house: Keeping Kids Safe at Home
- 06/09/09 02:41 AM
More than 18,000 emergency room visits a year are made by Canadian children who have been injured by common household products. To an adult, a chest of drawers is a storage device, but to a child, it can become a staircase to climb – causing the whole chest to tip over. A pull string on a window blind can act like a noose around a child's neck. A survey by Safe Kids Canada, a national program of Toronto's The Hospital for Sick Children, says that 86 per cent of Canadians assume that the household products they buy are safe for the … (0 comments)
house: Investor Report: First Time Home Buyers
- 06/08/09 05:32 AM
Some real estate investors assume that the federal first-time home buyer tax credit has little relevance for them. After all, they already own their own houses, and the $8,000 credit was designed for people who are either buying their very first home -- or they haven't owned one in three years. But investors should be aware of a couple of recent wrinkles in the tax credit rules that they can put to good use themselves. Number one: The IRS has interpreted the law to allow unmarried co-purchasers, including investors -- to buy one-to-four unit properties with the credit flowing to a … (0 comments)
house: Going Green May Help Sell Your Home
- 06/05/09 02:56 AM
It's becoming the buzz word in housing -- "green" homes are what many buyers are interested in these days. According to the National Association of Home Builders (NAHB), as much as 90 percent of home buyers think that energy efficiency is a very important factor when shopping for a home. These same buyers are also very interested in environment-friendly features including having housing close to parks, public transportation, and well-designed neighborhoods with sidewalks. The National Association of Home Builders Remodelers (NAHBR) -- a council of NAHB -- says that most homeowners choose green remodeling projects to help conserve energy. NAHBR recommends … (0 comments)
house: Multifamily Builder Confidence Up From Record Lows
- 06/04/09 02:15 AM
The "subprime crisis" has spilled over into nearly every part of our economy. First, we heard about soaring foreclosure rates, especially in what had been the high growth and speculation markets around the country. The crisis quickly spread into banks and investment houses. Global banks and financial companies soon began to show signs of financial stress. There appears to be good news as recent hints of optimism in the housing industry appear to have spread to the multifamily sector, according to the latest results of Multifamily Rental Market Index (MRMI) and the Multifamily Condo Market Index (MCMI), released by the National … (0 comments)
house: The Waiting Game
- 06/03/09 02:34 AM
A recent study by John Burns Real Estate shows that real estate is now as affordable as it's been in the past 38 years. The study tells us that median home prices, when viewed against median mortgage rates and incomes, are wildly affordable. The peak of unaffordability was in 2006, when an average family in the US needed to spend 44% of their income to purchase an average single family home. These numbers are fine and dandy, but they're obviously a national average, which means certain areas are more affordable, and many more areas less affordable. What's most interesting to me … (0 comments)
house: Washington Report: HUD Raises Expectations
- 06/02/09 03:17 AM
Under pressure from Congress and its own Inspector General, HUD is beefing up its efforts to weed out unethical lenders participating in its booming FHA mortgage programs. Last week HUD announced sanctions against more than 120 lenders for violations ranging from falsifying loan documents to quality control problems. The agency imposed $1.5 million in f penalties and kicked 102 lenders out of the FHA program entirely. HUD Secretary Shaun Donovan announced the moves and said, "We expect, and more importantly American home buyers deserve, that when they deal with an FHA-approved lender, they're dealing with (a company) they can trust." Donovan's … (0 comments)
house: Bond Yields Push Mortgage Rates Higher
- 06/01/09 03:06 AM
McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending May 28, 2009, up from last week when it averaged 4.82 percent. Last year at this time, the 30-year FRM averaged 6.08 percent. The 15-year FRM this week averaged 4.53 percent with an average 0.7 point, up from last week when it averaged 4.50 percent. A year ago at this time, the 15-year FRM averaged 5.66 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.82 … (0 comments)
house: Investor Report: Gorilla Housing
- 05/29/09 01:58 AM
The vast majority of foreclosure auction investors pick up one to a handful of units a year at most, then either rent them out or fix them up for eventual resale. Typically they also troll for distress situations, pre-foreclosures and "ugly" houses. But John Helmick, CEO of fast-growing Gorilla Capital in Eugene, Oregon, takes a very different, high-volume approach that can be summarized in five points: Buy big -- 150 or more foreclosures a year - but only by cherry-picking houses that have maximum potential for immediate turnaround and sale to retail home buyers or investors within about 60 days. Have … (0 comments)
house: Uncertainty About Eco-Friendly Construction Projects
- 05/28/09 03:03 AM
A certain inconvenient truth about the trend toward green building -- that it will neither fade like a bad dream nor match the utopian visions of its most ardent advocates -- is good news for both the state of New Jersey and the United States, according to veteran environmental attorney James A. Kosch, a shareholder in LeClairRyan's Newark-based Tort Defense Group. “Neither Rush Limbaugh nor Al Gore will be happy about it when the ultimate contours of today’s green-building trend have emerged,” Kosch commented. "And that is because the same macroeconomic factors that have been so visible this year -- as … (0 comments)
house: Obama Signs Bills
- 05/27/09 03:09 AM
Congress is pumping out reform legislation, with support from both sides of the aisle, that's aimed at correcting some of the problems that contributed to the financial crisis. Last week alone President Obama signed two major bills into law. The first is intended to combat widespread mortgage fraud. It authorizes nearly half a billion dollars for the federal government to hire new prosecutors targeting mortgage fraud, and to beef up Secret Service, U.S. Postal Service and HUD fraud investigation capabilities. The Fraud Enforcement and Recovery Act extends the federal government's legal reach to pursue companies and individuals who currently avoid federal … (0 comments)
house: Debt Restructuring
- 05/26/09 03:07 AM
Loan modifications and principal reductions are big news for homeowners, but what about real estate investors who own apartment buildings, strip shopping centers, and small office buildings? Are loan "mods" possible for them? Absolutely, says Jonathan Hornik, executive vice president and general counsel for Kennedy Funding, Inc., a New Jersey-based lender who not only helps investment property owners negotiate debt restructurings with their creditors, but provides the take-out financing to make the deals happen. In fact, according to Hornik, far more loan modifications involving writeoffs of portions of existing mortgage debts are needed in commercial real estate right now. Many income … (0 comments)
house: Understanding The Process
- 05/22/09 03:12 AM
Being a salesperson is one of the greatest professions on earth. As real estate salespeople, we are helping people achieve the great "American Dream". We get into trouble when we don't understand the process of the sale. Most real estate salespeople have never studied sales. They have learned a few scripts and dialogues, but they don't clearly understand the buying process. They have never become students of selling. To be a Champion salesperson you have to understand and study sales. The first step is to understand the sales process. The truth in sales is that people make decisions based on emotion. … (0 comments)
house: Finding the Perfect Neighborhood
- 05/21/09 02:19 AM
A home is not an island. The surrounding neighborhood is just as important because it can have a big impact on your lifestyle -- safety, available amenities, and convenience all play their part, according to the National Association of Realtors (NAR). NAR also says you can keep your home value buoyed if you find the right neighborhood. And you can find the right neighborhood by getting information direct from the best sources -- rather than from second hand and often incomplete data bases professing to offer you one stop shopping for all your neighborhood checking needs. • Make a list of … (0 comments)
house: Market Conditions
- 05/20/09 03:25 AM
The National Association of Realtors is reporting that the national media existing single-family home price was $169,000 in the first quarter 2009 -- down 13.8 percent from the first quarter of 2008. Dr. Lawrence Yun, chief economist for the NAR, said some areas showed dramatic drops in home prices. "In areas with the biggest price declines, we also see much higher levels of distressed sales which are distorting the data," Yun said. "We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other. In many cases homes … (0 comments)
house: Condo Trends: Dominican Republic Condos Sell $100 Million First Day
- 05/19/09 02:42 AM
Golf great Greg Norman was keynote speaker at the unveiling of 52 private villas that will act as the cornerstone of a $1 billion development in the island country of Dominican Republic in April. Known as “The Great White Shark,” Norman greeted an international press corps to show off his latest golf course development at Costa Blanca’s two-day kickoff. Costa Blanca’s plans are enormous; spread over 300 acres in the town of Juan Dolio and incorporating 10 towers with 52 private villas. The condominium project is the latest of condo developer Group Metro. The Caribbean development will play host to a … (0 comments)
house: Washington Report: $8,000 Tax Credit
- 05/18/09 04:16 AM
Home builders and Realtors cheered in Washington last week when HUD Secretary Shaun Donovan announced that FHA will allow lenders and government agencies to “monetize” the $8,000 federal homebuyer tax credit, providing purchasers with downpayment cash upfront, available at closing, rather than waiting for the IRS to mail them a tax credit check. Speaking at the mid-year conference of the National Association of Realtors, Donovan said HUD supports “bridge loan” programs designed to help first-time buyers come up with needed cash. Under the bridge loan concept, an FHA-approved private lender, a state or local housing agency, or an FHA-approved nonprofit organization … (0 comments)
house: Homeowners Spruce Up Landscape and Increase Home Value
- 05/15/09 03:03 AM
When the sunshine starts to warm the air (and melt the snow, depending on where you live), many of us homeowners start to think about making some outdoor improvements. That can be a very good decision especially if selling is in the near future. According to Angie's List, a Web site where thousands of consumers share their ratings and reviews on local service providers in more than 425 different categories, well-designed landscaping can increase the value of your home by 7 percent to 14 percent. I've written a lot about the importance of curb appeal and, well, let's face it, curb … (0 comments)
house: Appraisers Advise Sellers How to Get Top Dollar
- 05/14/09 01:42 AM
Want to get top dollar when you sell your home?Listen to what professional appraisers say.Their job is to determine the true market value of homes so they know what makes a property sell for the greatest amount and can tell you how to best ready your home for market now and later."A few years ago, houses were selling quickly with little effort. Now many homeowners actually have to make improvements before they can sell their home," said appraiser Mike Evans, a Fellow of the American Society of Appraisers (ASA).In the term, cosmetic touch ups can help a home sell a faster. … (0 comments)
house: Washington Report: Appraisal System
- 05/13/09 02:26 AM
Last week saw the official kickoff of Fannie Mae's and Freddie Mac's mandatory new system of appraisals nationwide, and some mortgage and appraisal groups are up in arms over sharply higher costs for consumers. The so-called "home valuation code of conduct" imposed by Fannie and Freddie puts most appraisal assignments in the hands of management companies, some of whom are owned by major lenders such as Bank of America and Wells Fargo. The Appraisal Institute, which represents 20,000 appraisers across the country, and the National Association of Realtors, which has thousands of appraiser members, both have been critical of the new … (0 comments)
house: Investor Report: Macro Shares
- 05/12/09 02:53 AM
Want to invest in home values without actually buying houses? Well, starting later this month, you'll be able to do precisely that by buying into New York Stock Exchange-traded funds tied to the movement of house prices - up or down - in major metropolitan real estate markets. They're called "Macro shares," and their values will move based on home prices as measured by the Standard & Poor's/Case-Shiller index. If you think house prices in 10 key markets are likely to decline over the next several years, you can buy "down" Macro shares from your stock broker. On the other hand, … (0 comments)
News, tips and tricks about the Chicago Area and National Real Estate Market, brought to you by The Helen Oliveri Team of Keller Williams Realty Partners.
More than 18,000 emergency room visits a year are made by Canadian children who have been injured by common household products. To an adult, a chest of drawers is a storage device, but to a child, it can become a staircase to climb – causing the whole chest to tip over. A pull string on a window blind can act like a noose around a child's neck.
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