Bible Park USA – Can They Build It?

Question: With one of the original investors’ Hard Rock Park in Myrtle Beach filing for bankruptcy, will Bible Park USA feel the sting?

Answer: Sources say that Hard Rock Park and Bible Park USA are not joined in any legal or business sense and that Hard Rock Park’s success or lack thereof has no bearing upon Bible Park’s delivery.

Currently, Bible Park USA is set to be built on nearly 120 acres near the city of Lebanon, Tennessee (west of I-24 and north of I-840). The project is said to cost $175 million and will require city and county tax dollars to build. Completion is estimated sometime in 2011, but may be pushed back due to the current economic climate.

Question: Why does a real estate guy care about a Bible theme park?

Answer: Sheer economics. Theme parks bring jobs, visitors, tax dollars, and eventually housing needs. It’s almost like a mini effect, just seasonal.

Mortgage Rates Absolutely Plunge

mortgage rates drop largest in more than 7 years

In what was the largest 1 day drop in more than seven years, the average for a 30-year fixed mortgage fell to about 5.50% last night after starting the day at 6.38%.

According to Bloomberg.com:

“The central bank pledged to purchase up to $500 billion in so-called agency debt as well as up to $100 billion in direct debt of Fannie Mae and Freddie Mac, the world’s two largest mortgage buyers, and Federal Home Loan Banks. The announcement was released at 8:15 a.m. New York time yesterday.

The Fed also said it would set up a $200 billion program to support consumer and small-business loans. Together, the programs almost match the $864 billion of U.S. currency in circulation, as reported by the central bank in a Nov. 20 statement.”

It is refreshing to finally see the Fed make a material move that will actually help the Nashville real estate market rather than fundamentally unsound Wall Street companies. Will this change help the commercial market?

It is our opinion that only a trickle down effect will be felt in the Nashville commercial market, there are just too many other deep issues at play.

Fannie Mae and Freddic Mac Suspend Foreclosures

fannie and freddie suspend foreclosures

Well, here’s some semi-encouraging news for those who are close to eviction:

“The two mortgage giants (Fannie Mae and Freddic Mac) have issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009.”

SOURCE: RISMedia

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Fannie Mae and Freddic Mac Suspend Foreclosures

fannie and freddie suspend foreclosures

Well, here’s some semi-encouraging news for those who are close to eviction:
 
“The two mortgage giants (Fannie Mae and Freddic Mac) have issued a notice to its loan servicing organizations and retained foreclosure attorneys directing them to suspend foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009.”
 
SOURCE: RISMedia

Mortgage Rates Continue to Soften

Nashville mortgage rates fall and housing does too

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.04% during the week ended Nov. 20 from 6.14% the prior week. During the same period, interest on 15-year fixed loans slipped to 5.73% from 5.81%. Five-year and one-year ARMs declined as well, down to 5.87% from 5.98% and to 5.29% from 5.33%, respectively.
“Long and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Mortgage rates are certainly below the level which normal spurs buyers to begin buying again, but the economy will stop all of those who are not buying out of necessity. We look for rates to continue to soften all the way through the middle of next year. If the economy can even show a glimmer of hope by Spring 2009, there very well could be a mini real estate boom in the Nashville area!

Until then, the Nashville rental market will continue to have its up and its downs as will the real estate auction market.

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Mortgage Rates Continue to Soften

Nashville mortgage rates fall and housing does tooFreddie Mac reports a drop in the 30-year fixed mortgage rate to 6.04% during the week ended Nov. 20 from 6.14% the prior week. During the same period, interest on 15-year fixed loans slipped to 5.73% from 5.81%. Five-year and one-year ARMs declined as well, down to 5.87% from 5.98% and to 5.29% from 5.33%, respectively. “Long and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy,” said Frank Nothaft, Freddie Mac vice president and chief economist.

Mortgage rates are certainly below the level which normal spurs buyers to begin buying again, but the economy will stop all of those who are not buying out of necessity. We look for rates to continue to soften all the way through the middle of next year. If the economy can even show a glimmer of hope by Spring 2009, there very well could be a mini real estate boom in the Nashville area!

Until then, the Nashville rental market will continue to have its up and its downs as will the real estate auction market.

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