Drilling a well for a new home!
Do you live in the country with a well? Initially your well was probably “shocked” with bleach to kill any bacteria in the system and prior to the initial water testing. Often on a re-sale of a home in Virginia, the purchaser asks the seller to test the well for coliform bacteria. Many sellers want to re-shock the well prior to the testing the water and sometimes owners asking me about shocking there well every few years. To answer this type of question, I often go to the Virginia Cooperative Extension (VCE) web site. The folks at Virginia State University and Virginia Tech do a great job of posting and updating information on many country life topics. Please click to check the VCE info on “shocking” your well.
Mortgage Bonds are trading higher this morning following a similar pattern this week with higher prices in the morning but the rally fizzles out by mid afternoon.
In housing news, Housing Starts rose 2.3% while Existing Home Sales rose by 7.8% in August. Building Permits fell slightly.
With home loan rates back at record lows, they may not be able to go much lower from here. Robert Shiller from the Case/Shiller Home Price Index said yesterday that he also feels that rates will not not fall much further from current levels.
I feel that Locking in the short-term is prudent.
Leonard Winslow
Direct: 434-760-2580
943 Glenwood Station Lane, Suite 200
Charlottesville, Va. 22901
leonard.winslow@newamerican.com
web: http://www.newamerican.com/leonard.winslow
http://www.facebook.com/CharlottesvillesLoanExpert
License #MLO-4817VA-NMLS #265272