Friday Humor: A joke from “Maxine”…

MaxineI was in the pub yesterday when I suddenly realized I desperately need to pass gas.

The music was really, really loud, so I timed my farts with the beat.

After a couple of songs, I started to feel better. – I finished my pint and noticed that everybody was staring at me.

Then I suddenly remembered that I was listening to my I-Pod.

REMINDER: Tennessee’s Sales Tax Holiday; August 7-9

tntaxfreelogo_bigThe State of Tennessee’s Annual Sales Tax Holiday is held every year on the first Friday in August and ends the following Sunday night. This year’s tax-free holiday weekend begins at 12:01 a.m on Friday, August 7th and ends Sunday, August 9th at 11:59 p.m.

What is Tax Free?  Clothing ($100 or less); School Supplies ($100 or less); Computers ($1500 or less)

Further detials can be found at http://www.tn.gov/revenue/salestaxholiday/

Questions? Consumers and retailers can call (800) 342-1003, Monday through Friday, 8 a.m. to 5 p.m. Central Time or e-mail Salestax.Holiday@tn.gov.

Good News Continues for the Real Estate Market’s Recovery!

Pending Home Sales Record Fourth Straight Monthly Gain
Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the latest survey. The Pending Home Sales Index increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004. Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”  Source: National Association of Realtors.

On Appraisals: the Impact of HVCC
A preliminary analysis indicates that the implementation of the Home Valuation Code of Conduct (HVCC) appears to be having adverse impacts on the housing market. Appraisal issues associated with the implementation of HVCC have recently been in the news. NAR Research has developed information on the subject through a statistically representative survey of the membership.