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Denham Springs Lousiana Real Estate Reports That Lakeside Estates is now on the market in Livingston Parish.

Source: Timothy Boone - Baton Rouge Business Report

A new subdivision is on the market on La. Hwy. 63 in Livingston Parish. Lakeside Estates features 223 residential lots and 13 commercial spots. Calvin Blount, one of the developers, says homes in Lakeside Estates will sell for between $139,000 and $179,000. Blount says he got the idea to develop the subdivision after he noticed how a nearby RV park was nearly full every weekend. “There are 80 to 100 people living full time in the Lakeside RV park,” he says. Blount built 10 spec houses behind the park and they sold quickly. The properties in Lakeside Estates have been on the market for about two weeks; so far 11 lots have been sold. McLin and Associates, a local engineering and surveying firm, has purchased one of the commercial lots. Blount is hoping to bring in more office/warehouses as tenants, along with a day care center. – Timothy Boone

Commentary: Bill Cobb, a local Livingston Parish Home Appraiser, believes this is a needed development and great news for the Livingston Market.

Denham Springs Louisiana Real Estate

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Walker Louisiana Real Estate

Subdivision East Fork Statistics

An MLS CMA from 05/10/2007 to 05/10/2008 reveals: 

Average Sales Price: $126,180

Average Sold Price Per Sq. Ft.: $104.84/sf

Median Sold Price: $127,000

Low Sales Price: $124,900

High Sales Price: $127,000

Average # of Days On Market: 46 Days On Market

Total # of Sales: 5

Listing Price To Sales Price Ratio Has Been: 99.94%

# Of Homes For Sale Per MLS: 1 For $129,900

Smallest Home Size In MLS: 1,040sf Living Area

Largest Home Size In MLS:  1,377sf Living Area

Average Home Size In MLS: 1,200sf +/- Living Area 

EAST FORK S/D DATA IS SUPPLIED WITH THE PERMISSION OF THE GREATER BATON ROUGE BOARD OF REALTORS.

Walker Louisiana Home Appraiser, William D. Cobb, Reports On East Fork Subdivision

Walker Louisiana Home Appraisers

House Signs Off On Sweeping Housing Bill - Bush Administration Opposes FHA Refinance Plan

Source: Inman News

House lawmakers Thursday approved a sweeping housing bill that includes a controversial plan to expand FHA loan guarantee programs to help as many as 2 million troubled borrowers refinance into more affordable loans.

But the 266-154 vote to approve the package of bills, dubbed the American Housing Rescue and Foreclosure Prevention Act, fell short of the margin that would be needed to override President Bush’s threat to veto the bill.

The Bush administration opposes the expansion of Federal Housing Administration loan guarantees put forward in March by Rep. Barney Frank, D-Mass., as a “bailout” of lenders and speculators.

Frank has maintained that the program would not constitute a bailout because it would mostly be financed by insurance premiums borrowers pay to the FHA, and only owner-occupied homes would be eligible for government-backed refinance loans.

In addition, lenders would have to accept a maximum 85 percent of a property’s current appraised value as payment on an existing loan to participate, and borrowers would have to pay the government an exit fee to prevent them from flipping their home at a profit if housing prices rebound.

Backers of the FHA expansion plan sought to win bipartisan support by wrapping compromises on other issues Congress has been deadlocked on for years into the bill.

Those issues include so-called FHA modernization legislation sought by the Bush administration permitting the FHA to expand the use of risk-based pricing. Risk-based pricing would allow borrowers who might not have qualified for an FHA loan before to get one, although they would pay higher premiums.

The House incorporated the language of a previously approved FHA modernization bill into the Act, HR 1852, which would increase the maximum amount for loans eligible for FHA backing in high-cost areas to up to 175 percent of the $417,000 conforming loan limit, or 125 percent of an area’s median home price, whichever is less.

The legislation passed by the House Thursday would also provide for strengthened oversight of Fannie Mae and Freddie Mac, which was sought by the Bush administration as a prerequisite for permanent increase in the $417,000 conforming loan limit for mortgages eligible for purchase and guarantee by the government-sponsored enterprises, or GSEs.

A temporary increase in the conforming loan limit — up to $729,750 in high cost areas — is scheduled to expire at the end of the year. Some Democrats are pushing for a permanent increase in the conforming loan limit, but the legislation approved by the House Thursday incorporates the language of a previously approved GSE reform bill, HR 1427, which would limit Fannie and Freddie to securitizing mortgages of up to $625,500.

The House also threw in a first-time home-buyer tax credit of up to $7,500 for individuals who earn less than $70,000 a year, or up to $140,000 for married couples, that’s supported by the industry.

“The tax credit is the most effective way to halt the downward spiral in the housing market and stabilize home prices and financial markets,” said NAHB President Sandy Dunn, president of the National Association of Home Builders, in a statement. “This will get consumers off the fence, stimulate home buying and reduce excess supply in housing markets.”

The House bill — technically an amendment to The Foreclosure Prevention Act of 2008, a tax relief bill passed by the Senate April 10 — also includes language that’s intended to protect loan servicers who engage in workouts with troubled borrowers from lawsuits by investors in mortgage-backed securities. The Senate’s bill was, in turn, an amendment to a bill originally put forward in the House, HR 3221.

Differences in the House and Senate legislation must eventually be worked out in a conference committee, with President Bush’s threatened veto expected to be used as a negotiating tool.

The Mortgage Bankers Association was among industry groups welcoming aspects of the House bill Thursday.

FHA modernization has “long been one of MBA’s top legislative priorities,” the group said, and the new, independent regulator the bill would create for Fannie and Freddie “is crucial given the current state of the market,” MBA Chairman Kieran P. Quinn said in a statement.

Quinn said the proposed expansion of FHA loan guarantee programs “has the potential to help a significant number of borrowers avoid foreclosure” but must include “appropriate safeguards” to help those borrowers most deserving while keeping the program voluntary for lenders.

While Frank has said the plan could help as many as 2 million troubled borrowers stay in their homes, the Congressional Budget Office estimates that limited participation by lenders could keep the actual number of refinances closer to 500,000 loans, with program losses of about $2.7 billion.

In another 239-188 vote, the House passed a separate bill, HR 5818, The Neighborhood Stabilization Act, which authorizes $15 billion in federal grants and loans for state and local governments to purchase, rehabilitate, and resell or rent foreclosed homes.

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