On Saturday, October 4, from 9-11 AM the Prudential Nutshell Eco-Broker Team will host Matt Bialecki speaking on sustainable design in architecture, Brian Nowitzki on renewable energy options for the homeowner, and Greg Eckert on green mortgages.  Complimentary refreshments from local farm stands will be provided courtesy of Centennial Mortgage.   The program will take place at Nutshell’s Stone Ridge office at 3056 Route 213 East, Stone Ridge.
Matt Bialecki, AIA, Architect will speak on Sustainable Design.

Mr. Bialecki’s work has often been featured in national publications and has won numerous awards from the American Institute of Architects (AIA) for architectural design and sustainable systems.   In addition to designing numerous local residences, Matt has designed many of the regional buildings you may know such as the Sam’s Point Conservation Center, Rock and Snow, and the New Paltz Railroad Station restoration.  Matt is active in community affairs and land use planning and conservation.  He has served on the Gardiner Town Board where he chaired the Town’s Zoning Committee which rewrote the Town zoning laws to protect the Shawangunk Ridge and promote open space conservation.   For over 20 years, Bialecki Architects has provided Architectural Design, Sustainable Design, Historic Restoration, Landscape Planning and Community Design services throughout the Hudson Valley.

Brian Nowitzki, of Hudson Valley Clean Energy will speak on renewable energy options for homes and businesses. 

In addition to some basics on how these options work to reduce our environmental impact, Brian will highlight the State and Federal incentives available to make these systems affordable and cost-effective.  HVCE is a full service solar electric, solar hot water and geothermal heat pump designer serving Ulster, Dutchess, Columbia, Greene, Putnam and northern Orange Counties.  With over 6 years experience in the renewable energy field, HVCE offers an informative look at the present-day engineering systems that support sustainable building in the Northeast.
Greg Eckert, Vice President of Centennial Mortgage Corporation will speak on the benefits of a “green” mortgages.

Greg Eckert is an experienced mortgage originator working in the Hudson Valley for the past 20 years. Centennial Mortgage Corp is a registered NYS mortgage broker offering a full range of mortgage products.  Various available energy efficient mortgage (Green) mortgage programs will be discussed along with paperless closing options. 
Prudential Nutshell Realty, established in 2002, is the fastest growing real estate firm in Ulster County.  Located in Stone Ridge, Prudential Nutshell provides professional real estate expertise and service to buyers and sellers throughout the Hudson Valley and New York Metro area.  For more information, or to register to attend, call Laurel Sweeney at 845-687-2200.  Seating is limited.

Fannie Mae and Freddie Mac have been taken over by the government,  Lehman Brothers declares bankruptcy, Merrill Lynch sold to Bank of America, AIG bailed out, and what is going on with WAMU and Wachovia?

Let’s focus on the mortgage part of this:

Last week Treasury Secretary Paulson announced that the federal government was seizing control of Fannie Mae and Freddie Mac and placing them under a government conservatorship.   This means that the federal government now essentially owns the majority of mortgage debt in the country. 

The move was an effort to prevent the collapse of both agencies, who have been losing money because of the housing slowdown and increased delinquencies and foreclosures.  Fannie Mae and Freddie Mac’s losses eroded their capital reserves and they were unable to raise enough new capital, despite previous attempt by the Treasury Department to help shore them up. 
Treasury Secretary Paulson has said that a failure of either company would cause great havoc in the economic system.  In the NY Times, he was quoted as saying, “This turmoil would directly and negatively impact household wealth: from family budgets, to home values, to savings for college and retirement. A failure would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance. And a failure would be harmful to economic growth and job creation.”

The purpose of the takeover was to ensure that the flow of money will be available so that banks will still be able to sell their loans to Fannie and Freddie.  If Fannie and Freddie were not open for business, the credit crunch would be much, much worse, because banks would have less access to capital, and fewer buyers for their loans.  This would likely cause rates to go up and lending to tighten even further.

Has it helped?

So far, rates are down about a quarter of a percent, dropping from an average of 6.5% last week, to averaging around 6.25% today on a 30 year fixed rate mortgage.  The hope is that the move will lower mortgage interest rates, and help the housing market recover.  However, the bond yield, which affects mortgage interest rates most directly, was down at 3.41 as of close of business yesterday.  This would usually indicate mortgage rates in the mid 5% range, but rates remain just under 6% for most 30 year fixed rate mortgages.
What effect will the changes on Wall Street have on home sales?
I am not sure anyone can reliably answer that question at the moment.
So what should we do?

I think the best thing we can do is to calm buyers’ fears, and remind them:

1. Rates are still quite low, and mortgage money is available through
   a variety of loan programs. Fannie & Freddie are still lending money,
   as are the FHA, VA and SONYMA.
2. Home prices have come down, so it is a great time to get a good deal if you are a buyer.
3. Let people know about programs like the $7,500 First time Buyer Tax Credit that is available through July 2009.

A warm slice of country living!

The Kerhonkson Accord Chamber of Commerce is holding the 4th Annual Jennie Bell Pie Festival at Kelder’s Farm (home of the world’s largest garden gnome). The festival will take place Saturday September 27th at 12 noon.  The farm is located along Route 209 in Accord.

The pie festival will include a judged bake-off, a pie auction, a talent show, arts and crafts vendors, live music, hay rides and more. The event will wrap up with a spectacular fireworks display provided by a group of local merchants.

Jennie Depuy Bell (1915-2004), whose family was among the first settlers of what is now the Town of Rochester, was well known for her splendid home baked pies. Jennie often donated her time and energy to bake many pies for the Rochester Reformed Church dinners, community events, and of course, her family. Pie making looked easy when Jennie was in the kitchen, but anyone who has tried, knows that much practice and expertise is required.

Jennie Bell was also much appreciated for patiently helping others, both young and old, to master the pie making skill. One of her secrets to a good pie… serve it the same day that it is made!

For more information, call the Accord-Kerhonkson Chamber of Commerce 845-626-2616