October 22, 2008 If it’s time to change the flooring, opt for linoleum instead of vinyl. Linoleum is made from all-natural resources, while vinyl is made from petroleum.
Posted in Around The House, Energy Saving 
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October 21, 2008 The U.S. Dept. of Housing and Urban Development (HUD) has launched a new program that will allocate close to $4 billion in emergency assistance for state and local governments to be used to acquire and redevelop foreclosed properties. More details about the Neighborhood Stabilization Program (NSP) will be announced during a national housing summit in Washington, DC next week and during a series of regional conferences later this month, according to HUD.
"To those areas trying to recover from the effects of foreclosure and declining property values, help is on the way," said HUD Secretary Steve Preston. "Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact. Now the real work begins and HUD stands ready to support these states and communities as they work to stabilize their neighborhoods."
Posted in Lending, Real Estate No Comments »
October 20, 2008 A warning has been issued to renters by the National Multi-housing Council to beware of certain housing being offered for rent. About 40 percent of those homes are actually in some stage of foreclosure, and renting such a property could result in the renter "losing everything," according to a Council report. The Council recently released a brochure entitled, "Rent from the Pros," warning consumers about the dangers they might face.
Posted in All Things San Diego No Comments »
October 19, 2008 The Senate approved a revised version of the Emergency Economic Stabilization Act of 2008 in a 74 to 25 vote, clearing the way for full consideration by the U.S. House of Representatives. The House voted down an earlier version of the plan on Monday.
The revised plan, which is designed to shore up the nation’s financial markets, includes a temporary one-year increase in Federal Deposit Insurance Corp. (FDIC) caps for bank and credit union accounts. The cap increases are critical because they increase the funding backstop the public relies upon should their banks fail. The plan also includes extensions on several business tax breaks and adjustments to the alternative minimum tax (AMT) for individual taxpayers. These, as well as the FDIC cap changes, are amendments lawmakers believe will help bolster a smooth approval by the House.
Once approved, the financial rescue plan would allow the government to buy residential and commercial mortgage-related assets, including mortgage-backed securities and loans, in an effort to ease current credit constrictions impacting businesses across all sectors, including the housing market. Provisions to help struggling homeowners avoid foreclosure; increased oversight of the plan; and a limit on compensation for executives of the troubled financial firms that receive assistance; also are included in the revised plan.
C.A.R. and NAR strongly support Congress’s efforts to quickly craft and pass the proposed plan in order to calm the nation’s financial markets and free up credit to both families and businesses.
Posted in Real Estate, Things of Interest No Comments »
October 18, 2008 The most luxurious residence in the country is coincidentally located just a few miles north of the most non-luxurious home. They are both located along the Pacific Coast Highway in California’s central coast area. The famous Hearst Castle, in San Simeon, California, is undoubtedly the most luxurious. It was the home of William Randolph Hearst, head of a newspaper empire. His estate, completed in 1947, includes 165 rooms and is situated on 127 acres on a rugged mountain side facing the ocean. It includes 41 fireplaces, 56 bedrooms and 61 bathrooms. Millions of people have participated in tours of the extravagant property.
When Hearst was first considering the development of his lavish estate, he commented, "I’m a bit tired of camping out in tents at the ranch in San Simion. I think I’ll build a little something on the mountain." It’s amazing what can be done with a lot of money and influence.
Six miles down the coast on the Pacific Coast Highway, in Cambria, a local trash hauler named Art Beal used construction materials scavenged from the Hearst Estate to build his own very unique three-level residence. He also used a variety of materials he obtained during his trash hauling assignments. He hated to throw anything of the least value away — items that might be useful in the construction of his hillside home.
Beer cans, car parts, toilet fixtures and other unlikely oddities were used in the construction of what became known as the Nitt Witt Ridge house, certainly one of the most unconventional homes in the nation. Beal, of Irish and Native American parentage, lived most of his childhood in orphanages. He started his long-term construction project in 1928. It’s now a Historic Monument Property. Beal once commented, "I built this house with two helpers, Mother Earth and Dame Nature." A few years ago the property was purchased by Mike and Stacey O’Malley, who undertook a major restoration project.
Posted in Real Estate, Things of Interest No Comments »
October 17, 2008 As predicted, mortgage interest rates dropped substantially immediately after the highly publicized government takeover of the GSEs - Fannie Mae and Freddie Mac. In late September it started rising again. Not surprisingly, the sudden drop in rates was followed by an increase in mortgage applications, particularly refinance mortgage loan applications.
With still very low mortgage rates and the expectation that they will continue to rise, more prospective buyers are taking action to seek out and purchase a home. The most active groups in the current market are young adults and minorities, according to one study.
"Renewed financial concerns should keep long-term Treasury yields low and translate to lower mortgage rates in the near term despite some widening in mortgage spreads," said Orawin Velz, a vice president of the Mortgage Bankers Association. "We expect to see meaningful increases in mortgage demand in coming weeks on both the purchase and refinance sides."
Posted in Lending, Real Estate No Comments »
October 16, 2008 A few decades ago, most home financing was with mortgages insured by the Federal Housing Administration (FHA). But later the popularity of these loans dropped dramatically, largely due to restrictions on FHA home mortgages. They just weren’t competitive with offered conventional mortgages.
Today, however, FHA loans are experiencing a strong revival. Certain restrictions and loan limits have been lifted, making them very attractive to persons purchasing a home, or refinancing an existing mortgage in many parts of the country. About 29 percent of all mortgage applications in July were for government-insured loans (FHA and VA mortgages), according to a report on Lenderlicense.com. The share of these mortgage applications has tripled since July of last year. FHA refinance applications have increased by 317 percent over the past year. In July and August, lenders originated $47.9 billion in FHA loans, nearly topping the $54.3 billion originated over the previous three months, the report stated.
"FHA mortgages are now our fastest growing products," said Scott Stern, CEO of Lenders One, a major mortgage company. "Now we are almost 48 percent conventional and 48 percent FHA mortgages. The FHA insurance program has not raised its fees or tightened its underwriting standards, as Fannie Mae and Freddie Mac have, along with private mortgage insurance companies."
Pat Combs, immediate past president of the National Association of Realtors, made this comment: "FHA offers a safe alternative to many of the subprime and exotic loans that caused much of today’s market turmoil, and the program is easier to use than ever before. Recent revisions to the FHA program will enable more families to achieve their dreams of homeownership, and will allow others to refinance their mortgage at terms that will allow them to keep their home."
Over the years, the FHA program has had its ups and downs, but it has served a major role in pushing homeowner rates very high in this nation. Today, it’s serving as a viable option, particularly for persons purchasing their first home, or those needing to refinance into a loan they can manage.
Posted in Lending, Real Estate No Comments »
October 15, 2008 It’s more affordable to buy a home than to rent one in more the half the major metro areas nationwide. Of the 100 most populous areas, 57 have average three-bedroom rental costs higher than the cost of maintaining a 6 percent interest rate mortgage for a typical lower priced three bedroom home, according to a study and report by the National Low Income Housing Coalition.
In many cases, the study showed that people renting two-bedroom apartments would be better off buying a low-priced home, thus enjoying all the added benefits that go with homeownership. The number of markets throughout the country that fall into this category is steadily growing. Lower mortgage rates and the currently large inventory of homes to choose from are motivating many more people to make the transition from renting to buying their residence. Increasingly, it makes good financial sense.
Posted in Real Estate, Things of Interest No Comments »
October 14, 2008 There are always exceptional up and down markets in real estate. One particularly bright spot currently is the Aspen area in the Colorado Rockies. Here, the average home price is up by 23 percent over the first six months of last year, according to Robert, a seasoned Realtor in Aspen.
Two very high priced homes were sold during the first half of this year, thus contributing to the high average price. They sold for $36,375,000 and $35,000,000. "The Aspen market is experiencing strong sales in the best valued segments of the market," Ritchie said. "Prime properties are hard to come by in this market. Pricing for a new exceptional property is from $2,000 to $3,000 per square foot."
Posted in Real Estate, Things of Interest No Comments »
October 13, 2008 Elvis Du’s
Posted in Celebrity Sightings, Fun Stuff - Cartoons No Comments »
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