From a Nashville Business Journal article by Eric Snyder:
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Tennessee is among the top states in the country in which to do business, according to an annual survey of CEOs by Chief Executive magazine.
According to the survey, Tennessee ranks No. 4 in the U.S., unchanged from last year.
Texas claimed the No. 1 spot, followed by Florida and North Carolina.
CEOs deemed California as the worst state in which to do business, followed by New York, Illinois, Massachusetts and Michigan.
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[SOURCE: Nashville Business Journal]
From the Civil War to modern day America, The White Lightning Trail Festival will tell the story of those rugged, self-reliant people that made this area the topic of movies and gave birth to one of America’s fastest growing sports – stock car racing. The White Lightning Trail, which begins in Knoxville, TN travels through eight counties including Anderson, Union, Campbell, Claiborne, Grainger, Jefferson, Hamblen and Cocke. These communities share a rich heritage and that will be on display in the form of demonstrations, food, antique cars and a variety of music. Celebrating the history of bootleggers, moonshine and fast cars. LIve music, arts and re-enactments. Free Admission. Concessions
Carl.Nichols3@yahoo.com | | http://WhiteLightningFestival.com
Annual celebration of 200 varieties of daylilies. Other plants as well. Sales, live music, concessions. Free Admission 9 am to 5 pm
http://wwwOakesDaylilies.com/about
Contact: Public Affairs Office, (865) 436-1203
Great Smoky Mountains National Park has announced a new reservation system for the Elkmont Firefly Viewing event beginning in 2012. The popularity of the firefly event has increased significantly over the past several years, prompting park officials to re-evaluate the effectiveness of managing the event on a first-come-first-served basis.
Every June, thousands of visitors gather near the popular Elkmont Campground to observe the naturally occurring phenomenon of the Photinus carolinus; a firefly species that flashes synchronously. In 2005, the Park began closing the Elkmont entrance road each evening and operating a mandatory shuttle bus system to and from the viewing area to provide for visitor safety, resource protection and to enhance the experience for both viewers and campers at Elkmont.
In 2011, over 7,000 people rode the mandatory shuttle system from the Sugarlands Visitor Center parking area to Elkmont to view the fireflies. As the popularity has increased each year firefly watchers have begun to arrive earlier and earlier. Last year visitors started arriving in the parking lot as early as 2:00 p.m. in order to ensure they would be able to ride the shuttle that transports visitors to the viewing area beginning at 7:00 p.m. Visitors who have traveled from long distances have had to be turned away simply because the parking lot was full and general park visitors have not been able to access the Visitor Center due to the lack of parking.
For this year's viewing event, which runs from Saturday, June 2 through Sunday, June 10, a new on-line ticketing system, operated through www.recreation.gov, will provide visitors with parking passes to guarantee they will be able to park at Sugarlands Visitor Center, but without the inconvenience of having to arrive hours in advance. The Park expects the new system will result in improvements in visitor service.
A parking pass will be required for all vehicles. A reservation fee to receive the pass will cost $1.50 and will cover a maximum of 6 persons in a single passenger vehicle (less than 19 feet in length). Four passes for oversize vehicles, like a mini bus (19 to 30 feet in length and up to 24 persons), will also be available. Parking passes will be non-refundable, non-transferable, and good only for the date issued. There is a limit of one parking pass per household per season. Each reservation through www.recreation.gov will receive an e-mailed confirmation and specific information about the event.
The number of passes issued for each day will be based on the Sugarlands Visitor Center parking lot capacity. Passes will be issued with staggered arrival times in order to relieve congestion in the parking lot and for boarding the shuttles.
The shuttle buses, which are provided in partnership with the City of Gatlinburg, will begin picking up visitors from the Sugarlands Visitor Center RV/bus parking area at 7:00 p.m. The cost will be $1 round trip per person, as in previous years, and collected when boarding the shuttle.
The shuttle service will be the sole transportation mode for visitor access during this period, except for registered campers staying at the Elkmont Campground. Visitors will not be allowed to walk the Elkmont entrance road due to safety concerns.
The majority of parking passes for this year's event will be on sale on-line beginning after 10:00 a.m. April 30. The Park will hold back 25 passes for each day to accommodate individuals who did not learn of the need to pre-purchase tickets. Those last 25 passes will go on sale on-line at 10:00 a.m. the day before the event and will be available until 3:30 p.m. on the day of the event or until the passes are all reserved. Passes can be purchased at www.recreation.gov. Parking passes may also be obtained by calling 1-877-444-6777, but Park officials strongly encourage the use of the on-line process, because it provides far more information to visitors about what to expect when they arrive at the Park. The $1.50 reservation fee covers the cost of processing the requests for the passes. The Park will not receive any revenue either from the reservations or the shuttle tickets.
http://www.nps.gov/grsm/parknews/firefly-2012.htm
Synchronous fireflies (Photinus carolinus) are one of at least 19 species of fireflies that live in Great Smoky Mountains National Park. They are the only species in America whose individuals can synchronize their flashing light patterns. Thje National Park is about 2 hours from Norris Lake.
Fireflies (also called lightning bugs) are beetles. They take from one to two years to mature from larvae, but will live as adults for only about 21 days. While in the larval stage, the insects feed on snails and smaller insects. Once they transform into their adult form, they do not eat.
Their light patterns are part of their mating display. Each species of firefly has characteristic flash pattern that helps its male and female individuals recognize each other. Most species produce a greenish-yellow light; one species has a bluish light. The males fly and flash and the usually stationary females respond with a flash. Peak flashing for synchronous fireflies in the park is normally within a two-week period in early to mid-June.
No one is sure why the fireflies flash synchronously. Competition between males may be one reason: they all want to be the first to flash. Or perhaps if the males all flash together they have a better chance of being noticed, and the females can make better comparisons.
The fireflies do not always flash in unison. They may flash in waves across hillsides, and at other times will flash randomly. Synchrony occurs in short bursts that end with abrupt periods of darkness. http://www.nps.gov/grsm/naturescience/fireflies.htm
People who tell lies show that they are engaging in deceitful behavior through their body language, so experts say it makes sense to rely more on gestures than words to gauge truthfulness. Real estate agents might be dealing with prospects who have trouble saying no; but if they are able to identify half-truths or lies, they can identify the prospect's concerns and overcome their objections. When speaking lies, experts say people tend to cover their mouths, rub or touch their eyes, or cover or put a finger into their ears. When they do this while listening, it means they tend not to believe what is being said to them. People tend to look up and to the left when considering the past and up and to the right when considering the future, so if their eyes move to the right when they are asked about their past, the response is not a truthful one. To read more, go to: http://rismedia.com/2012-04-15/body-language-the-truth-about-lying/
It’s not something that economists routinely track, but it provides a rough sense of what’s happening in local real estate markets. Call it the low-ball index.
A year ago, according to researchers at the National Association of Realtors, one out of 10 members surveyed in a monthly poll complained about low-ball offers on houses listed for sale. In the latest survey — conducted in March among 4,500 agents and brokers across the country but not yet released — there were hardly any. Instead, the focus of volunteered comments has shifted to declining inventory levels — fewer houses available to sell — and multiple offers on well-priced listings. A low-ball offer typically involves a contract submitted to a seller where the price proposed by the purchaser is 25 percent or more below list. Low-balls increase sharply when there’s a glut of properties available, asking prices are out of sync with local economic realities and values are depressed or uncertain. Buyers figure: Hey, why not? Maybe I’ll get lucky.
Based on the latest survey results, that sort of strategy is not a winning move in many communities this spring. In fact, in local markets where inventories are tight and competition for homes rising, realty agents say that buyers looking to steal houses by low-balling their offers are ending up at the back of the line, their contracts either rejected out of hand or countered close to the original asking price.
In high-demand, high-cost markets that have rebounded from recession slumps, sellers are now firmly in control; they pay scant attention to low-ballers.
Jayne Esposito, an agent with Coldwell Banker Residential Brokerage says that multiple offers are “the rule, not the exception,” in her area, and many transactions end up with final contract prices higher than the listing. “Sure, I’ve had a few buyers try to low-ball, and they wouldn’t listen,” she said in an interview, “but that didn’t work out well for them.”
Similar trends are underway in more moderately priced markets.
Wes Neal, an agent at Prudential Olympia said “low-ball offers are down a lot because we’re seeing more homes come on the market that are more realistically priced.” Sellers have absorbed the hard lessons of the recession years about what the market can bear.
Even when buyers submit shockingly low bids, sellers no longer are so insulted that they send the contract back without a counteroffer. Now they negotiate aggressively, and the final number ends up close to the original asking price. For example, Neal said, a buyer recently came in with a bottom-fishing offer of $150,000 on a house listed for $250,000. Though the seller was irritated, after a series of negotiations the low-ball buyer settled for a final price of $230,000.
The takeaway here: Rolling low-balls at sellers may have been an effective approach between 2008 and early 2011. But in 2012’s environment — at least in rebounding markets — it could be counterproductive if you truly want to buy.
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Spring into Summer with a Special 15% Discount to VIP Members on new bookings for May 29, 2012 thru June 16, 2012
We are offering a special for our VIP Perk Members. All houses will be subject to a 15% discount for new bookings for May 29, 2012 to June 16, 2012. If you are planning a getaway to beautiful Norris Lake, now would be the time to make your great escape for a fraction of the price.
The VIP Perk Membership card is available for purchase for $29.00. What a great deal for all the discounts offered thru this card! Discounts include specials and percentages off purchases from various vendors in the Norris Lake area. The card does not expire and has no annual fees.
Feel free to browse our webiste http://www.norrislakecabinrentals.com/ and view our cabins. Check the availability calendar to see if the cabin you have your eye on is waiting for your arrival. The next step would be to book your cabin online or call 800 883-7406 to speak with a live agent.
This is the first quality lakefront home I have seen offered on Norris Lake in this price range. Home is 4300 sq ft. Has driveway to lake. This home first came on the market in 2009 with an asking price of $799,000, which dropped to $600,000 before foreclosure. It was described then as:
Unbelievable quality built "Heritage" log home on almost 2 ac. w/ 466 ft. of deep water frontage. 2 levels of wrap around decks & spacious open fl plan for entertaining. GR has HW Fls, & massive stone F/P & is open to Kitch/Dining area w/ SS appl, snack bar, custom cherry cabinets. MBR on main w/private screened porch. Upper level has split BR's each w/Baths. Lower level has Family Rm, Game & media rm 2 extra rms (office or BR's) and huge multi purpose rm. Fantastic views from most all rms. A stunning home built for the ultimate in lake living.
The foreclosure does not include the dock, it was sold privately. Lakefront homes in this price range are generally old, small cabins. This is definitely a great deal: http://realfocus.kaarmls.com/r?B5C2521F54BC
For comparison purposes, here is the expired listing showing the home with furniture: http://realfocus.kaarmls.com/r?6D7059B130A9
Bank of America requires either a letter from the buyer’s bank indicating that they have the appropriate cash to make this offer or a prequalification letter from a lender indicating that they have secured funding for this purchase. No offer will be considered without one of these two letters accompanying the offer.
By NICK TIMIRAOS
The number of contracts signed to buy homes in February eased slightly from January but posted another strong gain from a year ago—the latest sign that demand for homes is up from the depressed levels of the previous 18 months.
A report Monday by the National Association of Realtors showed the index of pending home sales, reflecting deals that have gone into contract but haven't yet closed, rose 9.2% last month from a year earlier, continuing a rise largely fueled by investors' purchases of foreclosed properties. The index fell by 0.5% from January.
While buyers are starting to step forward, however, home builders and real-estate agents report an elevated level of contracts falling apart, as buyers run into trouble qualifying for mortgages amid tough lending standards.
Another common complaint: low appraisals that come in below a negotiated value, requiring sellers to cut their price or buyers to put more money down in order to keep a deal from collapsing. As a result, the pending sales figures could be overstating actual sales as buyers sign multiple contracts over the course of several months.
The number of contracts signed to purchase homes in February posted another strong gain in the latest sign that housing demand is up from the depressed levels of the previous 18 months. Nick Timiraos has details on The News Hub.
Still, analysts say that housing demand appears to be stronger than at any point in the past year. Low prices are luring investors who can convert properties into rental units and make double-digit returns. More first-time buyers could face added urgency to move as landlords begin to raise rents and mortgage rates rise from record lows.
"We are seeing very strong activity out there," said Ivy Zelman, chief executive of research firm Zelman & Associates. Buyers are tired of deferring moves, and rising rents "have really pushed people off the fence," she said. "We're not ready yet to wave the victory flag and say home prices are going up, but we're confident they're stabilizing."
Monday's report showed that purchase activity was up 18.4% and 19% from a year ago in the Northeast and Midwest, respectively, after an unseasonably warm winter. Contract activity fell by 1.8% in the West.
Real-estate agents in many parts of the country say inventories of homes for sale are declining, leaving more buyers competing for less supply. Shrinking inventories could be a consequence of the decline in home prices, which has left more sellers unable or unwilling to sell their homes at a loss.
In Orange County, Calif., the number of homes listed for sale is down by 36% from a year ago. Meanwhile, the number of homes under contract is up 25% to its highest level in four years, according to Steven Thomas, a local housing-market analyst.
So far this year, nearly one in six homes listed for sale have gone under contract within their first three days across the 18 markets covered by Redfin Corp., a Seattle-based brokerage, said Glenn Kelman, the firm's chief executive.
Write to Nick Timiraos at nick.timiraos@wsj.com
A version of this article appeared Mar. 27, 2012, on page A4 in some U.S. editions of The Wall Street Journal, with the headline: Demand For Homes Continues To Show Recovery.
While nationally home sales powered up at the end of last year, Campbell/Inside Mortgage Finance warns that residential values and appraisals will likely still be driven down as distressed real estate continues to sell at bargain prices. Valuations that use short sales and foreclosures as comps are making it tough to get non-distressed properties to appraise, industry insiders say, and that is preventing housing recovery in some markets.
Through the end of November, distressed properties accounted for 46.1 percent of home purchases using a three-month rolling average. It was the 23rd consecutive month that distressed property sales had accounted for over 40 percent of all sales, with short sales accounting for 17.6 percent of the home purchases during that period. Move-in ready REO properties accounted for 15.2 percent with damaged REO properties taking a 13.3 percent share of total home purchases.
To read more, go to: http://loanrateupdate.com/mortgages/home-demand-up-foreclosures-to-keep-prices-down
[SOURCE: Loanrateupdate.com]
Warren Buffett, CEO of Berkshire Hathaway, said on CNBC’s “Squawk Box” that buying single-family homes is such a great investment right now, if it were practical, he’d buy a couple hundred thousand of them. Given how low rates are for a 30-year fixed-rate mortgages (3.95 percent, according to the Freddie Mac Mortgage Index), Buffett told CNBC’s Becky Quick that homes, held over the long term, provide a better investment than stocks. If you factor in that prices in some areas are at a 10-year low and inventory levels are high, the conditions are ideal for buying.
While the “Omaha Oracle” has been right about a lot of investments, his opinion on housing hasn’t always been on the mark. At last year’s annual Berkshire Hathaway meeting, he said 2011 was going to be the year that housing prices were going to rebound. In a letter to his shareholders sent last weekend, he apologized for being “dead wrong.” He explained his belief that housing is a sound investment at least in part the inventory of new homes isn’t growing at a rate that will satisfy future demand. People living with their in-laws to save money, he quipped, will find that attractive for only so long.
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By Katherine Tarbox, Senior Editor, REALTOR® Magazine
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Is it the warm winter? The low mortgage rates? The beautiful weather? We don't know for sure - but real estate agents are scrambling to keep up with the demand. Buyers report that they can purchase a lakefront or lakeview home now for less than it would take them to purchase a lot and build a home. Home sales are up as more and more retirees and vacationers have been purchasing in these first few weeks of 2012 than at this time in 2010 or 2011!
This IS the best time to look at property as views have opened up and it is much easier to assess the slope of properties and walk raw land. Appointments are up, sales are up - will the rest of the year be the same?
Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.
The average rate for 30-year fixed mortgages remained at its all-time low of 3.87 percent for the week ended Feb. 16 and now has held steady at that level since the first week of the month, says Freddie Mac. The 15-year fixed mortgage also was unchanged, matching the prior week's average of 3.16 percent. Freddie Mac chief economist Frank Nothaft said fixed mortgage rates were flat this past eek amid mixed consumer sentiment data.
[SOURCES: Freddie Mac; Information, Inc.]