Beverly-Hanks & Associates REALTORS® Asheville Real Estate | Hendersonville Real Estate | Waynesville Real Estate | Lake Lure Real Estate | Brevard Real Estate

Favorable news from the Fed, weaker than expected economic data, and strong demand for a record $112 billion in Treasury auctions helped mortgage markets this week. While the daily price movements were often large, mortgage rates ended the week just a little lower.

As expected, the Fed made no change in the fed funds rate on Wednesday. Although there was much disagreement about what the statement would say, in general it contained the minimum number of surprises. The Fed offered its most optimistic view on the economy since the recession began, yet officials believe that slack in the economy will keep inflation low. Fed officials continue to expect the fed funds rate to remain at exceptionally low levels “for an extended period.”

Of particular significance for the mortgage industry, the end date for the $1.25 trillion mortgage-backed securities (MBS) purchase program was moved from the end of this year to the end of the first quarter of next year. The total quantity of purchases will not change, and the Fed will gradually scale back the level of weekly purchases to minimize disruptions to mortgage markets. Investors had been concerned that the Fed statement might contain less favorable news, and mortgage rates improved after its release. Longer-term, the decrease in demand from the Fed is expected to move mortgage rates higher, and it might lead to greater daily volatility.

This week’s housing data was mixed. After four months of increases, August Existing Home Sales fell 3%. Inventories of unsold homes fell to an 8.5-month supply from a 9.3-month supply in July. First-time homebuyers accounted for 30% of total sales. August New Home Sales rose slightly, and inventories dropped moderately.

Next week, the important Employment report will come out on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Early estimates are for a loss of about 190K jobs in September. Before the Employment data, the Chicago PMI and the ISM national manufacturing indexes will come out on Wednesday and Thursday. Pending Home Sales, a leading indicator for the housing market, also will be released on Thursday. Personal Income, Final GDP, Construction Spending, Consumer Confidence and Factory Orders will round out the busy schedule. Also notable, the Treasury will announce the size of upcoming Treasury auctions on Thursday.

Copyright @ 2009 MBSQuoteline

Many people living in the small Western North Carolina mountain town of Lake Lure when the film “Dirty Dancing” was made have very fond memories of Patrick Swayze. They remember him as a “kind family man” and a “heartthrob.” So when the news reached Western North Carolina that the famous actor, singer, and dancer had passed away due to Pancreatic cancer the Tourism Development Authority started receiving calls asking what they could do.

The community decided to hold a memorial service and ask that all attendees donate to the Pancreatic Cancer Action Network. So far there are no estimations as to how many people will be attending the memorial service but it is known that Rev. Everette Chapman will be speaking at the service.

Lake Lure served as the setting for almost all scenes from the movie and you can still see many of the places, buildings, and natural landmarks from the movie today. Terry Tincher, broker from Firefly Cove, say that they “do more ‘Dirty Dancing’ tours than property tours.”

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There is still time for you to take advantage of the government’s $8,000 tax credit for first time home buyers but you need to act now. The deadline is December 1st, 2009 which means that closings must take place by that date. This translates to offers to purchase and contracts should be in hand by mid to end of October to ensure a closing by the deadline.

We have seen an increase in the number of first time home buyers inquiring about the tax credit in recent weeks and expect that to continue through October. This tax credit has energized the purchase of new homes below $250,000, but homes in higher price categories continue to lag behind in sales. The full tax credit is available to buyers who haven’t owned a home in the past 3 years and whose income is less than $75,000 for singles and $150,000 for married couples.

For additional information on taking advantage of the tax credit, visit http://www.beverly-hanks.com/buyer_tax_credit and call us today!

Join us for Family Fun Day to raise donations for United Way this Sunday, September 20th, from 11:00AM to 8:00PM at The Ramble in Asheville, NC.

Your donation to United Way is your admission to all of the events planned that day. Begin the day with a 10 mile Bike Tour or Go Green with Josh Dorfman, the Lazy Environmentalist at 12:30. Have you ever wanted to hike Ducker Mountain? Corey Black will be leading the hike at 1:15 so bring your water bottle and hiking shoes. The 5K run and the Fun Run will begin at 1:30 in Longmeadow Park. Jack Cecil will be sharing the History of Biltmore at the Living Well Center at 2:00. The afternoon will be full of Luxury home tours, gardening tips, and a fabulous Silent Auction. Also, kids don’t miss out on the kid-friendly activities including soccer, games and more.

End your day by bringing a sunset picnic and enjoy Longmeadow Park with music by The Scenic Roots and The Caribbean Cowboys.

Stop by any Beverly-Hanks office to make a donation and receive your pass to the days festivities. You may also arrive at the gate the day of the event, make your donation to United Way, and enjoy a day full of Family Fun all while supporting United Way; Live United.

For a complete schedule of events, list of the silent auction items, directions to The Ramble, or directions to a Beverly-Hanks location visit www.beverly-hanks.com and click on the Fun Day for United Way link.

WASHINGTON D.C., June 8, 2009 — Beverly Hanks & Association has been selected for the 2009 Best of Waynesville Award in the Real Estate category by the U.S. Commerce Association (USCA).

The USCA “Best of Local Business” Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2009 USCA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

The US Airways Magazine website has added a page specifically for Asheville! By pointing your browser to http://www.usairwaysmag.com/city_profiles/city/asheville/ you can get information about the local business, focal points of the town, the best of Asheville, and even the history of our beautiful little mountain town. The site divides up the article that was written by the magazine into short segments with full color beautiful images into pdf format. Whether you are a native Western North Carolinian, currently looking to relocate, or just visiting, US Airways presents some good knowledge in a very attractive way.