More Backing by FHA Loans for New Home Sales

 According to the National Association of Home Builders, the Quarterly Sales by Price and Financing report shows that FHA backed close to 14% of new home sales in the second quarter of 2023. Conventional loans went down to 73.7% of new home sales the same quarter while VA-backed sales were up to 5.4%. Cash purchases declined to 6.5% of new home sales. In fact, the share of cash purchases has decreased 2.9 percentage points over the past year and has ranged from 4.1% to 10.7% since Q2 2020.

Different regions within the US are backed by different financing sources. The national median sales price of a new home was $416,100. Split by types of financing, the median prices of new homes financed with conventional loans, FHA loans, VA loans and cash were $458,100, $346,500, 392,600 and 364,300, respectively. The price of a new home did decline in the past year. The biggest drop seen was a 20.1% decline.

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The Best Investment You Could Make

 Today’s housing market is all over the palace. There are prospective homebuyers out there who are asking themselves if this is the right time to purchase a home.

The pandemic caused a crazy housing market with home prices skyrocketing and buyers in bidding wars. Today, the market is cooling off a bit because of the high inflation.  The average interest rate for the benchmark 30-year fixed mortgage reached 7.29%, as of July 31.

Even though these red flags might scare you, this is a great time to invest in the real estate market. According to Mike Biryla with The Agency, when there’s volatility in the housing market, it is a great time to purchase. “Sellers that are on the market right now are not opportunistic sellers. This isn’t the market where sellers can just try for a high number and see if it’ll happen,” says Biryla.

When investing in real estate, you need to remember that you are setting yourself up for the future. “If you’re not ready to take on that responsibility just yet but want to lock in an interest rate, buy it now. When it comes to real estate, I think it’s one of the best investments you could possibly make. It’s great for your portfolio and it’s great for your retirement,” says Emma Hernan of the Oppenheim Group.

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New Home Sales on a High

 Temperatures were not the only thing on the rise this summer. According to CNN, New home sales rose in July from the month before, beating estimates and reaching a 17-month high, as buyers continue to look to new construction as an option in the face of a historically low supply of existing homes. 

The US Department of Housing and Urban Development and the Census Bureau reported that sales for new homes were up 31.5% from the summer of 2022. Newly constructed home sales rose to 4.4% to a seasonally adjusted annual rate of 714,000.

Many are concerned that this might change due to the rise in home prices, and the rise in mortgage rates. In fact, existing home sales are down from Summer 2022. Those in the industry are not as concerned with new home sales.

“Household formation continues to outpace new construction which has continued to bolster the market despite the multitude of headwinds,” says Kelly Mangold of RCLCO Real Estate Consulting.

“With the median price of a new home running close to that of an existing home, many homebuyers are opting for the benefits of fresh floor plans, better energy efficiency and a warranty,” said George Ratiu, chief economist at Keeping Current Matters, a real estate market insights company. “Builders are bringing a growing number of new single-family homes to market, focused on meeting the needs of an affordability-constrained consumer.”

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How St. Tammany Schools Did on the State LEAP Exam Scoring

 The annual LEAP exam scores came out and according to the Department of Education, St. Tammany Public Schools tied for fifth in the state. This was counted by the students’ scores that were mastery or above. Forty-five percent of the students in St. Tammany Parish and Plaquemines Parish scored above or mastery in English language arts, math, science and social studies last school year.

Other Parishes in the state scored well which included St. Charles at 42%, St. Bernard at 35%, Jefferson at 28%, Orleans at 24% and St. John the Baptist at 19%. In the whole state, 33% of Louisiana students scored mastery which means they are ready for the next grade level. The scores for the test are graded on five levels which are unsatisfactory, approaching basic, basic, mastery or advanced.

“Our students are making amazing progress and we are so proud of the work the teachers and kids have done to grow LEAP scores in our district. To demonstrate this amount of growth as one of the 10 largest school districts, with more than 37,000 students, is incredible. It truly showcases the dedication of our teachers and the effort of our students,” says Superintendent Frank Jabbia.

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Window Treatments That Are Currently Trending

 You might think of window treatments as the framing of a window, almost like a piece of art. In fact, interior designers will tell you that curtains are one of the most important elements of a room. The curtains you use can either make or break your look.

There are tons of window treatments out there to choose from. A good rule of thumb is to look at the current trends. Here are several current trends to follow.

Roman Shades

Roman shades are an updated version of blinds. According to Sarah Marks, an interior designer, Roman shades will stand the test of time. You can add different details to shades to give them a unique look. Marks explains, “For example, I love adding a bold, colorful micro welt to a Roman shade. This small detail can create depth and interest while keeping a simple and chic feel.”  You can add multicolor tassels to shades to give them a bit of color.

“When you’re working with a pattern that’s busier, fold the fabric and imagine it as a stacked curtain panel. What you get is a lot of movement and color without being overwhelmed by the pattern. If you were to use the same pattern for a Roman shade, you’d see the full pattern in a bold and dramatic way you may not want for the space” remarks Joshua.

Sheer Curtains

Sheer curtains can have an effect on a room. They let in soft light so it is a perfect way to delicately brighten up a space. If you have a small space or a space that you do not want to overwhelm with a window dressing, this is the perfect item.

“Sheers are so amazing because they give us the ability to add verticality and drapery without feeling heavy or weighing down a room. They bring a softness to very hard lines of architecture and allow light to still filter in while providing privacy. We want all the light to come in during summer,” says Joshua.

Drapery

They say that drapery is timeless. So if you want to have something that will last, choose curtains. “Personally, I love a fuller curtain so I add a little extra on to the drop. A little pooling of fabric will create a more luxurious feel. They are elegant, soft, luxurious, and visually make a dramatic impact,” says Tori Murphy, a textile designer.

“Layered drapery is a great solution for the summer and year-round. Using sheer panels combined with thicker panels is a wonderful way to achieve flexibility with both privacy and light. There is something so ephemeral about subtly filtered light shining through sheer curtains on a bright summer day,” says Davina Ogilvie of Wovn Home.

There are fun new trends always emerging and interior designers will always keep up to date when it comes to the current trend. Window treatments can be expensive but are worth it in the long run.

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Storytime At St. Tammany Parish Library

 A fun time for young St. Tammany residents is the storytime events at the St. Tammany Parish Public Libraries. The storytime events returned to the library system at the end of the summer.

This is a perfect segway as the Summer Reading Challenge came to an end. The Fall storytime calendar can be found online and includes StoryTots, Play Date, Storycraft and Family Storytime. Along with these events also come many different classes and events for all residents in the community.

The Friends of the Library of West St. Tammany also holds monthly book sales for the community. The event is held at the building close to the Parish Fairgrounds at 1301 N Florida Street in Covington. There you will be able to purchase children’s books for $0.25 each, paperbacks for $0.50 each, hardbacks and audiobooks for $2.00 each. The Friends of the Sliddell Library also holds a used book sale. This event is held in the Slidell Library meeting room where books will be from $0.10 to $3.00.

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