Restructuring the Financial Markets: An Update on Lending

While there are varying opinions about the current state of the economy, one thing is for certain—continued growth depends heavily on loan availability for every qualified buyer. The National Association of Realtors (NAR) is pushing heavily to ensure the flow of capital continues into the housing and mortgage markets. In this month’s Power Broker Roundtable, industry leaders James Weichert, Jr. and Gino Blefari discuss where we stand on the issue of restructuring the financial markets.

Moderator:
Steve Brown, Special Liaison for Large Firm Relations, NAR

Participants:
James Weichert, Jr., Vice President, Weichert REALTORS®
Gino Blefari, Founder, President, CEO, Intero Real Estate Services

Steve Brown: As this issue goes to press, the federal government is once again pledging continued support of Fannie Mae and Freddie Mac—a vital component in the push to ensure adequate liquidity in the mortgage marketplace. And while there are varying opinions about the current state of the economy overall, there is widespread agreement that government efforts such as the Home Buyer’s Tax Credit are contributing to stabilization in our industry. But continued growth, especially in the upper end of the housing market, depends heavily on loan availability for every qualified buyer. That is why NAR, through its Presidential Advisory Group, continues the push to restructure Fannie Mae and Freddie Mac in a way that ensures the continued flow of capital into the housing and mortgage markets to qualified buyers in all economic conditions. Visit www.REALTOR.org/government_affairs/gapublic/gse_principles to learn more.

Where do we stand on these issues today and what do brokers need to know going forward? Today we have invited a couple of outspoken industry veterans to bring us up to date. Jim, your dad was among the earliest proponents of recovery stimulus efforts. What’s your take on restructuring and its impact on lending now?

James Weichert, Jr: The way we see it, we’ve gone from an environment of overly lax lending practices a few years ago to a period where regulatory reforms have become so restrictive that qualified consumers, as you have said, are having trouble getting loans. At the same time, these regulatory changes have increased the lender’s cost of doing business, and the additional expense winds up being transferred to the consumer in the form of more expensive loans. I think we need to find a happy medium that provides checks and balances without inhibiting lending.

Gino Blefari: In my opinion, in some ways, it is as though we’ve fallen down the rabbit hole back into the 1980s, when the first and most important question we asked was, ‘can this buyer get a loan?’ That is something we weren’t so concerned about for a while, and it’s come back front and center. One of the things we might think about now is requiring that buyers have adequate reserves to protect against default—because experience is showing us that even loan modifications don’t necessarily work. Too many people will just find themselves underwater again.

James Weichert, Jr: Which is one reason we have been flooded with short sales.

Gino Blefari: Actually, I got to calling them ‘long sales’ – do I need to explain why? So okay, we all learned that the package needs to be perfect when it goes to the lender, and brokers need to educate agents about how to move those packages through.

James Weichert, Jr: I think the worst might be over on that. In many cases, the wait time seems to be shortening as both REALTORS® and lenders work their way out of what has really been a pretty tight box. I think the lending situation will improve, though it certainly will take time.

Steve Brown: Yes, and NAR provides plenty of material to help brokers train agents in handling the short sale, including the new Short Sales and Foreclosure Resource certification. But the question is, is this surfeit of short sales – even better-managed short sales – helping to firm up what most of us would call a shaky recovery?

Gino Blefari: Not really, because in a short sale, the seller is the bank, and the bank doesn’t move up to a larger home. It’s the move-up market that needs to be addressed. One of the things we’d like to see happen, assuming a borrower has good credit and solid employment, is increasing conforming loan limits.

James Weichert, Jr: Absolutely. Some of the steps the government has taken, like buying mortgage-backed securities and keeping short-term interest rates low, are really helping to ensure adequate liquidity. A viable solution for jumbo loans now would help jump-start the higher end market. There seem to be a number of solutions being discussed…let’s see what transpires.

Steve Brown: You know, I have to say how important I think it is that brokers stay informed about all the options under discussion.

Gino Blefari: Yes, as well as on all the other issues that could impact the move-up market.

James Weichert, Jr: I agree. Also, if we’re going to bring about a sustained market recovery, it’s vital to work collectively as an industry. It’s why NAR is so important to us, and why the real estate, home building and mortgage industry associations need to work together for the common goal.

Gino Blefari: There’s no question that what happens to Fannie and Freddie impacts everyone – FHA and everyone else. Let’s face it, without available financing, none of us get to do real estate! But we’ve been through these kinds of cycles before. Hopefully, getting through this one will leave us all a little wiser, too.

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End of Home Buyer Tax Credit Unlikely to Deter Most Real Estate Buyers

The expiration of the 2010 Home Buyer Tax Credits on April 30 is unlikely to put off Americans looking to purchase homes who believe now is a good time to buy and are confident that home prices will rise according to a survey released by Prudential Real Estate and Relocation Services, Inc., a Prudential Financial, Inc. company. The survey of 1,000 Americans between the ages of 25-64 with at least $35,000 household income was conducted during April 15-20, 2010.

More than 90% of consumers believe that the home buyer tax credits have helped both first-time home buyers and the U.S. housing market overall. Among consumers actually shopping for homes, 65% believe that the end of the tax credits will have little or no effect on their interest in purchasing a home.

While consumers remain unsure about the direction of the housing market, the survey reveals that they are optimistic about real estate values with 46% of consumers expecting real estate prices in their area to increase over the next year. Just 12% expect prices will decline. Over the next five years, 79% expect real estate prices to increase, with 20% expecting prices to increase substantially.

“The survey underscores the key role the federal home buyer tax credits played in stimulating residential real estate market activity and the U.S. economy,” said James Mallozzi, chairman and chief executive officer of Prudential Real Estate and Relocation Services, Inc. “It also shows that most consumers believe the market has hit bottom and are more optimistic about the future.”

Survey respondents identified concerns about rising mortgage interest rates and unemployment as the most important factors affecting their decision to purchase a home, along with more stringent lending criteria and fewer mortgage-backed securities purchased by the Federal Reserve. The expiration of the tax credits placed lowest on their list of concerns. Among those who have recently purchased a home, 61% cited low mortgage interest rates as “very important” to their decisions – an amount greater than either the tax credit or even cheaper prices. The 66% expecting interest rates to rise underscores potential headwinds for the market.

“The tax credits clearly helped stimulate the market when consumer confidence was low and housing inventory was high,” said Earl Lee, president, Prudential Real Estate and Relocation Services, Inc. “While the tax credit expiration is a concern for many, the bigger issues now are the availability and cost of financing as well as if they will have a job.”

Despite the significant downturn in the real estate market, the survey underscores that the dream of homeownership and the perception that owning a home is a good investment remain intact. Among current renters, 75% still believe owning their home is a better long-term choice for their needs than renting.

The majority of consumers also believe that homeownership is a better investment than individual stocks or bonds (75%), mutual funds (72%), or savings accounts (74%).

“The real estate market is precariously balanced. Consumers are clearly motivated to take advantage of the opportunities the current low interest rates and prices afford,” Lee notes. “While the market is picking up in terms of sales and confidence, and the majority still believe that owning a home is a good investment, the outlook for the market remains highly dependent upon the direction of the economy overall.”

Restaurant Wednesday

tayst Restaurant and Wine Bar
As Nashville's first and only certified green restaurant tayst provides primarily local, sustainable food served in a playful manner. This little neighborhood restaurant with the fancy food lives the motto, "Eat local, drink global."

location
2100 21st Avenue South
Nashville

taystrestaurant.com

Nashville Mayor adds 3 aides to make city healthier, greener

Mayor Karl Dean has hired three young aides focused on making Nashville a healthier, greener and even more volunteering city.
One is an attorney, a French horn player and, like Dean, a Boston Red Sox fan. Another is a one-time "Nashville's Most Beautiful People" recipient and has led a radio station's outdoors program since 1997. The third is a veteran city planner who was already in charge of Dean's efforts to add bike lanes and sidewalks around Nashville.

In the past month, Dean has named a director of healthy living, Toks Omishakin; a director of the new Mayor's Office of Environment and Sustainability, Chris Bowles; and a chief service officer, Laurel Creech.

Each of them will be paid with federal or private grant money, not city tax dollars. But at a time when Dean has asked Metro departments to prepare for 7.5 percent budget cuts and potential job losses, he'll have to work to explain that his office isn't eating caviar while others chew chopped liver.

"It's just a timing issue," said Councilman Erik Cole, an ally of the mayor. "It's a harder job to communicate that to the council and constituents. It's a difficult task for the mayor to talk about these initiatives when we're in this budget climate."

Dean, who will release his budget recommendations Thursday, said he's accustomed to explaining which pools of money are eligible to pay for which jobs, services and projects. He said his administration rightly applied for grant funds that will allow the city to do more than its own tax revenues can pay for.

"If we didn't do this, we'd be leaving money on the table, which I don't think is my job to do," he said Thursday.

Funds fight obesity
The largest pot of money comes from the U.S. Health and Human Services Department, which awarded Nashville $7.5 million to support public health efforts to reduce chronic disease and childhood obesity. While the Metro Health Department will administer the two-year grant, Omishakin will coordinate the work of other departments, Dean said.
The work will include creating safer routes for children to walk to school, putting fresh fruits and vegetables in neighborhood markets and increasing awareness about the need for motorists and cyclists to share the road.
Omishakin, 33, has worked as a planner for Metro for about eight years. For more than a year he has been Dean's bicycle and pedestrian coordinator, a job he'll continue to hold.

In an e-mail interview — Dean's office declined to make the aides available by phone or in person — Omishakin said he was looking forward to the challenge of "creating a paradigm shift in a city this large."

"We want Nashvillians to take steps towards walking and riding buses and bikes," he said. "It would be great to see families and neighborhoods throughout the city more committed to a healthier lifestyle. This paradigm shift starts with informing and educating the community at large about healthier options, but we have to continue to build the infrastructure to support this lifestyle, as well."

Metro also is getting a two-year, $200,000 grant from the Rockefeller Foundation to develop and implement a plan to increase volunteerism. Nashville is one of 10 "cities of service" that won the money under a program initiated last year by New York City Mayor Michael Bloomberg.

As chief service officer, Creech, 35, is in charge of the volunteerism plan, which will focus on education, the environment and disaster preparedness. A student of Irish poetry and African-American studies in college, she created and ran Lightning 100's Team Green outdoor adventure program.

"She's a real healthy outdoors person who knows a lot of people who are involved in a variety of efforts to make Nashville a better place to live," Dean said.

Volunteers wanted
Creech also has advised the mayor on environmental issues and increasing bicycle and pedestrian activity.

"My goal is to create easier access and offer more selections for our community to volunteer in an area(s) that they are passionate about," she wrote. "... Having passion about the environment that surrounds Nashville and a greater sense of working together will only further improve our community's lifestyles both individually and as a whole."
Bowles, 29, was an environmental attorney at Bass Berry & Sims for about two years after graduating from Vanderbilt University Law School in 2008. He co-founded and edited an environmental law and policy review at Vanderbilt.
He'll be responsible for implementing the recommendations made last year by Dean's Green Ribbon Committee, as well as implementing a $6 million U.S. Department of Energy grant if Nashville wins it. Bowles' salary will be paid out of grant funds the city already has received.

Bowles, who worked as a freelance musician in Wisconsin for two years after college, said he was grateful for an opportunity to "make a difference for Nashville in an area that I am passionate about." He said he wants to create a culture in which thinking green becomes second nature.

"I believe that Nashville will have succeeded in its mission to become a truly green city when we also regularly ask ourselves whether the choices we make as individuals, family members, citizens and professionals will help ensure that our resources will also be available to future generations and whether those choices will enhance the quality of life in Nashville," he wrote
Dean said it was important to have someone on his staff coordinating the city's environmental work.

"You've got to keep moving forward, and that's why you need somebody in this office leading that effort. The mayor's office, the strength we bring to something is, when we want to do it, it's pretty clear that's a priority of the government."

Only 4 More Days!

Only 4 days remain for the $8,000 Tax Credit! You must have an executed contract by April 30th to qualify! Contact Ashley, David or T.J. now!

Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions

Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March 2010, marking the beginning of an expected spring surge, according to the National Association of Realtors.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8% to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1% above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

Total housing inventory at the end of March rose 1.5% to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8% below a year ago, and is 21.7% below the record of 4.58 million in July 2008.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey shows first-time buyers purchased 44% of homes in March, up from 42% in February. Investors accounted for 19% of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27% in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4% from March 2009. Distressed homes, typically sold at a 15% discount, accounted for 35% of sales last month – unchanged from February.

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying conditions are in near-perfect alignment. “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.

“With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97% in March from 4.99% in February; the rate was 5.00% in March 2009.

Single-family home sales rose 7.3% to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3% above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6% from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis and Boston.

Existing condominium and co-op sales increased 3.1% to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3% higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7% below a year ago.

Northeast
Regionally, existing-home sales in the Northeast increased 6.0% to an annual level of 890,000 in March and are 25.4% higher than a year ago. The median price in the Northeast was $249,800, up 8.9% from March 2009.

Midwest
Existing-home sales in the Midwest rose 7.2% in March to a pace of 1.19 million and are 15.5% above March 2009. The median price in the Midwest was $139,300, up 0.2% from a year ago.

South
In the South, existing-home sales increased 7.1% to an annual level of 1.97 million in March and are 13.9% higher than a year ago. The median price in the South was $154,800, up 5.2% from March 2009.

West
Existing-home sales in the West rose 6.6% to an annual rate of 1.30 million in March and are 14.0% above March 2009. The median price in the West was $209,400, down 7.9% from a year ago.

Existing-Home Sales Rise on Home Buyer Tax Credit and Favorable Market Conditions

Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.”

Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply2 at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8 percent below a year ago, and is 21.7 percent below the record of 4.58 million in July 2008.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey3 shows first-time buyers purchased 44 percent of homes in March, up from 42 percent in February. Investors accounted for 19 percent of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27 percent in March, the same as in February.

The national median existing-home price4 for all housing types was $170,700 in March, up 0.4 percent from March 2009. Distressed homes, typically sold at a 15 percent discount, accounted for 35 percent of sales last month – unchanged from February.

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying conditions are in near-perfect alignment. “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.

“With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors® are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97 percent in March from 4.99 percent in February; the rate was 5.00 percent in March 2009.

Single-family home sales rose 7.3 percent to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3 percent above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6 percent from March 2009.

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis and Boston.

Existing condominium and co-op sales increased 3.1 percent to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3 percent higher than the 481,000-unit level in March 2009. The median existing condo price5 was $170,600 in March, which is 0.7 percent below a year ago.

Regionally, existing-home sales in the Northeast increased 6.0 percent to an annual level of 890,000 in March and are 25.4 percent higher than a year ago. The median price in the Northeast was $249,800, up 8.9 percent from March 2009.

Existing-home sales in the Midwest rose 7.2 percent in March to a pace of 1.19 million and are 15.5 percent above March 2009. The median price in the Midwest was $139,300, up 0.2 percent from a year ago.

In the South, existing-home sales increased 7.1 percent to an annual level of 1.97 million in March and are 13.9 percent higher than a year ago. The median price in the South was $154,800, up 5.2 percent from March 2009.

Existing-home sales in the West rose 6.6 percent to an annual rate of 1.30 million in March and are 14.0 percent above March 2009. The median price in the West was $209,400, down 7.9 percent from a year ago.

4 Things First-Time Home Buyers Need to Know about Home Inspections

A professional home inspection can not only provide a great education about the home’s systems, but also be a crucial tool in negotiating the most equitable price on the home, according to HouseMaster, one of the first and largest home inspection franchisors in North America.

“Our experience and research shows that approximately 40% of resale homes have at least one defect that can cost a home buyer a minimum of $500 to repair,” said Kathleen Kuhn, President of HouseMaster.“A home inspection by a professional and qualified home inspector is an excellent tool to encourage home sellers to make repairs or make further price adjustments as a result of conditions noted in the inspection report.”

According to the National Association of Realtors (NAR), in 2009, a record 47% of homes sold were purchased by first-time buyers. Tax credit incentives from the federal government of up to $8,000 and historically low mortgage rates continue to attract first-time buyers to the market. A professional home inspection not only educates buyers on the condition of the home but can minimize costly surprises down the road. HouseMaster provides the following tips to ensure that first-time buyers make an educated decision when purchasing a home and get the best price possible.

1. Inspect the Inspector. Only hire a home inspector with an excellent reputation and credentials. Ask how long the company has been in business, ask about specific formal training and ongoing education the inspector has and verify the inspector carries professional liability insurance also known as “Errors & Omissions” (E&O). If the company doesn’t carry this insurance, it could indicate a poor track record or lack of experience.

2. Ask for a sample of a report. The credentials of the inspection company and the quality of the final inspection report will be important. A poorly prepared report without pictures or clear, concise details addressing all the various systems and accessible elements of the home is less likely to be taken seriously by a home seller.

3. Inspect ancillary systems. It’s hard for first-time home buyers to know what they need, so be sure to ask what additional services the company offers. If the home you are considering has a septic system for example, a professional home inspection company may offer septic system inspections or can coordinate that service for you. Generally, the company will offer you a multiple services discount as well as the added convenience of only having to attend one inspection appointment. Other common services offered by home inspectors are termite inspections, mold screening, water testing and radon testing.

4. Go along on the inspection. Ask the inspection company if they encourage buyers to tag along on the inspection. If the inspector discourages you from going along and asking questions, find another inspector. A home inspection is not simply a laundry list of what is wrong with the home. In addition to documenting issues and needed repairs that may exist, a professional home inspector will also show the new buyer how to operate the various systems in the home and provide tips on improving energy efficiency and maintaining the home in general. And being present during the inspection will make the final written report that much more meaningful.

Tax Credit Expires in 10 Days!

If you would like to take advantage of the $8,000 Tax Credit; NOW is the time. You must be under contract by the 30th of April. Our FINE agents are qualified to assist you into the home of your dreams! Contact us today!

4 Energy-Efficient Renovations Homeowners Should Consider

HouseMaster, a home inspection organization, urges homeowners to be proactive in making energy-efficient home renovations in order to receive the rebates outlined in President Obama’s new “Home Star Retrofit Rebate” program, recently introduced in Congress. If passed, the proposed $6 billion program could reduce energy costs for middle-class families by hundreds of dollars a year.

HouseMaster provides the following easy check-ups every homeowner can do to optimize the energy efficiency of their home:

Windows and Doors
Holes in windows and doors allow conditioned air to leak from your home and allow outdoor air to infiltrate, which can tax your heating and cooling systems and raise your energy bills. Caulk around windows and doors where there are gaps. Also caulk areas where plumbing lines or electrical wiring extend to the exterior of the home.

Floor and Wall Insulation
Insulation acts as a barrier to heat movement and helps keep any home cooler in the summer and warmer in the winter—all while using less energy. Making sure insulation is used at potential gaps such as around an attic stairway or over the attic access door is important as well.

Shedding a Little Light on a Simple Solution
By replacing traditional incandescent light bulbs with compact fluorescents, you can use up to 75% less energy on lighting alone. A wide assortment of CFLs is now available for almost any type fixture found in a home.

Appliances and HVAC Systems
Your major household appliances are a good place to focus on to make your home more eco-friendly. Start by changing the filters of your HVAC systems regularly and consider upgrading older appliances to take advantage of newer, more efficient designs.

Buy a Programmable Thermostat
This energy-saving step can have a positive and noticeable impact right away. Programmable thermostats are fairly easy to install and once they are set up a homeowner can adjust them as the weather changes. For every degree that a thermostat is set back, you may realize a savings between 1-3% on your heating or cooling bills.

For more information, visit www.housemaster.com.

Column: Wow, what a weekend ahead of us!

What a lively week we’re having in Nashville and with an action-filled weekend on the horizon.

With tax day behind us, we have spring fever, we’re lighter of heart, a little less serious.

With that in mind, today’s Davidson A.M. offers an at-a-glance rundown of community events, some annual and some special this year.

And, while we always hope for lovely weather for the Iroquois Steeplechase (May 8) and the Bellevue Picnic (May 15), those traditional spring activities that help define life in Davidson County, let’s keep a good thought for sunshine for Earth Day Saturday. Have fun.

Let’s start with Natural Areas Week that continues today.


Friends of Radnor Lake, the environmental organization that protects one of


Davidson County’s most scenic and serene spots, has been busy. Head to the lake area today at 9 a.m. to visit with the turtles, at 7:30 a.m. Saturday, walk the Lake Trail for bird watching at 7:30 a.m. and learn about snakes at 10:30 a.m. On Sunday, meet at the Visitors Center at 4 p.m. for a short hike to Netherton Point to honor the group’s award winners.
www.radnorlake.org for more details.

NASHVILLE FILM FESTIVAL
The festival is ongoing through April 22. It’s a major event of films, workshops and more with a huge schedule we can’t reproduce here, but we can tell you it’s held at the Regal Green Hills Stadium 16, 3815 Green Hills Village Drive, near the Mall at Green Hills. Expect Green Hills’ restaurants to be packed. For more information, visit www.nashvillefilmfestival.org.


EAKIN SCHOOL CARNIVAL
Eakin Elementary’s annual carnival is 5:30-8 p.m., on campus at 2500 Fairfax Ave. Activities will include carnival games, prizes, a giant slide and obstacle course, bake sale, wall climbing, popcorn and face painting. Tickets are $5 per child with a $15 max per family. Parents and chaperones are free. For more information, call 615-298-8076.

HIGHBALLS & HYDRANGEAS
Cheekwood opens its doors 7-10 p.m. for a party, rain or shine. Cocktails, wine, live music by The Pat Patrick Band. $15 in advance or $20 at the door. www.highballsandhydrangeas.com.

PROMS
Expect to see nicely dressed young people in Davidson County’s ballrooms, party venues and nice restaurants. Schools having proms this weekend are: on Friday, Nashville School of the Arts, and on Saturday, Harpeth Hall, Hume Fogg, USN, Hillwood and Ensworth. Donelson Christian hosts its banquet on April 17.

PEDAL THE PARKS AND PARKWAY BIKE TOUR
Friends of Warner Parks host the tour 9 a.m. to 2 p.m. The tour includes 25-mile and 50-mile rides through Williamson County, the Natchez Trace and along Harpeth River with a rest stop at Loveless Café. Registration is $25 on April 17 at the Warner Park Special Events Field at Old Hickory Boulevard and Vaughn Road.

CAPTURE THE FLAG CLASSIC
Games for all ages serves as a benefit for Preston Taylor Ministries. Register at 10:30 a.m. with games 11 a.m.-1 p.m. at First Presbyterian Church, 4815 Franklin Road. Proceeds from the sale of balloons and concessions help the Ministries. For more information, call Chan Sheppard, 615-596-4386.

WALK A MILE IN MY SHOES
The Key Alliance raises funds for the Metropolitan Homelessness Commission and sponsors the one-mile walk. Sign-in begins at 9 a.m. at LP Field in Lot R at the entrance of the Shelby Avenue Pedestrian Bridge. The walk begins at 9 a.m. Donations of $25 are requested.


RED SHOE PARTY FUNDRAISER
CASA of Nashville hosts its 11th annual Red Shoe Party fundraiser as part of National Child Abuse Prevention Month. This year’s Light of Hope: Red Shoe Party is 7 p.m. at the W.O. Smith/Nashville Community Music School. CASA trains community volunteers to advocate for children in the court system.

Tickets are $10 and available for purchase from 10:30 a.m. to 4 p.m. at the Summer Classics parking lot located at 2600 12th Ave. S. Tickets are free for members of the U. S. Forces and the Metro Police and Fire departments and their spouses who present official ID. For more information, please visit www.12southtour.com, email twelvesouthtour@me.com or call 500-5571.



BABY FAIR
The Baby Fair is from 10 a.m. to 3 p.m. at Baptist Hospital, 21st Avenue entrance, in the GSO Education Center. Admission is free. Parking is free in the 21st Avenue Garage.

The fair features tours, educational seminars, exhibits and demonstrations about infant safety, education, health and nutrition, exercise, maternity wear, baby clothing, furniture and more.
For more information, call 615-256-2158, ext. 139.


2010 NASHVILLE
EARTH DAY FESTIVAL
With the theme of, “Strike a Chord, Go Green,’’ the annual day-long celebration is 11 a.m.-7 p.m. at Centennial Park, 2500 West End Ave. It’s free. There’s live music, with Bela Fleck as the headliner, food and farming workships, children’s events, educational programs, recycling, food and drink. New this year will be the Merchant Village, a place to buy green products from small businesses.


Here’s the music lineup: Homemade Water 2 p.m.-2:45 p.m.
The Apache Relay 3 p.m.-3:45 p.m.
Sara Watkins 4 p.m.-5 p.m.
Béla Fleck, Acoustic with Friends 5:30 p.m.-7 p.m.


For more information, call Claudia Schenck at (615) 336-5646 or visit www.nashvilleearthday.org.

COMMUNITY GARAGE SALE
Christ the King’s annual Community Garage Sale is 7 a.m.-3 p.m. at the school, 3105 Belmont Blvd. Hundreds of families have donated items such as furniture, housewares, lawn and garden, crafts, sporting equipment, books, DVDs, kids items and more. After 1 p.m., all items are half price with a special fill-a-bag of clothes for $5. Go to www.ctk.org for more information.
BELLEVUE COMMUNITY CLEANUP
Help Metro Beautification with this neighborhood clean up 9-11 a.m. Meet across from the Boone Trace subdivision. Call 862-8418 for more information.

TIM TEBOW’S PARENTS
Bob and Pam Tebow, parents of ex-Florida quarterback Tim Tebow, will speak on ‘‘Bringing Up Tim Tebow: Raising Children to Love God & Serve,’’ at Lipscomb University at 2 p.m. in Allen Arena on campus. $5. For more information, call 615-966-5850.


RAGIN’ CAJUN
CRAWFISH BOIL
All-you-can-eat New Orleans style crawfish available 4-9 p.m. at Riverfront Park. Price is $28 if you buy a ticket today, $30 at the door. Must be 21. The event is a fundraiser for The Boys and Girls Clubs of Middle Tennessee and NJC Charities. For more information, got to www.ragincajunboil.org.

VILLAGES IN BLOOM
Ten Thousand Villages at 3900 Hillsboro Pike will host its annual garden event “Villages in Bloom” with planting demonstrations at 11 a.m., 12:30 p.m. and 2 p.m. The store’s collection of gardening products includes planters, wind chimes, bird houses, whimsical candleholders and patio décor handcrafted by artisans in Haiti, Indonesia, Vietnam and Bangladesh.

THE BIG STITCH 6
Knitters and crocheters are needed to make chemo hats, baby blankets, helmet liners for deployed soldiers and lap blankets for soldiers and veterans in hospitals. Work and fun is 9 a.m.-3 p.m. at FiftyForward Knowles, 174 Rains Ave. near the entrance to the Fairgrounds.

Bring a lunch, drinks are provided. Instruction is available, call Deborah Stillwell at 615-579-1857, if you wish to learn. Otherwise, just show up.

IS PLUTO A PLANET? VOTE SATURDAY AT ASTRONOMY DAY
Get ready to discover the planets, stars and many more destinations on Astronomy Day at noon Saturday, April 17, at the Adventure Science Center, 800 Fort Negley Blvd.


Members of the Barnard-Seyfert Astronomical Society and Austin-Peay State University Physics Club will use Space Chase exhibits to demonstrate Newton’s Laws of Motion, build scale models of the solar system and answer visitor questions.
Astronomy Day is included with regular admission.
The day will end with a free Star Party, weather permitting, 8-10 p.m. in front of Adventure Science Center.
Members of the Barnard-Seyfert Astronomical Society will be available with telescopes to provide views of Venus, Mars, Saturn and the Moon.
Call AstroLine at 615-401-5097 or follow the center on Twitter @adventuresci for updates.



WHAT’S
HAPPENING SUNDAY

LIVE IT UP!
DOWNTOWN
HOME TOUR
Sponsored by the Nashville Downtown Partnership, the self-guided tour of residential buildings downtown shows off urban living noon-6 p.m. Tour stops are Art Avenue Lofts, Viridian, Church Street Lofts, 211 Printers Alley, Hotel Indigo, The Stahlman Building, Ireland28, 905 Phillips St., Row 8.9, Harrison Square, District Lofts and Encore. Ticket holders can pick up an express shuttle. Cost is $10. For more information, go to www.nashvilledowntown.com.

MARCH FOR BABIES
A walk fundraiser for the March of Dimes begins with registration at 12:30 p.m. and the two-mile walk at Centennial Park’s Center Lawn at 2 p.m. For more information, 615-399-3200.


ALL-STAR CELEBRITY BASKETBALL GAME
Celebrities play hoops at 6 p.m. at Belmont University’s Curb Event Center to raise money for the Dr. Diane Greer Walker Memorial Fund and the Steve McNair Foundation. Hosted by Dr. Joseph W. Walker III. $15, students $10 with ID. www.josephwalker3.org.


LINKING HANDS
FOR LIFE
The first annual statewide event is part of National Donate Life Month at the Church Street Greenway at 1:30 p.m. rain or shine. Join hands to support organ and tissue donation. More information is at www.TnDonorRegistry.org.

East Nashville neighborhood bounces back

Drug deals, prostitution stings and dilapidated houses were once the norm for one East Nashville neighborhood.

Concerns about crime resonated from almost every corner in the McFerrin Park neighborhood.

Residents watched code violations and criminal activity consume their middle class community, once filled with historic houses and well-manicured lawns.

This neighborhood that many counted out is seeing a revival. Residents have organized and become watchdogs, doing their part to deter crime by reporting illegal activity to police.

Metro agencies have invested millions of dollars for the area’s improvement. Vacant lots are no longer dumping sites. Drug dealers and prostitutes have moved out of the area once known as North Edgefield.

A local developer plans to revive the old Roxy Theater, at 827 Meridian St., to feature independent films and add a music studio.

The socio-economic makeup of the neighborhood is also changing, as gentrification settles into the once predominately African-American community.

“The community is in a winning position now, and we believe we have gained an edge over the drug dealers,” said Mike Servais, who grew up in the McFerrin Park area and works for Nashville’s Salvation Army in the same neighborhood.

“We have to made a statement that this community’s long-term history and future have everything to do with positive cultural progress, and not with drug dealing and prostitution.

The latest on a long list of enhancement projects is a foreclosed property at 704 Meridian St. under revitalization by the Nashville Area Habitat for Humanity.

The late 19th century Victorian house was threatened by demolition last November because of fire damage. The Metropolitan Development Agency acquired the property and worked with the Metro Historical Commission to donate the structure to Habitat.
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“It’s an awesome thing they are coming into out neighborhood and fixing up this foreclosed home,” said Michele Bennett, president of the McFerrin Park Neighborhood Association. “A lot of the residents didn’t want to see the house torn down and wanted to maintain.

“It provides affordable housing and creates a balance for the gentrification that is taking place in our neighborhood.”

About 40 percent of the work on the modest 1,900-square-foot home is complete, and many area residents are volunteering to pitch in on the construction.

“The idea that a bunch of us are putting this home back in its original form and modifying the interior will enrich the neighborhood,” Servais said. “It’s a step up for the area.”

Providing affordable housing has always been Habitat’s goal, and it’s expanding with a new initiative. ReConstruct, as the program is called, is designed to help revitalize neighborhoods by restoring dilapidated homes and making needed improvements to others.

The rehab of the Meridian Avenue house is a first for the Nashville-based agency, whose officials say they will also continue building new construction homes.

“We are keeping with our same mission, but vacant land will eventually run out,” said Eric Helm, director of Habitat’s ReConstruct program. “We want to target inner-city development, because if we don’t, Nashville starts to go down hill. We come in and remodel these houses, and it helps preserve the affordable housing stock.”

Metro Historical, Historic Nashville Inc., Tennessee Preservation Trust, and The Center for Historic Preservation at Middle Tennessee State University have all partnered with Habitat on this local preservation project.

Helm is working with these agencies to locate other historic structures that might be worth saving. Another house in McFerrin Park is being considered for a rehab, along with a home in the Edgehill community.

“These (historic) buildings are a test to our cities growth and character,” said Tim Walker, executive director of the Historical Commission. “McFerrin Park and nearby Cleveland Park are both neighborhoods in transition but have lost some of their historic fabric.

“The Habitat project keeps the historical character in place, while finding new homes for people.”

But for McFerrin Park neighbors, it’s just another step toward rebuilding their community.

“We all can play a part in making the neighborhood better by taking ownership and responsibility,” Bennett said. “This project shows that East Nashville has a lot to offer, and people are drawn to that.

“We have always been a jewel in the rough, and people are now starting to recognize who we are.”

Home Staging Tips That Focus on Largest Customer Segments

The busy spring home buying and selling season is underway and the experts at Pulte Homes are offering staging tips to get your home ready for sale. A quicker home sale can be reached by keeping in mind the needs of the home’s most likely buyer and creating a fresh inspiring look just for them, according to Pulte Homes expert Janice Jones, national vice president of merchandising.

“Everyone understands the value of de-cluttering, cleaning and refreshing a home in today’s competitive market,” Jones said. “The difference between a ‘For Sale’ and a ‘Sold’ sign often boils down to effectively staging a home to appeal to young singles, families or empty nesters—the three largest customer segments that are likely to buy your home. Home sellers should have a good idea of the type of buyer who will make an offer and, since everyone likes an updated home, some simple refreshes can achieve an updated look and feel.”

Jones recommends conducting a technology overhaul prior to staging your home. “Old technology will date your home and you seldom have a second chance to make a positive first impression,” she said. “Flat screen TVs, lap top computers, iPods with docking stations and wireless technology have eliminated the need for large bulky entertainment centers or massive desks designed to hide wiring. Once you’ve rid your home of bulky, dated stereos and TVs, it’s time to hone in on attracting prospects.”

For singles, Jones recommends emphasizing sleeping spaces and the living room, which are critical to this group. “Singles will spend a lot of time in the living room and the bedroom, which are their sanctuaries from the outside world. As a result, there is no need to set the dining room table with place settings,” Jones said. “Instead, focus on a simple TV stand with clean lines, a flat screen TV and candles in the bedroom and bathroom.”

Young families tend to revolve around children. Items that help this demographic envision themselves living in the space include age-appropriate bedding, linens and towels, a bright rug near play areas, and strategically placed toy chests with open tops. Since kids often play or watch TV on the floor, eliminate the coffee table to create a living room that appears larger and more inviting. Jones notes to remember about the garage when staging for families. “Organize children’s toys and sports equipment to showcase the garage’s storage capacity without compromising functionality,” she said.

Empty nesters tend to seek an upgrade in quality features. Upgrading bath accessories like towel bars and toilet paper holders or decorative hanging lights to a better quality and newer style will make an impact. If the budget allows, upgrading the refrigerator, stove and dishwasher can draw in a buyer. Lighting is also a key feature for this group. Jones advises ensuring living spaces maximize natural light. If lighting is less than ideal, add lamps or a ceiling fan with light fixtures. It’s important to open heavy blinds or window coverings when showing the home.

An absolute “must” for home stagers regardless of which demographic being targeted is color. Most sellers are instructed to use neutral colors when repainting. However, adding the right punch of color to accent walls can create depth, enhance kitchen cabinets, or bring a boring bathroom to life.

Homeowners can find color in simple accessories, like throw pillows, coffee table books, and decorative canisters. Neutral colors in flooring materials, upholstery pieces and window dressing work well because they enhance brighter accents.

When choosing colors, Jones cautions homeowners to be aware of their sensory impact:

- Red is stimulating and encourages self confidence

- Orange promotes happiness and celebration

- Yellow is uplifting and light-hearted

- Blue is calming in softer tones and promotes clarity in deeper tones

- Green is the color of nature—it feels fresh and rejuvenating

- Aqua is restful while pink is gentle and sweet—making a great pair

- Purple tones bring out a sense of compassion

“The key is to experiment and put yourself in the shoes of the prospective home buyer,” Jones said. “It may be helpful to ask a friend or relative for a brutally honest opinion before and after you start staging. You may be surprised how little changes—with a little budget—can make a huge difference to a prospective buyer.”

Future of Rolling Mill Hill condos could be known soon

Nashville development group and four national investors remain in the running to buy three condominium buildings atop Rolling Mill Hill that now are being marketed as an apartment community.

The five bidders, chosen from a group of 21 that submitted bids by an April 2 deadline, are now being asked to adjust their offers by Monday in terms of price or how quickly they intend to move ahead on the project. Bank of America, which owns the property, wants $10 million for the 72 units up for sale.

Nathan Swenson, a broker at Cushman & Wakefield in Atlanta, which was hired to market the buildings, declined to reveal identities of the bidders. But he did confirm that one is from Nashville while the others are national institutional or private equity investors.

The condos were a key part of the master plan for redeveloping the old Nashville General Hospital site off Hermitage Avenue near downtown. But the three buildings were taken over by the senior lender in a foreclosure after the condominium market here tanked and the Wisconsin-based developer defaulted on its $21.4 million

Senior lender Bank of America paid $7.28 million to buy the condos back and hired real estate company Cushman & Wakefield to market them for a new use, probably as upscale apartments.

"There's so many condos already in downtown Nashville … that we didn't feel like that was the right opportunity for the immediate term," Swenson said. "So, we marketed it as an apartment or rental opportunity."

A partnership of Nashville-based The Mathews Co. and Corner Partnership previously had offered $5 million to $6 million, or 40 percent below the owner's asking price, said Mark Bloom, a partner in Corner. "It's ridiculous what they're trying to get for their property," he said.

Bloom said it would be difficult for any buyer at the sought-after price to generate enough rental income and a rate of return on the investment that makes sense.

Swenson estimates that the apartments could rent for $1,400 for units that average 1,136 square feet. That's about $1.25 a square foot — a price similar to rental rates in the upscale Vanderbilt-West End Avenue area.

Kirby Davis, president of Nashville-based First Management Services and past president of the Greater Nashville Apartment Association, believes developers could get those targeted rental rates from tenants.

"They're brand-new units and have condo finishes," Davis said.

Others, however, said that it could take some time for the former condo units to get leased as apartments, in part because the Rolling Mill Hill area is largely untested as a residential market.

Bloom points to how difficult it has been for Corner Partnership to lease for $1.25 a square foot a 2,500-square-foot condo unit it bought at auction in The West End luxury condos. He said the units at Rolling Mill Hill sit in a less-attractive location and have fewer amenities.

But Davis expects the fact that the three buildings are near the Gulch and downtown to boost interest. "They're only a stone's throw from the Gulch, which is one of the hottest residential areas in terms of high-rise living," he said.

Realtors® Remain Leading Advocates for Fair Housing Laws

As outspoken supporters for fair housing issues and homeownership, Realtors® will join the nation in recognizing “Fair Housing Month” this April.

Signed into law in 1968 and amended in 1988, the Fair Housing Act prohibits housing discrimination on the basis of race, color, religion, sex, disability, familial status and national origin. Realtors® work tirelessly to support this law, as well as ensure the benefits of homeownership are available to everyone.

“Realtors® are committed to bringing America home,” said National Association of Realtors® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “NAR’s members work hard to build communities and an environment where everyone, regardless of race, color, religion, sex or disability can choose where they want to live.”

Through the years NAR has developed education on diversity and fair housing laws for its members. These programs and resources have educated Realtors® on the importance of inclusive housing practices and the promotion of minority homeownership.

One program, At Home with Diversity®, is a comprehensive diversity training course for members. The program provides demographics and statistics that help participants understand their local areas, marketing strategies and guidelines, as well as exercises to build diversity awareness. In celebration of Fair Housing Month, NAR will waive the course fee during the entire month of April for any local or state Realtor® association that sponsors the course.

NAR will also implement a new course that examines the role Realtors® can play in affordable housing. The course will provide guidance on how to expand opportunities to benefit home buyers as well as entire communities. The course will be available to Realtors® in May during NAR’s Midyear Legislative Meetings in Washington, D.C.

“NAR has expanded and implemented fair housing education, programs, and resources for members because Realtors® believe homeownership is an investment in everyone’s future,” said Golder. “And Realtors® across the country pledge to stay committed to this cause.”

Realtors® also strongly support programs that help improve the quality of a neighborhood as a whole while also promoting diversity. As a sponsor of the School of the Future Design Competition, NAR encourages middle school students to redesign their schools to create better learning places that are environmentally responsive and are assets to their neighborhoods. Realtors® serve as mentors to students and as judges at the regional and national level.

In addition, NAR provides funds to state and local Realtor® associations that promote diversity, housing opportunities, and smart growth. The Ira Gribin Workforce Housing Grants are awarded to state Realtor® associations to promote workforce housing initiatives. The NAR Diversity Initiative Grant Program provides up to $5,000 in matching funds for activities that reinforce the role of Realtors® in diverse communities. Grants for programs that support the mission of NAR’s Realtors® Housing Opportunity Program are available through the NAR Housing Opportunity Fund. Associations can also receive financial resources for programs and activities that promote Realtors® as leaders in improving their communities by advancing smart growth.

Commercial real estate market shows signs of improvement in Nashville

The first-quarter market report released recently by the Nashville office of CB Richard Ellis offers small bits of encouragement for the year ahead in commercial real estate, noting that both the area’s office and industrial sectors posted positive net absorption, meaning more people moved or expanded into new space versus those who moved out or downsized their current space.

According to CBRE, Nashville’s office sector was essentially flat, posting 22,855 square feet of black ink. Nashville-area office properties ended the quarter with overall vacancy of 14.5 percent. The industrial sector posted 400,000 square feet of black ink, ending the quarter with an 8.9 percent vacancy rate.

“Looking for good news, there are some businesses of significant size that are in the market,” Tom Frye, managing director of Nashville’s CBRE office, wrote in the report. “Our brokers, particularly in office space, are bullish and confident that several large transactions will occur this year. Further, though not beyond the inquiry stage, we have had in the industrial sector several requests for market data for sizeable blocks of space ... some of these coming from outside the (metropolitan statistical area).”

Though Frye said this is not a year when absorption will be easy to predict, he affirmed CBRE’s previous forecast that the industrial market will post 1.5 million square feet in black ink by year’s end.

In the office sector, vacancy remained the highest in the downtown submarket, with a 24.1 percent vacancy rate, followed by Airport South’s 22.3 percent. Vacancy in the West End/Belle Meade submarket remains the lowest in the area, at 5 percent, followed by MetroCenter’s 5.9 percent and Green Hills/Music Row’s 6.2 percent. The Cool Springs/Brentwood submarket ended the quarter with a 11.8 percent vacancy rate.

Average rental rates for office space are highest in the Green Hills submarket, at $21.66 per square foot, followed by Cool Springs’ $21.64 per square foot. Downtown’s average rental rate stood at $19.45 per square foot.

In the industrial sector, vacancy was highest in the Elm Hill Pike/Interstate 40 East submarket, at 16.6 percent. Vacancy was lowest in MetroCenter/Cockrill Bend, at 3.7 percent.

For a more detailed breakdown of the Nashville market, you can register at CB Richard Ellis' Web site.

203k Funds Ensure Safe Homes; Give Homeowners Peace of Mind

RISMEDIA, April 8, 2010—For many home buyers who use the government’s 203k program to renovate a home, the emphasis may be on flooring, kitchen/bath renovations or fencing. However, for one Florida home buyer, his concern was a bit more serious—ensuring a fix to the home’s electrical problems and purchasing a new air-conditioning/heating system to replace the system that had been stolen from the foreclosed home.

“They ripped it right out,” says Robert “Matt” Vanderbrink of Eustis, Florida. “It was a clean break.” If Vanderbrink wanted the home, he knew he would have no choice but to replace the system himself. Otherwise, his FHA loan would not have been approved.

After careful consideration, Vanderbrink decided to move ahead with the home purchase and decided to work with Lowe’s for all his heating/air conditioning needs.

“Lowe’s was fantastic. I worked with their Fern Park location,” says Vanderbrink. “The HVAC guys over there are true professionals. They called me and asked me to come in; they explained everything in great detail. I was really impressed.”

According to Vanderbrink, Lowe’s sent their installers over to the house before any work began so they could see what really needed—and didn’t need—to be done, ensuring that it was a custom job.

“I didn’t have to worry about anything, which was a huge relief,” he says. “The job was done so well—and quickly.”

Indeed, Vanderbrink says that once they got the go-ahead, the contractors Lowe’s brought in to handle the job took only one day to install the new system and build the new electrical lines needed for the fix.

“I couldn’t be happier,” he says. “Lowe’s took care of everything and now we have a great home that I’m very happy with.”

In fact, Vanderbrink says he’s already spreading the word on both the 203k loan and Lowe’s.

“It’s such a great program,” he says. “I know two people who are looking to buy, and I’ve already explained the program and how I worked with Lowe’s. Like me, they didn’t know anything about the loan and how Lowe’s works with 203k lenders. They were very excited.”

Adds Vanderbrink: “If I ever go this route again, I will definitely go through Lowe’s. You’re getting the people who take the time to understand your issues and needs. They’re so professional. Step-by-step, they took me through the entire process and explained how it would happen. I couldn’t have asked for anything better.”

For more information on the 203k loan program, visit www.hud.gov or www.re-buildusa.com.

Pending Home Sales Show Healthy Gain, Hint at Spring Surge

Pending home sales rose in February 2010, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in February, rose 8.2% to 97.6 from a downwardly revised 90.2 in January, and remains 17.3% above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he said. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

The PHSI in the Northeast rose 9.0% to 77.7 in February and is 18.9% higher than February 2009. In the Midwest the index jumped 21.8% to 97.9 and is 18.7% above a year ago. Pending home sales in the South increased 9.2% to an index of 107.0, and the index is 17.5% higher than February 2009. In the West the index fell 4.8% to 98.0 but is 14.6% above a year ago.

“Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit,” Yun said.