The snowdrops are in full bloom and the daffodils have poked their little heads out of the ground all around Norris Lake. They are in full bloom in Knoxville, but Norris Lake is a little higher elevation and 50 miles further north. Spring comes 1-2 weeks later and fall generally a little earlier.
A December survey by Campbell Inside Mortgage Finance found that cash buyers are driving down home prices, with investors accounting for one out of three transactions last month.
Nearly three-quarters of investor home purchases for the month were all-cash transactions. The poll also determined that cash buyers were able to make purchases at much lower prices on many houses due to shorter and more reliable closings.
The Campbell survey is taken monthly and polls more than 2,500 real estate agents doing business across the U.S., which has been taken since 2001.
To read more, go to: http://www.housingpredictor.com/2012/cash-buyers-pushing-prices-lower.html
[SOURCE: Housing Predictor]
The Federal Reserve announced that it intends to keep rates at their record lows at least through the end of 2014 and that their targeted inflation rate is to be 2%. The Fed announced its intention to be more transparent in communicating the direction of its rate guidance and the factors that it uses to measure the economy's performance.
The news that rates will stay low will help most every facet of the economy including housing. News out this past week that first time claims for unemployment rose unexpectedly in the previous week adds fuel to those who believe that the economy is a long way from being cured.
[SOURCE: REAL Trends]
• 1,056 sq. ft., 2 bath, 3 bdrm single story - MLS® $79,900 - Near 2 marinas
Sharps Chapel, Union County - PRICED LOW FOR QUICK SALE. Site-built, 8-year old ranch home at end of cul-de-sac on one-lane county road - perfect 1st home, retirement home or potential rental property.
Close to Route 33; 15 min to either Tazewell or Maynardville. Very near 3 marinas.
Home has Master BR with bath, guest BR, office/additional BR, guest bathroom, kitchen w/ dining area, living room. No stairs! All rooms on one floor. Good well. Front deck overlooks cul-de-sac, back deck overlooks trees.
Generous dry crawl space large enough to stand up in and storage. Home has been well-maintained, very clean and ready to move in.
Property occupied. Appointments to show 48 hours in advance
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First, the facts still speak for themselves. Distressed properties account for approximately 30 percent of the U.S. residential real estate market. While the percentage of homes actually underwater is 15.8 percent, 49 percent of today's homeowners believe their home is underwater. And an estimated two million homes are currently in the foreclosure pipeline.
Second, and extremely important to note, is the fact that lenders are finally realizing that short sales are really the lesser evil. Loan modifications are few and far between--not because the lender doesn't want to accommodate them, but because most of these loans have been packaged and sold three or four times over. The rate of return is so small that it's just not worth it. And, of course, foreclosure is the ultimate fail for the lender.
Third, there is increased pressure on lenders to start moving short sales through the pipeline coming directly from Washington.
*** END QUOTE ***
To read the entire article, go to: http://rismedia.com/2012-01-07/the-real-estate-educator-given-up-on-short-sales-why-you-need-to-reconsider/
[SOURCE: RISMedia]
So far, however, there have been very few short sales or bankruptcies of lakefront or lakeview homes around Norris Lake. There are quite a few foreclosures of lots in Rock Harbor and Sunset Bay.
Freddie Mac reports that the 30-year fixed mortgage rate fell to a new low this past week, averaging 3.88 percent, which is down a notch from 3.89 percent a week earlier! The benchmark rate has been below 4 percent for seven straight weeks. Meanwhile, the average interest on 15-year loans bumped up to 3.17 percent from 3.16 percent last week. Freddie Mac chief economist Frank Nothaft said mortgage rates were basically flat in lieu of a mixed bag of economic data reports.
[SOURCES: Freddie Mac; Information, Inc.]
Builder confidence in the market for newly built, single-family homes continued to climb for a fourth consecutive month in January, rising four points to 25 on the NAHB/Wells Fargo Housing Market Index (HMI), released today. This is the highest level the index has attained since June of 2007.
"Builder confidence has now risen four months in a row, with the latest uptick being universally represented across every index component and region," noted Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "This good news comes on the heels of several months of gains in single-family housing starts and sales, and is yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide -- and that has been shown by our Improving Markets Index. Policymakers must now take every precaution to avoid derailing this nascent recovery."
To read more, go to: http://www.nahb.org/news_details.aspx?newsID=14724
The Tennessee River Valley is now on the National Geographic geotourism map! For more information, go to
www.TennesseeRiverValleyGeotourism.org. The interactive map will give you an idea of some of the outdoor opportunities in the area.
The only way to be outside in the south in the Summer of 2011 is to be in the water as much as possible.
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The annual quilt show at the 2011 Union County Heritage Festival is gearing up and quilts are needed. The show will be held from 10 am to 5 pm October 1 at the Union County Historical Society and presented by the Norris Lake Quilting Bee.
The show is open for all levels of quilters with multiple categories for winning. Quilts will be judged for overall appearance, construction techniques, colot, design and quilting stitch. Ribbons will be awareded for first, second, and third place for each category or technique, Best of Show and Viewer's Choice.
Quilts will need to be preregistered by Sept 16 in order to arrange the quilts for display. Entry and registration information can be found online at www.UnionCountyHeritageFestival.com , at the Union County Historical Society Museum and Library or the Maynardville Senior Center.
The annual bluegrass concert will be held on August 19th at the Ranger Station at Big Ridge State Park. This event is free to the public, appropriate for families. It is suggested that you bring lawn chairs. Friends of Big Ridge State Park will have concessions for sale. Big Ridge State Park offers limited tent and RV camping as well as rustic cabins for rent. For more information, go to
http://tn.gov/environment/parks/BigRidge/ or call 865-992-5523
The water elevation is 1019.8 feet above sea level, which is 8" lower than it was last week. The water level is expected to drop another 3" over the next two days. The main channel surface temperature is 84 degrees in the morning, but rises to 89 degrees by late afternoon on sunny days. Hot surface water temperatures have slowed cathces from afternoon 'til dusk. Early morning hours have been the most productive for all species.
CRAPPIE: Fair. Best at night under lights or at dawn.
LARGEMOUTH BASS: Moderate at dawn thrugh the early daylight hours in coves. Afternoon catches are slow. Hot afternoon temps have these fish moving into deeper water. Crawfish pattern lures are working best on the flats and rocky areas.
SMALLMOUTH BASS: Fair on points that extend into the deep main channels and on mid-lake humps at 25-35 feet
SPOTTED BASS: Crawfish pattern crankbaits and Finesse-worm rigs fished on the rocky banks near wood structure. They're hitting plastic grubs on leadhead jigs tipped with an inch of nightcrawler.
STRIPED BASS: Good but the locations are scattered. In late afternoon and especially at dawn: the Powell River arm from Point 10 to Point 11; in the Loyston Sea / Bear Hole Bend areas. Some have been caught near Point 9 and Boy Scout Hollow
WALLEYE: Pre-dawn or night fishing action is best on the lower third of the reservoir with jigged Mann O'Lures or equivalent. Anchor in 28-35 ft of water for night fishing.
BLUEGILL: Good hitting popping bugs, crickets and worms on the steep rocky shoreline. Dawn is best time.
REDEAR (SHELLCRACKER): Moderate, but slowing. Near the bottom, less than 10 ft deep near flodded brush and small trees or button bushes.
Located in Union County at the Beach Island Marina, Bubba's Brews is open 7 days a week at noon - in season. Full bar and Sunday beer. Live bands every Saturday night. Karaoke every Friday night. Inside dining, outside patio or carry out. 19 Big screen TVs
Sharps Chapel, Union County - Announcing a price reduction on 1860 Leadmine Bend Road, a 1,400 sq. ft., 3 bdrm ranch. Now MLS® $149,999 - REDUCED ! 15 acres.
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| NO REASONABLE OFFER REFUSED! Gentleman farm. Cute, well-built, well-insulated home on gently sloped hillside back from a country rd. Views of pastures/hills/woods. 2 min. fm Norris lake access.Large LR. Home has laundry room/pantry, 10x15 shed. Both LR and large MBR open out to 12x18 covered front porch. BR#3 has 2 closets. New stove, new microwave; Washer/dryer and 1 refrigerator will convey. Approx 5 acres cleared and in Greenbelt. 10 acres are wooded;
INCLUDED with FULL price offer: 17 ft, 1984 Norris Craft w/ 140 Johnson, stainless prop, trolling motor, drive-on Hustler trailer
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| DIRECTIONS: From Tazewell, travel south on Route 33 and turn RIGHT at the Union/Claiborne county line onto Sharps Chapel Road. At the bottom of the hill, turn RIGHT onto Leadmine Bend Road. Bear LEFT at A.T.Cole Store and property is approximately 6 miles from Route 33 on RIGHT.Sign on property.
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