Realty Reality: June 2005

Thursday, June 30, 2005

Moving Yourself: The POD Moving Container

POD (Portable On Demand) moving containers are trailor sized crates that are dropped off at your property and left there for you to load up your personal property. Once loading is completed and you are ready to move, the POD will be picked up (or temporarily placed in storage until you are ready), then delivered to your new property for unloading. The containers' doors are set level to the ground so you don't have to climb up or down to load. They come in lengths of 12' or 16', the larger holds approximately 1600 square feet of property items. If you have a larger building, then just use 2 or more PODS to hold the entire contents as needed.

Click here for more information about PODS and special promotion discount through RE/MAX.

Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Google Resources for FREE - Gmail, Blogger, Groups, Search

Take advantage of these FREE resources that are available from Google:

Gmail (providing over 2 GB of Storage Space for free)
http://gmail.com
This is currently by invitation only... to receive an invitation ask a friend who is using gmail to send you an invitation, or click on my previous article showing how to obtain an invitation at no cost:
http://realty-reality.blogspot.com/2005/04/real-estate-cyber-tips-april-2005.html
Note (8/24/05): Or go diredt to gmail.com and sign up using your mobile phone.

Create Your Own Blog
http://Blogger.com
Create and manage your own Blog.

Goggle Groups
http://groups-beta.google.com/
Create mailing lists and discussion groups.

For Webmasters: Google Sitemaps
https://www.google.com/webmasters/sitemaps/login
Google Sitemaps is an easy way for you to help improve your coverage in the Google index. It's a collaborative crawling system that enables you to communicate directly with Google to keep us informed of all your web pages, and when you make changes to these pages.

Google Personal Search
https://www.google.com/psearch/login?prev=/psearch
Get the search results most relevant to you.
Personalized Search is an improvement to Google search that orders your search results based on what you've searched for before. Learning from your history of searches and search results you've clicked on, Personalized Search brings certain results closer to the top when it's clear they're most relevant to you.
Part of Personalized Search is the Search History feature, which lets you view and manage your history of past searches and the search results you've clicked on. As you build up your search history, your personalized search results will continue to improve over time.

Google Accounts
https://www.google.com/accounts/
With just your email address and chosen password, you can access numerous Google services such as those listed above.

Wednesday, June 29, 2005

Negotiating Price and Terms: Understanding The Needs Of The Other Party

A mistake many people make when negotiating price and terms on the purchase or sale of a property is that they fail to place the needs of the other party, and sometimes their own needs, in priority order. They also tend not to dig deep enough to really understand the other party and what he is able to do regardless of the situation as you may initally perceive it.

First, you need to determine what are the most important issues to you in priority order. Then you need to determine the most important issues of the other party in priorty order. Once you have this information, write it down and compare.

Example:

Buyer Wants:
1st Priority - $750,000 sale price
2nd Priority - $25,000 repair allowance
3rd Priority – 90 days to close

Seller Wants:
1st Priority – Close in 30 days
2nd Priority – Sell “as is”
3rd Priority - $1,000,000 sale price

Next, you need to figure out how a win-win situation can be developed using the priorized needs you just wrote down. For example, the buyer could offer $750,000, a $12,500 repair allowance and a closing in 30 days? It’s like putting together a puzzle. You look for sides that “match”. Just remember that by examining your own needs in priority order and then acquiring the same information from the other party will give you a “picture” of how to make the deal work, so that both sides are able to get what is most important to them.

Knowing the other party's situation in more depth could further help you understand that even though the seller may be in a financially stressful situation and would welcome a chance to "unload" the property, the seller's debt and closing costs will be $750,000 and therefore the seller has no room to provide a additional concessions. Therefore, if the buyer's 1st need is strong enough in comparison to the other needs, the buyer may offer $750,000, no repair allowances and closing in 30 days, assuming those numbers and terms can still be justified by the buyer.

Source: Real Estate Riches, Inc.
[Note: The original article, in a slightly different form, was recently emailed to me. I'm currently unable to directly reference or link back to it.]

Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Tuesday, June 28, 2005

Articles and Briefs of Importance to Eldercare Professionals and Caregivers - #2

The Efficacy of Counseling and Support for Spouse Caregivers:
Why Treating the Caregiver Will Help the Alzheimer’s PatientThis is a PowerPoint presentation of the objectives, approach and results of an important New York University Medical School study.

Helping Those Under Your Care Properly Communicate Their Pain
Five key questions that elders needs to ask themselves in order to best describe the nature, frequency and character of their pain to caregivers and professionals.

Caring for the Caregiver: Caregiver's Self-Rating Scale
This self-evaluation questionnaire is an excellent way to provide some guidelines for caregivers to evaluate the level of care and value which is given to both the caregiver and receiver. The scale is a 1-10 continuum which describes the various styles of caring.

Study Finds Direct Association between Cardiovascular Disease and Periodontal Bacteria
Researchers report this week that older adults who have higher proportions of four periodontal-disease-causing bacteria inhabiting their mouths also tend to have thicker carotid arteries, a strong predictor of stroke and heart attack. The study, published in the March, 2005 issue of the journal Circulation, was supported by four agencies of the National Institutes of Health…

New Memory Drug Works Best in Combination with Older Alzheimer’s Medication
An experimental drug combined with an already-popular memory-enhancing compound may further delay memory loss in patients with Alzheimer's disease and other dementias, Johns Hopkins University scientists, in collaboration with researchers from University of North Carolina, have found.

Source: Eldercare Network News

Monday, June 27, 2005

Celebrate July 4th: American Revolution Resources

In preparation for the July 4th celebration for the birth of our nation, and to better understand the sacrifices and principles by which our country was formed, here is a list of American Revolutionairy War era links providing a weath of information and images:

http://en.wikipedia.org/wiki/American_Revolutionary_War
http://oswego.org/staff/cchamber/resources/revolutionarywar.cfm
http://www.geocities.com/Athens/Delphi/4393/rev_war.html
http://www.multied.com/Revolt/battles.html
http://www.ushistory.org/march/
http://www.revolutionaryday.com/
http://www.socialstudiesforkids.com/wwww/us/revolutionarywardef.htm
http://www.suelebeau.com/revolutionarywar.htm
http://www.suelebeau.com/revwarphotos.htm
http://www.nps.gov/revwar/
http://www.nps.gov/cowp/Timeline.htm
http://www2.powercom.net/~rokats/contarmy.html
http://www.kidinfo.com/American_History/American_Revolution.html
http://www.pbs.org/ktca/liberty/
http://library.thinkquest.org/11683/High.html
http://www.militaryindexes.com/revolutionarywar/index.html
http://www.timepage.org/cyc/revo.html
http://www.rootsweb.com/~ars/index.htm
http://www.hcpss.org/socst/8-links.htm
http://www.american-historical-documents.com/
http://www.archives.gov/national_archives_experience/

Sunday, June 26, 2005

Supreme Court Eminent Domain Decision - My Thoughts

I have concerns about the recent Supreme Court decision regarding eminent domain. I understand that it has some good intentions and I can see where it can be very useful in controlled, well planned and fairly managed situations. But, I also know that this emboldens local governments and developers and will increase the opportunity for governmental and special interest abuses at the expense of the individual.

Regardless, it pays for all of us to be dilgent and vigilant about monitoring your state and local planning and governmental boards. The property you save may be your own!

See my recent blog entry for details about the decision.

Saturday, June 25, 2005

Tips for Older Adults and People with Disabilities to Save Money On Healthcare

The Medicare Rights Center has five tips to help older adults and people with disabilities save money on their health care.

1. Go Online. The internet is the fastest growing source of health care information, including prescription drug price comparison web sites. Medicare Interactive, (www.medicareinteractive.org/aarp) your one-stop, interactive web site provides older adults and people with disabilities, their caregivers and professionals user-friendly consumer information about health care benefits, rights and options at no charge.

2. Prevention. Did you get your “Welcome to Medicare Physical,” tested for diabetes and screened for cardiovascular disease? All these services are fully covered by Medicare Part B. For more information about other Medicare-covered preventive services, go to Medicare Interactive’s section on preventive benefits.

3. Medicare Savings Programs. If your income is below a certain level and you have limited assets, there are programs that will help you pay for your Part B premiums. To see if you are eligible go to Medicare Interactive’s section on low-income programs.

4. Know Your Rights. Like all insurance programs, Medicare has many rules and regulations. You have rights no matter which type of Medicare plan you choose. If you are in the Original Medicare Plan, a Medicare private plan (HMO, PPO, PFFS) or have a Medigap policy, you have legal rights to get the care to which you are entitled. For more information about how to get the health care you are entitled go to Medicare Interactive’s section on your rights.

5. Go to Doctors Who Accept Medicare Assignment. Doctors who accept assignment cannot ask you to pay up front for services or pay more than the Medicare approved amount. Medicare pays them directly for their services. To find a participating doctor, go to: www.medicare.gov.

Source: Eldercare Network News

What Is Eminent Domain?

What is eminent domain?

Eminent domain is the power of the government to take private property belonging to its citizen's. It can also be called "condemnation" or, in some states, "expropriation."

Source: Castle Coalition FAQ

For more information about the recent Supreme Court decision regarding Eminent Domain and it's effect on you, click here for my previous blog entry.

Supreme Court in Eminent Domain Decision Rules In Favor of Cities

In an important eminent domain case, the U.S. Supreme Court ruled on Thursday (June 24, 2005) that local governments may seize homes and businesses to make way for private projects that serve a public purpose by promoting economic development.

In a 5-4 ruling, the high court decided that the city of New London, Conn., did not violate constitutional rights by condemning non-blighted properties so a private mixed-use project could take shape.

The city made the case that the riverfront project would provide a much-needed boost to the ailing local economy, thus benefiting the public. But the property owners involved in Kelo vs. City of New London argued that eminent domain should never be used for economic development or, alternatively, only used when there is a reasonable certainty that the government will receive the public benefits expected from the taking.

Justice John Paul Stevens, writing for the majority, said local officials know best in deciding whether a development project will benefit the community, adding that states can pass additional laws restricting the use of eminent domain.

"The city [of New London] has carefully formulated an economic development plan that it believes will provide appreciable benefits to the community, including—but by no means limited to—new jobs and increased tax revenue," Stevens wrote. The development plan calls for a mix of residential, retail, commercial, and recreational uses.

In a dissenting opinion, Justice Sandra Day O'Connor countered that government shouldn’t have power to take ordinary private property in order to convert the property from one use to another chosen by the government, even if the owners are compensated, and she expressed concern that wealthy developers would benefit the most.

"The beneficiaries are likely to be those citizens with disproportionate influence and power in the political process, including large corporations and development firms,” she wrote.

The NATIONAL ASSOCIATION OF REALTORS®(NAR) and the National Association of Home Builders(NAHB) in December filed a joint friend of the court brief.

The brief argued that if economic development is the sole justification for public use, the door is left open for local governments to abuse their eminent domain powers.

Susette Kelo and other homeowners in New London filed the suit in 2000 after city officials announced plans to tear down their homes for the mixed-use development.

“I am very disappointed that the court sided with powerful government and business interests, but I will continue to fight to save my home and to preserve the Constitution,” Kelo said Thursday in a statement issued by the Institute for Justice, the Washington, D.C.-based law firm representing the New London homeowners.

To read more about the ruling, the 58-page Supreme Court opinion is available in PDF format.

For more information from the NAR about Private Property Rights, visit http://www.realtor.org/libweb.nsf/pages/fg802

Source: REALTOR® Magazine Online - By Kelly Quigley

Friday, June 24, 2005

May Sets Second Highest Pace on Record For Existing Home-Sales

WASHINGTON (June 23, 2005) – Sales of existing homes were at the second highest pace on record in May as mortgage interest rates continued to decline, according to the National Association of Realtors® (NAR).

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 0.7 percent in May to a seasonally adjusted annual rate* of 7.13 million from a record of 7.18 million in April. Sales were 3.5 percent above the 6.89 million-unit level in May 2004. Aside from the last two months, the previous record was a sales pace of 7.02 million in June 2004.

David Lereah, NAR’s chief economist, said low interest rates, population factors and job growth are driving home sales. “Most of the stars continue to be correctly aligned for the housing market,” he said. “An ongoing problem is the tight supply of homes available for sale, which is pushing gains in home prices.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.72 percent in May, down from 5.86 percent in April; the rate was 6.27 percent in May 2004.

The national median existing-home price for all housing types was $207,000 in May, up 12.5 percent from May 2004 when the median price was $184,000. The median is a typical market price where half of the homes sold for more and half sold for less.

NAR President Al Mansell, of Salt Lake City, cautions buyers to avoid shortcuts and to take time to fully understand all aspects of the purchase. “In a market where it’s common to see multiple bids on homes, buyers should avoid the temptation to skip appropriate inspections or documentation that would protect their interests,” he said. “Even more important is to understand the riskier loan products that are on the market today. There are insufficient disclosures regarding the risks of some of these products, so be sure to work with a professional who can offer guidance on the kinds of loans that are better suited for your situation.”

Total housing inventory levels rose 4.9 percent at the end of May to 2.55 million existing homes available for sale, which represents a 4.3-month supply at the current sales pace.

Lereah said analysts looking for signs of weakness will continue to be disappointed. “We need about a six-month supply of homes on the market to have a rough equilibrium between home buyers and sellers,” he said. “For the foreseeable future, the demand for homes will continue to outstrip supply, but we expect the inventory situation to improve in 2006 and take some of the pressure off of home prices.”

View Existing Homes Sales Data

Existing condominium and cooperative housing sales hit a record in May, rising 2.2 percent to a seasonally adjusted annual rate of 922,000 units from a level of 902,000 in April. Last month’s sales activity was 10.6 percent above the 834,000-unit pace in May 2004. The median condo price was $221,000, up 15.2 percent from a year earlier. Condo sales accounted for 12.9 percent of market activity in May.

Single-family home sales slipped 1.1 percent to a seasonally adjusted annual rate of 6.21 million in May from a record of 6.28 million in April, and were 2.5 percent above the 6.06 million-unit pace in May 2004. The median single-family home price was $204,600 in May, up 12.2 percent from a year ago.

Regionally, total existing-home sales in the West rose 1.9 percent to an annual rate of 1.63 million units in May, but were 0.6 percent below the same month a year ago. The median existing-home price in the West was $305,000, up 19.1 percent from May 2004.

Existing-home sales in the Northeast held even at a record annual pace of 1.20 million units in May, and were 8.1 percent above the level of May 2004. The median existing-home price in the Northeast was $246,000, up 13.9 percent from a year ago.

The home resale pace in the South slipped 0.7 percent from a record in April to a level of 2.72 million units in May, and was 5.4 percent higher than a year ago. The median price of an existing home in the South was $181,000, which was 7.7 percent higher than May 2004.

Total existing-home sales in the Midwest declined 3.0 percent from a record in April to an annual rate of 1.59 million in May, and were 0.6 percent above May 2004. The median price in the Midwest was $169,000, up 10.5 percent from a year earlier.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

* The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Existing-home sales for June will be released July 25. The next Pending Home Sales Index will be on July 6 and the forecast will be revised July 13.

Harvard Study: Hot Housing Market Masks Eroding Affordability and Risks

Even though the U.S. housing market is continuing to break records, various risks are on the horizon that could pose serious problems for homeowners in the future, according to new Harvard Joint Center for Housing Studies data.

In 2004, housing markets posted record growth. Homeownership reached an all time high of 69%, with households of all ages, incomes, races and ethnicities joining the home buying boom. This analysis comes as affordability continues to be a dilemma for many Americans.

This year's State of the Nation's Housing report from the Joint Center for Housing Studies cautions that creative financing is adding to risk. Although interest-only and adjustable loans can initially save a typical home buyer hundreds of dollars in monthly payments, these loans also leave borrowers vulnerable to sharply higher payments when interest rates adjust or principal payments start to become due.

Harvard’s Joint Center for Housing Studies is one of the nation’s leading center for information and research on housing in the United States. For details and more information, visit www.jchs.harvard.edu

Thursday, June 23, 2005

NHTSA completes 2005 SUV Crash, Rollover Ratings; Results at Safercar.Gov

Model year 2005 Acura MDX, Ford Freestyle, and Jeep Grand Cherokee earned the top rating of 5-stars for all available seating positions in frontal and side crash tests announced the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) in their SUV Crash Test Summary. All results are available at www.safercar.gov.

New 2005 ratings for frontal impact are available for the following SUVs: Acura MDX, Buick Rainier, Buick Rendezvous, Chevrolet Trailblazer, Ford Freestyle, GMC Envoy, Hyundai Santa Fe, Isuzu Ascender, Jeep Grand Cherokee, Nissan Murano, Nissan Pathfinder, Nissan Xterra and Saab 9-7x.

New 2005 ratings for side impact are available for the following SUVs: Honda Element, Hyundai Santa Fe with side air bags, Jeep Grand Cherokee, Nissan Murano with side air bags, Nissan Pathfinder and Nissan Xterra.

NHTSA crash test ratings apply to both 4x2 and 4x4 versions of the same make and model. Separate rollover testing is done for 4x2 and 4x4 versions of 2005 models selected for rollover testing.

New 2005 rollover ratings are available for the: Acura MDX 4x4, Cadillac Escalade 4x2, Cadillac Escalade EXT 4x4, Cadillac ESV 4x4, Chevrolet Avalanche 4x2, Chevrolet Avalanche 4x4, Chevrolet Suburban 4x2, Chevrolet Suburban 4x4, Chevrolet Tahoe 4x2, Ford Explorer 4x2, Ford Freestyle 4x2, Ford Freestyle 4x4, GMC Yukon 4x2, GMC Yukon XL 4x2, GMC Yukon XL 4x4, Honda CR-V 4x2, Honda CR-V 4x4, Hyundai Santa Fe 4x2, Hyundai Santa Fe 4x4, Jeep Wrangler 4x4, Nissan Pathfinder 4x2 and Nissan Pathfinder 4x4.

Source: NHTSA 16-05, Wednesday, June 22, 2005

OFHEO Releases 2005 Annual Report to Congress

WASHINGTON, D.C. — Stephen Blumenthal, Acting Director of the Office of Federal Housing Enterprise Oversight (OFHEO) submitted [June 15th] the OFHEO 2005 Report to Congress, detailing examination conclusions and regulatory oversight of the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac for the year 2004.

The report also includes information regarding the financial performance of the GSEs, OFHEO supervisory actions, remediation efforts, executive compensation, OFHEO research and publications, and historical data tables.

The full report is available at www.ofheo.gov. To request a printed copy, please send your mailing address to annual.report2005@ofheo.gov.

###

PDF of report is available at:
www.ofheo.gov/media/pdf/2005reporttocongress.pdf

Vascular Disease Linked To Depression in Elderly

According to a Reuters Health article in May, older people with hardening of the arteries or other vascular diseases are prone to develop depression, according to a report presented at the meeting of the American Geriatric Society.

Among 2113 elderly subjects, those with evidence of atherosclerosis or risk factors for vascular disease had a "50 percent to 90 percent increased risk for incident depression after 3 years," Dr. Benjamin Mast, of the University of Louisville, Kentucky, told attendees.

"These findings do suggest that vascular diseases increase the risk for depression in well-functioning, non-depressed elders. In terms of clinical implications and vascular disease, patients might need close monitoring for depression," he added.

The subjects were enrolled in the National Institute of Aging's Multicenter Health, Aging and Body Composition Study (Health ABC), which is an ongoing study designed to assess factors that contribute to disability in the elderly. The subjects were between the ages of 70 and 79 and had no evidence of depression at enrollment.

All participants underwent physicals including assessment for cardiovascular risk factors, history of atherosclerosis, diabetes, peripheral vascular disease and metabolic syndrome.

After 3 years, the likelihood of developing depression was 91 percent greater for those with diabetes, 81 percent greater with blockage of the leg arteries, and 76 percent higher for people with heart-related chest pain, compared with participants without these conditions.

However, osteoarthritis, cancer or osteoporosis, were not associated with increased risk of depression. An exception was chronic pulmonary disease, which was linked with an 83 percent greater likelihood of depression.

Wednesday, June 22, 2005

Business Activity Continued to Expand From Mid-April Through May

Summary of the Federal Reserve Board's Beige Book June 15th report, which is based on data on or before June 6, 2005.

Reports from all twelve Federal Reserve Districts indicate that business activity continued to expand from mid-April through May. Most Districts--including New York, Richmond, Atlanta, Chicago, Minnesota, Kansas City, and San Francisco--characterized the pace of expansion as moderate, solid, or well-sustained. However, Philadelphia noted that the pace of growth had eased in May while Boston and Cleveland observed some unevenness across sectors.

Retail activity was mixed. Several Districts reported disappointing May retail sales results and cited unseasonable weather as the principal reason. A few reports mentioned that high gasoline prices were having a negative impact on sales. Almost all reports on other service industries were quite positive. Residential real estate markets remained strong in most Districts, and several Districts reported improving commercial real estate conditions. Most Districts reported that manufacturing activity continued to expand overall, although some reports described varying conditions across industries.

Labor markets improved in most Districts. Overall price pressures were moderate, but several reports noted concern over high fuel, transportation, and building materials costs.

Consumer Spending
Reports on retail sales in April and May were mixed. Richmond reported that May sales and store traffic picked up markedly, and Kansas City noted that consumer spending expanded solidly in April and May. St. Louis, Minneapolis, Dallas, and San Francisco also reported gains in consumer spending. Sales were characterized as mixed by merchants in Atlanta and Cleveland and as having edged down in the Philadelphia District. Chicago retailers described sales as subdued, and those in New York reported sales as soft. Boston, New York, Cleveland, Philadelphia, Atlanta, Chicago, and Minneapolis noted that unseasonable weather had dampened sales in May. In addition, Cleveland, Philadelphia, Kansas City, and Dallas said that high gasoline prices had a negative impact on retail sales.

Automobile sales were reported as mixed by Atlanta, Kansas City, Chicago, and Dallas, sluggish in Cleveland, and down in the Philadelphia, Minneapolis, and St. Louis Districts. Meanwhile vehicle inventories were above desired levels according to Chicago, Philadelphia, and Dallas. Dealers in the Philadelphia area boosted leasing promotions to lower some excess inventories. Atlanta and San Francisco noted that high gasoline prices were having a negative impact on sales of SUVs and light trucks.

Services and Tourism
According to most reports, industries in the service sector continued to display solid growth in April and May. Dallas reported that the transportation industry continued to experience strong demand conditions, but also noted concerns about high fuel costs. San Francisco reported that demand for media and high-tech services strengthened and that activity among transportation, food, and healthcare service providers remained vigorous.

Reports from the tourism and hospitality industry remained positive. Tourism remained exceptionally strong in New York City. Manhattan's hotel occupancy rate was more than 2 percentage points higher in April than a year ago and average room rates were up 17 percent. Richmond said that hotel bookings at coastal hotels for the Memorial Day weekend were somewhat stronger than a year earlier and that rapidly rising demand for hotel rooms in the nation's capital drove room rates sharply higher in recent months. Atlanta also noted that hotel and resort occupancies were at high levels. St. Louis reported strong sales and employment gains in the hospitality services industry, and San Francisco reported that the travel and tourism sector continued to surge. Spring tourism was flat because of cool weather according to Minneapolis, but tourism officials remained optimistic about the summer season.

Construction and Real Estate
Reports on residential real estate markets remained quite positive overall, although some slowing in activity was noted in a few markets. Philadelphia and Atlanta reported that home sales were brisk and strong, respectively. St. Louis reported that home sales continued to rise, while Kansas City and Chicago stated that activity remained solid. San Francisco reported that home sales continued to be rapid, although growth slowed somewhat relative to previous periods. Richmond and New York said that housing markets remained strong, but both noted some easing in demand in high-end markets. Minneapolis described real estate markets as mixed. New home sales weakened slightly, according to Cleveland, and Dallas noted that in some parts of the District the supply of new homes had outstripped demand. St. Louis and Minneapolis cited permit data that indicated some moderation in construction is likely.

Several Districts reported improvements in commercial real estate markets. New York and Dallas saw signs of strengthening activity, with office vacancy rates retreating in several local markets. Leasing activity has been fairly strong, according to Philadelphia, and Richmond noted that rents firmed and new construction has increased. Atlanta saw solid improvements as firms moved forward with expansion plans; development also increased at a steady pace in Cleveland and Chicago and continued to improve in San Francisco. Modest improvements were noted by Kansas City and Minneapolis. However, St. Louis reported that commercial markets were mixed, and Boston noted that local markets continued to struggle.

Manufacturing
Most Districts reported that manufacturing activity continued to expand, although several Districts noted that production had slowed or leveled off. Atlanta and San Francisco reported that defense contracts had generated new orders for local manufacturers, while Boston and San Francisco cited strong demand for aircraft-related and computing equipment. Durable goods production was improving, according to Minneapolis and Cleveland, although Cleveland noted that steel production was softer. Boston and Dallas described manufacturing activity as mixed overall, and the pace of expansion, although positive, had reportedly slowed in some industries, according to San Francisco, Chicago, and Philadelphia. St. Louis, Boston, Minneapolis, and Chicago cited varying degrees of weakness in vehicle production, although Cleveland reported year-over-year gains in auto production in the two-month period ending in May. Several reports noted that manufacturing firms are planning to increase capital spending, open or expand plants, and increase operations to meet expected demand. The majority of Districts reported manufacturer concerns regarding higher input prices, especially in energy-related goods.

Banking and Finance
For most Districts reporting on financial services, the demand for loans either increased or remained solid. Most Districts cited increases in commercial lending activity, although Richmond noted a slower pace in some areas. Philadelphia linked new commercial borrowing to rising capital expenditures by firms in a wide range of industries. Atlanta and Chicago reported stronger consumer loan demand, but St. Louis and New York reported some slowdown, and Cleveland described activity as mixed. Residential real estate lending was described as rising or remaining solid in most Districts. Dallas reported some concern about a potential glut in multi-family residential properties. Other banking indicators were holding steady or improving, and credit quality was described as good.

Labor Markets and Prices
Labor market conditions continued to improve in most Districts, and several reports cited difficulty finding specific types of workers. For instance, Dallas reported a shortage of skilled workers in the energy industry, while Atlanta and San Francisco noted similar shortages in construction. Cleveland reported that manufacturing firms had difficulty obtaining qualified applicants for job openings. San Francisco described tighter supply conditions in nursing and financial service professions. The demand for temporary workers strengthened in the Richmond, New York, and Atlanta Districts, while Chicago noted a small decline from a year earlier. San Francisco and Dallas reported rising wages, mainly in professional services, while Minneapolis noted only modest increases in wages.

Reports from most Districts indicated that price increases at the retail level remained modest overall. San Francisco noted that price inflation for final goods and services edged up, largely because of the pass-through of earlier increases in energy costs. Several Districts noted increases in transportation and healthcare costs. Prices were up for construction-related materials, such as lumber, cement, brick, tile, and glass in many Districts. Some Districts noted that manufacturers were unable to pass along rising costs of raw materials because of the presence of long-term contracts and competitive pressures from foreign producers. However, Cleveland reported that firms have had some success in passing input cost increases along to their customers.

Agriculture and Natural Resources
Despite less-than-ideal weather, crop conditions were described as between fair and good for most reporting Districts. Cold weather slowed plantings and crop development, according to Richmond and Kansas City. Also, heavy rains in California's central Valley region damaged some fruit crops. Dallas and San Francisco noted concerns over higher costs of fuel and fertilizers.

Activity in the energy industry has remained strong especially for oil field services. Dallas reported strong drilling activity, long backlogs, and a dearth of skilled workers. San Francisco and Minneapolis reported that producers were operating at or near full capacity. Kansas City noted that drilling firms expected moderate expansion of drilling activity in the months ahead.

AFI's 100 Movies, Quotes, Songs, Heroes, Laughs, Scores

The American Film Institute, as part of their 100 year celebration, has their top 100 lists for Movies, Songs, Heroes, Laughs, Scores and more. Their lastest list is the top 100 Movie Quotes. Take a look and see if you remember when you first heard the quotes and agree with the AFI on their ranking:

http://www.afi.com/tvevents/100years/quotes.aspx

Click here to download one or more of the lists in PDF format:

http://www.afi.com/tvevents/100years/100yearslist.aspx

Tuesday, June 21, 2005

Making The Most Of Summer Getaways - Part 3 of 3

It's already well into June, which means the prime season for rest and relaxation is now upon us. Whether embarking on a cross-country family getaway or going for a simple weekend retreat, this newsletter has something for you:

The is the last of a 3-part series taken from our June Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site. We are looking at summer getaway-related topics:

Pre-Vacation Home Checklist
Road Trip Essentials
Owning a Vacation Home

Owning a vacation home

A blissful weekend getaway in a rented condo might be all it takes to get you thinking of buying a vacation spot of your own. If you can shake the irresistible urge to buy vacation property immediately, you'll find that there are many factors to consider first.

Come back to reality
It's hard to make a rational decision if you're caught up in the euphoria of being on vacation. Buying a vacation home is a serious investment; don't decide it all while on your trip. Come back to the real world and let your brain take over. If after time and careful thought you still think a vacation home is the right idea, you can proceed accordingly.

Be realistic about your vacation use
Is your family really going to use the home the ten or twenty days a year you're estimating? How hard was it to coordinate this year's vacation around everybody's busy schedules? Better yet, is your family going to feel like going to the same spot every single year?

Shying away from the hard questions about future use will only leave you with a vacation cottage you never visit. Vacation homes should be in a place your family loves and have attractions that never get old. For instance, families that ski often will probably get a lot of use out of a nice mountain cabin or condo. A vacation home should be purchased based on your family's identity, not on the success of one weekend outing.

Learn as much as possible about the market
You may not know as much about that "hot" vacation complex as you think, and their realtor may be drawing on your excitement rather than your reasoning ability. What has appreciation in the area been like in recent years? Is this a trendy vacation spot that won't be "in vogue" in two or three years? Is the area popular for vacation renters? Will rapid expansion hold down the rise of your home's value? Approach the purchase of a vacation home with the same care and dedication you did for the purchase of your current home.

Don't expect much rental income
Many people make the mistake of anticipating heaps of income from renting out their vacation home. Though it is possible to see a profit from a frequently rented vacation home, it's not exactly likely. The expenses of owning such a home are constant, while paying renters are not. It's best to view rental income as a way to offset some of the cost of ownership.

Tax benefits are complicated
The potential tax write-offs associated with owning a vacation home rely heavily on two factors: 1) how many days a year the home is rented out, and 2) how many days a year you and your family spend in the home. It's truly territory that requires the help of a good CPA.

Pick your partners well
You may be thinking of splitting the cost of a vacation home with a friend or relative. Such a partnership should only be made with a person you're very comfortable with. You'll have to divvy up costs, decide who gets use of the home at certain times, and deal with potential problems together. Would you be happy spending a weekend in your newly purchased home with this person and their family?

The bottom line
A vacation home should make you happy. While it certainly is a significant commitment of money, thinking solely in terms of profit potential will doom your chances of truly enjoying your getaway spot. Remember that a vacation home should be a place you'll escape to rather than a burden you'll want to escape from.

HUD Introduces Homeowner Basics Online

Teaching modules will be launched on www.hud.gov and espanol.hud.gov

NEW ORLEANS - The U. S. Department of Housing and Urban Development (HUD) introduced five, 20-minute computer-based modules designed to help potential homeowners understand the home buying process. The modules were unveiled at HUD's "Owning Your Future", a nationwide outreach effort to showcase the tools and resources families need to gain self-sufficiency and homeownership.

"The importance of homebuyer education cannot be underestimated," explained HUD Secretary Alphonso Jackson. "Often, the home buying experience can be extremely daunting. An understanding of the basics of the process is the key to easing those concerns and anxieties. This computer-based tool will go a long way to educate families about the process."

HUD's homeownership modules not only explain the basics of buying a home, but they also guide the user in understanding what is expected of a buyer and what they should expect from others in the home buying process. The modules, which allow a self-paced learning experience, are as follow: The ABCs of Homebuying, Elevate Your Credit, Easy to Understand Mortgage Programs, Where to Find the Homeownership Money You Need, and Ten Homeownership Facts That Will Save You Thousands.

"In 2002, President Bush challenged HUD to create 5.5 million new minority homeowners by the end of the decade. Just three years later, we are nearly halfway to our goal," Jackson said. "I believe the American Dream is within reach for every family who desires to become homeowners and these education modules will help provide the tools necessary to get them moving in the right direction."

HUD provided participants at today's "Owning Your Future" program with computer disks containing two of the modules. The disks are interactive and take the user to HUD's websites that include all five modules, which are available in both English and Spanish. The teaching modules have been launched on www.hud.gov and espanol.hud.gov.

Jackson said that his vision was to make homebuying information easily accessible so that every citizen who wanted an opportunity to own a home could do so armed with accurate information.

"Because of these modules, homebuying just became easier," Jackson, added.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

HUD No. 05-084

Monday, June 20, 2005

Make Sure Termite Inspection Reports Use Current Form

I've come across several Termite Inspectors this year who are still using the older "Wood Destroying Insect Infestation Inspection Report" (form NPCA-1) instead of the newer NPMA-33 form, which is it's replacement as of January 1, 2005.

While conventional mortgage bankers may still accept these forms at closing, VA and FHA mortgages will only allow the NPMA-33 form -- no exceptions.

Make sure, prior to closing, that your "Wood Destroying Insect Infestation Inspection Report" report is on the latest form (NPMA-33).

NAR Responds to Erroneous Statements Made on Today Show

On June 16, guests on the Today Show made several erroneous statements about the real estate transaction process and real estate agents. In response, the National Association Of REALTORS® (NAR) wrote a letter to the Today Show’s executive producer, Tom Toucher, to set the record straight.

The full text of NAR's response follows, and is available in PDF.

June 16, 2005

Mr. Tom Toucher
Executive Producer, Today Show
NBC News
30 Rockefeller Plaza, Suite 374E
New York, NY 10112-0002

Dear Mr. Toucher:

On the June 16th Today Show, Professors Dubner and Levitt reached some conclusions that are based on false assumptions about the real estate industry.

They assume that real estate sales are a one-time transaction in which real estate agents don’t have to go the extra mile. That's simply not the case. Most clients are obtained through referrals and many buyers will hire the same Realtor for repeat business. Home transactions are not in fact a one-time affair. People move once every seven years on average, and referrals and repeat business are an important source of business for real estate agents. It’s in an agent’s economic self-interest to look beyond the immediate profit to a long-term relationship.

They also said that agents often advise sellers to accept an early, unnecessarily low offer to close the sale quickly so the agent can move on to other properties, but that agents tend to hold out for better prices when selling their own property. However, in the case of the average consumer transaction, it’s frequently to the advantage of the consumer to make a transaction in a timely manner, due to family and personal factors. It is a fact that price concessions often become deeper the longer a home stays on the market. Sellers needing to move may have to make a price concession with each passing week. In the practical world, if agents were trying to make a higher commission, seems to me they’d leave the property on the market longer to get the higher price Levitt thinks is forthcoming.

Professor Levitt may have misunderstood the real reasons why real estate agent-owned properties—a very tiny portion of the home sales market—tend to stay on the market for a longer period than owner-occupants’ properties. It is a common acceptance that a majority of homes owned by real estate agents are second or investor homes. With investor properties, the seller can usually wait for the best price and not worry about factors such as job transfers or school year timing. In that kind of sale, the type of home, not the status of the owners, is driving the results.

Professor Levitt overlooks the obligation of real estate agents to exercise due diligence on behalf of clients. Doing due diligence is an agent’s legal obligation, as well as a moral and professional one. In fact, the National Association of Realtors was one of the first trade associations to adopt a code of ethics. NAR members are required to receive training in our Code of Ethics and review this subject matter on a periodic basis. A major emphasis in this Code is the obligation of due diligence which the agent owes to clients.

Professor Levitt’s rush to endorse reduced service and discounted sales models overlooks the reason sales by full-service brokers remain so popular, an omission that misleads your viewers There are a large number of reduced service and reduced fee discount sales approaches, and it is a fact that most are soon replaced or discontinued, due to flaws in their business model. In a market economy, a better business model survives over the long run. If the services provided by real estate professionals are not valuable, then the demand for them would surely diminish over time. The fact that owner-facilitated and limited, flat-fee sales cannot gain market share is itself a confirmation that agents are providing value-added services.

In light of the importance of these issues to millions of your viewers, we would like to offer the Today Show our chief economist, David Lereah, or our president, Al Mansell, to discuss them.

Sincerely,

Stephen K. Cook
Vice President, Public Affairs

—NAR 6/17/05

Sunday, June 19, 2005

Making The Most Of Summer Getaways - Part 2 of 3

It's already well into June, which means the prime season for rest and relaxation is now upon us. Whether embarking on a cross-country family getaway or going for a simple weekend retreat, this newsletter has something for you:

The is the second of a 3-part series taken from our June Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site. We are looking at three value-related topics:

Pre-Vacation Home Checklist
Road Trip Essentials
Owning a Vacation Home

Road Trip Essentials

The great American road trip is a tradition almost as old as the automobile itself. Here are some helpful tips for those thinking of piling the family into the car for some summer adventure:

Food and drink go a long way towards making the trip smooth. Make sure to pack plenty of snacks, as well as some simple lunches for those times when you have to eat in the car or at a rest stop. Make sure to have plenty of juice and water to keep everyone hydrated.
Have at least one garbage sack/can in the car. No one wants to spend the drive with trash at his or her feet.
Consider packing some wet naps for easy cleanup on the road. They may seem like a luxury, but will come in handy more often than not. A box of Kleenex will be greatly appreciated by sneezy travelers.
While some drivers won't admit the need for help, maps are not an option for road trips. Keep detailed maps for all places you'll be traveling through. If spending any time in cities, have city street maps to help the navigation process.
Early morning starts require a little extra planning. Make sure the driver has coffee or tea to help open the eyes. Bring individual juice containers and breakfast snacks for the young ones who are only half awake. Blankets and pillows help too, but make sure someone stays up to keep the driver company.
Road trips aren't the same without a little bit of music. If you have a teenager, let them choose a handful of albums suitable for everyone. Children should get at least one favorite choice, too (regardless of how you feel about kid's music). If the kids bring portable music players, try to set time limits on their use. A trip with the family isn't the same if everyone's hiding behind headphones.
Good reading material is also important for long trips. Allow everyone to bring a few favorites along, and let them know that relaxing in a good book for a while is ok. Keep some variety so the ride isn't silent. When bringing books, don't forget the driver! He or she may want a mental break when not behind the wheel.
Bringing a cell phone is a good idea, but remember that there is no guarantee that it will work once you're off the beaten path. Don't plan on solving any potential problems with a simple phone call.
No road trip gets very far without one thing: the vehicle. Make sure your car has up-to-date service, including a recent oil change and tire rotation. It's also advisable to have the alignment checked before especially long road trips.
Be sure to bring along any supplies your car may need as well. Jumper cables, road flares, a flashlight, ice scraper and extra motor oil are absolute musts. You shouldn't even back out of the driveway without a spare tire, jack, and tire iron. If traveling through hot climates, you may want to bring an extra jug of water for your radiator as a precaution.

Recommended Books

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Visit my web site for our additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

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Even create your own personal channels to download family sites, local news, niche sites, church and club sites, workout schedules, etc… so you're always in touch, even on the go.

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Saturday, June 18, 2005

Making The Most Of Summer Getaways - Part 1 of 3

It's already well into June, which means the prime season for rest and relaxation is now upon us. Whether embarking on a cross-country family getaway or going for a simple weekend retreat, this newsletter has something for you:

The is the first of a 3-part series taken from our June Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site. We are looking at summer getaway-related topics:

Pre-Vacation Home Checklist
Road Trip Essentials
Owning a Vacation Home

Pre-Vacation home checklist

Vacations are supposed to be a time of relaxation; a chance to escape the worries of everyday life. Yet many homeowners find themselves agonizing over little details they may have overlooked before leaving town. By paying attention to the needs of your home during the planning stages of your trip, you'll be able to enjoy a carefree vacation:

If you have a pet, you should begin making arrangements for its care well in advance. Pet hotels and kennels can fill up quickly, especially during busy travel seasons. If you plan on leaving your furry friend with a loved one, you don't want to ask them at the last minute.
Stop your mail, newspaper, and other regular deliveries. Piled up mail and newspapers are subject to the elements and announce your absence to all who pass by. Even worse: unattended mail often contains bills, credit card applications, and other sensitive materials.
Make sure all your bills are paid in advance. Don't forget those statements that may be coming while you're gone.
DO NOT record an answering message that tells people you're out of town. If you need to alert others, send out a large e-mail or make sure certain key people know the situation.
Leave contact information with a trusted neighbor, and notify your alarm company of your plans if applicable.
Arrange to have a neighbor park in your driveway while you're away.
Leave shades and blinds partially open, especially on upper floor windows. A house with closed shades day and night is clearly empty.
Purchase a timer system for your lights if you don't already have one. The best models allow you to set different times for different days rather than creating a noticeable pattern. Make sure to test the timer for at least two days prior to your departure.
Before you leave, make one last trip through your house. Make sure any lights not on the timer system are off, as are any unnecessary appliances (computers, TV, etc.). Check that all windows, doors, and other points of entry are securely locked.

Friday, June 17, 2005

Home Glossary and House Facts

For a glossary keyed to house diagrams, and including links to detailed house facts; that is understandable by the novice, as well as useful to the person more experienced in home improvement, remodeling or building: check out the Technical Library on U.S. Inspect's web site. An inspection company, they also provide general information about home and other property inspections.

Profiting From Real Estate Ventures Part 3 - Foreclosures As Investment Opportunities

Real estate investments are popular for three main reasons: they offer diversification from other investments, they provide relative stability, and they are fairly likely to return a profit. Investing in properties can be an exciting way to add to your portfolio.

The is the last of a 3-part series taken from our May Newsletter that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site. We are looking at three aspects of investment:

Part 1: Strategies For Smart Investment
Part 2: The Truth About Fixer Uppers
Part 3: Foreclosures As Investment Opportunites

Foreclosures As Investment Opportunities

Savvy real estate investors always keep one eye on foreclosure listings, on the lookout for any chance to make big profits. If you're new to the game, learn as much as possible before jumping into your first foreclosure purchase. A brief overview:

What is foreclosure?

A foreclosure property is one that the lenders have repossessed due to the owner's failure to make their mortgage payments. The foreclosure process begins when the lender gives notice that the homeowner is in default. The homeowner then has a certain amount of time (which varies according to state) to either make up the missed payments or sell the house. After this time has
passed, the lender takes title of the property.

The three main steps of foreclosure

In general, foreclosures have three basic stages, and each of these present different advantages for potential investors.

The reinstatement period - This is the owner's chance after notice of default has been served to either cure the default (by refinancing, for example) or to sell the home. Buyers can contact the homeowner to see if the home is available (listings of properties in default can usually be found in special subscription publications). Often the owner will accept a low payment for the chance to walk away.

A buyer purchasing a home during the reinstatement period will be "subject to" all existing encumbrances (second mortgages, unpaid property taxes, etc.) for the property in addition to the remainder of the primary mortgage. However, they also have the opportunity to inspect the property, something not usually available during the later stages in the foreclosure process.

The foreclosure sale auction - The particular procedures of foreclosure sale auctions depend on both locality and whether the auction is a judicial or private sale (such as a trustee sale). The auction may be presided over by a judge, sheriff, court official, or an appointed independent trustee.

Investors at such auctions typically bid on only the first mortgage, and all junior encumbrances are wiped out. Successful bidders can end up with great bargains, but can just as easily overpay for a home in poor condition. Cash is typically required, often immediately after the auction.

Buying after the auction - Many foreclosure properties do not sell at their auctions, and the lender retains possession. Most mortgage lenders prefer not to hold property, so buying directly from a lender after the auction can lead to good deals.

Are foreclosure investments worth the risk?

Foreclosure auctions are often filled with experienced investors, and many will advise novices to shy away from foreclosures entirely. While such properties probably aren't best for your very first real estate investment, they can present opportunities for newer investors who employ the help of a real estate professional. A cautious approach is necessary to avoid costly mistakes.

Thursday, June 16, 2005

Housing Characteristics Data Released By H.U.D., Census Bureau

Census Bureau and HUD Release Data on Housing Characteristics for Selected Metro Areas

The U.S. Census Bureau and the Department of Housing and Urban Development (HUD) today released new American Housing Survey (AHS) data on costs and other housing characteristics for 13 metropolitan areas. These areas are: Atlanta; Cleveland; Denver; Hartford, Conn.; Indianapolis; Memphis, Tenn.; New Orleans; Oklahoma City; Pittsburgh; Sacramento, Calif.; San Antonio; Seattle; and St. Louis. The AHS is conducted by the Census Bureau and sponsored by HUD.

The AHS data for each of these metropolitan areas include 2004 statistics on housing topics. Among these are reasons for owning an extra home, the presence of air-conditioning and other equipment, amenities and deficiencies, heating fuels used, size of homes, satisfaction with public transportation and neighborhood police protection and reasons for moving. Also included is data on the existence of trails, private beaches and daycare centers in the community.

Some of the findings are:

1. Median monthly housing costs in 2004 totaled $694 for homeowners and $593 for renters in the St. Louis metropolitan area. These costs amounted to 17 percent of the owners’ and 27 percent of the renters’ income.

2. On a scale of one to 10, with 10 being the highest, 28 percent of homeowners in the Atlanta metropolitan area rated their neighborhoods a “10.”

3. In the Sacramento, Calif., metropolitan area, 24 percent of all workers usually worked at home at some point during a typical week; about the same percent of those in the Seattle metropolitan area did so. Some of these workers were teleworking.

4. In the San Antonio metropolitan area, 86 percent of homes had central air-conditioning; the same was true of 30 percent of those in the Hartford, Conn., metropolitan area.

5. In the Pittsburgh metropolitan area, 20 percent of the residents who moved in the past year cited “convenient to job” as the main reason (among 10 possible reasons) for their choice of present neighborhood.

6. In the New Orleans metropolitan area, 7 percent of homeowners had a second mortgage on their home, while 43 percent owned their home mortgage-free.

7. Median home value in the Memphis, Tenn., metropolitan area totaled $110,014.

8. About 20 percent of homeowners in the Cleveland metropolitan area reported crime in their neighborhoods. In the Denver area, the corresponding proportion was 23 percent.

9. Among householders in the Oklahoma City metropolitan area, 63 percent lived less than one mile from neighborhood shopping. Meanwhile 2 percent used public transportation at least once a week.

10. The predominant house heating fuel in the Indianapolis metropolitan area was piped gas, used by 64 percent of occupied units.

The statistics, released on the Internet, will be available in printed reports later in the year.

- X -

Data are from the 2004 American Housing Survey. Statistics from surveys are subject to sampling and nonsampling error.

2004 AHS Metro Survey
Downloadable AHS microdata

CB05-86 6/16/2005