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The Compass Point Blog

  • Are you choosing from half of the homes on the market?

    Posted: 21 November 2008 by John Huval

    When you were searching for homes in Houston, maybe you didn’t realize that you were viewing a limited number of listings on nationally-know web sites like Google, Zillow, or Yahoo, but a recent survey suggests just that. The WAV group studied “advertising web sites” and found that many lacked the most up-to-date listing information, with some sites missing between 31% and 64% of the listings, according to their survey results as reported in TexasRealtor Magazine.

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  • Why should I pay asking price if the housing market has dropped 15%

    Posted: 15 July 2008 by John Huval

    Today’s Houston real estate asking prices are derived from local market conditions based on comparable sales prices paid by home buyers in a particular neighborhood. Despite recent sales volume declines, prices are holding steady across Houston. While that may not be true for all Houston area neighborhoods, there hasn’t been an overall 15% drop in Houston home values. The housing supply is growing — tending to favor home buyers — but it hasn’t increased enough to force home sellers into large double-digit price reductions.

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  • Do Realtors share blame for mortgage mess?

    Posted: 1 July 2008 by John Huval

    A Houston Chronicle Real Estate discussion posted a few weeks ago asked if Realtors share blame for the mortgage crisis unwinding across the country. Citing dual-licensed Realtors (those holding real estate and mortgage brokers licenses) as part of the problem, some forum participants pointed to the potential conflict of interest between real estate and mortgage brokerage as a reason for the mortgage crisis, while others stated that dual-licensed Realtors couldn’t adequately perform both jobs as agent and mortgage broker. Both could be valid points — yet, the number of Realtors holding a both a real estate and mortgage license isn’t large enough to have contributed to the mortgage crisis in a significant way.

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  • Consumers using online mortgage mills may trade service for lower interest rates

    Posted: 5 June 2008 by John Huval

    If you’re considering an online lender, be aware that online mortgage mills lower rates through volume processing — so you’re unlikely to get timely assistance if your loan runs into a problem. When a large online mortgage lender’s “quality control review” didn’t catch a loan processor’s missed employment verification until a few days before closing — something the borrower was assured was completed weeks earlier — it necessitated a last minute change in loans (with its higher rate, fees, and down payment) to get loan approval before losing the deal. Fortunately, the borrower had the additional resources necessary to make it happen.

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  • Avoiding foreclosure through short sale takes planning & execution

    Posted: 4 June 2008 by John Huval

    Short sales make up a small percentage of current sales transactions, but that number is growing. Homeowners who are “upside down” (owing more on the home than its current value) and can no longer make the monthly payments are using “short sales” to avoid a threatened foreclosure. Short sales are often a complex and lengthy process approved by the mortgage holder or mortgage servicer in agreement with the homeowner. With the lender or “third party” approval, the home is sold “short” for less than the outstanding mortgage balance to a new buyer prior to foreclosure.

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  • Home owners lining up for property tax protests in Harris County

    Posted: 28 May 2008 by Nadine Huval

    Home price appreciation in Harris County for the past decade has kept high property taxes a Hot Button topic for Texas homeowners. Texas consistently ranks among the top ten states for the highest property taxes in the nation, and many county home owners experienced a 50% increase in property taxes between 2000 and 2004. It’s not uncommon to stand in line at your local grocery store and overhear your neighbors’ conversation about the hurtful pinch of skyrocketing HCAD appraisal values. They’re not just talking in the grocery store; record numbers of property owners are making their voices heard in HCAD’s office. Paul Bettencourt, Harris County’s tax collector, reports that Harris County processed 350,000 property tax protests last year. As the deadline for filing your 2008 tax protest approaches, here are some tips to smooth your way through the tax protest process. Complete instructions are available at the HCAD website.

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  • Hurricane 2008: Top Ten Preparations

    Posted: 14 May 2008 by Nadine Huval

    The 2008 Atlantic Hurricane season starts June 1 and runs until November 30. Storms develop quickly in warm gulf waters, so start preparations early. While the 2006 & 2007 seasons were relatively quiet, it’s difficult to predict when the coastal area may see its next active season. Gulf Coast residents know from experience that storm devastation happens both with a highly organized Category 3 storm, and the stalled, disorganized tropical storm.

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  • 10 Things To Know About Humble ISD for 2008 - 2009

    Posted: 2 May 2008 by Nadine Huval

    Humble Independent School District, covering a large part of the NE quadrant of the Houston metropolitan area, has grown from an early 1900’s one-teacher, one-room schoolhouse to membership in the 25 fastest-growing Texas school districts in the state. Over 2,000 teachers and 35 schools offer a 14.4 pupil-to-teacher ratio. It’s projected budget of over $222 million for 2007-08 rivals that of many small Texas towns.

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  • Shop till you drop your electric bill

    Posted: 29 April 2008 by John Huval

    Since Texas deregulated utilities several years ago, consumers have elected to shop for competitive electricity rates in growing numbers. As competitors have entered the market, several websites have come along with tools for comparing their rates and plans.

    HoustonConsumerChoice.com and ElectricityTexas.com allow consumers to learn about renewable energy, compare plans and rates, order new services, transfer existing services, switch providers, or choose from other value-added services. These tools can help you lower your electric bills in just a few easy steps — and several providers include exclusive web offers for additional savings.

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  • Waiting for economic news that will convert fence-sitters into home-buyers

    Posted: 8 April 2008 by John Huval

    What’s going to coax fence-sitters into making a home buying decision? We’re not finding lots of encouragement in today’s media, but there’s some favorable finance and market news to report. Despite the mixed economic outlook, home buyers and investors with good credit, stable employment, and down payment funds are in the market for homes — and they are securing affordable financing.

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  • Tuesday's trustee and constable sales crowded with bidders -- and opportunity

    Posted: 14 February 2008 by John Huval

    Tuesday’s Harris County courthouse trustee and constable sales were quite the boisterous affair — lots of buying and selling among the hundreds of people milling about in the early afternoon. I watched as no less than 6 trustee and precinct tax auctions occurred simultaneously. The tax sales got the most attention, while some trustees called their auctions with only a few buyers standing ready to bid. Foreclosure investing is a unique opportunity requiring methodical preparation — and most of the bidders at Tuesday’s sales appeared to be well informed and prepared to buy.

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  • Houston existing-home sales close out year on a down note

    Posted: 31 January 2008 by John Huval

    It’s been an interesting year — local housing sales were down from the record peaks of 2006, but still managed a second-place finish by beating 2005 in both transactions closed and dollar volume. On a national level, it’s been worse as sales for new and existing homes declined by double-digit percentages. Boosted by the local economy and job creation, Houston’s housing demand was stable for much of the year despite record foreclosure activity. Home buyers with good credit are securing financing despite the national mortgage crisis. While it’s uncertain how foreclosure and mortgage issues will affect local housing going forward, it’s important to note that there’s still a lot of real estate exchanging hands in Houston.

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  • Will declining home sales boost Houston’s residential rental market?

    Posted: 24 January 2008 by John Huval

    Investors are looking for answers — what’s the local real estate market look like for 2008? Lots of anecdotal evidence and media reports point towards an investment environment of higher rental demand and rising rents. Today’s conventional wisdom says that many home buyers will rent for the foreseeable future as price declines and unaffordable mortgages crimp housing sales — increasing the need for rentals. Usually, more renters means rising rents — as long as the rental supply doesn’t outpace demand. Focusing on the local single-family market, what local factors might grow the local rental inventory?

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  • Mortgage crisis and subprime betting making Enron's fall look comparatively cheap

    Posted: 19 January 2008 by John Huval

    The Wall Street Journal front-page article “Lender Lobbying Blitz Abetted Mortgage Mess” reports mortgage industry efforts to stymie legislative measures aimed at lenders gone wild. Mortgage lenders and industry-affiliated lobby organizations filtered out across the nation making huge political donations — some donations finding their way to Texas. One of those lenders was Ameriquest, a unit of ACC Capital Holdings and a large political contributor in Austin.

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  • Election year politics establishes cooperative environment for economic stimulus

    Posted: 19 January 2008 by John Huval

    Rarely in recent Washington history have so many diverse opinions coincided on a single topic. In a rare show of bipartisan support, Democrats and Republicans are considering various elements of the Bush economic stimulus package aimed at an ailing economy possibly headed for recession. The proposal garnering the most attention is the individual tax incentive for working families, but other stimulus proposals would have a more pronounced local housing market impact.

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  • What do local rental rates say about Houston’s housing prices?

    Posted: 6 January 2008 by John Huval

    During the last 3 years, Houston’s housing market broke all previous sales records, yet Houston remains among the most affordable big cities with a median price fluctuating between $140,000 and $160,000. Houston’s modest price appreciation didn’t attract many speculators, keeping local prices at sustainable and affordable levels. During that same 3 year period, annual rents have been relatively flat. Examining the relationship between local house prices and annual rents provides additional evidence that the Houston housing market is not overvalued when compared to other markets.

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  • Mortgage crisis rewind -- the signs were there in July 2005

    Posted: 17 December 2007 by John Huval

    Looking back at July 2005 provides a glimpse into what we knew about the pending mortgage crisis —- while some gave warnings while others carried on as though the boom would last indefinitely. Speculators moved from market to market seeking good deals to fuel their high-profit flips. Many lenders worked over every borrower for short-term gains with promises to refinance in the future before their innovative loan products became unaffordable. Back in July 2005, new mortgage brokers breaking into the business were trying to make a living — this post from the Broker Outpost Forum provides a glimpse into mortgage industry attitudes at the time.

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  • Despite mortgage industry missteps borrowers must share responsibility

    Posted: 3 December 2007 by John Huval

    Among the many articles documenting today’s mortgage industry problems, I ran across this Wall Street Journal piece describing how subprime lending guidelines were applied to credit-worthy applicants to drive up fees for mortgage originators. In what’s known as a Yield Spread Premium, mortgage originators received extra bonus pay when they sold borrowers loans that cost more than the market price — the average bonus equaled 1.88% of the loan balance for originating a sub-prime loan. Among other incentives, Yield Spread Premiums led some mortgage originators to bend the rules.

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  • Legislative changes affect residential lease requirements

    Posted: 1 November 2007 by John Huval

    The Texas Association of Realtors (TAR) maintains a comprehensive library of residential leasing and property management forms available to landlords working with Texas Realtors. As new laws are enacted, TAR analyzes the new statutes to determine if form revisions are required. If changes are warranted, TAR issues the revised forms for use by TAR Realtor members. Three important revisions to Texas landlord and tenant law effective January 1, 2008 are now incorporated into TAR residential lease and property management forms available to Texas Realtors and their landlord clients.

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  • Houston tenant's guide to finding single family residential rentals

    Posted: 18 October 2007 by John Huval

    SterlingResidential.com gets many hits from web visitors searching for residential rental housing in North East Houston including Atascocita, Humble, Kingwood, Spring, and surrounding areas. If you’re new to the area, or you haven’t leased for awhile, you’ll find that leasing residential property has changed in recent years. While Houston’s residential market includes many property types including townhouses, condos, duplexes, and multi-family properties, we’re focused here on MLS-listed single family residential rental properties.

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  • Landlord's mortgage default will affect renter's Texas tenancy

    Posted: 11 October 2007 by John Huval

    Renters across the US are getting evicted by new landlords — lenders that foreclosed on investment properties. An eviction notice may be the only warning the renter has of the landlord’s problems, and many are surprised to learn afterwards that their lease rights did not survive the foreclosure. Whether the tenant’s account is in good standing may not matter as banks act quickly to secure the property and prepare it for resale.

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  • Speculative flipping burns investors in a glutted market

    Posted: 10 September 2007 by John Huval

    Let’s begin in Miami where a condo construction boom during the last few years added tens of thousands of properties to the market. In 2004, when Miami’s market really got rolling, there were fewer opportunities than investors, so purchase offers were driven beyond their original list prices. Once prices escalated beyond reach for working people, many home buyers left the market leaving the speculators to bid against each other. There was lots of investor-on-investor action as properties flipped between speculators. Profit stories circulated and everybody knew somebody that made a killing in the market — suddenly, everybody’s Donald Trump.

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  • Property tax reform could have stemmed loan abuses

    Posted: 5 September 2007 by John Huval

    Politicians are pointing fingers at lender problems these days as the mortgage debacle unfolds. Now that the money ride is over and voters are losing their homes, politicians are drawing their legislative guns. So as not to appear as though they slept through their watch, they’re scrambling to look busy devising regulatory curbs on lender abuses. Yet, the proverbial horse is long out of the barn as the pols close the gate behind it. Slow to the draw — they want to look like heroes and avoid blame.

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  • Proceed cautiously when using investment services

    Posted: 9 June 2007 by John Huval

    Real estate investment clubs, organizations and concierge services are attracting consumers looking for real estate investment opportunities. For a fee, they can locate properties, analyze investment returns, arrange financing, assist with closing, and manage the property. It’s a passive approach to rental property ownership for the small investor and opens up investment opportunities in other U.S. markets. But the small investor should proceed with caution — buying out-of-state properties based on investment advice from a national organization is riskier than staying local, and here’s an example.

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  • Foreclosure investing a competitive, niche market

    Posted: 10 May 2007 by John Huval

    Foreclosure investment is a competitive niche market requiring specialized real estate knowledge in legal, market, management, and tax matters — a steep learning curve for the new investor. Competing with experienced foreclosure prospectors requires diligent study and practice, but for investors willing commit the time and resources, it represents a challenging and profitable enterprise.

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  • 2007 Atlantic Hurricane season begins June 1

    Posted: 10 May 2007 by John Huval

    The 2007 Atlantic Hurricane season starts June 1 and runs until November 30. Storms can and do develop quickly in warm gulf waters, so it’s prudent to begin your preparations now. While the 2006 season was quiet, hurricane forecasters are predicting an active season this year.

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  • Bad Loan Deluge Easy to Predict

    Posted: 2 April 2007 by John Huval

    As interest rates climbed and the refinance boom ended, lenders, eager to maintain profitabililty, turned to an untapped market — marginally qualified borrowers with nicked credit files.

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  • Upbeat Houston Real Estate Forecast for 2007

    Posted: 5 March 2007 by John Huval

    Market forecasters predict another robust year for 2007, despite dour reports from other U.S. quarters. While some U.S. markets contend with higher housing inventories, falling prices, and contracting business activity, Houston’s housing market outlook remains good, boosted by continued economic growth, higher energy prices and stable mortgage rates.

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  • Title Insurance Rate Cuts Benefit Texas Real Estate Consumers

    Posted: 27 February 2007 by John Huval

    Texas title insurance rates are among the highest in the nation, but those rates are going down again. Texas Department of Insurance (TDI) regulators cut title insurance premiums by 3.2% effective February 1, 2007.

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  • State Farm Drops Mississippi Homeowners

    Posted: 18 February 2007 by John Huval

    The Wall Street Journal reported Thursday, February 15, 2007 that State Farm plans to stop writing new homeowner policies in Mississippi, citing the current business climate’s unpredictable nature after negotiating a class-action settlement with homeowners for denied Katrina-related insurance claims. At issue is State Farm’s contention that policy coverage was re-interpreted by the courts to cover damages excluded in policy language.

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  • Where the Hell Is Podunk, Texas?

    Posted: 10 February 2007 by John Huval

    On June 1, 1939, the morning sun revealed the word “Podunk” emblazoned on the formerly blank side of the local water tower; though the city tried repeatedly to cover over the word, the name would always reappear within a few days.

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  • Gourmet Kitchen Design Adds Function and Aesthetic Appeal

    Posted: 2 February 2007 by John Huval

    Ask around, and you’ll find many opinions about what constitutes a gourmet kitchen, but ask a cook what makes a working gourmet kitchen, and they’ll tell you that there’s more to it than granite counters and stainless appliances.

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  • Broker Boycotts are Illegal Under Antitrust Laws

    Posted: 22 January 2007 by John Huval

    When New York resident Marjorie Deprez wanted to sell her home, she decided to handle the real estate sale herself, and selected a discount broker offering lower fees. She paid the discount broker a flat fee and the house was listed on the internet.

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  • Rent or Sell Your Residential Property?

    Posted: 20 January 2007 by John Huval

    One thing more expensive than a vacant house is a bad tenant, so when asking the rent-versus-sell question, renting isn’t a “fix it and forget it” proposition.

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  • When to consider renting or selling your home

    Posted: 10 January 2007 by John Huval

    One thing more expensive than a vacant house is a bad tenant, so when asking the rent-versus-sell question, renting isn’t a “fix it and forget it” proposition. Tenant relations and property management are an ongoing process that begins when you place your house for rent and ends after your tenants move out. Additionally, there are financial considerations — do you need to access your equity and do you have reserves to handle cash flow shortages?

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  • Texas Property Owners Feeling Tax Pinch

    Posted: 9 January 2007 by John Huval

    The 80th Texas Legislature convenes in Austin on Tuesday, January 9th. Let’s hope that they have something in store for Texas property owners in the way of property tax relief.

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  • Kingwood, Humble, Atascocita & NE Houston 2006 Rental Rates

    Posted: 2 January 2007 by John Huval

    The North East Houston real estate rental market represents a good value for prospective tenants and a good long term investment for landlords with the area’s stable house prices and limited rental inventory.

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  • Prescreening Triggers Unsolicited Mortgage Offers

    Posted: 21 December 2006 by John Huval

    Ever wonder who is giving out your information when you apply for credit? The Federal Credit Reporting Act (FCRA) authorizes credit bureaus to provide credit applicant information to financial institutions in a process known as prescreening.

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  • FEMA Approves New Flood Hazard Maps

    Posted: 18 December 2006 by John Huval

    TSARP — The Tropical Storm Allison Recovery Project — issued information concerning Houston area Special FLood Hazard Area (SFHA) revised maps. In 2001, Tropical Storm Allison caused extensive property damage across Houston.

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  • Interest Rates Moderate Maintaining Houston Affordability

    Posted: 11 December 2006 by John Huval

    According to the Freddie Mac weekly mortgage survey, average 30-year fixed rates for the Southwestern US, including Houston, have dropped from 6.44 to 6.10 for the 90 period ending November 30, 2006.

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  • Moderate Appreciation the Norm in Houston

    Posted: 28 November 2006 by John Huval

    Moderate home price appreciation is the norm for Houston real estate as investors steer clear of the local market. Without much real esate speculation, Houston’s market hasn’t seen the dramatic run up of prices — and that’s good for home buyers.

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  • The Truth About Texas Property Tax Cuts

    Posted: 15 November 2006 by John Huval

    Recent midterm election politicking introduced some confusing facts about property tax reductions passed by the Texas Legislature.

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  • When You Suspect Mortgage Fraud

    Posted: 15 October 2006 by John Huval

    Mortgage fraud is a serious federal offense involving jail time and large fines, typically perpetrated by more than one individual including an industry professional. Fraud schemes come in many varieties, but buyers and sellers can be on the lookout for ‘too good to be true’ deals.

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  • Houston Housing Market Defies Cooling Expectations

    Posted: 22 September 2006 by John Huval

    Browse any recent newspaper and you’ll find reports of unsold homes, lower prices, and seller anxiety spreading across the nation, yet Houston’s market continues to defy national market expectations.

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  • What You Should Know About Online Mortgage Lenders

    Posted: 13 July 2006 by John Huval

    Prospective home buyers with good credit, ample cash, and no unusual contingencies may find that the online mortgage lender can offer savings and convenience, but what if you’re loan application isn’t a slam dunk?

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  • Despite National Cooling, Houston Market Remains Resilient

    Posted: 28 June 2006 by John Huval

    Houston’s market defies national expectations and ‘rides the fence’ between a buyer and seller’s market as parts of the nation shift decidedly towards a buyer’s market.

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  • Cooling Efficiency Mandate Requires 13 SEER Rating

    Posted: 4 April 2006 by John Huval

    Summer is approaching, Houston. And if you haven’t heard, new mandated air conditioning efficiency standards went into effect on January 23, 2006.

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  • Rent Versus Buy -- When Renting Makes Sense

    Posted: 22 March 2006 by John Huval

    In recent years, Houston property values and homeownership costs have outpaced rental rates. Real estate investment is also up, increasing the number of available rental units. For now, it’s a tenant’s rental market.

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  • Credit Report Reminder for Houston Home Buyers

    Posted: 16 March 2006 by John Huval

    Many people start the home buying process by viewing homes, but it’s important to know your purchasing power before making an offer, and a good starting place is an examination of your credit history.

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  • Hurricane Season Starts June 1

    Posted: 16 March 2006 by John Huval

    The 2006 Atlantic Hurricane season starts June 1 and runs until November 30. Storms can and do develop quickly in warm gulf waters, so it’s prudent to begin your preparations now.

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