Friday, July 22, 2011

Report shows continued spring bounce for U.S. home prices

From a Real Deal article:

U.S. home prices appear to have turned a corner this spring after a year's worth of declines, but whether the housing market has truly bottomed out remains to be seen.

The Federal Housing Finance Agency said today that prices rose by 0.4 percent nationwide in May, which follows a slight uptick reported in April by multiple research firms. As of the end of May, home prices had fallen by 6.3 percent over the 12 months prior and stood at 19.6 percent below their April 2007 peak -- approximately even with home prices from January 2004.

The FHFA's numbers show a 0.2 percent increase in home prices in April, so it's possible that the gradual acceleration in the May data could indicate the beginning of the end of the bleeding for U.S housing. However, analysts often note that housing data tends to improve only temporarily during the spring homebuying season.

As David Blitzer, chairman of the Index Committee at Standard & Poor's, noted last month when the Case-Shiller Home Price Index for April showed modest gains, "it is much too early to tell if this is a turning point or simply due to some warmer weather."

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Friday, July 8, 2011

8 Home Buying Secrets Your Real Estate Agent Won’t Tell You


An article from Mint.com on 8 Home Buying Secrets Your Real Estate Agent Won’t Tell You

1. Your agent is your agent
2. Only fools fall in love
3. Be willing to walk away
4. Time is on your side
5. Your agent is not your friend
6. The listing agent just might be your best friend
7. There is no such thing as an embarrassingly low offer
8. Online real estate companies can save you money

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Friday, June 10, 2011

8 Home Buying Secrets Your Real Estate Agent Won’t Tell You

An Article from Mint.com. 


When they’re finally ready to make the jump from renting to home ownership, most first time homebuyers enlist a real estate agent to help them through the process. No wonder: buying a home is complicated and when it’s your first time, you feel like you could use some hand-holding.
Real estate agents provide a valuable service and are generally well-paid as a result. There’s nothing wrong with that. But money does have a way of distorting relationships — even when honest people are involved.
Here are some tips that will help you, as a first time homebuyer, take full advantage of today’s real estate market and get the most out of your relationship with your real estate agent.

1. Your agent is youragent

When you’re new to the process, it is easy to believe that the guy with 20 years’ experience calls the shots. This couldn’t be further from the truth. Your real estate professional is your agent: he or she works for you, gives you advice and negotiates on your behalf. He doesn’t make decisions for you and you should not expect him to.

2. Only fools fall in love

After you’ve looked at a few houses that weren’t quite right, your agent will probably tell you not to get discouraged, and that eventually you will “fall in love” with the right property.
Love makes you do stupid things. Stupid things like paying too much or looking past costly repair items. As a first-time homebuyer, you should develop a healthy ‘like’ for a property, but keep the relationship open, see other houses. There will be plenty of time for “love” after you’ve put in the 300 hours of sweat equity to make your house a home.

3. Be willing to walk away

If you never fall in love with a piece of real estate, you’ll never cry when you have to walk away from it. Real estate agents often use the phrase “my client will walk away” and some use it quite loosely to stress the importance of a point for negotiation. If you want to retain the full strength of your position as a buyer, you’ll need “I’ll walk away” to mean that you are done if your demands aren’t met.
For your agent to communicate this correctly to the seller, he needs to know that you mean what you say. And yes, if it reaches that point, you will need to walk away from a property. Not to worry: there are others out there. But don’t be surprised if you hear back from the seller a week later that he is willing to work with your demands.

4. Time is on your side

Your agent is going to tell you that you have to move quickly and make the best offer possible when you find the right property. This is not always the best advice. As a first time homebuyer, you are in a unique position of strength in terms of the real estate transaction. You aren’t selling your home, so you don’t have to move. You can look at and make offers on many properties. You can start with a low offer and negotiate upwards if the seller balks. You can table a counter-offer and look around a bit before deciding to pay more. The opposite is generally true of sellers in a buyer’s market. They need to sell the property and are motivated to move as quickly as possible. Use time to your advantage.

5. Your agent is not your friend

Your agent performs valuable services in the real estate transaction, but he really doesn’t make anything until you buy a piece of real estate. That makes him a salesman. Being a salesman, he wants you to feel like he is a friend who has your best interests at heart.
The reality is that your interests and your agent’s may not be aligned. He is actually better off financially if you make a quick decision and pay too much for a property. This is, after all, likely the largest business transaction of your life. Make sure that your agent, regardless of how personable he is, understands that you are a customer and that you need him to drive the best business deal for you.

6. The listing agent just might be your best friend

In the New York Times best-selling book Freakanomics, authors Steven D. Levitt and Stephen J. Dubner point out that real estate agents typically market their own homes for 10 days longer than they market their clients’ homes. Is this because they are so busy with their clients that they don’t have time to market their own homes?
No, it really comes down to how we incent real estate agents with commission. When an agent is selling his own home, he enjoys the full benefit of any increase in sales price so he is extremely motivated to market for as long as possible to get the best sales price possible. But when it comes to a client’s home, an extra week on the market might lead to a higher sales price for the seller — but the agent will only enjoy a very small amount of that increase in the form of marginal increase to commission. Meanwhile, marketing a home for another week would take him away from marketing someone else’s property. As such, the listing agent is highly motivated to convince the seller that your offer is the best offer he is going to receive. Use this to your advantage and make offers that are good for you.

7. There is no such thing as an embarrassingly low offer

When it comes to a property that has been sitting with no action, there is no such thing as an offer that is too low. Some agents will tell you that that you could offend the seller or that your offer is embarrassing. A good agent will encourage you to make strategically low offers. Offers are really not a lot of work and the worst thing that can happen is that your offer is not accepted. Often, however, in a buyer’s market a low offer will turn into a counter-offer. Think of the first offer as the starting point for negotiations and be prepared to consider counter-offers.

8. Online real estate companies can save you money

Over the past decade, online real estate companies have started to take market share away from traditional brick-and-mortar agencies. They’ve grown by offering discounts and rebates on the traditional 3% real estate commission. RedFin, one of the leading online real estate companies, offers buyers a rebate of up to 50% of the commission at close. RedFin also compensates their agents with salary as opposed to commission, which alleviates some conflict of interest issues. Granted, the service may not be as extensive or personalized — but the extra cash may offset the drawbacks.

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Wednesday, May 25, 2011

57% Believe Homeownership is a Good Investment, Higher Than Others



Fannie Mae's latest national housing survey finds that Americans expressed newfound optimism about home prices, the economy, and personal finances. 57 percent of Americans still believe that buying a home has a lot of potential as an investment – ranking higher than other investments, such as buying stocks and putting money into and IRA or 401(k) plan. In addition, 30% of Americans expect home prices to strengthen over the next year, up four percentage points from the fourth quarter of 2010.

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Monday, May 23, 2011

Tax Planning for Life's Major Events


Excerpt from Tax Planning for Life's Major Events
By Kiplinger.com


The voluminous Internal Revenue Code now reaches into nearly every nook and cranny of our lives, from cradle to grave. A newborn brings tax breaks to his or her parents; death brings a series of tax repercussions; and the IRS has something to say about almost everything in between. After all, the tax bill you owe each spring is based on the saving, investing, spending, business and other personal decisions you make during the year.

As your life changes, so does the set of tax rules that affect you. That's why this compendium of life events is so important -- to alert you to new opportunities to embrace and pitfalls to avoid as your life as a taxpayer evolves.

The fact that federal income taxes are among most families' biggest annual expenditures trumpets the importance of tax planning. Shake off any notion that this is a game for the wealthy. Instead, draw your inspiration for this comment from a high-priced tax attorney: "The best and finest tax planning is done by people who have more money than they'll ever spend or be able to give away. The worst tax planning is done by nice middle-class people who have middle-class virtues, those who have to work hard and save and sacrifice." Tax planning will save you money. We're here to help.

Visit this article online to learn more about tax planning for the following major life events:
- Graduating from college
- Getting your first job
- Getting married
- Birth of a child
- Buying your first home
- Sending your child to college
- Changing jobs
- Working at home
- Selling your home
- Buying a second home
- Getting hit with a major illness or injury
- Getting divorced
- Retiring
- Death of a spouse

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Friday, May 20, 2011

Too Big To Fail



A little plug for HBO: Watch the premiere of their movie Too Big To Fail on Monday, May 23rd. A good portion of it was filmed on location here in Staten Island!


http://www.hbo.com/movies/too-big-to-fail/index.html#/movies/too-big-to-fail/index.html

The movie is about the financial crisis of 2008 that lead us into the current recession and is based on Alan Sorkin's book of the same name. The movie stars some pretty big names including William Hurt, Ed Asner, Billy Crudup, Paul Giamatti, Topher Grace, Matthew Modine, and Cynthia Nixon among others.

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Wednesday, May 18, 2011

57% Believe Homeownership is a Good Investment, Higher Than Others



Fannie Mae's latest national housing survey finds that Americans expressed newfound optimism about home prices, the economy, and personal finances. 57 percent of Americans still believe that buying a home has a lot of potential as an investment – ranking higher than other investments, such as buying stocks and putting money into and IRA or 401(k) plan. In addition, 30% of Americans expect home prices to strengthen over the next year, up four percentage points from the fourth quarter of 2010.

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Monday, May 16, 2011

Five Signs That Say 'Buy'


The Wall Street Journal had an article recently that suggests five reasons that now is a good time to buy a home:

Jobs. Some parts of the country were less affected by the recession than others. Prospective buyers should review job-growth data from the U.S. Bureau of Labor Statistics, at www.bls.gov. Unlike many backward-looking economic statistics, jobs data are only about a month old and can "clearly show the direction of the local economy," says Carolyn Beggs, chief operating officer of real-estate data provider Local Market Monitor Inc. The National Association of Home Builders also posts state and local employment data, at NAHB.com.

You also want to see a brightening personal-income picture for the previous six-month period. Those numbers are available via the U.S. Dept. of Commerce's Bureau of Economic Analysis, at www.bea.gov.

Recent sales

activity. Three factors should be taken together: housing inventory, sales volume and prices.

A large inventory of homes with few actual transactions are negative indicators, according to Jeffrey Jackson, chairman of Mitchell, Maxwell & Jackson Inc., an appraisal company in New York. On the other hand, if inventory is falling and transactions are picking up, that is a good sign.

State and local boards of realtors often publish monthly inventory statistics. Inventory breakdown by metro area also can be found at the U.S. Census Bureau's website, in the American Community Survey (www.census.gov/acs/www/). Be sure to compare current inventories with long-term averages.

Also, check out the rental vacancy rates in your area, and judge them against historical rates, which you can find at the Census Bureau's website (www.census.gov) or via local real-estate professionals.

Construction.While not as reliable as jobs or sales-trend data for getting a read on a local housing market, the number of permits recently issued for local builders is useful for gauging builder sentiment and, by extension, future housing activity.

You can get recent permit information from your county or municipal building department, or via the National Association of Home Builders (www.nahb.com).

Mortgage

availability. If you live in an area where most people use mortgages, it is especially important now to gauge local lending patterns. In the aftermath of the financial crisis, most national banks tightened lending standards. But some local banks haven't been hit as hard by the housing crash and are more willing to lend, even for higher-priced homes.

For instance, some smaller lenders in the New York and New Jersey area, such as Lake Success, N.Y.-based Astoria Federal Savings, are actively courting new "jumbo"-mortgage customers. Astoria Federal says it believes jumbo-loan borrowers pose less risk than other borrowers because they can demonstrate ample income and often opt for hefty down-payments.

Anecdotal evidence. It might sound old-fashioned in an era of electronic data, but driving around neighborhoods, checking out open houses and talking to local agents still are good ways to gather local-market intelligence.

The key is to do this kind of research only after you have gathered hard data, so that you don't misread the signs. For example, foreclosed homes can generate multiple bids and quick sales, often in all-cash deals—but that doesn't mean the market is healthy.

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Friday, May 13, 2011

Save Money on Homeowners Insurance


Excerpt from Save Money on Homeowners Insurance
By Kimberly Lankford, Contributing Editor, Kiplinger's Personal Finance


The market value of my home has declined over the past few years. Can I save money by reducing my homeowners coverage?

No. You should never lower the amount your house is insured for just because housing prices have dropped. That’s because cutting the amount of your insurance could leave you with insufficient coverage in the event of a disaster.

The market value of your home and its insurance value can vary widely because they are based on different assumptions and calculations. The insurance value is based on what it would cost to rebuild the house -- not on what you paid for it. And although housing prices have dropped, rebuilding costs have not. (On the other hand, the sales price takes into account the value of the land, which isn’t factored into the insurance value; the land could still be valuable, even if your home were to burn down .)

To calculate how much it might cost to rebuild based on your home’s size, building materials and any special features, try the calculator at AccuCoverage.com. For $7.95, you’ll get an immediate estimate of your home’s insurance value from Marshall & Swift/Boeckh, which provides building-cost estimates to the insurance industry. It’s also a good idea to rerun the numbers after you make any major home improvements, and notify your insurer if you need to increase your coverage. You can usually boost your insurance limit by tens of thousands of dollars without making your premiums go through the roof (see Upgrade Your Home Insurance for more information about calculating your insurance needs).

To save money on your homeowners insurance, however, you could increase your deductible. Increasing your deductible from $500 to $1,000 could lower your premium by as much as 25%. And increasing your deductible will discourage you from filing small claims that could jeopardize your insurer’s claims-free discount or get you dropped by your insurer altogether (boost your emergency fund to make sure you have enough money to cover the deductible). See Slash Your Insurance Costs for strategies to help you save money on all kinds of insurance.

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Tuesday, May 10, 2011

10 Smart Uses for Your Tax Refund


Excerpt from 10 Smart Uses for your Tax Refund
By Kiplinger.com


So you got a refund check. Chances are it's for thousands -- the average refund is nearly $3,000 this year, according to the IRS. That's a nice chunk of change. Here are ten good things you could do with the money.

1. Pay Off Credit-Card Debt
Using your refund to pay off a balance with an 18% interest rate is like earning 18% on your investments -- an incredibly valuable use of the money. And if you pay off your balances, you can afford to close some cards that are now charging high fees.

2. Rebuild Your Emergency Fund
Many people had to raid their emergency fund over the past year and had little extra money to restore it. You could use your refund to start rebuilding that fund, which can help you avoid landing in credit-card debt if you have an emergency. Keep the money easily accessible in a money-market account or savings account that earns interest.

3. Boost Retirement Savings
You can take up to $5,000 of that check and put it toward an IRA for 2011 (or $6,000 if age 50 or older). If your modified adjusted gross income is $122,000 or less if you’re single, or $177,000 or less if you’re married filing jointly, then you can contribute to a Roth IRA, which lets you withdraw the money tax-free in retirement. If you earn too much for a Roth, you can contribute to a nondeductible traditional IRA, then convert it to a Roth.

4. Fund a Taxable Account
Already maxing out contributions to your tax-deferred retirement account? Consider opening a taxable account and using your refund cash to buy stocks or funds. There are no restrictions (such as early-withdrawal fees) on tapping taxable accounts. Plus, when you sell a winner you are taxed on the profits at the maximum 15% capital-gains rate. Traditional-retirement-account distributions, however, are fully taxed at ordinary rates as high as 35%.

5. Fill Gaps in Your Insurance
For less than $1,000, you can plug menacing holes in your homeowners policy: coverage for flooding and liability. Flood-Insurance Policy. If you live in a low- to medium-risk area, it costs about $350 to $600 per year from the National Flood Insurance Program with the maximum $250,000 in dwelling coverage and $100,000 for possessions. Get a price quote at www.floodsmart.gov. Liability Insurance. Cover your legal expenses if someone is hurt in your home or by your car. It generally costs just $150 to $300 to buy a personal umbrella policy that provides $1 million in coverage over the limits or your auto- and homeowners-insurance policies.

6. Build Your College Savings
It’s always hard to juggle saving for college and retirement. Here’s an opportunity to use your extra money to contribute to a 529 account. You’ll be able to use the money tax-free for college bills, and you could get a state income-tax deduction for your contribution.

7. Help Your Kid Save
You can use the extra money to contribute to a Roth IRA for your child. Your kid is eligible as long as he or she has earned income -- from mowing yards or babysitting, for example. Your child can contribute up to $5,000 or the amount of his or her earned income for the year, whichever is lower, and you can give him the cash to do it. See Roth IRAs for Kids for details.

8. Improve Your Home's Energy Efficiency
You can lower your utility bills -- and get a tax credit -- for installing insulation, energy-efficient windows, central air conditioning and more.

9. Spruce up Your Yard
A little cash can go a long way to improve your home's curb appeal. If your house will be on the market, you can't afford not to spend some money and time on landscaping that will distinguish your house from others.

10. Give to Others
If you have your financial bases covered, consider using your refund to make a charitable contribution to help others in need. You’ll feel good -- and you’ll be rewarded for your good deed when you file your tax return in 2012 (charitable contributions are deductible if you itemize).

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Monday, May 9, 2011

In the Heights...


The Wall Street Journal posted an article on Friday about an up and coming neighborhood: Greenwood Heights. The article is an interesting look at a neighborhood that has the potential of Park Slope but is still in the very beginning stages of becoming a popular destination. Looks like an ideal buy for first time homebuyers looking for a slightly quieter version of the Slope.

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Friday, May 6, 2011

Housing Affordability Rises to Highest Level in Two Decades


Excerpt from Housing Affordability Rises to Highest Level in Two Decades
By National Association of Home Builders


Nationwide housing affordability during the fourth quarter of 2010 rose to its highest level in the 20 years since it has been measured, according to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) data released today.

The HOI indicated that 73.9 percent of all new and existing homes sold in the fourth quarter of 2010 were affordable to families earning the national median income of $64,400. The record-setting index for the fourth quarter surpassed the previous high of 72.5 percent set during the first quarter of 2009 and marked the eighth consecutive quarter that the index has been above 70 percent. Until 2009, the HOI rarely topped 65 percent and never reached 70 percent.

"Today's report shows that housing affordability at the end of 2010 was at its highest level since we started computing the HOI," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev.

Indianapolis-Carmel, Ind., was the most affordable major housing market in the country for the second consecutive quarter, after relinquishing for a quarter the top spot it has held for five years. In Indianapolis, 93.5 percent of all homes sold were affordable to households earning the area's median family income of $68,700.

Also ranking near the top of the most affordable major metro housing markets were Youngstown-Warren-Boardman, Ohio-Pa.; Syracuse, N.Y; Warren-Troy-Farmington Hills, Mich.; and Detroit-Livonia-Dearborn, Mich.

New York-White Plains-Wayne, N.Y.-N.J., again led the nation as the least affordable major housing market during the fourth quarter of 2010. In New York, more than a fourth — 25.5 percent — of all homes sold during the quarter were affordable to those earning the area's median income of $65,600. This was the 11th consecutive quarter that the New York metropolitan division has held this position.

The other major metro areas near the bottom of the affordability index included San Francisco-San Mateo-Redwood City, Calif.; Honolulu; Los Angeles-Long Beach-Glendale, Calif.; and Santa Ana-Anaheim-Irvine, Calif., respectively.

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Thursday, May 5, 2011

Good Time to Buy: Home Prices in Metro Areas Continue to Decline


Excerpt from Home Prices in Metro Areas Continue to Decline
By Claire Easley, BuilderOnline.com


Home prices in major metropolitan areas across the nation tumbled again in November, indicating that now is a good time to buy real estate.

According to data released in the S&P/Chase-Shiller Home Price Indices, home prices dropped in 19 of the 20 metropolitan statistical areas (MSAs) measured compared with October levels. San Diego was the only city with a gain—a meager 0.1% increase. Detroit was hardest hit, posting a 2.7% loss compared with the month before.

Meanwhile, nine markets—Atlanta; Charlotte, N.C.; Chicago; Detroit; Las Vegas; Miami; Portland, Ore.; Seattle; and Tampa, Fla.—hit the lowest home price levels they’ve seen since the peak years. Thirteen of the 20 MSAs tracked have posted at least seven months of decline since the beginning of 2010. Fourteen areas have posted at least four consecutive months of dropping prices.

The indices' data come from major metro areas scattered across the country. However, even with a variety of geographical points, it’s worth keeping in mind that the 20 markets that the data track include a population total of 26.78 million, a scant 8.5% of the total U.S. population, based on 2009 U.S. Census data.

The 10-City Composite Index came down 0.8% from October and dropped 0.4% from the year before; the 20-City Composite was down 1.0% from October and came in 1.6% lower than November 2009. With both composites down a dramatic 30.3% compared with the bubble months of June and July 2006, these indices have returned to where they were in the latter half of 2003. Measured from April 2009, their lowest level since the boom, prices were up in both the 10- and 20-city indices, 4.8% and 3.3% respectively. Both composites have declined during at least seven of the months tracked in 2010.

The poor showing in numbers prompted David M. Blitzer, chairman of the Index Committee at Standard and Poor's, to suggest that a double-dip in home prices—something builders have been worried about for some time—may be confirmed by spring.

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Tuesday, May 3, 2011

Sales of New U.S. Homes Rebounded in March


Excerpt from Sales of New US Homes Rebounded in March
By Derek Kravitz, Associated Press


More people bought new homes in March, giving the battered industry a small lift after the worst winter for sales in almost a half-century.

New-home sales rose 11 percent last month from February to a seasonally adjusted rate of 300,000 homes, the Commerce Department said Monday. That follows three straight monthly declines. Still, the pace remains far below the 700,000 homes a year that economists view as healthy.

Builders are struggling to compete with a record number of foreclosures, which have forced down the price of re-sales and made them more of a bargain. The disparity has dragged on the economy. New homes represent a fraction of sales but they have an out-sized impact on the broader economy. Each new home creates an average of three jobs for a year and $90,000 in taxes, according to the National Association of Home Builders.

Many builders are waiting for the glut of foreclosures and other distressed properties to be cleared before stepping up construction. But with 1.2 million foreclosures forecast this year nationwide, according to foreclosure tracker RealtyTrac Inc., a turnaround isn't expected for years.

High unemployment, tight credit and a lingering fear that prices will fall further have kept people from making home purchases.

The seasonally adjusted number of new homes for sale in the United States is the fewest since the summer of 1967, when there were 110 million fewer people in the country.

Requests for building permits, a gauge of future construction, sank in the winter to their lowest level in more than 50 years. They recovered somewhat in March, but that improvement was spurred by a more than 28 percent jump in permits for apartment and condo buildings.

New-home sales rose in most regions of the country last month. Sales jumped nearly 67 percent in the Northeast, which was hit hard by wintry weather; by almost 26 percent in the West, which saw a surge in buying three months ago because of a Jan. 1 deadline for a California state tax credit; and by nearly 13 percent in the Midwest. Sales fell 0.6 percent in the South, which accounts for the nation's biggest home-sale market.

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Friday, April 29, 2011

Your Spring Maintenance Checklist


Excerpt from Your Spring Maintenance Checklist
Taken from Kiplinger.com (Real Estate)


In addition to your annual spring-cleaning ritual, take some steps to save money on energy bills this summer and ward off big-ticket repairs later on. Here are 10 things for you (or the handyman) to tackle now to Summer-ize your home and keep it in top shape.

1. Inspect the AC.
For about $75 to $200, a technician will tune up your cooling system to manufacturer-rated efficiency. Look for a heating and air-conditioning contractor that belongs to the Air Conditioning Contractors of America, employs technicians certified by the North American Technician Excellence (NATE) program, and follows the protocol for the ACCA’s “national standard for residential maintenance”, says Wes Davis, manager of technical services at ACCA. Call your electric utility to see whether it offers incentives. Also note that dirty filters make air conditioning work harder, increasing energy costs and possibly damaging your equipment.

2. Put the temperature on autopilot.
Set the hold or vacation feature for a constant, efficient temperature when you’re away for the weekend or on vacation. In summer, you can make those settings more tolerable if you install ceiling fans. Just remember that a ceiling fan cools people, not a room, so turn it off when you leave the room.

3. Caulk the cracks.
If the gap around a door or window is wider than a nickel, you need to reapply exterior caulk, says Bill Richardson, past president of the American Society of Home Inspectors. Check window-glazing putty, too, which seals glass into the window frame. Add weatherstripping around doors, making sure that you can’t see any daylight from inside your home. You’ll save money on air conditioning and avoid having to repeat this task this fall.

4. Clean out the gutters.
Gutter cleaning generally costs $90 to $225 for a 2,000-square-foot home. Add extensions to downspouts to carry water at least 3 to 4 feet away from your home’s foundation. You can use 4-inch corrugated plastic pipe (about $7 for 10 feet).

5. Repair your roof.
An easy way to inspect the roof to find damaged, loose or missing shingles without risking life and limb is to use a pair of binoculars. If need be, hire a handyman to repair a few shingles. If the damaged section is more extensive, you’ll need a roofer. Check and repair breaks in the flashing seals around vent stacks and chimneys, too. If your home has a flat roof with a parapet (a short wall around the perimeter), check the flashing that seals the joint between them. Heavy snow can split the flashing, resulting in leaks.

6. Keep your basement dry.
If you have a sump pump, make sure it’s operating properly. If water seeps through the foundation walls (does your basement smell musty? are the walls stained?), the best solution is probably to excavate the exterior wall and apply sealant, says professional engineer Kenneth Fraine, of Leesburg, Virginia. Fraine says that if your home is on a slope, a floor drain (about $800) is better than a sump pump. “Gravity never fails,” he says.

7. Deal with your deck.
Resealing is always a good idea to protect the wood. But more important, make sure your deck can handle the load. The North American Deck and Railing Association says that deck components inevitably age, but that salt air can hasten deterioration and heavy snow can cause stress damage. At a minimum, test several areas of the deck, especially those that tend to stay damp, for decay. Two signs: The wood is soft and spongy, and if you poke it with an ice pick or screwdriver, it doesn’t splinter.

8. Call a chimney sweep.
Look for chimney sweeps certified by the Chimney Safety Institute of America. The sweep will make sure that the chimney cap is in place and the damper is working properly. With a wood-burning fireplace, you can close the damper whenever the fireplace is not in use. In summer, you’ll save energy and reduce unpleasant odors carried by the inflow of air and aggravated by humidity. For the greatest energy savings, insert a fireplace “draft stopper” in the flue.

9. Don't overwater.
If you have an irrigation system, you may be overwatering (and wasting money on water bills) because a controller isn’t properly set for your yard’s needs or because of broken or leaky components.

10. Lose the lint.
Even if you clean your clothes dryer’s lint trap before every use, the vent accumulates lint over time, like plaque in your arteries, says Richardson. That’s especially likely if snow covered the exterior backdraft damper for a while last winter. A clogged vent can reduce your dryer’s efficiency and create a fire hazard.

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Wednesday, April 27, 2011

10 Tips to Lower Gas Costs


Excerpt from 10 Tips to Lower Gas
By Cameron Huddleston, Contributing Editor, Kiplinger.com


With gasoline prices at $3.84 per gallon, on average, and likely to hit $4 by summer, you're probably feeling the pain at the pump. However, there are ways to keep gas costs under control. Chris Faulkner, CEO of Texas-based Breitling Oil and Gas Co., offers these ten tips:

1. Download a gas app to find cheaper prices.
You can use your smart phone to comparison shop for the lowest gas prices in your zip code with a free app such as GasBuddy. You can also check gas prices online at GasBuddy.com or gasprices.mapquest.com before you leave home or the office.

2. Don't buy gas near the highway.
Gas stations near the highway charge 10 cents to 15 cents a gallon more, Faulkner says. Gas up in a rural town rather than a large city because prices will be lower.

3. Use a discount gift card.
Discount gift card sites, such as Plastic Jungle and Gift Card Granny, sell cards at less than face value for gas stations, such as BP and Shell. Look for discounted gift cards for Walmart or grocery stores that have gas stations.

4. Keep car windows closed on the highway.
Open windows add drag and reduce your car's gas mileage by as much as 10%. In stop-and-go traffic, lower your windows to reduce air-conditioning use, which will drain your gas tank.

5. Develop good driving habits.
You can improve a vehicle's gas mileage by up to 5% by avoiding quick starts and stops. Gas mileage also decreases as you accelerate beyond 55 mph.

6. Don't carry unnecessary items in your car.
Every 200 pounds to 250 pounds lowers your car's fuel efficiency by 1 mile per gallon.

7. Keep your tires properly inflated.
Faulkner says you can add up to 7% to your gas mileage by keeping your tires properly inflated.

8. Fill 'er up with regular.
Most cars don't need the premium-grade gasoline, which cost 24 cents a gallon more, on average.

9. Combine errands with other driving you're going to do.
This way, you aren't making multiple trips and using more gas.

10. Don't overfill your tank.
If you top off, you're just wasting money on the gas that inevitably sloshes out of the tank.

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Thursday, April 14, 2011

Curbing Closing Costs


Excerpt from Curbing Closing Costs
By Lynnley Browning, The New York Times Real Estate


Borrowers have some weapons for keeping closing costs down, the result of recent guidelines requiring lenders to disclose certain fees, but perhaps the most underutilized consumer tool simply involves old-fashioned haggling.

Good-faith estimate rules, part of a tougher Truth in Lending Act that emerged from the mortgage crisis, mean that lenders must provide a clear picture of the costs involved in buying or refinancing a home. Yet consumers may not realize that some of those numbers are actually negotiable, mortgage experts say.

“There’s a lot of room for negotiation in the costs of closing,” said Barry Zigas, the director of housing policy at the Consumer Federation of America, a consumer advocacy group, “and consumers should examine every charge and not hesitate to challenge them and try to bring them down.”

The standard good-faith-estimate form used by lenders makes it easier to compare the terms offered by lenders, and it lists the services a borrower can shop around for, versus those selected by the lender.

John T. Mechem, the vice president for public affairs of the Mortgage Bankers Association, said borrowers should “simply ask the lender which fees are negotiable and which are fixed.”

Mr. Zigas agreed. “Ask, ‘Who is getting paid this fee, and why am I being asked to pay it?’ ” he said.

The good-faith-estimate rules say that certain charges cannot increase at closing, including those for loan origination and points paid to the lender to reduce a locked interest rate, with 1 point equal to 1 percent of the loan amount. But borrowers can negotiate those charges.

Borrowers should understand that “it’s not a time to be polite,” said Kathleen Day, a spokeswoman for the Center for Responsible Lending, an advocacy group. “You have to have a strong stomach and a stiff spine and not bow to pressure from the other side of the table to close the deal,” she said, even in this tight credit environment.

For a refinancing of your primary residence, you can generally cancel your mortgage application for up to three days after closing, with fees refunded.

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Tuesday, April 12, 2011

Club at Clove Lakes Mural Project by Nycartscypher

What started out as something ordinary, turned out to be something absolutely amazing - much like a caterpillar's transformation into a butterfly if you think about it.

On Sunday, April 3, 2011, the Nyc Arts Cypher team painted the bland 200-foot-long, 8-foot-high plywood fence around the construction site for the Club at Clove Lakes, and turned it into a gorgeous mural - displaying a variety of plants, flowers, and most importantly, butterflies.

This event showcased the many artistic talents of these young teens, and the carefree lifestyle one can enjoy by living at the Club. Watch the following video to see how the Nyc Arts Cypher created the mural for the Club at Clove Lakes.

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Friday, April 8, 2011

Housing Will Add to the Economy's Growth This Year


Excerpt from Housing Will Add to the Economy's Growth This Year
By Jerome Idaszak, Associate Editor, The Kiplinger Letter


It’s another small sign that the economy is improving: Flickers of life in the housing industry. True, it’s nowhere near the usual pattern, in which housing soars as a recession ends. But look for the industry to make a small contribution to GDP growth this year instead of subtracting from it, as it has in 17 of the past 20 quarters.

The industry will also add jobs this year -- a small gain of about 125,000, after shedding 1.44 million since 2006. Housing starts are slowly inching up, getting a big boost from apartment construction in January.

Starts of single-family houses will be up a smidge this year, climbing to about 650,000 from about 590,000 last year. That’s about one-third of the total racked up each year from 2004 to 2006.

New-home sales will linger near historical lows, around 350,000 this year. Traffic at model homes is on the rise, but sales will take a while to materialize.

Sales of existing homes will creep higher, to just over 5 million this year from just under that mark last year. Mortgage rates remain attractive, with the 30-year fixed rate loan near 5%, about where it was one year ago.

Another good sign: Fresh loan delinquencies are waning. These track the job market -- specifically, the filing of initial claims for unemployment benefits. Prices will continue to slide lower through midyear or so -- an additional 4% on average, a bit more in once-hot markets.

Signs of improvement, then, indicate that the depression in housing is nearly over. But major gains remain in the distance. Supply and demand are still out of whack, and balance will come only with substantial job creation and a renewed appetite among consumers.

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Wednesday, April 6, 2011

Staten Island Youths Use Graffiti Talent To Beautify Construction Site



NY1 VIDEO: NY1's Aaron Dickens reports on several young Staten Islanders who are using their artistic ability to beautify a construction site in West Brighton. Click here to view the video.

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Tuesday, April 5, 2011

Big Jump in Private Jobs Bolsters Recovery Hopes


Excerpt from Big Jump in Private Jobs Bolsters Recovery Hopes
By Catherine Rampell, NY Times


The economic waiting game may soon be over, as businesses signal that they are finally willing to resume widespread hiring.

In all, the nation added 192,000 jobs in February, a big jump from the 63,000 added the previous month, the Labor Department reported on Friday.

Economists say they are hopeful the pace will soon pick up further.

“Economic recoveries can be like a snowball rolling down a hill, in that it takes time to get some momentum,” said John Ryding, chief economist at RDQ Economics. “People hesitate until they feel that the recovery’s durable enough, and then they have a tendency to jump in. Maybe we’re finally getting to that jumping-in moment.”

Economists say the unemployment rate could rise temporarily in the next few months, as stronger job growth lures some discouraged workers to look for jobs again. Right now, just 64.2 percent of adults are actively involved in the work force, meaning they are either in a job or actively looking for one. That is the lowest participation rate in 25 years, an indication that many Americans are either staying home, going back to school, raising children or otherwise waiting for better conditions before applying for work.

Job gains appeared in nearly every industry last month. Among the biggest winners were the manufacturing, construction, and professional and business services industries. Construction payrolls bounced back from a very low level in January, when severe snowstorms hindered activity.

Rising prices for energy and food also remain a risk to job growth, economists say, as they leave less money for consumers and businesses to spend on other purchases that could potentially spur hiring.

Many economists forecast that job growth will pick up later this year to a rate of more than 200,000 a month. While that would be a welcome development compared with the modest growth in January and the bloodletting during the recession, it still is not fast enough to recover much of the ground lost.

Men and women have also been affected differently by the recovery.

While men bore the brunt of job losses in the recession, requiring more women to serve as their family breadwinners, that has since changed. In the last year the share of men with jobs has risen and the share of women with jobs has fallen. In fact, the portion of women working declined to 53.2 percent in February, the lowest share since 1988.

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Monday, April 4, 2011

Teens who Graduated from Graffiti Ready Mural for High-End Staten Island Condos


Excerpt from Teens who Graduated from Graffiti Ready Mural for High-End Staten Island Condos
By Jodi Lee Reifer, Staten Island Advance



At the outset, it was just an ordinary 200-foot-long, 8-foot-high plywood fence ringing a construction site.

But investors in the site’s future are hoping it will be much more: A billboard for an active-adult community; a platform for changing public perception about legal graffiti art and, ultimately, a canvas that bridges generations.

Teens involved with the NYC Arts Cypher are designing an approved mural on the fence encircling the future Club at Clove Lakes Park, a 55-and-older boutique condominium that’s rising in Sunnyside.

"We’re taking the creative talent and the creative energies that young people have and directing and focusing them into something positive, to show them there’s a commercial market for their artistic expression," says Wayne Miller, vice president of sales and marketing for the Club.

Miller, artistic director of the Staten Island Shakespearean Theatre Company, met Charlie Balducci, founder of the Cypher, at a city Department of Cultural Affairs seminar for nonprofits. A partnership seemed a natural when Miller was hired to promote the retiree community, which is a project by developer R. Randy Lee.

The 24-apartment gated complex, where one-bed-room apartments will be in the $575,000 range and two-bedroom units will start around $750,000, will have a rooftop terrace, health and fitness facilities, a lap pool, electronic security, a concierge available by telephone and a full-time resident assistant who can help with chores like carrying groceries or clearing snow from a car.

The marketing slogan? "The lifestyle you earned."

For this mural, Balducci selected five teens, each of whom had been through the Cypher’s M.U.R.A.L. —Motivating Understanding Realizing Artists Learn — program, a series of workshops that connects teens with professional urban artists. Each had shown a particular aptitude for art.

During a planning session at the Cypher’s headquarters earlier this week, the teens mapped out their schematic. Markers and pencils scattered across a long table, the artists — all boys between the ages of 15 and 21 — carefully sketched chunky butterflies, roses and daisies. The design invokes a flower-power motif and should appeal to the baby-boomer generation the condo community targets, explained Geoff Rawling, 49, president of the Rockaway Artists Alliance, a nonprofit in Queens that mentors youth in artistic endeavors to beautify various neighborhoods in the city.

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Thursday, March 31, 2011

Homeward Bound: 6 Steps to Getting a Mortgage


Excerpt from Homeward Bound: 6 Steps to Getting a Mortgage
By CreditSesame.com


If you’re hoping to become a homeowner this year, you still have to brace yourself for a lengthy process – not least confusing of which is securing a mortgage loan. Here are six tips to get you started.

1. Get Organized
Be prepared by taking some time to organize your latest financials in advance. To name a few, start collecting:
* Pay stubs from your current employer from the most recent one-month pay period,
* A two-year history of your employment, including names, address and phone numbers,
* Two years of tax returns. (Tax returns aren’t required just from self-employed applicants these days. Many lenders require two years of tax returns for every customer.)

2. Know Your Credit Score
To get the lowest interest rate and the best possible loan pricing, lenders now require the cream of the crop of credit scores – you have to have a FICO score of at least 740, up from 720 in recent months. And if you have a score below 620, most lenders will not consider you for a loan application, even at higher interest rates.

3. Review Your Credit History
Make sure you review your credit reports before applying. If you find errors, dispute them. But keep in mind that disputes filed right before the mortgage application process will not make a good impression with lenders. Most lenders require an undisputed record of credit, and since it takes at least 60 days for credit bureaus to respond to disputes, it’s best to check up on your credit well in advance.

4. Know How Much You Can Afford
Lenders use a debt-to-income ratio (DTI) to judge your capacity to repay the loan. Your DTI ratio is the percentage of your total monthly obligations, such as existing car loans and credit cards, including the home loan you are applying for, out of your total income. The standard DTI ratio requirement today is 38%; however, lenders will accept solid borrowers who are approved, with a DTI up to 41%. Most lenders are looking for a DTI that is lower than 45%.

5. Shop Around and Ask Questions
Rates and fees can vary widely. Shop around online, talk to numerous lenders and make sure that you are searching for not only the best rates, but also the lowest fees. Some cost are negotiable, others are not.

6. Don’t Forget the Down Payment
Depending on your credit, income and the cost of the home, you will generally need a down payment of 10% to 20% of the home’s value.

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Tuesday, March 29, 2011

With Doubt Intensifying Around Foreclosures, New Homes With Clear Titles Look Good


With Doubt Intensifying Around Foreclosures, New Homes With Clear Titles Look Good
Source: REUTERS


Everything you need to know about the foreclosure freeze...

- Lawyers poke around and question the accuracy of legal documents from mortgage lends, putting the brakes on foreclosure proceedings.

- What's a foreclosure? You have a mortgage. You can't make the payments. The bank takes your property. You've been foreclosed.

- To foreclose on a house, a lender must prove it has a valid claim. Banks used
robo-signers" to plow through thousands of foreclosures and sign affidavits.

- What's a "robo-signer"? Not an automated machine, but a mid-level bank official who signs thousands of affidavits a month.

- Many robo-signers allegedly signed affidavits without reading them or having a notary present.

- It gets worse. Some lawyers say the people hired as "foreclosure experts" had no previous training in foreclosure law.

- The allegations prod banks to halt foreclosures while they conduct internal investigations.

- The scandal adds further uncertainty to an already toxic housing market, keeping potential buyers away.

- The revelation of fraudulent practices opens up the possibility of legal challenges on foreclosed homes. Who's going to buy a foreclosed home when its legal ownership is under dispute?

- Foreclosed properties made up nearly a quarter of home sales in Q2 of this year, nagging uncertainty among home buyers threatens to delay the housing market's recovery for at least another year.

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Friday, March 25, 2011

Staten Island's Waterfront is Getting a Makeover


Excerpt from Staten Island's Waterfront is Getting a Makeover
By Stephanie Slepian, Staten Island Advance


Imagine better connections from the St. George Ferry Terminal to North Shore restaurants and cultural attractions. An indoor horseback riding arena in Ocean Breeze Park and a children's park at Midland Beach.

Or think of taking in the views on an esplanade stretching from Clay Pit Ponds Park to Tottenville and viewing the wildlife at the future Freshkills Park. And consider increased maritime jobs, recreation and natural habitats.

It's all part of WAVES -- officially known as the Waterfront Vision and Enhancement Strategy -- a citywide initiative designed to reconnect residents and tourists to New York's 578 acres of shorelines.

The plan is expected to be announced tomorrow by Mayor Michael Blooomberg and City Council Speaker Christine Quinn, who are to be joined by a host of city officials at Brooklyn Bridge Park.

A 180-page blueprint -- which will be availble at www.nyc.gov/waves -- was produced after a year of meetings with the city's 59 community boards and after vetting by the City Council, public advocate and five borough presidents. It contains plans to improve the shorelines -- called "reaches," a nautical term for a stretch of waterfront.

WAVES would advocate for construction of a new Goethals Bridge with bike, pedestrian and transit access in the Arthur Kill North Reach. The transformation of the former Fresh Kills landfill into a park is also central to the reach.

The Kill van Kull Reach includes plans for the New York Container Terminal and remediating Arlington Marsh. It supports raising the height of the Bayonne Bridge and seeks to create open space for Islanders to view Shooters Island.

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Tuesday, March 15, 2011

Housing Bubbles Are Few and Far Between


Excerpt from Housing Bubbles Are Few and Far Between
By Robert J. Shiller, The New York Times


What's the outlook for home prices over the next decade? It’s not easy to tell. We need to confront the basic fact that near the beginning of the 21st century, the market for homes in much of the world suddenly became more speculative than ever.

This enormous housing bubble and burst isn’t comparable to any national or international housing cycle in history. Previous bubbles have been smaller and more regional.

In the 19th century and most of the 20th, speculation in land was a powerful phenomenon. There was little speculative activity around homes, however, which were usually viewed as rapidly depreciating assets whose value was to be found almost entirely in physical buildings, not the land beneath them. Eventually, the buildings were expected to be torn down and replaced, so there was little bubble psychology for housing on any large scale. People generally didn’t think about housing as an investment.

There have been many highly localized land price bubbles in the United States over the last couple of centuries, although bubbles over large areas have been rather rare. Those with the biggest national impact were in the 19th century, when speculators found opportunities that had been created by government land sales and by shifts in land prices set off by construction of canals and railroads. Stories of fortunes in land speculation captured the imagination, and led to bubbles. (That is typically how bubbles form, by titillating the public imagination.)

Ultimately, bubbles are impossible without extreme public enthusiasm. Opinions about housing seem to change in rather trendy ways, but investor enthusiasm for housing has now been down for more than five years — a decline that started well before the collapse of the housing bubble in 2007.

Add the new policy restraints, and a new national housing bubble looks even less likely anytime soon.

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Monday, February 21, 2011

Why You Should Buy Versus Rent


When buying or renting any house, there are always important factors to keep in mind.

Some positives of owning your own property are building equity, tax deductions, and maintaining the same housing payments. The negatives of renting would include the fact that it's less stable, there is no equity or tax deductions, and lack of freedom to remodel your rented space.

If you decide to buy, here are some key points to remember.

Spend only 28 to 30 percent of your income on housing. And before buying a house, make sure you realize your housing costs will include property taxes, homeowners insurance, and repairs. The necessity to pay for repairs can be naively ignored because repairs don't seem automatic. But with homes, there always comes a day when the toilet won't flush, the hot water heater goes out and floods the basement, or a tree branch falls on the roof. Repairs must be considered a part of the cost of owning a home; usually not of renting. And a person needs to set money aside money each month for the times when the repairs will arise.

When trying to measure the costs of homeownership versus the cost of renting a home, there's an official tool to help you. The Federal Reserve Bank of Cleveland released a Rent or Buy Calculator that runs an internal simulation of cost scenarios, for both renting and owning a home, based on the information you put in about your home and mortgage.

From the data, it will tell you how much, if at all, you will financially gain from owning a home versus renting.

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Friday, February 18, 2011

Baby Boomers Approach 65, Struggle Nearing Retirement


Baby Boomers, born between 1946 and 1964, is America’s largest generation. With 79-million members they represent 26 percent of the U.S. population. And they face a retirement problem that is just as big. For the generation that sought to change society, many are prolonging retirement due to economic insecurity.

But why prolong a relaxing retirement for that reason when you have affordable homes and communities here on Staten Island, specifically for senior citizens?

Take for example the Club at Clove Lakes, an upscale, exclusive retirement community for discerning buyers over the age of 55+. Why not retire to such an ideal, relaxing place, one that offers luxurious amenities, such as a fitness center, library, games room, suana, and lap pool? The outdoor gazebo and rooftop terrace provide breathtaking views. The services offered here at the Club are impeccable! Just a few to mention include maid service, wake up and reminder service, transportation, massages, and maintenance.

Retirement doesn't sound so bad now after all, does it?

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Thursday, February 17, 2011

Brights Return to the Color Palette


Excerpt from Brights Return to the Color Palette
By Stephani L. Miller, CUSTOM HOME Magazine


During periods of economic hardship, consumers typically crave comfort and a sense of calm within a storm of uncertainty, and their color choices veer toward subdued neutrals and natural hues that soothe and ground the mind. As conditions improve, a restlessness and a desire to experiment with color emerges, and they begin looking for inexpensive ways to refresh and update their living spaces, infusing them with energy and (cautious) optimism.

In general people are starting to branch out in their color choices, although they aren't quite ready for bold steps, says Mark Woodman, who is the incoming president of the Color Marketing Group, and U.S. color expert for London-based color consultancy Global Color Research. "Color is returning because people can't live without it anymore."

Also included in this article, Jackie Jordan, director of color marketing for paint manufacturer Sherwin-Williams, discusses four new color collections for 2011. Benjamin-Moore even introduces an inspiring color palette for 2012.

While brighter and more saturated hues are emerging in color palettes, the focus for the next few years will be on rethinking and repurposing existing home features through small updates, rather than starting over from scratch, the experts predict. Homeowners and designers are more likely to work stronger colors into homes as accents, applying them to a single wall or architectural details with paint, or through furnishings and accessories.

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Wednesday, February 16, 2011

Housing Remains Highly Affordable For Seventh Consecutive Quarter

Interest rates dipped to their lowest in two decades and housing affordability remained near its highest level nationwide for the seventh consecutive quarter, according to this article from Housing Zone.

"With interest rates remaining at historically low levels, and house prices starting to stabilize, homeownership is within reach of more households than it has been for almost 20 years...[T]hese favorable conditions are beginning to draw home buyers back into the market"

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Tuesday, February 15, 2011

American Still Believe in Homeownership

Nearly 8 in 10 Americans Still Believe Buying a Home Makes Good Financial Sense, according to this RISMedia article from last October. Although the article is a bit older, the economy continues to improve making this statement even stronger.

The article goes on to say:

"Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it’s up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market—more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities."

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Monday, February 14, 2011

First Home? Here's Help To Navigate the Purchase Maze

From an InMan News article:

A Portland, Ore.-based real estate broker has launched a national homebuyer education website.

FearlessHomebuyer.com walks first-time homebuyers through the real estate transaction process, from deciding whether or not to buy, to obtaining financing, to estimating fix-up costs. Husband and wife Dave and Darci Axness, principal broker and office manager, respectively, at Axness & Kofman Real Estate, launched the site in October.

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Friday, February 11, 2011

Rising mortgage rates cause surge in first-time buyers


An article from Professional Remodeler magazine found that "Rising mortgage interest rates have reignited first-time homebuyers’ interest in purchasing a home over the last several months, UPI reported. The rates for 30-year fixed-rate mortgages began to rise from record lows this fall, increasing from 4.17 percent to 4.83 percent between November and December.

The last time realtors saw this amount of interest by first-time buyers was in April, when the first-time homebuyer tax credit expired, a Freddie Mac survey found. Sales numbers support the trend: first-time homebuyers’ share of home purchases rose from 34.4 percent to 37.2 percent between October and November, according to the survey."

Read the rest of the article here: http://www.housingzone.com/pr/article/rising-mortgage-rates-cause-surge-first-time-buyers

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Thursday, February 10, 2011

FAQs About Mortgage Refinancing


Excerpt from FAQs About Mortgage Refinancing
By Holden Lewis, Bankrate.com


You have mortgage questions, and this article has the answers.

Bankrate senior mortgage reporter Holden Lewis recently answered borrower questions about home loans during a live chat on Boston.com. Bankrate is publishing the highlights of that Q&A session.

1. Should I tap my 401(k) to pay the mortgage?
Consult a financial planner on that one. Why borrow against your retirement savings to pay off a second lienholder of an asset whose value is declining?

2. Will lenders court an underwater borrower?
Yes, lenders seem reluctant to pick up underwater HARP refis. But sometimes they do it. You could try looking at the rate tables at Bankrate.com. Or, ask friends, family and co-workers for referrals to lenders. When you rate-shop during a short period, all of your mortgage inquiries are lumped together as one inquiry for credit-scoring purposes.

3. Can I refinance again after 3 months?
If anything blocks you from refinancing a 3-month-old loan, it would be the recorder's office. Back in 2003, mortgage recordings were backed up by months in many county recorders' offices, stalling refinances. As long as there's not a delay there, you should be able to refinance.

4. Why does my lender downgrade my credit score?
Ask the lender to show you the credit history part of the credit report. If there are any errors, ask the loan officer to get a "rapid rescore." There might be issues with credit card balances near the limit.

5. Does a second mortgage complicate my refinance?
The second lienholder will be reluctant to resubordinate -- that is, to agree to remain in the second lien position after you refi the first lien.

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Wednesday, February 9, 2011

The 6 must-have spaces in your next home


As home buyers start coming out of their fear of buying, they are thinking more about what their new homes need to have. This article from Better Homes and Gardens magazine finds that people are being more realistic in what they are looking for:

“Consumers are starting to give themselves permission to dream about a new home again and for the first time in several years actually are considering houses that are slightly larger than their existing homes,” said Jill Waage, editorial director for home content at the magazine.

“But they aren’t looking at something significantly larger. They want more space but it is driven by both function and finances,” she told an audience at the International Builders Show here earlier this month. “Their priority is a home they will enjoy. The new mantra is ‘I am spending my money, so make it count.’”

So what spaces are making the cut? Read the article and see!

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