The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

Pending home sales by region:

• Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.

• Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.

• South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.

• West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.

Source: NAR

Inventory Expands

Huntsville, AL — (March 22, 2010) — February home sales rose slightly in Huntsville Madison County according to new data prepared by the Huntsville Area Association of REALTORS® (HAAR). February home sales increased by 2.53 percent from January 2010 and decreased by 14.44 percent from February 2009.

At $169,900, the February 2010 single-family home median price – the figure at which half of the homes sold for more and half sold for less – slipped slightly by 1.22 percent from February 2009 and increased by 1.13 percent from the January 2010.

“Home sales and home prices continue to hold their own in Huntsville Madison County, which is a marked contrast to most of the country. Holding steady in today’s market is an indicator that the home buying season should show improvements over the previous year,” said Sid Pugh, 2010 HAAR President.

Available Properties

The number of available properties (active listings) in February decreased by 1.65 percent compared to January 2010. There were 49 fewer listings compared to January 2010.

The Huntsville Madison County area month’s inventory of single-family homes for February came in at 7.4 months compared to the national month’s inventory of single-family homes, which was approximately 7.8 months in January according to the National Association of REALTORS® (NAR).

Days on Market

The February 2010 Average Days on Market (DOM) fell to 111 compared to January’s 122 days but up by 3 days from February 2009.

Month’s inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Real Estate Milestones in February

February home sales rose by 2.53 percent from January 2010 and decreased by 14.44 percent from February 2009.

At $169,900, the February 2010 single-family home median price decreased by 1.22 percent from February 2009 and increased by 1.13 percent from the previous month.

The number of available properties (active listings) in February decreased by 1.65 percent compared to January 2010. There were 49 fewer listings compared to January 2010.

The February 2010 Average Days on Market (DOM) fell to 111 compared to January’s 122 days but up by 3 days from February 2009.

# # #

The computerized Multiple Listing Service, the North Alabama Multiple Listing Service (NALMLS) a subsidiary of the Huntsville Area Association of REALTORS® includes residential properties and new homes listed by 3,000 Realtors in North Alabama. Residential listing information for more than 2,900 properties may be found on the Internet at http://www.valleymls.com

The information published and disseminated to the North Alabama Multiple Listing Service (NALMLS) is communicated verbatim, without change as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported include a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures.

Founded in 1948, the Huntsville Area Association of REALTORS® (HAAR) is a 2,000 plus-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling.

December 31, 2009

A new mortgage disclosure rule may initially do the opposite of what the Department of Housing and Urban Development (HUD) intended.

Starting Jan. 1, lenders, for the first time, will be held to the good-faith estimate of closing costs they provide loan applicants. Lenders will be forbidden from increasing some charges at the closing table and limited to a 10% increase on other fees.

If the costs of services such as title insurance or credit reports turn out to be much higher than estimated, the lender will have to eat the difference.

HUD has estimated that borrowers will save an average of $700 in origination costs because the strengthened good-faith estimate will help them to compare offers and shop for the best price. But some experts say that, at least to start, lenders may raise their own fees to cover the additional risk, and overestimate third-party costs in the good-faith estimates to avoid running afoul of the regulation.

“The rule was adopted on the principle of lowering cost, but that may or may not be the case,” said Richard Andreano, a partner at the law firm Patton Boggs. “If there are so many restrictions and the lenders also have to pay third-party expenses, then lenders would have to increase their own fees on the loan to make up for where they are losing money.”

 Though HUD finalized the Real Estate Settlement Procedures Act rule a year ago, it gave lenders a year to prepare for compliance. In addition, HUD has offered a reprieve from enforcement actions for violations in the first four months of 2010.

Still, lenders are concerned because once the good-faith estimate has been given to a borrower, it cannot be revised except under a very narrow set of circumstances, which the agency has defined as “acts of God, war, disaster or other emergency.”

The good-faith estimate “is no longer an estimate but a firm document,” said Melissa Richards, a compliance attorney at Buchalter Nemer in San Francisco.

As a result, “the cost of doing business as a mortgage lender will go up exponentially in the coming years,” she said.

Gary Lacefield, the president of Risk Mitigation Group, a mortgage consulting firm in Arlington, Texas, said he has been flying around the country training mortgage bankers to understand how they will be affected by the new good-faith estimate.

“There’s going to be lots of confusion, particularly for those issues where there is no tolerance on the good-faith estimate and the amount listed on the form has to be exact,” Lacefield said. “There are going to be additional costs involved because lenders have to make sure they have the exact amounts listed.”

Fred Gooch, the vice president of compliance at DocuTech Corp., an Idaho Falls provider of compliance services and documentation technology, said that because lenders are bound by the tolerance levels on the good-faith estimate, they are searching for ways to control third-party settlement charges.

“The real issue is how do lenders control costs that they really can’t control but are on the hook for if they are out of tolerance,” Gooch said.

One way, he said, would be to negotiate contracts with third-party vendors putting them on the hook if any of the charges exceed estimates.

Another part of the new rule that is vexing lenders: they will have to give the borrower the good-faith estimate within three days of receiving a credit application. What constitutes an “application”?

According to HUD, once a lender receives six pieces of information from the borrower — name, Social Security number, monthly income, property address, estimate of the property’s value and the proposed loan amount — the clock starts.

Andreano said that in writing that provision, HUD did not take into account how consumers typically shop for homes, particularly if they have not yet identified a specific property they want to buy.

“Very little information now triggers the need to provide the good-faith estimate when many borrowers are really just looking for a ballpark figure of what they qualify for,” Andreano said. “Because of the binding nature of the good-faith estimate, the Respa rules create the need for a lender to make a decision on a borrower very early on in the process.”

To get around this problem, many lenders are intentionally not asking borrowers to provide specific property addresses, a move that can enable them to avoid having to provide the binding good-faith estimate, according to Andreano and several other mortgage experts.

“Some lenders are saying if they have a borrower who doesn’t appear to want to apply for a loan, they won’t take the property address, because the borrower just wants preliminary information,” Andreano said. “There are occasions where lenders are appropriately not requesting information because the borrower is in the preliminary stage.”

Richards at Buchalter Nemer said another unintended consequence of lenders trying to avoid being bound by the good-faith estimate is that they may start denying more credit applications, especially if they must make decisions “on the spot,” thus avoiding having to offer an estimate altogether.

That, however, risks inviting scrutiny from federal regulators if the rate of denials in certain geographic areas exceeds that of their peers.

One way to avoid an outright denial is by overestimating the charges in the good-faith estimate. “If the fees end up coming in lower, then they charge the lower amount at closing,” Andreano said.

In theory, if just one lender gives a conservatively high estimate of fees, it could potentially begin to lose business to rivals.

However, “if a lot of lenders estimate high, then it doesn’t make any one lender look uncompetitive, because that’s what the entire industry is doing,” he said.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You’re a good candidate for a short-sale purchase if:

• You’re very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
• Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
• You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

If you’re serious about purchasing a short-sale property, it’s important for you to have expert assistance. Here are some people you want to work with:

• Experienced real estate attorney. Only about two out of five short sales are approved by lenders. But a good real estate attorney who’s knowledgeable about the short-sale process will increase your chances getting an approved contract. Also, if you want any provisions or very specialized language written into the purchase contract, a real estate attorney is essential throughout the negotiation.
• A qualified real estate professional.* You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many buyers they’ve represented in a short sale and, of those, how many have successfully closed. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender. (All MLSs permit, and some now require, special notations to indicate that a listing is a short sale. There also are certain phrases you can watch for, such as “lender approval required.”)
• Title officer. It’s a good idea to have a title officer do an initial title search on a short-sale property to see all the liens attached to the property. If there are multiple lien holders (e.g., second or third mortgage or lines of credit, real estate tax lien, mechanic’s lien, homeowners association lien, etc.), it’s much tougher to get that short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval. If you don’t know a title officer, your real estate attorney or real estate professional should be able to recommend a few.

Some of the other risks faced by buyers of short-sale properties include:

• Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process.
• Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
• No repairs or repair credits. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

* Not all real estate practitioners are REALTORS®. A REALTOR® is a member of the NATIONAL ASSOCIATION OF REALTORS® and is bound by NAR’s strict code of ethics.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. 

Happy October!  There are so many things in Huntsville and Madison that it can become overwhelming.  If you know any new families in the area please share this blog with them so that they can become better informed of events here!  Please call me if you have any questions 256.503.5707!

Downtown Huntsville

Thursday, 01 STACY MITCHHART  ::  Crossroads
Open Mic Night w/Ben Trussell  ::  Voodoo Lounge
Ben Deignan  ::  Humphrey’s Bar & Grill
LADIES NIGHT with DJ Keibot  ::  Sammy T’s Music Hall
Kaffeeklatsch- Dave Anderson  ::  KaffeeKlatsch
 
Friday, 02 Josh Garrett and The Bottom Line  ::  Humphrey’s Bar & Grill
Fat Momma  ::  Voodoo Lounge
Chad Bradford Band  ::  Furniture Factory
RYAN BINGHAM AND THE DEAD HORSES  ::  Crossroads
Sammy T’s- Friday Night $3 For All  ::  Sammy T’s Music Hall
 
Saturday, 03 Old Union  ::  Humphrey’s Bar & Grill
DOWNSTROKE  ::  Sammy T’s Music Hall
WRONG WAY ( A TRIBUTE TO SUBLIME )  ::  Crossroads
Dawn Osbourne Trio  ::  Voodoo Lounge
Rob Aldridge  ::  Furniture Factory
 
Sunday, 04 CLOSED  ::  Humphrey’s Bar & Grill
KaffeeKlatsch- Sunday night blues jam  ::  KaffeeKlatsch
Karaoke w/ DJ Brandon Mac  ::  Voodoo Lounge
 
Monday, 05 Scott Morgan – Open Mic  ::  Humphrey’s Bar & Grill
KaffeeKlatsch- Acoustic Open Mic Night  ::  KaffeeKlatsch
Happier Hours  ::  801 Franklin
 
Tuesday, 06 Watson and Nash  ::  Humphrey’s Bar & Grill
 
Wednesday, 07 Son of Sanchez  ::  Furniture Factory
Toy Shop  ::  Humphrey’s Bar & Grill
 
Thursday, 08 LADIES NIGHT with DJ Keibot  ::  Sammy T’s Music Hall
Cash  ::  Humphrey’s Bar & Grill 

Huntsville Urban Network

October 3
Christmas Charities Year Round and Councill High Alumni Association presents the 3rd Annual 5K race and 1-mile Fun Run
Councill High School next to Huntsville Library
7am Registration | 8am 5K Begins | 9am 1-mile Fun Run begins
$15 Advance | $20 Race Day
For more information please visit www.christmascharitiesyearround.org, or call  837-2373, or email violet@christmascharitiesyearround.org

October 3
Word, Sound and Power presents The Cipher
Featuring Glenwood of Birmingham | Performances by WSP Spoken Word Artists | Hosted by Jabhu
Courtyard by Marriott, 4804 University Drive | 8pm
Cost: $7 | With new childrens’ book $5
Conact: 256-604-9922

October 7 and 21 (1st and 3rd Wed of the month)
Wednesday Salsa Night
Club Rush, 109 North Side Square (formerly the Jazz Factory)
7pm to 10pm | $5 | Free Lessons at 7pm

October 15
UAH Office of Multicultural Affairs presents the Real Talk Brown Bag Luncheon entitled, “Cultural Identifiers: The Different -isms To Confront and How Identifies Blend and Blur | Featuring Dr. Louis Dale, Vice President for Equity and Diversity at UAB
Material Science Building, Room 112 | 11am to 2pm
Registration by Oct 5 | Contact: 256-826-8224

Activities at Lowe Mill

Thursday – October 1st – Heap Us ‘Round Our Ruins: An Interstate
Film Circuit – 8pm – Admission $5

 Heap Us ‘Round Our Ruins: An Interstate Film Circuit
<http://www.round-our-ruins.com/>
 - Admission $5 (8pm)

Thursday – October 1st – Rocket City Film Festival Submission
Deadline -  Submission will be accepted in person at the Flying Monkey until
10/3’s Artist Market

Friday – October 2nd – Friday Night Concerts on the Back Dock –
Golden Ticket – 6pm-9pm – Admission Free

Friday Night Concerts on the Back Dock – Golden Ticket – Come
enjoy these guys take on the dock. They are a guitar and fiddle duo
that focus on folk/singer songwriter music.

Friday – October 2nd – Flying Monkey First Friday Open House -
5pm-8pm – Admission FREE

Flying Monkey First Friday Open House – Admission FREE – Local
artists and others are invited to set up a booth at the Flying Monkey
Arts Center and sell their wares to the public. There will be art,
jewelry, vintage clothing, records, and more interesting things for
sale inside our facility – safe from rain.

Friday – October 2nd – Monkey Speak – 8:30pm – Admission $5

Monkey Speak
<http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=187926773&MyToken=ef660682-ece0-484e-97fa-f2ebe8cf5d91>
- Admission $5 (8:30pm) Monkeyspeak is Huntsville’s most exciting
spoken word open-mic night, held the first Friday of every month.
Readers of poetry, short stories and more are invited to participate.
Mature audiences only.

Saturday – October 3rd – Flying Monkey – Rich Curtis – 1pm -
Admission FREE

Rich Curtis – Performance Art – Performance in a Shoebox -
Admission FREE – 1pm – 2pm This performance examines the physical and
psychological compartments that humans intuitively construct to order
their lives.

Saturday – October 3rd – Flying Monkey Theater – The Shaking Ray
Levis – 8:30pm – Admission $5

 The Shaking Ray Levis <http://www.myspace.com/theshakingraylevis>
 - Admission $5 (8:30pm)

Sunday – October 4th – The Film Co-op – 2pm-4pm – Admission FREE

The Film Co-op monthly workshop meets in Don’s Studio, Admission
FREE – (2pm – 4pm) Specific Topics To Be Announced. Also, if you have
a work in progress that you would like to discuss, bring a sample to
show. Open to all, public invited. For more info, call Don at
457-5371.

TWINED BASKETRY ON A GOURD BASE

Using reed and sea grass students will add a basketry top to a
prepared gourd base. The technique of twining is easy to learn and
very satisfying. Basic gourd preparation will be covered along with
the use of nontoxic dyes. All materials will be provided, but students
must bring a pail (for soaking materials), a pair of scissors, and a
hair dryer or heat tool if they have one.

Skill level: All Two dates of same class 8/29, 10/3, or 11/21

To register for class contact: David Edwards 256-533-0399
davidatlowemill@me.com <mailto:davidatlowemill@me.com>

For more information contact: Mary Segreto, mary@mardigourds.com
<mailto:mary@mardigourds.com>
 or call 205-841-2111

Time: 10AM – 2PM Class size: min., 8, max., 15 Cost: $55

EVERETT COX’S STUDIO – FIGURE SCULPTURE CLASS

Tuesdays & Thursdays – 6:30-9 PM – Lowe Mill Foundry / Everett
Cox’s Studio –Figure Sculpture Class – $300 for 5 weeks – 2 nights
a week Tuesdays & Thursdays – Learn to sculpt the human figure from
life. Price includes all initial supplies. Students will end up with
one finished piece in clay. There is an alternate Saturdays only class
at 3 PM till 6 PM for $200 starting October 3rd and lasting till
October 31st.

Additional Events

October 2-3
Tennessee Valley Old Time Fiddlers Convention–Athen
Admission charged. Fri., noon until; Sat., 8 a.m. until at Athens State Univ.—Music lovers and musicians from more than 30 states come together for one of the largest fiddlers convention in the nation. Competition in 18 categories, more than 150 booths, tasty treats, arts and crafts. For more information, call (256) 233-8200.

October 2-3
Huntsville Dragway
Admission charged. Fri. 5 pm, Sat. 3 pm at 502 Quarter Mountain Road, off Jordan Lane (Highway 53) in Harvest. Test & Tune & R&R Bracket Series & HP Jr. Dragster Series.. For more information, call (256) 859-0807.

October 3
Five Points Walking Tour
Free. 10:00 am at Maple Hill Cemetery, corner of Wells & Maple Hill Drive. Huntsville’s newest locally designated historic district encompasses architecture from the 1890’s through the 20th century. A guide will share unique & interesting stories about these quaint Victorian homes & bungalows. For more information, call (256) 533-5723.

October 3
Madison Street Festival
Free. 8:45 AM-5 PM in Downtown Madison. Enjoy a parade of local community organizations, schools & civic clubs, entertainment throughout the day, children’s activities, trades, food vendors. For more information, call (888) 228-5845.

October 9-11
Gem & Mineral Show
Admission charged. Fri.-Sat. 10 AM & 6 PM & Sun. Noon-5 PM in East Hall of Von Braun Center. This is a great opportunity to get that one-of-a-kind piece of jewelry, beautiful stone or Christmas present. Over 30 vendors will be displaying gems, minerals, fossils & jewelry for sale. Local club members will provide educational exhibits & demonstrations on related topics, including beading & wire wrapping. For more information, call (256) 880-2291.

Huntsville, AL — (September 16, 2009)— Home sales in Huntsville Madison County began their seasonal decline in August according to new data prepared by the Huntsville Area Association of REALTORS® (HAAR) with home sales slowing by 15.90 percent from July 2009 and in line with the 2008 decline of 15.77 percent. The trend reflects a net difference of 0.13 percent decrease in sales compared to the same period last year.

The August single family home median price decreased by 1.71% from July of 2009. At $172,000, the August 2009 single-family home median price – the figure at which half of the homes sold for more and half sold for less – decreased by 7.03 percent compared to August 2008.

“This overall economic recovery will be a long and gradual one, however all indications continue to show that the Huntsville Madison County housing market is on strong footing, particularly when it comes to sales, housing inventory and home prices,” said Oscar Gonzales, HAAR CEO.

Available Properties The number of available properties (active listings) in August decreased by 2.89 percent or 87 active listings compared to August 2008. There were however 19 more active listings compared to July 2009, reflecting a slight increase in inventory and well within seasonal norms. The Huntsville Madison County area month’s inventory of single-family homes for July came in at 8.06 months compared to the national month’s inventory of single-family homes, which is approximately 10.2 months, according to the National Association of REALTORS® (NAR).

Days on Market

The August 2009 Average Days on Market (DOM) increased by 1 day to 92 compared to July 2009 and decreased by 12 days from August 2008.

Month’s inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. 

Real Estate Milestones in August

Home sales in Huntsville Madison County began their seasonal decline in August with a net difference of 0.13 percent decrease in sales compared to the same period last year.

The August single family home median price decreased by 1.71% from July of 2009.

The number of available properties (active listings) in August decreased by 2.89 percent or 87 active listings compared to August 2008.

The August 2009 Average Days on Market (DOM) increased by 1 day to 92 compared to July 2009 and decreased by 12 days from August 2008.

# # #

The computerized Multiple Listing Service, the North Alabama Multiple Listing Service (NALMLS) a subsidiary of the Huntsville Area Association of REALTORS® includes residential properties and new homes listed by 3,000 Realtors in North Alabama. Residential listing information for more than 2,900 properties may be found on the Internet at http://www.valleymls.com

The information published and disseminated to the North Alabama Multiple Listing Service (NALMLS) is communicated verbatim, without change as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported include a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures.

Founded in 1948, the Huntsville Area Association of REALTORS® (HAAR) is a 2,000 plus-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling.

I hope you all are having a great September!  I have been repeatedly asked by clients and friends for entertaining things to do in Huntsville/Madison.  After many emails to individuals, I have decided to include a calendar of events in my blog for everyone (in an effort to keep you better informed of the happenings and events in Huntsville Alabama for Young Professionals, married couples, retired couples, families, etc).  If you know of any additional events happening in Huntsville/Madison or the surrounding areas (including Birmingham and Nashville) please let me know so that I can also include them in the calendar.  I hope you attend some of these events, especially if you’re new to the area.  It will be a great opportunity to meet fantastic people in Huntsville/Madison. 

Downtown Huntsville Scene: 

Friday, 11 Sammy T’s- Friday Night $3 For All  ::  Sammy T’s Music Hall ABBEY ROAD LIVE  ::  Crossroads the Reddletters  ::  Voodoo Lounge TOY SHOP  ::  KaffeeKlatsch JUICE  ::  Furniture Factory Daddy Mac Blues Band  ::  Humphrey’s Bar & Grill  

Saturday, 12 Rob Aldridge  ::  Furniture Factory Bob Walters Banned  ::  Voodoo Lounge Old Union  ::  Humphrey’s Bar & Grill ANOTHER HERO  ::  Sammy T’s Music Hall 4Door Ramblers  ::  KaffeeKlatsch  

Sunday, 13 KaffeeKlatsch- Sunday night blues jam  ::  KaffeeKlatsch CLOSED  ::  Humphrey’s Bar & Grill  

Monday, 14 ***Mississippi John Doude***  ::  Voodoo Lounge KaffeeKlatsch- Acoustic Open Mic Night  ::  KaffeeKlatsch Happier Hours  ::  801 Franklin Microwave Dave – Open Mic  ::  Humphrey’s Bar & Grill  

 Tuesday, 15 Watson and Nash  ::  Humphrey’s Bar & Grill  

Wednesday, 16 Yo Mamma Big Fat Booty Band  ::  Humphrey’s Bar & Grill Ezell  ::  Furniture Factory  

Thursday, 17 Juice Trio  ::  Humphrey’s Bar & Grill LADIES NIGHT with DJ Keibot  ::  Sammy T’s Music Hall

Kaffeeklatsch- Dave Anderson  ::  KaffeeKlatsch 

Events:

September 1-Oct 31
Scarecrow Trail
Admission charged. Huntsville Botanical Garden–Over 100 scarecrows invade the Garden. Enjoy hayrides, creepy sorghum maze and enchanted forestadd to the fun. For more information, call (256) 830-4447.

Now thru November 30, 2009
Harmony Park Preserve
Admission charged. 10 am-Sundown. Observe antelope, oryx, zebra, zebu, tortoises, lizards, llamas, deer & a camel while driving in the safety of your car. South on Memorial Parkway, left onto Hobbs Island Road, go about 9 miles, right onto Cloud’s Cove Road, 431 Cloud’s Cove Road. For more info, call (877) 726-4625.

Now-September 30
Sci-Quest’s Immersive Theater
Admission charged. Tues.-Fri. 9 am -4 pm , Sat. 10 am -6 pm , Sun. 1-5 pm , Closed Monday. At Sci-Quest, 102-D Wynn Drive. “Virtual Vortex” is an interactive 3-D presentation. Facilitators will lead audiences through the formation of a thunderstorm, conditions needed for a tornado to form & how a tornado moves once on the ground. For more information, call (256) 837-0606.

Now-September 30
Butterfly House & Nature Center
Admission charged. Mon.-Sat. 9 am-5 pm & Sun. Noon-5 pm at Huntsville Botanical Garden, 4747 Bob Wallace Avenue. Welcome to the nations’ largest seasonal butterfly house. Home to over 30 species of North American butterflies, caterpillars, eggs & chrysalis. Frogs, birds & other critters also inhabit the ponds, trees & waterfall. For more info, call (256) 830-4447.

September 11-14
Oktoberfest
Admission charged. Thurs. 5-11 pm, Fri. 5 pm-1 am, Sat. Noon-1 am & Sun. 1-8 pm at Redstone Arsenal Activity Field, enter Redstone Arsenal through gate 10, go south on Patton Road. Vendors will serve up traditional German fare, as well as all-American hamburgers & hot dogs. Plenty of German spirits also will be available. For more information, call (256) 876-5232.

September 11-12
Huntsville Dragway
Admission charged. Fri. 5 pm, Sat. 3 pm at 502 Quarter Mountain Road, off Jordan Lane (Highway 53) in Harvest. Test & Tune, R&R Bracket Racing, HP Jr. Dragster Series. For more information, call (256) 859-0807.

September 11-12, 17-19 @ 7:30 pm & September 13 & 19 @ 2 pm
Theatre Huntsville 2009-2010
‘You Can’t Take It With You’
VBC Playhouse
$17 Adults / $15 Students and Seniors 

September 12 – 7:30
Huntsville Symphony Orchestra
Beethoven and Shostakovich
Von Braun Center Concert Hall
Admission $28-69

September 12
Old Fashion Trade Day On The Square
Free. 8 am-5 pm at Alabama Costitution Village, 109 Gates Avenue. Just like the old days Huntsvillians will gather to trade, barter sell, eat, have fun & share fellowship. Music & dancing will be part of the festivities. For more information, call (256) 539-0097.

September 12
Train Excursion
Free. 10 am & 1 pm at North Alabama Railroad Museum, 694 Chase Road. Admission charged. for train rides. For more info, call (256) 851-6276.

September 12
Hampton Cove Yard Sale
Free. 8 am – 2 pm
Huntsville Alabama East on Governors

September 12
Clift’s Cove Yard Sale
Free. 8 am – 2 pm
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A new bill introduced in the House Thursday, HR  2801 or Home Ownership Moves the Economy (HOME) Act of 2009, aims to make the current $8,000 first-time home buyer tax credit available to literally anyone that purchases a primary residence through the end of 2010.

The bill, introduced by Howard Coble (R-N.C.), extends the current tax break to anyone “who purchases a principal residence” through Jan. 1, 2011. It also lifts the income limitation (currently, singles earning more than $75,000 and couples earning more than $150,000 are disqualified) but keeps the $8,000 maximum credit, depending on the value of the home.

The bill extends the repayment waiver to account for the extended credit availability. Current law states the tax credit does not have to be repaid unless the home owner sells the property or no longer uses it as a primary residence within 36 months of purchase. Extending the waiver, according to Coble, provides fair treatment of home owners that purchase within the extended deadline.

And all of this, Coble says, encourages home ownership and sparks the housing market as well as the economy:

“As we have seen in the past, when the real estate market is thriving, so is the rest of our economy. Now we are experiencing the dire consequences of a slumping housing market. I believe our HOME Act of 2009 would convince many who are sitting on the fence right now to climb down and purchase a new home. Our entire economy would be the beneficiary of these new sales. Extending the tax credit to all home purchases could be just the boost our housing market needs.”

He’s not alone in pushing for broader financial incentives for home purchases. Georgia State governor Sonny Perdue on May 11 signed HB 261 into law, making up to $1,800 (or 1.2% of the purchase price, whichever is less) in tax credit available to home buyers. The state tax credit, taken over three years, is in excess of the federal tax credit for qualifying first-time home buyers. It applies to all home buyers within six months of the law’s enactment.

The Federal Housing Administration recently began allowing home buyers to “monetize” the federal home buyer tax credit toward closing costs on FHA-insured mortgages. The credit cannot count as the buyer’s minimum 3.5% down payment, but can be put toward other closing costs up front through a short-term loan the borrower repays after filing his or her income tax return.

The efforts to broaden the availability of federal dollars toward home purchases looks socially responsible on paper, especially as underwriting standards among lenders across the nation have tightened since the housing bubble fallout began.

But the principle of taxpayer money incentives for (albeit qualifying) borrowers to obtain government-insured mortgages raises questions, namely:

If the tax credit’s intended audience would not otherwise purchase a home outside of thousands of dollars from Uncle Sam, doesn’t it create somewhat of a false housing demand?

The broad argument surrounding the cause of the housing bubble generally states that risky lending practices allowed people into home ownership who could not reasonably afford payments. What began this year as a temporary stimulus to get the housing market on its feet again looks to turn into a broad tax credit for just about anyone that purchases a home, if Coble’s bill gains momentum.

Even if house prices increase under a permanent housing stimulus, they would stem from an exaggerated level of demand, so a government-subsidized housing bubble may be in the works. This article has been reposted from HousingWire. View the article on HousingWire’s mortgage finance news website here.