Wallingford Wired

Wallingford Wired Has a New Home

2008-10-31T01:03:00.011-04:00

After 8 months on Blogger, we've decided to take the plunge and move this blog to a new home over on Wordpress.org. It was a decision we agonized over for more than a few days, but in the end all the comments from other bloggers we network with convinced us that a self-hosted blog on Wordpress was the way to go. The new URL for Wallingford Wired is:

http://WallingfordWired.com

All of our posts from here have been migrated over there, and the new layout has a very clean and crisp feel to it that has us very excited about the future. We appreciate everyone who has frequented us here and invite you, and future readers who might happen upon this blog, to visit us at our new home!

Thanks again, and see you over at the new Wallingford Wired!

Warm Regards,

Pat and Wayne Harriman
The Harriman Team

Mortgage Rate Update 10/24/08

2008-10-24T16:24:00.005-04:00

Mortgage rates fell a bit across the board this week on reduced concerns about inflation; the 30 year conforming loan fell a quarter point, while the 30 year FHA rate fell an eighth. CHFA rates fell the most, taking 3/8ths off last week's rate, ending at 5.875%. While inflation concerns are easing, fears of a recession seem to have replaced them; with the dismal job report and consumer spending on the downturn, it certainly seems like a recession is coming. The bad thing about that is, we won't know until it's over. The definition of a recession is two quarters of declining growth, but it'll take analysts a while to determine if growth has been shrinking for 6 months. Until then, here are this week's rates:

Friday, October 24th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.347%

15 yr conforming fixed: rate = 5.625% APR = 5.889%

7/1 yr conforming ARM: rate = 6.000% APR = 6.225%

5/1 yr conforming ARM: rate = 5.625% APR = 5.801%

30 yr FHA Fixed : rate = 6.375% APR = 6.661%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.118%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.752%

15 yr jumbo fixed: rate = 6.000% APR = 6.245%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 - 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 - 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Wallingford Electric Gives Winter Rate Decrease

2008-10-23T20:11:00.014-04:00

Back in May, we reported here about the increase in electric rates that Wallingford Electric put in place to offset the higher cost of power during the heavy usage months of summer. But, as the old saying goes, "what goes up, must come down", and Wallingford Electric is proving that the maxim holds true, even for electric rates.

The Public Utilities Commission voted Tuesday to approve a 2.8% decrease in winter power charges that will go into effect on November 1st and continue until the end of April 2009. What this means for a household that uses 870 kilowatt hours of electricity is that they will pay $96.58 this year for the same power they paid $99.34 last winter. I know, that's not a huge savings, but at this point in the current economic storm that's pounding the entire country, every little bit helps. It should also be noted that this should not be considered an official total until all the final numbers are in and total costs have been determined at the end of the month.

Usually, electric rates typically fall in the winter, then rise again in the summer to encourage energy conservation during peak periods. Even so, the costs usually balance out over the course of the year. You may pay more seasonally in the summer, but with the winter adjustments you end up paying about the same annually. Wallingford is blessed (thankfully!) with some of the lowest electric rates in New England, with the exception of some areas of Maine, and PUC Director George Adair is cautiously optimistic that next summer's peak energy costs may also lower than usual. That would be something to look forward to.

So, mark your calendars for November 1st and watch for those extra $$$ to appear on your electric bill.

(And by the way, don't forget the Fall Electronics Recycling event for Wallingford residents, coming up on Saturday the 25th at Lincoln Middle School in Meriden from 9am to 1pm. See blog post here.)

Rustic Meriden Raised Ranch

2008-10-18T22:02:00.003-04:00

This home has rustic appeal on the outside, and a contemporary feel inside. Large sunken living room with cathedral ceilings and skylights. Open floor plan. Atrium style four season porch plus a screened porch. Lower level family room with wood stove. Fenced yard with pool and tool shed.

Mortgage Rate Update 10/17/08

2008-10-17T19:39:00.010-04:00

With the financial markets still in turmoil and the government bailout plan causing banks to borrow more and more money, the rates on 30 year conforming and jumbo loans rose a quarter point this week, while 30 year FHA and CHFA loans remained the same. These rates are still better than the national average 30 year mortgage rate, which currently stands at 6.46%. Hopefully, as markets become less volatile and fears about the economy subside, rates should begin to gradually recede. Because of the volatility of the market, it might make sense for you to act now on securing a loan, rather than wait a while and take a chance on the rates going even higher. Please stay in touch with your mortgage broker to keep abreast of any change in rates.

Friday, October 17th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.375% APR = 6.558%

15 yr conforming fixed: rate = 5.875% APR = 6.024%

7/1 yr conforming ARM: rate = 6.125% APR = 6.337%

5/1 yr conforming ARM: rate = 5.750% APR = 5.955%

30 yr FHA Fixed : rate = 6.500% APR = 6.779%

30 yr CHFA w/ 1 pt : rate = 6.250% APR = 6.530%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.750% APR = 6.992%

15 yr jumbo fixed: rate = 6.250% APR = 6.401%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.250 % (APR range 6.350 - 6.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 6.000 % (APR range 6.100 - 6.500 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Mill Rates for the Greater New Haven Area

2008-10-16T20:02:00.014-04:00

Many of our clients have asked what the mill rate is for the town they live in, or the town they wish to move to, so we thought we'd post the list of mill rates of all the towns covered by the Greater New Haven Board of Realtors. For those who are unfamiliar with what a mill rate is, it's how communities calculate the amount of tax you owe on personal property. The actual term is millage rate, but over time it has been shortened to the root word mill, meaning "thousand". A mill is a thousandth of a dollar, or 0.1%. The mill rate is the amount per thousand dollars of assessed property the owner must pay in taxes to the municipality the property is located in. The assessment ratio in Connecticut is currently 70% of the property's fair market value.

Using the table below as an example, the owner of a property in Wallingford that has an assessed value (not appraised value or sales value) of $250,000 would pay $5,725 in taxes based on the listed mill rate of 22.90, or 0.0229. In New Haven, an owner of that same property would pay $10,552.50 in property taxes, based on the current 42.21 mill rate. Any questions on property assessment should be directed to your town's Tax Assessor's Office.

These rates are current as of July, 2008:

Town	Assessment Ratio	Last Evaluation Year	Next Evaluation Year	Mill Rate
Ansonia	70%	2008	2013	25.25
Beacon Falls	70%	2006	2011	24.73
Bethany	70%	2008	2013	30.03
Branford	70%	2004	2009	23.21
Cheshire	70%	2008	2013	28.05
Derby	70%	2005	2010	26.40
East Haven	70%	2006	2011	22.85
Guilford	70%	2007	2012	19.19
Hamden	70%	2005	2010	29.42
Huntington	70%	2006	2011	18.61
Killingworth	70%	2006	2011	21.00
Madison	70%	2007	2012	17.84
Meriden 1	70%	2006	2011	27.96
Meriden 2	70%	2006	2011	29.89
Milford	70%	2006	2011	28.23
Naugatuck	70%	2007	2012	31.7 *
New Haven	70%	2006	2011	42.21
North Branford	70%	2005	2010	24.95
North Haven	70%	2005	2009	23.50
Orange	70%	2006	2011	27.94
Oxford	70%	2005	2010	20.33
Seymour	70%	2005	2010	25.52
Shelton	70%	2006	2011	18.61
Southington	70%	2005	2010	23.02
Stratford	70%	2004	2009	30.51
Wallingford	70%	2005	2010	22.90
W. Haven 1	70%	2005	2010	35.56
W. Haven -Allington	70%	2005	2010	33.96
W. Haven – W. Shore	70%	2005	2010	33.85

* = Going to referendum

Ghoulishly Good Times in Wallingford

2008-10-13T19:33:00.011-04:00

If you're looking for something to scare the bejeezus out of you this Halloween (other than the economy and the Presidential elections), look no further than the renowned Trail of Terror in Wallingford, CT. People come from all over the region to behold this masterful fright fest of bloody props, strobe lights, animated monsters and 300 costumed actors.

Now in its 14th year, the Trail of Terror started out as a small attraction in the backyard of creator Wayne Barneschi's house. Now, it has moved to a larger location off North Plains Industrial Road to accommodate the expanded staff and scenarios that have been added over the years, including a haunted cathedral, Gotham City, the Good Shepherd Orphanage, Sweeny Todd, and the Santa Claus Workshop. While the size and scope of the Trail has increased, so has its popularity, as evidenced by the hours-long wait in line to enter. Security staff has also been added to protect both the venue and its patrons, and there are 10 EMT's available should the fear factor prove too much.

Another feature added by Barneschi is the ability to by tickets for the Trail online for a particular time, rather than driving a long distance hoping tickets aren't already sold out, as used to be the case. In years past, tickets used to be sold out by 8 or 9pm, even thought the trail was open until midnight. A 4-6 hour wait in line is not unheard of for this popular attraction, so if you're looking for a great time with family or friends, go to the Trail of Terror web site now to purchase your tickets. The cost is $10 per person, or $20 for a speedpass. All proceeds benefit the American Red Cross, so you're not only having a screaming good time, you're helping a worthy cause to boot. Hours of operation for the rest of the month are:

Oct 17 -18, 24-25, 30-31: 7pm - 11pm

Oct. 19 & 26: 7pm - 10pm

(Oh, and bring a "screamer" with you...the denizens of the Trail just LOVE screamers!)

Better Pass on the Dessert...

2008-10-12T20:44:00.011-04:00

From the "This Didn't Really Happen, Did It?" files, West Hartford home owner Nancy Glass has been charged with second degree assault, second degree reckless endangerment and tampering with evidence for feeding her Realtor® a piece of ginger cake. Sounds harmless, right? Appreciative seller wants to reward her agent for all the hard work he's done to market her house, so she bakes up a nice ginger cake and gives him a big slice, warm from the oven.

Except, this cake had a secret ingredient the agent didn't expect: marijuana. Yes, the home owner laced the cake with the world's most often used illegal drug, Cannabis sativa. A little "ganja" to take the edge off, I suppose. The agent didn't even know until he had left her home and felt a little sick. He called 911 from his office and was transported to a local hospital, treated and released. Medical personnel initially thought he might have been allergic to the ginger in the cake, but police later found out that the cake was doctored because the home owner told a friend what she had done. The woman later admitted to baking the drug-laced cake, saying she didn't mean for the agent to get sick, and she apologized . There was apparently no motive, unless you take into account that the agent has been trying in vain to sell her home for a couple of months, but that's to be expected in this market. The only clue police have is a report indicating that officers were at the home in September for a report of "mental health issues". Go figure. The home owner threw the rest of the cake down the garbage disposal (hence the tampering with evidence charge), but police are holding crumbs of the cake found in the trash for further testing.

Seriously though, we know that selling real estate can sometimes be a dangerous job. We hear about events like this and this and are appalled that people can be driven to such desperate lengths to cause harm to another person. We take care to not go into dark homes alone or without a flashlight; we tell someone where we'll be so if we're late getting home they'll know where to look. But sometimes trouble hides in plain sight, no matter how much we try to anticipate it. So, when we hear about such a wacky thing as this we just have to shake our heads, chuckle to ourselves and be thankful the agent is OK.

And if any of our clients offer us a piece of cake in the future, we'll be asking to see the list of ingredients...

Mortgage Rate Update 10/10/08

2008-10-10T19:50:00.010-04:00

The good news is that rates didn't go up any; the bad news is they didn't go down any, either. They're unchanged from last week and the week before (except for CHFA rates); we'll see if they change when the effects of the government bailout manifest themselves in a week or two.

Friday, October 10th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.322%

15 yr conforming fixed: rate = 5.625% APR = 5.881%

7/1 yr conforming ARM: rate = 6.000% APR = 6.245%

5/1 yr conforming ARM: rate = 5.625% APR = 5.889%

30 yr FHA Fixed : rate = 6.500% APR = 6.779%

30 yr CHFA w/ 1 pt : rate = 6.250% APR = 6.530%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.714%

15 yr jumbo fixed: rate = 6.000% APR = 6.226%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.250 % (APR range 6.350 - 6.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 6.000 % (APR range 6.100 - 6.500 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Wallingford Market Update: Sep 2008

2008-10-06T19:39:00.008-04:00

The Wallingford housing market declined a bit further last month as uncertainty over the effectiveness of the $700 billion bailout plan begins to take hold. More homes and condos were listed, fewer were sold and absorption rates increased accordingly. The condominium situation is still out of whack because only one condo sold in Wallingford in September. The buyers are there, but from what we're hearing from clients, they are simply either getting better deals on houses, unwilling to pay high condo fees, or too jittery with the economy the way it is. Or, maybe a little bit of all three. Here's the comparison of the last three months:

Single Family Homes	July 2008	August 2008	September 2008
New Listings	48	31	34
Total Listings	131	162	186
Pending Sales	10	19	17
Homes Sold	25	27	22
Expired Listings	14	17	13
Average Days on Market	70	68	57
Average Price/SqFt	$178	$179	$185
Average Sales Price	$312,472	$309,437	$286,940
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	29	33	37

Condominiums	July 2008	August 2008	September 2008
New Listings	17	7	16
Total Listings	51	60	76
Pending Sales	7	16	8
Condos Sold	7	2	1
Expired Listings	7	6	8
Average Days on Market	114	125	121
Average Price/SqFt	$148	$172	$169
Average Sales Price	$199,071	$318,750	$590,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	32	130	329

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Date used was provided by the CTMLS (Connecticut Multiple Listing Service.

Mortgage Rate Update 10/3/08

2008-10-04T00:29:00.005-04:00

Thirty-year fixed rate holding steady (so far), but CHFA rates up half a point. How far will they go? In theory, if the "Rescue" plan works and helps repair the credit markets, rates should go down, but no one knows how long it will take for this to happen. For more info on the plan's effect on mortgage rates, see the link at the end of this post.

Friday, October 3rd, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.322%

15 yr conforming fixed: rate = 5.625% APR = 5.881%

7/1 yr conforming ARM: rate = 6.000% APR = 6.245%

5/1 yr conforming ARM: rate = 5.625% APR = 5.889%

30 yr FHA Fixed : rate = 6.000% APR = 5.904%

30 yr CHFA w/ 1 pt : rate = 6.250% APR = 6.530%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.714%

15 yr jumbo fixed: rate = 6.000% APR = 6.226%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 6.250 % (APR range 6.350 - 6.750 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 6.000 % (APR range 6.100 - 6.500 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

(NOTE: If at any time the interest rate for the Homebuyer Mortgage Program exceeds 6%, the DAP interest rate will be capped at 6%.)

* Additional fees may apply

*Conforming loan limits listed above are for a single-family owner occupied residence.
Courtesy of The Harriman Team and William Raveis Mortgage

*All rates are subject to change. Minimum down payment and credit score requirements may apply.

Wallingford Market Update

2008-09-28T15:45:00.011-04:00

Image via Wikipedia
Over the past three months, the Wallingford housing inventory has grown substantially, doubling from 104 single family homes in June to 207 in August; condos have increased also, from 55 in June to 88 in August. While the time on the market for homes has fallen, the increase in the inventory means that buyers have an even larger assortment of homes to choose from and cements the current buyer's market firmly in place. The condo situation seems far out of whack, with the number sold down from 192 in June to only 24 in August. That means there's about a 3 year supply of condos available right now, if they continue to sell at the current pace. We know it sounds wacky, but we double and triple-checked the numbers and they are right. Add to this that they're taking a little longer to sell and we're heading into the traditionally slow Fall market, and condo owners looking to sell may be in for a rough winter. We'll be posting September's figures in a few days, then we'll see if there's been any improvement.

Here are the numbers broken down by single family homes and condos:

Single Family Homes	June 2008	July 2008	August 2008
New Listings	21	48	31
Total Listings	104	169	207
Pending Sales	2	10	19
Homes Sold	35	25	27
Expired Listings	21	14	17
Average Days on Market	98	70	68
Average Price/SqFt	$183	$178	$179
Average Sales Price	$310,706	$312,472	$309,437
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	13	29	33

Condominiums	June 2008	July 2008	August 2008
New Listings	7	17	7
Total Listings	55	78	88
Pending Sales	0	7	16
Condos Sold	16	7	2
Expired Listings	10	7	6
Average Days on Market	108	114	125
Average Price/SqFt	$171	$148	$172
Average Sales Price	$209,508	$199,071	$318,750
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	15	48	191

For the purposes of housing market info, it is usually considered to be a seller’s market when there is less than 13 weeks of inventory on the market; 13-26 weeks of inventory is considered a balanced market, and more than 26 weeks indicates a buyer’s market.

Data used was provided by CTMLS (Connecticut Multiple Listing Service).

Mortgage Rate Update 9/26/08

2008-09-26T18:41:00.005-04:00

With all the historic happenings on Wall Street, the interest rates nudged up a bit this week:

Friday, September 26th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.125% APR = 6.322%

15 yr conforming fixed: rate = 5.625% APR = 5.881%

7/1 yr conforming ARM: rate = 6.000% APR = 6.245%

5/1 yr conforming ARM: rate = 5.625% APR = 5.889%

30 yr FHA Fixed : rate = 6.000% APR = 5.904%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.146%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.714%

15 yr jumbo fixed: rate = 6.000% APR = 6.226%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 - 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 - 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Wallingford Condo Owners Stunned by Buyout Plans

2008-09-15T13:27:00.017-04:00

Move over, Eminent Domain. There's a new sheriff in town making its own waves in the real estate market. It's name is the Common Interest Ownership Act, and it left has the owners of some Wallingford condominiums in a state of shock.

The story started in the first week of August when the owners of units at Parker Place Condominiums in Wallingford received letters in the mail from the law firm of Fasano, Ippolito & Lee in New Haven stating that their clients, 665 Foxon Road, LLC, intended to acquire all of the remaining units in the complex. They currently own 98 of the 120 units. The letter went on to say that, under the Common Interest Ownership Act as adopted by the state of Connecticut in 1976, they had the right to terminate the condominium and purchase all units at fair market value by a vote of 80 percent of the unit owners, which they said they already had. Further, they gave the condo owners until August 15th to reach an agreement with them in order to receive said fair market value.

To say that the 22 residents who received the letter weren't happy would be an understatement. One resident contacted his attorney who told him he had never heard of the Common Interest Ownership Act before. Even Attorney General Richard Blumenthal admits that it's not an easy law to grasp. Section 47-237 of the statute states in part: "...a common interest community may be terminated only by agreement of unit owners of units to which at least eighty per cent of the votes in the association are allocated..." Blumenthal went on to say that the law may not be fair to individual condo owners because it doesn't offer much protection from situations like this, and he plans to raise the issue of reforming the statute in the next legislative session. However, this will most likely not help the residents who are affected by this buyout. Some residents stated that the principal of 665 Foxon Road, LLC, Alex Vigliotti, has been sending them letters for years in an attempt to get them to sell their units to him.

Several of the unit owners were not willing to cede ownership of their condos so easily, and contacted a well-known lawyer to help in the fight to keep their homes. However, the lawyer wanted $50,000-$60,000 up front to take on the case. Not enough residents were interested in paying that much as a retainer, so that avenue was dropped.

Foxon Road has now scheduled a meeting of the condo association for September 23rd, at which time a motion will be presented to terminate the association. Since Foxon Road controls 80% of the units, they certainly have the votes to do so; however, they are willing to make the transition as easy as possible for everyone by allowing residents to stay in their unit until December of 2009, as long as they sign an agreement to sell to Foxon Road by that date. Also, any resident wishing to rent from Foxon Road after that date will be welcome to do so. Still, it's leaving a bad taste in the mouths of the 22 owners who received the letters.

"Would I like to fight?", one resident stated, "yeah, I would. but I can't fight this on my own. I feel terrible".

And so do we. We realize that some of the residents have been there for many years and have not been in a real estate market like we are currently experiencing. Therefore, we would like the owners at Parker Place Condominiums to know that The Harriman Team is prepared to assist them in finding suitable accommodations as quickly as possible. Give us a call at 203-605-3873 and we'll be happy to help.

Mortgage Rate Update 9/12/08

2008-09-12T20:47:00.006-04:00

Well, this is the first rate update since the Feds took over Fannie Mae (FNMA) and Freddie Mac (FHLMC). We were hoping for a little bigger cut in the rates, but suppose this will have to do! A good write-up of the takeover can be found on the Wall Street Journal's web site.

Friday, September 12th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 5.875% APR = 6.012%

15 yr conforming fixed: rate = 5.625% APR = 5.881%

7/1 yr conforming ARM: rate = 6.000% APR = 6.245%

5/1 yr conforming ARM: rate = 5.625% APR = 5.889%

30 yr FHA Fixed : rate = 5.750% APR = 5.904%

30 yr CHFA w/ 1 pt : rate = 5.500% APR = 5.772%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.500% APR = 6.714%

15 yr jumbo fixed: rate = 6.000% APR = 6.226%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.500 % (APR range 5.600 - 6.000 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.500 % (APR range 5.600 - 6.000 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Let the Good Times Start Here!

2008-09-11T19:30:00.004-04:00

Wallingford expanded split level with contemporary flair situated on corner lot. Family room has cathedral ceilings, first floor office and bedroom, remodeled kitchen, finished room in lower level included in square footage. Sliders to patio overlooking in-ground pool and fenced yard. This would be a great home for entertaining! Also includes a security system and outbuilding.

Mortgage Rate Update

2008-09-05T18:48:00.004-04:00

Friday, September 5th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.250% APR = 6.459%

15 yr conforming fixed: rate = 5.750% APR = 5.924%

7/1 yr conforming ARM: rate = 6.125% APR = 6.358%

5/1 yr conforming ARM: rate = 5.875% APR = 6.013%

30 yr FHA Fixed : rate = 6.375% APR = 6.558%

30 yr CHFA w/ 1 pt : rate = 5.750% APR = 6.286%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.625% APR = 6.860%

15 yr jumbo fixed: rate = 6.125% APR = 6.338%

7/1 yr jumbo ARM: rate = **** APR = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.750 % (APR range 5.850 - 6.250 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.750 % (APR range 5.850 - 6.250 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Remodeled Middletown 3BR Cape

2008-08-26T19:25:00.003-04:00

Beautifully renovated cape in South Farms! Remodeled baths and kitchen with custom cherry cabinets, center island and more. Newer furnace, oil tank, roof, gutters, windows and appliances. Master bedroom has three closets! Wheelchair accessible. Welcome home! Owner/agent.

Mortgage Rate Update

2008-08-23T18:55:00.006-04:00

Sunday, August 24th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.375% APR = 6.562%

15 yr conforming fixed: rate = 5.875% APR = 6.141%

7/1 yr conforming ARM: rate = 6.125% APR = 6.358%

5/1 yr conforming ARM: rate = 5.875% APR = 6.013%

30 yr FHA Fixed : rate = 6.500% APR = 6.641%

30 yr CHFA w/ 1 pt : rate = 5.750% APR = 6.286%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $1,000,000*

30 yr jumbo fixed: rate = 6.625% APR = 6.860%

15 yr jumbo fixed: rate = 6.125% APR = 6.338%

7/1 yr jumbo ARM: rate = **** APR = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.750 % (APR range 5.850 - 6.250 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.750 % (APR range 5.850 - 6.250 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Wallingford Enacts Hybrid/High Mileage Vehicle Exemption

2008-08-21T21:39:00.011-04:00

In a much anticipated move sure to please hybrid car owners, Wallingford has recently approved a tax exemption in the amount of $5,000 for hybrid and high mileage passenger vehicles. The ordinance will be effective starting with the October 1st Grand List and will end on July 1, 2010.

For the purposes of this exemption, a hybrid vehicle must have been purchased on or after 10/01/04 and before 10/01/08; it must have an EPA mileage rating of at least 40 mpg that draws accelleration energy from two onboard sources of stored energy which are both an internal combustion or heat engine which uses combustible fuel, and a rechargeable energy storage system that is certified to meet or exceed the Tier 2 Bin 5 low emission vehicle classification. A high mileage motor vehicle must have been purchased on or after 01/01/08 and before 07/01/10 and have an EPA mileage rating of 40 mpg or higher. Motorcycles and scooters are not eligible for the exemption.

A one time application must be submitted to the town Assessor's office for every hybrid or high mileage vehicle purchased. The applicant must provide proof of ownership and purchase date documentation for each vehicle, and should also provide documentation indicating that the vehicle qualifies for the exemption. This information can be obtained from the EPA's web site, http://www.fueleconomy.gov.

In order to be included in the regular motor vehicle Grand List, an application must be submitted on or before 12/31/08; for the supplemental Grand list the application must be submitted within 30 days of the purchase date of the vehicle.

For more information regarding the exemption, please contact the Assessor's office at (203)294-2001.

For more information about hybrid vehicles, check out these links:

Hybrid vehicle Wikipedia entry
HybridCars.com
Hybrid Car Buying Guides
Hybrid Car Timeline

Mortgage Rate Update

2008-08-03T00:47:00.003-04:00

Sunday, August 3rd, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.500% APR = 6.740%

15 yr conforming fixed: rate = 6.000% APR = 6.249%

7/1 yr conforming ARM: rate = 6.125% APR = 6.358%

5/1 yr conforming ARM: rate = 5.875% APR = 6.013%

30 yr FHA Fixed : rate = 6.500% APR = 6.641%

30 yr CHFA w/ 1 pt : rate = 5.875% APR = 6.022%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $650,000*

30 yr jumbo fixed: rate = 6.750% APR = 6.942%

15 yr jumbo fixed: rate = 6.375% APR = 6.580%

7/1 yr jumbo ARM: rate = **** APR = ****

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CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.875 % (APR range 5.975 - 6.375 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.875 % (APR range 5.975 - 6.375 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate

Must See Madison Raised Ranch

2008-08-02T21:07:00.005-04:00

Don't miss this 9 year young raised ranch in the sought after Twin Pines neighborhood. Home has a great open floor plan. Updates include new laminate floors & carpeting. Square footage includes lower level. Deck overlooks large lot & fish pond. Subject to sellers finding housing. 24 hours notice for showings, please.

New Law Enacted to End Influencing of Appraisers

2008-07-26T14:49:00.007-04:00

A new law passed by the Connecticut General Assembly which took effect on July 1st seeks to end the undue influencing of real estate appraisals. House Bill 5577 (An Act Concerning Responsible Lending and Economic Security) was passed during the February 2008 legislative session and means that mortgage brokers, lenders and real estate agents can no longer attempt to influence an appraiser's property valuation, and also makes it illegal for an appraiser to allow such influence to happen. The bill in its entirety can be found here.

According to the state Department of Consumer Protection, which oversees realtors and appraisers, and the state Department of Banking, any such attempt at influencing an aprraiser's valuation can be punished by a fine up to $1,000, suspension of the offending party's license, or both. Advocates of the new law say it is long overdue because they feel the practice of influencing appraisers is greatly responsible for artificially high housing prices and also the market correction we are now in. Without this type of deterrent and enforcement, it became commonplace for lenders to ask appraisers to value a property at certain amounts to facilitate home financing and sales. If an appraiser did not comply, it was often their future business that suffered.

Jerry Farrell, commissioner of the state Department of Consumer Protection (and Wallingford native!) says that out-of-state lenders are particularly troublesome and would be better off if they were more familiar with the state laws. Rob Clermont, owner of ValueQuest Appraisal, would like to see more laws requiring out-of-state brokers to be licensed in Connecticut before doing business here. Amen to that.

From the Realtor point of view, the law will likely put an end to the practice of providing an appraiser with comparable properties ("comps") to substantiate how the agent arrived at the listing price.

While certainly a step in the right direction, only time will tell if the new law will be effective or if, as is often the case, ways will be found to circumvent it. Stay tuned.

Recycling for Wallingford Residents

2008-07-25T19:25:00.008-04:00

Recycle. We've all got somebody in our home who is the Recycle Police. You know what I mean:

"Don't throw that in the trash! Rinse it out and recycle it!"

"Is that clear glass or brown glass?"

"Do you know how many trees it takes to print the newspaper?"

They mean well, and we all know we need to recycle, but it's just so darn confusing! If you're selling your house soon and buying a new one, chances are you'll need to recycle some stuff to save space. But where the heck do you take all that stuff? Well, I'm glad you asked. Herewith is a conpendium of information about what to recycle and where to do it in Wallingford;

Items for curbside pick-up by private haulers or for drop-off at recycling centers by residents:

CORRUGATED CARDBOARD

Double layer cardboard with corrugation between layers

Must be FLATTENED and no larger than 3’ by 5’

GLASS food and beverage containers (Rinsed Clean)

Clear, brown and green glass ONLY

NO BROKEN GLASS of any kind

METAL food and beverage containers (Rinsed Clean)

Aluminum, steel and tin cans; also, clean aluminum foil and containers (such as pie plates)

NEWSPRINT, MAGAZINES, CATALOGS & JUNK MAIL

Newspapers include all inserts delivered with paper

Can be bundled in BROWN paper bags ONLY or tied with string

No junk mail with plastic or foil coatings

At Recycling Center, keep junk mail and magazines/catalogs separate from newspapers.

PLASTICS #1 AND #2 ONLY (Rinsed Clean)

Look for the number in the triangular logo located on the bottom of the container

How to Recycle Other Required Items:

Lead acid vehicular batteries: Return to dealer when you buy a new one
Leaves & Brush: Use Town collection in spring (leaves/brush) and fall (leaves only) or Deliver to Compost Center located at 157 John St. Or make arrangements with your landscaper, or compost at home.
Rechargeable batteries (Ni-Cad): Take to local retailers--see http://www.rbrc.com/ for specific stores.
Scrap metal and major appliances (NO microwaves): Take to Recycling Center at 157 John St. or make arrangements with your hauler.
Used case oil only: Take to Recycling Center at 157 John St. -- 5-gallon maximum per visit.
White office paper: Take to Recycling Center at 157 John St.

Other Recycleable Items:

Books, DVDs, CDs, audiotapes and Videotapes in GOOD condition	Wallingford Public Library, 200 North Main Street. Call 203-265-6754 for information on items accepted/not accepted.
Computers and Electronics	Electronics Recycling (1-day event held in the Spring and Fall)(Next event is October 25th, 2008 at Lincoln Middle School, 164 Centennial Ave, Meriden, CT. The event runs from 9am to 1pm and is open to residents of Meriden, Wallingford, Cheshire, Hamden and North Haven.) Contact private companies (Call DEP at 860-424-3365 or go to www.ct.gov/dep/ then click on Materials and Waste Management, then Reduce/Reuse/Recycle, then At Home)
Grass Clippings	Not accepted at any Town facility Mulch onto your lawn OR compost at home OR Make arrangements with your landscaper.
Household Hazardous Waste	HazWaste Central @ Regional Water Authority, 90 Sargent Drive, New Haven - 203-401-2713 Open Saturdays, 9-12 noon, May-October
Metal Coat Hangers/Plastic Film	Return to dry-cleaning stores
Phone Books	Recycling Center @ 157 John St.
Plastic Grocery Bags	Check local stores
20 lb. Tanks (from grills)	Go where refilled for exchange or disposal OR Resident Disposal Program @ 25 Pent Road
Tires	Contact used tire dealers Call DEP at 860-424-3365 or go to www.ct.gov/dep/ then click on Materials and Waste Management, then Reduce/Reuse/Recycle, then At Home

THE WALLINGFORD RECYCLING PROGRAM DOES NOT ACCEPT:

Ceramic plates or cups	Auto glass	Beer cartons
Clay pots	Crystal	Books
Ovenware	Drinking glass	Cereal boxes
Porcelain	Leaded glass	Gray cardboard
Pyrex	Light bulbs	Notebooks
Tile	Mason jars	Pizza boxes
Oil Filters	Paint cans	Styrofoam
Gas Cans/Tanks	Spray cans	Syringes/needles

Recycling Center Hours of Operation:

Monday.........................	8 a.m. - 4 p.m.
Thursday......................	8 a.m. - 4 p.m.
Saturday.......................	8 a.m. - 4 p.m.

CENTER CLOSED
(if Holiday listed below falls on scheduled day of operation)

New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day

Mortgage Rate Update

2008-07-13T18:58:00.005-04:00

Sunday, July 13th, 2008

All rate quotes are for a 60-day lock with 0 points

Conforming limits are up to a $417,000 loan limit*

30 yr conforming fixed: rate = 6.375% APR = 6.459%

15 yr conforming fixed: rate = 5.875% APR = 6.095%

7/1 yr conforming ARM: rate = 6.125% APR = 6.358%

5/1 yr conforming ARM: rate = 5.875% APR = 6.013%

30 yr FHA Fixed : rate = 6.250% APR = 6.359%

30 yr CHFA w/ 1 pt : rate = 5.750% APR = 5.992%

-----------------------------------------------------------

Jumbo loan limits range from $417,001 to $650,000*

30 yr jumbo fixed: rate = 6.625% APR = 6.885%

15 yr jumbo fixed: rate = 6.250% APR = 6.451%

7/1 yr jumbo ARM: rate = **** APR = ****

---------------------------------------------------------------------------------

CHFA (Connecticut Housing Finance Authority) rates for the week of July 14 - 20, 2008:

Homebuyer Mortgage Plan:
Interest rate: 5.750 % (APR range 5.850 - 6.250 %)
Fees: Up to One Point (1% Origination Fee) * Payable to Lender
Term - 30 years, fixed rate

Downpayment Assistance Program (DAP)
(Rate listed is for DAP loans with Homebuyer Mortgage Program financing.)

Interest rate: 5.750 % (APR range 5.850 - 6.250 %)
Fees: Up to $200 Application Fee * Payable to Lender
Term - 30 years, fixed rate