Consider this: Slovakia is ahead of the United States. South Korea is also ahead of the United States. Oh don’t worry, we still have the bigger military and more cup holders in our cars, but America lags behind these two countries – and 13 others – in terms of Internet speed. Currently, the average download speeds of the Internet within the United States range between 3.9Mbps (Megabits per second) and 5.1Mbps, whereas South Korea leads with average download speeds ranging from 14.6Mbps to 20.4Mbps. That places the United States in 15th place, although even those numbers vary – some say it’s as high as 28th. Either way, we’re nowhere near the top ten, which is where we were (at 10th place) six years ago when President Bush declared that “Tenth is ten spots too low”.

There are multiple reasons for the discrepancy – South Korea is about the size of Indiana and has a greater population density. But Russia is nearly twice as large as the US and has less of a population density and they have speeds faster than America.

The most frustrating part? Americans are paying more for less. In fact, right now, many in South Korea can subscribe to a 100Mbps internet connection for a more expensive $50 a month fee (most average fees are around $20). That’s right – 100Mbps – 20 times faster than the speeds available here in America. By 2012, Koreans will receive 1Gbps broadband connections, a full 100x faster than what we currently have.

This is interesting considering that the FCC announced yesterday its 100 Squared Initiative – 100Mbps for 100 million households…by 2020. Get that?  Ten years from now, the country that invented the Internet will be where other countries are today.

You may be saying to yourself, who cares? I can watch Hulu just fine. And you’re right- most broadband in America today can easily view streaming videos. But, considering that the computer, telephone, and TV are all merging, the current broadband America has won’t be able to compete with the rest of the world, who are able to upload large files within minutes versus hours.

So, just how did America get stuck in the slow lane on the Information Superhighway? I’ll dive into that tomorrow.

How St. Patrick Discovered the Americas

By Brian Madigan LL.B.

The Irish have for centuries been grouped together in large families known as clans. When one group gets too large there may be a splinter group. The son of someone named Neill would start a new family called MacNeill. The word “Mac” means “son of”, and a grandson would start the O’Neill clan since the “O” is short for “grandson of”.

Some Famous Irish Characters from History

You might find it a somewhat interesting history. Much of that which is written about Ireland is simply folklore and largely untrue, yet it makes an interesting story.

St. Patrick

St. Patrick is among the first of the Irish legends. Actually, he was an Englishman who was captured as a young boy and held as a slave in Ireland until he escaped. Years later he returned as a monk and because he knew the language was able to convert large numbers to Christianity. It is often said that he rid Ireland of snakes, but there were no snakes in Ireland. The only real possibility is that this was a metaphor for the “evil spirits” of the Druids who were previously the religious leaders in Ireland.

There is a great deal of folklore associated with St. Patrick who due to the continued writings of the monastery in Armagh which held his relics became the patron Saint of Ireland in the 8th century some 300 years after he built up the religion.

St. Brendan

St. Brendan the Navigator was a contemporary of St. Patrick and he was more of a sailor than a Christian monk converting the masses to Christianity. In the latter part of the 5th century he built a small boat out of animal skins called a curragh and set sail with 17 men. They returned seven years later with strange tales of sea monsters, crystal palaces, saber-toothed water cats and little furry men. Later, it became clear that they probably witnessed whales, icebergs, walruses and Eskimos.

To add some credence to the story, the Vikings used Irish navigators enroute to Vinland, and spoke of Irish monks in Iceland in their 10th century writings.

So, did St. Brendan arrive in Newfoundland 500 years before the Vikings?

Tim Severin certainly thought so. In 1976, he built the same type of boat and crossed the Atlantic from Ireland in several months (actually, the second part of the journey was only 51 days from Iceland). While he doesn’t prove that St. Brendan was there, it definitely proves that it could be done.

And, was St. Brendan the first? Interestingly, he didn’t claim to be at the time. In fact, legend describes St. Mernoc to be among the first. The legend of St. Brendan was not recorded until the 9th and 10th centuries when it became one of the most popular medieval legends.

The Last Emporer of Ireland

In search of an Emporer or a King to acclaim, the Irish developed the story of Brian Boru. He is said to be the first King and led the Irish to oust the Vikings from the lands and reestablish Irish rule. Just a couple of problems: the Vikings never really occupied Ireland to a major extent and Brian Boru’s leadership was challenged shortly after he pronounced himself King. He was the self-declared Emperor of Ireland in 1011, but by 1012 his subjects had risen against him in rebellion. The great stories of his many accomplishments were recorded and popularized two hundred years later, and by then who could prove whether they were right or wrong.

Recorded History

Now, the interesting thing about history is that it is always written by the victors. The vanquished really have no storytellers. So, let’s think about this! What you really need is a good “publicist”. If there’s no one to tell your story you’re not going to be famous. In fact, I could say that Brion O’Madigan was the first Irish sailor to arrive in Canada, many years before St. Brendan and St. Mernoc. And, the only reason why you haven’t heard of him is that he was not a saint, didn’t convert anybody to christianity and didn’t have a “publicist”.

However, one thing that we do know to be true is that some nameless Irish sailor was the first, since both St. Brendan and St. Mernoc were following in his footsteps. So, I’m simply giving the poor nameless chap a name for all his efforts: Brion O’Madigan.

St. Patrick and the Discovery of America

Since this is a column about real estate how does this tie in with St. Patrick?

Well, it may be a little of a stretch but here it goes. St. Patrick introduced the Roman alphabet to Ireland. This allowed many writers of the time to learn Latin and transcribe their thoughts in a manner in which they could be understood by others. Latin was the universal language of the scholars. It could be transcribed and read at all the universities in the middle ages. Largely, this would be the monasteries and other institutions related to the church. St. Brendan’s voyage was written down and transcribed many times over. You cannot say published because this was centuries before the invention of the printing press.

The Latin Version called “Navigatio Sancti Brendani Abbatis” was read by hundreds of scholars throughout Europe. It chronicled the voyage of St. Brendan to the Americas and was well known to Christopher Columbus and Queen Isabella when they were planning the 1492 voyage. About 125 copies, all of course, original manuscripts copied from the first transcription or later versions survive today.

So, although there is no actual evidence that St. Patrick influenced St. Brendan to sail to the Americas, there are at least 125 copies of the Navagatio text that influenced the travels of Christopher Columbus. So, had St. Patrick not introduced Latin to Ireland, this story would not likely have been told and made its way to Spain.

So, that’s how St. Patrick discovered America.Perhaps a few pints of green beer today will help you understand. It’s either blarney or it’s true, and your challenge today will be to see how many green beers you have to consume before you absolutely know that it’s true.

Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Royal LePage Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com

Getting a Utah Housing Grant is usually easy if you know what is available to you. It is a fact that there are millions of dollars in Utah Grants for Utah Home Buyers. There are a variety of sources that provide Utah Housing Grants.  Some are charitable institutions, individuals, and government Agencies. Unfortunately, most home buyers do not know where to turn to find out how to qualify for these grants. You can see if you qualify here. –Utah Home Grant–

Utah Housing Grants can range from $20,000 to as little as $2,000. The amount will usually depend on the area you are purchasing your home. Utah County Grants can be as high as $15,000! Most of the Utah Grants will forgive all of the money given after a period of time in the home, however, some of the home buyer grant programs require you to pay a portion or all of the money back.

It is up to you to understand the particular Utah Grant you qualify for and the requirements for payback, if any. You can get a free book describing the Utah Housing Grants available posted in this article.

F.A.Q.

How Do I Know if I qualify for a Utah Housing Grant?

—There are dozens of different grants in Utah. Each grant has its own guidelines.  Just to name a few examples: Provo will allow for a grant of up to $20,000, but you have to buy in the “Pioneer Neighborhood”. Participating cities in Utah County will calculate the grant amount depending on how old the home is. Participating cities in Salt Lake County offer $10,000 for first time homebuyers only. All the grants have different restrictions the best thing to do is get some help to see if you qualify.

How Much of a Grant Can I Get?

— Each grant will be different. You can get from as little as $2,000 up to 50% of the purchase price off the home.

Does Utah only Offer Grants to First Time Home Buyers?

—Most of the Utah Housing Grants are targeted for First Time Home Buyers, but it is always best to check even if you are not a First Time Home Buyer. Recently the “Home Run Two Grant” in Utah was available for all occupant buyers.

What are the income limits for Utah Grants?

—Each grant is different most will usually run from 50% to 125% of the Area Median Income (AMI). For example: A $15,000 Utah County Grant has a four household income limit of $48,000.

More Info on Government Grant Money in Utah:

West Jordon Grant $5000
Salt Lake Mortgage Grant $10,000
Orem Mortgage Grant Money $15,000

Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
801-404-3540 Cell (Text or Call)
888-800-1629 Toll Free

If you are interested in purchasing a new home, you’ll need to research your financing options.  One major part of financing is the annual percentage rate (APR).  As you enter into a deal, you will likely know your area’s prime interest rate, but you also need to learn about the lender’s APR.

 The APR is the final rate the lender charges you annually.  After adding on any loan fees that are involved and points that will be charged, the final rate will usually be higher than the prime interest rate.

 When applying for a mortgage, the lender must notify you about the APR within three days of receiving your application.  The APR may change before final settlement, but there are limits on how much it can change.

 So while shopping for a mortgage, make sure you know the annual percentage rate, as well as what you will have to pay for points, application fees and mortgage insurance.

 Being fully informed is the only way you will be able to make the best decision

Take a think of this: unemployment has been hovering around 10% (underemployment has been even higher – around 17%) for a while. Now, imagine you are either unemployed or underemployed. How would you go about looking for a job? Would you ask your family and friends or perhaps take a look at the local classifieds in the morning paper?

Or, if you’re like most of us, would you hop onto your computer and head over to monster.com or careerbuilder.com?

But what if you didn’t have access to the Internet?

Last Tuesday, HUD Secretary Shaun Donovan discussed the importance of broadband access for all. Arguing that Internet access in the 21st Century should be approached the same way as highways in the 1950s, he recommended bringing broadband to federally-assisted housing. Currently, 77% of the country has access to the Internet, which seems like a lot, until you realize that 87% of South Koreans have access to the Internet. And, like most countries, their speeds are faster.

I for one applaud the effort, but there are naysayers who disagree and think that the Internet is only a toy and not a necessity. But this same argument – that any new technology is not an entitlement – was made about electricity, telephones, and even running water. Would anyone really be willing to say that electricity is not a necessity in a modern American home?

What do you think? Is broadband access a modern necessity?

Westminster Short Sale Experts

This residential short sale real estate study is generated by the specialists at the ShortSalesASAP group, who are experts in short sale negotiations, marketing and sales for property owners in Westminster and elsewhere in  Orange County. The two tables below show statistics for properties Active for Sale, Pending in Escrow, and Sold in the past 90 days, for both detached homes and attached condos, and highlights the stats for Short Sale properties.  The values of median price and price per square foot are used for they are more accurate indicators of property values as compared to Average prices.

As can be seen in the above table for Attached Condos, 76% of the Pending in Escrow listings are short sales, but only 44% of the properties sold in the past 3 months were short sales. This illustrates that short sales have been failing at a very high rate. This is caused by the fact that many agents do not have sufficient training and experience in order to close these complex transactions with a high rate of success. The expert Realtors at ShortSalesASAP group close over 95% of their short sale listings, and are ranked #1 in Orange County is closed short sale volume. For more questions about short sales, or if you owe more than your home is worth, please feel free to contact us at:  (949) 683-2747, or email us at: Info@ShortSalesASAP.com. Visit our website for more information about the www.WestminsterShortSaleExpert.com

This Market Update report is all real estate currently active for sale and properties sold in the recent past for Laguna Beach. This market report is brought to you by the professional realtors at eVantage Real Estate here in Orange County, CA. Currently there are 278 detached single family homes listed for sale, and these properties have median price of $2,595,000 and an average price per square foot of $1,130 . These properties range in price from a low of $450,000 for a 2 bedroom, 2 bath, 1,190 square foot home located subdivision called Laguna Terrace Park . The maximum price of homes currently listed for sale is $35,000,000 for a fine estate boasting of 3 bedrooms, 3 baths, with square feet of living area, and is situated in the South Laguna Bluffs Neighborhood.

For condominiums, there are now 53 units active for sale in Laguna Beach. The median price of these condos is $1,050,000 and the average price per square foot is $982. These condominiums range in price from a low of $360,000 for a unit comprising of 2 bedroom, 3 bath, 1,353 square foot, that is found in the Terraces Laguna Beach Tract. Up to a maximum price of $4,899,000 for a roomy condo consisting of 2 bedrooms, 2 baths, with 1,902 square feet found in the Laguna Royale Subdivision.

For homes now pending in contract in Laguna Beach there are 54 detached homes in escrow, which have a median price of $1,265,000. These properties range in price from a low of $450,000 for a 3 bedroom, 2 bath, 998 square foot property located in The Village Area. The maximum price is $8,995,000 for a fine property incorporating 4 bedrooms, 4 baths, with an expansive 5,815 square feet of living area, located in the Three Arch Bay Neighborhood.

There are 5 Condo units now pending in escrow in Laguna Beach , that have a median price of $895,000. These units range in price from $379,000 for a 1 bedroom, 1 bath, 746 square foot condominium, situated in the Laguna Village Subdivision. On up to a high price of $1,495,000 for a fine condo comprised of 3 bedrooms, and 2 baths, with 1,589 square feet, found in the Laguna Royale Subdivision.

For Sold home in the past 3 months, there were 63 detached properties that closed escrow in Laguna Beach . These sold homes had a median price of $1,570,000 with an average price per square foot of $726 . These sold homes ranged in value from a low price of $450,500 for a detached home with 1 bedrooms, and 1 baths, incorporating 500 square feet, located in the South Laguna Subdivision. And a maximum price of $7,995,000 for an estate property comprising of 6 bedrooms, 7 baths, and a spacious 6,000 square feet located in the Emerald Bay Community.

For attached Condos Sold in the past 3 Months, there were 12 such units that succesfully closed escrow in Laguna Beach , California. The median price of these attached units was $785,000 with an average price per square foot of $605 . These sold condominiums ranged in price from a low of $350,900 for a 2 bedroom, 3 bath, 1263 square foot unit found in the Terraces Laguna Beach condo Tract. The maximum priced sold condo was $1,625,000 for a nice unit comprised of 2 bedrooms, 2 baths, and 1,200 square feet found in the South Laguna Bluffs Tract.

If you have any questions regarding homes or condominiums for sale in Laguna Beach , please feel free to contact us at: (949) 388-3396, or email us at: Info@eVantageRE.com , or visit our Laguna Beach Home for Sale Website.

Are you in the process of, or are you considering, buying a DFW home?  If so, you may want to give serious consideration to using FHA financing to purchase the home.  There are many excellent reasons to obtain an mortgage instead of using a conventional or sub-prime mortgage. Why not take advantage of the many benefits and protections that only a FHA mortgages offer:

Easier Qualifying Criteria – Because FHA insures your mortgage in case of a default, lenders are willing to issue mortgages with easier qualifying requirements making it easier for you to qualify for the FHA mortgage.

Lower Credit Scores- If you have had credit problems, such as late payments, charge offs or bankruptcy and you have a low credit score its easier for you to qualify for an FHA mortgage than a conventional mortgage because FHA insured mortgages require lower credit scores to qualify.

Lower Down Payment – FHA currently only requires a low 3% down payment.  The down payment money can come from a family member, employer or charitable organization. Conventional and sub-prime mortgages don’t allow this and they also require more money down.

Less Expensive – Many times, FHA mortgages come with competitively low interest rates because these mortgages are insured by the Federal Government.  This is another reason FHA mortgages are so popular.

Help You Keep Your Home –  FHA has been in existence since 1934 and it will be around to protect you when the other Lenders won’t. Should you run into hard financial times after you buy your FHA financed home, FHA has several options to help keep you in your home and avoid an unfortunate Dallas foreclosure.  With all that said, there is more to buying a home than a low down payment and a low monthly house payment. Go straight for an FHA mortgage when you purchase valuable Plano real estate or beautiful Dallas real estate that will make it easier for you to buy your home and keep it for the long run?  A FHA mortgage is a wise choice.

You decided to sell your DFW home and you think you have a good idea of what your home is worth.  Being a diligent and intelligent home seller, you schedule interviews with three local DFW Realtors to see which one offers the best commission rate and service.  Each Realtor comes prepared with a “Competitive Market Analysis” commonly referred to as a CMA, and they each recommend a sales price for your home.  Interestingly, a couple of them have prices for your home that are lower than you “know” your home is worth. Although they prove their price with recent sales data of similar homes in your community, you are convinced your home is worth more.  The third Realtors price is much more in line with the price you anticipated, or maybe their price is even higher. Now, you are a excited, happy home seller, already counting the money you know you get from the sale.

What is A Sales Practice Called “Buying a Listing”

If you’re like many home sellers, you would choose the third Realtor. This Realtor seems to be willing to listen to and work with you. This is the Realtor that cares about putting the most money in your pocket, a Realtor that is willing to start out at your listing price and drop the price later if you need to, you can do that easily, right?

After all, everyone does it!

The reality of it is that you may have just hired a Realtor engaging in a unethical sales practice commonly known in the business as “buying a listing.” The Realtor “bought” the listing by suggesting to you that you may be able to get a higher sales price than the other Realtors recommended. More likely than not, he or she is doubtful that your home will actually sell at that price. His or her intention from the very beginning is to eventually talk you into lowering the price.  This could be to your detriment because if your home was priced properly from the beginning it would have sold for a higher price, ultimately netting you more money.

Why do some Realtors buy listings this way?

There are two basic reasons. A ethical, well meaning Realtor can succumb to the pressure from a home owner who has an inflated perception of their home’s value. On the darker side, there are some aggressive DFW Realtors who engage in this sales practice routinely simply to beat out the other Realtors to get your listing.  Whether you are selling valuable DFW real estate you should seek to retain the Realtor with experience and a good reputation.  It is also a good idea to study the comprehensive DFW MLS information the Realtors bring to the listing appointment.

Walking away from a DFW real estate closing happens more often during a buyer’s market than in a seller’s market.  In a buyer’s market, when inventory is high and prices are soft, some buyers become frightened and are afraid of further price declines and aren’t comfortable because none of the people they know are buying homes.  Their fear starts begins to seep in immediately after their purchase offer is accepted and their fear increases from there. By the time closing comes around they are in full panic.

Sellers Who Walk Away From Closing

A seller walking away from closing is rare. When sellers feel “seller remorse” is typically right after the offer presentation, when the reality of selling their home sets in.  Other than the remorse, if the terms and conditions of the sale are adhered to the seller will rarely walk away from their closing.    

Why Home Buyers Walk Away From Closing

Purchase offers typically contain contingencies that must be removed within a prescribed period of time. If I buyer decides to walk away from the purchase and cancel the contract the best time to do so is during one of the contingency periods.  If a home buyer walks away prior to closing they often do so for the following reasons:

• Found another home.
  Even though a buyer has signed a contract to buy a certain house, they may continue to look at other homes for sale.  If another home they find turns into their dream home, the next thing you know that are backing out of the first contract and signing a contract for their “new” home.
• They Got Cold feet.
  Sometimes, the initial buyer’s remorse that confronts a first time home buyer doesn’t dissipate but gets stronger the closer they get to closing.   
• Turned down for a mortgage
  Even though the buyer has a mortgage pre-approval letter it doesn’t necessarily mean the lender will actually give the buyers a mortgage. After the loan contingencies are removed, buyers could face mortgage underwriting stipulations that they cannot perform.
• Change in their lifestyle.
  An unexpected death, job transfers, a sudden pay cut or an unplanned divorce, any of these situations can cause, or force, buyers to change their minds about following through with closing.
• Repairs.  If a buyer negotiated certain repairs to the property and they are not completed or done correctly, prior to closing then many buyers under those circumstances would walk away.

Repercussions – Walking Away From Closing

If a buyer walks away from the purchase and their contingencies have expired their earnest money deposit will be at risk.  Many contracts have a liquidated damages clause in the event of default which will direct the deposit to be released to the seller.  The amounts of earnest money deposits are negotiable and any amount is legal. The higher the earnest money deposit the less likely the buyer will walk away from a closing.  If you are contracted to purchase a Dallas foreclosure home the deposit will either go to the bank or to HUD.  When purchasing a home in the DFW real estate market or the Plano real estate market it is always a good idea to retain a profession Realtor to advise you on these types of issues.  This also hold true if purchasing a Dallas FSBO home.