Today is National Kite Flying Day

There is no doubt that kites have changed history, and our lives, forever! Legend has it that in 1752, Benjamin Franklin flew one and, after a shock, discovered electricity. What will you discover when you go fly a kite?


Here in Gilroy, it’s not a great day to fly a kite. But you could make one!

 

FHA to hike premiums on mortgages

from CNN Money

The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced last week that it will raise premiums by 10 basis points, or 0.1 percent, on most of the new mortgages it insures.


Here’s the highlights:

• A borrower opting for a 30-year, fixed-rate mortgage who puts down 5 percent or more will now pay an annual insurance premium of 1.3 percent of their outstanding balance. Someone who puts down less than 5 percent will pay a premium of 1.35 percent.
• The FHA said it also will raise premiums for borrowers with jumbo loans – loans of $625,000 or more – by 5 basis points, and increase the minimum down payment requirement on these loans to 5 percent from 3.5 percent.
• Additionally, the FHA said it will require most buyers to pay insurance premiums for the life of their loan. A policy that was put in place in 2001 allowed borrowers to cancel premium payments once their debt fell below 78 percent of the principal balance. One exception will be for borrowers who put more than 10 percent down at the time of purchase.
• Other new policies include a requirement that any mortgage for an applicant with less than a 620 credit score and debt-to-income ratio above 43 percent must be underwritten manually. Lenders who want to issue loans to these applicants must be able to adequately document why they decided to approve the loans.
• The FHA also decided to put new restrictions on reverse mortgages, no longer permitting retirees to take such large, upfront payments.

Read the full story

It’s Fettucine Alfredo Day!

National Fettuccine Alfredo Day – February 7

THE white food! Do you like yours with chicken, shrimp, or just plain? There are several places in Gilroy to get the food of the day. We particularly like Mama Mia’s on First Street. Tell us where you get your Fettuccine Alfredo.

A Land Rush Is On

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Some big money is walking back into real estate this year in the form of land sales, new housing developments and home builder IPOs.

CNN Money reports that:

“Hedge funds and private equity firms have been rushing in to buy up companies and assets in every part of the housing supply chain, including undeveloped land, homebuilders, foreclosed homes, and building parts manufacturers.

Some interesting developments are laid out in the article. Hedge fund Paulson & Co is making a huge bet on land, buying up land in California, Arizona and Nevada – enough to build 25,000 homes. Blackstone Group last year bought 17,000 single-family homes that had been through foreclosure and has plans to continue these purchases in 2013.

Several home builder IPOs are expected this year, as we discussed here before. Tri Pointe Homes, which builds homes in California and Colorado, raised $232 million through its IPO last week, marking the first public offering by a home builder in nearly a decade.

And another sign of increasing investor appetite is in the price of home builder stock, which has been climbing lately. Pulte Group, KB Home and Lennar – three of the nation’s largest home builders – all have had shares trading at 52-week highs.

The window of opportunity in housing has clearly opened for investors. But it won’t be open for long. As more money rushes in, the chances of getting rock-bottom prices become scarcer.
All of this means two things: The housing market is picking up and investors know it. And we can expect a lot more housing inventory coming down the pike in years to come.

Even if you’re not in the market for land or a new home, these things will likely impact you in some way by impacting the entire sector. When investors see a market healthy enough to jump in, then it’s generally a good sign. For buyers, this means more supply to keep up with demand. For sellers, it means an overall stronger market that will pick up in value.

If you are looking to pick up some land this year, then you better get to it.

And for a Healthier start to your day – it’s National Frozen Yogurt Day!

We’re sure there’s lots of places to get frozen yogurt in Gilroy, but our favorite place is YoghArt. They’re at YoghArt 1230 First Street, back in the corner in suite 105. Where do you get your frozen yogurt? 

Where to Get Pancakes in Gilroy on National Pancake Day

It’s National Pancake Day – February 5th. This is a designation heavily promoted by IHOP (International House of Pancakes). Great! We don’t have an IHOP in Gilroy. What to do? Let’s have pancakes anyway. Here are a few places we know about that serve pancakes right here in Gilroy. Enjoy some pancakes today.

OD’s Kitchen — 28 Martin Street

 

 

 

Longhouse Restaurant — 8195 Monterey

 

 

 

Denny’s — 8425 San Ysidro Ave.

 

 

 

Mimi’s Café — 6935 Camino Arroyo

Thank a Gilroy Mail Carrier Today!

Today, February 4th, is Thank-A-Mail-Carrier Day. Put a little note in your mailbox addressed to your mail carrier thanking them for their 6-day-a-week dedication to delivering your mail.