Calcagni Announces Larry Madow as Director of REO Services Division

                                          Calcagni Associates President Steve Calcagni recently announced that the company has added a Real Estate Owned Services Division to its already full suite of real estate services.

“As the real estate market has changed over time, so has our need for a comprehensive division to administer the amount of REO properties we’re handling.” said Calcagni. “We’ve been involved in REO properties for years. The large amount of inventory that’s been generated by the economic climate has allowed us to create a division to better service the banks who own the properties, and the buyers looking to invest in REO listings.”

Calcagni has appointed Larry Madow as Director of REO Services. “Larry’s extensive background in REO transactions made him the natural candidate to head up this new division. His knowledge of this aspect of the business is a huge asset to the company. With his credentials and proven history with the company, we have no doubt that Larry will continue to foster new opportunities for us. ”

 Madow, a licensed REALTOR, has been with Calcagni Associates for 18 years. With a background as a builder for new construction in East Haven and the coveted Graduate Realtor Institute designation, Madow is well-versed in both the buying and selling sides of the real estate transaction. In the past 2 years, he has received 6 Greater New Haven Association of Realtors Quarterly Achievement Awards. He currently resides in Wallingford with his wife and three children. A lifelong Red Sox fan, Madow enjoys golfing and spending time with his family.

 Calcagni Associates Real Estate has offices in Cheshire, Wallingford and Hamden, and is a fully diversified real estate company offering residential properties, new construction, land consulting and commercial properties. All Calcagni offices provide a range of real estate services including complimentary market analysis, appraisals, residential foreclosure and relocation services.

Learning New Technologies at the 2009 REALTORS® CONFERENCE & EXPO

Our Hamden Office Sales Manager, Joan DiVincenzo, just got back from the National Association of Realtors (NAR) conference in sunny San Diego, CA. The conference hosted some great sessions on social media, the Web, and technology. We can’t wait to have Joan share with us what she has learned and to put all this new knowledge to action! Another of the many ways Calcagni Associates strives to remain at the forefront of technology!

Mortgage Rate Update…

 

CHECK OUT THESE RATES!

Rates ended the week finally back in the 4’s. The 30 year fixed closed the week at 4.500% with 2 points and 4.875% with 0 points. The last few times that the rates have been this low it did not last too long, so with the extension and expansion of the Tax Credit and the rates, now is the time to act.

Next week the rates will be influenced with many high impact reports, including Retail Sales and a look at inflation with the Producer Price Index and Consumer Price Index. Their results will help determine if we can hold onto these rates.

~submitted by Kevin Luddy, President, Constitution Mortgage, http://www.ctmortgage.com/

Home Staging Tips…

Punch up your place with pillows!
 
Throw pillows are a wonderful way to add color, update a look, and hide unattractive, stained or broken furniture!  Throw a few on a bed, add them to a couch! 

 

 

 

 

 

Another way to add color or update a piece of furniture is to use a throw! Place over a couch or chair, or end of bed! 

 

 

 

 

 

 

These easy changes to your existing furniture can make big changes for little money!
 
For more on how to stage your house to sell contact Creative Concepts by Lisa, LLC!

Creative Concepts by Lisa, LLC
President, Lisa Antonecchia

http://www.creativeconceptsbylisact.com/

(203) 500-3685

Follow Creative Concepts by Lisa, LLC on Facebook or Twitter @ ccblct

 (*photos courtesy of Creative Concepts by Lisa, LLC)

Senate Extends & Expands Homebuyer Credit

     After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

       The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

     For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less. The legislation takes effect December 1 and is not retroactive.

     Both credits are available only for primary residences, not second homes or investment properties. In the House debate, Speaker Nancy Pelosi (D-Calif.) took the floor to say the homebuyer tax credit was helping a new generation of Americans live out their dream of homeownership and financial independence.

             Debate on the homebuyer credit was overwhelmingly positive and the legislation passed 403 to 12. However, several leading economists have voiced concern about the $16.7 billion cost of the credit and the wisdom of spending up to $400,000 per homebuyer to stimulate real estate sales and White House support for extending the credit has been lukewarm at best.

          However, it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes. In the Senate, the homebuyer tax credit was amended to a bill expanding unemployment benefits by 20 weeks for those who have exhausted their benefit. The latest unemployment numbers are due out tomorrow and Congressional leaders are rushing the unemployment bill to the White House so that the President can show compassion by signing on the same day more job losses are announced.

           The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department’s Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

          The legislation also contains a provision supported by the National Association of Home Builders which will help larger companies strapped for cash with net operating losses (NOL). Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extend the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off.

For more information, visit www.realestateeconomywatch.com.

~Article courtesy of RISMEDIA, November 6, 2009

What You Need to Know About Chinese Dry Wall

                                     What can you tell me about Chinese drywall?

That’s the question I have been asked a handful of times over the past couple of years, usually by a client who works in the insurance industry; but most recently by non- trade related clients.

 Concerns regarding imported drywall have been on the public’s radar for some time now. Not typically associated with New England, the concern has primarily been a southern state issue.  Domestic drywall shortages have been attributed to the building boom and a series of hurricanes including Hurricane Katrina from about 2004 to 2007.  It is reported that enough drywall has been imported from China to build as many as 60,000 – 100,000 homes in the United States. To my knowledge, 30 states and the District of Columbia have reported problems with drywall thus far; Connecticut is not one of them.

 There are many resources available to learn about this imported drywall material. Recently, the leader in the federal government’s investigation, the Consumer Products Safety Commission (www.cpsc.gov), has stated, “to date nearly 1900 consumers have contacted the CPSC to report problems in their homes”. The primary issues reported are: 

 1) Corrosion, or blackening, of indoor metals, such as electrical components and central air conditioning system evaporator coils.

 2) Various health symptoms, including persistent cough, bloody and runny noses, headaches, difficulty in breathing and irritated and itchy eyes and skin. 

There are several studies and investigations underway at this time but much work remains before we have a clear understanding of the long term ramifications related to this product. Currently, a large sample indoor air testing study, an engineering analyses of electrical components, and a fire safety investigation are being conducted. Additionally, a study of long-term corrosion issues is underway.  However, the results will not be completed until June of 2010 according to the CPSC.

 Currently there are no clear procedures for testing, inspecting, cleaning or otherwise correcting the problems associated with this imported drywall.

 The stated goal of these studies and investigations is to develop a standard federal protocol for testing homes and to identify any possible connection between the presence of this drywall and the reported health and corrosion issues.

 Once again, there have been no reported cases in Connecticut at this time.

 ~by Bill Rourke, Tiger Home Inspections

 

Mortgage Rate Update…

                                                       

The rates remained unchanged for the week ending at 4.625% with 2   points and 5.125% with 0 points. The market was volitile all week with stocks gaining during the week and gave it all back on Friday. Rates are influenced as stocks gain in value, money is taken out of Bonds and rates increase and when the stocks lose, money goes back into the Bond market and rates decrease. 

There are 2 events that will have an impact on rates this week, the Fed Meeting and Monetary Policy Statement on Wednesday and The Jobs Report on Friday. Both reports will have major implications and will set the tone for the direction of interest rates.

 Finally, Congress continue to discuss the $8000 Tax Credit and right now it looks favorable for an extension and possible expansion. It still needs final vote in the House and approval could be decided this week.

~Submitted by Kevin Luddy, President, Constitution Mortgage

http://www.ctmortgage.com/index.aspx

 

“Proxio” Multi-Language Feature Wins Award!

We have good news to share!

The multi-language search engine Proxio, which is featured on our Calcagni website (http://www.calcagni.com/), is the recipient of an award in the category “Best Innovation” at the Overseas Property Professionals (OPP) Industry Awards 2009 in London.

 Proxio was named “Highly Commended” (2^nd place) for Best Innovation in the Products & Services section of these annual industry awards. Alex Evans, Group Editorial Director of OPP and chair of the judging panel, said, “Winners… presented the most innovative, collaborative, strategic and professional approach to business in 2009.”   OPP’s press release is here.

Staging Tips to Get Your House Sold!

                                            Lisa Antonecchia is an accredited Home Staging Expert!  Her team staging approach brings together not only a sense of style and design, but the best in local contractors, all here to help get your house sold! You can check out Lisa’s before and after photo gallery at: http://site.teamstagingct.com/portfolio.php

 What is Staging?

“Staging focuses on improving a property to make it appeal to the largest number of buyers by transforming it into a welcoming, appealing, and attractive product for sale.”  – Wikipedia

 Why Stage a House? 

Staging is not a fad it is a necessity in today’s competitive market. 

A Staged House…

• provides the seller the edge in today’s competitive market.
• sells faster than non-staged houses.
• sells for top market value.
• saves you money by avoiding costly price reductions and a stale listing.
• helps buyers visual the space as their new home.
• shows well.  A cluttered or empty house does not show well.

 Stay tuned for tips and home staging advice from Lisa, of Concepts by Lisa, LLC! 

Creative Concepts by Lisa, LLC
President, Lisa Antonecchia

www.creativeconceptsbylisact.com

(203) 500-3685

Follow Creative Concepts by Lisa, LLC on Facebook or Twitter @ ccblct

Mortgage Rate Update…

                         

   

  Rates ended last week where they started after falling mid-week to close at 4.625% with 2 points and 5.125% with 0 points for the 30 year fixed.

Thursday’s announcement of a higher than expected Treasury auction this week of $123B ignited another round of fears of when inflation will force the Fed to begin raising rates.

  In addition to the Treasury auctions, the week is full of economic reports that will determine the course of rates for the week. Consumer Confidence and Durable Goods Orders are being reported Tuesday and Wednesday respectively and Friday will be a big day as 3 comprehensive reports are scheduled that will further gauge the strength or weakness of the economy.

  Also anticipated is a vote in the Senate on Tuesday that will extend the First Time Homebuyer tax credit for an additonal 4 months. An announcement is expected soon after the vote.

 ~Submitted by Kevin Luddy, President, Constitution Mortgage

http://www.ctmortgage.com/index.aspx