When thinking of investing, one thing that comes to most people’s minds is real estate. Even in this time of recession, real estate can offer great investment potential. While most people thing that real estate investing is solely buying homes, condominiums, or commercial properties, there is another facet of real estate that even the smallest of investor can take advantage of – land and lots. There are several advantages to choosing to invest in land and lots and by learning more about them, you may find that this kind of investing is the right choice for you.

Land and lots will cost you less. You can find lots or land for as little or as much as you want to pay. The big price range in land will allow you to find land that will meet your investment budget and your needs. They offer a bargain price over the cost of land with a home or a condominium.

Land and lots offer flexibility. Depending upon the zoning, you will find that there is a great deal of flexibility in how the land is developed. This can make it easier to sell and be more enticing to buyers in the future.

Land needs less upkeep. Unlike homes, land does not need as much upkeep or work. This can be a big benefit that leads people to choose to invest in land and lots over other real estate properties.

Big potential for profit. Depending upon the land location and the demand, you can see significant profit if you are willing to hold the land for the future. This is very true of land on the outskirts of a growing town and in the path of growing development.

Help you meet your financial goals. Whether you are investing in land or lots to allow you to build a second home or you want to retire early, investing in land or lots can help you to reach those goals and be financially successful.

If you have money to invest, real estate like land or lots can be a great choice for you and your budget. They offer a bargain price, great flexibility to you and your buyer, need less work, have a profit potential, and help you meet your financial goals. By finding the right land that meets your needs, wants, and investment budget, you will be able to change your life, both financially and personally. Consider land or lots for real estate investment today.

Source: http://www.a1articles.com/article_978647_15.html

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Author’s Yougler Profile is at  Bill Hitchcock.

For the second year in a row, Croatan High School was among public high schools recognized as one of the best in the country.

U.S. News & World Report in collaboration with School Evaluation Services, a K-12 education and data research and analysis business that provides parents with education data, analyzed academic and enrollment data from more than 21,786 public high schools from 48 states and the District of Columbia to find the very best. Top schools were placed into gold, silver, bronze or honorable mention categories.

Of the 440 schools reviewed in North Carolina, 314 were found eligible for full analysis. Of those, 44 received a bronze or better award — 11 received silver and 2 received gold awards, according to U.S. News state-by-state statistics.

Croatan High School was granted a silver award.

Mat Bottoms, the principal of Croatan High School, was honored to receive the attention from U.S. News & World Report.

“This is an outstanding honor for Croatan High School,” he said in a press release from the school. “We are all pleased to have Croatan High School acknowledged on the national level, and to have received this attention two years in a row is outstanding. I am very proud of this school and it is my privilege to serve as principal here.”

Bottoms said the award was the result of “students working hard and focusing on education … teachers and staff well prepared each day” and “parents and family that support their students and understand the importance of education.”

U.S. News & World Report has ranked high schools for three years “to provide a clear, unbiased picture of how well public schools serve all of their students — from highest achieving to the lowest achieving — in preparing them to demonstrate proficiency in basic skills as well as readiness for college-level work,” according to its Web site.

Jones Senior High School also received national recognition for the second year in a row with a bronze medal, according to the report.

There were no schools recognized in Onslow County this year.

For more information, visit usnews.com.

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Author’s Yougler Profile is at  Bill Hitchcock.

Savvy buyers use self-directed IRA to buy homes
Carolyn Said, Chronicle Staff Writer

Nathan Foran used his self-directed IRA to buy a dilapidated foreclosed house in Richmond for $25,000 cash. Another $25,000 to $35,000 from the retirement account will go toward fixing up the property. He then hopes to rent it out for about $1,000 a month, money that will go straight into his retirement account.

Foran, 40, a San Anselmo real estate broker and investor, sees a lot of advantages in investing in real estate through his individual retirement account.

“The net rental income goes into the IRA, so it’s generating money tax deferred,” he said. “Once I sell, the money also goes directly into the IRA without capital gains tax. If I hold onto it for five to seven years, it probably will be worth in the low $200,000s, so I’ll get a sizable gain. If I find another property I think will appreciate faster, I can sell this and use the funds to invest in that one. The IRA is a good long-term investment tool.”

With many properties at bargain-basement prices, more people have been turning to their self-directed IRAs as a ready source of capital to make real estate investments. Companies that manage self-directed IRAs say real estate investments by their clients are up as much as 30 percent over the past year.

But experts caution there are a range of potential issues and gotchas – including ones that could even disqualify the entire IRA.

Self-directed IRAs account for just 2 percent of the $4.2 trillion IRA market, but are among its fastest- growing segments. They allow access to a variety of investment vehicles beyond just stocks and bonds. The IRS closely regulates them, and any real estate investments must be handled by IRA custodian firms that hold the property inside the IRA.

Can’t live in property

IRA owners can invest in any kind of real estate – raw land, commercial properties or residential rental properties. They cannot invest in a property they already own or plan to live in, however.

The retirement funds “represent a large amount of untapped capital for investors that they can more actively manage,” said Brad Hemstreet, vice president of sales and marketing for Equity Trust Co., a Cleveland company with $8 billion of IRA funds under management.

After the recent stock market downturn, “people are pulling out of Wall Street and want investments they understand and are comfortable with,” he said. “Many people look at owning a property as a far better investment than owning a stock or bond.”

Mary Kay Foss, a CPA and director of the Danville office for accounting firm Greenstein, Rogoff, Olsen and Co., said using IRAs to buy real estate can negate many tax advantages.

“Real estate is already one of the best investments you can have, tax-wise, because you can deduct all of your expenses, and when you sell it, you pay long-term capital gains (at 15 percent, much lower than income tax),” she said. “But if you have it in an IRA, none of the expenses are deductible. When it’s sold, any profit is taxed when you take it out (of the IRA) as ordinary income.”

Investing in real estate with a Roth IRA has fewer drawbacks, she said, because distributions are tax-free once the account has been in place for at least five years, although “you still have the downside that you can’t deduct any expenses.”

Must follow IRS rules

People who invest in real estate through an IRA have to make sure they adhere to IRS rules or they risk disqualifying the account, which carries heavy tax penalties. Neither they nor their relatives can live in the property. They cannot pay any expenses directly; everything from repairs to property taxes must be funded from the IRA. That means they must make sure their IRA has enough liquidity to handle expenses. If they have to add money, they pay a penalty.

“At this price point, I’m able to do the entire transaction with my IRA,” Foran said about his $25,000 property. “I wanted to be very safe and make sure I have plenty of buffer in there so I won’t have to do a capital contribution to keep that property afloat.”

Companies that manage self-directed IRAs said they fully disclose all rules and recommend that investors educate themselves and consult their own accountants.

“Generally people in the real estate IRA business are very savvy about the market and investment properties,” said Hugh Bromma, CEO of Oakland’s Entrust Group, which has $4 billion in IRA funds under management. “They’re picking up selected properties in areas that will be conducive to long-term appreciation.”

About 30 percent of Entrust’s clients invest in real estate, he said. Foran is among them. Entrust charges $250 a year to manage a single property, plus fees for purchasing the property.

Most IRA real estate investors buy properties with all cash, the simplest approach. If they don’t have enough funds to do that, they can partner with other IRA account owners, or even partner with themselves, for instance paying half from their IRA and half from their personal savings.

30% down required

A handful of banks offer mortgages to IRA investors, but they must put down at least 30 percent, and they pay a higher interest rate because the loans must be nonrecourse, meaning the banks cannot go after other assets.

Once IRA account holders reach age 70 1/2, they must start taking minimum required distributions from their account. What if they have a house held in the account and can’t sell it? “You can take a portion of it and transfer it to yourself,” said Kathy Holcomb, business development officer at Pensco Trust Corp., a San Francisco IRA management company.

Suzanne Gregg, an agent with Paragon Real Estate Group in San Francisco, has bought and flipped a couple of properties through her IRA and said she tripled her money.

“It’s not like you just buy a stock online and forget about it; it’s a little more hands on,” she said. “It’s a tangible asset you can see and manage.”

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/08/31/BUQI19FAVM.DTL#ixzz0ZJiFOYLs

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Author’s Yougler Profile is at  Bill Hitchcock.

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average 0.7 point for the week ending December 3, 2009, down from last week when it averaged 4.78 percent. Last year at this time, the 30-year FRM averaged 5.53 percent. The 30-year has never been this low since Freddie Mac began its weekly survey in 1971.

The 15-year FRM this week averaged 4.27 percent with an average 0.6 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 5.77 percent. The 15-year FRM has never been this low since Freddie Mac started tracking it in 1991, and breaks the record low set last week.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19 percent this week, with an average 0.6 point, up slightly from last week when it averaged 4.18 percent. A year ago, the 5-year ARM averaged 5.77 percent.

The 1-year Treasury-indexed ARM averaged 4.25 percent this week with an average 0.6 point, down from last week when it averaged 4.35 percent. At this time last year, the 1-year ARM averaged 5.02 percent. The 1-year ARM has not been this low since the week ending June 30, 2005, when it averaged 4.24 percent.

(Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)

“Interest rates for 30-year and 15-year fixed-rate mortgages fell for the fifth consecutive week to an all-time record low while the average rate on 5-year ARMs hovered near its record set in the previous week,” said Frank Nothaft, Freddie Mac vice president and chief economist. “In addition, interest rates on 30-year and 15-year fixed mortgages thus far in 2009 averaged one percentage point below their respective average in 2008.

“Low mortgage rates and the cumulative decline in house prices have contributed to an extremely affordable housing market and helped spur home sales this year. For instance, total new and existing home sales in October were 36 percent higher than their January low on a seasonally adjusted, annualized rate, according to the U.S. Census Bureau and the National Association of Realtors® (NAR). The NAR also reported that pending existing home sales rose for the ninth straight month in October, representing the longest consecutive gain since the series began in 2001, according to the National Association of Realtors. Seven of those months were the most affordable on record dating back to 1971, based on the NAR’s Housing Affordability Index.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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Author’s Yougler Profile is at  Bill Hitchcock.

RISMEDIA, December 3, 2009—Real estate professionals in the United States sent Point2 Technologies Inc.’s forward looking Real Estate Confidence Index (RECI) to new highs in the company’s November 2009 survey of 2,000 real estate brokers and agents nationwide.

A 7.87% jump in confidence signaled renewed optimism and more positive sentiment amongst real estate brokers and agents across the U.S., with the RECI recording a new high of 6.03 on the 1-10 Index scale (1 being “bad” and 10 being “good”), in a dramatic reversal that follows October 2009 results which saw the industry’s forward looking sentiment gauge dip to an all time low of 5.59 after two months of increased uncertainty about the future of the real estate market.

With a more overall positive tone underlying commentaries offered by real estate brokers and agents in the majority of U.S. markets and who participated in the Point2 survey, improved sentiment took all three RECI Index components to new highs.

The Current Sentiment, which measures real estate professionals’ opinion of present market conditions, moved up 0.27 points to 5.16, a 5.52% increase versus the October reading of 4.89 and a 1.98% improvement versus the Index variable’s most recent high of 5.06 on the scale, recorded in September 2009.

At 5.96 on the 1-10 scale, the forward looking Short Term (3-6 months) Optimism/Pessimism gauge saw the largest improvement amongst the RECI’s three variables, increasing 10.99% versus the prior month’s reading. The 3-6 month outlook barometer’s November results are also its highest since registering 5.80 on the scale, in August 2009.

Long Term (12-18 months) Optimism/Pessimism also reached a new high, increasing 0.47 points versus October, or 7.22%. The Long Term Outlook’s previous high of 6.88 was also recorded in August 2009.

For more information, visit www.Point2.com.

Read more: http://rismedia.com/2009-12-02/united-states-real-estate-confidence-index-hits-new-high-in-november/#ixzz0Yda28iIS

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Author’s Yougler Profile is at  Bill Hitchcock.

The Neuse River area land and lot average sold price for the month of November was at a historic low level. The information gathered to make the graph you see comes from the Neuse River Board of Realtors database of sold lot and land properties.
Are the prices going to keep dropping? No, I don’t think so and here’s why.
Expansion – Equilibrium – Decline – Absorption. These are the four stages of a real estate market. The time to buy is in the cycle of absorption. And never had the absorption rate been so high as in the November of 2008, according to the Crystal Coast Board of Realtors.
The Absorption Rate is a measurement of a market’s ability to sell of its inventory. This takes into account the current active inventory, the amount of sales over a specified time period. In other words, If you take the rate in which properties come on the market for sale and the rate in which properties go off the market as sold-How long will it take to sell off all of the inventory.

In a “normal” stable market it takes about 6 months to sell off a property. That’s why listing agreements are (or rather were) for 6 months.

Marc Stephan Garrison, founder of the National Association of Real Estate Investors says, “All real estate exists in one of four-cycle stages and that would be Expansion, Equilibrium, Decline, and Absorption. I invest, and take investor clients, into absorption markets.

In November of 2008 was the peak for the over-all glut. The housing market had a 33 month supply of inventory and the land/lot market had a 454 month supply of inventory. No-That wasn’t a typo-Land/lot absorption was at almost 40 year supply.

The absorption rate for November 2009 has fallen tremendously. It is down by about 2/3’s of what it was the year before. This means that sales are climbing and in turn means prices will start to climb too.

Is this the beginning of an expansion period? Could it be that the 2003-2005 real estate gold rush is about to repeat in 2010? No one can answer that for sure. But I would highly encourage everyone to take a hard look at the opportunity that is currently presenting itself.

Bill Hitchcock

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Author’s Yougler Profile is at  Bill Hitchcock.

N.C. ranks as the sixth most popular state in the nation when it comes to where people want to live, according to a recent Harris Interactive poll.

National foreclosure rates soared in the third quarter, with one in every 136 homes going into foreclosure. North Carolina, however, had the 14th-lowest foreclosure rate in the nation, with one in every 417 homes going into foreclosure.

N.C. continues to top a wide range of rankings. In October alone, Asheville was named among the top 10 best affordable places to retire; Durham was predicted to be one of the top cities to post a big rebound; and Raleigh was named one of the top locations for newcomers.

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Author’s Yougler Profile is at  Bill Hitchcock.

The wealthier the investor, the more money they plan to put in real estate compared to the amount they have earmarked for stocks and bonds, according to Barclays Plc global survey. Investors believe real estate will yield better returns.

Twice as many people with more than $800,000 to invest plan to increase their investment in commercial and residential property compared to those who plan to reduce it, Barclay’s study reported.

Overall, investment in real estate among wealthy individuals is set to rise to 30 percent of the average portfolio from 28 percent now, according to the survey. That excludes properties used as a principal residence.

Source: Bloomberg, Peter Woodifield (11/30/2009)

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Author’s Yougler Profile is at  Bill Hitchcock.

Why haven’t I heard of a self directed IRA before?
While the concept of investing in real estate and other assets in retirement plans has been around for more than 30 years, it hasn’t received a great deal of attention. Why? Most custodians that offer IRAs (banks and brokerage firms) focus on mutual funds and CDs— because they have vested financial interests in having you select those investments from them.

Because the majority custodians focus on stocks and CDs there is a misperception that these are your only investment options for retirement plans. But this is not the case.

How can I be sure that my investment is allowable in an IRA?
IRS Publication 590 states what investments are prohibited in IRAs; these investments include artwork, stamps, rugs, antiques and gems.
All other investments, including stocks, bonds, mutual funds, real estate, promissory notes, foreclosures, and tax liens are acceptable as long as IRS rules governing retirement plans are followed. To learn more see IRA Rules

My CPA/attorney/financial advisor hasn’t heard of a self directed IRA. What Should I Do?
It’s not uncommon for trusted advisors to never have heard of self directed IRAs, given the relatively unknown nature of these accounts.

Are there special rules for self directed IRA investments?
Yes. To ensure compliance, you should be familiar with specific rules for IRAs, and in particular, self directed IRAs.

There are certain types of transactions that you cannot perform through an IRA. Most importantly, the IRS prohibits “self-dealing,” investments in which you or family members of lineal descent have prior ownership. For more information, please see IRA Rules.

Are my self directed IRA investments guaranteed?
No investment (aside from FDIC-insured deposits) is guaranteed. However, most successful investors feel that the risk of investing in assets they know and understand is much less than the risk associated with making only conventional IRA investments.

Are self directed IRAs for everyone?
Self directed IRAs are not for everyone. They’re for those who want to create wealth by using their knowledge of investing in assets other than stocks, bonds, and CDs.

Source: Equity Trust Company

Inner Banks Living is NOT a real estate agency or investment firm. We are a solutions company. We solve the problem of over-priced real estate and lack of prime locations. We give choice to the traditional investment of stocks, bonds and mutual funds and show how real estate can become part of your portfolio.

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Author’s Yougler Profile is at  Bill Hitchcock.

A 30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Someone taking out a $165,000.00 30-year fixed mortgage at the current average would pay $888.78 a month for the life of the loan.

The highest rate in North Carolina on a 30-year fixed mortgage was found at two institutions that charged 10.000 percent. The lowest rate was found at one institution that charged 4.250 percent. Six months ago, the average rate in North Carolina was 5.17 percent.

To see all of the results of Bankrate.com’s surveys, go to www.bankrate.com.

The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states.

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Author’s Yougler Profile is at  Bill Hitchcock.

Native Americans have long history in area
Drew C. Wilson
Freedom ENC

HAVELOCK — Long before early American colonists in New England sat down with the natives to share a Thanksgiving feast in 1621, tribes of American Indians were enjoying their own feasts on river shores in Eastern North Carolina.

“When you think of Thanksgiving and the Europeans, the Native American people were here a lot longer than that,” said Carmen Lombardo, natural resources and cultural resources manager at Cherry Point. “There were Native Americans in our area for a really long time.”

Material found at Cherry Point, including pottery shards and charcoal from fire pits, have been carbon-dated back 7,000 years.

At the Croatan National Forest, carbonized wood from fire pits has been radio carbon-dated to 10,000 years, according to Joel Hardison, zone archaeologist with the Uwharrie National Forest and Croatan National Forest.

That dates back to the early Archaic Period of American Indian history, from 10,000 to 3,000 years ago, and runs through the Woodland Period, from 3,000 to 1,000 years ago.

According to Rick Richardson, base archaeologist and cultural resources program manager at Camp Lejeune, the primary distinction between the two periods is that there wasn’t much pottery being produced until the late Archaic Period. Pottery became widespread in the Woodland Period.

“The Archaic folks were primarily hunters and gatherers, but primarily hunting,” Richardson said. The evidence of that lifestyle is in the artifacts.

“You find much more in the way of stone axes during the Archaic Period,” he said.

Back then, the atlatl was the American Indian hunter’s main means of catching prey.

“It was basically a way of propelling a short spear,” Richardson said. “The points were typically shorter than what you’d think of the throwing spear.

“You also find what we refer to as banner stones or atlatl stones that were attached to the spear-thrower to give it weight. It was kind of a composite tool, with a stick that would go through the stone. And at the end there would be a hook. You would put the spear in the hook and propel it.

“The bow and arrow was not invented on the continent until the Woodland Period. You don’t find the small arrow points through the Archaic Period.”

Artifacts from Cherry Point and Croatan National Forest sites show that American Indians lived in this area through both the Archaic and Woodland Periods.

At Cherry Point, small spear points, arrow tips and crushing tools have been found as has pottery shards, quartz and chert flake. Also found were hammering tools used for crushing nuts, grains and shells.

“The entire shoreline of Cherry Point has signs of potential occupation,” Lombardo said, adding almost all of the sites are within 100 feet of the water.

Layers of material, called midden, are mostly oyster shells and clam shells with the bones of mammals including deer, bear, rabbits and squirrels mixed in.

“Whatever was in the bowl that evening,” Lombardo said. “The diet itself was predominated by shellfish. Mammals were secondary to their diets.”

Lombardo said a 1985 survey found a two-acre “super site” of artifacts that indicate a long-term occupation by American Indians. The exact location is kept secret to protect the site, he said.

In 2001 and 2002, the site was excavated. Artifacts and reports were sent to the N.C. Museum of History in Raleigh.

“All of the material was termed significant as it relates to Native Americans in this area,” Lombardo said. An application has been submitted to have the site included on the National Register of Historic Places.

“Generally, on the Croatan, the majority of sites deal with the Woodland time when they were dealing with pottery that’s tempered with rock, shell, or even broken pieces of old pottery,” Hardison said.

Natives would use fabric to impress designs on the unfired pots. Sometimes corncobs were rolled on the soft clay to make a pattern, he said.

Evidence of post holes and footers for homes has been found, Hardison said. He said natives would dig small holes and place saplings into them around in a circle. They would then bend the sapling tips together to frame their homes. For the roof, they would use sheets of birch bark, cattail mats and hides.

“They would build several of these inside palisade walls,” Hardison said. “The major villages are located on the major rivers.

“There were times when the crops failed and they would break out in smaller groups until the time was better in the major village.”

The American Indians most closely associated with the Havelock-Cherry Point area are the Neusiok, but they are of more recent history. For several hundred years, the Neusiok hunted and fished on both sides of the Neuse River but had a major settlement on a peninsula at the mouth of Slocum Creek, Lombardo said.

The place had good visibility, resources, and shelter from the wind.

“Resources just abound at the mouth of that creek,” Lombardo said.

The group all but disappeared in 1711. A band of Indians, frustrated with the taking of their land and other injustices, attacked 150 colonists. The event sparked a deadly response from the settlers who sought out what natives could be found and killed them.

“The fact that the tribes are no longer here is an artifact of our colonization,” Lombardo said.

Richardson said a lot remains unknown about the Neusioks.

“Was it a tribe or a group of people?” he said. “I think most archaeologists would go with a name place rather than a people.”

Richardson said the Neusiok would likely have been part of the larger linguistic group of people referred to as Algonquin, who ranged all around Eastern North Carolina and were the same group that met the first English colonists at Roanoke Island in 1584.

But before that, where had the Native Americans come from?

According to Richardson, paleontologists once thought that one mass migration occurred from Asia across an ice bridge at the Bering Strait 12,500 years ago. But new artifacts have pushed that date to perhaps 15,000 or 16,000 years ago.

“Some of the early people could have come across from Europe, ice-hopping across Canada and down the coast,” Richardson said.

These would have been the descendants of early native North Carolinians.

“There were multiple groups migrating over many thousands of years, which is why you have many different language groups,” Richardson said. “They were not all descended from one people.”

The picture of the earliest inhabitants is ever evolving as new sites are found. Such places are all over Cherry Point for Lombardo to explore.

“In some ways, it’s kind of eerie walking into somebody’s kitchen and not knowing it,” Lombardo said. “A quick look around and you see shell material. People were here for thousands and thousands of years.

“It puts it into context. We’re not the be all and end all of the human race. Life was tough back then, but you didn’t have to dodge cars and trucks.”

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Author’s Yougler Profile is at  Bill Hitchcock.

Mortgage rates dropped to a historic low, but hardly anyone is getting a home loan.

The benchmark 30-year fixed-rate mortgage fell 13 basis points, to 5.06 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point.

That’s the lowest rate on the 30-year fixed in the 24-year history of Bankrate’s weekly mortgage index. Previously, the all-time low had been 5.13 percent, on April 1 this year. (In case you’re wondering, the highest was 12.31 percent — in the first-ever survey, conducted Sept. 25, 1985.)

The mortgages in this week’s survey had an average total of 0.4 discount and origination points. One year ago, the mortgage index was 6.33 percent; four weeks ago, it was 5.34 percent.

The benchmark 15-year fixed-rate mortgage fell 13 basis points, to 4.48 percent. That, too, is a record low. The benchmark 5/1 adjustable-rate mortgage was unchanged, at 4.58 percent. That’s a record low dating back to when Bankrate started collecting 5/1 ARM rates at the beginning of 2005. And the benchmark 30-year fixed jumbo fell 29 basis points, to 5.95 percent. It was 5.6 percent in June 2003.

Despite the low rates, fewer homebuyers applied for mortgages last week than at any time since November 1997, according to the Mortgage Bankers Association. The MBA’s purchase application index has fallen six weeks in a row to settle at that 12-year nadir.

Weekly national mortgage survey
Results of Bankrate.com’s Nov. 19, 2009, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week’s rate: 5.06% 4.48% 4.58%
Change from last week: -0.13 -0.13 N/C
Monthly payment: $891.82 $1,260.55 $843.89
Change from last week: -$13.19 -$10.98 N/C

When you ask why there has been a collapse in homebuyer mortgage applications (and, you would assume, home purchases), one culprit comes to mind instantly: the first-time homebuyer tax credit. A couple of weeks ago, Congress extended the tax credit into next spring. But before that extension, the tax credit had been scheduled to expire Nov. 30. And to take possession of their homes by that date, mortgage borrowers had to sign purchase contracts by the end of October at the latest.

If people rushed to buy homes in October instead of making offers in November, it seems perfectly natural that there would be a lull in homebuying now. So will the homebuying spree resume now that the tax credit has been extended? Not necessarily. People in the mortgage industry are becoming gloomy, and they aren’t counting on a surge of homebuyers.

Dick Lepre, senior loan consultant for Residential Pacific Mortgage in San Francisco, says that in the last six months, three of his clients lost jobs in the middle of the loan process. “Some of the downturn in applications is related to unemployment,” he says.

Another factor that depresses mortgage borrowing: disrepair. Foreclosed homes are “selling for all-cash because the condition of the property is such that they cannot qualify for a loan,” Lepre says. In other words, there’s a chunk of houses that are available only to cash buyers and not to those of us who have to borrow.

On the other side of the country, “purchase business still seems to be flowing. But people are only willing to pay rock-bottom prices,” says Brian Peart. Peart, president of Nexus Financial Group, a mortgage brokerage in Atlanta, says he sees “downward pressure on (house) prices for many years to come” because of rising foreclosures and unemployment.

Waiting for the ‘urgent call’?
Just about everyone in the mortgage business expects rates to rise over the next four months, as the Federal Reserve winds up its purchases of more than a trillion dollars in mortgage-backed securities and investors take up the slack. The thinking goes that private investors will demand higher interest rates on mortgages than the Fed requires.
Barry Habib, publisher of Mortgage Market Guide, an industry online publication, expects rates to rise in “stepladder” fashion from around now through March. Rising rates, he believes, will provoke more homebuying. Right now, he says, there’s no “urgent call” to buy houses because rates have remained so low for months.

“In the absence of an urgent call, people are focusing on Thanksgiving plans and holiday shopping and their lives,” Habib says. “But as soon as rates go up, people will get out there and say, ‘I’d like to purchase or refinance.’”

Habib’s point sounds counterintuitive, but experience backs him up. Throughout this decade, there has been a spike in mortgage applications whenever rates have abruptly risen after remaining fairly steady for a while. It’s human nature, Habib says, for borrowers to jump off the fence when rates rise. Hardly anyone gets a loan at the lowest rate in the cycle; people get loans at slightly higher rates once it becomes clear that rates have bottomed out and are heading back up.

Habib believes that home sales will increase in the spring, and rising rates will be a bigger reason than the expiration of the homebuyer tax credits.

But buyers should be cautious, Lepre warns: “The only people who really, really should be buying are a couple who have steady employment and see an opportunity to buy a home for much less than they could three years ago,” he says.

If you’re in the market for a mortgage or refinance, you can look for the best interest rate by searching Bankrate’s rate tables.

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Author’s Yougler Profile is at  Bill Hitchcock.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 3.5
percent (see “Revisions” on page 3).

The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, federal government spending, and residential fixed investment that were partly offset by a negative contribution from nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The upturn in real GDP in the third quarter primarily reflected upturns in PCE, in private inventory investment, in exports, and in residential fixed investment and a smaller decrease in nonresidential fixed investment that were partly offset by an upturn in imports, a downturn in state and local government spending, and a deceleration in federal government spending.
Source:
Bureau of Economic Analysis
National Economic Accounts

Inner Banks, investment,growth,real estate,waterfront

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Author’s Yougler Profile is at  Bill Hitchcock.

UHS ranks 81st in SDI’s 12th annual IHN (integrated health networks) 100 list. The rankings recognize national leaders in health care information technology, measuring 33 data elements in eight categories.

“We’re committed to bringing the best care possible to eastern North Carolina, and we’re proud to earn recognition for that work,” said UHS Chief Administrative Officer Janet Mullaney. “It speaks to how we use technology and service to create a positive patient experience across the region. Integration helps us use each UHS hospital’s strength to consistently deliver quality to our patients, at a local level.
UHS marks its sixth consecutive year on the list, which was formerly compiled by Verispan. SDI purchased Verispan in July 2008.

SDI’s ranking reflects the work UHS has put into information systems, technology and organizational development. Over the last two years, UHS facilities have adopted HealthSpan, a multipurpose software package that makes an electronic patient record seamlessly available throughout UHS. Last year, UHS adopted a new picture archiving and communication system, which makes X-rays and other images available digitally via HealthSpan.

UHS has also brought cutting-edge imaging technologies to rural areas surrounding its five regional hospitals.

UHS has made strides in developing a strong organizational culture throughout the system. It has adopted mission, vision and values statements that apply across the system. UHS facilities also operate under a unifying strategic framework, and a standardized set of metrics gauge system-wide success.

“We want patients throughout eastern North Carolina to know they’re getting outstanding care when they see the UHS name,” said Larry Seigler, chairman of the UHS Board of Directors. “The more integrated our system is, the more confident our patients can be about the care they receive.”

The 2009 SDI IHN 100 recognizes the most highly integrated of 570 local and regional health care networks in the U.S. The ratings are based on SDI’s IHN Rating Systemâ„¢, which evaluates each network’s ability to operate as a unified organization in eight categories: integration, integrated technology, contractual capabilities, outpatient utilization, financial stability, services and access, hospital utilization and physicians

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Author’s Yougler Profile is at  Bill Hitchcock.

First-time home buyers reached the highest market share on record during the past year, according to the latest consumer survey of home buyers and sellers. The study was released here today at the 2009 REALTORS® Conference & Expo.

The 2009 National Association of Realtors® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, preferences, marketing and experiences of recent home buyers and sellers. Among national surveys, NAR’s Profile of Home Buyers and Sellers is unprecedented in size and scope.

Paul Bishop, NAR vice president of research, said several factors have been at play. “Tax incentives, record high affordability conditions and a pent-up demand brought a record share of first-time home buyers into the market,” he said. “These buyers are critical to housing and a general economic recovery because the market always heals from the bottom up – they absorb inventory, free existing owners to make a trade and stimulate related goods and services.”

The number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year’s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991. “It’s interesting to note the last cyclical peak of first-time home buyers was during the last noteworthy economic downturn, with first-time buyers starting the chain reaction that led the nation out of recession,” Bishop said.

The profile shows the median age of first-time buyers was 30 and the median income was $61,600. The typical first-time buyer purchased a home costing $156,000, down from $165,000 in the 2008 study, and plans to stay in that home for 10 years.

Fifty-five percent of entry level buyers reported they financed their purchase with an FHA loan, while another 8 percent used the VA loan program.

First-time buyers who made a downpayment used a variety of sources: 61 percent used savings and 22 percent received a gift from a friend or relative, typically from their parents. Six percent received a loan from a relative or friend, 6 percent tapped into a 401(k) fund, and 6 percent sold stocks or bonds. Ninety-six percent chose a fixed-rate mortgage.

First-time buyers often make financial sacrifices to purchase a home: 39 percent cut spending on luxury items, 38 percent cut back on entertainment and 30 percent cut spending on clothes.

Only 12 percent said financing their first home was more difficult than expected, but 13 percent of successful buyers said they had experienced a purchase agreement that was canceled, terminated or fell through; and 8 percent had been rejected by a lender. “This raises the question of how many potential buyers were unsuccessful because of problems with appraisals or loan qualifications,” Bishop said. “The market would be even stronger without these problems.”

NAR 2009 President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said NAR pushed hard to extend and expand the home buyer tax credit though the middle of 2010. “Some people were taking a housing recovery for granted, but we must acknowledge the abnormal situation from toxic loans that will keep foreclosures coming into the market over the coming year,” he said. “To help stem foreclosures we must first stabilize home prices, and the expansion of tax incentives should absorb enough inventory to restore balance. As the leading advocate for homeownership, NAR commends Congress for extending and expanding the tax credit because placing financially qualified buyers into affordable homes is the soundest way to heal our economy as fast as possible.”

Buyers searched a median of 12 weeks and viewed 12 homes. Among buyers who used an agent, 63 percent selected a buyer’s representative. Eighty-seven percent consider their home a good investment, and more than half see it as a better investment than stocks. Twelve percent of buyers own two homes, while another three percent own three or more homes.

The typical repeat buyer was 48 years old, earned $88,100, purchased a home costing $224,500 and plans to stay in that home for 12 years.

The median downpayment of all home buyers was 8 percent, and the number purchasing with no money down fell from 23 percent in 2008 to 15 percent in the current survey; 8 percent of buyers paid all cash for their home.

The median age of home sellers was 46 and their income was $91,100. Typical sellers had been in their home for seven years, up from six years in the 2008 survey, moved a median distance of 19 miles, and their home was on the market for 10 weeks. Nearly half traded up in size, 30 percent bought a comparable home and 22 percent traded down.

Eighty-five percent of sellers used a real estate professional, and 64 percent of sellers chose their agent based on a referral or had used the same agent in the past. Eighty-one percent of sellers are likely to use the same agent again or recommend to others.

Forty-two percent of sellers offered incentives to attract buyers, such as home warranties or assistance with closing costs. The typical home sold for 95 percent of the listing price, with a median increase over the seller’s original purchase price of $36,000. “Even with price declines in recent years, the typical home seller saw their equity increase 27 percent,” McMillan said.

Of sellers working with real estate agents, the study found that 80 percent used full-service brokerage, in which agents provide a range of services that include managing most of the process of selling a home from listing to closing. Nine percent of sellers chose limited services, which may include discount brokerage, and 11 percent used minimal service, such as simply listing a property on a multiple listing service.

All of these types of services are provided by Realtors as well as non-member agents and brokers, with comparable findings for each year since questions about brokerage services were added in 2006. Less than 1 percent of sellers chose an agent based on his or her commission.

Sellers largely want agents to price their home competitively, find a buyer, market the property and sell within a specific timeframe. Reputation was the most important factor in choosing an agent, cited by 36 percent of respondents, followed by trustworthiness at 21 percent.

Home buyers thought the most important services agents offer are helping find the right house, and negotiating sales terms and price. The most commonly cited benefits of using an agent are helping buyers understand the process, pointing out unnoticed features or faults, negotiating better contract terms, and providing a better list of service providers. Comparable to sellers, buyers chose agents based on a referral or had used them in a previous transaction, with trustworthiness and reputation being the biggest factors in selecting an agent.

Buyers use a wide variety of resources in searching for a home: 90 percent use the Internet, 87 percent rely on real estate agents, 59 percent yard signs, 46 percent attend open houses and 40 percent look at print or newspaper ads. Although buyers also use other resources, they generally start the search process online and then contact an agent.

When asked where they first learned about the home purchased, 36 percent of buyers said a real estate agent; 36 percent the Internet; 12 percent from yard signs; 6 percent from a friend, neighbor or relative; 5 percent home builders; 2 percent a print or newspaper ad; 2 percent directly from the seller; and less than 1 percent a home book or magazine.

Eight out of 10 home buyers who used the Internet to search for a home purchased through a real estate agent, in contrast with 63 percent of non-Internet users who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.

Local metropolitan multiple listing service Web sites were the most popular Internet resource, used by 60 percent of buyers; followed by Realtor.com and real estate company sites, each with 46 percent; real estate agent Web sites, 45 percent; other Web sites with real estate listings, 30 percent; for-sale-by-owner sites, 17 percent; and local newspaper sites, 9 percent; other categories were smaller.

Sixty percent of buyers are married couples, 21 percent are single women, 10 percent single men, 8 percent unmarried couples and 1 percent other. Fifteen percent are non-white, 9 percent were born outside of the United States, and 4 percent primarily speak a language other than English.

Seventy-eight percent of all respondents purchased a detached single-family home, 9 percent a condo, 8 percent a townhouse or rowhouse, and 5 percent some other kind of housing. Environmentally friendly features remain a significant factor: 88 percent of buyers said that heating and cooling costs were important, 72 percent desired energy efficient appliances, and 69 percent wanted energy efficient lighting.

Commuting costs continue to factor greatly in neighborhood selection, with 36 percent of buyers saying they were very important and another 42 percent saying transportation costs were somewhat important.

Fifty-four percent of all homes purchased were in a suburb or subdivision, 18 percent were in an urban area, 17 percent in a small town, 10 percent in a rural area and 1 percent in a resort or recreation area. The median distance from the previous residence was 12 miles. The typical home size was 1,800 square feet, ranging from 1,600 for first-time buyers to 2,100 square feet for repeat buyers.

The biggest factors influencing neighborhood choice were quality of the neighborhood, cited by 64 percent of respondents; convenience to jobs, 50 percent; overall affordability of homes, 43 percent; and convenience to family and friends, 37 percent. Other factors with relatively high responses include quality of the school district, 26 percent; convenience to shopping, 26 percent; neighborhood design, 23 percent; and convenience to schools, 21 percent.

The difficulty of for-sale-by-owner transactions increased with challenging market conditions over the past year. The level of FSBOs was a record low 11 percent, down from 13 percent in 2008. The share of homes sold without professional representation has trended down since reaching a cyclical peak of 18 percent in 1997.

Many of these properties were not placed on the open market – 42 percent were “closely held” between parties who knew each other in advance, such as family or acquaintances. Factoring out properties that were not placed on the open market, the actual number of homes sold without professional assistance was a record low 6 percent – the rest were unrepresented sellers in private transactions. The market share of open-market FSBOs is nearly half of what it was five years ago – 10 percent were sold on the open market in 2004.

The median home price for sellers who used an agent was $215,000 vs. $172,000 for a home sold directly by an owner, but there were important differences. The median income of unassisted sellers was $76,900, in contrast with $94,200 for agent-assisted sellers, and the homes were more likely to be in a rural area. Unassisted sellers also were more likely to be selling a mobile or manufactured home. These factors suggest a somewhat lower value for FSBO properties.

The most difficult tasks reported by unrepresented sellers are preparing and fixing the home for sale, getting the right price, understanding and performing paperwork, and selling within the planned length of time.

NAR mailed an eight-page questionnaire in July 2009 to a national sample of 120,038 home buyers and sellers who purchased their homes between July 2008 and June 2009, according to county records. It generated 9,138 usable responses; the adjusted response rate was 7.9 percent. All information is characteristic of the 12-month period ending in June 2009 with the exception of income data, which are for 2008. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent.

The 2009 National Association of Realtors® Profile of Home Buyers and Sellers can be ordered by calling 800-874-6500, or online at www.realtor.org/newresearch. The study is free for NAR members but costs $125 for non-members.

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.

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Author’s Yougler Profile is at  Bill Hitchcock.

NC Mortgage Rates Average 5.07%

A 30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Someone taking out a $165,000.00 30-year fixed mortgage at the current average would pay $892.83 a month for the life of the loan.

The highest rate in North Carolina on a 30-year fixed mortgage was found at one institution that charged 10.000 percent. The lowest rate was found at four institutions that charged 4.375 percent. Six months ago, the average rate in North Carolina was 5.13 percent.

To see all of the results of Bankrate.com’s surveys, go to www.bankrate.com.

waterfront

The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states.

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Author’s Yougler Profile is at  Bill Hitchcock.

The festival will feature the Mattamuskeet duck, goose and swan calling competition, carvers, antique decoys, books and local waterfowl art, antique tractors, the NC Wildlife Commission’s Safari Trailer, a retriever demonstration and tours of the Lake and wildlife refuge. A variety of locally prepared foods will be well worth the trip alone.

The event will celebrate the heritage of waterfowling in the midst of one of North Carolina’s greatest and still untouched refuges for waterfowl and wildlife. The event pays homage to a heritage that remains strong. Hyde County has been called “The Road Less Traveled” – major highways and pocket urbanization has not found their way to this wide open wilderness of farms, waterways, forests and tidewater shores.

The festival grounds are next to Lake Mattamuskeet, North Carolina’s largest natural lake. Writes Jack Dudley, author of several books on North Carolina waterfowl heritage and decoys; “According to lore and legend, Mattamuskeet is an Indian name, meaning “bad dust” or “much dust,” probably in reference to the sandy regions near the lake. Early white settlers translated Mattamuskeet as meaning “moving swamp.” After futile plans and efforts to drain the lake in the early 1900s, the lake returned to its natural state. In 1934 the federal government acquired the lake and much of the adjoining property and created Lake Mattamuskeet National Wildlife Refuge. The geese and ducks came in droves”.

“Waterfowling was a part of the lake’s history long before the arrival of European explorers. The Indians and early white settlers were subsistence hunters. Through the years there are stories of bountiful game, particularly the Canada goose. The region is steeped in sporting heritage; the adventuresome sportsmen would “go where the game was.” Lake Mattamuskeet became the premier spot along the Atlantic Flyway for geese, and professional guiding became a way of life. Since the beginning of recorded history, the Canada goose has reigned supreme over the lake and Hyde County. Today the famed Mattamuskeet Lodge stands as a testament to the golden era of waterfowling”.

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Author’s Yougler Profile is at  Bill Hitchcock.

More Marines, sailors, soldiers and airmen will call North Carolina home

“ Among the sectors expected to grow by at least $100 million are construction; retail trade; real estate, renting and leasing”

The military is big business in North Carolina, and it’s about to get even bigger. A new study by the N.C. Department of Commerce forecasts that in 2013, military spending in the state will have increased by nearly $3 billion over 2007 levels. And that increased spending will help create thousands of jobs. “The military provides substantial positive economic benefits to the state. The military in North Carolina supplies quality jobs, stimulates the production of goods and services, and increases the amount of money consumers have to spend on goods and services,” according to North Carolina’s Military Footprint. The study used economic modeling software from Amherst, Mass.-based Regional Economic Models Inc. to calculate the total impact of the military.

In 2007, military employment, capital investment and contracts contributed $23.4 billion, or 7%, of North Carolina’s gross domestic product. In five years, that figure is expected to top $26 billion. Employment related to the military will increase statewide by 11% in the same time frame, the study predicts. What’s fueling the increase in money and jobs? By 2013, North Carolina’s military bases will undergo a substantial transformation as a result of the 2005 Defense Base Realignment and Closure Commission, which recommended closure and/or realignment of selected U.S. military bases. North Carolina, which already had the nation’s third-largest active-duty population, will benefit from closings in other states.

Fort Bragg in Cumberland County will be the new headquarters for the U.S. Army Forces Command and the U.S. Army Reserve Command, which are relocating from Georgia. The move will result in $2.4 billion in construction at Fort Bragg by 2013, the study says, along with the addition of 2,400 troops, more than 2,000 civilian employees and 1,400 private contractors. The Marine Corps also will contribute to the growth. Camp Lejeune and the New River and Cherry Point air stations will increase troop levels by more than 12,000. Seymour Johnson Air Force Base in Goldsboro also has gained troops. Federal civilian employment will increase by an estimated 1,815, and an additional $3.1 billion in construction is expected. All told, new military activity will total about 46,000 jobs by 2013, adding to about 416,000 individuals – 8% of total state employment — that are either directly supported by the military or Coast Guard or have jobs supported by military bases in North Carolina.

It translates into a nearly $1.9 billion increase in real disposable personal income. Civilian businesses will benefit, too. In 2013, new military activities are expected to increase output — the total value of final and intermediate products — by $1.8 billion. Among the sectors expected to grow by at least $100 million are construction; retail trade; real estate, renting and leasing; professional and technical services; and health care and social assistance. The total value of goods and services demanded by consumers is expected to be $662 billion in 2013, of which $3.9 billion can be attributed to anticipated military increases.

Source: Business NC

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Author’s Yougler Profile is at  Bill Hitchcock.

Yun: 2010 Sales to Rise 15 Percent

Yun credited the home buyer tax credit with unleashing sales on the lower-end of the housing market this year, bringing up to 400,000 first-time buyers into the market who wouldn’t have bought otherwise. That influx tightened inventories of starter homes, shored up prices, and helped reduce households’ fear over continuing price drops.

This virtuous cycle will continue now that the federal government has extended the credit to mid-2010 and expanded it to make a smaller credit available to repeat buyers and to households with higher incomes. “The key is stabilizing prices and preserving household wealth,” he says.

Yun predicts the supply of homes to stabilize at the historic norm of six to seven months. Homes above $500,000 will remain elevated in the near-term, but that weakness will be offset by a hefty drop in starter-home inventories, which are running at about a five months supply.

The tightening inventory at all price points will help improve market performance by bringing supply into better balance with demand, but the added sales, particularly on the higher end, will also increase the number and quality of the market comparables used by appraisers to assign valuations. Once appraisals improve, foreclosures will ease, blunting their drag on the market and making it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer.

“Then we’ll be set for a durable economic expansion,” he said.

New-home sales, which comprise about 10 percent of the market, will continue at suppressed levels–about 550,000 units, down from more than a million during the boom–mainly because builders have scaled projects way back, in part because financing isn’t available.

“Weakness in new-home sales shouldn’t be viewed as tepid demand,” he said.

Even under the most positive economic scenario, unemployment will remain elevated through 2010. Yun is predicting unemployment to stay near double-digits going into 2011, qualifying this recession, as some economists have, as the “Great Recession.”

For the longer term, the huge deficit run up by the federal government to shore up the economy remains the big question mark. Although the deficit is expected to improve each of the next three years, it will remain at historic highs. Unless the federal government releases a credible plan for shrinking it, investors will start to balk and interest rates will need to rise to bring them back. Should inflation be the result, the housing recovery will be set back.

Source: Robert Freedman, REALTOR® magazine

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Author’s Yougler Profile is at  Bill Hitchcock.

Could the area surrounding East Carolina University. Could Greenville, Washington, New Bern locations be key to your next investment?  Read this latest report of Coldwell Banker® College Home Price Comparison Index

Home Buying 101: College Towns are Undiscovered, Affordable and Stable Markets for Homebuyers

RISMEDIA, November 16, 2009—Every fall, college football fans feel nostalgic for the tradition, lifestyle and spirit of their college towns as they cheer on their favorite teams. This year’s Coldwell Banker® College Home Price Comparison Index (HPCI) reveals that these school-centric areas also sport very affordable homes, in addition to the culture and economic stability associated with higher education institutions – making them great areas to purchase real estate. 

The annual College HPCI released by Coldwell Banker Real Estate LLC provides an apples-to-apples comparison of similarly sized 2,200 square foot, four-bedroom, two-and-a-half bathroom homes in college markets home to the 120 Football Bowl Subdivision schools. This year, Akron, Ohio (University of Akron) is ranked as the most affordable college town, where a typical four-bedroom home costs $121,885. Muncie, Ind. (Ball State University) took the No. 2 spot at $144,996. Ann Arbor, Mich. (a quintessential college town home to the University of Michigan) came in as the No. 3 most affordable college market, where the sample size home only costs $148,000. 

Read more: http://rismedia.com/2009-11-07/home-buying-101-college-towns-are-undiscovered-affordable-and-stable-markets-for-homebuyers/#ixzz0X2bCVUSO

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Author’s Yougler Profile is at  Bill Hitchcock.