Pending Home Sales Continue Uptrend

Pending home sales improved further in December, marking the fifth gain in the past six months, according to the National Association of Realtors®
The Pending Home Sales Index,* a forward-looking indicator, increased 2.0 percent to 93.7 based on contracts signed in December from a downwardly revised 91.9 in November. The index is 4.2 percent below the 97.8 mark in December 2009. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, credits good affordability conditions and economic improvement. “Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions. Mortgage rates should rise only modestly in the months ahead, so we’ll continue to see a favorable environment for buyers with good credit,” he said.

“In the past two years, home buyers have been very successful, with super-low loan default rates, partly because of stable home prices during that time. That trend is likely to continue in 2011 as long as there is sufficient demand to absorb inventory,” Yun said. “The latest pending sales gain suggests activity is very close to a sustainable, healthy volume of a mid-5 million total annual home sales. However, sales above 6 million, as occurred during the bubble years, is highly unlikely this year.”
The PHSI in the Northeast increased 1.8 percent to 73.9 in December but is 5.3 percent below December 2009. In the Midwest the index rose 8.0 percent in December to 84.6 but is 5.1 percent below a year ago. Pending home sales in the South jumped 11.5 percent to an index of 101.9 and are 1.7 percent above December 2009. In the West the index fell 13.2 percent to 105.8 and is 10.7 percent below a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.
NOTE: Existing-home sales for January will be reported February 23 along with revisions for the past three years, and the next Pending Home Sales Index will be released February 28. Fourth quarter metro area home prices and state home sales will be published February 10; release times are 10:00 a.m. EST.
Source: http://www.realtor.org/press_room/news_releases/2011/01/phs_continue

2010 Toyota Production Up in Princeton Indiana

The number of cars made Toyota Motor Manufacturing Indiana's Princeton facility more than doubled in 2010. The company also reports a slight decrease in Camry production at Subaru Indiana Automotive Inc. in Lafayette.
Toyota Motor Engineering & Manufacturing North America, Inc. (TEMA) announced today that the company’s assembly plants produced 1,456,887 vehicles in 2010, an 18 percent increase compared to 2009.

Toyota’s North American facilities assemble the Avalon, Camry, Corolla, Highlander, Matrix, RAV4, Sequoia, Sienna, Tacoma, Tundra, Venza and Lexus RX 350.

“The challenges presented by the economic downturn and our recalls made Toyota an even stronger company,” said Tetsuo Agata, president and COO of TEMA. “By retaining our team members and continually improving during the worst of times, we are well positioned for 2011 and beyond. We thank all team members and our hundreds of suppliers for their tireless efforts.”

In 2010, the following milestones, projects and initiatives were accomplished:
•The Canadian operation in September assembled its four-millionth vehicle.
•The Kentucky plant in July produced its eight-millionth engine.
•The Indiana plant successfully ramped up production of the Highlander and the all-new Sienna after a $450 million investment upgrade. Toyota’s total investment in Princeton is nearly $4 billion and total employment is 4,100.
•The Texas plant began production of the Tacoma, representing a $100 million investment and an additional 1,000 jobs. Toyota’s total investment in San Antonio is $1.4 billion and total employment is now 2,800.
•TEMA named four new American plant presidents and the Toyota Technical Center named three American chief engineers. This increased local leadership provides greater regional autonomy.

2010 Toyota North American Vehicle Production
Manufacturing Site Model 2009 2010
Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) Avalon 27,513 40,155
Camry 225,524 253,098
Camry Hybrid 19,304 17,151
Venza 75,896 61,290
Total 348,237 371,694
New United Motor Manufacturing, Inc.
(NUMMI)* Corolla 172,888 63,319
Tacoma 67,435 27,495
Total 240,323 90,814
Toyota Motor Manufacturing Canada, Inc. (TMMC) Corolla 138,650 192,271
Matrix 38,538 33,809
RX 350 64,282 81,618
RAV4 78,077 151,031
Total 319,547 458,729
Toyota Motor Manufacturing, Indiana, Inc.
(TMMI) Highlander 17,503 86,527
Sequoia 18,376 24,685
Sienna 72,205 132,780
Total 108,084 243,992
Toyota Motor Manufacturing de Baja California (TMMBC) Tacoma 42,696 53,829
Total 42,696 53,829
Toyota Motor Manufacturing, Texas, Inc. (TMMTX)
Tundra 86,000 107,959
Tacoma 0 42,139
Total 86,000 150,098
Subaru Indiana Automotive, Inc. (SIA) Camry 87,926 87,731
Total 87,926 87,731
Total North American Vehicle Production* Grand Total 1,232,813 1,456,887


Toyota’s North American vehicle production – five year history:

Year Vehicle Production YOY Change
2010 1,456,887 18%
2009 1,232,813 (15%)
2008 1,454,958 (13%)
2007 1,671,009 8%
2006 1,553,790 (0.3%)

Toyota North American Engine Production
Manufacturing Site Engine 2010
Toyota Motor Manufacturing, Kentucky, Inc. (TMMK) 4-cylinder 272,833
V6 187,167
Total 460,000
Toyota Motor Manufacturing, West Virginia, Inc. (TMMWV)* 4-cylinder 327,447
V6 236,431
Total 563,878
Toyota Motor Manufacturing, Alabama, Inc. (TMMAL)
V6 88,973
V8 133,803
Total 222,776
Total 2010 North American Engine Production 1,246,654
*TMMWV’s total automatic transmission production for 2010 was 284,543.

In addition to the above mentioned plants, Toyota subsidiary Bodine Aluminum, Inc., in Tennessee and Missouri, casts aluminum parts such as cylinder heads, intake manifolds, engine brackets and engine blocks. TABC, Inc. in Long Beach, California, manufactures truck beds, catalytic converters, stamped parts, coated substrates and steering columns. Canadian Autoparts Toyota, Inc. (CAPTIN) in Delta, British Columbia, produces aluminum wheels.

About Toyota
Toyota (NYSE:TM) established operations in North America in 1957 and currently operates 14 manufacturing plants, including one under construction. There are more than 1,800 Toyota, Lexus and Scion dealerships in North America which sold nearly two million vehicles in 2010. Toyota directly employs more than 35,000 in North America and its investment here is currently valued at more than $23 billion, including sales and manufacturing operations, research and development, financial services and design. Toyota's annual purchasing of parts, materials, goods and services from North American suppliers totals more than $25 billion. For more information about Toyota, visit www.toyota.com or www.toyotanewsroom.com.
Source: Toyota & Inside INdiana Business http://www.insideindianabusiness.com/newsitem.asp?ID=45876

Average Sales Price for Tri-State Homes Jump

The average sales price for residential homes in parts of the tri-state has jumped.

Local realtors say they are seeing an increase in demand when it comes to buying homes. With an increase of money people are getting for their homes, they say that combination could make for a strong housing market in 2011.

The Evansville Area Association of Realtors reports a 4.7 percent increase in both the average sale price and median sale price of homes sold in Vanderburgh, Warrick, Posey and Gibson counties, from 2009 to 2010.

"The fact that these have gone up means that people are buying more expensive homes which is good and prices have stabilized in the area," says Chris Dickson, President of the EAAR.

Other realtors are also happy with the news.

"For sellers right now it's a good time to list your home because you can get a little more for you home than in the past," says Walt Caswell, a realtor with ERA.

On top of that, more buyers are now looking and willing to spend.

"Historically, the mortgages, the interest rates are really low, so a lot of people are capitalizing on that and it's just a really good time to buy a home," says Caswell.

"They seem reasonable to me. I'm not an expert but they do seem reasonable," says potential buyer Lori Scott.

Scott is on the hunt for a new house, and says despite the increase in price, she is still ready to move.

"I would like to move and just find something bigger but there would be the problem of could we sell our house right now and then the money that we need to get out of it in order to afford something a little bigger." 

Steve Minor and his wife just listed their home.

"Just got it listed this week and then, so there's an open house today. Hopefully there's a lot more movement," says Minor.

"It looks like 2011 is going to move in that direction. It's a good pace moving into 2011 so we're looking forward to it," says Caswell.

This also seems to be the trend nationally. Sales of existing homes jumped 12 percent in December.

Source: http://www.news25.us/Global/story.asp?S=13893668

USI to Expand Chinese Ties

The University of Southern Indiana has become one of 10 national institutions selected to participate in the 2011 International Academic Partnerships Program from the Institute of International Education. Participation will allow USI to create new exchange opportunities with China, including training activities and a study tour this spring.
Evansville, Ind. — University of Southern Indiana is one of 10 United States institutions of higher education to participate in a 2011 initiative of the International Academic Partnerships Program (IAPP) according to a news release issued by the Institute of International Education (IIE). USI and the other nine institutions were selected based on an interest in building ties with institutions in China, a dominant economic and world power. IAPP is funded by the U.S. Department of Education’s Fund for the Improvement of Postsecondary Education.

“The IAPP program is a perfect fit at a perfect time for USI,” said Heidi Gregori-Gahan, director of International Programs and Services at USI. “A goal of the University’s strategic plan is to enhance experiential learning experiences, including study abroad opportunities for all students. Student interest in studying in China has grown over the past three years at USI.”

Mandarin Chinese was first offered in the Department of Modern and Classical Languages in the College of Liberal Arts in 2009 and enrollments in the programs have grown steadily. USI also offers a major in International Studies through the College of Liberal Arts and the College of Business is developing an International Business major.
According to Gregori-Gahan more faculty and students are interested in developing short-term programs ranging from business to public health to education.

“Education majors and area teachers are planning a global engagement program in Beijing this summer and faculty in the College of Nursing and Health Professions want to develop, in addition to exchange programs, joint courses that could be delivered to USI students and to students in China via the web,” Gregori-Gahan said.

The IAPP will assist USI in establishing international exchange opportunities with China. They plan a series of training activities, focused on implementing and sustaining partnerships with institutions in China and a study tour to China in spring 2011 to meet with potential partner campuses. USI will be forming a campus task force to work on prospective partnerships with China.

Other institutions selected for the China initiative are Greenville Technical College, Jacksonville State University, Lake Washington Technical College, Marymount Manhattan College, Saginaw Valley State University, Southern Methodist University, State University of New York at Fredonia, The College of New Jersey, and Utah Valley University.

The IIE Center for International Partnerships launched IAPP in 2009 as a two-year initiative, with the pilot group focused on building partnerships between the United States and India. Ten American institutions participated in the first year, and their experience culminated with a study tour to India that coincided with President Obama’s Indian visit in November 2010. IAPP China will build on the success of the first year with India, harnessing new lessons learned from year one and continuing to leverage IIE’s expertise in international higher education.

Source: University of Southern Indiana & Inside INdiana Business
http://www.insideindianabusiness.com/newsitem.asp?ID=45655

Wood Fireplace: 9 Tips for Safety and Efficiency

Besides the annual inspection and sweep for your chimney, improve the function of your wood fireplace with responsible use.
Ready for the colder months? You will be if you follow these simple guidelines to keep your wood fireplace burning brightly—and safely.

1. Only burn dry, cured wood—logs that have been split, stacked, and dried for eight to 12 months. Cover your log pile on top, but leave the sides open for air flow. Hardwoods such as hickory, white oak, beech, sugar maple, and white ash burn longest, though dry firewood is more important than the species. Less dense woods like spruce or white pine burn well if sufficiently dry, but you’ll need to add more wood to your fire more often, according to the Chimney Safety Institute of America (CSIA).

2. Burn firewood and only firewood! Crates, lumber, construction scraps, painted wood, or other treated wood releases chemicals into your home, compromising air quality. Log starters are fine for getting your wood fireplace going, but they burn very hot; generally only use one at a time.

3. Close the damper when not using your wood fireplace to prevent warm indoor air—and the dollars you’re spending to heat it—from rushing up the chimney.

4. Keep bifold glass doors open when burning a fire to allow heat to get into the room. On a factory-built, prefab wood fireplace with a circulating fan, keep doors closed to prevent unnecesary heat loss.

5. Have a chimney cap installed to prevent objects, rain, and snow from falling into your chimney, and to reduce downdrafts. Caps have side vents so smoke escapes. A chimney sweep usually provides and can install a stainless steel cap, which is better than a galvanized metal one because it won’t rust. Caps cost $50 to $200.

6. Replace a poorly sealing damper to prevent heat loss. A top-mounted damper that also functions as a rain cap provides a tighter closure than a traditional damper for your wood fireplace.

7. Install carbon monoxide detectors and smoke detectors in your house—near your wood fireplace as well as in bedroom areas.

8. Get your chimney cleaned twice a year if you burn more than three cords of wood annually. A cord is 4 feet high by 4 feet wide by 8 feet long, or the amount that would fill two full-size pickup trucks.

9. To burn a fire safely, build it slowly, adding more wood as it heats. Keep the damper of your wood fireplace completely open to increase draw in the early stages. Burn the fire hot, at least occasionally—with the damper all the way open to help prevent smoke from lingering in the fireplace and creosote from developing.

Wendy Paris is a writer in New York currently living in a home with a very smoky fireplace that has set off the smoke detector more than once. After finishing this article, she decided to schedule a chimney sweep. She’s written for This Old House magazine, as well as for The New York Times and Salon.com.

Read more: http://www.houselogic.com/articles/wood-fireplace-9-tips-safety-and-efficiency/#ixzz1BW76M1LI

A Monthly Newsletter from The Trentini Team with F.C.Tucker Emge Realtors

GET WINTER-WISE: Prepare Your Home for Cold Weather

 

December 22 is the first day of winter 2010/2011. In many parts of the country, cooler weather has already begun to set in. So before you curl up with a good book or head outdoors to enjoy the snow, take time to make sure your home is ready for cold weather so it can enjoy the winter as well.

Inspect your heating system.

Breathe easier this winter. Have an HVAC professional inspect your furnace and clean air ducts to remove dust. Then, make sure you have a good supply of furnace filters on hand and make a note to change them every month. Something as simple as changing a furnace filter can reduce heating costs by up to 5%. If you have hot-water radiators, bleed the valves.

Replace old thermostats.

Nearly 50% of the energy used in a typical American home is for heating and cooling. Think about replacing your thermostat with a programmable one, allowing you to keep your home a little cooler at night.

Ready your chimney and fireplace.

If you have a wood-burning fireplace that hasn’t been cleaned recently, hire a chimney sweep to remove soot and creosote. Chimneys should be capped or screened to keep birds or rodents from nesting there. Check your fireplace damper and make sure it still opens and closes properly. For brick chimneys, inspect the mortar and tuckpoint if needed.

Go outside. Weatherize the exterior, doors and windows.

Inspect the outside of your home. Look for crevice cracks and exposed entry points around pipes and seal them. Weatherstrip around doors and gaps along the foundation helps to keep cold air out. Caulk around windows for the same reason. Switch out screens and storm windows in the fall, before it gets cold.

Do you need more attic insulation?

Although insulating or upgrading insulation can be a big step, it is relatively easy to add insulation to most attics. A poorly insulated attic can be a major source of heat loss.

 

Up on the roof.

Inspect your roof, gutters and downspouts. Replace roof shingles that are worn and check the flashing to make sure your roof is watertight. Clean leaves and debris from gutters and if you don’t have them already, think about installing leaf guards. Clear downspouts with a hose.

No more frozen pipes.

You can prevent your plumbing from freezing with a few easy steps:

• Drain and detach all garden hoses.

• Insulate exposed plumbing pipes.

• Drain air conditioner pipes. If your air conditioning system has a water shut-off valve, turn it off.

• Leave heat on while on vacation (at least 55 degrees Fahrenheit).

When the Lights go out

Prepare for power outages ahead of time:

• Buy indoor candles and matches or a lighter.

• Keep a flashlight and extra  batteries on each floor of your home.

• Keep the phone numbers of utility companies near your phone or inside your phone book.

• Buy a battery-operated radio.

• Have extra bottled water and non-perishable foods on hand. Don’t forget food for your pets.

• Protect computer and sensitive electronic equipment with a battery backup and/or surge protector(s).

• Keep blankets and a first-aid kid in a location that’s easy to access and remember.

• Prepare an evacuation plan for emergencies