Author: lydia

February 16, 2010 – Builder confidence in the market for newly built, single-family homes rose two points to 17 in February as favorable home buying conditions and signs of healing in the job market helped boost the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today.

“Continued low interest rates, very attractive home prices that appear to have stabilized in many markets, and the availability of the home buyer tax credit make this an opportune time for potential purchasers,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “As a result, builders are slightly more optimistic that the housing recovery is finally beginning to take root.”

“Builders are just beginning to see the anticipated effects of the home buyer tax credit on consumer demand,” said NAHB Chief Economist David Crowe. “Meanwhile, another source of encouragement is the improving employment market, which is key to any sustainable economic or housing recovery. That said, several limiting factors are still weighing down builder expectations, including the large number of foreclosed homes on the market, the lack of available credit for new and existing projects, and inappropriately low appraisals tied to the use of distressed properties as comps.”

Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor.

The HMI for February gained two points to 17, its highest level since November of 2009, with two out of three of its component indexes also rising. The component gauging current sales conditions rose two points to 17, while the component gauging sales expectations in the next six months rose a single point to 27. Meanwhile, the component gauging traffic of prospective buyers remained flat, at 12.

Regionally, February’s HMI results were mixed. While the Midwest and South each registered two-point gains, to 13 and 19, respectively, the Northeast and West each registered one-point declines, to 19 and 14, respectively.

Editor’s Note: The NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or influenced by any outside party prior to being released to the public. HMI tables can be accessed online at: www.nahb.org/hmi. More information on housing statistics is also available at: www.housingeconomics.com.

Come to cook, come see how Dutch Oven cooking is done, come to eat, listen to music, or just visit with the happy crowd at the Southwest New Mexico 8th Annual Dutch Oven Cook-Off on Saturday, March 27 in Glenwood, New Mexico!

Each year, this event just gets better, and 2010 promises to be the most fun yet!

The Cook-Off will be held again at the Glenwood Community Park on CatWalk Road in Glenwood, New Mexico (just an hour north of Silver City).

Both experienced and amateur Dutch Oven cooks are invited to participate this year! In previous years, we had cooks from Glenwood, Cliff, Gila, Reserve, Albuquerque, Cuba, Las Cruces, Silver City (New Mexico) and communities in Arizona.

Categories this year will be “Fancy Fixer,” “Camp Cookie,” and “Tenderfoot,” with submitted recipes and level of experience considered.

Everyone is welcome to enter, no matter where you call home! (If you need overnight lodging, there are several unique motels in Glenwood.)

Those interested in entering as a Dutch Oven Cook this year, please contact the Event Organizers:

Leah Jones (Glenwood)  (575) 539-2800   gilaleahjones@gmail.com

Mickey Lemon  (Silver City)  (575) 388-2840  mlemon@signalpeak.net

Linda Locklar  (Silver City)  (575) 388-1503               lindamanyponies@hotmail.com

These ladies can give you all the details, but here are the basics:

Cooking categories are single pot or three pots (Main Dish, Bread, Dessert).  Cooks can enter on their own, or as a team.  Entry fee ~ $ 15 for Single Pot, $ 30 for Three Pots.

Cooks can set up their camp and start their fires at 7:30 am.  Some entrants bring cowboy-camp setups, teepees and tents, and one entry even drives a mule-drawn chuckwagon to camp!  (The Glenwood Park features shady trees and open spaces for camp set-ups)
Dutch Oven food will be available in the Park before the Tasting.  Craft vendors are welcome ($25 per space).
There will be a Cooks’ Meeting at 8:30 AM. Cooking time is from 9:00 am to 2:00 pm., during which time spectators always enjoy going from camp to camp, seeing “what’s cookin’” and getting to know the cooks.

After the Judges have tasted all the dishes and are tabulating their results, here comes the best part of the day—about 2:00 pm, Dutch Oven cooks bring their pots to the Pavilion, multitudes of folks show up to purchase Taster Plates ($5.00 for adults, $3.00 for children under 12), and the “Tasters’ Delight” eatin’ begins!  Each Dutch Oven cook will put a spoonful of their dish on each plate, and there are usually about 30-40 different dishes (sometimes more!) on the buffet line.

Tables and benches are provided for the diners, and after everyone is served, awards and prizes are presented to the winning cooks.  (Proceeds from this event each year benefit the Glenwood Community Park.)

Glenwood’s Dutch Oven Cook-Off was first started in 2003 by Wendy Peralta, owner of the Glenwood Trading Post.  Each year since, the event has grown — in size, number of cooks, and fun!  This event is reminiscent of the old days when members of small communities would gather for shared food and “visiting.”  This is the eighth annual year for the Dutch Oven, and it promises to be another memorable occasion, one you won’t want to miss!

It’s all for a great cause, the Glenwood Community Park, and of course, photos of all the fun will be published in the April Glenwood Gazette.

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate ¹ of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

In the fourth quarter, 67 out of 151 metropolitan statistical areas ² reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter only 30 MSAs showed annual price increases and 123 areas were down.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Yun said.

“Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable,” Yun said.

NAR President Vicki Cox Golder , owner of Vicki L. Cox & Associates in Tucson, Ariz., said near-term market conditions will remain favorable. “Mortgage interest rates are expected to trend up later this year, but right now we have very good conditions with steadying home prices and favorable inventory in most areas, especially in the higher price ranges,” she said.

“The biggest issue is for repeat buyers, who will have to accelerate their buying plans if they want the expanded tax credit. Since you must have a contract in place by the end of April, the best advice is to consult a Realtor ® now about qualification criteria and options in your area,” Golder said.

Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit. Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

In the condo sector, metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $177,300 in the fourth quarter, down 4.8 percent from the fourth quarter of 2008. Eleven metros showed increases in the median condo price from a year earlier and 43 areas had declines; in the third quarter only four metros experienced annual price gains.

Regionally, existing-home sales in the Northeast rose 11.1 percent in the fourth quarter to a pace of 1.03 million and are 33.6 percent higher than a year ago. The median existing single-family home price in the Northeast declined 5.6 percent to $234,900 in the fourth quarter from the same quarter in 2008, but with widely varying conditions.

“In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun said. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

In the Midwest, existing-home sales jumped 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent above a year ago. The median existing single-family home price in the Midwest rose 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.

Yun said markets with high unemployment rates in Ohio and Michigan experienced large price swings. “Big price gains in many Midwestern areas are due to a more normal range of home sales in contrast with predominately foreclosed sales a year ago,” he said.

In the South, existing-home sales rose 13.8 percent in the fourth quarter to an annual rate of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.

“Affordable markets in the South that have relatively better local economies are seeing healthy price gains, such as Houston, Oklahoma City and Shreveport, La.,” Yun said.

Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said.

The National Association of Realtors ® , “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Investment gives customers faster wireless Web browsing, downloads of music and 3D games, streaming video, e-mail and more

ALBUQUERQUE, N.M. /PRNewswire/ — Across New Mexico and El Paso, Texas wireless users are making more wireless calls and using more data services thanks to Verizon Wireless’ nearly $30 million network investment in 2009. That’s an average of more than $80,000 per day spent to provide customers with the reliable, high-quality service they expect from Verizon Wireless.

The company’s ongoing network investment now totals more than $305 million in New Mexico and El Paso and more than $55 billion nationally over the past ten years.

“Our customers are texting, e-mailing, downloading music, visiting Web sites and sharing pictures and videos at a record pace. Last year in New Mexico and El Paso, 3G wireless data traffic increased nearly 75 percent from 2008,” said Tony Heyman region president, Verizon Wireless.

Verizon Wireless has the largest and most reliable wireless 3G network coverage area in the U.S. A side-by-side comparison of 3G network coverage maps shows that Verizon Wireless has more 3G coverage than the three other major carriers.

New cell sites

A total of 10 new cell sites were installed and activated in the area in 2009 to strengthen coverage and enhance 3G high-speed wireless services.

The network team also updated and added capacity to many other cell sites and further added backup power capabilities to improve network reliability and add new services.

Alltel integration

In January 2009, Verizon Wireless completed its acquisition of Alltel, expanding the company’s network coverage to approximately 290 million people, nearly the entire U.S. population.

Verizon Wireless upgraded and integrated Alltel’s 3G data network throughout New Mexico and El Paso to the latest revision of wireless broadband technology to enable faster delivery of data applications, including e-mail and browsing the Internet.

Real-life Test Men

Verizon Wireless network technicians (who inspired the famous TV Test Man character) traveled nearly 15,000 miles across New Mexico and El Paso last year in special vehicles to measure connection quality on the Verizon Wireless network versus other carriers.

4G LTE services

Verizon Wireless also took steps toward the rollout of the nation’s first 4G Long Term Evolution (LTE) wireless network. The company’s aggressive 4G LTE network build includes plans to launch in 25 to 30 markets in 2010 and cover virtually all its current nationwide 3G footprint with the next-generation network by the end of 2013.

About Verizon Wireless

Verizon Wireless operates the nation’s most reliable and largest wireless voice and 3G data network, serving more than 91 million customers. Headquartered in Basking Ridge, N.J., with 83,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE:VZ) and Vodafone (Nasdaq and LSE: VOD). For more information, visit www.verizonwireless.com. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.

New Mexico is known for amazing local cuisine, Aztec ruins and the Los Alamos National Laboratory. In the January issue of the Journal of Vertebrate Paleontology, paleontologists Thomas Williamson of the New Mexico Museum of Natural History and Thomas Carr of Carthage College bring a new superstar to the state.

Bistahieversor sealeyi (pronounced: bistah-he-ee-versor see-lee-eye) is a brand new species of tyrannosaur discovered in the Bisti/De-na-zin Wilderness of New Mexico.

Tyrannosaurs include the famous meat-eating dinosaur movie-stars like T. rex, and their characteristic body and skull shape (not to mention that mouthful of ferocious teeth!) make them easy for paleontologists and kids to recognize.

The skull and skeleton of Bistahieversor were collected in the first paleontological excavation from a federal wilderness area, and the specimen was airlifted from the badlands by a helicopter operated by the Air Wing of the New Mexico Army National Guard.

“Bistahieversor sealeyi is the first valid new genus and species of tyrannosaur to be named from western North America in over 30 years,” says Williamson.

Tyrannosaurs are best known from 65-75 million year old sediments from the Rocky Mountain region of North America. Bistahieversor provides important insights into the evolutionary history of the group.

“Bistahieversor is important because it demonstrates that the deep snout and powerful jaws of advanced tyrannosaurs like T. rex were special adaptations that evolved around 110 million years ago, after the eastern and western halves of North America were separated by a shallow sea,” says Carr. Bistahieversor was different from other tyrannosauroids in having an extra opening above its eye, a complex joint at its “forehead,” and a keel along its lower jaw; it also had more teeth than its distant relative T. rex.

Bistahieversor skulls and skeletons collected from the Bisti/De-na-zin Wilderness and from the lands of the Navajo Nation are currently on display at the New Mexico Museum of Natural History.

Provided by Society of Vertebrate Paleontology

Southern Company announced yesterday that it formed a strategic alliance with environmentalist Ted Turner, the largest individual landowner in North America, to pursue renewable energy projects in the United States.

Southern Company CEO David Ratcliffe stated, “This alliance unites our common goal to explore and develop new renewable energy projects….We have said for some time that renewable energy should play an increasing role in this country’s energy mix and that Southern Company would seek opportunities to expand our renewable portfolio where it makes sense. This is evidence of that commitment.”

“I’ve always been passionate about developing renewable energy, and I’m excited to join forces with Southern Company to explore our renewable energy potential,” said Ted Turner, owner of Turner Renewable Energy. “Southern Company’s experience in power project development, construction and operations, and customer relations help make this a strong alliance, and I look forward to working together.”

According to the press release, Southern Company and Turner will focus on developing and investing in large scale solar photovoltaic (PV) projects in the Southwest. Other renewable technologies may also be pursued.

Southern Company’s subsidiary, Southern Power, develops and owns generation assets for the wholesale market in the Southeast. Last November, Southern Power announced that it had stepped out of its Southeastern footprint and fossil-fired facilities to acquire a renewable project in Texas, the Nacogdoches Generating Facility, which will be fueled by biomass and start operations in 2012.

Turner is the largest individual landowner in North America and owns over two million acres. His Western properties consist of 15 ranches in seven states: New Mexico, Colorado, Kansas, Montana, Nebraska, South Dakota and Oklahoma. With the exception of Nebraska and Oklahoma, the five remaining states have passed renewable portfolio standards.

In New Mexico, where Turner owns three ranches totaling over one million acres and solar resources are plentiful, the Public Regulation Commission requires that investor owned utilities (IOUs) meet a 20% renewables target for retail sales by 2020. Last week, First Solar, which acquired Turner-owned solar firm in late 2007, announced that it has executed an agreement with PNM to build 22 MW of solar PV electric generating capacity at five (as yet to be named) sites within PNM’s service territory in New Mexico.

Free-wheeling Billy the Kid may have helped start the legend of Lincoln, but it is the tiny New Mexico town’s past and current residents who keep the legends alive through their preservation of the area’s history.

True West Magazine’s 2010 Top True Western Towns lists Lincoln as number eight. Virginia City, Nevada, won the top award. The True Western Towns are featured in the January/February 2010 issue, on newsstands now.

Volunteer groups are the key to Lincoln’s success. Partners in Preservation, the Lincoln County Historical Society and the Old Lincoln Days Pageant Committee work together to preserve the many circa 1880 buildings, including the courthouse (from which Billy the Kid escaped in 1881), the Tunstall Store and the Montano Store.

In addition, the private home of Sheriff James Brent and the Watson House were renovated in 2009. Volunteers are working to restore the interior of the Fresquez House; and the Torreon, a defensive tower favored by fighters during the Battle of Lincoln in 1878, is being re-plastered.

“For such a small town—only 50 people live there full time—Lincoln does some big work,” said True West Executive Editor Bob Boze Bell. “That’s the reason Lincoln is a True Western gem, one that hasn’t changed much since the time of Billy the Kid.”

True West editors determine winners for this annual award based on criteria demonstrating how each town has preserved its history through old buildings, museums and other institutions, events and promotions of historic resources.

True West magazine is in its 57th year of leading the way in presenting the true stories of Old West adventure, history, culture and preservation. For subscriptions and more information, visit twmag.com or call 888-687-1881.

A wind turbine marketed by Honeywell could make generating electricity a home-based business.

The compact turbine resembles a 6-foot in diameter bicycle wheel that sits on a suburban roof. It can function at wind speeds as low as 2 mph, doesn’t make loud noises or vibrate excessively – two objections to competing turbines.

The average U.S. household uses about 10,000 kilowatt hours of electricity in a year. WindTronics, the Michigan firm that developed and manufactures the turbine, says their turbine on the roof of a close-in suburban home can be expected to generate about 20 percent of the electricity a household needs.

The installed cost of the turbine, including a connection to the local electric grid, averages about $8,000 to $9,000, WindTronics estimates, but that cost is offset by a federal tax credit of 30 percent. It may also be reduced by state and local tax credits.

Source: Washington Post, Katherine Salant (01/30/2010)

McLean, VA – In the fourth quarter of 2009, 33 percent of borrowers who refinanced their loan lowered their principal balance according to Freddie Mac’s quarterly Refinance Report. This is the highest “cash-in” share since Freddie Mac began tracking the characteristics of refinance transactions in 1985. The next highest share of cash-in refinancing occurred in the fourth quarter of 1993 when 23 percent of borrowers lowered their mortgage debt during refinance.

Consistent with the cash-in share, the report showed that the share of borrowers who increased their loan balance by 5 percent or more during the fourth quarter was at a record low of 27 percent. The previous lowest cash-out refinance share was 33 percent and occurred during the second quarter of 2003.

“Rates on 30-year fixed-rate mortgages set a new record low during the first week in December at 4.71 percent and over the quarter averaged just 4.9 percent in Freddie Mac’s Primary Mortgage Market Survey®,” noted Frank Nothaft, Freddie Mac vice president and chief economist. Freddie Mac’s weekly Primary Mortgage Market Survey® began in 1971. “One-half of borrowers who refinanced their conventional loan during the quarter lowered their annual mortgage interest rate by at least 0.9 percentage points below the old rate. In aggregate, the lower interest rate translates into about $2 billion in payment savings for these homeowners over the first 12 months of the new loan. For families that paid down their mortgage balances when they refinanced, the monthly payment savings are even greater.

“This transformation from a cash-out refi market to a cash-in refi market is consistent with other data we’ve seen on households reducing their overall debt burdens, particularly revolving credit like credit cards. From September of 2008 to November of 2009, consumers cut $100 billion dollars in revolving debt from their obligations, according to the Federal Reserve Board.”

“In the fourth quarter, about $11 billion in home equity was cashed out by homeowners when they refinanced their conventional prime-credit home mortgage, the smallest quarterly amount in nine years. Over 2009, the total amount of equity cashed out was just under $70 billion, the lowest annual total since 2000, when $26 billion was extracted,” said Amy Crews Cutts, Freddie Mac deputy chief economist. “The main causes of the decline in cash-out refinance are declining home prices in many areas of the country that have eliminated equity that could have been extracted and tighter underwriting standards for loan-to-value ratios. Among the refinanced loans in our database, the median appreciation of the collateral property was a negative 2 percent over the median life of the prior loan of 3.6 years.”

These estimates come from a sample of properties on which Freddie Mac has funded at least two successive loans. Transactions are further screened to verify that the latest loan is for refinance rather than for home purchase. The Freddie Mac analysis does not track the use of funds made available from these refinances.