstanding Citizen and elected Mayor of City "J" for 2013. Rose was a Girl Scout from kindergarten through twelfth grade (thirteen years) and received the Bronze Award, served as Summer Camp Counselor and Ambassador. She is President of the Fellowship of Christian Athletes, and active in her church as a Life Teen member of St. Clare of Assisi Catholic Church.

During the summer, Rose was selected to attend and was present at The Naval Academy Summer Seminar in 2013.

Jacob D. Connor, to the United States Air Force Academy in Colorado Springs, Colorado. Connor is the son of Daniel Connor and Amy Miller Hill, and resides in Silsbee, Texas.

Connor is a senior at Evadale High School (EHS) in Evadale, Texas, and also attends classes at Lamar State College in Orange, Texas. He is ranked as number one in his class.

Connor's excellence in academics is only rivaled by his athletic performance which started in the 9th grade. In the10th grade, he was Regional Finalist in the Long Jump, the Triple Jump and the 4x100m relay, and Regional Qualifier in the 4x200m relay as well. In football he was 2nd Team All-District for both Running Back and Linebacker. During his junior year, he received Honorable Mention for All District Defense Back, as well as Academic All-State Track for both the 10th and 11th grade.

Connor is just as active in his community. In Troop 88 of the Boy Scouts of America, he attained the rank of Life Scout, and is a member of the Order of the Arrow brotherhood. In addition, Connor attended both the Hugh O'Brien Youth Leadership Conference and the East Texas Rural Electric Youth Seminar tour to Washington, D.C. He also volunteers to work with pre-school children. Connor is a member of First United Methodist Church in Silsbee, Texas.

Source : http://www.yourhoustonnews.com/bay_area/news/southeast-texas-students-earn-service-academy-nominations/article_12fc83bb-f262-5fd4-b3f3-583d17b91ee6.html

Construction Spending Up but Homebuilders Lag

WASHINGTON -- U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government projects. But spending on home construction and commercial projects both fell. Overall construction spending increased 0.8 percent in October to a seasonally adjusted annual rate of $908.4 billion, the Labor Department said Monday. That's up from September, when spending fell 0.3 percent.
The October pace was the best since May 2009 and was driven by a 3.9 percent surge in public spending. Federal spending increased 10.9 percent, suggesting the 16-day partial government shutdown had little impact on public projects. Spending on state and local government construction also rose. One troubling sign: Home construction fell 0.6 percent in October from September, dragged lower by a drop in single-family homes.
But spending on home construction has surged 17.8 percent in the past 12 months, the fastest year-over-year pace since the peak of the 2008 financial crisis. And a recent jump in permits to build apartments indicates that will continue.
Deutsche Bank chief U.S. economist Joseph Lavorgna said that spending on single-family houses should rebound given plans by homebuilders to ramp up construction. "The recent dip should reverse course given the ongoing improvement in permits for new construction," Lavorgna said in a client note.
Nonresidential spending fell 0.5 percent in October from September, lowered by declines in the building of private power plants, communication facilities and amusement parks and recreation centers. Construction of office buildings, hotels and private schools all increased.
The decline in home construction in October may prove temporary. Permits issued to build apartments increased in October at their fastest pace in more than five years. But permits for single-family home construction rose only slightly and were at the same pace as in May. Single-family houses make up roughly two-thirds of the residential construction market.
The pace of homebuilding has rebounded from the depths of the recession. But sales of new single-family homes have grown more slowly, and higher mortgage rates could slow them further. Both the October and September figures were released Monday, after reporting was delayed due to shutdown in October.
The government also said spending in August and July were less than initially reported. Mortgage rates are nearly a full percentage point higher than the spring. Rates rose in May when the Federal Reserve first signaled that it might slow its $85 billion in monthly bond purchases. But rates have moderated from recent highs after the Fed decided to keep its bond buying intact.
The average rate on a 30-year fixed mortgage was 4.29 percent, which is still close to historic lows.
Though new homes represent only a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to National Association of Home Builders.
Source : http://realestate.aol.com/blog/2013/12/02/construction-spending-up-homebuilders-lag/

What Homebuyers Can Be Thankful for in 2013

Homebuyers have had it tough lately, suddenly finding themselves in a sellers market as summer came along. And mortgages suddenly cost more too -- when you could even get one. But of course Thanksgiving isn't about looking at negatives. So, if you can, look past that elephant-in-the-room that is the credit crunch and take stock of what's now on the table for those homebuyers with the capital.

Low Mortgage Rates: Yes, mortgage rates rose year, along with home prices, but rates are still at historic lows (we are constantly assured) and have been sinking in recent weeks. Can housing prices be far behind? If you are really ready to buy, those Black Friday bargains are small potatoes compared to what you might save by shopping right now in real estate's historically slow season^[2] -- especially from sellers who saw summer's homebuying frenzy pass them by.

A Bidding-War Cease-Fire: The heated bidding wars that have been witnessed in some real estate markets -- especially in California -- reportedly have cooled with weather and amid rumors that sellers were deliberately underpricing their homes^[4] to encourage competing bids. And although home prices continued to climb^[5] as summer drew to a close, it was at a slower pace. Meanwhile, the number of Americans applying for home loans^[6] has plunged.

Weary and Wary Investors: Speaking of the competition, the real estate speculators appear headed for the sidelines after years of swooping in to snatch up bargain properties with ready cash. A recent poll of investors^[7] found that only around 1 in 5 are still interested in buying more homes -- about half the number from a year ago. For average home-shoppers that means less competition from a preferred class of homebuyers. Meanwhile, those foreign investors who were reportedly buying Florida property sight-unseen^[8] at the beginning of 2013 (and even giving Detroit a nibble) might have moved on to Portugal and Spain^[9], where 3 million homes lie vacant and the governments are ready to barter with tax incentives and visas.

The 'Nuclear Option': What does the real estate market have to do with the recent change in the U.S. Senate's filibuster rules^[10]? It means that Rep. Mel Watt (D-N.C.), the Obama administration's nominee to head the Federal Housing Finance Agency^[11] might finally be confirmed. And if that happens -- and it's only a glimmer of a possibility at this point -- Watt might drop plans to lower the ceiling on the amount of money^[12] available for government-backed mortgages. Ideological and political conflicts aside, that would be good news right now for homebuyers who might otherwise not be able to afford their dream homes.

The Latest Technology: In many ways technology has made home shopping easier than ever -- much less dependent on guesswork and reliance on third parties -- and it only seems to be getting more convenient. Along with smartphone apps for homebuyers^[13] (many of them free) that calculate mortgage payments and estimate home values, there's at least one that instantly accesses information about a home just by taking a snapshot of it with a smartphone camera. Others detect homes with recent price reductions; screen for upcoming open houses; rate neighborhoods on the basis of crime rates^[14]; and do the numbers based on "lifestyle"^[15] -- such as how much it might cost to commute to work from a new location. So even if you aren't ready or able to buy, some of these apps can aid in a search for a rental.

Source : http://realestate.aol.com/blog/on/reasons-home-buyers-thankful-2013/

US building permits soar to 5-year high in October

Permits for future U.S. home construction rose to their highest level in nearly 5-1/2 years in October, suggesting the housing market recovery remained intact despite recent signs of slowing down.

The Commerce Department said on Tuesday building permits jumped 6.2 percent to a seasonally adjusted annual rate of 1.03 million units. That was the highest rate since June 2008. Permits increased 5.2 percent in September.

August's permits were revised to a 926,000-unit pace from the previously reported 918,000 units. Permits lead housing starts by at least a month.

The Department postponed the release of housing starts and completions for September and October until Dec. 18 because the collection of data was affected by a 16-day shutdown of the government last month. November data also will be published at that time. The partial shutdown of the federal government also delayed the publishing of the September and October permits reports.

Economists polled by Reuters had expected building permits at a 930,000-unit rate in October.

While permits are not counted in gross domestic product (GDP), they are a key indicator of economic activity and the sturdy gains in both September and October should ease concerns the housing market recovery was stalling.

Higher mortgage rates have slowed the pace of home sales, but demand for accommodation as household formation continues to recover from multi-decade lows is expected to keep residential construction supported.

Home resales fell in October for a second straight month and confidence among single-family home builders has ebbed somewhat since nearing an eight-year high in August.

Permits for the multifamily home sector surged 15.3 percent in October after increasing 20.1 percent in September. Permits for buildings with five units or more reached their highest level since June 2008.

Single-family home permits, the largest segment of the market, increased 0.8 percent after falling 1.9 percent in September.

--By Reuters

Source : http://www.cnbc.com/id/101228329

For Millennials in the Market for a Home Mortgage: 5 Key Questions

Andrea Murad^[1]

Securing a mortgage in a normal housing market can be long and complicated, and the process has become even more arduous in the current environment. With tight lending practices and low inventory levels, potential buyers are facing significant hurdles. What's more, first-time buyers, usually of the millennial generation, have the added pressure of a weak job market and massive student loan debt that limits their purchasing power.

"[Owning a home] is really about deferred gratification," says Michael Corbett, Trulia's real estate expert. "You know where the market's going -- you need money, a job history, and you need to show your debt is low compared to your income." Before Millennials start the home-buying process, experts suggest coming up with a financial plan and meeting with a mortgage professional. While everyone has a different financial situation, a professional can create a strategy for buying that first home.

Saving for a down payment, overcoming a disproportionate amount of debt versus income and understanding a particular market is difficult -- but not impossible, says Andre Brooks, regional sales manager at Wells Fargo Home Mortgage. "There are pockets where people have become successful; it's a matter of being educated and informed about your market and the finances to buy a home."

It's no secret that homeownership requires major financial planning and comes with sacrifices. Experts suggest Millennials ask the following questions to determine if buying a home is the right decision and how to make the process as smooth as possible:

Is this the right time to buy a home? The cost of owning a home is a lot more than just the monthly mortgage payments. Buyers need to be prepared to cover costs like maintenance, decor and insurance.

"Just because you can get a loan does not mean it's the best thing," says Karen Goodfriend, certified public accountant and principal at KK Wealth Advisors. Buying a home can be very emotional, but sometimes it's best to wait until things are better positioned in life.
"What's really important to you and what things are you really willing to do to save?" she asks.

Where do you want to buy? "The key is, if I know and understand the real estate market I'm buying in, if I know the options to accumulate money, then I can figure out a game plan," says Brooks. "This game plan may extend over six, 12 or 36 months."

The amount of time that a buyer plans to spend in the new home is important when it comes to recovering closing and moving costs -- which can take up to seven years. For a buyer not planning to stay that long, Brooks suggests buying in a marketplace that's experiencing a sustained price increase to have the best chance of breaking even.

What can you afford? Lenders need to see sellers can afford the mortgage -- long gone are the days of unverified loans. "Speak to a mortgage professional to find out what it will take to qualify for a loan," says Goodfriend. Before looking for a home, experts suggest getting prequalified to set price limits. Along with income, lenders also take into account a borrower's debt-to-income ratio, known as a DTI, and any credit card and student loan debt can raise this ratio. "Your DTI will tell you what kind of house you can afford -- a massive student loan will eat into your income," says Corbett.

While quickly eliminating student debt is a big hill to climb, Frank Donnelly, chairman of the board of the Mortgage Bankers Association of Metropolitan Washington, advises consolidating these loans to lower your monthly payments and DTI ratio. "It all starts with a budget and having good discipline," says Goodfriend. "Living within one's means and not having credit card balances will help someone afford a loan and get a loan." Paying off student loans will really help you qualify for a mortgage but this requires a plan to pay off debts and layering in everything else that will help you get a mortgage.

Do you have good credit? Before applying for a mortgage, experts suggest consumers review their credit history and address any issues. "Know what you need to do to build credit if you don't have a lot of it," says Cara Ameer, broker associate and Realtor at Coldwell Banker Vanguard Realty based in Ponte Vedra Beach, Fla. Good credit not only helps get qualified for a mortgage but it also helps keep the interest rate on the mortgage low.

"Think about your credit score as an asset," says Goodfriend. "You want to be in the best position possible to get a mortgage." Paying credit cards late or carrying a high balance can make getting a mortgage difficult. "Be disciplined about spending and paying credit cards on time," she adds.
Some young buyers who haven't established a strong credit history might need some help. "Without good or enough credit, you may need a cosigner on the loan," says Ameer.

Have you saved enough for a down payment? "If buying a home is a goal, it may take years to be able to save for a down payment but have a strategy and work towards it," says Goodfriend. Although everyone's income will likely increase over time, experts suggest putting 20% down on a new home. "Just because the bank will loan it to you doesn't mean you should take the loan," says Corbett. "If you aim for the 20% down, the worst you can have is money in the bank."

Many first-time buyers make some kind of sacrifice to save this amount, says Donnelly. Cutting back on discretionary spending, such as dinners out and entertainment, will help lower expenses, and getting another job can increase your income.

"Research the different loan programs that are geared towards a first-time buyer," says Ameer. Some assistance programs can help with the down payment and closing costs but these loans might be more expensive.

Source : http://realestate.aol.com/blog/2013/11/25/millennials-shopping-home-mortgage-questions/

Charity Under Suspicion After Flipping Foreclosed Homes to Investors

A U.S. housing regulator has been investigating the activities of a small California nonprofit that bought hundreds of foreclosed homes through a federally backed program intended to help local communities hurt by the housing bust, according to government documents reviewed by Reuters.
The U.S. Department of Housing and Urban Development's Office of the Inspector General late last year began probing San Diego-based Heartland Coalition's participation in the "First Look" program in Las Vegas and other U.S. cities, according to a redacted investigation report and a letter from the regulator in response to a Freedom of Information Act request. The Inspector General's spokeswoman, Marta Rivera Metelko, declined to say whether the investigation is still active. Reuters could not determine the specific focus of the probe.

According to the documents and a review of local property records in Las Vegas, the charity flipped a significant number of the homes to investors, generating millions of dollars in profits for those financing Heartland's activities with relatively short-term loans. The First Look program, set up in the aftermath of the financial crisis, helps nonprofits and local communities buy foreclosed homes from U.S. banks at a discount, with the expectation that they would then renovate them and first try to sell the houses to low- and moderate-income families or to investors who would rent to such families. It is unclear whether Heartland initially tried to sell the properties it had acquired to such families before going to investors.

The goal of the program is to promote neighborhood stabilization and does not prohibit the reselling of properties to investors. Still, Heartland, according to one real estate investor that bought several homes from the charity, did not ask what the buyers intended do with the homes.  There is no indication that Heartland violated any laws or regulations.

The probe started after Heartland was suspended in August 2012 by the program's administrator, the nonprofit National Community Stabilization Trust, or NCST, according to the documents. The NCST said it suspended Heartland for spending too little on renovations and for not allowing local families enough time to buy the homes, especially in Las Vegas. The Inspector General's office declined in May to provide Reuters with a copy of the suspension order because an investigation was ongoing.

Heartland founder Mark Hanson, 69, a retired school administrator with a Ph.D. in education from Claremont Graduate University, said he was not aware of the investigation and that his group's suspension, which is still in place, was unwarranted. In a statement, HUD Secretary Shaun Donovan said, "It is our understanding that where buyer inconsistencies have arisen in conjunction with First Look property transfers, NCST has acted responsibly to resolve issues."

A former NCST employee, who declined to be identified, told Reuters that while First Look always permitted the resale of homes to investors who would rent them out, the main goal of the program was to get bank-owned homes resold to buyers who intended to live in them.

Jobs Mission: Hanson, who formed Heartland in 1997 to primarily help poor families in the San Diego area, said he isn't concerned about who bought the homes the nonprofit acquired in Las Vegas and other cities as long as it helped stabilize neighborhoods. "Selling homes to low-income (families) was never our mission," Hanson said. "Our mission was to create jobs," by hiring workers to renovate homes.

Gabe Del Rio, chief operating office for Community Housing Works, another San Diego not-for-profit that has relied mainly on bank loans to buy dozens of homes through the First Look program, said his group long has emphasized reselling homes to families as opposed to potential landlords. Heartland, which was one of some 350 nonprofits participating in the program, bought more than 475 bank-owned homes through First Look and 714 foreclosed homes in total since 2010, according to property research firm RealtyTrac. (See the graphic^[1].)

The NCST declined to provide a list of the participating nonprofits. Some participants that Reuters independently identified, and the former NCST employee, said most groups bought only about a couple of dozen homes on average.

NCST President Craig Nickerson said Heartland was suspended after the NCST investigated complaints from local real estate representatives in Las Vegas about the nonprofit early last year. He declined to provide a copy of the suspension order. He added that any problems with Heartland were isolated, noting that about 14,000 homes have been sold to participating nonprofits and community groups under the program and that 91 percent of those homes have been resold to people who planned to live in them.

"The Trust has confidence that the vast majority of nonprofits conduct their activities consistent with their stated missions," Nickerson said.

Big Buyer: Heartland, which historically has taken in less than half-a-million dollars in annual charitable contributions, borrowed millions of dollars from private financiers between October 2011 and August 2012 to buy more than 247 bank-owned homes and condominiums under First Look in Las Vegas alone, according to a review of the group's financial documents and website.
About 35 percent of those homes were then resold to hedge funds, local investors and out-of-town buyers, living as far away as Belgium, Canada and Hawaii, according to Heartland's property transactions and interviews with more than a dozen people familiar with the group and the First Look program.

It is not clear how many of the homes sold to investors were rented out to low and moderate income residents in Las Vegas. The Reuters analysis did not look at homes purchased by Heartland in Phoenix and California. In some cases, the nonprofit did not ask what the buyer intended to do with the homes sold in Las Vegas. For example, Anthony Hynes, whose Newport Beach, Calif., investment fund bought seven single-family homes and condominiums from Heartland, said he did not know his firm was purchasing properties from a nonprofit, nor did anyone ask whether his firm would rent the houses to poor families.

The buying and selling of Las Vegas homes last year produced gross profits of between $5.8 million and $11 million for Heartland and its investors, the analysis shows based on an the average resale price for foreclosed homes in Las Vegas. Several of the more than half-dozen private financiers that funded Heartland's purchases said the loans, which were often for less than a year, generated attractive returns of between 8 percent to 10 percent.

In a 2012 financial filing sent recently to the Internal Revenue Service, Heartland said its own net proceeds from home sales were $3.18 million. That is more than eight times its 2011 net proceeds of $383,122. Hanson said that up until 2011 he had no salary from Heartland apart from a $10,000 stipend in 2004 to assist survivors of California wildfires. In 2012 he received compensation of $50,850, up from $37,500 in 2011.

Matthew Goldstein and Emily Flitter

Source : http://realestate.aol.com/blog/2013/11/25/heartland-las-vegas-house-flipping/

Mortgage rates fall amid weak economic data

Average rates on 30-year fixed mortgages fell to 4.22% this week, down from a 2013 high of 4.58% in August.

NEW YORK (CNNMoney)

Mortgage rates fell significantly this week amid weaker-than-expected economic reports, according to a weekly survey by Freddie Mac.

The average rate for a 30-year, fixed-rate loan, the most popular mortgage product, fell to 4.22% from 4.35% last week, Freddie Mac reported. Meanwhile, average rates on 15-year, fixed-rate loans, typically used for refinancing higher interest mortgages, dropped to 3.27% from 3.35% the week before.
This week's drop was one of the steepest during a year of mostly rising rates. The 30-year started 2013 at 3.34% and reached a high of 4.58% in August.
Related: American Dream homes: What you'll pay in 10 cities^[1]
Frank Nothaft, Freddie's chief economist said fixed mortgage rates fell amid reports of weaker manufacturing growth, with industrial production declining by 0.1% in October, below expectations. He also cited declines in the overall inflation rate, noting that the consumer price index saw its "smallest increase since October 2009" last month.

  ^[2]

Is there a housing bubble in California?

Weighing on mortgage rates long-term is the Fed's stimulus program -- known as quantitative easing -- which entails that it buy $85 billion in bonds each month. The impending appointment of Janet Yellen as Fed chairman^[3], who has defended the QE3 policy, has many believing the Fed's policy will remain in place.
Related: Five of the most (and least) affordable housing markets^[4]
"Ms. Yellen would likely continue the QE policies started under Chairman Bernanke until there was very clear evidence that the economy would thrive, not just endure, without them," said Keith Gumbinger, a spokesman for HSH.com, a mortgage information company.

Find Homes for Sale…Check Out www.pearlandhomesforsale.biz.  Your Home Resource for Pearland and surrounding areas

Source : http://rss.cnn.com/~r/rss/money_realestate/~3/BsqpbQr8B0w/index.html
Average rates on 30-year fixed mortgages fell to 4.22% this week, down from a 2013 high of 4.58% in August.

NEW YORK (CNNMoney)

Mortgage rates fell significantly this week amid weaker-than-expected economic reports, according to a weekly survey by Freddie Mac.

The average rate for a 30-year, fixed-rate loan, the most popular mortgage product, fell to 4.22% from 4.35% last week, Freddie Mac reported. Meanwhile, average rates on 15-year, fixed-rate loans, typically used for refinancing higher interest mortgages, dropped to 3.27% from 3.35% the week before.
This week's drop was one of the steepest during a year of mostly rising rates. The 30-year started 2013 at 3.34% and reached a high of 4.58% in August.
Related: American Dream homes: What you'll pay in 10 cities^[1]
Frank Nothaft, Freddie's chief economist said fixed mortgage rates fell amid reports of weaker manufacturing growth, with industrial production declining by 0.1% in October, below expectations. He also cited declines in the overall inflation rate, noting that the consumer price index saw its "smallest increase since October 2009" last month.

  ^[2]

Is there a housing bubble in California?

Weighing on mortgage rates long-term is the Fed's stimulus program -- known as quantitative easing -- which entails that it buy $85 billion in bonds each month. The impending appointment of Janet Yellen as Fed chairman^[3], who has defended the QE3 policy, has many believing the Fed's policy will remain in place.
Related: Five of the most (and least) affordable housing markets^[4]
"Ms. Yellen would likely continue the QE policies started under Chairman Bernanke until there was very clear evidence that the economy would thrive, not just endure, without them," said Keith Gumbinger, a spokesman for HSH.com, a mortgage information company.

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