Realty Reality: November 2005

Wednesday, November 30, 2005

Hidden Dangers of Net vs. Gross Rents

"So, how's your net lease doing these days? Or, do you have a gross lease? Do you know? Do you even care? Well, perhaps you should!

...The devil is in the details, as they say. Well, that's also true in commercial real estate leases. On the surface, the differences between gross and net leases may appear to be subtle. But, buried underneath is the answer as to which structure is most appropriate for your company's occupancy." (Source: realstratpublications.com)

Click here for full story, including previously published Part 1

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

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

Tuesday, November 29, 2005

Seven Tax Tips For The Year End

If you don't think about taxes until you begin to prepare your return, you may be missing out on some key tax-saving strategies. That's because many smart tax moves have a December 31 deadline. Click here for seven year-end tax tips from Fidelity Investments that may help reduce your tax liability for 2005.

Property and Casualty Insurers Face Huge Payments

Since the first of the year, U.S. property and casualty insurers have been expected to pay as much as $50.3 billion for insured losses, according to the Insurance Services Office Inc (ISO).

Together, the year's three most devastating hurricanes—Katrina, Rita, and Wilma—have accounted for 90 percent, or $45.2 billion, of the cumulative catastrophic loss from 22 total events.

The hurricane season this year — the most active ever with 13 named hurricanes — officially ends Nov. 30. But 2005 catastrophe losses are likely to climb as additional claims are expected for Katrina, Rita and Wilma. Additional winter storms through the end of the year could drive this year's catastrophe losses even higher

ISO officials estimate that insured properties from Hurricane Wilma alone, which wreaked havoc up and down Florida's west coast, reached $6.1 billion.

Source: Wall Street Journal (11/29/05)

LEED: Leadership in Energy and Environmental Design

The U.S. Green Building Council (USGBC) is the nation’s foremost coalition of leaders from across the building industry working to promote buildings that are environmentally responsible, profitable and healthy places to live and work. Council members work together to develop LEED® products and resources as well as provide conferences, guidelines, education, marketing, networking in support of sustainable building.

The LEED (Leadership in Energy and Environmental Design) Green Building Rating System® is a voluntary, consensus-based national standard for developing high-performance, sustainable buildings.An interactive training training class is now available online. Members of the U.S. Green Building Council representing all segments of the building industry developed LEED and continue to contribute to its evolution. LEED standards are currently available or under development for:

New commercial construction and major renovation projects (LEED-NC)
Existing building operations (LEED-EB)
Commercial interiors projects (LEED-CI)
Core and shell projects (LEED-CS)
Homes (LEED-H)
Neighborhood Development (LEED-ND)

Language Translation - Free Online Tools

Below are several links for sites providing free online translation of words, phrases, paragraphs and web pages between various languages; plus translation dictionairies:

Babel Fish Translation - Alta Vista's
Freetranslation.com
Imtranslator.com
Systransoft.com
Worldlingo.com
Foreignword.com
Dictionary.reference.com
Word2word.com/dictionary
Worldlanguage.com
Online-translator.com
Ectaco.com/online-dictionary

Monday, November 28, 2005

October Exiting-Home Sales Show Markets Cooling, Balancing

WASHINGTON (November 28, 2005) – Sales of existing homes eased in October with a moderate decline in both single-family and condo sales, according to the National Association of Realtors (NAR) .

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – were at a seasonally adjusted annual rate(1) of 7.09 million units in October, down 2.7 percent from September’s pace of 7.29 million. Sales were 3.7 percent above the 6.84 million-unit level in October 2004.

David Lereah, NAR’s chief economist, said markets are getting into better balance between demand and supply. “We are returning to more balanced markets between home buyers and sellers, one that places buyers on a more even footing. Housing activity has peaked and is coming down a bit, and we expect further cooling in the coming months. We feel confident that housing is landing softly as rates continue to rise.”

The national median existing-home price(2) for all housing types — including single-family, townhomes, condominiums and co-ops — was $218,000 in October, rising 16.6 percent from October 2004 when the median price was $187,000. The median is a typical market price where half of the homes sold for more and half sold for less.

Total housing inventory levels rose 3.5 percent at the end of October to 2.87 million existing homes available for sale, which represents a 4.9-month supply at the current sales pace.

“The rise in inventory means that buyers will have a wider choice available to them, and the significant price appreciation over October last year shows that demand is still there, as markets continues to balance themselves,” said NAR President Thomas M. Stevens from Vienna, Va. “Buyers know that housing is a good investment,” said Stevens, senior vice president of NRT Inc.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.07 percent in October, up from 5.77 percent in September; the rate was 5.72 percent in October 2004.

View Existing Home Sales Data

Single-family home sales dropped 2.5 percent to a seasonally adjusted annual rate of 6.23 million in October from 6.39 million in September, but were 3.3 percent above the 6.03 million-unit level in October 2004. The median single-family home price was $216,200 in October, up 16.6 percent from a year ago.

Existing condominium and cooperative housing sales fell 4.4 percent to a seasonally adjusted annual rate of 862,000 units from a pace of 902,000 in September. Last month’s sales activity was 6.7 percent above the 808,000-unit level in October 2004. The median condo price(3) was $229,800, up 15.3 percent from a year ago.

Regionally, total existing-home sales in the Northeast declined 7.4 percent to a pace of 1.12 million units in October, and were unchanged compared to a year ago. The median existing-home price in the Northeast was $252,000, up 10.5 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

(1) 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.

(2) The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

(3) Because there is a concentration of condos in high-cost metro areas, the national median condo price is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for November will be released December 29. The next Pending Home Sales Index will be on December 6 and the forecast will be revised December 12.

Source: NAR

Philadephila Inquirer: Housing Market Will Retain Fizz - Area Won't See Bust

Yes, it may take a little longer to sell a house these days. And, yes, your house may not command today quite the dream price that your neighbor got for his last year. But that does not mean that the local real estate market is slipping. Quite the contrary, real estate industry observers say. Prices in this region [Southeastern PA and South Jersey] should continue to rise in the coming year, said Lawrence Yun, senior economist at the National Association of Realtors. "Philadelphia will outperform the nation..." (Source: Philadelphia Inquirer, November, 27, 2005)

FHA Commissioner Announces Changes to FHA Programs

SAN FRANCISCO (October 28, 2005) – Brian Montgomery, head of the mortgage loan insurance programs at the Federal Housing Administration, announced significant changes that will make it easier for consumers to use and Realtors® to promote FHA products.

Speaking at a forum during the 2005 REALTORS® Conference & Expo here, Montgomery, assistant secretary for housing-Federal Housing Commissioner at the Department of Housing and Urban Development, said FHA will no longer have specialized FHA appraisals and will allow homebuyers to fold into their mortgage up to $35,000 in home repairs or minor remodeling.

The former met with applause from the Realtor® audience. Specialized FHA appraisals often required a laundry list of repairs that had to be made before settlement, that often delayed settlement, killed the transaction, or prompted Realtors® and lenders to direct homebuyers elsewhere for a mortgage. Required repairs were time-consuming and often unclear, and many times were minor, but underwriters were afraid to waive the requirements.

“The appraisals were intended to ensure that a property financed by FHA was in good condition for the borrower. Unfortunately, these appraisals drove you, our partners, and the prospective borrowers away from FHA,” Montgomery said. “We’ve changed all that now.”

FHA will continue to work with Realtors®, lenders and appraisers to be consistent with the rest of the market, Montgomery said, and will no longer impose unnecessary repairs or require inspections and evaluations that aren’t customary for an area. “Instead, we will accept the new Fannie Mae appraisal forms,” he said.

“Similar to Fannie Mae and Freddie Mac, we will defer to state and local requirements regarding the condition of the home,” Montgomery said.

The new version of the “Streamlined (k)” loan will permit homebuyers to finance up to $35,000 in their mortgage to pay for straightforward home repairs, like replacing a roof, windows or furnace.

“The program is a financing tool for the average homebuyer who wants to make simple changes, such as updating the appliances or replacing flooring or installing new windows to make the home more energy efficient,” he said. “You, as the buyer’s agent, can assure your homebuyers that they can close on the house, and then make the repairs.”

He noted that the two major changes are the first of many, and that the recommendations came from the real estate industry. He assured the Realtor® audience that FHA is continuing to study its operations and programs, and to consider changes recommended by users, Realtors®, and lenders.

Montgomery said he was nominated by President Bush several months ago because the president saw FHA as an organization in need of revitalization. “FHA was set up originally to play a critically important role in the American housing market, to serve as an innovator, and help underserved families,” he said. But FHA has fallen behind in its mission, he said, and that was not acceptable.

“FHA needs to be compatible with the rest of the industry. I feel very strongly that FHA is here to serve the American public in a way that protects the consumer. But consumer protection that drives away the consumer is no protection at all,” he said. “Bottom line: FHA is under new management and we are changing. We’ll be bringing you a lot more than you’ve had in the past.”

The National Association of Realtors® (NAR), “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.

Source: NAR

Katrina and Rita: HUD to Extend Foreclosure Moratorium for FHA Homeowners

Additional relief granted to victims of Katrina and Rita.

WASHINGTON - Housing and Urban Development Secretary Alphonso Jackson announced that he is instructing all FHA-approved lenders to provide additional foreclosure relief to FHA-insured families who live or work in those areas hardest hit by Hurricane Katrina and Rita . The relief affects all pending foreclosures of FHA-insured properties in the Presidentially declared disaster areas designated by the Federal Emergency Management Agency (FEMA) as eligible for individual assistance. Additionally, it prohibits lenders from initiating new foreclosures. Jackson is also again encouraging lenders to undertake actions such as assisting borrowers with hazard and flood insurance filings, waiver of late charges, and mortgage modification.

The extended moratorium will be in effect until February 28, 2006. A current foreclosure moratorium impacting FHA mortgages in Presidentially declared disaster areas hit by Hurricane Wilma will remain effective until January 22, 2006 unless otherwise extended by the Secretary.

Source: HUD No. 05-161

Sunday, November 27, 2005

International Music - Guide To World Music - Old and New

Here are some sites for international (world, including non-western) forms of music, including their history, theory, examples, training and more:

Arabic:
Maqam World is a non-commercial, educational web site dedicated to helping musicians understand the maqam or modal system used in classical Arabic music. Maqam World attempts to simplify the subject for the Arabic music beginner, while trying hard to remain correct and not exclude any essential information. This also has links to other Arab music resources. The word maqam is the arabic word for scale (or key signature).

Classical Arabic Music and Dance is a general overview and introduction to Islamic and Classical Middle Eastern music and also dance. It includes religous and non-religious music information and resources.

Arab Music Overview including background history, glossary, list of maqam and maqam transpositions charts.

Turkish and Arab Music - provides a brief overview of Modal Theory and makams, as well as provides music examples.

Persian Art Music is devoted to Persian (Iranian) Music, past and present, including performers. Site is in English and Arabic, with parts only available in Arabic.

Indian:
Hindi Songs provides links to Hindi songs, film music, performers, history, music theory and films.

Musical Nirvana has introductory information and resources for Northern (Hindustani) and Southern (Carnatic) classical Indian music and other Indian genres, as well as current performers.

Chandra and David's Homepage has introductions, resources articles, such as modes and scales, related to Northern Indian (Hindustani) music.

Sounds of India has information, including links, related to the Rajas of Northern Indian music.

Khazana Music Resources has introduction and links related to South Indian Classical (Karnatic or Carnatic) music.

Asian:
History of Chinese Music provides an overview of classical Chinese music development.

Chinese Traditional gives technical information and history on traditional Chinese pitches, scales and modes.

Chinese Music Net is provided by the Chinese Music Society of North America.

Japanese Scales - an introduction.

Japanese Music article on Answer.com that provides historical and current Japanese music information.

Asian Music has some information and links to Chinese and Japanese music and musical instruments.

Other:
Listening To Medieval Music covers all areas of medieval music, secular and religous (Christian and Non-Christian). Includes links to other useful sites. This is part of the Medieval Sourcebook.

Klezmer Modes is an introduction to the main modes used in Klezmer music. (Alternate site link.)
See also: What is Klezmer?, Geneva Klezmer, Klezmer Phrasing, Jewish Music, the Klezmer Shack.

African Music - click here to introductory Wikipedia information related to the music of Africa.

General:
The Society for Ethnomusicology is an association devoted to the support of ethnomusicology and to the study of music-making all over the world. Click here for their links page.

Ethnomusicology Online includes peer-reviewed articles, resources and links about music throughout the world.

Music Beats is a site identifying and providing brief introductions to various forms of world music.

Tibits - Music From Where??? - Brief introductions and links to Latin, Indian, Jewish, Chinese forms of music.

Rootsworld is a network of culture, art and music on the web; including RootsWorld online magazine.

Appollo's Axes provides links to information about music instruments around the world.

Creation of Musical Scales - history of the creation of musical scales around the world. See Also: Music Sites - Tuning Systems, Origin of Diatonic and Chromatic Scales and Evolution Of Scales.

Saturday, November 26, 2005

Copper In Your Home - Home Planning Series

The Home Planning Series, developed by the Copper Development Association, features a set of articles specifically developed to provide useful information on various copper applications and use areas within a home. The information is presented in a clear and easy to use format, free of industry jargon or technical lingo to answer specific questions consumers might have as they build a new home or make changes/upgrades to their existing home.

Friday, November 25, 2005

40-year Mortgage Loans - Are They Right For You?

Now that Fannie Mae will be buying conforming 40-year mortgages from any qualified lender, it opens up additional options for the property purchaser that previously were only available with interest-only mortgages. While the difference in monthly payments between, for example, a 30-year and 40-year fixed rate mortgage might not be huge because of higher interest rates for the 40-year fixed, it still may make a difference for those borderline buyers that would not otherwise be able to qualify under the standard 30-year qualification requirements.

The 40-year Mortgage is ideal for borrowers who face affordability issues and think homeownership is beyond their reach. First-time homebuyers, or those living in high-cost areas seeking manageable monthly payments may find this amortization term attractive. The 40-year Mortgage is eligible on both standard fixed-rate products as well as our standard 3/1, 5/1, 7/1 and 10/1 hybrid ARMs.

This is best for those that are looking at a long-term investment. Just be aware that many 40-year mortgages have a balloon payment due after 30 years. Make sure you check it out thoroughly before you sign.

Here are some links articles discussing the pros and cons of 40-year mortages:
Military Money
The Statesman re: Bankrate.com
Bankrate.com
Bankrate - Older Article
Your Next Broker

State Fax Law Goes Into Effect December 1

New Jersey’s fax law will take effect on December 1, 2005. The federal fax law, known as the Junk Fax Prevention Act, is already in effect. Both of these laws contain existing business relationship clauses that will allow Real Estate brokers and agents to continue to fax unsolicited advertisements to clients, customers and other brokerage firms, as long as certain conditions are met.

Thursday, November 24, 2005

Celebrate: Thanksiving

The American Thanksgiving holiday began as a feast of thanksgiving in the early days of the American colonies almost four hundred years ago. After the United States became an independent country, Congress recommended one yearly day of thanksgiving for the whole nation to celebrate. George Washington suggested the date November 26 as Thanksgiving Day. Then in 1863, at the end of a long and bloody civil war, Abraham Lincoln asked all Americans to set aside the last Thursday in November as a day of thanksgiving. Congress ruled that after 1941 the 4th Thursday in November would be a federal holiday proclaimed by the President each year. (Source: usinfo.state.gov)

Below are resources links for more information about the history and celebration of Thanksgiving Day:

Scholastic - This First Thanksgiving
Wikipedia- Thanksgiving
Thanksgiving.org
Encarta - Thanksgiving
Plymouth Plantation
First Thanksgiving Proclamation
Pilgram Hall Museum
USAthanksgiving.com
Smithsonian Institution
Library Of Congress
State Department

Focus on Immunity

"As this year's flu season begins, the topic of preparedness is once again making headlines. Although health authorities talk of the possibility of a worldwide pandemic, no one is certain how severe this year's flu season will be.

The best advice for anyone who wants to prepare themselves to prevent the flu or to mitigate its effects is to keep your immune system strong, by getting enough rest, eating a nutritious, varied diet, and supplementing wisely. Additionally, a flu shot is recommended for children, people over age 60, and those with compromised immunity.

Please see the following web articles that focus on the flu season and the topic of immunity, and be sure to share this information with your friends."

Weekly US Map: Influenza Summary Update:
http://www.cdc.gov/flu/weekly/usmap.htm
http://www.nfid.org/library/influenza/
http://www.lungusa.org/site/pp.asp?c=dvLUK9O0E&b=35868
http://www.cdc.gov/flu/avian/
http://kidshealth.org/kid/ill_injure/sick/flu.html
http://content.nhiondemand.com/shk/HC1.asp?objID=100220&ctype=hc

Source: Shaklee Health Sciences

Our Founding Fathers On Religion

Founders Were Profoundly Religious But In Their Own Ways

Accoring to an AP article in The Sun Times (Myrtle Beach), a book, "The Founders on Religion" (Princeton University Press), a collection of quotations by 17 Revolutionary War leaders on 76 topics, has just been published. James H. Hutson, longtime chief of the Library of Congress manuscript division, said he edited the book to counter some misleading citations of the Founders.

According to the article, the founders were not irreligious -- "all were immersed in the Bible and pondered religious questions, and many were notably orthodox...Others invoked an undefined "Providence" or were liberals or skeptics...Whatever their theologies, the Founders agreed that only God (or that capitalized 'Providence') could have made possible their new nation and that, as Adams put it, 'religion and virtue are the only foundations' for democracy."

(A book of related interest: Public piety from the explorers to Bush is surveyed in "One Nation Under God: The History of Prayer in America" by Georgetown University's James P. Moore Jr.)

Source: The Sun News, SC

Wednesday, November 23, 2005

DTCC and Ownership of Your Electronic Shares of Stocks

"Did you know that your stocks do not belong to you unless you have possession of a physical stock certificate? Read about Cede and the DTCC below, it just might change your mind about holding electronic shares!

The problem with that is that it appears that Cede isn't just some dummy name, but an actual corporation that DTCC controls. And, well, if you ask anybody about this, who actually knows about it, they will naturally tell you that it is all a formality. To serve you better, of course. And, well, maybe it is. DTCC seems like a nice and friendly company. It is a private company, owned by the same people (major U.S. banks) who own the Federal Reserve Bank. And if they all stick to their job, and just keep the money and your stocks flowing smoothly, I'm sure that is all well and good. But if somebody at some point should decide otherwise, and there's a national U.S. emergency and/or the U.S. government becomes unable to pay its debts, well, they might just not give you your stocks back. Because legally they own them. Something to think about."

Click here to read the full article

Celebrate: Thanksgiving Day - Interesting Facts from Census Bureau

What many regard as the nation’s first Thanksgiving took place in December 1621 as the religious separatist Pilgrims held a three-day feast to celebrate a bountiful harvest. The day did not become a national holiday until 1863 when President Abraham Lincoln proclaimed the last Thursday of November as a national day of thanksgiving. Later, President Franklin Roosevelt clarified that Thanksgiving should always be celebrated on the fourth Thursday of the month to encourage earlier holiday shopping, never on the occasional fifth Thursday.

Click here for the Census Bureau's Thanksgiving Interesting Facts page

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

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

Sony CDs - Major Problems For Your Computer's Security

As you are hopefully already aware, many of Sony's recents CDs (about 56) contained a special copy protection (rootkit) program that would install itself on your computer without you knowing it. In addition, it later became know that it created a critical security breach exposing your system to attacks. They eventually provided an uninstaller, which has now been found to leave vulnerabilities that are even worse than with the rootkit. Sony is now, in the wake of pending class-action lawsuits and bad press, offering to exchange any of the rootkit infected CDs with a clean CD and even provide MP3 copies of the recordings. It is imperative, if you or anyone that had one of the bad Sony CDs and played them in your computer, that you take the proper steps to remove the rootkit and replace the CDs so it can't happen again. This has infected hundred's of thousands of computers, including servers, if not millions. So it's not just your personal PCs about which you need to be concerned.

Below are links to articles providing more detailed information...

Boing Boing -- see also link at bottom of article for full summary of situation.

Microsoft Announcment -- will provide removal tools in Windows Defender (AntiSpyware) and in their December Windows Update for the Malicious Software Removal Tool.

Sony Exchange Program -- includes list of all effected CD titles.

USA Today -- general article on problem.

Tuesday, November 22, 2005

FHA Loans With Down Payment Assistance Need Watching

The U.S. Government Accountability Office (GAO) reported that almost half of all FHA mortgages issued for single-family houses in 2004 had some sort of downpayment assistance.

GAO is concerned about statistics showing that loans with downpayments assistance having a higher delinquency rate, especially those involving seller assistance. It recommends that FHA establish tighter controls to address these concerns, especially for seller-assisted loans.

The report, called Mortgage Financing: Additional Action Needed to Manage Risks of FHA-Insured Loans with Down Payment Assistance, can be accessed online at GAO.

Old Homes -- Wiring Checkups Needed to Keep Pace with Code Changes

Time for a Checkup!

Homes age just as people do. Sooner or later, both will require checkups. And, as old age sets in, major repairs are often needed.

The average age of the housing stock in the United States reflects the aging of its population. That’s not surprising, considering that a building boom accompanied the baby boom of the 1950s and 1960s to accommodate millions of new families and their children.

As the baby boomers reach late maturity and old age, so goes the housing.

Old age for a home is typically between 50 and 60 years, although many very old homes are still around, too. Across the country, renovations are increasing on this mature stock. Unfortunately, boomer generation homes may be lagging far behind the present safety standards for electrical wiring.

According to David Brender, national program manager for the Copper Development Association, “Next to the installation of smoke alarms, one of the most effective ways to improve the safety of these older homes is to upgrade the wiring.”

Click here for more details.

Hurricane Rita - Deadline Approaching for SBA Disasters Loan Applications

The U.S. Small Business Administration (SBA) is reminding homeowners, renters and businesses that Dec. 5 is the deadline to file physical disaster loan applications for damages from Hurricane Rita that occurred September 20, 2005.

Homeowners, renters and businesses that sustained physical damage in the declared County of Monroe and contiguous counties of Collier and Miami-Dade in the State of Florida are eligible to apply.

Applications and program information remain available by calling the SBA's National Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for the hearing impaired.

Business loan applications can also be downloaded from the SBA Web site at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, National Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.

The deadline for returning applications for physical damage is December 5, 2005; the deadline to return economic injury applications is July 5, 2006. For more information about the SBA's Disaster Loan Programs visit our Web site at www.sba.gov/disaster.

Chicago Exchange To Offer Housing Futures Contracts In April

Want to bet your Home? The Chicago Mercantile Exchange says it will begin offering housing contract futures beginning in April, 2006.

MyrtleBeachOnline article

USA Today article

Investing-News article

Monday, November 21, 2005

Hurricane-Resistant Homes Rising

First Fortified Homes in South Carolina Under Construction; Insurer Announces Discounts

Myrtle Beach, SC - The first Fortified…for safer living® homes in South Carolina are under construction, and the largest domestic property and casualty insurer in the state is offering an insurance discount on homes built to the disaster-resistant standard.

Fortified…for safer living® is a national new-home construction designation program of the Institute for Business & Home Safety (IBHS), a national nonprofit initiative of the insurance industry.

Click here for full IBHS news release

Housing Starts To Cool In October

November 17, 2005 - The robust housing market showed early signs of cooling off in October as the pace of new-home construction and the issuance of building permits both declined, according to Commerce Department figures released today.

Total housing starts were down 5.6 percent for the month to a seasonally adjusted annual rate of 2.014 million units. The October pace was 2.3 percent below a year earlier, but starts were up by 5.3 percent on a year-to-date basis.

Single-family home construction dipped 3.7 percent to 1.704 million units for the month. This was 2.3 percent above the pace of a year ago, with single-family starts up on a year-to-date basis by 6.3 percent.

“Builders continue to operate at a very healthy pace, but we are well aware that some slowing of demand is inevitable following the record-breaking sales activity that has prevailed recently,” said Dave Wilson, president of the National Association of Home Builders (NAHB) and a custom home builder from Ketchum, Idaho. “NAHB’s November survey of single-family builders showed a significant slowdown of sales activity.”

“It appears that housing starts and permit issuance hit their peaks during the third quarter and that housing market activity has begun to cool,” said NAHB Chief Economist David Seiders. “Rising house prices and interest rates have combined to erode housing affordability and consumers also appear to be concerned about the cost of heating their homes this winter.”

“This cooling down period should extend into 2006 but not lead to a major contraction in the housing markets,” Seiders continued. “NAHB’s forecast shows a 5.5 percent decline in housing starts for 2006, basically retracting the increase expected for this year.”

Regionally, construction of new homes and apartments for the month was down 7.5 percent in the Northeast, 10.5 percent in the Midwest, 10.8 percent in the West and 0.5 percent in South.

Multifamily housing starts dropped 14.8 percent for the month to a seasonally adjusted pace of 310,000 units. This was 21.7 percent below the pace of a year ago.

Issuance of total building permits decreased 6.7 percent to a seasonably adjusted rate of 2.071 million units for the month. Single-family permit issuance was down 4.9 percent to 1.681 million units while the pace of multifamily permit issuance dropped 13.7 percent to 390,000 units. The backlog of unused permits declined by 4.8 percent in October, following a substantial increase during the year.

Source: NAHB News Release

Sunday, November 20, 2005

Home, Office and Business Free Online Templates from HP

Hewlett Packard has a number of free online Home Office and Business Templates for you to print off (using HP printers and supplies, of course, but not required)...

Business kits
Blue business identity kit
Child identification booklet
Child safety identity kit
Chore chart
Deco business identity kit
Disaster preparedness kit
Green business identity kit
Home improvement journal
Home inventory kit
Home maintenance checklist
Kitchen organizer kit
Marble business identity kit
Organica business identity kit
Spring cleaning kit
Storage labels
Tax preparation kit
Travel checklist

Business forms
Business forms
Employee In and Out Chart
Office asset journal
Presentation cover
Tax deduction checklist

Saturday, November 19, 2005

NJDEP Wastwater Restriction Proposals Announced

NJDEP Wastwater Restriction Proposals Will Restrict Development and Raise Costs

The Department of Environmental Protection (NJDEP or DEP), through its Division of Watershed Management, has published two proposals to amend 10 of the state’s 12 Areawide Water Quality Management Plans. The amendments deal with sewer service area designations and the use of septic systems.

The two proposals were released for public comment. The first proposal withdraws and re-designates certain wastewater service area designations in wastewater management planning areas where wastewater management plans (WMPs) are out of compliance. The second proposal revokes all wastewater service area designations where the wastewater service is to be provided by septic systems and proposes to re-designate these areas as “Service Area for Wastewater Facilities with Planning Flows of Less Than 2,000 Gallons Per Day Which Discharge to Ground Water.”

These changes will become effective upon adoption of the proposal, which could be anytime after the comment period closes on December 15, 2005.

The New Jersey Association of Realtors (NJAR) is bringing this issue to everyone's attention because of the potential impact these proposals have to restrict development and raise the cost of construction and housing. To read the proposals, click here.

NJDEP will have public hearings on the proposals as follows:

November 17, 2005
1:00 pm to 5:00 pm
Lewis Morris County Park and Cultural Center
300 Mendham Road (County Road 510)
Morris Township, New Jersey

November 21, 2005
1:00 pm to 5:00 pm
Rutgers EcoComplex Environmental Research and Extension Center
1200 Florence-Columbus Road
Mansfield Township, New Jersey

November 30, 2005
1:00 pm to 5:00 pm
Galloway Township Library
306 East Jimmie Leeds Road
Galloway, New Jersey

NJAR will be submitting to NJDEP Commissioner Bradley Campbell a joint letter with the New Jersey Builders Association and other allied groups asking that the proposals be withdrawn. NJAR also plans on submitting written comments on the proposals to the NJDEP.

The New Jersey Builders Association (NJBA) has created a summary of the wastewater restrictions proposals. To read the summary, click here.

If you wish to submit comments on these proposals, please send them to the following address by December 15, 2005:

Department of Environmental Protection
Division of Watershed Management
PO Box 418401
East State Street
Trenton, New Jersey 08625

Sources: NJAR and NJBA

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

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

Friday, November 18, 2005

Senate Passed Terrorism Risk Insurance Act

The U.S. Senate today passed legislation that ensures the continued availability and affordability of terrorism insurance. The Terrorism Risk Insurance Revision Act of 2005, S. 467, would extend the federal backstop against losses resulting from terrorist attacks. A companion bill, H.R. 4314, is expected to clear the U.S. House of Representatives soon.

According to the National Association of Realtors (NAR), "The Terrorism Risk Insurance Act of 2002 (TRIA), which is set to expire December 31, has enabled economic development to flourish and kept the commercial real estate markets strong amidst the ongoing threat of terror attacks. The Terrorism Risk Insurance Revision Act would extend the TRIA program through December 31, 2007, with the possibility of extending it for a third year."

“Terrorism insurance is critical to financing commercial real estate development, particularly in densely populated areas that are perceived to be terrorist targets,” said NAR President Thomas M. Stevens, senior vice president of NRT Inc., from Vienna, Va. “This legislation will ensure that the overall sense of economic and employment security that TRIA has brought will continue. If the Terrorism Risk Insurance Act were allowed to expire, the resulting disruption would complicate the financing of numerous commercial real estate properties, impede the development of large scale commercial and residential development and leave large sectors of the economy uninsured in the event of a terror attack."

Source: NAR

Rhyming Dictionairies and Other Word References

For all you writers, poets and lyricists out there, here are some online rhyming dictionairy and word resources for finding words that rhyme or are synonyms, antonyms, homophones, similar sounding, similar looking (sight), alliterative, related or used in certain phrases -- most are online, some are downloadable:

Poetry.com - Rhyming Dictionary and Thesaurus
RhymeZone.com - Dictionary and Thesaurus
Slant-Rhyme - Exact or Slant (off) Rhymes
WriteExpress - Dictionary for Poetry and Songwriting Rhymer
Merriam-Webster - Dictionary and Thesaurus
Dictionary.com - Dictionary, Thesaurus, Encyclopedia
Bartleby.com - Dictionary, Thesaurus, Encyclopedia, Quotations, Usage
Poetry4Kids.com - Dictionary
SlangInsider.com - Slang Dictionary
Free-Translater.com - Foreign Language Dictionaries - Translators
McGill English Dictionary of Rhyme - Free Software Version of Book
Rhyme - Free Downloadable Rhyming Software (not very extensive capabilities)
BDicty Rhymes Terms (Phenomes) Dictionary for Palm - Freeware
Websters Unabridged 1913 - Univ. of Chicago - Dictionary
UltraLingua Dictionary and Language Tools
FreeDictionary.com - Jargon, Phrases, Events, Religious, Languages
Dict.org - Dictionary
QuotationsPage.com
Cambridge - Idiom and Phrases
Cliche Finder, Wordcounter and Words In Words
Anagram Server
Hasbro - Scrabble Dictionary and Word Builder
Cool Dictionary - Webster Dictionary with Pronounciation and Sound
Unscramble.net - Unscramble Letters in Word, Dictionary, Crossword Finder, Rhyme

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

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

Thursday, November 17, 2005

Community Association Satisfaction Affirmed

Americans who live in community associations (HOAs) are overwhelmingly pleased with their communities, expressing strong satisfaction with the board members who govern their associations and the community managers who provide professional support. More than seven in 10 community association residents in a national survey say they are satisfied with their community experience, according to a new national survey conducted by Zogby International, a leading public opinion research firm, for the Community Association Institute (CAI). Almost 40% of community association residents say they are "very pleased," with only 10% expressing some level of dissatisfaction. Almost 20% expressed neither point of view. The findings are consistent with similar research conducted by the Gallup Organization in 1999, when 75% of community association homeowners said they were satisfied with their communities. (Source: CAI) Full story . . .

Closing Costs Not Consistent Across Country

Bankrate surveyed 9 to 15 lenders in each state, plus Washington, D.C., and asked them to estimate the closing costs on a $180,000 loan to a buyer with an excellent credit history who had made a down payment of at least 20% on a single-family home in the state's largest city. Among the findings, the survey showed that:--The biggest differences among states came from the wildly varying costs for title insurance.--Fees for settlement services and title searches accounted for much of the rest of the disparities.--Origination costs (the fees that lenders control) didn't vary much from state to state, though they did differ from lender to lender. Wyoming had the lowest mortgage-related fees and New York had the highest. (Source: Bankrate.com) Full story . . .

Home-Price Appreciation Stays Hot in Most Metro Areas

WASHINGTON (November 15, 2005) – Strong annual increases in median existing-home prices were common in most metropolitan areas during the third quarter, according to the latest report by National Association of Realtors® (NAR).

The association’s third-quarter median existing single-family home price survey, covering changes in 147 metropolitan statistical areas,* shows 69 areas with double-digit annual price increases. Six metros had small price declines.

The national median existing single-family home price was $215,900 in the third quarter, up 14.7 percent from the third quarter of 2004 when the median price was $188,200. The median is a typical market price where half of the homes sold for more and half sold for less. Ninety-seven metros – two-thirds of the total – experienced increases greater than the U.S. historic average of 6.4 percent.

David Lereah, NAR’s chief economist, said the pace of price appreciation in the third quarter is far from being normal over time. “These historically high home price gains are the simple result of more buyers than sellers in the market,” he said. “The good news is that inventory levels are improving, and housing supply will come close to buyer demand in 2006. In other words, we expect a healthy and more balanced market next year.”

Since 1968, home prices generally have risen between 1 and 2 percentage points faster than the overall rate of inflation; the historic average price gain appears high relative to inflation because there was a period of rapid inflation in the U.S. during the 1970s and early 1980s.

NAR President Thomas M. Stevens explained what buyers and sellers generally can expect in the coming year. “Improvements in inventory in most areas should take pressure off of home buyers to make snap decisions, or find themselves in a competitive bidding situation,” said Stevens, senior vice president of NRT Inc. “This calmer real estate market will create a more level environment for buyers in weighing options to invest in the American dream of homeownership. Sellers will enjoy very healthy gains on the value of their home, but should expect annual increases to be much closer to historic levels going forward.”

Click to view Metro Prices Data

The strongest price increase in the nation was in the Phoenix-Mesa-Scottsdale area of Arizona, where the third quarter price of $268,000 rose 55.2 percent from a year earlier. Next was Orlando, Fla., at $261,300, up 44.8 percent from the third quarter of 2004. Cape Coral-Fort Meyers, Fla., with a third quarter median price of $277,600, was up 42.5 percent in the last year.

The areas experiencing price declines were lower-priced markets, with one or both of the conditions necessary for price softness – local economic weakness, primarily in jobs, or a large supply of homes for sale in the local area.

Median third-quarter metro area prices ranged from $72,800 in Danville, Ill., to nearly 10 times that amount in the San Francisco-Oakland-Fremont area of California where the median price was $721,900. The second most expensive area in the United States was Anaheim-Santa Ana (Orange Co., Calif.) at $710,700, followed by the Honolulu area and San Diego-Carlsbad-San Marcos, Calif., tied at $615,000.

Other low-cost markets include, Elmira, N.Y., the second least-costly metro, at $77,100, and Decatur, Ill., with a third-quarter typical resale home price of $85,500.

Regionally, in the Northeast, the median resale home price during the third quarter was $249,300, up 13.2 percent from a year earlier. The strongest increase in the region was in the Glenn Falls, N.Y., area, at $160,000, up 25.4 percent from the third quarter of 2004, followed by Kingston, N.Y., with a median price of $259,300, up 19.8 percent, and the Philadelphia-Camden-Wilmington area of Pennsylvania, New Jersey, Delaware and Maryland, at $230,600, up 19.0 percent.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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*Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. A list of counties included in MSA definitions is available at:
http://www.census.gov/population/estimates/metro-city/0312msa.txt

Regional median home prices include rural areas and samples of many smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. NAR began publication of metropolitan area median home prices in 1982.

Tables of metropolitan area median prices, percent changes and some historic data are available at the site below – under Economic & Housing Statistics, click on Existing Home Sales, then Metropolitan Area Prices.

NOTE: Beginning with the report for the fourth quarter, to be released February 15, 2006, NAR will include data on a news series for metropolitan area median condo prices. Initially, data for about 50 metros – including some historic data – will be reported. The number of MSAs covered for condo prices will be expanded over time.