Fannie Mae and Freddie Mac have given overextended borrowers a Thanksgiving present.  The mortgage giants have temporarily suspended foreclosures through January of 2009.  They have directed their loan servicing organizations and attorneys to suspend foreclosure sales and evictions on occupied single family homes.  This has been implemented as support of the modification program which was announced on November 11 and is due to begin on December 15.

Inman News has published an article going into more detail on these new developments.  According to the article "Fannie’s streamlined modification program is aimed at the highest risk borrower who has missed three payments or more, owns and occupies the primary residence, and has not filed for bankruptcy. The program creates a fast-track method for getting troubled borrowers into an affordable monthly payment through a mix of reducing the mortgage interest rate, extending the life of the loan or even deferring payments on part of the principal. Servicers have flexibility in the approach, but the objective is to create a more affordable payment for borrowers at risk of foreclosure."

This new development should offer a chance for many borrowers to keep their homes and avoid foreclosure.  According to Inman Freddie Mac expects to approve workouts on 84,000 or an estimated 140,000 who are delinquent on Freddie Mac owned mortgages.

To read the article click here.

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As we spend this Thanksgiving with friends and loved ones it is important to consider all of the things that we have to be grateful for.  I would like to share with you a bit of good news from Sandy Madison at Sun Trust Mortgage.

The points listed below by Sandy point out that the Charlottesville real estate market may be headed in the right direction.

And more good news from Karen Seiarrino with T.Y. Mortgage.  Yesterday interest rates for a 30 year fixed fell to 5.5 with no points and 5.25 with one point.

The combination of low interest rates and lower home prices are making Charlottesville homes affordable again.  This is good news!

I wish all of my readers the best of Thanksgivings.  Cherish this time with family and friends.  Have a great holiday!

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A favorite Keswick tradition is the annual Blessing of the Hounds at Grace Episcopal Church.  The lovely historic stone church is the backdrop for the outdoor service which is attended by the members of the Keswick Hunt in full hunting attire mounted on their horses and surrounded by the pack of foxhounds.  The traditional service includes blessings for horse, hound and rider as well as prayers in thanks for the harvest bounty.  After the service you can walk across the road and watch the beginning of the foxhunt.

The service begins at 10:30 and the public is welcome.

Grace Episcopal Church
Gordonsville Road
Cismont, Virginia 

Cismont and Keswick Virginia are located a short drive outside of Charlottesville, Virginia to the east.  The service has been held annually on Thanksgiving Day since 1929.   Come out to Grace Church tomorrow and become part of the tradition.

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Many people who are in the position of having to sell their current home in order to buy a bigger home or one with more amenities, are focusing on the fact that their current home will not sell for as much in the present market.  What they don't realize is that the money that they will save on their new home when buying up will actually more than offset the loss on their current home.

The graphics shown below illustrate this point.

As you can see when you sell and buy up, you are saving more on the purchase of the new home than you have lost on the sale of your old home.  In addition when the market does improve, and it will improve since the real estate market is cyclical, the larger home will experience greater appreciation.  For example if home values were to rise 10% in future years the new larger home's value would appreciate by $38,000 as opposed to the $19,000 increase of the smaller home.

If you are in the position to sell and buy up, the current market offers an opportunity that will not be available when the maket begins to shift back to a seller's market.

The above graphics and figures are courtesy of Shift and Gary Keller.

Contact

, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, pam@JumpintoGreenerPastures.com, to list your property for sale or to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

Visit my other blog Charlottesville Real Estate Talk for more information on Charlottesville and Central Virginia homes, events, and real estate.

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Many Charlottesville homeowners are trying to make their homes more eco-friendly and save energy at the same time.  One of the ways the save energy and lower our utility bills at the same time is to make some simple corrections to our home's water systems. 

One of the first steps is to lower the water temperature in the hot water heater to 120 degrees.  Each 10degree reduction in hot water temperature can save 3-5% on your yearly hot water bill.  At the same time lowering the water temperature can prolong the lifespan of your water heater.

Insulate your water heater by wrapping it with an insulating blanket.  This will pay for itself in less than a year and can reduce the energy use of your heater by 4-9%.

Install low flow showerheads and faucet aerators.  If you reduce hot water use you will naturally reduce the amount of energy used to heat the water.  These features can actually reduce the energy used in heating water by 50%.

Insulate your hoet water pipes whenever they are located where you can access them.  This will save energy while keeping the water in the pipes warm at the same time.

Fix leaky faucets.  Over time a leaky hot water faucet can waste a significant amount of hot water.

Use the warm or cold settings on your washing machine as much as possible.

Don't heat water when you are not going to use it.  You can buy a timer which will turn your hot water heater off at night and back on again in the morning in time to heave hot water for your morning shower.  Also when you are away on vacation you can turn your hot water heater off.

Initiate even just a couple of these tips and help make your Charlottesville home more environmentally friendly.  Lets work on making Charlottesville green!

Contact

, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161, pam@JumpintoGreenerPastures.com, to list your property for sale or to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.

To view all of the Charlottesville, Virginia and Central Virginia Homes for Sale click here and click on the mls search button.

Visit my other blog Charlottesville Real Estate Talk  for more information on Charlottesville and Central Virginia homes, events and real estate.

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