Raleigh, North Carolina.  Chesapeake Homes Starts 29 Energy Star Homes.  The two-story homes, in Bedford at Falls River, will range in size from 2,300 to 3,000 square feet.  The styles will be Colonial, Traditional and Craftsman.  Energy style homes provide their buyers with lower energy costs and better indoor air quality.  Chesapeake Homes North Carlina is owned by L.M. Sandler & Sons a Virginia company.  They are also the developer of 12 Oaks, a high-end master-planned community in Holly Springs.

Creedmoor, North Carolina - BUILDER SERVICES OF NORTH CAROLINA OPENS NEW BUSINESS.  Builder Services is a home improvement company owned by Ben and Chris Bass and Danny Marshall.  They specialize in top quality exterior replacement products and installaton.  The owners have 31 years of combined experience.  There has been a strong demand for the types of services they offer and both the owners and area residents will benefit from the company’s formation.

MORTGAGE AND HOME SALE EFFECTS OF THE ECONOMIC STIMULUS PACKAGE.  The package increases the size of home loans that Fannie Mae and Freddie Mac my buy.  The cap for Fannie Mae and Freddie Mac would have a one year increase from the current $417,000 to $729,750.  The package would also allow the FHA to insure loans up to that amount indefinitely.  At the present time the FHA loan maximum is $367,000.  The increased loan limits would provide more liquidity to the mortgage market all across the country.  Since this past summer investors have ignored jumbo loans that don’t go through Fannie or Freddie.  The measure should make such loans more attractive to them.  The President of the National Assocation of Realtors, Dick Gaylord, says that the package would stiumlate home sale and reduce the number of foreclosures by as much as 210,000.  Dave Loyst, VP of retail lending at Stearns Financial in San Diego says that declining interest rates enable to be able to refinance and helps people who couldn’t previously qualify to be able to do so. 

It seems to me that this package should be short term shot in the arm to the economy and the financial markets but it will add to a budget deficit that is already out of control so what the end result will be is anyone’s guess.

John Fish (919) 696-3474   Email: Marvmax@mindspring.com   Website: www.JohnFish.com