Thursday, December 16, 2021

Experts Predict Record Increase in 2022 for Conforming Loans


 The housing market has had some price increases in homes in the past year. The spike has not only hit the home buyer's pockets but has pushed the limits of conforming loans to what experts anticipate may be record increases in 2022.

The Wall Street Journal reported that the maximum loan limit will be close to $1 million for high-cost areas for Fannie Mae and Freddie Mac. Those loans that are over the loan limits will be considered non-conforming or jumbo loans and will also be charged higher interest rates.

Many home buyers are excited about the increase. Those in high-cost areas will now not be considered jumbo loans. "There are so many benefits to having a conforming loan, increasing the loan limits will be huge," said Melissa Cohn, Regional Vice President at William Raveis Mortgage.

Freddie Mac and Fannie Mae are not lenders but they buy loans back from lenders and turn around and sell them to investors. In turn, loans are cheaper for lenders and they can offer better rates to their consumers.

Now with the higher limit for conforming loans, more homebuyers will qualify. The consumer will spend less on their down payments and can have a lower credit score to be approved.

This change comes as the home prices have increased around 7.42% between the third quarter of 2019 and 2020. Due to the rise, the baseline maximum conforming loan limit will increase.

Click Here For the Source of the Information.

Monday, December 6, 2021

A New Steakhouse In Slidell


 St. Tammany Parish could see a new steakhouse at the proposed Camellia Bay Casino in Slidell. The restaurant will be opened by New Orleans Saints quarterback Drew Brees and renowned chef John Folse.

Brees is confident in his partnership with chef John Folse who Brees describes as a "Louisiana culinary icon." Folse not only is a chef but also does TV & radio work, a restaurant developer and the founder of the John Folse Culinary Institute.

Brees, who just retired from the Saints the past year supports the casino project. Not only will there be a casino resort but also a $35 million youth sports complex that will be funded by P2E the company that will bring the casino to Slidell. Peninsula Pacific Entertainment (P2E) is a development company based out of Los Angeles, California. The company will build the casino and operate it.

The Camellia Bay Casino plans to have a total of seven restaurants on site. The casino will be located in East St. Tammany Parish just outside of the city of Slidell. The $325 million project is described as a luxury resort and will also feature an Outdoor Amphitheater, resort-style pool & lazy river, a new dock & Marina, and a convention center.

The revenue and jobs from the casino would be an advantage for St. Tammany. The project is on hold until residents will vote on whether to reverse the 1996 vote to pan casinos in St. Tammany.

“I know that winning is about building the right team. Chef John Folse is a Louisiana culinary icon. And P2E has a proven track record of successfully building first-class resorts like I know Camellia Bay will be. That's why I'm so excited to announce our collaboration on our first signature steakhouse. We want everyone to come and experience the exceptionally high standard we have for our food here in Southeast Louisiana, with an added touch of my personal history playing for a region I love so much,” said Drew Brees.

“In Louisiana, you can’t have a good time without great food. I am proud to be a part of this tremendous opportunity for St. Tammany Parish,” said Folse. “Together with the team at Camellia Bay, we will build a first class-restaurant that is worthy of the association with one of Louisiana’s Greatest of All-Time - Drew Brees. We hope voters in St. Tammany will vote yes so we can make this a reality.”

Click Here For the Source of the Information.

Saturday, December 4, 2021

Tips To Spruce Up A Home's Curb Appeal

 


When selling a home or purchasing a home one of the terms often used is curb appeal. The first impression of a home is the exterior and the home's landscaping. Keeping the exterior of your home and its surroundings updated and fresh sets your home apart from others on the street. Here are five exterior updates that can boost your home's curb appeal.

1. Show Your Style With Siding

Siding has become very popular, especially durable siding that has little upkeep. A new trend is using steel siding. Steel siding is strong and durable with a sustainable finish that offers tons of options to mix and match paint colors and other exterior materials.

“Using a combination of siding materials can help with the overall visual interest of a house,” says Mike Bouman, P.E., Vice President of Design and Engineering at Pioneer Construction in Grand Rapids, Michigan. “But make sure you look at how much maintenance your chosen material will need. Steel siding, for example, is really good in terms of durability and upkeep.”

“If you keep to one color for your siding, you may want to add interest by combining horizontal and vertical boards,” Bouman says. “Or, if you do introduce more than one siding material, try and use just two types or colors, and possibly either masonry or brick.”

2. Use Color to Add Personality

A house can look so much different with a new exterior color. Keep with your home's style when selecting colors for paint, siding, trim, shutters, doors and other exterior details.

If you want a contrasting look from your landscape, go with a dark tone on your exterior. This will make the greens of the landscaping pop.

“We’re seeing darker colors such as dark brown and dark wood tones as a trend,” Bouman says, “which is where real wood, or siding that looks like wood, can really come into its own.”

A more fresh and sleek look would be to use white on your exterior with black accents. “The combination of white siding, white trim and black-framed windows is still a clean look which people want,” Bouman says.

3. Choose Your Trim

Trim not only protects the edges of your home's roof, porch and other overhangs and windows but also gives the exterior a completed look. When choosing trim, make sure the style complements your home's architecture.

“We see homeowners choosing trims and siding in a similar color or the same color,” Bouman says.

4. Invest in Your Outdoor Space

Make sure your porch, patio and outdoor living spaces are all up to date. An outdated living space or bland yard does not give off good curb appeal. Adding evergreen plants, ornamental grass and flowering perennials adds ambiance and color to your yard.

Add a maintenance-free ceiling that is constructed of durable aluminum to your outdoor porch or covered patio. The ceilings come in many colors and even a wood finish.

“It really makes a difference,” Bouman says of the aluminum under-porch and soffit products offered by Quality Edge. “Whether it’s a solid color that looks painted or a wood finish, the style really makes it look authentic without the maintenance.”

5. Go for New Gutters

A home can have new trim, a new roof, new exterior painting and great landscaping but if the gutters are dingy your curb appeal is ruined. Not only do you want your gutters to look nice, but you also want to make sure they are intact and standing up to the outdoor elements correctly.

“Matching it with your home’s trim color means that the gutter doesn’t have to stand out,” Bouman says. “There are lots of different options to choose from, so choose one that works with the architecture of your home. If you’re going for a more historical look, for example, you might want to select a specific profile or material to suit that style of house.”

Click Here For the Source of the Information.

Tuesday, November 30, 2021

The Future Looks Bright for Camellia Bay, a New Casino Project Planned for St. Tammany

 


P2E, also known as Peninsula Pacific Entertainment, has developed a plan to build a $329 million casino resort called Camellia Bay in St. Tammany on the vacant land close to Interstate 10 twin spans. Developers have been working on the proposal for months now and are ready for the vote by St. Tammany voters this December.

The project can have a great impact on St. Tammany's economy. The casino would bring tourists to the area and draw them to other events and attractions that are helped along the Lake Pontchartrain waterfront in Slidell. Many locals are worried that the project could also have negative impacts on their community.

Some St. Tammany Community residents are concerned that the casino would bring crime and decline to property values. This is not necessarily the case according to the Convergence Strategy Group.

"Through the research we see moderately positive impacts from similar developments across the country all the way down to just no impact, but we have not been able to uncover the negative impacts that many communities have feared," said Suzanne Leckert, an author of the study.

CSG is a research firm that is based out of New Orleans. They have over 40 years of experience in studying the leisure and gaming industry. According to their study, they found that a casino in the Slidell area would likely have a "moderately positive to negligible impact on surrounding businesses."

The study included an intense look into the proposed development's impact on the community. This includes a range of impacts from small businesses and tourism to crime and marriage or divorce rates. They looked at data that has been collected from the Bureau of Labor Statistics, the U.S. Census, municipal governments and interviews with local leaders.

Property values will not drop according to the study. CSG cited that after MGM Springfield opened in Springfield, Massachusetts property values saw a 21.4% increase compared to the smaller growth increase of 2.3% - 14.3% in surrounding areas. Another casino close to home in Baton Rouge, L’Auberge Casino, saw a higher property value increase close to the casino.

"The community impact study provides an abundance of data and information for St. Tammany residents to take into consideration to help them make an informed decision about this project," Masingill said. "This project ... has really been reviewed, has been scrutinized from every single angle. We know that there's a significant campaign of misinformation and distortions and, look, we want people to have all of the information."

Click Here For the Source of the Information.

Friday, November 26, 2021

The New Tunnel in Tammany Trace Will Be Opening Soon


The Tammany Trace Tunnel broke ground in June 2019 and is about to be completed. The $3.5 million project is being built by Hard Rock Construction. The project will solve the dangerous impediment for bicyclists, joggers and those who enjoy a walk along the Tammany Trace.

Tammany Trace is an asphalt trail that runs from Slidell to Covington, with trailheads near Slidell and in Lacombe, Mandeville, Abita Springs and Covington. It is mainly used for hiking, jogging and cycling. It was funded by federal money and opened its first part in 1994. It was included in the Rails-to-Trail's Conservatory's Hall of Fame in 2017.

The location where the trace crosses over La. 59 has been a dangerous intersection for cyclists and joggers. Located close to a mile north of I-12 there is a high volume of traffic there along with an S-curve that limits visibility.

The tunnel was slated to be completed in December says Chris Welty, public information officer for the state Department of Transportation and Development, but the weather will have to cooperate.

Hurricane Ida put a halt to the project when the trace was closed due to fallen debris. Workers have been working diligently to clear fallen trees and miscellaneous debris that fell on the 31-mile asphalt pathway during Ida. St. Tammany Parish government has still not announced a reopening date.

The project will take bicyclists and joggers through the tunnel under La. 59 and will also make the S-curve a little straighter for motorists. Those using the trace will now be able to move beneath La.59 at Emile Strain Road seamlessly. This marks the second tunnel on the trace. The first tunnel opened in 2002 and goes under Florida Street in Mandeville.

As far as the S-curve, it will be realigned and slightly shifted east. Motor traffic has already been routed along the new alignment on the slight curve making it safer for motorists.

As of right now, the tunnel and north approach slab is completed and the south approach slab is currently being constructed. New drainage and driveways are being installed for those that have been affected by the realignment.

Click Here For the Source of the Information.

 

 

 

Monday, November 22, 2021

Third Quarter 2021 Reaches a 13-Year High for Conventional Loan Share of New Home Sales

 


The National Association of Home Builders shared that 75.5% of new home sales that were recorded in the 2021 third quarter was the largest share seen since the first of the 2008 Great Recession. The data comes from the U.S. Census Bureau's Quarterly Sales by Price and Financing.

The Quarterly Sales by Price and Financing reports are surveys of New Residential Sales that are done every March, June, September and December. These are tables that are published through the U.S. Census Bureau.

This record share saw an increase of 1.7 percentage points over 2021 2nd Quarter and has kept rising for the last three quarters. This has shown an increase of 6.9 percentage points since Q4 2021.

As for sales backed by conventional loans, the share increased quarter-over-quarter 74% from Q3 2020 to Q3 2021. The data shows a 4.9 percentage points gain over Q2 2021. FHA-backed sales came in at 11.9% in Q3 2021 which was a decline of 1.1 percentage points over Q2 2021. As for year-over-year, it was a decline of 6.6 percentage points.

VA-backed sales also came in with a decline of 1.7 percentage points from Q3 2020. The data shows a 4.9% decline which is the exact opposite of cash purchases.

Cash purchases rose 7.6% making this a rise for the past two quarters. It is now 4.4% which is the largest we have seen since Q4 2014. For Q3 2021 there was a 7.7% climb with 1,000 sales and a 4,000 increase year-over-year.

The 30-year fixed rate for both conventional and government-backed mortgages also declined quarter-over-quarter. Conventional-backed mortgages reported a 93 basis points decline while government-backed mortgages came in 72 basis points lower than seen in Q4 2019.

Click Here For the Source of Information.

Friday, November 19, 2021

Holiday Spending Will Be Backed by the Rising Consumer Confidence This Year

 


The COVID-19 vaccines are helping to get Americans back out into the physical consumer world. Even with the supply chain problems and rocket high inflation, consumers are still planning on spending the bucks this holiday season.

The Consumer Confidence Index saw a rise in the third quarter of 2021 to 113.8 points. The level seen this October was the highest level seen since July 2021. American's mindset also rose for future consumer spending. Many see purchasing a house car and major appliances before the year-end.

Close to 50% of those surveyed are planning on taking a vacation in the next six months. This is the highest level we have seen before the pandemic.

"While short-term inflation concerns rose to a 13-year high, the impact on confidence was muted," said Lynn Franco, The Conference Board's senior director of economic indicators.

In a nutshell, Americans are not fazed by price inflation. Luckily this is pushing the labor market to recover. It will be a while before consumers get fed up with the price inflations.

"And most of that is due to the job market," said Jennifer Lee, senior economist at BMO. "And though the share of those respondents finding that jobs are plentiful slipped a bit this month, the share of those who find that jobs are hard to get fell even more."

Click Here For the Source of the Information.