Wednesday, December 19, 2007
New Year, new Illinois laws affecting the real estate industry.
Among the new laws that will affect Illinois REALTORS and property owners in 2008 are the predatory lending law and the Illinois Radon Awareness Act.
Short sale info for consumers
Check out the consumer information on foreclosures and short sales. To HELP buyers and sellers learn the basics of buying and selling a home and why it's important to use a professional, licensed Illinois REALTOR, Needs To Sell Short, Find tips from David Rigney at www.davidrigney.com for more information provided the following list of documents required by the lender in a short sale:
- A Letter of Authorization for an attorney or REALTOR to act on your behalf in the sale of the home
- Financial Disclosure Form
- One-page “hardship letter” explaining how you got in this position
- Last two months pay stubs
- Copies of most recent two months personal checking account statements for each borrower on the loan
- Copy of signed last two years’ personal tax returns
Check out these Web sites
Recommended by the Partnership for HomeOwnership foundation, Illinois' leader in homeownership programs for lower income families and individuals.
- Assets Illinois homeownership savings program, www.dhs.state.il.us
- Compare credit card ratings, www.cardratings.org
- Money management tips, www.personalbudgeting.com or www.smartmoney.com
- Compare telephone company rates, www.comparecalls.com
- Free credit report, www.annualcreditreport.com
Wednesday, December 12, 2007
Families must deal with the disaster too.
Here is some information for all of you about putting together and emergency preparedness kit.
Ready is a national public service advertising campaign designed to educate and empower Americans to prepare for and respond to emergencies including natural disasters and potential terrorist attacks. The goal of the campaign is to get the public involved and ultimately to increase the level of basic preparedness across the nation. Ready asks individuals to do three key things: get an emergency supply kit, make a family emergency plan, and be informed about the different types of emergencies that could occur and their appropriate responses. Individuals can visit http://www.ready.gov/ or call 1-800-BE-READY for information about emergency preparedness.
Ready is a national public service advertising campaign designed to educate and empower Americans to prepare for and respond to emergencies including natural disasters and potential terrorist attacks. The goal of the campaign is to get the public involved and ultimately to increase the level of basic preparedness across the nation. Ready asks individuals to do three key things: get an emergency supply kit, make a family emergency plan, and be informed about the different types of emergencies that could occur and their appropriate responses. Individuals can visit http://www.ready.gov/ or call 1-800-BE-READY for information about emergency preparedness.
Existing-Home Sales to Trend Up in 2008
WASHINGTON, December 10, 2007 -
Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.
Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.
2008 Mileage Allowance Increases From 48.5 Cents To 50.5 Cents Per Mile.
According to the Internal Revenue Service. Charitable deductions for the use of a car will remain at 14 cents per mile driven. The rates will apply for mileage on or after January 1, 2008.
Friday, December 07, 2007
Please find attached a video on how quickly Christmas Trees can burn.
Some general information:
It is very important to keep Christmas trees hydrated by insuring sample water in the tree base holder. Christmas lights must be U.L. approved and lights should be not left in contact with paper or other combustibles. To insure an additional measure of safety, do not leave lights on over night or when someone is not at home if at all possible. Your help in distributing this message is appreciated.
http://www.youtube.com/watch?v=lPyrJbKJpIY
Thank you, David Rigney - Realtor(R) "David Delivers The American Dream" Search For Over 120,000 Properties On My Web Site: http://www.davidrign ey.com david.rigney@remax.net Direct Line: 847-732-7436 24 Hour Real Estate Info. Line @ 1-800-731-1162 RE/MAX Properties Northwest A Member of The National Association of Realtors(R), The Voice for Real Estate
**TAKE A LOOK AT MY FEATURED HOMES FOR SALE IN CHICAGOLAND AREA** http://www.seetheproperty.com/featured_listings.php?agid=3049
It is very important to keep Christmas trees hydrated by insuring sample water in the tree base holder. Christmas lights must be U.L. approved and lights should be not left in contact with paper or other combustibles. To insure an additional measure of safety, do not leave lights on over night or when someone is not at home if at all possible. Your help in distributing this message is appreciated.
http://www.youtube.com/watch?v=lPyrJbKJpIY
Thank you, David Rigney - Realtor(R) "David Delivers The American Dream" Search For Over 120,000 Properties On My Web Site: http://www.davidrign ey.com david.rigney@remax.net Direct Line: 847-732-7436 24 Hour Real Estate Info. Line @ 1-800-731-1162 RE/MAX Properties Northwest A Member of The National Association of Realtors(R), The Voice for Real Estate
**TAKE A LOOK AT MY FEATURED HOMES FOR SALE IN CHICAGOLAND AREA** http://www.seetheproperty.com/featured_listings.php?agid=3049
Fact Sheet: Helping American Families Keep Their Homes
Today, President Bush outlined steps the Administration is taking to help American homeowners and called on Congress to join him in delivering relief to homeowners in need. In August, President Bush announced measures to help many struggling homeowners, including directing Treasury Secretary Henry Paulson and Housing and Urban Development (HUD) Secretary Alphonso Jackson to work with lenders, loan servicers, mortgage counselors, and investors on an initiative to help struggling homeowners. Secretaries Paulson and Jackson responded by assembling a private-sector group called the HOPE NOW Alliance. HOPE NOW is an example of government bringing together members of the private sector to voluntarily address a national challenge – without taxpayer subsidies or government mandates. Today, the President announced that these efforts have yielded a promising new source of relief for American homeowners.
President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance. Many individual homeowners feeling financial stress have "adjustable rate mortgages," which typically start with a lower interest rate and then reset to a higher rate after a few years. The HOPE NOW plan is designed to help subprime borrowers who can at least afford the current, starter rate on a subprime loan, but will not be able to make the higher payments once the interest rate goes up.
HOPE NOW members have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers in one of three ways:
Refinancing an existing loan into a new private mortgage;
Moving them into an FHASecure loan; or
Freezing their current interest rates for five years.
Since The President's Announcement In August Of Targeted Actions To Assist Homeowners, The Administration Has Moved Forward With Three Key Steps
1. The President and his Administration have launched a new initiative at the Federal Housing Administration (FHA) called FHASecure. FHASecure expands the FHA's ability to offer refinancing by giving it the flexibility to work with homeowners who have good credit histories but cannot afford their current payments. In just three months, the FHA has received over 120,000 refinancing applications and has already helped more than 35,000 people refinance. By the end of 2008, the FHA expects this program to help more than 300,000 families.
The FHA is also on track to start charging mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards. Risk-based pricing will expand access and enable FHA to help even more low-to-moderate income families who could not otherwise qualify for prime-rate financing.
2. Secretaries Paulson and Jackson have assembled the private-sector HOPE NOW alliance. This morning, representatives of HOPE NOW briefed the President on the plan they have developed. In addition:
HOPE NOW recently mailed hundreds of thousands of letters to borrowers falling behind on their payments. In the past, some lenders and mortgage servicers may not have contacted borrowers until after their loans were delinquent. The Alliance is trying to reach families early, before their mortgage problem becomes overwhelming.
HOPE NOW has supported a toll-free hotline, 1-888-995-HOPE, which is available 24-hours a day to provide mortgage counseling in multiple languages.
3. The Federal government is taking several regulatory actions to make the mortgage industry more transparent, reliable, and fair. Later this month, the Federal Reserve intends to announce stronger lending standards that will help protect borrowers. In addition, HUD and the Federal banking regulators are each taking steps to improve disclosure requirements so that homeowners can be confident they are receiving complete, accurate, and understandable information about their mortgages.
If Members Of Congress Are Serious About Responding To The Challenges In The Housing Market, They Can Start With Several Steps Of Their Own
1. Congress needs to pass legislation to modernize the FHA. In April 2006, President Bush first sent Congress an FHA modernization bill that would increase access to FHA-insured loans by lowering downpayment requirements, allowing the FHA to insure bigger mortgages in high-cost states, and expanding FHA's authority to price insurance fairly, with risk based premiums. The House passed the bill with more than 400 votes last year. This year, the House passed it again, yet the Senate has not acted.
The liquidity and stability that FHA provides the market are needed now more than ever, and the President urges the Senate to move as quickly as possible. This bill could allow the FHA to help 250,000 additional families by the end of 2008.
2. Congress needs to temporarily reform the tax code to help homeowners refinance during this time of housing market stress. Under current law, if the value of your house declines and your bank forgives a portion of your mortgage, the tax code treats the amount forgiven as taxable income. The House recently passed this tax relief with bipartisan support, and the Senate should pass relief as soon as possible.
The Administration has also proposed allowing cities and States to issue tax-exempt mortgage bonds to refinance existing loans, and the President calls on Congress to approve this temporary measure quickly. Under current law, cities and states can issue tax-exempt bonds to finance new mortgages for first-time homebuyers, and this measure would make it easier for State housing authorities to help troubled borrowers.
3. Congress needs to pass funding to support mortgage counseling. Non-profit groups like NeighborWorks provide an essential service by helping homeowners find affordable mortgage solutions and prevent foreclosures. The President's FY 2008 Budget requests $120 million for NeighborWorks and another $50 million for HUD's mortgage counseling program. Congress has had these requests since early February, and it needs to stop delaying and get this funding to the President's desk.
4. Congress needs to pass legislation to reform Government Sponsored Enterprises (GSEs) like Freddie Mac and Fannie Mae. GSEs provide liquidity to the mortgage market that benefits millions of homeowners, and it is vital that they operate safely and soundly. The President has called on Congress to pass legislation that strengthens independent regulation of the GSEs and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start, and the Senate needs to pass legislation soon.
President Bush announced that representatives of HOPE NOW have developed a plan under which up to 1.2 million homeowners could be eligible for assistance. Many individual homeowners feeling financial stress have "adjustable rate mortgages," which typically start with a lower interest rate and then reset to a higher rate after a few years. The HOPE NOW plan is designed to help subprime borrowers who can at least afford the current, starter rate on a subprime loan, but will not be able to make the higher payments once the interest rate goes up.
HOPE NOW members have agreed on a set of new industry-wide standards to provide systematic relief to these borrowers in one of three ways:
Refinancing an existing loan into a new private mortgage;
Moving them into an FHASecure loan; or
Freezing their current interest rates for five years.
Since The President's Announcement In August Of Targeted Actions To Assist Homeowners, The Administration Has Moved Forward With Three Key Steps
1. The President and his Administration have launched a new initiative at the Federal Housing Administration (FHA) called FHASecure. FHASecure expands the FHA's ability to offer refinancing by giving it the flexibility to work with homeowners who have good credit histories but cannot afford their current payments. In just three months, the FHA has received over 120,000 refinancing applications and has already helped more than 35,000 people refinance. By the end of 2008, the FHA expects this program to help more than 300,000 families.
The FHA is also on track to start charging mortgage insurance premiums based on the individual risk of each loan, using traditional underwriting standards. Risk-based pricing will expand access and enable FHA to help even more low-to-moderate income families who could not otherwise qualify for prime-rate financing.
2. Secretaries Paulson and Jackson have assembled the private-sector HOPE NOW alliance. This morning, representatives of HOPE NOW briefed the President on the plan they have developed. In addition:
HOPE NOW recently mailed hundreds of thousands of letters to borrowers falling behind on their payments. In the past, some lenders and mortgage servicers may not have contacted borrowers until after their loans were delinquent. The Alliance is trying to reach families early, before their mortgage problem becomes overwhelming.
HOPE NOW has supported a toll-free hotline, 1-888-995-HOPE, which is available 24-hours a day to provide mortgage counseling in multiple languages.
3. The Federal government is taking several regulatory actions to make the mortgage industry more transparent, reliable, and fair. Later this month, the Federal Reserve intends to announce stronger lending standards that will help protect borrowers. In addition, HUD and the Federal banking regulators are each taking steps to improve disclosure requirements so that homeowners can be confident they are receiving complete, accurate, and understandable information about their mortgages.
If Members Of Congress Are Serious About Responding To The Challenges In The Housing Market, They Can Start With Several Steps Of Their Own
1. Congress needs to pass legislation to modernize the FHA. In April 2006, President Bush first sent Congress an FHA modernization bill that would increase access to FHA-insured loans by lowering downpayment requirements, allowing the FHA to insure bigger mortgages in high-cost states, and expanding FHA's authority to price insurance fairly, with risk based premiums. The House passed the bill with more than 400 votes last year. This year, the House passed it again, yet the Senate has not acted.
The liquidity and stability that FHA provides the market are needed now more than ever, and the President urges the Senate to move as quickly as possible. This bill could allow the FHA to help 250,000 additional families by the end of 2008.
2. Congress needs to temporarily reform the tax code to help homeowners refinance during this time of housing market stress. Under current law, if the value of your house declines and your bank forgives a portion of your mortgage, the tax code treats the amount forgiven as taxable income. The House recently passed this tax relief with bipartisan support, and the Senate should pass relief as soon as possible.
The Administration has also proposed allowing cities and States to issue tax-exempt mortgage bonds to refinance existing loans, and the President calls on Congress to approve this temporary measure quickly. Under current law, cities and states can issue tax-exempt bonds to finance new mortgages for first-time homebuyers, and this measure would make it easier for State housing authorities to help troubled borrowers.
3. Congress needs to pass funding to support mortgage counseling. Non-profit groups like NeighborWorks provide an essential service by helping homeowners find affordable mortgage solutions and prevent foreclosures. The President's FY 2008 Budget requests $120 million for NeighborWorks and another $50 million for HUD's mortgage counseling program. Congress has had these requests since early February, and it needs to stop delaying and get this funding to the President's desk.
4. Congress needs to pass legislation to reform Government Sponsored Enterprises (GSEs) like Freddie Mac and Fannie Mae. GSEs provide liquidity to the mortgage market that benefits millions of homeowners, and it is vital that they operate safely and soundly. The President has called on Congress to pass legislation that strengthens independent regulation of the GSEs and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start, and the Senate needs to pass legislation soon.
Wednesday, November 28, 2007
Foreclosures UP!
RealtyTrak® reports that for the third quarter of 2007, "...Stockton, Calif., Detroit and Riverside-San Bernardino, Calif., documented the three highest foreclosure rates among the nation’s 100 largest metropolitan areas."
Recalls and Product Safety News
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products.
“The Cold and Flu Season has Begun”
With the changing of the leaves and colder temperatures, fall has arrived and so has the cold and flu season. Odds are you will catch a cold this season if you haven’t already, in fact it is estimated that the average American adult catches 2-4 colds per year. The flu is less common but more severe. About 5-20% of the population gets the flu, more than 200,000 people are hospitalized with flu complications each year and about 36,000 people actually die from the flu.
What is the difference between a cold and the flu?
The cold and flu are both respiratory illnesses but they are caused by a different virus.
The flu is generally worse than the common cold.
Flu Symptoms: usually high fever, headache, body aches, extreme fatigue, dry cough, sore throat, runny nose
Cold Symptoms: usually milder than the flu, runny stuffy nose, sneezing, coughing
Prevention: Keeping the Germs Away!
Cold and flu viruses are commonly spread from person to person through coughing and sneezing or by touching something with the virus on it and then touching your mouth or nose. Some viruses can live up to 20 minutes to 2 hours or more on surfaces like cafeteria tables, doorknobs, and desks!
Hand washing: Keeping your hands clean is one of the most important steps we can take to avoid getting sick and spreading germs to others. Remember to use good hand washing technique rubbing the entire surface of your hands for at least 20 seconds (or the time it takes you to sing Happy Birthday twice). When soap and water are not available alcohol hand wipes or sanitizing gels work too.
Avoid touching your eyes, nose or mouth: Germs are often spread when a person touches something that is contaminated with germs and then touches their own eyes, nose and mouth.
Cover your mouth or nose when coughing or sneezing: Cough or sneeze in a tissue and throw it away. Then clean your hands!
Your desktop or workspace could be making you sick! Cleaning surfaces with disinfectants may help stop infections. One study found that a desktop contained on average 21,000 germs per square inch compared to a toilet, which contained 49 germs per square inch. YUCK! At many offices custodians don’t touch peoples desks for fear of accidental misplacement or loss of important documents. Keep some disinfectant wipes handy just in case.
Don’t go to work if you are sick: Basic guidelines would be for workers to stay home until they are free of symptoms, fever, sore throat, nausea, or diarrhea for 24 hours.
It is not too late to get a flu shot: A good way to prevent seasonal flu is by getting a flu shot. Vaccinations are typically given between October and November to protect against the height of the flu season. Remember the flu season can last into April. Contact your healthcare provider to determine if the flu shot is right for you.
Practice daily healthy habits: Try to get plenty of sleep, eat a healthy diet rich in fruits and vegetables, drink plenty of fluids, be physically active and manage stress as best as possible. These healthy habits will help to keep your immune system strong and able to fight infection better.
Can an antibiotic be used to treat a cold or flu?
Since viruses not bacteria cause cold and flu, an antibiotic is not effective in treating them. People with the flu can take a prescription medicine to reduce the time they are sick but only if they are taken within 48 hours of the first symptom’s appearance.
There are no known cures for colds or flu so the best step is prevention!
Resources:
Centers for Disease control – www.cdc.gov
National Institute of Health – www.nih.gov
American Lung Association- www.lungusa.org
Interactive Health Solutions – www.interactivehs.com
Noticiero de Salud
Noviembre 2007
“La Epoca de Gripe y Flu ha Empezado”
Consejos Para Mantenerse Saludable
Con el cambio de las hojas y temperaturas mas frias, el Otoño ha llegado al igual que la epoca de gripe y flu. Probablemente va a contraer la gripe esta epoca si no la ha contraido ya. Es estimado que el adulto Americano comun contrae entre 2-4 gripes por año. La flu es menos comun pero mas severa. Acerca de 5-20% de la poblacion contrae la flu, mas de 200,000 personas son hospitalizadas con complicaciones relacionadas al flu cada año y alrededor de 36,000 personas actualmente mueren del la flu.
Que es la diferencia entre el gripe y la flu?
Ambos son enfermedades respiratorias pero son causadas por viruses diferentes.
La flu es generalmente peor que el gripe comun.
Sintomas de la Flu: usualmente una fiebre alta, dolor de cabeza, dolor de cuerpo, cansancio extremo, tos seca, dolor de garganta, congestion nasal.
Sintomas del Gripe: usualmente mas leves que los de la flu, congestion nasal, estornudos, y tos.
Prevencion : Mantenga las Germenes Lejos!
Las viruses que causan el Gripe y la Flu son transladadas de persona a persona con la tos, los estornudos o simplemente con tocar algo con el virus y luego tocarse su boca o nariz. Algunas viruses pueden vivir desde 20 minutos a 2 horas o mas en superficies como mesas de cafeteria, manijas de puerta, y escritorios!
Lavar las Manos: Manteniendo sus manos limpias es uno de los mas importantes pasos que seguir para evitar la enfermedad y transmitir las germenes a otros. Recuerde de usar buenas tecnicas para lavarse las manos, tallarse toda la superficie de sus manos por un minimo de 20 segundos (o el tiempo que tome para cantar Feliz Cumpleaños dos veces). Cuando el jabon y agua no sea disponible, las toallas de alcohol o el gel sanitario son buenas substituciones.
Evite tocar sus ojos, nariz, o boca : Las germenes son frecuentemente transmitidas cuando una persona toca algo que fue contaminado con germenes y despues se toca sus propios ojos, boca, o nariz .
Cubra su boca y nariz cuando tosa o estornude : Tosa o estornude en un pañuelo o toalla y tirela a la basura. Despues limpiese las manos!
Su escritorio o area de trabajo puede causarle enfermedad! Limpiando las superficies con desinfectantes puede ayudar en prevenir infecciones. Un estudio encontro que un escritorio contiene en promedio de 21,000 germenes por pulgada cuadrada a comparacion a un sanitario , cual tenia 49 germenes por pulgada cuadrada. QUE ASCO! En muchas oficinas los empleados de limpieza no tocan los escritorios por miedo de perder cosas o documentos importantes accidentalmente. Mantenga unas toallas desinfectantes disponible por si en caso.
No valla a trabajar si esta enfermo: Guias basicas dicen que un trabajador se quede en casa hasta que este libre de sintomas, fiebre, dolor de garganta, nausea, o diarrea por 24 horas.
No es muy tarde para obtener una vacuna de la Flu: Una buena manera de prevenir la flu en esta epoca es recibiendo una vacuna de la Flu. Vacunas son tipicamente ofrecidas entre Octubre y Noviembre para protejer contra el punto culminante de la epoca de la Flu. Recuerde que la epoca de la Flu puede durar hasta Abril. Contacte a su proveedor de salud mas cercano para informarse si la vacuna de la Flu es una buena opcion para usted.
Acostumbre habitos diarios saludables: Trate de dormir suficiente, coma una dieta saludable alta en frutas y verduras, tome suficientes liquidos, sea activo fisicamente y maneje su nivel de estres lo mejor posible. Estos habitos saludables van a ayudar a mantener su sistema fuerte y mas capaz de combatir las infecciones.
Se puede usar un antibiotico para tratar una gripe o flu?
Ya que las viruses no las bacterias causan el gripe y la flu, un antibiotico no es efectivo como un tratamiento. Personas con la flu pueden tomar una medicina recetada para reducir el tiempo que esten enfermos, pero solamente si es tomada dentro de 48 horas desde la primera apariencia de los primeros sintomas.
No hay ningun tratamiento para el gripe o la flu, asi que el mejor paso es la prevencion!
Recursos :
Centros Para el Control de Enfermedad (Centers for Disease control) – www.cdc.gov
Instituto Nacional de Salud (National Institute of Health) – www.nih.gov
Asociacion Americana del Pulmon (American Lung Association) - www.lungusa.org
Interactive Health Solutions – www.interactivehs.com
What is the difference between a cold and the flu?
The cold and flu are both respiratory illnesses but they are caused by a different virus.
The flu is generally worse than the common cold.
Flu Symptoms: usually high fever, headache, body aches, extreme fatigue, dry cough, sore throat, runny nose
Cold Symptoms: usually milder than the flu, runny stuffy nose, sneezing, coughing
Prevention: Keeping the Germs Away!
Cold and flu viruses are commonly spread from person to person through coughing and sneezing or by touching something with the virus on it and then touching your mouth or nose. Some viruses can live up to 20 minutes to 2 hours or more on surfaces like cafeteria tables, doorknobs, and desks!
Hand washing: Keeping your hands clean is one of the most important steps we can take to avoid getting sick and spreading germs to others. Remember to use good hand washing technique rubbing the entire surface of your hands for at least 20 seconds (or the time it takes you to sing Happy Birthday twice). When soap and water are not available alcohol hand wipes or sanitizing gels work too.
Avoid touching your eyes, nose or mouth: Germs are often spread when a person touches something that is contaminated with germs and then touches their own eyes, nose and mouth.
Cover your mouth or nose when coughing or sneezing: Cough or sneeze in a tissue and throw it away. Then clean your hands!
Your desktop or workspace could be making you sick! Cleaning surfaces with disinfectants may help stop infections. One study found that a desktop contained on average 21,000 germs per square inch compared to a toilet, which contained 49 germs per square inch. YUCK! At many offices custodians don’t touch peoples desks for fear of accidental misplacement or loss of important documents. Keep some disinfectant wipes handy just in case.
Don’t go to work if you are sick: Basic guidelines would be for workers to stay home until they are free of symptoms, fever, sore throat, nausea, or diarrhea for 24 hours.
It is not too late to get a flu shot: A good way to prevent seasonal flu is by getting a flu shot. Vaccinations are typically given between October and November to protect against the height of the flu season. Remember the flu season can last into April. Contact your healthcare provider to determine if the flu shot is right for you.
Practice daily healthy habits: Try to get plenty of sleep, eat a healthy diet rich in fruits and vegetables, drink plenty of fluids, be physically active and manage stress as best as possible. These healthy habits will help to keep your immune system strong and able to fight infection better.
Can an antibiotic be used to treat a cold or flu?
Since viruses not bacteria cause cold and flu, an antibiotic is not effective in treating them. People with the flu can take a prescription medicine to reduce the time they are sick but only if they are taken within 48 hours of the first symptom’s appearance.
There are no known cures for colds or flu so the best step is prevention!
Resources:
Centers for Disease control – www.cdc.gov
National Institute of Health – www.nih.gov
American Lung Association- www.lungusa.org
Interactive Health Solutions – www.interactivehs.com
Noticiero de Salud
Noviembre 2007
“La Epoca de Gripe y Flu ha Empezado”
Consejos Para Mantenerse Saludable
Con el cambio de las hojas y temperaturas mas frias, el Otoño ha llegado al igual que la epoca de gripe y flu. Probablemente va a contraer la gripe esta epoca si no la ha contraido ya. Es estimado que el adulto Americano comun contrae entre 2-4 gripes por año. La flu es menos comun pero mas severa. Acerca de 5-20% de la poblacion contrae la flu, mas de 200,000 personas son hospitalizadas con complicaciones relacionadas al flu cada año y alrededor de 36,000 personas actualmente mueren del la flu.
Que es la diferencia entre el gripe y la flu?
Ambos son enfermedades respiratorias pero son causadas por viruses diferentes.
La flu es generalmente peor que el gripe comun.
Sintomas de la Flu: usualmente una fiebre alta, dolor de cabeza, dolor de cuerpo, cansancio extremo, tos seca, dolor de garganta, congestion nasal.
Sintomas del Gripe: usualmente mas leves que los de la flu, congestion nasal, estornudos, y tos.
Prevencion : Mantenga las Germenes Lejos!
Las viruses que causan el Gripe y la Flu son transladadas de persona a persona con la tos, los estornudos o simplemente con tocar algo con el virus y luego tocarse su boca o nariz. Algunas viruses pueden vivir desde 20 minutos a 2 horas o mas en superficies como mesas de cafeteria, manijas de puerta, y escritorios!
Lavar las Manos: Manteniendo sus manos limpias es uno de los mas importantes pasos que seguir para evitar la enfermedad y transmitir las germenes a otros. Recuerde de usar buenas tecnicas para lavarse las manos, tallarse toda la superficie de sus manos por un minimo de 20 segundos (o el tiempo que tome para cantar Feliz Cumpleaños dos veces). Cuando el jabon y agua no sea disponible, las toallas de alcohol o el gel sanitario son buenas substituciones.
Evite tocar sus ojos, nariz, o boca : Las germenes son frecuentemente transmitidas cuando una persona toca algo que fue contaminado con germenes y despues se toca sus propios ojos, boca, o nariz .
Cubra su boca y nariz cuando tosa o estornude : Tosa o estornude en un pañuelo o toalla y tirela a la basura. Despues limpiese las manos!
Su escritorio o area de trabajo puede causarle enfermedad! Limpiando las superficies con desinfectantes puede ayudar en prevenir infecciones. Un estudio encontro que un escritorio contiene en promedio de 21,000 germenes por pulgada cuadrada a comparacion a un sanitario , cual tenia 49 germenes por pulgada cuadrada. QUE ASCO! En muchas oficinas los empleados de limpieza no tocan los escritorios por miedo de perder cosas o documentos importantes accidentalmente. Mantenga unas toallas desinfectantes disponible por si en caso.
No valla a trabajar si esta enfermo: Guias basicas dicen que un trabajador se quede en casa hasta que este libre de sintomas, fiebre, dolor de garganta, nausea, o diarrea por 24 horas.
No es muy tarde para obtener una vacuna de la Flu: Una buena manera de prevenir la flu en esta epoca es recibiendo una vacuna de la Flu. Vacunas son tipicamente ofrecidas entre Octubre y Noviembre para protejer contra el punto culminante de la epoca de la Flu. Recuerde que la epoca de la Flu puede durar hasta Abril. Contacte a su proveedor de salud mas cercano para informarse si la vacuna de la Flu es una buena opcion para usted.
Acostumbre habitos diarios saludables: Trate de dormir suficiente, coma una dieta saludable alta en frutas y verduras, tome suficientes liquidos, sea activo fisicamente y maneje su nivel de estres lo mejor posible. Estos habitos saludables van a ayudar a mantener su sistema fuerte y mas capaz de combatir las infecciones.
Se puede usar un antibiotico para tratar una gripe o flu?
Ya que las viruses no las bacterias causan el gripe y la flu, un antibiotico no es efectivo como un tratamiento. Personas con la flu pueden tomar una medicina recetada para reducir el tiempo que esten enfermos, pero solamente si es tomada dentro de 48 horas desde la primera apariencia de los primeros sintomas.
No hay ningun tratamiento para el gripe o la flu, asi que el mejor paso es la prevencion!
Recursos :
Centros Para el Control de Enfermedad (Centers for Disease control) – www.cdc.gov
Instituto Nacional de Salud (National Institute of Health) – www.nih.gov
Asociacion Americana del Pulmon (American Lung Association) - www.lungusa.org
Interactive Health Solutions – www.interactivehs.com
$13.9 Billion = economic impact of real estate transactions.
Using Advocacy Program funds, IAR commissioned a study to examine the expenses that buyers and sellers incur in conjunction with the purchase of an average-priced home in Illinois. The study found Illinois total direct expenditures over seven industries (construction, retail, transportation and warehousing, finance and insurance, real estate, professional and management services, government) of $4.8 billion. The study further reviewed the direct and indirect economic results of these expenditures made by a seller and a buyer in a single residential transaction amounting to another $7.1 billion.
© Illinois Association of REALTORS®
© Illinois Association of REALTORS®
Talking points for the Illinois housing market in advance of the Nov. 28 October housing release.
IAR will release data to the media for October 2007 home sales and prices statewide and the Chicago PMSA. In the release, IAR president Kay Wirth says: “The strength of the Midwest market is evident during this transition year for housing as we see prices in Illinois hovering about even and in many areas appreciating well. Slower sales can be attributed to many factors which still include credit tightening and overall buyer wariness, but in Illinois of course we’re beginning to enter the holiday and winter seasons when a slowdown is to be expected--
Some may look back at this time and see an opportunity missed with interest rates so low and a nice selection of homes on the market.
The FHA market share for home purchases is expected to further accelerate in 2008, helping first-time buyers enter the market with a safer and lower interest rate mortgage product.
A typical homeowner had $184,400 in net worth versus only $4,000 for a typical renter, according to data from the Federal Reserve.
On average, the value of a home nearly doubles every 10 years.
Some may look back at this time and see an opportunity missed with interest rates so low and a nice selection of homes on the market.
The FHA market share for home purchases is expected to further accelerate in 2008, helping first-time buyers enter the market with a safer and lower interest rate mortgage product.
A typical homeowner had $184,400 in net worth versus only $4,000 for a typical renter, according to data from the Federal Reserve.
On average, the value of a home nearly doubles every 10 years.
Want to block the flurry of credit card offers?
You know, the ones that say “you’ve been pre-approved” for some deal? Consider “opting out.” Call the toll-free number 1-888-567-8688 or visit www.optoutprescreen.com. Both are operated by the three major credit bureaus and are free of charge. Learn more from the Partnership for HomeOwnership.
Median Home Prices Rise in Most Metros; Majority Show Modest Gains
WASHINGTON, November 21, 2007 -
The vast majority of metropolitan areas showed rising or stable home prices in the third quarter with most experiencing modest gains compared with a year earlier, despite a broad decline in existing-home sales.
The vast majority of metropolitan areas showed rising or stable home prices in the third quarter with most experiencing modest gains compared with a year earlier, despite a broad decline in existing-home sales.
Monday, September 24, 2007
Prospects Brighter for Mortgage Cancellation Relief
As Congress reconvened following Labor Day, President Bush announced a package of proposals intended to provide consumers assistance with subprime loans and related mortgage problems. The sole tax proposal in the package was a recommendation that Congress enact mortgage cancellation tax relief. Staff has held several conversations with senior Ways and Means and Senate Finance Committee staff. These senior attorneys are favorably disposed toward the legislation, but there is no plan yet in place for attaching it to a larger bill in order to hasten its enactment. A tax package may come together in the late autumn. NAR will make every effort to attach the legislation to a tax bill and to assure that the relief will be available for mortgage cancellations that have occurred since the beginning of the year. Further, President Bush proposed only a temporary relief provision. NAR seeks a permanent rule.
HUD to Improve Disclosures and Standardize GFE under RESPA
HUD recently released testing data it developed on previous GFE and Mortgage Packaging proposals from 2002. The results will be used to develop an improved GFE as early as this fall. NAR believes it is more likely, however, that after President Bush announced his package of subprime reforms on August 31 that a new GFE proposal will come out sometime after the Administration’s FHA proposal is taken up by the Senate.
HUD has abandoned its proposal that would have allowed for bundling of some settlement services for a single fee (known as a Mortgage Packaging Option) and which would have qualified for an exemption under the section eight prohibitions against kickbacks and unearned split fee arrangements of RESPA. Instead, HUD has turned its focus on improving the GFE.
HUD’s actions are in line with NAR’s efforts over the past five years to improve GFE disclosures and NAR’s opposition to the Mortgage Packaging Option. NAR President Pat V. Combs reiterated NAR’s position to HUD last month in a letter urging an improved GFE and NAR will continue to place itself in the center of this important RESPA reform debate when HUD announces its proposed GFE. In the meantime, NAR will continue its aggressive RESPA education initiative by hosting a detailed RESPA education session on Wednesday November 14 at 1:30 p.m. at its Annual Convention & Expo in Las Vegas.
HUD has abandoned its proposal that would have allowed for bundling of some settlement services for a single fee (known as a Mortgage Packaging Option) and which would have qualified for an exemption under the section eight prohibitions against kickbacks and unearned split fee arrangements of RESPA. Instead, HUD has turned its focus on improving the GFE.
HUD’s actions are in line with NAR’s efforts over the past five years to improve GFE disclosures and NAR’s opposition to the Mortgage Packaging Option. NAR President Pat V. Combs reiterated NAR’s position to HUD last month in a letter urging an improved GFE and NAR will continue to place itself in the center of this important RESPA reform debate when HUD announces its proposed GFE. In the meantime, NAR will continue its aggressive RESPA education initiative by hosting a detailed RESPA education session on Wednesday November 14 at 1:30 p.m. at its Annual Convention & Expo in Las Vegas.
FTC Consumer Alert
FTC Issues Warnings about Untruthful and Deceptive Mortgage Ads
On September 11, 2007, the Federal Trade Commission (FTC) warned mortgage brokers, lenders, and media outlets that some of the advertising claims being made about mortgage products may violate federal law. The FTC is concerned about false advertising claims on the Internet; in newspapers and magazines; and in direct mailings, e-mail, and faxes. For example, even after all the recent publicity about abusive mortgages, some ads continue to promote extremely low monthly payments without disclosing the terms of the loan, including sharp payment increases and balloon payments. The FTC sent warning letters to more than 200 advertisers and media outlets and issued a press release to publicize its actions.
On September 11, 2007, the Federal Trade Commission (FTC) warned mortgage brokers, lenders, and media outlets that some of the advertising claims being made about mortgage products may violate federal law. The FTC is concerned about false advertising claims on the Internet; in newspapers and magazines; and in direct mailings, e-mail, and faxes. For example, even after all the recent publicity about abusive mortgages, some ads continue to promote extremely low monthly payments without disclosing the terms of the loan, including sharp payment increases and balloon payments. The FTC sent warning letters to more than 200 advertisers and media outlets and issued a press release to publicize its actions.
Monday, September 10, 2007
Wednesday, July 11, 2007
Morton Grove named "Best Town for Families"
The Village of Morton Grove is proud to announce that our community has been selected by Family Circle magazine as one of the “10 Best Towns for Families”. Morton Grove was selected as one of the best communities across the country that combine big-city opportunities with suburban charm, locations that offer an ideal blend of affordable houses, good jobs, top-rated schools, wide-open spaces and a lot less stress.
National Notary Association Issues Consumer Tips To Protect Against Mortgage Fraud
In response to a five-fold increase in mortgage fraud over the past three years, the Federal Bureau of Investigation has asked the National Notary Association (NNA) to inform all FBI mortgage fraud investigators on the role of the Notary Public in deterring, detecting, and prosecuting forgery and other forms of identity crimes. To assist with the FBI's efforts to promote mortgage fraud awareness, consumer protection efforts, the NNA has also published a list of "Tips to Protect Yourself From Mortgage Fraud at Closing." The tips alert consumers to aspects of the typical closing that are areas susceptible to mortgage fraud.
Sunday, June 24, 2007
National Association of REALTORS®Total Sales: Single-Family, Apartment Condos and Co-ops
Metropolitan Area Existing-Home Prices and
State Existing-Home Sales
The Quarterly Reports
NAR releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA).
State Existing-Home Sales
The Quarterly Reports
NAR releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA).
Friday, June 22, 2007
Buying a Home
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home! Click On The Link Above
Monday, June 18, 2007
Property Tax Study, Mortgage Rates, California Report
Which states have the highest property taxes? What's happening with mortgage rates? And how's the real estate market in California? This week's Realty Times digest of real estate stories has the answers.
Where Do Homeowners Pay the Highest Real Estate Taxes?
Where are American homeowners hit with the heaviest property tax levies? Tapping into Census Bureau survey data, the National Association of Home Builders has come up with two different sets of answers - one list based on the most annual tax dollars actually paid out, and a second list based on the highest tax rates levied. When it comes to sheer dollars paid out, New Jersey is tops by far. If you own property there, you pay the highest median taxes in the U.S. - a whopping $5,352 a year. That's not primarily because your home's market value is so high. After all, California ($477,700 median value), Hawaii ($453,000), the District of Columbia ($384,000) and Massachusetts ($361,500) have more expensive houses than New Jersey's $334,000, yet homeowners in all of them pay less per year than their compatriots in New Jersey. It's mainly because New Jersey funds 35.3 percent of all local and state government activities from the property tax revenues it collects from homeowners - far higher than the 22 percent U.S. median. The rest of the heavy-handed dozen tax states in terms of median dollars per home: Connecticut ($3,865 median), New York ($3,076), Rhode Island ($3,071), Massachusetts ($2,974), Illinois ($2,504), Vermont ($2,835), Wisconsin ($2,777), California ($2,275), Washington ($2,250) and Alaska ($2,241).
Ranking the states by their median tax rates, though, produces a rather different list of heavy and light taxers, and may indeed be the more accurate measure. For example, Texas, which collects a median $1,926 from its home owners in property taxes per year, turns out to be nearly the heaviest taxer among the states in terms of rate-a median $18.17 per $1,000 of value. Only Wisconsin imposes a heavier rate - $18.20 per $1,000. Other states that rank among the highest by rate include Nebraska ($16.69 per $1,000), Vermont ($16.35), New Hampshire ($16.33), New Jersey ($16.03), Illinois ($15.79) and North Dakota ($14.97).
Mortgage Rates Inch Up Again
Freddie Mac's June 1 survey of mortgage rates shows that the 30-year fixed-rate mortgage (FRM) averaged 6.42 percent with an average 0.4 point for the week ending May 31, up from the previous week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.67 percent. The 15-year FRM averaged 6.12 percent with an average 0.4 point, up from the previous week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 6.26 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent for the week, with an average 0.5 point, up from the previous week when it averaged 6.02 percent. A year ago, the 5-year ARM averaged 6.26 percent.
California Sales Slump, Median Price Rises
California's existing housing sales slumped 27.8 percent in April, compared to a year ago, but the median price rose 6.2 percent, in a market characterized by less action in the more affordable sector. Tighter mortgage underwriting standards for riskier mortgages is cutting into the share of more affordable homes sold, especially in more expensive markets where prime loans remain widely available. The California Association of Realtors reported 373,280 single-family detached home sales statewide in April, down from 516,960 a year ago, as prices rose from a median of $562,820 to $597,640. Condo sales were down less, 19.4 percent as prices rose 1.8 percent to a median of $439,850.
Copyright © 2007 Realty Times. All rights reserved. 6/8/07
Where Do Homeowners Pay the Highest Real Estate Taxes?
Where are American homeowners hit with the heaviest property tax levies? Tapping into Census Bureau survey data, the National Association of Home Builders has come up with two different sets of answers - one list based on the most annual tax dollars actually paid out, and a second list based on the highest tax rates levied. When it comes to sheer dollars paid out, New Jersey is tops by far. If you own property there, you pay the highest median taxes in the U.S. - a whopping $5,352 a year. That's not primarily because your home's market value is so high. After all, California ($477,700 median value), Hawaii ($453,000), the District of Columbia ($384,000) and Massachusetts ($361,500) have more expensive houses than New Jersey's $334,000, yet homeowners in all of them pay less per year than their compatriots in New Jersey. It's mainly because New Jersey funds 35.3 percent of all local and state government activities from the property tax revenues it collects from homeowners - far higher than the 22 percent U.S. median. The rest of the heavy-handed dozen tax states in terms of median dollars per home: Connecticut ($3,865 median), New York ($3,076), Rhode Island ($3,071), Massachusetts ($2,974), Illinois ($2,504), Vermont ($2,835), Wisconsin ($2,777), California ($2,275), Washington ($2,250) and Alaska ($2,241).
Ranking the states by their median tax rates, though, produces a rather different list of heavy and light taxers, and may indeed be the more accurate measure. For example, Texas, which collects a median $1,926 from its home owners in property taxes per year, turns out to be nearly the heaviest taxer among the states in terms of rate-a median $18.17 per $1,000 of value. Only Wisconsin imposes a heavier rate - $18.20 per $1,000. Other states that rank among the highest by rate include Nebraska ($16.69 per $1,000), Vermont ($16.35), New Hampshire ($16.33), New Jersey ($16.03), Illinois ($15.79) and North Dakota ($14.97).
Mortgage Rates Inch Up Again
Freddie Mac's June 1 survey of mortgage rates shows that the 30-year fixed-rate mortgage (FRM) averaged 6.42 percent with an average 0.4 point for the week ending May 31, up from the previous week when it averaged 6.37 percent. Last year at this time, the 30-year FRM averaged 6.67 percent. The 15-year FRM averaged 6.12 percent with an average 0.4 point, up from the previous week when it averaged 6.06 percent. A year ago, the 15-year FRM averaged 6.26 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.19 percent for the week, with an average 0.5 point, up from the previous week when it averaged 6.02 percent. A year ago, the 5-year ARM averaged 6.26 percent.
California Sales Slump, Median Price Rises
California's existing housing sales slumped 27.8 percent in April, compared to a year ago, but the median price rose 6.2 percent, in a market characterized by less action in the more affordable sector. Tighter mortgage underwriting standards for riskier mortgages is cutting into the share of more affordable homes sold, especially in more expensive markets where prime loans remain widely available. The California Association of Realtors reported 373,280 single-family detached home sales statewide in April, down from 516,960 a year ago, as prices rose from a median of $562,820 to $597,640. Condo sales were down less, 19.4 percent as prices rose 1.8 percent to a median of $439,850.
Copyright © 2007 Realty Times. All rights reserved. 6/8/07
Monday, June 11, 2007
Soft Landing for Home Sales
The NATIONAL ASSOCIATION OF REALTORS® still expects more than 6 million existing-home sales in 2007, but stricter lending standards and a decline in subprime mortgage origination have contributed to somewhat lowered expectations compared with earlier forecasts, according to the latest projections from NAR.
Lawrence Yun, NAR senior economist, says one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth.
"Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time," Yun says. "Housing first and foremost is shelter. Second, it's a long-term investment that slowly builds the greatest amount of wealth for most families. It's good that we're getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market."
Housing Projections
NAR expects the following in home sales this year:
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
New-home sales are projected at 864,000 in 2007 and 936,000 next year, lower than the 1.05 million in 2006.
Housing starts should total 1.46 million units this year and 1.52 million in 2008, down from 1.80 million last year.
If it weren't for a favorable economic backdrop, housing would probably have a hard landing," Yun says. "As it is, we see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later."
The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent.
The national median existing-home price is forecast to slip 1 percent to $219,800 this year, and then rise 1.4 percent in 2008. The median new-home price is expected to be essentially unchanged at $246,400 in 2007, and then rise 2.2 percent next year.
The unemployment rate will probably average 4.6 percent this year, unchanged from 2006. Inflation, as measured by the Consumer Price Index, is estimated to decline to 2.5 percent in 2007, down from 3.2 percent last year. Growth in the U.S. gross domestic product is projected at 2.1 percent in 2007, lower than the 3.3 percent growth last year. Inflation-adjusted disposable personal income should rise 2.6 percent in 2007, the same as last year.
Lawrence Yun, NAR senior economist, says one benefit for the market is the disappearance of speculative behavior, which contributed to abnormal price growth.
"Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time," Yun says. "Housing first and foremost is shelter. Second, it's a long-term investment that slowly builds the greatest amount of wealth for most families. It's good that we're getting beyond the tendency of some buyers to view housing as a temporary asset to accumulate short-term wealth, which is not to be expected in a normal market."
Housing Projections
NAR expects the following in home sales this year:
Existing-home sales are likely to total 6.29 million this year and 6.49 million in 2008, compared with 6.48 million last year.
New-home sales are projected at 864,000 in 2007 and 936,000 next year, lower than the 1.05 million in 2006.
Housing starts should total 1.46 million units this year and 1.52 million in 2008, down from 1.80 million last year.
If it weren't for a favorable economic backdrop, housing would probably have a hard landing," Yun says. "As it is, we see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later."
The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent.
The national median existing-home price is forecast to slip 1 percent to $219,800 this year, and then rise 1.4 percent in 2008. The median new-home price is expected to be essentially unchanged at $246,400 in 2007, and then rise 2.2 percent next year.
The unemployment rate will probably average 4.6 percent this year, unchanged from 2006. Inflation, as measured by the Consumer Price Index, is estimated to decline to 2.5 percent in 2007, down from 3.2 percent last year. Growth in the U.S. gross domestic product is projected at 2.1 percent in 2007, lower than the 3.3 percent growth last year. Inflation-adjusted disposable personal income should rise 2.6 percent in 2007, the same as last year.
Wednesday, May 30, 2007
What If You Can No Longer Afford to Keep Your Home?
If you cannot or do not want to keep your home, your mortgage company can work with you to avoid foreclosure. This can help reduce the negative effect on your credit reputation. There are several different ways this might occur depending upon your financial circumstances:
• An assumption permits a qualified buyer to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.
• If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale.
• Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.
Warm Regards,
David Rigney
Professional Realtor® in the Chicagoland Area
www.davidrigney.com
david.rigney@remax.net
Direct Line: 847.732.7436
24 Hour Real Estate Information Line @ 1.800.731.1162
RE/MAX Properties NorthWest
• An assumption permits a qualified buyer to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.
• If you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale.
• Your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.
Warm Regards,
David Rigney
Professional Realtor® in the Chicagoland Area
www.davidrigney.com
david.rigney@remax.net
Direct Line: 847.732.7436
24 Hour Real Estate Information Line @ 1.800.731.1162
RE/MAX Properties NorthWest
Sunday, May 20, 2007
How to Avoid Foreclosures and Keep Your Home
You're not alone if you're having trouble paying your mortgage. The housing boom led to a record homeownership rate of nearly 70 percent, but some homeowners now face problems making their mortgage payments and can't refinance their loans. This brochure will help you understand your options and give you tips on how to avoid losing your home -- regardless of what kind of mortgage you have. Download How to Avoid Foreclosures and Keep Your Home (PDF: 1.7MB).
How to Avoid Predatory Lending
For most families, buying a home is the biggest and smartest purchase they ever make. Unfortunately, not all loans are in their best interest.
When loans hurt instead of help, they can quickly lead to foreclosure and even bankruptcy. It's important to learn the warning signs and common problems associated with predatory lending, and to ask the right questions when shopping for low cost loans.
The term, "predatory lending" covers a wide range of abusive practices. Some may be predatory for one borrower but not for another, because everyone's circumstances are different. Predatory lenders often take advantage of first-time homebuyers and others who may be vulnerable to high-pressure sales tactics, so it pays to know how to protect yourself and who can help.
Nearly all predatory lending occurs in the "subprime market," where loans are sold to people with less than ideal credit histories. Subprime loans have played an important role in helping millions of consumers achieve homeownership, but, unfortunately, some lenders abuse their role and take unfair advantage of vulnerable borrowers
Possible warning signs of a predatory loan
It sounds too easy: "Guaranteed approval" or "no income verification" sometimes indicate that the lender doesn't care whether you can afford to make the payments over the long haul.
Excessive fees: Make sure fees are typical of those in your market. Because these costs can be financed as part of the loan, they are easy to disguise or downplay. On competitive loans, fees are negotiable. It is common for home buyers to pay only one percent of the loan amount for prime loans. By contrast, a typical predatory loan may cost five percent or more.
Large future costs: High-risk adjustable rate mortgages with payments that rise substantially after a short introductory period are seldom appropriate for families who already have had problems repaying other loans. Home buyers should also avoid a large, single "balloon" payment (a lump sum due at the end of the loan's term).
Closing delays: A lender who deliberately delays the closing may be waiting for the commitment on a reasonably-priced loan to expire.
Over-valued property: Inflated appraisals can allow for excessive fees to be included in the loan, resulting in the borrower owing more to the bank than the home is worth.
Barriers to refinancing: Prepayment penalties can make it hard for borrowers to refinance and take advantage of a lower-cost loans.
No down payment loans: These loans may be split into two mortgages, with one having a much higher cost. Home buyers should be sure they can afford the payments.
Unethical document management: An ethical lender or broker will always require you to sign key loan papers, and they will never ask you to sign a document dated before the date you sign it.
When loans hurt instead of help, they can quickly lead to foreclosure and even bankruptcy. It's important to learn the warning signs and common problems associated with predatory lending, and to ask the right questions when shopping for low cost loans.
The term, "predatory lending" covers a wide range of abusive practices. Some may be predatory for one borrower but not for another, because everyone's circumstances are different. Predatory lenders often take advantage of first-time homebuyers and others who may be vulnerable to high-pressure sales tactics, so it pays to know how to protect yourself and who can help.
Nearly all predatory lending occurs in the "subprime market," where loans are sold to people with less than ideal credit histories. Subprime loans have played an important role in helping millions of consumers achieve homeownership, but, unfortunately, some lenders abuse their role and take unfair advantage of vulnerable borrowers
Possible warning signs of a predatory loan
It sounds too easy: "Guaranteed approval" or "no income verification" sometimes indicate that the lender doesn't care whether you can afford to make the payments over the long haul.
Excessive fees: Make sure fees are typical of those in your market. Because these costs can be financed as part of the loan, they are easy to disguise or downplay. On competitive loans, fees are negotiable. It is common for home buyers to pay only one percent of the loan amount for prime loans. By contrast, a typical predatory loan may cost five percent or more.
Large future costs: High-risk adjustable rate mortgages with payments that rise substantially after a short introductory period are seldom appropriate for families who already have had problems repaying other loans. Home buyers should also avoid a large, single "balloon" payment (a lump sum due at the end of the loan's term).
Closing delays: A lender who deliberately delays the closing may be waiting for the commitment on a reasonably-priced loan to expire.
Over-valued property: Inflated appraisals can allow for excessive fees to be included in the loan, resulting in the borrower owing more to the bank than the home is worth.
Barriers to refinancing: Prepayment penalties can make it hard for borrowers to refinance and take advantage of a lower-cost loans.
No down payment loans: These loans may be split into two mortgages, with one having a much higher cost. Home buyers should be sure they can afford the payments.
Unethical document management: An ethical lender or broker will always require you to sign key loan papers, and they will never ask you to sign a document dated before the date you sign it.
NAR expects "soft landing" for real estate market
The NATIONAL ASSOCIATION OF REALTORS® still expects more than 6 million existing-home sales in 2007, but stricter lending standards and a decline in subprime mortgage origination have contributed to somewhat lowered expectations compared with earlier forecasts, according to the latest projections from NAR."
And, what is forecasted for interest rates?
"The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent."
And, what is forecasted for interest rates?
"The 30-year fixed-rate mortgage should rise slowly to 6.5 percent by the fourth quarter, NAR predicts. Last week, Freddie Mac reported the 30-year rate was 6.16 percent."
New home sales data released
The National Association of Home Builders (NAHB) has released data for March new home sales. The NAHB reports that "Sales of new single-family homes increased a slight 2.6 percent in March to a seasonally adjusted annual rate of 858,000 units, following sharp declines in both January and February, according to figures released by the U.S. Commerce Department today. The March sales pace was 23.5 percent below a year earlier."
Citing the tightening of mortgage lenders as a reaction to subprime woes, the NAHB also reports that the inventory of new homes is also growing. Another sign of the weak housing market.
"The inventory of new homes for sale edged up in March to 545,000 units, equivalent to a 7.8 months’ supply at the March sales pace. Completed homes for sale were 33 percent of the inventory, while units still under construction represented 50 percent of the inventory and units for-sale that were permitted but not yet started represented almost 17 percent of the inventory level. The median length of time that completed homes were on the market was 5.6 months in March, up from 5.2 months in February."
Citing the tightening of mortgage lenders as a reaction to subprime woes, the NAHB also reports that the inventory of new homes is also growing. Another sign of the weak housing market.
"The inventory of new homes for sale edged up in March to 545,000 units, equivalent to a 7.8 months’ supply at the March sales pace. Completed homes for sale were 33 percent of the inventory, while units still under construction represented 50 percent of the inventory and units for-sale that were permitted but not yet started represented almost 17 percent of the inventory level. The median length of time that completed homes were on the market was 5.6 months in March, up from 5.2 months in February."
March home sales slow
The National Association of Realtors (NAR) reports that "After rising for three consecutive months, total existing-home sales – including single-family, townhomes,condominiums and co-ops – fell 8.4 percent to a seasonally adjusted annual rate of 6.12 million units in March from a pace of 6.68 million in February, and are 11.3 percent below the 6.90 million-unit level in March 2006."
Mortgage Rates UP - 4th week in a row
Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage rose 6 basis points to 6.31 percent ... One year ago, the mortgage index was 6.56 percent; four weeks ago, it was 6.16 percent. On Feb. 14, it was 6.32 percent, and it hasn't been that high since."
Thursday, May 03, 2007
Zillow Told To Stop Providing Estimates In Arizona
The Arizona Board of Appraisals has ordered Zillow.com to stop providing online home values to Arizona residents, contending that Zillow's "zestimates" amount to appraisals that the Web site is not licensed to provide.
The Appraisal Board has sent two cease and desist orders to the Seattle-based technology company.
A spokeswoman for the company said, "We have responded to the letters from the Arizona Board of Appraisal and hope to engage in a productive dialogue with them."
The Web site states that its estimated home values are not appraisals and should not be considered reliable.
The Appraisal Board has sent two cease and desist orders to the Seattle-based technology company.
A spokeswoman for the company said, "We have responded to the letters from the Arizona Board of Appraisal and hope to engage in a productive dialogue with them."
The Web site states that its estimated home values are not appraisals and should not be considered reliable.
Wednesday, May 02, 2007
New home sales data released
The National Association of Home Builders (NAHB) has released data for March new home sales. The NAHB reports that "Sales of new single-family homes increased a slight 2.6 percent in March to a seasonally adjusted annual rate of 858,000 units, following sharp declines in both January and February, according to figures released by the U.S. Commerce Department today. The March sales pace was 23.5 percent below a year earlier."
Citing the tightening of mortgage lenders as a reaction to subprime woes, the NAHB also reports that the inventory of new homes is also growing. Another sign of the weak housing market.
"The inventory of new homes for sale edged up in March to 545,000 units, equivalent to a 7.8 months’ supply at the March sales pace. Completed homes for sale were 33 percent of the inventory, while units still under construction represented 50 percent of the inventory and units for-sale that were permitted but not yet started represented almost 17 percent of the inventory level. The median length of time that completed homes were on the market was 5.6 months in March, up from 5.2 months in February."
Citing the tightening of mortgage lenders as a reaction to subprime woes, the NAHB also reports that the inventory of new homes is also growing. Another sign of the weak housing market.
"The inventory of new homes for sale edged up in March to 545,000 units, equivalent to a 7.8 months’ supply at the March sales pace. Completed homes for sale were 33 percent of the inventory, while units still under construction represented 50 percent of the inventory and units for-sale that were permitted but not yet started represented almost 17 percent of the inventory level. The median length of time that completed homes were on the market was 5.6 months in March, up from 5.2 months in February."
March home sales slow
The National Association of Realtors (NAR) reports that "After rising for three consecutive months, total existing-home sales – including single-family, townhomes,condominiums and co-ops – fell 8.4 percent to a seasonally adjusted annual rate of 6.12 million units in March from a pace of 6.68 million in February, and are 11.3 percent below the 6.90 million-unit level in March 2006."
Tuesday, April 17, 2007
Census Bureau Identifies 50 Fastest Growing Metro Areas
Following the surprise spring cold snap that left much of the country with their flowers buried under snow and torrential rain, it should be no surprise that people are swarming to the warmer climates of the south and west, as the U.S. Census notes accelerated growth in 50 top metros are largely concentrated in those regions.
This year, the Census experienced a watershed moment when the U.S. population turned over to 300 million people. In 1915, there were 100 million. In 1965, there were 200,000 million.
With the population growing at a faster rate than ever, there's a consequential rise in the number of households, expected to grow between 2006 and 2015 by 1.5 million homes annually. That's more than any other period besides the 1970s, when baby boomers became heads of households in record numbers, including a peak divorce rate in 1979.
Immigration plays a large role in the growing population. According to information supplied to agents from the Austin Board of Realtors:
In the not-too-distant future, over 50 percent of your customers will no longer be Anglo-American.
Each year, 2.7 million people -- the majority of which are non-Anglo -- join the U.S. population.
Over 35 percent of the youth market (16 to 24 yr. olds) are non-Anglos. These are the homebuyers of the future.
Information on Realtor.org in 2005 stated, "Minorities will grow evermore important to housing markets over the next 10 years, accounting for an estimated two-thirds of new households. They will account for more than 50 percent of first-time homebuyers by 2010, when nearly three in 10 households will be headed by a minority."
The patterns of immigration have changed since the last century, when a majority of Irish and European immigrants came to the U.S. through northeastern ports, causing exponential growth on the east coast. While east coast immigration still occurs, today, most immigration comes from Asia and Mexico (31 percent of immigrants in 2004,) through western and southern points of entries. Approximately 34 million immigrants live in the U.S., with roughly 9 million of those living as illegals.
According to population estimates just released for all metro areas by the U.S. Census Bureau, the Atlanta metro area gained 890,000 residents from April 1, 2000, to July 1, 2006, the largest numerical gain of the nation's 361 metro areas at 5.1 million.
Overall, six metro areas each gained at least 500,000 people between 2000 and 2006.
Dallas-Fort Worth had the second largest numeric increase at 842,000, and totaled about 6 million people. Houston (with an increase of 825,000), Phoenix (787,000) and Riverside-San Bernardino-Ontario, Calif. (771,000) rounded out the top five metro area gainers over the time period. The five metro areas experiencing the greatest numeric change between 2000 and 2006 were in the South or West.
The Northeast metro area with the greatest numeric change between 2000 and 2006 was New York (seventh overall nationally), while the Midwest metro area with the greatest numeric change over the same period was Chicago (10th overall nationally).
New York was the most populous metro area on July 1, 2006, with 18.8 million people, followed by Los Angeles (13 million) and Chicago (9.5 million). Fourteen metro areas had populations of 4 million or more.
Population losses were due to natural disasters and job eliminations. Not surprisingly, the New Orleans metro area experienced the greatest numeric loss from April 1, 2000, to July 1, 2006, declining 292,000 since 2000 to 1 million on July 1, 2006. It was followed by Pittsburgh (a loss of 60,000) and Cleveland (a loss of 34,000). The New Orleans-Metairie-Kenner, La., metro area also had the biggest percentage loss during the same time period at 22.2 percent. It was followed by Gulfport-Biloxi, Miss. (a loss of 7.4 percent) and Weirton- Steubenville, W.Va.-Ohio (a loss of 5.2 percent).
St. George, in the southwestern part of Utah, was the fastest-growing metro area between 2000 and 2006, with a growth of 39.8 percent to total 126,000 on July 1, 2006. Rounding out the top five were Greeley, Colo. (31 percent); Cape Coral-Fort Myers, Fla. (29.6 percent); Bend, Ore. (29.3 percent); and Las Vegas (29.2 percent).
The 50 fastest-growing metro areas were almost evenly distributed between just two regions -- 23 in the West and 25 in the South. One metro area, Fayetteville-Springdale-Rogers, Ark.-Mo., straddled both the South and Midwest regions.
Sioux Falls, S.D., was the lone metro area among the top 50 fastest-growing located completely in the Midwest.
Of the 50 fastest-growing metro areas, none were in the Northeast. York-Hanover, Pa., the fastest-growing metro area in the Northeast, ranked 95th.
More than four-fifths of all U.S. metro areas (305 out of 361) had a larger population on July 1, 2006, than on April 1, 2000. The 50 fastest-growing metro areas between April 1, 2000, and July 1, 2006, all grew by at least 13.8 percent, which is more than double the nation's total population gain of 6.4 percent during the same time period, suggesting accelerated migration to cities.
As of July 1, 2006, the 361 metro areas in the United States contained 249.2 million people -- 83.2 percent of the nation's population.
This year, the Census experienced a watershed moment when the U.S. population turned over to 300 million people. In 1915, there were 100 million. In 1965, there were 200,000 million.
With the population growing at a faster rate than ever, there's a consequential rise in the number of households, expected to grow between 2006 and 2015 by 1.5 million homes annually. That's more than any other period besides the 1970s, when baby boomers became heads of households in record numbers, including a peak divorce rate in 1979.
Immigration plays a large role in the growing population. According to information supplied to agents from the Austin Board of Realtors:
In the not-too-distant future, over 50 percent of your customers will no longer be Anglo-American.
Each year, 2.7 million people -- the majority of which are non-Anglo -- join the U.S. population.
Over 35 percent of the youth market (16 to 24 yr. olds) are non-Anglos. These are the homebuyers of the future.
Information on Realtor.org in 2005 stated, "Minorities will grow evermore important to housing markets over the next 10 years, accounting for an estimated two-thirds of new households. They will account for more than 50 percent of first-time homebuyers by 2010, when nearly three in 10 households will be headed by a minority."
The patterns of immigration have changed since the last century, when a majority of Irish and European immigrants came to the U.S. through northeastern ports, causing exponential growth on the east coast. While east coast immigration still occurs, today, most immigration comes from Asia and Mexico (31 percent of immigrants in 2004,) through western and southern points of entries. Approximately 34 million immigrants live in the U.S., with roughly 9 million of those living as illegals.
According to population estimates just released for all metro areas by the U.S. Census Bureau, the Atlanta metro area gained 890,000 residents from April 1, 2000, to July 1, 2006, the largest numerical gain of the nation's 361 metro areas at 5.1 million.
Overall, six metro areas each gained at least 500,000 people between 2000 and 2006.
Dallas-Fort Worth had the second largest numeric increase at 842,000, and totaled about 6 million people. Houston (with an increase of 825,000), Phoenix (787,000) and Riverside-San Bernardino-Ontario, Calif. (771,000) rounded out the top five metro area gainers over the time period. The five metro areas experiencing the greatest numeric change between 2000 and 2006 were in the South or West.
The Northeast metro area with the greatest numeric change between 2000 and 2006 was New York (seventh overall nationally), while the Midwest metro area with the greatest numeric change over the same period was Chicago (10th overall nationally).
New York was the most populous metro area on July 1, 2006, with 18.8 million people, followed by Los Angeles (13 million) and Chicago (9.5 million). Fourteen metro areas had populations of 4 million or more.
Population losses were due to natural disasters and job eliminations. Not surprisingly, the New Orleans metro area experienced the greatest numeric loss from April 1, 2000, to July 1, 2006, declining 292,000 since 2000 to 1 million on July 1, 2006. It was followed by Pittsburgh (a loss of 60,000) and Cleveland (a loss of 34,000). The New Orleans-Metairie-Kenner, La., metro area also had the biggest percentage loss during the same time period at 22.2 percent. It was followed by Gulfport-Biloxi, Miss. (a loss of 7.4 percent) and Weirton- Steubenville, W.Va.-Ohio (a loss of 5.2 percent).
St. George, in the southwestern part of Utah, was the fastest-growing metro area between 2000 and 2006, with a growth of 39.8 percent to total 126,000 on July 1, 2006. Rounding out the top five were Greeley, Colo. (31 percent); Cape Coral-Fort Myers, Fla. (29.6 percent); Bend, Ore. (29.3 percent); and Las Vegas (29.2 percent).
The 50 fastest-growing metro areas were almost evenly distributed between just two regions -- 23 in the West and 25 in the South. One metro area, Fayetteville-Springdale-Rogers, Ark.-Mo., straddled both the South and Midwest regions.
Sioux Falls, S.D., was the lone metro area among the top 50 fastest-growing located completely in the Midwest.
Of the 50 fastest-growing metro areas, none were in the Northeast. York-Hanover, Pa., the fastest-growing metro area in the Northeast, ranked 95th.
More than four-fifths of all U.S. metro areas (305 out of 361) had a larger population on July 1, 2006, than on April 1, 2000. The 50 fastest-growing metro areas between April 1, 2000, and July 1, 2006, all grew by at least 13.8 percent, which is more than double the nation's total population gain of 6.4 percent during the same time period, suggesting accelerated migration to cities.
As of July 1, 2006, the 361 metro areas in the United States contained 249.2 million people -- 83.2 percent of the nation's population.
Mortgage rates up!
Bankrate reports that as of April 5
"The benchmark 30-year fixed-rate mortgage rose 3 basis points to 6.25 percent ...One year ago, the mortgage index was 6.51 percent; four weeks ago, it was 6.19 percent." This represents a three week increase in the 30 year fixed rate. Speculation continues as people wait to see the next move of the Federal Reserve.
To read more: Bankrate.com
"The benchmark 30-year fixed-rate mortgage rose 3 basis points to 6.25 percent ...One year ago, the mortgage index was 6.51 percent; four weeks ago, it was 6.19 percent." This represents a three week increase in the 30 year fixed rate. Speculation continues as people wait to see the next move of the Federal Reserve.
To read more: Bankrate.com
Realtors® Urge Senate to Develop Comprehensive National Natural Disaster Plan
WASHINGTON, April 11, 2007 -
The National Association of Realtors®, at two congressional hearings today, called upon the Senate to enact a comprehensive natural disaster plan that addresses insurance availability and affordability in both property and casualty insurance markets, acknowledges the importance and limitations of the private markets, and recognizes the respective responsibilities of property owners and all levels of government.
The plan should recognize that property owners, private insurance markets and all levels of government must work together to successfully address the problem of available and affordable property insurance, especially in disaster prone areas, NAR said.
In testimony submitted to the Senate Committee on Banking, Housing and Urban Affairs, as well as the Committee on Commerce, Science and Transportation, NAR pledged to work with Congress to craft a national natural disaster plan that would include accessible and affordable insurance, improved preparedness and thorough planning for recovery efforts. NAR noted the importance of insurance to finance real estate purchases.
“NAR is a leading advocate for homeownership and has been an active proponent for the creation of comprehensive federal natural disaster legislation. If insurance is unaffordable or unavailable, there will be a serious threat to residential real estate, affecting consumers’ ability to purchase single family homes, condos and co-operatives, as well as opportunities to invest in rental property and commercial real estate,” said NAR President Pat Vredevoogd Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS Schmidt.
NAR noted that a strong real estate market is the linchpin of a healthy economy, generating jobs, wages, tax revenue and a demand for goods and services. To maintain a strong economy, the vitality of residential and commercial real estate must be safeguarded.
NAR presented a statement of principles in support of the creation of a federal policy that addresses catastrophic natural disasters. Those principles must be included in a comprehensive approach to natural disaster preparedness that encourages personal responsibility, promotes mitigation measures, ensures insurance availability and strengthens critical infrastructure, NAR said.
Last month, NAR both testified and submitted statements for the record at two House hearings on natural disaster insurance. In addition, this past September the trade group hosted a Federal Natural Disaster Policy Symposium, where attendees from across the country reiterated that natural disasters are a national problem and that state resources are not sufficient to deal with such “mega-catastrophes.”
The National Association of Realtors®, at two congressional hearings today, called upon the Senate to enact a comprehensive natural disaster plan that addresses insurance availability and affordability in both property and casualty insurance markets, acknowledges the importance and limitations of the private markets, and recognizes the respective responsibilities of property owners and all levels of government.
The plan should recognize that property owners, private insurance markets and all levels of government must work together to successfully address the problem of available and affordable property insurance, especially in disaster prone areas, NAR said.
In testimony submitted to the Senate Committee on Banking, Housing and Urban Affairs, as well as the Committee on Commerce, Science and Transportation, NAR pledged to work with Congress to craft a national natural disaster plan that would include accessible and affordable insurance, improved preparedness and thorough planning for recovery efforts. NAR noted the importance of insurance to finance real estate purchases.
“NAR is a leading advocate for homeownership and has been an active proponent for the creation of comprehensive federal natural disaster legislation. If insurance is unaffordable or unavailable, there will be a serious threat to residential real estate, affecting consumers’ ability to purchase single family homes, condos and co-operatives, as well as opportunities to invest in rental property and commercial real estate,” said NAR President Pat Vredevoogd Combs, of Grand Rapids, Mich., and vice president of Coldwell Banker-AJS Schmidt.
NAR noted that a strong real estate market is the linchpin of a healthy economy, generating jobs, wages, tax revenue and a demand for goods and services. To maintain a strong economy, the vitality of residential and commercial real estate must be safeguarded.
NAR presented a statement of principles in support of the creation of a federal policy that addresses catastrophic natural disasters. Those principles must be included in a comprehensive approach to natural disaster preparedness that encourages personal responsibility, promotes mitigation measures, ensures insurance availability and strengthens critical infrastructure, NAR said.
Last month, NAR both testified and submitted statements for the record at two House hearings on natural disaster insurance. In addition, this past September the trade group hosted a Federal Natural Disaster Policy Symposium, where attendees from across the country reiterated that natural disasters are a national problem and that state resources are not sufficient to deal with such “mega-catastrophes.”
NAR Urges HUD to Revamp FHA Program to Help People Stay in Their Homes
WASHINGTON, April 09, 2007 -
In light of the many families being affected by negative subprime mortgages, the National Association of Realtors® encouraged the Department of Housing and Urban Development to act quickly to change the FHA mortgage insurance program to enable more homeowners and their families to keep their homes.
In a letter sent to HUD Secretary Alphonso Jackson, NAR President Pat Vredevoogd Combs strongly urged action by HUD to change FHA rules and waive the requirement that a homeowner’s mortgage be “current” in order to refinance into an FHA loan product.
“Many homeowners who were able to make timely payments under the original terms of their loan are finding it difficult to make payments after rate adjustments,” said Combs. “We believe FHA can design a mechanism where credit worthy borrowers could refinance subject to prudent guidelines, and therefore avoid losing their homes.”
“As the nation’s leading advocate for homeownership, NAR believes that all avenues should be reviewed and that paradigms should be shifted. The goal for all – government, lenders, banks, individuals, and Realtors® -- should be to help keep people in their homes and to avoid or minimize foreclosures,” Combs said earlier this month.
In recent days, it has been reported that various lenders have expressed a willingness to engage in this program to avoid costly foreclosure proceedings. This would not be a bailout for lenders, but would be a vehicle for helping prevent a number of Americans from losing their homes. “NAR believes in a strong FHA and would support efforts to ensure that only borrowers who truly have the capacity to repay receive the opportunity to refinance under such changes,” said Combs.
NAR encouraged HUD and the FHA to undertake a “robust public education campaign” to promote foreclosure prevention by raising the awareness of FHA and HUD programs. NAR has partnered with HUD and FHA in the past to create and distribute brochures designed to inform potential homebuyers about the various FHA programs. NAR also continues to be a consistent advocate for FHA modernization, so as to keep the products and services they offer pertinent to today’s consumers and housing market
“We believe that with some minor regulatory adjustments to the FHA program that a significant subset of borrowers facing the prospect of foreclosure could safely refinance into an FHA mortgage. We are committed to continue our efforts with HUD and FHA. We not only want to see people achieve the American dream of home ownership, but also we want them to keep it,” said Combs.
The National Association of Realtors® , “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
In light of the many families being affected by negative subprime mortgages, the National Association of Realtors® encouraged the Department of Housing and Urban Development to act quickly to change the FHA mortgage insurance program to enable more homeowners and their families to keep their homes.
In a letter sent to HUD Secretary Alphonso Jackson, NAR President Pat Vredevoogd Combs strongly urged action by HUD to change FHA rules and waive the requirement that a homeowner’s mortgage be “current” in order to refinance into an FHA loan product.
“Many homeowners who were able to make timely payments under the original terms of their loan are finding it difficult to make payments after rate adjustments,” said Combs. “We believe FHA can design a mechanism where credit worthy borrowers could refinance subject to prudent guidelines, and therefore avoid losing their homes.”
“As the nation’s leading advocate for homeownership, NAR believes that all avenues should be reviewed and that paradigms should be shifted. The goal for all – government, lenders, banks, individuals, and Realtors® -- should be to help keep people in their homes and to avoid or minimize foreclosures,” Combs said earlier this month.
In recent days, it has been reported that various lenders have expressed a willingness to engage in this program to avoid costly foreclosure proceedings. This would not be a bailout for lenders, but would be a vehicle for helping prevent a number of Americans from losing their homes. “NAR believes in a strong FHA and would support efforts to ensure that only borrowers who truly have the capacity to repay receive the opportunity to refinance under such changes,” said Combs.
NAR encouraged HUD and the FHA to undertake a “robust public education campaign” to promote foreclosure prevention by raising the awareness of FHA and HUD programs. NAR has partnered with HUD and FHA in the past to create and distribute brochures designed to inform potential homebuyers about the various FHA programs. NAR also continues to be a consistent advocate for FHA modernization, so as to keep the products and services they offer pertinent to today’s consumers and housing market
“We believe that with some minor regulatory adjustments to the FHA program that a significant subset of borrowers facing the prospect of foreclosure could safely refinance into an FHA mortgage. We are committed to continue our efforts with HUD and FHA. We not only want to see people achieve the American dream of home ownership, but also we want them to keep it,” said Combs.
The National Association of Realtors® , “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
Friday, March 02, 2007
Ex-Fed Chief: Recession Likely Coming
Daily Real Estate News February 27, 2007
Ex-Fed Chief: Recession Likely ComingFormer Federal Reserve Chairman Alan Greenspan warned Monday that a recession might hit by year’s end.
Greenspan, speaking via satellite at VeryGC Global Business Insights 2007 Conference in Tokyo, pointed to stabilizing U.S. profit margins as a sign the recessionary part of the economic cycle isn’t far off. He also warned that the budget deficit, which stood at $247.7 billion in 2006, still remains a concern.
Greenspan also said the slowdown in housing wasn’t to blame. "We are now well into the contraction period, and so far we have not had any major, significant spillover effects on the American economy from the contraction in housing," he said.
Source: Associated Press (02/27/07)
Ex-Fed Chief: Recession Likely ComingFormer Federal Reserve Chairman Alan Greenspan warned Monday that a recession might hit by year’s end.
Greenspan, speaking via satellite at VeryGC Global Business Insights 2007 Conference in Tokyo, pointed to stabilizing U.S. profit margins as a sign the recessionary part of the economic cycle isn’t far off. He also warned that the budget deficit, which stood at $247.7 billion in 2006, still remains a concern.
Greenspan also said the slowdown in housing wasn’t to blame. "We are now well into the contraction period, and so far we have not had any major, significant spillover effects on the American economy from the contraction in housing," he said.
Source: Associated Press (02/27/07)
12 U.S. Cities Make Worldwide List of Top Places
American cities continue to be highly regarded by global consumers, with a dozen U.S. cities placing among the top 40 in the 2006 Anholt City Brands Index.
The index is based on a survey of 15,255 adults in 20 countries. Survey respondents were asked to rank 60 cities on nine attributes, ranging from economic and educational opportunity to vibrant lifestyle to amenities.
Internationally, the top 10 cities were: Sydney, London, Paris, Rome, New York, Washington, D.C., San Francisco, Melbourne, Barcelona, and Geneva.
The 12 U.S. cities, along with their ranking, that landed in the top 40 are:
New York City (5)
Washington, D.C. (6)
San Francisco (7)
Los Angeles (15)
Boston (23)
Las Vegas (24)
Seattle (25)
Chicago (27)
Atlanta (28)
Philadelphia (31)
Dallas (38)
New Orleans (39)
U.S. cities generally didn’t rate as high in physical beauty, low pollution, and safety as a number of other international metro areas did. On the other hand, high scores in categories such as business climate, higher education, diversity, and variety of languages spoken added to the U.S. cities’ overall high rankings.
For example, New York was identified as the best place to do business and the easiest city in which to fit in. It ranked third for education. However, it was close to the bottom of list in terms of pollution and cost of living.
New Orleans’ overall low ranking, according to study author Simon Anholt, can be attributed to the widely publicized aftermath of Hurricane Katrina. Still, the Big Easy ranks very high in terms of residents’ friendliness.
— By Camilla McLaughlin for REALTOR® Magazine Online
The index is based on a survey of 15,255 adults in 20 countries. Survey respondents were asked to rank 60 cities on nine attributes, ranging from economic and educational opportunity to vibrant lifestyle to amenities.
Internationally, the top 10 cities were: Sydney, London, Paris, Rome, New York, Washington, D.C., San Francisco, Melbourne, Barcelona, and Geneva.
The 12 U.S. cities, along with their ranking, that landed in the top 40 are:
New York City (5)
Washington, D.C. (6)
San Francisco (7)
Los Angeles (15)
Boston (23)
Las Vegas (24)
Seattle (25)
Chicago (27)
Atlanta (28)
Philadelphia (31)
Dallas (38)
New Orleans (39)
U.S. cities generally didn’t rate as high in physical beauty, low pollution, and safety as a number of other international metro areas did. On the other hand, high scores in categories such as business climate, higher education, diversity, and variety of languages spoken added to the U.S. cities’ overall high rankings.
For example, New York was identified as the best place to do business and the easiest city in which to fit in. It ranked third for education. However, it was close to the bottom of list in terms of pollution and cost of living.
New Orleans’ overall low ranking, according to study author Simon Anholt, can be attributed to the widely publicized aftermath of Hurricane Katrina. Still, the Big Easy ranks very high in terms of residents’ friendliness.
— By Camilla McLaughlin for REALTOR® Magazine Online
Home Prices Fall at Fastest Rate in 14 Years
U.S. home prices fell 0.7 percent in the fourth quarter, according to Standard & Poor’s inaugural release of the national Case-Shiller price index.
This is the fastest rate home prices have fallen since 1992. Overall home prices rose only 0.4 percent last year.
On an inflation-adjusted basis, national home prices are down 1.6 percent in the past year. Prices in the top 10 metro areas are down 2 percent.
Among the 20 cities included in the index, the biggest gains in the past year were in Seattle (up 12.1 percent), Portland (up 9.9 percent) and Charlotte (up 6.7 percent). The biggest losses in the past year were recorded in Detroit (down 5.9 percent), Boston (down 5.1 percent) and San Diego (down 4.2 percent).
Source: Dow Jones Business News (02/27/07)
This is the fastest rate home prices have fallen since 1992. Overall home prices rose only 0.4 percent last year.
On an inflation-adjusted basis, national home prices are down 1.6 percent in the past year. Prices in the top 10 metro areas are down 2 percent.
Among the 20 cities included in the index, the biggest gains in the past year were in Seattle (up 12.1 percent), Portland (up 9.9 percent) and Charlotte (up 6.7 percent). The biggest losses in the past year were recorded in Detroit (down 5.9 percent), Boston (down 5.1 percent) and San Diego (down 4.2 percent).
Source: Dow Jones Business News (02/27/07)
Friday, February 16, 2007
Thursday, February 08, 2007
How to Make Moving Less Stressful on Pets
Moving to a new home can be stressful on pets, but there are many things your clients can do to make the process as painless as possible. Experts at The Pet Realty Network in Naples, Fla., offer these helpful tips for easing the transition and keeping pets safe during the move. Share these tips with buyers and sellers, and they'll thank you for looking out for their furry friends.
Update your pet’s tag. The most important rule is to make sure your pet is wearing an identification tag, with your current contact information, and a sturdy collar. Your pet’s tag should include your destination location, telephone number, and cell phone number so that you can be reached immediately during the move.
Ask for veterinary records. If you’re moving far enough away that you’ll need a new vet, you should ask your current vet for a current copy of your pet’s vaccinations. Your also can ask for copy of your pet’s medical history to give to your new vet, although that can normally be faxed directly to the new vet upon request.
Keep medications and food on hand. Keep at least one week’s worth of food and medication with you in case of emergency. Vets can’t write a prescription without a prior doctor/patient relationship, which can cause delays if you need medication right away.
Seclude your pet from chaos. Pets can feel vulnerable on moving day. Keep your pet in a safe, quiet, well ventilated place, such as the bathroom on moving day with a “Do Not Disturb! Pets Inside!” sign posted on the door to keep off-limits to friends and movers.
Prepare a first aid kit. A few recommended supplies for a basic first aid kit include: Your vet's phone number, gauze to wrap wounds or to muzzle your pet, adhesive tape for bandages, non-stick bandages, towels, and hydrogen peroxide (3 percent). You can use a door, board, blanket or floor mat as an emergency Stretcher and a soft cloth, rope, necktie, leash or nylon stocking for an emergency muzzle.
Play it safe in the car. It’s best to travel with your dog in a crate, second-best is to use a restraining harness. When it comes to cats, it’s always best for their safety and yours to use a well-ventilated carrier in the car. Secure the crate or carrier with a seat belt and provide your pet with familiar toys. Never keep your pet in the open bed of a truck or the storage area of a moving van. In any season, a pet left alone in a parked vehicle is vulnerable to injury and theft.
Get ready for takeoff. When traveling by air, check with the airline about any pet requirements or restrictions to be sure you’ve prepared your pet for a safe trip. Some airlines will allow pets in the cabin, depending on the animal’s size, but you’ll need to purchase a special airline crate that fits under the seat in front of you.
Find a new veterinary clinic and emergency hospital. Before you move, ask your veterinarian to recommend a doctor in your new locale. Talk to other pet owners when visiting the new community, and call the state veterinary medical association for vets in your city. When choosing a new veterinary hospital, make a visit and ask yourself: Are the receptionists, doctors, technicians, assistants friendly, professional and knowledgeable? Are the office hours and location convenient? Does the clinic offer emergency or specialty services? If the hospital doesn’t meet your criteria, keep looking.
Prep your new home for pets. Pets may be frightened and confused in new surroundings. To reduce the chance of escaping due to fear, or pure excitement of exploring a new territory, immediately set out all the familiar and necessary things your pet will need: food, water, medications, bed, litter box, etc. If your new home is nearby, your pet may be confused and find a way back to your old home. To be safe, give the new home owners your phone number and a photo of your pet, and ask them to contact you if your pet is found nearby.
Learn more about your new area. Once you find a new veterinarian, ask if there are any local health concerns such as heartworm or Lyme disease, or any vaccinations or medications your pet may require. Also, be aware of any unique laws. For example, there are restrictive breed laws in some cities. Home owner associations also may have restrictions – perhaps requiring that all dogs are kept on leashes.
Update your pet’s tag. The most important rule is to make sure your pet is wearing an identification tag, with your current contact information, and a sturdy collar. Your pet’s tag should include your destination location, telephone number, and cell phone number so that you can be reached immediately during the move.
Ask for veterinary records. If you’re moving far enough away that you’ll need a new vet, you should ask your current vet for a current copy of your pet’s vaccinations. Your also can ask for copy of your pet’s medical history to give to your new vet, although that can normally be faxed directly to the new vet upon request.
Keep medications and food on hand. Keep at least one week’s worth of food and medication with you in case of emergency. Vets can’t write a prescription without a prior doctor/patient relationship, which can cause delays if you need medication right away.
Seclude your pet from chaos. Pets can feel vulnerable on moving day. Keep your pet in a safe, quiet, well ventilated place, such as the bathroom on moving day with a “Do Not Disturb! Pets Inside!” sign posted on the door to keep off-limits to friends and movers.
Prepare a first aid kit. A few recommended supplies for a basic first aid kit include: Your vet's phone number, gauze to wrap wounds or to muzzle your pet, adhesive tape for bandages, non-stick bandages, towels, and hydrogen peroxide (3 percent). You can use a door, board, blanket or floor mat as an emergency Stretcher and a soft cloth, rope, necktie, leash or nylon stocking for an emergency muzzle.
Play it safe in the car. It’s best to travel with your dog in a crate, second-best is to use a restraining harness. When it comes to cats, it’s always best for their safety and yours to use a well-ventilated carrier in the car. Secure the crate or carrier with a seat belt and provide your pet with familiar toys. Never keep your pet in the open bed of a truck or the storage area of a moving van. In any season, a pet left alone in a parked vehicle is vulnerable to injury and theft.
Get ready for takeoff. When traveling by air, check with the airline about any pet requirements or restrictions to be sure you’ve prepared your pet for a safe trip. Some airlines will allow pets in the cabin, depending on the animal’s size, but you’ll need to purchase a special airline crate that fits under the seat in front of you.
Find a new veterinary clinic and emergency hospital. Before you move, ask your veterinarian to recommend a doctor in your new locale. Talk to other pet owners when visiting the new community, and call the state veterinary medical association for vets in your city. When choosing a new veterinary hospital, make a visit and ask yourself: Are the receptionists, doctors, technicians, assistants friendly, professional and knowledgeable? Are the office hours and location convenient? Does the clinic offer emergency or specialty services? If the hospital doesn’t meet your criteria, keep looking.
Prep your new home for pets. Pets may be frightened and confused in new surroundings. To reduce the chance of escaping due to fear, or pure excitement of exploring a new territory, immediately set out all the familiar and necessary things your pet will need: food, water, medications, bed, litter box, etc. If your new home is nearby, your pet may be confused and find a way back to your old home. To be safe, give the new home owners your phone number and a photo of your pet, and ask them to contact you if your pet is found nearby.
Learn more about your new area. Once you find a new veterinarian, ask if there are any local health concerns such as heartworm or Lyme disease, or any vaccinations or medications your pet may require. Also, be aware of any unique laws. For example, there are restrictive breed laws in some cities. Home owner associations also may have restrictions – perhaps requiring that all dogs are kept on leashes.
Wednesday, February 07, 2007
Residential Energy Consumption Survey home energy uses and costs
The Residential Energy Consumption Survey (RECS) provides information on the use of energy in residential housing units in the United States.
Tuesday, January 30, 2007
10 Quick Fixes To Sell a Home Faster
Here are 10 quick fixes that make a house more likely to be snagged up by buyers:
1. Paint the trim, columns, front door, and the light fixture.
2. Replace the storm door with a full-view one.
3. Clean all the window screens.
4. Add new mulch and a potted plant by the front door.
5. Remove mirrors from over the fireplace so buyers focus on the fireplace.
6. Move furniture 1 1/2 to 2 feet away from the walls to create the illusion of more space.
7. Get rid of any movable storage pieces in the kitchen and take all the clutter off the refrigerator.
8. Clean and regrout the bathroom floor tile.
9. Replace dated bathroom vanities with trendy (and economical) pedestal sinks.
10. Put colorful bedding and matching window treatments in all the bedrooms.
Source: Star-Tribune, Aimee Blanchette (01/27/07)
1. Paint the trim, columns, front door, and the light fixture.
2. Replace the storm door with a full-view one.
3. Clean all the window screens.
4. Add new mulch and a potted plant by the front door.
5. Remove mirrors from over the fireplace so buyers focus on the fireplace.
6. Move furniture 1 1/2 to 2 feet away from the walls to create the illusion of more space.
7. Get rid of any movable storage pieces in the kitchen and take all the clutter off the refrigerator.
8. Clean and regrout the bathroom floor tile.
9. Replace dated bathroom vanities with trendy (and economical) pedestal sinks.
10. Put colorful bedding and matching window treatments in all the bedrooms.
Source: Star-Tribune, Aimee Blanchette (01/27/07)
Wednesday, January 24, 2007
London Strides Above the World in Pricey Property
London may be the world’s most over-priced real estate market.
In trendy Knightsbridge, a 77-square-foot former storage room is being marketed as a studio apartment. The asking price – $335,000 or $4,340 a square foot.The basement room has a tiny shower and a shallow closet, two hot plates and a sink. Adding electricity and heat to make the place habitable will cost an additional $59,000.
“It’s an investment,” says Andrew Scott, the real estate practitioner handling the saleUltra high-end properties in London are the priciest in the world, averaging $5,900 per square foot, making that basement studio look like a bargain.— The Associated Press (01/23/07)
In trendy Knightsbridge, a 77-square-foot former storage room is being marketed as a studio apartment. The asking price – $335,000 or $4,340 a square foot.The basement room has a tiny shower and a shallow closet, two hot plates and a sink. Adding electricity and heat to make the place habitable will cost an additional $59,000.
“It’s an investment,” says Andrew Scott, the real estate practitioner handling the saleUltra high-end properties in London are the priciest in the world, averaging $5,900 per square foot, making that basement studio look like a bargain.— The Associated Press (01/23/07)
Tuesday, January 09, 2007
Proper Home Maintenance Is the Best Defense Against Mold, Says the Insurance Information Institute
Mold Is Not Covered under Standard Homeowners Insurance Policies
When it comes to keeping your home mold-free, a strong offense is definitely your best defense, says the Insurance Information Institute (I.I.I.).
To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings, suggests the I.I.I.
Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from growing back, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned and, if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.
To help prevent the growth of mold in your home, the I.I.I. suggests the following:
When it comes to keeping your home mold-free, a strong offense is definitely your best defense, says the Insurance Information Institute (I.I.I.).
To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings, suggests the I.I.I.
Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from growing back, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned and, if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.
To help prevent the growth of mold in your home, the I.I.I. suggests the following:
Reduce humidity in your home
- Keep the humidity level in your home between 30 percent and 60 percent by using air
- conditioners or dehumidifiers.
- Put exhaust fans in kitchens and bathrooms.
- Don’t install carpets in damp areas such as basements or bathrooms.
- Don’t let water accumulate under house plants.
Use mold-reducing products
- Clean bathrooms with bleach or other mold-eliminating products.
- Add mold inhibitors to paints before application.
Keep your home and belongings dry
- Fix leaky pipes, faucets and hoses.
- Keep gutters clean of leaves and other debris.
- Maintain your roof to prevent water from seeping into your home.
Be careful after a flood or other water damage
- Properly dry or remove soaked carpets, padding and upholstery within 24 to 48 hours after a flood to prevent mold growth. Anything that can’t be properly dried should be discarded.
- Remove standing water as quickly as possible. Standing water is a breeding ground for microorganisms, which can become airborne and inhaled.
- Wash and disinfect, with bleach or other mold-eliminating products, all areas that have been flooded. This includes walls, floors, closets and shelves, as well as heating and air-conditioning systems.
- In areas with high concentrations of mold, such as many homes flooded by Hurricane Katrina, health officials recommend homeowners wear protective gear such as a mask and gloves, during mold cleanup.
If you have any questions regarding mold and homeowners insurance, contact your agent or company representative. They can provide information on how to maintain your home and may also be able to provide the name of an expert in mold remediation.
You can get more information on mold on the CDC Web site ( http://www.cdc.gov/ ). For additional information on insurance, access the I.I.I.’s Web site ( http://www.iii.org/ ) or call the helpline at 800-942-4242.
The I.I.I. is a nonprofit communications organization sponsored by the property/casualty insurance industry.
Proper Home Maintenance Is the Best Defense Against Mold, Says the Insurance Information Institute
Mold Is Not Covered under Standard Homeowners Insurance Policies
When it comes to keeping your home mold-free, a strong offense is definitely your best defense, says the Insurance Information Institute (I.I.I.).
To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings, suggests the I.I.I.
Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from growing back, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned and, if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.
To help prevent the growth of mold in your home, the I.I.I. suggests the following:
When it comes to keeping your home mold-free, a strong offense is definitely your best defense, says the Insurance Information Institute (I.I.I.).
To prevent mold, eliminate moisture from your home and be on the lookout for signs of possible growth, such as musty smells or watermarks on walls and ceilings, suggests the I.I.I.
Caught early, mold can usually be removed by a thorough cleaning with bleach and water. To prevent mold from growing back, however, it is essential that the source of the moisture be eliminated and the affected area properly dried, cleaned and, if necessary, replaced. Also, remember to bag and dispose of any material with moldy residue such as rags, paper or debris.
To help prevent the growth of mold in your home, the I.I.I. suggests the following:
Reduce humidity in your home
- Keep the humidity level in your home between 30 percent and 60 percent by using air
- conditioners or dehumidifiers.
- Put exhaust fans in kitchens and bathrooms.
- Don’t install carpets in damp areas such as basements or bathrooms.
- Don’t let water accumulate under house plants.
Use mold-reducing products
- Clean bathrooms with bleach or other mold-eliminating products.
- Add mold inhibitors to paints before application.
Keep your home and belongings dry
- Fix leaky pipes, faucets and hoses.
- Keep gutters clean of leaves and other debris.
- Maintain your roof to prevent water from seeping into your home.
Be careful after a flood or other water damage
- Properly dry or remove soaked carpets, padding and upholstery within 24 to 48 hours after a flood to prevent mold growth. Anything that can’t be properly dried should be discarded.
- Remove standing water as quickly as possible. Standing water is a breeding ground for microorganisms, which can become airborne and inhaled.
- Wash and disinfect, with bleach or other mold-eliminating products, all areas that have been flooded. This includes walls, floors, closets and shelves, as well as heating and air-conditioning systems.
- In areas with high concentrations of mold, such as many homes flooded by Hurricane Katrina, health officials recommend homeowners wear protective gear such as a mask and gloves, during mold cleanup.
If you have any questions regarding mold and homeowners insurance, contact your agent or company representative. They can provide information on how to maintain your home and may also be able to provide the name of an expert in mold remediation.
You can get more information on mold on the CDC Web site ( http://www.cdc.gov ). For additional information on insurance, access the I.I.I.’s Web site ( http://www.iii.org ) or call the helpline at 800-942-4242.
The I.I.I. is a nonprofit communications organization sponsored by the property/casualty insurance industry.
Buying a home is one of the most complex financial decisions you'll ever make.
- Consider hiring a buyer-broker who works for you not the seller. Real estate agents represent the seller not the buyer.
- Get prices on other homes. Knowing the price of other homes in a neighborhood will help you avoid paying too much.
- Have the property inspected. Use a licensed home inspector to carefully inspect the property before agreeing to buy it.
When shopping for a home mortgage
- Research current interest rates. Check the real estate section of your local newspaper, use the Internet, or call at least six lenders for information.
- Check the rates for 30-year, 20-year and 15-year mortgages. You may be able to save thousands of dollars in interest charges by getting the shortest-term mortgage you can afford.
- Ask for details on the same loan amount, loan term, and type of loan from multiple lenders so that you can compare the information. Be sure to get the Annual Percentage Rate (APR) which takes into account not only the interest rate but also points, broker fees, and other credit charges expressed as a yearly rate.
- Ask whether the rate is fixed or adjustable. The interest rate on adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.
- If a loan has an adjustable rate, ask when and how the rate and loan payment could change.
- Find out how much down payment is required. Some lenders require 20 percent of the home's purchase price as a down payment. But many lenders now offer loans that require less. In these cases, you may be required to purchase private mortgage insurance (PMI) to protect the lender if you fall behind on payments.
- If PMI is required, ask what the total cost of the insurance will be. How much will the monthly mortgage payment be when the PMI premium is added and how long you will be required to carry PMI?
- Ask if you can pay off the loan early and if there is a penalty for doing so.
The Real Estate Settlement Procedures Act (RESPA) requires lenders to give you information on all closing costs and escrow account practices. Any business relationships between the lender and closing service providers or other parties to the transaction must also be disclosed. Many of the fees are negotiable. More information is available from the Federal Trade Commission, the Federal Reserve Board, and the Department of Housing and Urban Development.
For more information on home buying and mortgages, visit Fannie Mae's web site at www.fanniemae.com or call 202-752-7000.
The Mortgage Bankers Association also offers www.stopmortgagefraud.com.
The Most Expensive Home of 2006
The most expensive house sold in 2006 was an English-style, 10,000-square-foot Alpine, N.J., mansion with guest cottages, pool, and tennis courts, according to the Institute for Luxury Home Marketing.
The price tag for the 63-acre estate five miles from Manhattan: $58 million. Advanced Photonix CEO Richard Kurtz bought this year’s top seller from Henry Clay Frick II.
In 2005, the priciest house was an oceanfront estate that sold for $70 million to Ron Perelman of Palm Beach, Fla.
The Institute for Luxury Home Marketing estimates — from not-yet-complete data — that 2006 sales of homes priced at $5 million and above were up about 11 percent over 2005. And at least 10 buyers throughout the country were willing to shell out $28 million or more for high-end residences last year.
Source: Dow Jones Business News, Amy Hoak
The price tag for the 63-acre estate five miles from Manhattan: $58 million. Advanced Photonix CEO Richard Kurtz bought this year’s top seller from Henry Clay Frick II.
In 2005, the priciest house was an oceanfront estate that sold for $70 million to Ron Perelman of Palm Beach, Fla.
The Institute for Luxury Home Marketing estimates — from not-yet-complete data — that 2006 sales of homes priced at $5 million and above were up about 11 percent over 2005. And at least 10 buyers throughout the country were willing to shell out $28 million or more for high-end residences last year.
Source: Dow Jones Business News, Amy Hoak
What to Know Before Buying a Fixer-Upper
A home in need of repair can be a good deal, especially if buyers are able to do some of the repairs themselves.Here are three major things to think about when considering a home in need of lots of improvements:
- Location, location location. Is the lot well located with good topography? Will the improvements you propose make it worth as much as — not a lot more — than other homes in the neighborhood?
- How much? Calculate what the home would sell for if it were in great shape. Subtract the cost of repairs, then take off another 10 to 15 percent for unexpected problems. If you can’t get the property for that, then it's probably a bad deal.
- Prepare for the mess. Get ready for renovations to take longer than expected. Know that your life will be disrupted if you can’t afford to live somewhere else while the work is being completed.
Source: Charlotte Observer, Kathy Haight