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leslie edwards
leslie edwards realty, inc
1119 Hwy 54 West
Fayetteville 30214
Direct: 770.460.9448
Fax: 770.460.0739

Clark is Dead Wrong About ARM's

Leslie Edwards

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Displaying blog entries 71-80 of 136

Scary Real Estate Reality

by Leslie Edwards

News reports often say the real estate market is picking up and yes, there might be bumps up but this article describes the reality that homeowners have to know about.  Take a minute to read this and let me know what you think.

leslie edwards                                                                                            770.460.9448                                                                                       My phone is answered 24-7-365 by a live person and I am never hard to find RE/MAX Around Atlanta

 

 

http://www.dailyfinance.com/story/real-estate/more-than-5-million-homes-will-be-worth-less-than-75-of-their-m/19342799/ <http://www.dailyfinance.com/story/real-estate/more-than-5-million-homes-will-be-worth-less-than-75-of-their-m/19342799/

Prison Reform & Victimless Crimes

by Leslie Edwards

Take the time to read this article and decide if you can get behind this cause.   Pay attention to the statistics about the rates of imprisonments in the U.S. vs. the rest of the world.  I don't agree with much of Jim Webb's politics, but this issue is something people need to face head on. No matter how unpopular the cause, we have to stop ignoring the continued prosecution & imprisonment for victimless crimes and the horrors of prisons that in no way resemble places that rehabilitate criminals.

leslie edwards                                                                                                  Politically Aware Real Estate Agent                                         leslie@leslieedwards.com  770.460.9448

Jim Webb's courage v. the "pragmatism" excuse for politicians  

By: Glenn Greenwald
March 28, 2009

There are few things rarer than a major politician doing something that is genuinely courageous and principled, but Jim Webb's impassioned commitment to fundamental prison reform is exactly that.  Webb's interest in the issue was prompted by his work as a journalist in 1984, when he wrote about an American citizen who was locked away in a Japanese prison for two years under extremely harsh conditions for nothing more than marijuana possession.  After decades of mindless "tough-on-crime" hysteria, an increasingly irrational "drug war," and a sprawling, privatized prison state as brutal as it is counter-productive, America has easily surpassed Japan -- and virtually every other country in the world -- to become what Brown University Professor Glenn Loury recently described as a "a nation of jailers" whose "prison system has grown into a leviathan unmatched in human history."

What's most notable about Webb's decision to champion this cause is how honest his advocacy is.  He isn't just attempting to chip away at the safe edges of America's oppressive prison state.  His critique of what we're doing is fundamental, not incremental.  And, most important of all, Webb is addressing head-on one of the principal causes of our insane imprisonment fixation:  our aberrational insistence on criminalizing and imprisoning non-violent drug offenders (when we're not doing worse to them).  That is an issue most politicians are petrified to get anywhere near, as evidenced just this week by Barack Obama's adolescent, condescending snickering when asked about marijuana legalization, in response to which Obama gave a dismissive answer that Andrew Sullivan accurately deemed "pathetic."  Here are just a few excerpts from Webb's Senate floor speech this week (.pdf) on his new bill to create a Commission to study all aspects of prison reform:

    Let's start with a premise that I don't think a lot of Americans are aware of. We have 5% of the world's population; we have 25% of the world's known prison population. We have an incarceration rate in the United States, the world's greatest democracy, that is five times as high as the average incarceration rate of the rest of the world. There are only two possibilities here: either we have the most evil people on earth living in the United States; or we are doing something dramatically wrong in terms of how we approach the issue of criminal justice. . . .

    The elephant in the bedroom in many discussions on the criminal justice system is the sharp increase in drug incarceration over the past three decades. In 1980, we had 41,000 drug offenders in prison; today we have more than 500,000, an increase of 1,200%. The blue disks represent the numbers in 1980; the red disks represent the numbers in 2007 and a significant percentage of those incarcerated are for possession or nonviolent offenses stemming from drug addiction and those sorts of related behavioral issues. . . .

    In many cases these issues involve people’s ability to have proper counsel and other issues, but there are stunning statistics with respect to drugs that we all must come to terms with. African-Americans are about 12% of our population; contrary to a lot of thought and rhetoric, their drug use rate in terms of frequent drug use rate is about the same as all other elements of our society, about 14%. But they end up being 37% of those arrested on drug charges, 59% of those convicted, and 74% of those sentenced to prison by the numbers that have been provided by us. . . .

    Another piece of this issue that I hope we will address with this National Criminal Justice Commission is what happens inside our prisons. . . . We also have a situation in this country with respect to prison violence and sexual victimization that is off the charts and we must get our arms around this problem. We also have many people in our prisons who are among what are called the criminally ill, many suffering from hepatitis and HIV who are not getting the sorts of treatment they deserve.

    Importantly, what are we going to do about drug policy - the whole area of drug policy in this country?

    And how does that affect sentencing procedures and other alternatives that we might look at?

Webb added that "America's criminal justice system has deteriorated to the point that it is a national disgrace" and "we are locking up too many people who do not belong in jail."

It's hard to overstate how politically thankless, and risky, is Webb's pursuit of this issue -- both in general and particularly for Webb.  Though there has been some evolution of public opinion on some drug policy issues, there is virtually no meaningful organized constituency for prison reform.  To the contrary, leaving oneself vulnerable to accusations of being "soft on crime" has, for decades, been one of the most toxic vulnerabilities a politician can suffer (ask Michael Dukakis).  Moreover, the privatized Prison State is a booming and highly profitable industry, with an army of lobbyists, donations, and other well-funded weapons for targeting candidates who threaten its interests.

Most notably, Webb is in the Senate not as an invulnerable, multi-term political institution from a safely blue state (he's not Ted Kennedy), but is the opposite:  he's a first-term Senator from Virginia, one of the "toughest" "anti-crime" states in the country (it abolished parole in 1995 and is second only to Texas in the number of prisoners it executes), and Webb won election to the Senate by the narrowest of margins, thanks largely to George Allen's macaca-driven implosion.  As Ezra Klein wrote, with understatement:  "Lots of politicians make their name being anti-crime, which has come to mean pro-punishment. Few make their name being pro-prison reform."

For a Senator like Webb to spend his time trumpeting the evils of excessive prison rates, racial disparities in sentencing, the unjust effects of the Drug War, and disgustingly harsh conditions inside prisons is precisely the opposite of what every single political consultant would recommend that he do.  There's just no plausible explanation for Webb's actions other than the fact that he's engaged in the noblest and rarest of conduct:  advocating a position and pursuing an outcome because he actually believes in it and believes that, with reasoned argument, he can convince his fellow citizens to see the validity of his cause.  And he is doing this despite the fact that it potentially poses substantial risks to his political self-interest and offers almost no prospect for political reward.  Webb is far from perfect -- he's cast some truly bad votes since being elected -- but, in this instance, not only his conduct but also his motives are highly commendable.

* * * * *

The Facts About The Homebuyer's Tax Credit

by Leslie Edwards
  • A tax credit, not a tax deduction, meaning you get that much more cash back in your federal tax refund.
  • $8000 for a first time buyer, meaning not having owned a home in the last 3 years
  • $6500 for a current owner, provided the home they sold or will sell was their primary residence for 5 out of the last 8 years
  • Does not have to be paid back as long as they remain in the home for 3 years
  • Must be under contract by April 30, 2010
  • Must close by June 30, 2010
  • Must earn less than $125,000 if single or $225,000 if married
  • Money can be collected immediately by filing a tax return or an amendment to a previous return

     It is a great time to buy with prices and interest rates at record lows and FREE money too.  The tax credits have brought more buyers into the market so it is also a great time to sell.

 We closed 67 transactions in 2009 while the average agent closed 2.  Our goal is to close 100 transactions this year and we need your help to do it.  If you know anyone we can help buy or sell real estate, call me at 770.460.9448

If you know anyone who is behind in their payments and are trying to avoid a foreclosure, let them know that I am a Certified Distressed Property Expert and can help them with a short sale.

leslie edwards, ABR, CDPE, CRS, EPRO, GRI (advanced educational designations)  Dave Ramsey Endorsed Local Provider  770.460.9448                                                           leslie@leslieedwards.com  www.leslieedwards.com                                  RE/MAX Around Atlanta                                                                     Serving South Metro Atlanta                                                           Supporter of Southern Crescent Habitat for Humanity www.schabitat.org

 

 

 

 

Today I Joined The Tea Party Movement

by Leslie Edwards

I used to think it was better for business to stay neutral on controversial subjects so as not to offend any potential clients.  That probably was a good business practice for a real estate agent, but I no longer care about the ramifications of sharing my opinions. 

I have officially joined the Tea Party Movement because I believe we have to stand up and let our voices be heard if we are going to stop massive government takeover of our lives.  We can't continue to print money while increasing our debt to China, to send servicemen and women to another war they are not equipped to win, to send money to countries that don't like us instead of using the money here at home.  We can't keep giving away money we don't have

We already knew that politicians are owned by special interest groups and legislation is loaded with pork projects used to buy votes.  Americans have accepted the political process as it is for too long.  Good men and women who refuse to be bought by the special interest groups simply cannot get elected.  Something big has to change in the way we elect politicians, often for life.  If the people would study the voting record of their elected officials  instead of the list of pork projects they received, they might actually vote some of them out of office.  Special interest groups buy the politicians who sell their votes for pork and use the pork to buy votes come election time. 

How can each of us make a difference?  First and foremost is to read the legislation and know what it says, which is different from what either party claims is in the bill.  A great source is http://www.govtrack.us/  If you don't like what you read, say so.  Contact your elected officials and let them know that you do not want them to vote for the bill.  We can't let a few people try to do all the work themselves.  We all have to help.  If everyone would do something, the combined affect would be unbelievable.

If you agree with the way things are going in Washington, disregard this post. 

If you need to buy or sell real estate and agree with or, don't care about, my politics, call me.  I closed 66 transactions in 2009 when the average agent closed 2.  My goal for 2010 is 100 closed transactions so please send business.

leslie edwards, real estate agent and political activist                                    770.460.9448    leslie@leslieedwards.com www.leslieedwards.com              RE/MAX Around Atlanta

 

 

Where Are All The Real Estate Agents?

by Leslie Edwards

According to reports, the National Association of Realtors has lost 30% of their membership.  Real estate agents are dropping out of the business in droves which can actually be good for real estate.  Some of them with working spouses have gone home to wait out the recession and jump back in when it gets good again.  Many others have gotten "real jobs" with a plan to quit when the market picks up.

I say, don't come back.  A true professional Realtor helps people buy and sell real estate regardless of market conditions, even though prices and commission rates are down.  We make less money while doing more work because challenging markets create challenging situations which require more time and more paper.

Since 1978 I have been a fulltime real estate agent and the sole support of me.   I never considered getting a real job because real estate is my real job.  Alot of my success is the result of expectations.  I expected to do well and I did. In 2009 I closed 66 transactions while the "average agent" closed 2.  In 2010 I will close over 100 transactions and I need your help to do it.

When marginal agents leave the business, the public gets better service.  It takes years of experience to properly represent a client.  Doctors practice on dead people for years before they work on a live person.  Real estate agents represent the largest single investment most people make in their lifetimes after a just a few months of training.

It is the new and marginal agents that give real estate agents a bad name mostly due to a lack of experience. Sometimes when I am working with another agent, I  wonder how they ever passed the real estate exam.  It is frightening to think that people put their faith in and depend on, new or weak agents, which can be very costly for the client.

So, let the quitters stay home and leave the important real estate work to the professionals.  Don't come back.  

If you have a real estate need, call me at 770.460.9448

leslie edwards                                                                                   leslie@leslieedwards.com   www.leslieedwards.com  

New Loan Approval Guidelines

by Leslie Edwards

Fannie Mae's latest update continues to tighten the rules for loan approval.  The new version of D esk Top Underwriting, Fannie Mae's automated underwriting system begins December 12, 2009  

·       maximum Debt to Income Ratio will now be 45% down from 55%

·       2 months reserves required for all second homes, and 6 months reserves for all investment properties

·       minimum 4 years required after dismissal or discharge of Chapter 7 bankruptcy--no exceptions

·       minimum 2 years required after dismissal or 4 years after discharge on chapter 13 bankruptcy--no exceptions

·       minimum 5 years required after multiple bankruptcies

·       minimum 5 years required after foreclosure, with some additional restrictions up to 7 years

·       minimum 4 years required after deed-in-lieu of foreclosure, with additional restrictions up to 7 years

·       minimum 2 years required after a short sale

·       credit report can't be more than 90 days old at time of closing

·       trailing co-borrower income not permitted

·       value of stocks, bonds, mutual funds and retirement accts for reserves has been reduced

·       lower maximum LTVs for 2-unit properties (now 95%, going to 80% for primary residence purchase)

According to the guidelines, it is much better for a distressed homeowner to do a short sale than to allow the home to be foreclosed.  If you want to discuss short sales, foreclosures or anything real estate related, call me.  I want to be your real estate resource.  

leslie edwards                                                                                                      770-460-9448 leslie@leslieedwards.com                                                                                                                                                                                                      

Glenn Beck is right and we should all be worried

by Leslie Edwards

My DVR is set to record the Glenn Beck show on Fox News at 5 pm Monday through Friday.  He is passionate about what he says, often dramatic in his presentation and occasionally he cries.  He has got my attention.  We all kind of know that politics is all about money and power and not about service to the constituency.    Glenn does his research and he informs his listeners about people and things that no one else in the media is talking about. He exposes people and plots that every American should know about but the media and the White House talk about Beck like he is a crazy person, which is I suppose their way of deflecting from the real issues he is reporting.  If you haven't watched, tune in for at least five shows.  Tell a few of your friends to watch too, because Beck explains what everyone needs to know and won't find anywhere else.

Mortgage Application Fall

by Leslie Edwards

Mortgage applications fell last week for the third week in a row, even as interest rates edged lower, an industry group said Wednesday.

The Mortgage Bankers Association (MBA) said its index of mortgage application volume fell 12.3% in the week ended Oct. 23 from the prior week.

The drop in activity came as a popular tax credit for first-time homebuyers faced an uncertain future. The credit, which can be worth up to $8,000 for eligible buyers, is set to expire at the end of next month.

The MBA said refinancing applications also fell, by 16.2% from the previous week. The purchase index, a measure of applications at mortgage lenders, declined 5.2% last week.

Meanwhile, interest rates on the widely-used 30-year fixed mortgage eased to 5.04% from 5.07%, according to the MBA.

The MBA report also showed the average rate for 15-year fixed-rate mortgages rose to 4.53% from 4.51%.

Rates for one-year adjustable rate mortgages, or ARMs, slid to 6.79% from 6.86%.

Government figures are expected to show Wednesday that sales of newly built homes rose at an annual rate of 440,000 units in September. That would be an increase of 2.6% versus the previous month.

On Tuesday, the S&P Case-Shiller home price index showed home prices rose for the fourth month in a row during August. Prices were down 11.3% versus August 2008, but that drop was less severe than the 11.9% year-over-year drop economists had forecast.

Home-Sales Rebound

by Leslie Edwards

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®.

 

Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.09 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Regionally, existing-home sales in the Northeast increased 4.4 percent to an annual level of 950,000 in September, and are 11.8 percent higher than September 2008. The median price in the Northeast was $234,700, down 7.0 percent from a year ago.

Existing-home sales in the Midwest jumped 9.6 percent in September to a pace of 1.25 million and are 7.8 percent above a year ago. The median price in the Midwest was $147,600, which is 1.0 percent below September 2008.

In the South, existing-home sales rose 9.0 percent to an annual level of 2.06 million in September and are 10.8 percent higher than September 2008. The median price in the South was $153,500, down 7.6 percent from a year ago.

Existing-home sales in the West surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago. The median price in the West was $219,000, which is 15.0 percent below September 2008.

 

Neighborhood Stabilization Program

by Leslie Edwards

Clayton County has just recieved a HUD grant of 9,732,126!

For the Neighborhood Stabilization Program. The money will be used to:

  • Purchase foreclosed homes
  • Rehabilitate those homes
  • Sell those homes to qualified, income eligible buyers
  • provide downpayment & closing cost assistance  

If you are thinking of buying a home this is an opportunity you must consider!

You must have:

  • Stable income
  • limited debt
  • decent credit
  • eligible income by family size
  • $500 toward purchase  
  • Desire to own a home

  Next you will:

  • Select NSP or other approved house
  • qualify for standard loan with NSP certified lender
  • Contract to buy house
  • Complete Housing Counseling
  • Close on house
  • Celebrate!

NSP will: 

  • Complete work write up
  • if approved buy house
  • complete rehabilitation
  • conduct inspection of rehab
  • work with real estate agent
  • Provide down payment Assistance if qualified

If your TOTAL family income does not exceed the amount by family size:

  • 1 person   60,250
  • 2 persons  68,850
  • 3 persons  77,450
  • 4 persons  86,040
  • 5 persons  92,900
  • 6 persons  99,800
  • 7 persons 106,700
  • 8 persons 113,550

Leslie has been chosen to sell these houses if you fit the requirements and are interested. Please call 770-460-9448 or email leslie@leslieedwards.com

Displaying blog entries 71-80 of 136

leslie edwards
leslie edwards realty, inc
1119 Hwy 54 West
Fayetteville 30214
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