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BurlingtonFreePress.com, Mortgage payments hit hard

by Nancy Jenkins, CRB, CRS
The news of late is all about subprime loans, foreclosures and what the effect will be on the Vermont real estate market. The Sunday issue of the Burlington Free Press had an article which said foreclosures are on the rise, mostly due to an increase in defaults in higher risk subprime loans. What are subprime loans, and why should we care here in Burlington?
 
Simply put, subprime loans are offered to borrowers who may not fit a conventional financing product most buyers use. They may have some credit issues, or maybe income that is not acceptable for conventional loans. The mortgage loan closes at a higher rate (typically 2-4% above conventional rates) and are usually adjustable rate loans. When the loan adjusts, the borrowers payment increases significantly, and can result in difficulty making the increased mortgage.
 
Vermont has one of the lowest percentages of suprime loans versus conventional in the nation per CNN Money. An increase in foreclosure filings does not necessarily mean an increase in foreclosed homes, which remains to be seen. Stay tuned.
 
-Nancy
 
 
 
Mortgage payments hit hard

Published: Sunday, March 25, 2007
By Dan McLean
Free Press Staff Writer

Late mortgage bills are stacking up in an increasing number of Vermont households.

Foreclosures in Chittenden County -- where last year's median-priced home cost $269,900, nearly $64,000 more than the median-priced Vermont home -- jumped 37 percent from 2005 to 2006.

There were 158 foreclosures filed with Chittenden Superior Court in 2006, the highest number filed in Chittenden County since at least 1997, according to County Clerk Diane Lavallee. In January and February, there were 29 additional foreclosure filings, she said. If that pace continues, there will be 174 foreclosures in the county this year. (read more)
I just received an important message from VHFA (Vermont Housing Finance Agency) and wanted to pass the information on to you.
 
-Nancy
 
 
As part of the Tax Relief and Health Care Act of 2006, VHFA IS NOWABLE TO OFFER AN EXCEPTION TO THE FIRST-TIME BUYER REQUIREMENT TO VETERANS.
 
This exception is available for a limited time only.
 
The five counties that Borrowers are required to be a first-time buyer or not have owned a home in the past three years are: Addison, Bennington, Chittenden (Census tract 4 is exempt) Grand Isle and Windsor.
 
To be eligible, the Borrower must meet the veteran status as defined in 38 United States Code, Section 101. The Borrower must have served in the military, naval or air service and been discharged or released under conditions other than dishonorable or re-enlisted.
 
For more information contact a VHFA Participating Lender. You will find a list of VHFA Participating Lenders on our web site at www.vhfa.org under the "Homebuyers/owners" button.
Burlington Free Press reports on an article in Country Homes Magazine, that Burlington Vermont is the nations most eco-friendly city. The report used data from U.S. Census Bureau, the U.S. Department of Transportation, the U.S. Department of Agriculture, the U.S. Environmental Protection Agency, the U.S. Green Building Council, and more.  They rated environmental issues such as the use of mass transit, air and watershed qualities, organic farmers and farmers markets. Country Homes magazine has a circulation of over million, so it’s wonderful to see our little city get this great national exposure.
-Nancy

Burlington is nation's most eco-friendly city, magazine says
Published: Thursday, March 8, 2007
By John Curran


The city that has been named among the nation's safest, fittest and most livable has a new claim to fame -- America's most eco-friendly place.

So says Country Home magazine, which ranked Burlington tops among 379 metropolitan areas in a "Best Green Places" survey that rated cities based on air and watershed quality, mass transit use, power use and number of organic producers and farmers' markets. (read more)

BurlingtonFreepress.com, Housing in Vermont becomes less affordable

by Nancy Jenkins, CRB, CRS
Today’s Burlington Free Press features an article on housing affordability in Vermont with our clients who have a home under deposit. The article examines the current condition of affordability and how it has compared to past years. I’m also quoted in the article saying, “Starter condominiums ranging from $120,000 to $200,000 in ChittendenCounty are options for first-time buyers”
 
-Nancy
 
Housing in Vermont becomes less affordable

Published: Thursday, March 1, 2007
By Dan
McLean
Free Press Staff Writer

ESSEX -- Darlene Kelleher and her husband, Pat, described their housing search Wednesday afternoon as they sat around the kitchen table in her parents'
Essex home.

The couple is house hunting in
ChittendenCounty during the least affordable time to buy a home since at least 1994, according to Stephen Allen, a principal at Allen & Brooks, a real estate analyst firm in South Burlington. "That's pretty dramatic," he said. (read more)

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Nancy Jenkins
Nancy Jenkins Real Estate
140 Kennedy Drive, Suite 102
South Burlington VT 05403
802-846-4888
Fax: 802-846-4899