Thursday, December 9, 2010

National Association of Realtors Fighting To Defend the Mortgage Interest Deduction

Following the release of the Deficit Reduction Commission’s report, which recommends scaling back the mortgage interest deduction, the National Association of Realtors® is warning Congress of the potentially devastating effects of such change on American families and the economy. As part of this effort, NAR placed an ad, which appears at right, in several prominent Capitol Hill publications, including: Politico, The Hill, and National Journal.

It reads:

The Facts:

Repealing the mortgage interest deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
IRS data show that taxpayers in the 35 - 45 age group take the largest MID on average compared to any other age group of taxpayers.
First time home buyers would be hurt the most if the MID is curtailed.
Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
The housing market has not emerged from the crisis that began in 2007.
Congress: The Facts Speak for Themselves

The 1.1 million members of the National Association of REALTORS® strongly oppose proposals to reduce the mortgage interest deduction (MID). Hard-working American families’ budgets are already stressed. Reducing or eliminating the mortgage interest deduction would pull even more money directly out of their wallets. If this crucial deduction is eliminated or reduced, home values will further erode. That’s something America simply can’t afford in this unstable housing market.

Click here to view the facts!

Ken Keegan Real Estate Broker

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www.KenKeegan.com

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Monday, December 6, 2010

Strong Rebound in Pending Home Sales



Pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.

Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.

“More importantly, a return to more normal loan underwriting standards and removal of unnecessary underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said. Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the vintages of 2002 and 2003 before the housing boom.

The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago. Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.

Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries

Ken Keegan Real Estate Broker

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www.KenKeegan.com

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Rules protect right whales from speeding ships

The federal government has again enacted go-slow zones for vessels traveling along the mid-Atlantic coast to help protect one of the most endangered marine mammals in the world.

But this year, the speed-limit rules meant to prevent large ships from colliding with the North Atlantic right whales come with some muscle behind them.

For the first time since the seasonal management areas were established in December 2008, the National Oceanic and Atmospheric Administration has cited seven vessels for allegedly going too fast.

The notice of violations issued earlier this month was for ships that allegedly traveled multiple times through the zones last year at speeds well in excess of the 10 knots allowed.

The rule requires all ships over 65 feet to slow down to 10 knots, or 11.5 mph, when within 20 nautical miles of mid-Atlantic ports, including North Carolina's two deepwater ports in Wilmington and Morehead City.

The go-slow zones run from Nov. 1 through April 30, the times at which North Atlantic right whales are known to migrate along the near-shore waters extending from Rhode Island to Georgia.

The animal's calving grounds are off Georgia and Florida, although the whales have been known to give birth farther north also.

Right whales were once a relatively common sight along the U.S. coastline.

But the large, slow-moving whale received its name because it was the easiest – and hence the "right" – whale for 19th-century whalers to hunt, which they did with reckless abandon.

That's left a population today estimated at only 400 animals, with every whale considered critical for the species survival.

But Ann Pabst, a marine biologist at the University of North Carolina Wilmington, said that for the first time in a long time she's feeling optimistic about the animal's chances to avoid extinction.

Ship strikes and getting tangled in old fishing gear are among the leading killers of the animals.

But since the new speed-limit rules for ships were introduced, Pabst said, there hasn't been a known ship-strike death of a right whale in the Southeast.

Coupled with that, the slow-breeding right whale has been on a bit of a birthing boom.

Pabst said that since 2001, an estimated 200 calves have been born – including two believed to have been born off Wrighstville Beach by "Calvin," who was originally identified as a male before scientists discovered otherwise.

"So the right whales are doing their part," she said. "And with these continued conservation and management steps we've taken in recent years, I'm hopeful we're on the right path."

But, Pabst cautioned, there's still a long way to go.

To that end she said mariners should immediately notify the Coast Guard if they see a right whale, or any whale for that matter, off the coast.

Pabst said the annual migration south takes place in the fall and early winter, with the whales returning to their summer grounds off New England and the Canadian maritime provinces in late spring.

"And they're here now," she said, adding that boaters should also stay a safe distance away from the animals if they happen to come across one. "There's no doubt about that."

Pabst said there were several sightings just before Thanksgiving, with the Coast Guard issuing an alert to mariners Nov. 22.

Original Article

Ken Keegan Real Estate Broker

(910) 523-0903 mobile

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Wednesday, December 1, 2010

Video of Ken talking about St. James Plantation



Ken Keegan Real Estate Broker
(910) 523-0903 mobile
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http://www.kenkeegan.com/
Click here for more information on Brunswick, County Real Estate

License plate law enforcement starts this week


Starting Wednesday, make sure your license plate is unobstructed or you may be pulled over and fined.
The N.C. General Assembly passed a law last year that requires the state's name on the bottom of the plate and the year and month stickers on the top to be completely clear. That means that any license plate frames that cover any of that information is illegal, and you could be forced to pay a $100 fine. 


While the law went into effect in December 2009, it wasn't enforced, and any drivers pulled over for breaking the rules were only issued a warning.

That changes Wednesday, when law enforcement officials will begin enforcing the rules and issuing citations.

Sgt. Jeff Gordon, a spokesman for the N.C. Highway Patrol, said drivers should make sure they are not obstructing the key information on their plates.

“If they are covering them, by law they can be cited for a violation,” he said.

The purpose of the law, which was supported by law enforcement agencies, is that it increases the readability of the registration information on the plates and helps better identify vehicles, especially in the event of an accident.

Other new driving laws will also go into effect Wednesday. They are:

Commercial driver licenses will expire five years after issuance because of requirements for meeting hazardous materials regulations.

The N.C. Division of Motor Vehicles will no longer charge car owners a $1 postage and handling fee for renewing registrations by mail.
 
The number of dealer license plates issued to dealers will increase based on previous sales volume and the number of qualified sales representatives working for the dealer.
 
Original Article

Ken Keegan Real Estate Broker
(910) 523-0903 mobile
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Christmas by the Sea

Events the first week of December.


Friday, December 3

  • Secret Santa Workshop: At Oak Island Teen Center, Middleton Park, from 4 to 8 p.m. Come let your kids shop for mom and dad secretly. Gifts range from $1 to $5 and are wrapped before they leave. Oak Island Parks and Recreation Department event.
  • Tree Lighting at the Cabana: At 46th Street and Beach Drive, Oak Island, at 6 p.m. Entertainment prior to the free event. Oak Island Parks and Recreation Department event.
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Saturday, December 4

  • Festival Parade on Oak Island: From 4601 E. Oak Island Drive to McGlammery Street starting at 2 p.m. Free event sponsored by Southport-Oak Island Area Chamber of Commerce.
  • Secret Santa Workshop: At Oak Island Teen Center, Middleton Park, from 4 to 8 p.m. Come let your kids shop for mom and dad secretly. Gifts range from $1 to $5 and are wrapped before they leave. Oak Island Parks and Recreation Department event.
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Sunday, December 5

  • Oak Island Tour of Homes: 23rd annual Oak Island Tour of Homes from 1 to 5 p.m. Tickets are $8 in advance, $10 day of tour from Southport-Oak Island Chamber of Commerce, Blue Crab Blue, Oak Island Recreation Center, Oak Island Senior Center, Seaside with Coffee and Grape and Ale. Sponsored by Oak Island Beautification Club, 278-7752.
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Tuesday, December 7
 
  • Kids Fire Truck Ride and Dosher Memorial Hospital Tree Lighting: Annual tree lighting at Dosher Memorial Hospital with the Southport Fire Department. Kids meet at the new fire station on N. Howe Street for a ride aboard the fire trucks at 6 p.m., then help Santa light Dosher’s tree. Free event with refreshments; children can take photos with Santa. Call 457-3900 for more information.
 
Ken Keegan Real Estate Broker (910) 523-0903 mobile Email Me http://www.kenkeegan.com/