New Master Planned Developments coming to Spring

springwoods village  300x225 New Master Planned Developments coming to SpringIn the Houston Chronicle today there was an article which shows faith in the continued steady housing market for Spring and The Woodlands.  In the second quarter of 2011, a developer, Coventry Development Corp. has plans to start the building of an 1,800-acre master-planned community in north Harris County called Springwoods Village (http://www NULL.springwoodsvillage NULL.com/).

Over the next several years, as many as 5,000 homes are expected to be built, in addition to 8.5 million square feet of commercial office space and 1.2 million square feet of retail space.  Depending on the market conditions the community is expected to take 15-20 years to complete development.

The developer aims to build a community where residents can live close to their jobs, cutting down highway commutes.  Springwoods Village will be located about 30 miles north of downtown Houston, in Spring,  just south of The Woodlands.

Senate passes Bailout – Making Sense of it All

The Senate passed the 700 Billion dollar Bailout of Freddie Mac and Fannie Mae today.  I am curious if everyone out there knows what these companies do and why the Government stepped in to help out.

First, to help clear some of the confusion, these two companies are mortgage guarantors.  Fannie Mae was created back in the Great Depression by Roosevelt’s administration to back loans by private banks in order to make homeownership more assesible.  Years later the government allowed Fannie Mae to be privately managed. Freddie Mac was created by the government to keep Fannie Mae from becoming to big.

Fannie Mae and Freddie Mac guarantee more than $5 trillion in mortgages, almost half of those in the United States, With many of the mortgages defaulting, the companies are, in effect, bankrupt.  These two companies are such a large part of our financial system that failure of one or both would be detrimental Nationally and Globally.

This takeover was put in place to protect us, the taxpayer. How, well the U.S. government will be creating more demand in the marketplace by buying Fannie and Freddie mortgage bonds, homeowners and buyers should start seeing lower mortgage rates.  This may become one of the best times to purchase or refinance your home.

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