Amy's Blog

Home Prices Experience Biggest Annual Decline in 21 Years

Amy Le (HomeFinder.com) — Thu, 26 Feb 2009 09:37:56 -0600

The S&P/Case-Shiller U.S. National Home Price Index plunged 18.2% during the final quarter of 2008, the biggest annual decline in the closely watched index's 21-year history. Separately, for the month of December alone the Case-Shiller 20-City Composite Index fell 18.5% compared with the previous December, also a record decline.

The seven worst performing cities in terms of year-over-year declines continue to be from the Sunbelt, reporting negative returns in excess of 20%. Phoenix was down 34.0%, Las Vegas reported -33.0% and San Francisco fell 31.2%. Denver, Dallas, Cleveland and Boston faired the best in terms of annual declines down 4.0%, 4.3%, 6.1% and 7.0%, respectively.

Metropolitan Area Home Price Index 1-year change (%)

· Atlanta, GA: -12.1%

· Boston, MA: -7.0%

· Charlotte, NC: -7.2%

· Chicago, IL: -14.3%

· Cleveland, OH: -6.1%

· Dallas, TX: -4.3%

· Denver, CO: -4.0%

· Detroit, MI: -21.7%

· Las Vegas, NV: -33.0%

· Los Angeles, CA: -26.4%

· Miami, FL: -28.8%

· Minneapolis, MN: -18.4%

· New York, NY: -9.2%

· Phoenix, AZ: -34.0%

· Portland, OR: -13.1%

· San Diego, CA: -24.8%

· San Francisco, CA: -31.2%

· Seattle, WA: -13.4%

· Tampa, FL: -22.0%

· Washington, DC: -19.2%

Source: Standard & Poor's and Fiserv
Data through December 2008

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@HomeFinder.com.

Toll Brothers’ Mortgage Protection Plan: Lose a Job, You can Still Buy a Home

Amy Le (HomeFinder.com) — Tue, 24 Feb 2009 10:09:14 -0600

Lately, it seems like every time I turn on the television or open a newspaper there's another big company announcing plans for massive layoffs. And for many people, the headlines have become their reality. I personally know a handful of people who lost their jobs this year and a handful more who are concerned they are the next to be let go. With a cloud of uncertainty looming over our heads, it's no wonder most people aren't out spending on big ticket items like cars and houses.

But for some retailers, waiting out the economic downturn isn't the answer. To help lure consumers off the sidelines, some retailers have decided to up their promotional antics by offering "risk-free guarantees." I'm sure you've all seen the Hyundai ads by now. HYUNDAI AD: "Now, finance or lease any new Hyundai, and if you lose your income in the next year, return it to us with no impact on your credit." Hyundai recently tacked on extra guarantees to the promotion. If you lose your job, they'll cover your loan payments for up to three months. Meaning, you keep the car.

Toll Brothers' mortgage protection plan
The executives over at Toll Brothers Inc., a luxury home builder, must have been watching these ads too. Earlier this week, the company announced a promotion they're calling their "mortgage protection plan." But unlike the Hyundai promotion, you can't give back the house if you lose your job. If you do get laid off, Toll Brothers will cover your mortgage payment - up to $2,500 for six months. The mortgage insurance may also cover up to six months of principal, interest, homeowner's insurance and real estate taxes. Toll Brothers, however, won't pay your mortgage if you're self-employed or own part of the company, or if you lose your job due to misconduct, disability or hospitalization.

The policy is also set up to pay out a percentage of a household's lost income if there are multiple borrowers. For example if one spouse loses their job and contributes 50% to the household income, the mortgage protection plan would pay 50% of the couple's housing costs.

To be eligible for the insurance payouts, homeowners need to have worked at least 30 hours a week and been continuously employed for 12 consecutive weeks before losing their job. Another stipulation of the Toll Brothers' promotion is that the mortgage insurance policy is being offered to people who only finance their homes through the company's TBI Mortgage unit.

Now if Toll Brothers can just guarantee that your new home won't be worth less in six months, then this would be a deal too good to pass up.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@HomeFinder.com.

Two-thirds of Americans Support Home Buyer Tax Credit

Amy Le (HomeFinder.com) — Wed, 11 Feb 2009 09:19:48 -0600

The Senate yesterday approved an $838 billion economic stimulus bill that includes a $15,000 homebuyer tax credit. In addition, U.S. Treasury Secretary Timothy Geithner unveiled a multitrillion-dollar financial stability plan that includes $50 billion for foreclosure prevention programs.

Officials hope that the $15k tax credit - with no repayment required - will inject some much needed life back into the housing market. The Associated Press reports that the homebuyer tax credit offered by Sen. Johnny Isakson, R-GA., would apply to any home purchased as a main residence and would cost taxpayers $19 billion.

How the tax credit works
The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time home buyers. People could claim the credit on their 2008 tax returns and it would apply to any home purchased for one year after the recovery plan becomes law.

Proponents of the new tax credit proposal believe it will encourage more people who are standing on the sidelines to purchase a home and it will help put people back to work in the housing sector building homes.

Give the people what they want
According to a recent nationwide survey conducted by the National Association of Home Builders, two-thirds of Americans support the $15,000 home buyer tax credit. The survey of more than 1,200 registered voters found that one-third of all respondents and 61 percent of renters would be more likely to buy a home if the $15,000 home buyer tax credit were to be enacted into law. David Crowe, chief economist of the National Association of Home Builders (NAHB), had said in a press release last week that in order for the tax credit to be fully affective, "Congress must make sure that the full $15,000 tax credit remains in the final stimulus package."

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@HomeFinder.com.

New Housing Radio Show Set to Debut

Amy Le (HomeFinder.com) — Tue, 10 Feb 2009 08:37:51 -0600

Call me old-school, but I like to listen to radio talk shows when I'm in my car. Over the last few years, the housing market boom then bust has been a topic that's dominated the airwaves. And for one new radio show, there's still plenty more to talk about.

Real Estate Today, which is backed by the National Association of REALTORS (NAR), will cover the benefits and challenges of homeownership, from expert advice on buying and selling, to remodeling and landscaping, to the state of the current market and home financing issues. The show will air online at RETRadio.com. You can also visit the site any time after the premiere to listen to current or past programs. Hosted by award-winning radio broadcaster Gil Gross, the show will offer a fast-paced format that includes provocative experts, listener call-ins, field reports and a customized segment on local market conditions. Show producers plan on creating an interactive experience that offers listeners an opportunity to exchange information and learn from some of the nation's most recognized experts on a variety of real estate related topics such as landscaping, gardening, carpentry and general contracting, as well as mortgage experts and respected members of the media.

Let's just hope that NAR doesn't try to filter out controversial topics surrounding more contentious real estate issues. Honest dialog can only exist if transparency is permitted.

Where to tune in to Real Estate Today:

· In the Washington, D.C., area, Real Estate Today will air on the show's flagship station, 630 WMAL AM, every Sunday from 1-3 p.m., EST.

Satellite radio subscribers can hear Real Estate Today on:

· America's Talk, XM Channel 158, Saturdays 5-7 p.m. EST

· Talk Radio, XM Channel 165, Saturdays 1-3 p.m. EST

· Stars, Sirius-XM Channel 102, Saturdays 6-8 a.m. and Sundays 9-11 a.m. EST

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@HomeFinder.com.

Help Cut Cost at Home with Energy-Efficient Shades

Amy Le (HomeFinder.com) — Fri, 06 Feb 2009 08:53:43 -0600

OK, so maybe with the stock market in the toilet and your 401k plan not looking so hot as of late, it might not be the best time to take on challenging remodeling projects for your home. But even as you tighten your wallet, sometimes you just gotta get your decorating fix on. And the best fix is something that actually fixes something, like a sky-high heating bill.

Cellular shades feature soft light diffusion, while providing privacy and increased insulation.

If you're looking to help make your home more energy-efficient and cut down on that dreaded heating bill, you should think about swapping out your current window treatment for cellular shades, which insulate against heat loss at the window. Cellular shades are an easy way to update the look of a room while earning a payback in reduced energy costs all year long as they also help to keep rooms cooler from the incoming summer sun.

Cellular shades were introduced more than 25 years ago, but with the increasing concerning of rising energy prices, more and more homeowners have gotten hip to these shades. The vast collection of choices has also helped to boost their popularity. Cellular shades are offered in myriad colors and even patterns. Blinds To Go, which has 107 stores and an online store at Blindstogo.com has a new collection that is directly color matched to the best-selling Benjamin Moore paint trim colors to make decorating really easy.

While the current economy might be keeping you from knocking down those walls and building the master bathroom you've always wanted, small upgrades around the home might just be the remedy to help sooth that decorating itch.

Want to learn more about creating an energy-efficient home? Check out HomeFinder.com's Green Home Guide.

Home Prices Continue to Decline in 11 of the 20 Major Metro Areas

Amy Le (HomeFinder.com) — Mon, 02 Feb 2009 10:31:57 -0600

Data through November 2008, released last week by Standard & Poor's for its S&P/Case-Shiller Home Price Indices, shows continued broad based declines in the prices of existing single family homes across the United States, with 11 of the 20 metro areas showing record rates of annual decline, and 14 reporting declines in excess of 10 percent compared to November 2007.

Of the 20 cities tracked, Detroit alone has lower home prices now than in 2000. Its index was 83.42. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50 percent appreciation rate since January 2000 for a typical home located within the subject market.

In addition, eight of the Metropolitan Statistical Areas (MSAs) posted their largest monthly decline on record - Atlanta, Boston, Charlotte, Chicago, Dallas, New York, Portland and Seattle. Although in decline over the past few years, some of these regions have out-performed on a relative basis, when compared to the national average.

New York City, with an index of 186.81, led the index for long-term growth in home values. However, the nation's financial capital recorded a November monthly decline of 1 percent and an annual decline of 8.6 percent. It is clear that the decline in home prices is affecting all regions regardless of geography or employment opportunities.

Dallas and Denver faired the best in November, in terms of relative year-over-year returns. While in negative territory, their declines remained in low single digits of -3.3 percent and -4.3 percent, respectively. It should be noted, Charlotte reported its third consecutive largest monthly decline on record, down 1.9 percent.

On a relatively positive note, eight of the 20 metro areas recorded better annual returns compared to last month.

November 2008 S&P/Case-Shiller Home Prices Indices

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@HomeFinder.com.

Homeowners Want More Energy and Water-Efficient Products

Amy Le (HomeFinder.com) — Tue, 27 Jan 2009 09:08:36 -0600

As the earth's natural resources continue to be depleted and energy costs across the globe continue to rise, more and more consumers are seeking green home products, especially those that focus on energy and water efficiency. And there is every indication that trend will only get stronger, according to home building industry product suppliers who spoke at a press conference last week during the International Builders' Show.

High-efficiency toilets, such as Kohler's San Raphael Pressure Lite model, use only one gallon of water per flush (1.0 gpf). This can save a family of four up to 20,000 gallons of water annually, versus an older 3.5 gpf toilet.

Representatives from Kohler Co., Marvin Windows and Doors, and Whirlpool Corp. talked about innovations that can lower homeowners' water and energy bills and also contribute to better indoor air quality.

Mike Luzier, National Association of Home Builders Research Center CEO and the moderator of the green product press conference, said even as green home builders find relative success in a struggling housing market, it won't be long before sustainable building practices become the industry standard.

The National Association of Home Builders is providing education and training as well as home certification services to help prepare home builders and remodelers to capitalize on this trend. NAHBGreen, the association's green building program, is expanding every month.

H2O shortage
Energy efficiency is still the biggest driver, manufacturers said, but demand is also growing for water-efficient fixtures and appliances, as well as windows and doors that contribute to improved indoor air quality, the speakers said.

Omer "Butch" Gaudette, director of trade relations for Whirlpool Corp, said with only one percent of the Earth's water available for drinking, washing and other uses - 97 percent is salt water and the remainder is part of the polar ice caps - water conservation will soon be at the forefront of issues impacting new homebuilding and appliance trends.

Shane Judd, senior product manager for water conservation at Kohler Co, also said that "Water efficiency is not just important in water-starved areas," like the arid Southwest, but in more and more metropolitan areas where water supplies can't keep up with sharp population increases are also looking for solutions to manage water use.

Right now, there are 100 million toilets in use that each consume 3.5 gallons every time they are flushed. Switching to water-efficient models would have "a tremendous impact not only on water bills, but also for water conservation," Judd said during the press conference.

Advances in technology have now allowed Marvin Windows and Doors to increase the size of its casement windows while maintaining their energy-efficient qualities - thus allowing home designs that take advantage of "daylighting" - or natural lighting, so homeowners don't need to turn on their electric lights as often, said Brett Boyum, director of marketing for the Minnesota-based company. And for Marvin and other industry leaders at the forefront of green, building sustainably is a solid business practice.

"A sustainable product is a quality product, so a green product is a product that will last," Boyum said.

Want to learn more about creating an energy-efficient home? Check out HomeFinder.com's Green Home Guide.

Retrofitting Older Homes to be More Green

Amy Le (HomeFinder.com) — Thu, 22 Jan 2009 09:38:50 -0600

Photovoltaic roof panels that harness solar energy create electricity for the home, heat water, and improve indoor lighting.

As the nation's home builders embrace green building in growing numbers, industry research indicates that even the most aggressive efficiency goals for new homes won't make a dent in overall energy consumption. Instead, remodeling and retrofitting the nation's older homes is by far the more efficient solution, industry experts said on Tuesday during a press conference at the International Builders' Show in Las Vegas.

The panelists spoke as the National Association of Home Builders commemorated Green Day, drawing attention to the green education and certification programs offered by the association and the many green products, supplies and materials on display this week in the world's largest home building industry show.

Home building industry's eco-responsibility
The home building industry can combat the potential effects of global climate change by providing additional training to its members and by encouraging home owners to alter some of their habits - and make energy-efficient improvements to their homes, the panelists said.

Federal energy officials estimate that Americans consume about 21 percent of the energy produced each year to operate and maintain their homes: for heating, cooling and electrical appliances, from stoves and refrigerators to televisions, computers and hair dryers.

"By just making thoughtful choices, we can reduce that impact," said Ray Tonjes, chair of the NAHB Green Building Subcommittee and a green home builder in Austin, Texas. Tonjes believes that energy efficiency is absolutely key, to the nation's continued security and to the country's economy.

Retrofitting older homes
Mike Hodgson, president of the California energy consulting company ConSol, revealed the results of a study conducted for the California Homebuilding Foundation last fall. Seventy percent of the greenhouse gas emissions related to single-family envelope energy consumption can be attributed to homes built before 1983, the study found.

Further, the study demonstrated that pending $10,000 retrofitting a 1960s home could save 8.5 tons of carbon, a cost of $588 to $1,176 per ton depending on tax credits and incentives. On the other hand, increasing the energy efficiency of a new home 35 percent over current state requirements would cost about $5,000 and would reduce emissions by 1.1 tons at a cost of $4,545 per ton.

Hodgson says that retrofitting existing homes with energy-efficient features is four to eight times more carbon- and cost-efficient than adding further energy-efficiency requirements to new housing.

Remodeler Devon Hartman of HartmanBaldwin, a Claremont, Calif design/build firm, said his customers are heeding the call. By adding insulation and sealing and tightening the duct system in one recent large home renovation project, Hartman was able to replace four older heating and air conditioning units totaling 16 tons to a new 6-ton system.

"We're no longer talking about just putting on sweaters or lowering the thermostat. We're talking about creating energy through efficiency measures," he said during the press conference.

As more people turn to retrofitting and remodeling, demand increases for so-called green jobs, skilled employees to either manufacture or install components in the energy-efficient homes of the future. Buying a green home or retrofitting your exiting property to be more energy-efficient ought to be more than just a passing trend. In a world were energy is not infinite, finding ways to converse and reduce our carbon footprint will improve the quality of our lives today and the lives of a future generation.

Want to learn more about creating an energy-efficient home? Check out HomeFinder.com's Green Home Guide.

Foreclosure Activity Increases by 81 Percent in 2008

Amy Le (HomeFinder.com) — Tue, 20 Jan 2009 11:08:34 -0600

RealtyTrac, an online marketplace for foreclosure properties, released its 2008 U.S. Foreclosure Market Report last week, which showed foreclosure activity increased 81 percent in 2008. According to the report, a total of 3,157,806 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 2,330,483 U.S. properties during the year, an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006. The report also shows that 1.84 percent of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from 1.03 percent in 2007.

Foreclosure filings were reported on 303,410 U.S. properties in December, up 17 percent from the previous month and up nearly 41 percent from December 2007. Despite the spike in December, foreclosure activity for the fourth quarter was down nearly 4 percent from the previous quarter but still up nearly 40 percent from the fourth quarter of 2007.

RealtyTrac publishes the largest national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country.

No slowdown
James J. Saccacio, chief executive officer of RealtyTrac, says many of the foreclosure prevention programs implemented to-date have done little to slow down mounting foreclosures across the country.

The California law (SB1137), which required lenders to provide written notice of their intent to initiate foreclosure proceedings 30 days prior to issuing a notice of default (NOD), resulted in a reduction of NODs from 44,278 in August to 21,665 in September. Notice of Default filings then surged by 122 percent, to over 42,000, in December. Similar patterns have occurred in other states, such as Massachusetts and Maryland, where similar types of foreclosure prevention legislation has been enacted.

Nevada, Florida, Arizona post top state foreclosure rates
More than 7 percent of Nevada housing units (one in 14) received at least one foreclosure notice in 2008, giving it the nation's highest state foreclosure rate for the year. A total of 77,693 Nevada properties received a foreclosure filing during the year, an increase of nearly 126 percent from 2007 and an increase of nearly 530 percent from 2006.

Florida registered the nation's second highest state foreclosure rate in 2008, with 4.52 percent of its housing units (one in 22) receiving at least one foreclosure filing during the year, and Arizona registered the nation's third highest state foreclosure rate, with 4.49 percent of its housing units (one in 22) receiving at least one foreclosure filing during the year.

Other states with top 10 foreclosure rates for 2008 were California, Colorado, Michigan, Ohio, Georgia, Illinois and New Jersey.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@HomeFinder.com.

Homescape Web Site Changes Name to HomeFinder.com

Amy Le (HomeFinder.com) — Thu, 08 Jan 2009 10:33:05 -0600

I usually post a blog everyday on ActiveRain, but over the past few weeks I've been a bit busy preparing for some new changes at Homecape, so I apologize for my absence here on the AR. Below is a message from Tim Fagan, President of CV Real Estate (and my boss), about all the new things happening at our Web site.

Good morning! Today is an exciting day for our team, our customers, our Affiliates and the entire online real estate industry. Homescape has changed its name to HomeFinder.com!

Over the past 10 years, our Web site has grown into one of the most relied upon real estate search sites by delivering a vast array of property listings - currently 3.2 million listings - to consumers, and offering real estate marketing solutions to more than 130 of our newspaper partners to serve their agent, broker and builder customers.

Last year we embarked on an extensive brand exploration that included both consumer and advertiser focus groups, as well as an online survey. Based on that research, the overwhelming majority of our respondents favored HomeFinder.com as the best name for our business. The new name reflects our continued mission to bring trustworthy, reliable and robust consumer real estate information to home buyers and sellers and to be the premiere online destination for, you guessed it - finding a home. So today represents a culmination of our research and many, many hours of planning and hard work ... and voila! The birth of a new Web site!

When you visit HomeFinder.com, you'll experience a fresh new look, and immediately notice our vibrant colors (we're now bright orange like our sister company, HomeGain) and elegantly displayed content and features. We hope you like it. And whether or not you do, we'd like to hear from you, so please feel free to share with us your feedback.

I am very proud of our team for maintaining focus and getting this critical project completed during this period of unprecedented challenges. So enjoy the new site, and stay tuned throughout the year, as we have so much more to do in 2009. HomeFinder.com is just getting started......

All the best in the New Year,

Tim Fagan

President, CV Real Estate

tfagan@homefinder.com

5 Things Agents Should Avoid with Homebuyers

Amy Le (HomeFinder.com) — Fri, 19 Dec 2008 00:22:34 -0600

Over the past couple of weeks I've been helping a friend look around for a new condo here in the Chicago metro market. While he's currently just window shopping and hasn't entered into any serious talks with potential sellers, he's your ideal buyer - especially during this slow housing market. His credit score is over 800, he has about $65,000 saved for a down payment, and he has a steady, well paying job. With that said, I was shocked by the treatment we had received when we both contacted some listing agents to show us their properties. Don't get me wrong, there were some real estate agents who went above and beyond their call of duty when it came to arranging a time for us to tour their homes and to provide us with as much information as we needed. But there were also a good handful of agents that needed to brush up on their customer service skills.

Here are 5 things real estate agents shouldn't do when dealing with homebuyers:

1. Don't judge a client by their attire. While I'm not going to win a million dollars at the poker table, I'm usually pretty good at reading body language and facial expressions. And the look that my friend and I received from an agent last weekend was one of complete disinterest. My friend was in his weekend attire: baseball hat, tennis shoes and college T-shirt. Since we looked young, the agent didn't take the time to talk-up the details of the condo and show us around the building. We actually had to ask her to show us around the rest of the building. The agent even said to us, "I was going to run some errands before the next client comes, but I guess we can look around the building really quickly." While my friend's T-shirt and baseball cap might not be screaming high-roller, his savings account says otherwise.

2. Don't blow off a call. After scrolling through several listings online at Homescape.com I found a couple of potential condos my friend would be interested in. I placed calls into the real estate agents listed on the property listings. A couple of the agents called me back the same day to schedule a showing. But one agent didn't return my call until three days later. At that point, we'd already booked enough showings for the weekend, so we didn't feel the need to schedule any more. In a slow market, where there plenty of bargain home deals available, agents should treat every call they receive with a sense of urgency.

3. Don't keep rescheduling showings. I had one agent call me back three times to reschedule a showing. After the third phone call, I told the agent, "Thanks, but no thanks." I understand agents will get multiple requests to see the same properties on the same day, and ideally they'd like to schedule their showings close together. But agents need to find times that fit the potential buyers' schedule, not their own.

4. Don't be dishonest. Real estate agents want to do whatever they can to sell their client's home. That's a part of their job description. But agents that create misleading marketing materials for their listings can come off deceitful. As in any business, sometimes your reputation is all you have, and if people feel you aren't being upfront with them, that could reflect poorly on your company and fellow co-workers.

Take for example one condo unit we looked at last Saturday. The Web site listing and printed sale sheet indicated a private parking spot was included in the listing price. The agent later informed us that the actual asking price was $30,000 more because of the parking space. She said it was a misprint. It's a misprint when it happens once. It's misleading when it's on all your marketing materials. Even if it was a mistake, not correcting inaccurate information is bad business.

5. Don't be rude. While this last rule of thumb maybe a no-brainer, you'd be surprise from what I've experienced during the home search with my friend. I had one agent during an open house talk on her cell phone the entire time we were touring the home. It wasn't until we were about to leave, she'd finally asked us, "Do you have any questions?"

First-time homebuyers typically need some extra TLC. Some of the best agents that my friend and I met during our home search were informative, attentive and upfront with their answers. The agent is an extension of their client's home, and a good impression can mean the difference between a sale today and a home that sits on the market for six months.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Foreclosure Activity Down in November

Amy Le (HomeFinder.com) — Mon, 15 Dec 2008 09:49:03 -0600

November was a classic good news bad news month for foreclosure activity. According to RealtyTrac's most recent U.S. Forelosure Market Report, which shows foreclosure filings - default notices, auction sale notices and bank repossessions - foreclosure activity decreased 7 percent in November from October, but jumped 28 percent from the same time last year. The report also shows one in every 488 U.S. housing units received a foreclosure filing in November.

RealtyTrac officials say there are several indications that this lower activity is simply a temporary lull before another foreclosure storm hits in the coming months.

"When you typically see an increase in unemployment you see an increase in foreclosures," Rick Sharga, senior vice president at RealtyTrac, said on MarketWatch News Radio. We expect the number of foreclosures to jump in January."

Nevada, Florida, Arizona post top state foreclosure rates
Nevada foreclosure activity in November decreased nearly 4 percent from the previous month, but the state maintained the nation's No. 1 foreclosure rate, with one in every 76 housing units receiving a foreclosure filing during the month - more than six times the national average. Foreclosure filings were reported on 13,962 Nevada properties, up 109 percent from November 2007.

Florida foreclosure activity in November was also down from the previous month, but the state's foreclosure rate moved up to the No. 2 spot thanks to an even bigger monthly decrease in Arizona. One in every 173 Florida housing units received a foreclosure filing during the month, nearly three times the national average.

With one in every 198 housing units receiving a foreclosure filing, Arizona posted the nation's third highest foreclosure rate in November despite a nearly 25 percent decrease in foreclosure activity from the previous month. Foreclosure filings were reported on 13,136 Arizona properties during the month, up nearly 128 percent from November 2008.

Other states with foreclosure rates ranking among the top 10 were California, Michigan, Georgia, Ohio, Colorado, Utah and Idaho.

California, Florida, Michigan post highest foreclosure totals
Foreclosure filings were reported on 60,491 California properties in November, the most of any state and a 6 percent increase from the previous month following two consecutive monthly decreases. The state's foreclosure activity was up 51 percent from November 2007, and one in every 218 housing units received a foreclosure filing during the month - more than twice the national average.

Despite a 9 percent decrease in foreclosure activity from the previous month, Florida continued to post the nation's second highest number of properties with foreclosure filings - 49,190. The state's foreclosure activity was still up 68 percent from November 2007.

Michigan foreclosure activity in November increased 28 percent from the previous month, giving the state 14,594 properties with foreclosure filings during the month - the nation's third highest state total. Michigan's foreclosure activity was up 27 percent from November 2007, and the state's foreclosure rate ranked fifth highest in the nation for the month.

Nevada, Arizona, Ohio, Georgia, Illinois, Texas and Virginia also reported foreclosure totals that were among the nation's 10 highest.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

American Idol Fantasia Barrino Home In Foreclosure

Amy Le (HomeFinder.com) — Fri, 12 Dec 2008 11:34:55 -0600

I'm addicted to American Idol. That's right, I said it. Since the popular reality talent show first debuted in 2002, I have watched each choreographed moved and every off- pitch note religiously. And thanks to my ever growing collection of US and People magazines, I have faithfully followed the contestants as they transitioned from their small-town lives into reality- star limelight. So you can imagine my disappointment when the blogosphere and gossip columns were blowing up this week with news that season three Idol winner, Fantasia Barrino, is the latest celebrity to have a home fall prey to the foreclosure epidemic. Fantasia is facing foreclosure on her home at 5500 Bevington Pl. in Charlotte, NC, according to several news sources.

View Image of Fantasia's Home in Foreclosure

The New York Post reported that the gargantuan 6-bedroom, 6,500-square-foot house - which Fantasia bought last year for $1.3 million - will be auctioned off Jan. 12. The two-story stucco home is located in one of Charlotte's ritziest neighborhoods on a golf course. Currently valued at $1.1 million, the home boasts a large arched wooden front door and is decorated throughout with exotic art and a duel sweeping staircase greets visitors in its front hall, reports the Post. The singer also has a second home a couple miles from the one scheduled for auction in Charlotte, that was purchased in July 2004 for $740,000. Records show the second home is not in financial trouble.

The former Idol winner is accused of defaulting on a $68,000 loan from Florida-based Broward Energy Management, according to court papers. The company allegedly loaned Fantasia the money to pay back-taxes she reportedly owed the IRS. Fantasia has repaid $10,000 of the loan, according to the court documents. The Post reported that "Fantasia took a $1-million mortgage on the property in Charlotte from the Bank of America.

With an autobiography appropriately titled "Life is Not a Fairy Tale," looks like Fantasia has a new chapter to add to her saga.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Pending Home Sales Fall in October

Amy Le (HomeFinder.com) — Wed, 10 Dec 2008 09:13:06 -0600

Despite a rise in unemployment and falling retail sales, pending home sales remain in a stable range, according to the National Association of Realtors (NAR). NAR's Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8.

Conditions remain uneven around the country, but some areas that are showing healthy gains in pending home sales from a year ago include several Florida and California markets, Providence, R.I.; Lansing, MI; Oklahoma City and Las Vegas.

Regional PHSI

·South: Pending home sales jumped 7.8 percent to 95.9 in October but remains 2.9 percent below a year ago.

·Northeast: The index rose 0.6 percent to 68.1, but is 14.1 percent below October 2007.

·Midwest: The index declined 4.3 percent to 79.7 in October and is 6.8 percent below a year ago.

·West: The index fell 8.7 percent to 103.7, but is 17.4 percent higher than October 2007.

New-home sales for 2008 should total 486,000 this year, decline to 393,000 in 2009 and then grow to 446,000 in 2010, according to NAR estimates - which typically tend to be on the rosier side. Housing starts, including multifamily units, are projected at 934,000 units in 2008 and 731,000 next year before rising to 772,000 in 2010.

"Price projections are challenging in an environment with so many variables and divergent local conditions," said Lawrence Yun, NAR chief economist. "The home price correction to date has brought prices in line with fundamentals, but buyer pessimism could cause prices to overshoot downward, resulting in further economic deterioration."

The 30-year fixed-rate mortgage will probably decline to 5.6 percent in the first quarter, rise slowly to 6.0 percent by the end of 2009, and average 6.2 percent in 2010, according to NAR officials. The unemployment rate is estimated at 7.2 percent in the first quarter, rising to 8.3 percent by the end of 2009. Inflation, as measured by the Consumer Price Index, is seen at 0.7 percent in 2009. Inflation-adjusted disposable personal income is expected to grow 1.5 percent in 2009.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Historic Low Home Loan Interest Rates

Amy Le (HomeFinder.com) — Fri, 05 Dec 2008 08:41:12 -0600

The Federal Reserve's announcement last week that they would purchase $500 billion in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac created a frenzy of refinancing activity across the country, according to the New York Times. The Times reported that refinancing activity accounted for 69.1 percent of all mortgage applications submitted last week, up from 49.3 percent the week before.

Historic low mortgage rates
The Times reported that the U.S. Treasury had been talking with Fannie Mae and Freddie Mac about ways to drive down mortgage rates to as low as 4.5 percent for a 30-year fixed-rate home loan. I almost fell out of my chair when I read the article. I immediately phoned a friend who's in the market looking for a home and told him the amazing news. That rate is about a percentage point lower than the going rates for such loans.

But before you start banging down the door to your lender's office, the historic low mortgage rates may not be available to everyone. The best interest rates will go only to borrowers in sound financial shape, and even if the efforts go as planned, they may not help the most distressed homeowners. So what does "sound financial shape" look like these days? A credit score of 720 or higher, in addition to having at least 10 to 20 percent of equity in your homes.

The Mortgage Bankers Association (MBA) said its refinance index, which measures refinancing activity, tripled to 3,802.8 last week from the week before. The index was also 37.7 percent higher than in the same week a year ago. It was the largest increase in refinance applications in the survey's 18-year history, though it does not measure how many applications become loans.

Allowance suspended
With the economic downturn and the threat of layoffs looming at many companies across the country, it makes sense more people are trying to be smarter about planning their financial future. The days of buying a new car every other year, investing in homes you can't afford and treating yourself to expensive dinners every night, "just because," are a thing of the past -at least a temporary past. Why it took a sinking housing market, a massive financial meltdown on Wall Street and a recession to finally break people of their spending addiction, is still a mystery to me.

Turn on the television or open a newspaper and 9 out of 10 times you'll see this idea that consumer spending is the cause of economic growth. While I don't completely disagree with this argument, I come from the school of thought that consumer spending is actually the effect of economic growth and that new growth actually comes from saving, investment, productivity and technological advances.

Don't get me wrong; I'm not advising people to start stashing all their cash underneath their mattresses, but I think if people are going to spend they should do it wisely. If you qualify to refinance your home loan into a lower interest rate loan, than take the initiative and do it. If you don't need three cars at home, then sell one of them. Your financial status in life is not defined by the things you own, but how you save and invest.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com

Home Prices Tumble to Record Lows

Amy Le (HomeFinder.com) — Tue, 25 Nov 2008 10:37:31 -0600

The Standard & Poor's/Case-Shiller U.S. National Home Price Index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices are at levels not seen since the first quarter of 2004.

The monthly indices also showed record declines. The 20-city index fell by 17.4 percent in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6 percent, the biggest decline in its 21-year history.

Prices in the 20-city index have plummeted almost 22 percent since peaking in July 2006. The 10-city index has fallen more than 23 percent since its peak in June 2006.

No city in the Case-Shiller 20-city index saw annual price gains in September - for the sixth straight month. And 13 of the 20 metro areas posted record annual declines.

Regional decline
The sharpest drops came out of the West. Phoenix posted the largest year-over-year decline in September of nearly 32 percent, while Las Vegas dropped 31 percent and San Francisco, nearly 30 percent. Miami, Los Angeles and San Diego all recorded annual decreases above 25 percent.

Dallas and Charlotte faired the best in September in terms of relative year-over-year returns. While also in negative territory, their declines remained in single digits of -2.7 percent and -3.5 percent, respectively. However, both are at rates of decline lower than those reported in August's numbers. In addition, Charlotte also reported its largest monthly decline on record, down 1.3 percent. Monthly returns were negative across the board. Cleveland was the one market that showed any improvement in its year-over-year returns reporting -6.4 percent compared to the -6.6 percent reported for August.

The National Association of Realtors (NAR) said Monday the median price for an existing home fell by more than 11.3 percent in October from a year ago to $183,000 - the largest year-over-year drop on records going back to 1968, and the lowest median sales price since March 2004. But sales were up 40.5 percent in the West compared with October 2007, without adjusting for seasonal factors, according to NAR.

Metro Area (1-year change)

· Atlanta, GA: -9.5%

· Boston, MA: -5.7%

· Charlotte, NC: -3.5%

· Chicago, IL: -10.1%

· Cleveland, OH: -6.4%

· Dallas, TX: -2.7%

· Denver, CO: -5.4%

· Detroit, MI: -18.6%

· Las Vegas, NV: -31.3%

· Los Angeles, CA: -27.6%

· Miami, FL: -28.4%

· Minneapolis, MN: -14.4%

· New York, NY: -7.3%

· Phoenix, AZ: -31.9%

· Portland, OR: -8.6%

· San Diego, CA: -26.3%

· San Francisco, CA: -29.5%

· Seattle, WA: -9.8%

· Tampa, FL: -18.5%

· Washington, DC: -17.2%

Source: Standard & Poor's and Fiserv

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com

Fannie and Freddie Suspend Foreclosures

Amy Le (HomeFinder.com) — Mon, 24 Nov 2008 09:44:46 -0600

Some troubled homeowners on the verge of losing their property are starting to feel extra thankful this holiday season. Lending giants Freddie Mac and Fannie Mae, which were seized by the government in September, announced last Thursday that they will contact an estimated 16,000 borrowers who are facing foreclosure or evictions between November 26, 2008 and Jan. 9, 2009. Those proceedings will be delayed and the homeowners will have a chance to work with mortgage servicers to modify their home loans into affordable payments.

The streamlined modification program is scheduled to launch December 15. Foreclosure attorneys and loan servicers will be instructed to use the additional time to reach out to borrowers who have defaulted on their loans and continue to pursue workout options. The initiative applies to loans owned or securitized by Fannie and Freddie.

Freddie Mac says it is on track to help three out of five troubled borrowers avoid foreclosure this year. The suspension, "builds on this momentum and provides a new measure of certainty to many of these families during the holidays," Freddie Mac CEO David Moffett said in a statement.

Risky borrowers targeted
The program is aimed at the highest risk borrower who has missed three payments or more, owns and occupies the primary residence, and has not filed for bankruptcy. The program creates a fast-track method for getting troubled borrowers into an affordable monthly payment through a mix of reducing the mortgage interest rate, extending the life of the loan or even deferring payments on part of the principal. Servicers have flexibility in the approach, but the objective is to create a more affordable payment for borrowers at risk of foreclosure.

While loans defaults across the country are growing faster than most banks can keep up with, other lenders, including JPMorgan, Bank of America and Citigroup, have recently become more aggressive about modifications to mortgage agreements. Officials from the Treasury Department and the Federal Deposit Insurance Corp. (FDIC) are also working on a new proposal that could help some 3 million homeowners who are behind on their mortgage payments and help keep them in their home. Sheila Bair, the chairwoman of the FDIC, has been the leading proponent of the plan and first discussed the idea publicly in late October.

The reality of loan modifications
The issue of loan modifications is a hot topic out there in the blogosphere. There are wide ranging opinions from complete outrage for what is viewed as rewarding bad behavior to jubilation that something is finally being done to help Main Street Americans. It's hard to say what the right solution is in these dire times. But one thing is for sure, it has now become hip to announce billion dollar loan modification efforts without the right muscle to back up the foreclosure fighting claims. The government's HOPE NOW initiative launched earlier in the year has had little impact on reducing foreclosure rates. We'll just have to wait and see if these new modification programs are more than just lip service.

Read more about Fannie and Freddie's streamlined modification program at FannieMae.com.

Can the private sector fix the foreclosure crisis through loan modification? Or, does the federal government need to put forth a comprehensive plan?

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com

More Housing Aid Needed to Boost Economy

Amy Le (HomeFinder.com) — Wed, 19 Nov 2008 09:50:36 -0600

With Congress considering a return to Washington this month for another economic stimulus effort, the National Association of Realtors has proposed what they are calling a "four-point plan", which they want included in any future stimulus plan being put forth. The trade organization, which represents 1.2 million members across the country, says more is needed from the government in order to boost the economy and calm jittery real estate markets.

NAR officials say such measures are needed because the housing sector has historically lifted the country's economy out of past economic downturns. Many economists have also argued that stabilizing real estate markets must be the core of any additional economic stimulus bill. Sheila Bair, the chairman of the Federal Deposit Insurance Corp. (FDIC), has argued that more has to be done to help homeowners struggling with foreclosure. Bair has told Congress that the government is "clearly falling behind the curve" on the foreclosure issue, according to the Associated Press. The FDIC has proposed that the government put $24 billion toward helping 1.5 million borrowers by guaranteeing modified mortgages through the end of next year, the AP reports.

Paulson resistant
At a hearing on Capital Hill on Tuesday, Democratic lawmakers told Treasury Secretary Henry Paulson that he must reverse course and spend some of the $700 billion in bailout funds to keep individual homeowners from losing their homes, according to the Wall Street Journal. Paulson is opposed to Bair's proposal to use funds from the bailout to help modify home loans. He reiterated his opposition to using any of the money to buy mortgage-backed securities or individual mortgages, although that was his original plan in September when he asked Congress for an unprecedented amount of money to keep global credit markets going.

NAR's plan includes:

· Making the $7,500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. Currently, the credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

· Making the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

· Getting the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

· Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

According to the latest quarterly survey by NAR, distressed sales - foreclosures and short sales - accounted for 35 to 40 percent of transactions in the third quarter, pulling down the national median existing single-family price to $200,500. This is 9 percent lower than the third quarter of 2007. A year ago, when there were significantly fewer distressed transactions, the median price was $220,300.

To know surprise, the steepest declines in single-family home prices in the third quarter were in three California markets: the Riverside-San Bernardino-Ontario area, where the median price of $227,200 dropped 39.4 percent from a year ago, followed by Sacramento-Arden-Arcade-Roseville at $212,000 - down 36.8 percent from the third quarter of 2007 - and San Diego-Carlsbad-San Marcos, where the price dropped 36 percent to $377,300.

Regional median single-family home prices

*Western region: $266,300 in the third quarter, a 21.4 percent below the third quarter of 2007.

*Midwest region: 5.5 percent decline to $159,900 in the third quarter from the same period in 2007.

*Southern region: $174,200 in the third quarter, down 3.7 percent from a year earlier. The strongest price increase in the South was in the Tulsa, OK, at $139,800, up 5.1 percent from a year ago, followed by Amarillo, TX, with a 4.2 percent gain to $128,300, and the New Orleans-Metairie-Kenner area of Louisiana at $166,800, up 4.1 percent.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Homescape is a Hit at 2008 NAR Conference

Amy Le (HomeFinder.com) — Thu, 13 Nov 2008 08:58:42 -0600

While we here at Homescape are optimistic about the future of the real estate market across the country, we also recognize that these are trying times.

And in today's challenging market, Homescape has become more committed than ever to providing our customers and consumers with a comprehensive set of online marketing tools that effectively drive traffic and leads back to the real estate professional and the listings. With over 3 million home listings, Homescape will continue to be a leading online provider of local, comprehensive real estate property listings and rich consumer focused content.

Homescape and HomeGain customer appreciation party at the Red Coconut Club in Orlando, FL, during the NAR Conference and Expo.

This past weekend, Homescape got the opportunity to showcase some of our newest products at the National Association of Realtor's Conference and Expo in Orlando, FL. The convention was held from Nov. 7-10 at the Orange County Convention Center.

While conference attendance was down at this year, compared to that of the previous year, the event was quite the shindig, featuring more than 500 exhibitors and thousands of real estate product and service innovations. There were also plenty of informative workshops and seminars that presented attendees with new ideas and productivity tools designed to save time and teach Realtors how to work more efficiently.

This lucky Realtor stopped by the Homescape booth and won a prize during the NAR Conference and Expo in Orlando, FL.

At the Homescape expo booth, our team collected over 2,600 leads (a 30 percent increase from last year) and sold 40 showcase packages (compared to only 10 last year).

The site's new redesign, the launch of our Green Initiative and our new mobile products made Homescape a big hit at NAR this year. Giving away Homescape teddy bears and cash prizes didn't hurt either!

This success belongs to the entire Homescape team working the conference booth and to the rest of the staff back in Chicago, who put much effort into the projects leading up to NAR.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Citigroup Halts Foreclosures on Eligible Loan Borrowers

Amy Le (HomeFinder.com) — Wed, 12 Nov 2008 08:43:52 -0600

The foreclosure crisis doesn't appear to be going away anytime soon. More than 4 million American homeowners with a mortgage were at least one payment behind on their loans at the end of June, and 500,000 had started the foreclosure process, according to the most recent data from the Mortgage Bankers Association.

While many lenders and banks have been under heavy scrutiny for being too slow to rewrite troubled loans, a recent move by Citigroup may give homeowners on the edge some much-needed breathing room. Citigroup announced late Monday that it won't initiate a foreclosure, or complete a foreclosure sale, on any eligible borrower who seeks to stay in a home if it is the borrower's principal residence, the homeowner is working in good faith with Citi and has sufficient income to make affordable mortgage payments.

In addition to that, according to the Associated Press, "Over the next six months, Citi plans to reach out to 500,000 homeowners who are not currently behind on their mortgage payments, but who are deemed as potentially needing assistance to keep current with their payments. This represents about one-third of all the mortgages that Citigroup owns, the bank said."

Citigroup's plan of action
Citi plans to devote a team of 600 salespeople to assist in workouts with targeted borrowers by adjusting their rates, reducing principal or increasing the term of the loan.

The bank will initially target homeowners in geographic areas with higher-than-average unemployment and foreclosure rates, primarily in Arizona, California, Florida, Michigan, Ohio and Indiana. The program is expected to affect about $20 billion in mortgages.

Just last month, former U.S. Federal Reserve Chairman Alan Greenspan told Congress that stabilization of U.S. housing markets was a necessary precondition for the economy to heal.

While loans defaults across the country are growing faster than most banks can keep up with, other lenders, including JPMorgan and Bank of America, have recently become more aggressive about modifications to mortgage agreements. Officials from the Treasury Department and the Federal Deposit Insurance Corp. (FDIC) are also working on a new proposal that could help some 3 million homeowners who are behind on their mortgage payments and help keep them in their home. Sheila Bair, the chairwoman of the FDIC, has been the leading proponent of the plan and first discussed the idea publicly in late October.

With the economy possibly slipping into a deep recession, more layoffs are expected. This could open the floodgates to more loan defaults that may aggravate the already-bloated foreclosure market. By taking a proactive approach, Citigroup isn't waiting until it's too late to deal with delinquent borrowers. I think this is a very smart decision on their part, especially if they want to survive this economic tsunami.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

The Double-Edged Sword of Foreclosures

Amy Le (HomeFinder.com) — Tue, 11 Nov 2008 08:43:45 -0600

The sales of foreclosed properties are having a noticeable impact on home prices and increased sales in major real estate markets across the United States. In August, 23 of the 25 metropolitan statistical areas (MSAs) tracked by Radar Logic's Residential Property Index experienced year-over-year home price declines, while 12 of the metro areas saw sale transactions increase. Both the price declines and the transaction count increases are due, in part, to growth in heavily discounted foreclosure-related sales, according to the Radar Logic's market report.

Motivated transactions, which Radar Logic defines as sales at foreclosure auctions and sales of foreclosed property by financial institutions, increased in all 25 metro areas since 2007 and in 22 MSAs since July. In some markets, the increase in transaction counts also reflected a seasonal uptick in market activity.

Radar Logic's key findings:

· In California, Arizona and Nevada, deep price discounts associated with foreclosures appear to have attracted buyers. Seven of nine markets that saw sales increase from a year ago were located in those states.

· The nine MSAs that saw sales pick up from a year ago were Sacramento (up 74.9 percent year-over-year), San Diego (52.9 percent), Los Angeles (47.4 percent), San Francisco (32.9 percent), Washington, DC (30 percent), Las Vegas (29.5 percent), Phoenix (22.9 percent), San Jose (16.3 percent) and Minneapolis (3.3 percent).

· Despite seeing a big increase in sales from a year ago, Los Angeles and Las Vegas saw transactions fall slightly from July to August.

· St. Louis saw the biggest decrease in transactions from July to August (down 15.7 percent) and year-over-year (down 43 percent), but remained the fourth-best performing market in year-over-year price appreciation (-4.2 percent).

· Five markets where sales hadn't bounced back to 2007 levels in August nevertheless saw sales pick up from the month before. Those markets were Boston (up 24.1 percent from July to August), Philadelphia (19 percent), Chicago (9.7 percent), Detroit (up 6.9 percent) and New York (0.2 percent).

Patience is a virtue
"While increases in motivated sales have put downward pressure on prices, it is important to bear in mind that prices have fallen substantially in transactions that are not related to foreclosures, said Radar Logic CEO Michael Feder in recent press release. Twenty MSAs have seen prices for transactions we do not classify as, ‘motivated' give back over 50 percent of the appreciation they experienced during the height of the housing boom. This indicates that home prices have made substantial progress toward equilibrium, though they may fall further before they reach it."

Feder also said: "The current initiative to reduce new foreclosures being led by the Federal Deposit Insurance Corporation (FDIC) could, if enacted, play an integral role in near term prices."

While it can be awfully frustrating right now if you're trying to sell your home and you're living in down markets like California, Florida or Las Vegas, but there's nothing much the average homeowner or Realtor can do to make this market speed up its recovery. It's a matter of waiting out a storm that was way overdue. Home sellers need to keep up with local market conditions and be realistic when pricing their property. The days of making 30 percent or more on your home is long gone. This doesn't mean it's impossible to sell your property under these strained conditions, it just means it's going to take a little more practical planning and, most of all, patience.

Interested in buying a foreclosed property? Homescape's Foreclosure Guide is packed with detailed advice that will guide you through the entire process. And learn more about your new community on our local Snapshot pages.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Reality Show Home Up for Sale

Amy Le (HomeFinder.com) — Mon, 10 Nov 2008 08:48:01 -0600

About three months ago, I blogged about an "Extreme Makeover" home in Georgia that succumbed foreclosure. The owners, Milton and Patricia Harper, used the house at 5489 Ahyoka Drive in Clayton County, GA, as collateral for a $450,000 loan, the Associated Press reported.

Records at the law firm handling foreclosures for the lender, JPMorgan Chase Bank, confirmed at the time that the home was in foreclosure. The house was built in January 2005, after Atlanta-based Beazer Homes USA and ABC's "Extreme Makeover: Home Edition" demolished their old property and its faulty septic system.

This former "Extreme Makeover" home in Port Orchard, WA, is listed for $550,000. Photo courtesy of Windermere.com

Call it bad luck or the "extreme jinx," but another one of the popular reality television show's home is on the market for sale. After only three years of calling the sprawling Washington property home, the Kirkwood family has placed their McMansion - located at 1366 SE Spruce Road in Port Orchard, WA - up for sale, according to the Kitsap Sun.com.

Washington home for sale
The price tag for the 5-bed, 4.5-bath home was once $650,000, according to the Windemere Real Estate Web site, but the price has been reduced to $550,000, Dawne Kirkwood told the Kitsap Sun. The home, which was built in the fall of 2005, boasts three large cleaners and filters that keep the home's air cleaner than that of a hospital.

But unlike the "Extreme Makeover" home in Georgia, the Kirkwood family is not being forced out by the bank. Despite her efforts to stay in the home, Dawne Kirkwood and her ex-husband, Michael, are selling due to their divorce. She has little choice, she told the Kitsap Sun, citing Washington's community property law. She and Michael divorced in August, and the law says property between the divorced parties must be halved.

Dawne also told the newspaper that because of "back property taxes, money owed to lawyers, and life's expenses, selling the home has become their only option." Dawne currently shares the home with her five children. Her ex-husband has since moved to Tennessee.

I guess you don't get more realistic than divorces and hefty property taxes in this day and age.

View more photos of the "Extreme Makeover" Washington Home for sale.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Homescape Goes Mobile

Amy Le (HomeFinder.com) — Fri, 07 Nov 2008 10:56:51 -0600

I'm going home,
And when I want to go home, I'm going mobile.
Well I'm gonna find a home on wheels, see how it feels,
Goin' mobile.
Keep me moving...

- The Who, "Going Mobile"

Searching for a home on the go is simple with Homescape's new property listings for smartphones.

There's nothing more liberating than going mobile, footloose and fancy-free, with the (virtual) world at your fingertips. For today's home buyers, that means the convenience of punching up real estate listings on their wireless gizmos. That's pretty cool, seeing that you can do that while sitting on the bus or strolling through a neighborhood looking for open houses.

Here at Homescape, we've been busy revving up our search engines for home hunters who enjoy doing more on their mobile devices than just playing Pac-Man. Homescape now offers access to all of our 3 million-plus property listings directly from your iPhone, BlackBerry and similar Web-browsing smartphones.

We've formatted the listings to be easily readable on your phone's display, so don't worry about having to squint. You still get the same quality Homescape-listing features - in-depth property details, price sorting, multiple photos and open house notices - that you normally get on your computer's browser.

Ready to "find a home on wheels"? Punch up www.homescape.com/mobile on your phone's Web browser to start viewing Homescape real estate listings in your area.

Get buyer leads now
We didn't overlook the fact that no one enjoys being on the go more than Realtors. And we realize that when it comes to making a sale, time is of the essence. That's why Homescape's new mobile goodies also include a service for agents who want to field leads immediately from online buyers.

Our new Text Leads service sends a phone text message to an agent the minute a buyer sends them an e-mail lead from a property listing on www.homescape.com. Sure beats having to run back to the office to check for leads on a computer. Our service, which works on all mobile phones with text messaging, is ideal for independent agents or small brokerages that do not have e-mail-enabled smartphones or their own lead-management service or an office secretary. Even if you do have mobile e-mail, you can use our text service as an extra audio alert, notifying you to check your new lead right away.

For information on how to take advantage of Homescape's Text Leads, drop us a line at sales@homescape.com.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

Homescape’s Green Initiative

Amy Le (HomeFinder.com) — Fri, 07 Nov 2008 09:21:10 -0600

Going green at home used to just mean separating the plastic and paper from the rest of the garbage. But in most households today, consumers believe that energy conservation is essential and the cost of green improvements is a significant factor in their home-buying decisions. For consumers looking for a home that promotes green living, Homescape now identifies homes for sale that include eco-friendly and energy-efficient features. This new feature on our site is part of Homescape's green initiative, which also includes a comprehensive, consumer-focused Green Buying Guide.

Homescape flags listings as having green features, with a green home icon, making it easier for consumers to identify.

How our green listings work
We scrape our database of over 3 million listings for features and keywords and flag the ones that meet at least one of the specially selected green keywords or criteria. For example, a listing that contains descriptions such as bamboo floors, solar power and tankless water heater, will be automatically flagged with our green house icon.

In December, Homescape also plans to debut a special search function on our site that will allow consumers to find green home listings specific to their area.

View homes that promote green living

Denver home

Chicago home

Seattle home

The green features and "click here" link will launch an overlay with the interactive feature that explains items in a home that contribute to green living.

Green Buying Guide
The first phase of Homescape's green initiative, which came in the form of the Green Buying Guide, debuted in early October. The 10-article package, which is grouped with the Home Buying Guide and Foreclosure Guide, offers comprehensive information and advice on building and buying a green home and making your existing home more energy-efficient. It also addresses aspects of green real estate important to consumers, including:

· Tax incentives for green homes

· Going green on a budget

· Working with an eco-friendly Realtor

· Common myths of green homes

· Our guide includes an extensive Web-site directory of organizations, agencies and companies, where consumers can get more in-depth information about green building and eco-friendly living.

As more and more home buyers and homeowners become increasingly concerned about their personal energy use and how it affects the environment's health, we at Homescape want to provide consumers with the resources they need to better meet their green-living needs.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

The Myths Behind CFL Bulbs

Amy Le (HomeFinder.com) — Thu, 06 Nov 2008 08:47:03 -0600

The other day my coworker and I got into a discussion about compact fluorescent light bulbs (CFLs). I'm a big fan of these energy-efficient bulbs, but she isn't. My coworker said she had all her CFL bulbs replaced after her electrician told her they were hazardous and more susceptible to short circuiting and causing a house fire. The electrician's advice seemed a bit farfetched to me and sounded more like a green myth.

CFLs aren't fire bombs
Over the past few years, [CFLs have been all the rage since eco-friendly living became mainstream. But these ice cream swirl-shaped bulbs have many people scratching their heads. In the United States, lighting accounts for 5 to 10 percent of the total energy use in an average home and costs $50 to $150 a year in energy bills, according to the Rocky Mountain Institute. Compared to general service incandescent lamps that emit the same amount of visible light, CFLs use less power and have a longer rated life, but they generally have a higher retail price.

CFLs are a type of fluorescent lighting, designed to replace an incandescent lamp and can fit in the existing light fixtures formerly used for incandescent bulbs. In the U.S., a CFL can save more than $30 in electricity costs over the lamp's lifetime, compared to an incandescent lamp and save 2,000 times its own weight in greenhouse gases. But be weary of cheaper CFLs, because the quality of lighting may lack the same kind of illumination as an incandescent and can burn out a lot faster.

According to National Geographic's Green Guide, CFLs are perfectly fire-safe to use in homes:

Although a melted plastic base near the coil of the bulb might lead you to believe the CFL is a fire hazard, it is just the opposite. In fact, the melted plastic and burn marks are a sign that the bulb was working just as it should.

If you look at the plastic base, or ballast, of the light bulb, you should see a symbol indicating that the ballast is UL certified, which means that the plastic on the exterior can safely function during bulb operation and at the end of the bulb's life. The fact that the plastic on your bulb's ballast melted and turned black is totally normal, says John Drengenberg, consumer affairs manager at Underwriters Laboratory (UL), the company that evaluates plastics for, among other things, flammability characteristics. A CFL generates light from an electric current that runs through glass tubing filled with gases.

The electrified gases emit ultraviolet radiation, which then comes in contact with a phosphorous lining on the glass, thus creating light. Bulbs burn out when the ballast overheats and an electronic component, the Voltage Dependent Resister (VDR), opens up like a fuse in your home's fuse box, shutting off the circuit and generating heat and possibly a small amount of smoke. This might sound dangerous, but the VDR is a cut-off switch that prevents any hazards. The melted plastic you're seeing where the glass coil connects to the ballast is simply a sign that the heat is escaping as intended in the design of the bulb.

Handling CFLs
According to fellow blogger and home inspector Frank Schulte-Ladbeck, the chemical inside fluorescent bulbs does contain a small amount of mercury, so if the bulbs do break and you handle them, you need to wash your hands right away.

"I have read no studies which indicate that CFLs are more likely to short circuit or pose any other hazard," says Schulte-Ladbeck.

Carefully cleaning up a broken CFL will help avoid spreading any powder, glass or mercury into the home. It's recommended that you should open the windows in the room where the bulb broke and allow it to air out for about 15 minutes. Never use a vacuum to clean up the broken bulb, and always wear rubber gloves if you have to handle the broken glass. Put the broken materials in a plastic bag, then double bag it and dispose of it. If there's no disposal or recycling places near you, you can throw it away in an outdoor trash bin.

As more energy-efficient and eco-friendly products become integrated into our homes, it's important to ask questions and do your own research on how to best handle these new gadgets.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.