Roof Repair:

1. Integrity Roofing and Construction is located here in Austin and is TRCC Registered as a Builder/Remodeler. They have project managers who have experience working other major storms and work with experienced adjusters and insurance companies to recover the most money they can for their clients. They give free, fast quotes right on their site.

2. AmeriWest Roofing is another local Austin company that is prepared to repair or replace roofs with hail damage. Their roofing services begin with a physical inspection to determine the current condition to detect weakness and failures and to identify any potential future problems. They also supply free estimates on their site as well.

3. Roof Crafters is a roofing company that has a whole plan for Going Green! Roof Crafters also has a list of very wise things to do once hit by hail including:

• Don’t get in a hurry
• Get More than one Estimate
• Ask about Certifications
• Click here to View More

4. Signature Roofing is a local company that has an entire division that specializes in catastrophic roof repairs due to hail, hurricane and wind damage.  The members of this team are trained and educated to assist clients through the proper insurance procedures and requirements. Free estimates are also available.

Gutter Repair:

1. Gutter Tech, located in Austin, specializes in seamless rain gutters, rain water collection systems, gutter clean-out, gutter rehab, drainage issues, pressure washing, exterior painting and fascia repair.

2. Austin Gutter Man, Inc. uses a wide range of materials for gutters, including galvalume steel, aluminum, copperbright and copper. They also have a plan for clients to Go Green, and can give estimates right over the phone.

3. Leaf Guard specializes in one-piece seamless construction that is 20% thicker than ordinary gutters. Leaf Guard has been given the Good Housekeeping Seal and has a No Clog Warranty. They also provide free estimates on-line.

4. Big Rain Seamless Gutters provides service in Austin, Round Rock, Georgetown, Pflugerville, Hutto, Cedar Park, Leaner, Lakeway, Sun City, Jarrel and Westlake Areas. They provide free estimates on their site and currently have a $75 coupon towards purchase and insallation.

Window Repair:

1. Glass Doctor has served the Austin area for over 37 years specializing in home and business glass doors and windows. They have a 24-hour emergency storefront service and provide instant quotes on their website.

2.  Champion Window vinyl replacement windows are custom made for your home,professionally installed and guaranteed by Champion. They also have earned the Good Housekeeping seal and carry the AAMA gold label. They also provide free in-home consultations that can be scheduled right on their site.

3. Premium Siding and Painting Company also specializes in repairs and replacements of windows. They have over 25 years of experience serving the Austin area and also provide free estimates on their site, and give senior citizens and veteran discounts!

I hope these can be of help to anyone still in need of home repair. Good Luck!

So what happened in the Austin real estate market in February? For a recap, the Austin market first slowed down in around August 2007 due to the national subprime issues. The market held steady at its new slower pace for around a year. Then we experienced another slow down in October 2008.

So how was Febuary 2009. Adjusting for time of year, the market improved in February 2009 compared to January. But the market is not what it was 2 years ago or even what it was before the most recent slowdown.

One way of looking at it is that the number of sales. January 2009 has the lowest monthly sales we had seen since January 1998. February 2009 had the lowest sales for a February since February 2001. So while it’s an improvement, we are still in a very slow market.

Here are sales statistics for the last few years.

Let’s look through a few of the numbers. We had 35% less sales than 2 years ago and 28% less sales than last year. Average Price’s are up 4% and Median Price’s are up 5%. Personally I just don’t buy this. Average prices tend to change alot from month to month based on what is selling. If homes under 200k are selling less frequently because of lending restrictions average prices will in turn move up. And in the current market where lenders are changing their restrictions on a regular basis and therefore affecting what price range houses are selling, I would take average prices with a grain of salt.

One positive stat is the number of active listings is roughly steady compared to last year. So while sales are down 28% compared to last year, the number of listings is only up 3 percent.

The next stat is something I get alot of questions about which is list to sold price. Last month we were at 94.6%. This means a house listed for 100k on average would sell for 94.6K. I have alot of people that see a house for 300k and think the market is down so the seller will accept 180k. The short answer is probably not.

[[So what about all these stories of homes selling for next to nothing in places like Detriot, and why don't we see that here. Basically the market is down in Austin but the general expectation is that at some point the Austin market is going to recover. People don't seem to have that expectation about Detriot. Detriot was on a downward spiral before the current national economic mess started. Once the national economy recovers there is no particular reason to think Detriot will be a thriving metropolis. If anything when the national real estate market recovers, Detriot is likely to continue the slow downward spiral it was experiencing before.]]

Click here to View Full Article.

Tuesday March 17, 6:44 pm ET
By Stephen Bernard and Tim Paradis, AP Business Writers

NEW YORK (AP) — You know things have changed on Wall Street when the housing industry saves the day.

A surprise government report that home construction picked up in February caught traders off guard and injected a week-old stock market rally with new energy Tuesday.

Stocks of homebuilders and banks jumped as bullish investors saw yet another sign that the deeply troubled economy was beginning to show signs of stabilizing.

Tuesday’s rally, which picked up momentum as the day went on, wound up pushing the Dow Jones industrial average up 179 points, or 2.5 percent and the broader Standard & Poor’s 500 index up more than 3 percent. It was the market’s fifth gain over the past six trading days.

The housing report was the latest checkmark in a growing list of upbeat news. Traders began reconsidering their dire view of the economy early last week when Citigroup Inc. said it had generated a profit in the first two months of the year.

Other troubled banks handed out similarly upbeat assessments, followed by encouraging reports on key measures of the economy’s health such as retail sales.

Since the rally began last week, the Dow is up 849 points, or 13 percent. That’s the kind of percentage gain that might normally take a year to assemble.

The market has established a clear shift in tone over the past week. Jittery traders had blown apart earlier rallies this year by selling just as stocks managed to advance. A 20 percent gain from late November until the start of the year vanished as worries grew about the tattered balance sheets at large banks and signs that consumers will pulling back on their spending.

For the first time in months, traders are starting to allow themselves to think that this past week’s rally could be the one that sticks.

“I’d say it’s very encouraging, maybe even sustainable,” said Randy Bateman, chief investment officer at Huntington Funds, in Columbus, Ohio.

Traders didn’t appear to be at all nervous as they awaited the outcome of a two-day meeting of the Federal Reserve’s interest rate committee that ends Wednesday. The central bank is widely expected to leave rates at their current historically low level, but the market will be keen to see how the Fed sizes up the economy in its statement that accompanies the decision on rates.

The Dow rose 178.73, or 2.5 percent, to 7,395.70 after falling modestly on Monday.

Broader stock indicators also showed big gains. The S&P 500 index rose 24.23, or 3.2 percent, to 778.12, while the Nasdaq composite index rose 58.09, or 4.1 percent, to 1,462.11.

The Russell 2000 index of smaller companies rose 17.23, or 4.5 percent, to 403.59.

Four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 6 billion shares, compared with 7.6 billion shares traded Monday.

Brett D’Arcy, chief investment officer at CBIZ Wealth Management, said the market’s measured moves are a healthy sign because it means traders aren’t simply trying to grab quick profits.

Investors embraced the data on home construction that came in well above what economists forecast. Building permit applications, a key measure of future activity, also rose unexpectedly.

Tim Courtney, the chief investment officer at Burns Advisory Group, said the report was encouraging. “We could be in the very early stages of some kind of normalization” in housing, he said.

The housing report sent homebuilder stocks higher. Pulte Homes Inc. rose 64 cents, or 6.7 percent, to $10.16, while Lennar Corp. jumped 68 cents, or 8.7 percent, to $8.52. Toll Brothers Inc. advanced 95 cents, or 5.9 percent, to $17.06.

Stocks of home-supply retailers including Home Depot Inc. and Lowe’s Cos. rose more than 6 percent.

Financial shares, which led the rally last week, put up big gains again Tuesday. Banks have been hit hard by souring mortgage debt, and any pickup in housing could help their balance sheets.

Citigroup rose 18 cents, or 7.7 percent, to $2.51, nearly two weeks after falling below $1. PNC Financial Services Group Inc. rose $1.19, or 4.4 percent, to $28.51, and JPMorgan Chase & Co. rose $2.05, or 8.9 percent, to $25.14.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.01 percent from 2.96 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, slipped to 0.22 percent from 0.23 percent.

The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude rose $1.81 to settle at $49.16 a barrel on the New York Mercantile Exchange.

Overseas, Britain’s FTSE 100 fell 0.2 percent, Germany’s DAX index fell 1.4 percent, and France’s CAC-40 slid 0.9 percent. Japan’s Nikkei stock jumped 3.2 percent.

Click here to view Original Article

For all the SXSW 2009 information you need click here!

blank line

Wednesday March 18, 2009
Golf Tournament*
Music Registration: 10am-Midnight
Music Talks: 12pm-6pm
Music Trade Show: 12pm-6pm
Music Festival
Music Welcome Dinner*: 6:30pm-8:30pm
Film Festival
Austin Music Awards

Thursday, March 19, 2009
Music Registration: 9am-10pm
Music Talks: 11am- 6pm
Music Trade Show: 12pm-6pm
Music Festival
Film Festival
Flatstock Poster Artist Show: 1pm-6pm

Friday, March 20, 2009
Music Registration: 10am-9pm
Music Talks: 11am-5pm
Music Trade Show: 12pm-6pm
Music Festival
Film Festival
Flatstock Poster Artist Show: 11am-6pm

Saturday, March 21, 2009
Music Registration: 11am-4pm
Music Talks: 11:30am-4:30pm
Music Festival
Film Festival
Flatstock Poster Artist Show: 11am-6pm
Austin Record Convention & Texas Guitar Show: 10am-6pm

Sunday, March 22, 2009
Barbecue & Softball Tournament: 12pm-5pm
Music Festival
Flatstock Poster Artist Show: 11am-6pm
Austin Record Convention & Texas Guitar Show: 10am-6pm

(Registration, Talks, & Trade Show are at the Austin Convention Center - enter at 4th Street & Neches)

Want to know even more? Here’s what’s new at SXSW’09

* = Additional Charge

(All events subject to change)

Good News…read on

On Tuesday and Wednesday of this week investors from across Texas joined representatives from National REIA and lobbyist hired by TexREIA and the Houston RICH club to address proposed Senate Bill 354.

As you may recall, from prior messages, this proposed bill attempts to legislate how homes in foreclosure can be bought and sold, including a provision that states that a buyer must offer no less than 82% of “fair market value”.

I’m proud to state that Austin was by far the best represented city and the investors from Austin made major contributions to this event.

On Tuesday we reviewed the bill and identified 10 “fatal flaws” of SB354 including that there is no definition of what “fair market value” is, no definition of when a home is actually “in foreclosure”, no  clarity on whose responsibility it is to identify when a home is in foreclosure, and that the bill fundamentally restricts homeowners rights and options for selling a home, which will ultimately have many negative unintended consequences.  We developed a letter outlining these concerns so we could effectively discuss these issues with state reps.

On Wednesday we broke up into groups and hit the capitol to talk directly to individual representatives and/or their staff members.

At the conclusion of this event, based on feedback from our lobbyist (based on their discussions with several representatives) , the belief is that this bill will probably NOT move forward (because representatives don’t like unintended consequences) !!!

This is a PERFECT EXAMPLE of democracy in action – and the value of organizing early to address proposed legislation BEFORE it is enacted into law.

ADDITIONAL UPDATE – We also met with Representative Gary Elkins regarding some lobbying efforts that we have been pushing for the last two years regarding the Lease/Option Bill (SB629) that effectively banned lease/options in Texas. MORE GOOD NEWS – due to these lobbying efforts, changes are being proposed to that bill – including a proposal to make lease/options legal for a 3-year term (as opposed to the current term of 6 months). This would effectively REVERSE THE BAN and make lease/options a viable option for investors and homeowners moving forward.

HOW YOU CAN HELP – Your membership, participation, and support your local real estate investment clubs makes these activities possible.  All of the local clubs help fund and support the National REIA and the lobby efforts that give us the ability to influence future bills that can dramatically affect our livelihood in real estate investing.  This involvement helps us track proposed legislation when it can still be stopped or modified before it becomes a law.  Bottom line –stay involved!

The future of this bill – Hopefully we have dodged a bullet here with our efforts at the capitol this week.  However, if we have not, we’ll need to increase our efforts and we’ll let you know how you can help.  Stay tuned.

I would like to extend a huge THANK YOU to all of the local investors that made this possible.  We’ll continue to update you and stay involved in the process.

Regards,

Phill Grove

blank line

First, the basics about the program that you may have read before:

• 1st-Time Homebuyers that purchased between 1/1/09 and 11/30/09
• The Tax Credit is equal to 10% of the purchase price, not to exceed $8,000
• Principal Residence only (includes SFR, Condos, Co-ops, and Townhomes)
• Refundable Credit which means any unused credit will be issued to you in a check.
• Annual Income not to exceed $75K (single) or $150K (couple).
• No Repayment due for the $8,000 - True Tax Credit (as long as home is kept for at least 3 years. If home is sold within 3 years, repayment for tax credit is required)

Now for the things you may not have read about:

What defines a First-Time Homeowner? Buyers who purchase any home which is utilized as their primary residence (new or resale) between January 1st and November 30th.  As defined, the Frist-Time Homeowner could not have owned a primary residence within the last 3 years.  For married couples, if one of the spouses has owned property within the last 3 years, they are both disqualified.  Ownership of a vacation home or rental property not used a Principal Residence does not disqualify a buyer as a first-time homeowner.

Income Clarification:  What is the Income Limitation to claim the Tax Credit? The homeowners annual income can not exceed $75,000 to receive the full tax credit or $150,000 per couple to receive the full tax credit. Are you automatically disqualified because your income is above these limits mentioned? You are still qualified for the reduced refund if your MAGI (modified adjusted gross income) is above $75,000 (single) or $150,000 (married), but not above $95,000 (single) or $170,000 (married).  If your income is above $95,000 (single) or $170,000 (married) then you no longer qualify.  What is MAGI? This term is defined by the IRS and is not your Adjusted Gross Income (AGI).  It’s a calculation of your AGI and personalized deductions.  It is best to seek an accountant for a clear understanding.

How is this tax credit different from the tax credit originally passed in July 2008? The biggest difference is that this is a true tax CREDIT, not a deduction.  It is also no longer a loan, which means you will not need to pay it back over a period of time.  The only exception for this credit is that you must keep your home for at least 3 years.  If you sell your home before your third year, the refund would need to be paid back.

What does it mean that the tax credit is ‘refundable’? Plain and simple, this is a credit and not a loan nor a deduction.  Any unused portion from your 2008 or 2009 taxes will be refunded to you in the form of a check or wire.  For example, if you owe the IRS $5000 in taxes, and your expected tax credit is $8000 then your net difference of $3000 will be refunded to you.  If you owe $10,000 in taxes, then the $8000 will be applied so that you only have to pay the IRS $2000.  And finally, if you are to receive a credit from your taxes of $3000, then the $8000 will be added to it for a total credit of $11,000.

What type of home qualifies? Any home used as a primary residence.  This obviously includes single-family residence, but also includes attached homes like townhomes, condo’s, manufactured homes, and even houseboats.

I am building a home. Would I still qualify for the credit? If you purchase the home from a home builder, then the ’settlement’ date on the contract must be between 1/1/09 and 11/30/09.  If you have hired a contractor to build your home, then the tax code defines the purchase date as the 1st date the homebuyer occupies the home.  This date must be between 1/1/09 and 11/30/09.

My home was purchase in 2008, would I still qualify for this tax credit? Not if your home was purchased prior to 12/31/08.  However, if you purchased between 4/9/08 and 12/31/08 then you would possibly qualify for the $7500 tax credit which was approved during the Bush Administration.

How do I claim the $8000 first-time homebuyer tax credit? The claim is made on your federal income tax return.  The first step is to complete form 5406 which helps determine the amount of your credit.  The amount is then placed on line 69 of the 1040 form.  No other approval is necessary, however, you will want to be sure you qualify based on the First Time Home Buyer guidelines and Income limitations.

What if I already filed my 2008 taxes and claimed the $7500 tax credit? Home buyers need to file an amended return on a 1040X form.  It’s always best to consult an accountant prior to filing your return.

Do I have to claim the tax credit in 2009 or can I claim it in 2008? The law was written in a way that homebuyers could claim this credit in either year.  Someone with an adjustable income may ‘elect’ to claim the credit in 2008 because they know their current MAGI for 2008 where as in 2009 the MAGI may be above allowable limits.  If the 2008 tax returns have been filed, see an accountant for further assistance and suggestions.

Does a homeowner have to wait to file their 2009 tax returns in order to utilize their tax credit? Yes.  There is not a current program which allows you to utilize this credit prior to filing your tax returns.  Some homeowners may choose to drop their deductions within their paychecks knowing a credit will be received.  My suggestion is to wait for the full return at the end of the year or file an amended 2008 tax return.  Should you choose to adjust your deductions, consultant an accountant.

There are a few more items that could disqualify a First-Time Homebuyer from this tax credit:

• Income exceeds the MAGI of $95,000 (single) and $170,000 (married)
• Homebuyer stop using the home as a primary residence
• Non-resident alien (see the definition in the IRS Publication 519)
• If you have utilized any state or city bond program
• If the homeowner sells the home before the completion of the third year.
• Homebuyer purchase the home from a close relative including but not limited to: parent, spouse, grandparent, child, or grandchild (arms length transaction)

John Cannata

March 2009

Location: Doubletree Guest Suites Austin

……………303 W. 15th Street

……………Austin 78701

…………...512.478.7000 or 866-573.4235

Day/Time: March 3rd 3 - 6pm Orientation

……………..March 4th: 9am - 12noon

Space is limited, please visit www.NationalREIA.com today to register online.

Read The Bill:

By: Estes S.B. No. 354

blank line

Need a fun event to look forward to this week. Wouldn’t it be better if it was FREE! Below are numerous events this Week in Austin, that are completely free. They are categorized by type of event so hopefully you will find something to fit your interests….Enjoy!

See All 63 events here.

blank l

blank line

Music:

Jeff Lofton - The Belmont

The Saturday Night Exclusive - Hi-Lo

The Slim Richey Quartet with Sarah Sharp - Cedar Street Courtyard

Throwdown Thursday - Lucky Lounge

Red Hot Wednesday - Fuel

Colin Gilmore - Opal Divine’s Freehouse

Lenten Concert at Noon: Flautist Steven Robbins - St. David Episcopal Church

Arts and Culture:

Matt Stokes: These are the Days - Arthouse at the Jones Center

Terrence Moline: Patron Saints of Sound - Manuel’s Micro Gallery

7% Solution Book Club: “Whose Body” by Sanders - Book People

Carlos Cisneros “The Case Runner” - Book People

Kim Harrison “White Witch, Black Curse” - Book People

Oil Paintings by David Stein - Lotus Asian Art and Antique Gallery

March West End Gallery Night - Lotus Asian Art & Antique Gallery

Leslie Mutchier

Entertainment:

Tuesday Jam - The Hideout

Heart & Soul Sound System - Room 710

Entertainment, Special, Community:

SafePlace Field Day & Festival Kickoff Party - Blu Cafe

Community:

Venza Taste of the Market - Austin Farmers’ Market

Let’s Go Paragliding - REI Downtown

Properties are mostly houses, but Chinatown Center among postings.

By Shonda Novak
AMERICAN-STATESMAN STAFF
Saturday, February 14, 2009

Foreclosure postings in Central Texas spiked in March, but experts say they don’t think those levels will continue throughout 2009.

Foreclosure Listing Service Inc. said the 551 postings filed in Travis County for the March 3 auction were up 56 percent from a year ago. They rose 28 percent in Bastrop County, 39 percent in Hays and 50 percent in Williamson.

The March and first-quarter postings for Travis County were the highest since the firm began tracking the numbers in 1993, said George Roddy Sr., president of the Addison-based firm.

The vast majority of the postings were for homes, mostly valued below $200,000.

But they also included Chinatown Center on North Lamar Boulevard, according to www.rexreport.com, a Web site run by a San Antonio company that compiles foreclosure lists for investors.

The complex, valued at $22 million on the tax rolls, includes a grocery store and other businesses that serve Austin’s growing Asian American community.

Ben Broocks, attorney for Chinatown Center, said the center is in negotiations with its lenders and that the posting was a “typical strategy to gain leverage.”

Broocks said that he “fully expects” to reach an agreement with the lenders, adding that the center was “open, vibrant and not in danger of closing.”

Managers or employees at several of the stores in the center said they were unaware of the posting.

Roddy and other foreclosure experts say they think lenders might be playing catch-up after the end of a foreclosure moratorium from Nov. 21 through Jan. 31 on mortgages backed by Freddie Mac and Fannie Mae.

“Sooner or later, they open up the floodgates,” said Peter Sajovich, an Austin real estate broker who buys investment properties for clients.

Roddy said he thinks foreclosures have peaked in Central Texas, albeit at high levels.

“I’m not looking for this to be a trend,” Roddy said.

“I think we have basically peaked,” he said, though he added that future job losses remain a big unknown that could alter his outlook.

Hugh Parrish, a veteran real estate broker, said it remains to be seen whether March’s numbers for Travis and Williamson counties are a trend or catch-up from the moratorium.

“I’m not sure that it is a blip, but I’m also not sure it isn’t,” Parrish said. “We’ll just have to let the first few months of the year play out and see what happens in April and May.”

Parrish said the Travis postings are nowhere near what they were in the late 1980s, when he said, “we were seeing 1,200 to 1,400 postings every month, and that’s with about half the population we have now.”

Roddy said reasons for foreclosures have shifted recently, from a surge in defaults on subprime loans made from 2003 to 2007 to people who are struggling to pay rising food, fuel, utility and other bills as wages have remained flat.

Whereas lenders used to wait about six months before foreclosing, they’re now waiting about eight or nine months, he said.

Lenders don’t want to foreclose because “it will add more and more inventory on their books, which affects how much money they can loan,” Roddy said. Lenders can also incur costs associated with owning a vacant house.

Roddy said that although there will be more layoffs, he thinks people will be able to renegotiate their loans and stay off the foreclosure list.

“These lenders don’t want to foreclose,” Roddy said. “In some cases, they will go out of their way not to foreclose. This was not true a year ago.”

snovak(at)statesman.com; 445-3856