Realty Reality: December 2005

Saturday, December 31, 2005

Celebrate: New Year's Eve - Penn's Landing

Fireworks at Penn's Landing and the New Year's Eve Party On Ice at the RiverRink is a fun-filled way to celebrate. It's great for all ages and ideal for families as it's a non-alcoholic way to ring in the New Year. Great food, fun activities, and live entertainment in the heated indoor facility, along with ice skating and a perfect view of the midnight fireworks over the Delaware River, make this party one of the most unique in Philadelphia!

If you don't already have tickets to this sold-out event you can watch the highlights and welcome in the New Year on WCAU, NBC Channel 10 TV. Click here for broadcast details.

Click here for other New Year's Eve events around the Philadelphia/South Jersey area.

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)

Celebrate: New Year's Eve - Times Square Interactive

"Every year as the clock nears midnight on December 31st, the eyes of the world turn once more to the dazzling lights and bustling energy of Times Square. Anticipation runs high. New Year's Eve at the symbolic center of New York City has become more than just a celebration - it's a global tradition. The world holds its breath...and cheers as the clocks strike twelve. As the famous New Year's Eve Ball descends from the flagpole atop One Times Square, 750,000 people in Times Square, millions nationwide and over a billion watching throughout the world are united in bidding a collective farewell to the departing year, and expressing our joy and hope for the year ahead."

You can join the festivities online and watch the Times Square New Year's Eve celebration live on your computer.

Click here for more information about the online features and live webcast.

Free Online Books and Publications

Here are links to free online books and publications that are available for you to read. Most are in the public domain. Enjoy!

Eldritch Press - Free, accessible books. "Read them and go in peace." View online or download text. Includes notes, citations, teachers guides and supporting publications.

Henriette's Herbal Homepage - Herbal medicine and culinary herbs: one of the oldest and largest herbal information sites on the net.

Project Gutenberg - Project Gutenberg is the oldest producer of free ebooks on the Internet. It currently has over 17,000 free books in it's online book catalog.

Christian Classics Ethereal Library - Classic Christian books, dictionaries, encyclopedias, outlines and hymns in electronic format, selected for your edification. "There is enough good reading material here to last you a lifetime..."

Ibiblio Collection of eBooks - Public library and digital archive (collection index)

See also our previous article: Free EBook Library and Other Collections at UVA's Etext Center

Friday, December 30, 2005

ToolBase Services For The Home Building Industry

ToolBase Services is the Home Building Industry's Technical Information Resource database on building products, materials, new technologies, business management, and housing systems.

The NAHB Research Center provides the services, with funding from the Department of Housing and Urban Development (HUD) through PATH--The Partnership for Advancing Technology in Housing program, and other industry sponsors.

Thursday, December 29, 2005

Good News: Existing-Home Sales Trend Lower in November

WASHINGTON (December 29, 2005) – Existing-home sales declined in November while home prices sustained double-digit annual gains, according to the National Association of Realtors® (NAR).

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased 1.7 percent to a seasonally adjusted annual rate1 of 6.97 million units in November from a pace of 7.09 million in October. Sales were 0.1 percent below the 6.98 million-unit level in November 2004.

David Lereah, NAR’s chief economist, said higher mortgage interest rates were responsible for moderating sales, but noted it’s important to keep an eye on the actual level of home sales given the market surge this year. “The current pace of home sales activity remains historically strong – only eight months have had a higher sales pace,” he said. “A modest downtrend, to a sales volume that is expected to be the second-best year ever in 2006, will be good for the long-term health of the housing sector.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.33 percent in November, up from 6.07 percent in October; the rate was 5.73 percent in November 2004. Last week, Freddie Mac reported the 30-year fixed rate eased back to 6.26 percent.

The national median existing-home price2 for all housing types was $215,000 in November, up 13.2 percent from November 2004 when the median was $190,000. The median is a typical market price where half of the homes sold for more and half sold for less.

NAR President Thomas M. Stevens from Vienna, Va., said housing inventory levels are improving. “As more listings of homes come on the market during this period of modestly declining sales, more home buyers will find themselves in a better position to negotiate,” said Stevens, senior vice president of NRT Inc. “Most home sellers will see excellent returns on their investment, but should understand that double-digit annual increases will become less common in the coming year.”

Total housing inventory levels rose 1.2 percent at the end of November to 2.90 million existing homes available for sale, which represents a 5.0-month supply at the current sales pace.

Single-family home sales were down 1.9 percent to a seasonally adjusted annual rate of 6.11 million in November from 6.23 million in October, and were 0.5 percent below a 6.14 million-unit pace in November 2004. The median single-family home price was $213,500 in November, which was 13.5 percent higher than a year ago.

Existing condominium and cooperative housing sales slipped 0.8 percent to a seasonally adjusted annual rate of 857,000 units in November from a level of 864,000 in October. Last month’s sales activity was 2.0 percent higher than the 840,000-unit pace in November 2004. The median condo price3 was $225,300, up 10.7 percent from a year ago.

Total existing-home sales in the Northeast declined 2.7 percent to an annual sales rate of 1.09 million units in November, and were 4.4 percent lower than November 2004. The median price in the Northeast was $250,000, up 9.2 percent from a year ago.

View Charts

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.
# # #
1The 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.

2The 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.

3Because 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 December will be released January 25. The next Pending Home Sales Index will be on January 5 and the forecast will be revised January 10.

Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site’s “News Media” section in the NAR Media Center. Statistical data, charts and surveys also may be found in the NAR Media Center by clicking on Economic & Housing Statistics.

Reminder: You Can Still Obtain Your Free Credit Report For This Year

For those that have not obtained their free credit report yet for this year, there is still time to go online and obtain it at AnnualCreditReport.com, which is a centralized service for consumers to request annual credit reports. It was created by the three nationwide consumer credit reporting companies, Equifax, Experian and TransUnion. AnnualCreditReport.com processes requests for free credit file disclosures (commonly called credit reports).

See my previou blog article for more details.

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)

RE/MAX Moves To No. 8 In Entrepreneur Franchise 500 Study

Entrepreneur magazine has posted results of its 27th Annual Franchise 500® and RE/MAX International went from the No. 10 position last year to No. 8 for 2006. Top position again in the survey was Subway with Quiznos capturing No. 2 from Curves Fitness Centers which was ranked No. 3.

RE/MAX also ranked as No. 9 in the Top Global Franchises list, and as Best of the Best for real estate services for the sixth time in seven years, No. 11 of Fastest Growing Franchises and as No. 4 among Top Low Cost Franchises.

"These results are thrilling for our entire membership each year," said Margaret Kelly, RE/MAX International chief executive officer. "Certainly no franchise organization can continue to experience growth, expanded services and a valued reputation without those actually working in the individual franchises putting forth great effort and service every day of the year. We are always pleased to be named in this annual study by Entrepreneur magazine, and are honored each time RE/MAX is recognized by the report."

Part of the explanation by Entrepreneur about the study says, "...All companies, regardless of size, are judged by the same criteria: objective, quantifiable measures of a franchise operation. The most important factors include financial strength and stability, growth rate and size of the system. We also consider the number of years in business and length of time franchising, startup costs, litigation, percentage of terminations and whether the company provides financing. Financial data is audited by an independent CPA. The objective factors are plugged into our exclusive Franchise 500® formula, with each eligible company receiving a cumulative score. The 500 franchises with the highest cumulative scores become the Franchise 500®. The Franchise 500® is not intended to endorse, advertise or recommend any particular franchises. It is a research tool to compare franchise operations."

Wednesday, December 28, 2005

Katrina: More Time Given for Alabama Disaster Registration

MONTGOMERY, Ala. -- Disaster officials are urging residents of Alabama’s eleven disaster-declared counties and evacuees to take advantage of the 60 additional days they’ve been given to register for federal and state financial assistance in recovering from losses caused by Hurricane Katrina.

The extension to March 11 was granted by the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) at the state’s request, as calls to the toll-free registration line continue to be made daily since it opened four months ago. Registration is in its second extension.

“As long we continue to hear from people who need disaster assistance we want to make it available,” said Michael Bolch of FEMA, the official in charge of federal recovery operations. To date more than 114,000 registrations have been received.

Bruce Baughman, director of the Alabama Emergency Management Agency, said registering is a positive step. “There is no reason for anyone who sustained hurricane losses not to make that call and get whatever assistance they are eligible to receive.”

Baughman stressed that disaster assistance is not considered income and is not taxable. Disaster grants do not have to be paid back. Disaster loans are available through the U.S. Small Business Administration (SBA) disaster loan program at low interest rates.

Officials said in every disaster there are people who don’t register because they have home insurance and don’t think they are eligible. Many later find damage that was uninsured or under-insured and realize they’ve missed their chance at assistance because registration has closed.

Alabama residents and evacuees living in Alabama who have not registered for assistance should call the toll-free registration line, 800-621-FEMA (3362) or TTY 800-462-7585 for the speech- or hearing-impaired. The lines are open 24 hours a day, seven days a week and multilingual operators are available to take calls. Applications can also be completed on line at www.fema.gov.

More Information on Alabama Hurricane Katrina

Source: FEMA - Release Number: 1605-146

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)

Trojan delivers unwanted gift to Windows PCs

A new Trojan horse program was infecting PCs on Wednesday, exploiting a hole in Windows systems to sneak onto computers, then dropping adware or spyware or turning them into zombies, according to several Internet security companies. (Source: ZDNet)

Click here for more details from Kaspersky Lab

Windows users can get more information about security issues at http://support.microsoft.com/security.

Office, Apartment Rentals Forecast to Grow in 2006

The office-leasing and rental-apartment markets will pick up steam in the coming year, recording gains in both occupancy and rental rates, according to a Marcus & Millichap study. The real estate investment brokerage expects office rents to rise about 4 percent nationally in 2006, as the vacancy rate falls to 13.7 percent by the fourth quarter from about 15 percent during the same period of this year. Regarding the rental-apartment market, it expects high homeownership costs, condominium-conversion projects that lower rental supply, and slight gains in the job market to reverse a downturn that began four years ago.

Source: Wall Street Journal (12/28/05); Corkery, Michael - via RealtorMagazine

Top Mistakes of Home Buyers and Sellers in 2005

The 2005 residential real estate market was filled with anticipation of the real estate ‘bubble.’ Though we'll only see a correction, home buyers and sellers made some mistakes that those looking to buy or sell in 2006 can put to good use in their transactions.

Here are some of the top mistakes made in 2005:

Buyers

-- Bought properties to flip at top-of-market prices. Thinking the bubble headlines were wrong or didn't apply to them, newbie real estate investors wanted to become week-end millionaires. What they didn't know is they were buying the experienced investors portfolios as they exited markets at the top.

-- Utilized Interest-Only Mortgages. Many home-hungry buyers discovered the only way you can pay top-of-market prices is to get an interest-only mortgage. With declining prices and no monthly principal payments, these homebuyers could fuel a foreclosure market in 2006. Fixed-rate mortgages will become the majority in 2006 as mortgage underwriters and educated consumers are reunited.

-- Overlooked Resale Characteristics. New construction was the rage in 2005, everyone wanted to select finishes, floor coverings and kitchen cabinets. Buyers should beware when this year’s home buyers become sellers, buyers could bypass their resale that was new in 2005 for the chance to design their own new home. Look to future before signing on the line.

-- Skipped Performing a Home Inspection. Before some markets shifted away from sellers markets, many homebuyers waived their right to a property inspection. Never, skip or waive the right to a inspection, the benefits far out weigh the costs and could save you numerous headaches and expenses later. Hire a professional, not Uncle Bert.

-- Misinterpreted developers’ giveaways. Two years free condominium assessments, stainless appliances and plasma TVs were thrown in to induce buyers to write contracts to purchase. What many buyers thought were a freebie were actually a signal that markets were softening and that projects were slow to sell from increased competition and a lack of buyers. Incentives are a Band-Aid for a languishing development.

-- Were represented by the same agent representing the sellers. Thinking they might get a better deal or out of ignorance used the listing agent to represent them as well. Most states require written acceptance of this situation known as dual-agency by both parties under agent license laws. All buyers should be represented by an agent who has a fiduciary responsibility to them. Hire an Exclusive Buyers Agent.

-- Didn't Read Homeowners Association Documents. Getting rid of Fido because you didn't know you were moving into a no-dog building is an example why every buyer should request and read home owner association declarations, rules and regulations, association meeting minutes and budgets. Ask if there are any special assessments (typically for capital improvements; new roofs, windows, elevators) or planned ones. Special assessments can run into the thousands.

-- Neglected to request rates of state, county or local transfer taxes paid by buyers at closing. Some buyers learn too late that they might need large amounts of extra money to pay transfer taxes in the state, county and city where they are purchasing property. Transfer taxes which typically can't be financed can kill a transaction. Inquire when you start your search how much transfer taxes are and who pays them.

Sellers

-- Overpriced homes. Thinking back to bragging sellers at the water cooler or at the neighborhood cocktail party as little as a year ago, home sellers in 2005 overpriced properties in record numbers. After chewing up market time, the realization set in that it wasn't the same market as 2002, 2003 or 2004. Realistic pricing based on sold comparable's in the last six months illustrates to buyers that you understand today's market.

-- No Internet property marketing. According to The National Association of Realtors® more than 70% of all home buyers start their search on the Internet before contacting a real estate agent. Require any agent you list your home with to post a virtual (360 digital) tour and a minimum of eight indoor and outdoor photos on the Internet. CDs of your home are a great take-away for open houses.

-- Stop showings too early after contract. With a shift toward buyers for the first time in years, buyers remorse was on the upside in 2005. Many sellers lost valuable market time when taking their home off market too early after signing a purchase contract. Continue to show your home until you feel very comfortable that your buyers intend to go to the closing table with you.

-- Refused to pay buyers closing costs. For the first time in many years, buyers based on their strength in the market, asked for and received give-backs from sellers. Closing costs and points on mortgages were the most popular. Decide before offers come in, what your strategy is for dealing with give-back requests. In 2006 expect owner-financing to be the next buyer perk.

-- Exclusion confusion. As prices dropped, sellers began to strip fixtures and amenities in contract negotiations. Forget “if the price is right” and take down and replace grandma's chandelier and remove the mid-century refrigerator for sodas before you place your home on the market . Some simple ratios of home list price versus chandelier cost will convince you to not get distracted by personal property or must-keep fixtures.

-- Knowing your market and competition. Buyers in 2005 were very savvy with market times and available inventory. Home sellers who were out-of-touch failed to spend the time to visit competing properties at public open houses, study the competitions marketing and "listening" to the market. No or few showings, no second showings or purchase offers and unfavorable feedback indicate market issues with your home. Don't be the obstacle to selling your home.

-- Paid document fees on top of full-service commissions. American business is in love with extra fees that they charge if you don't ask to have them waived. In 2005 documentation fees became standard in listing agreements. No matter what your told, they are just another revenue source for brokerages. It's excessive for brokerages to ask for another $300.00 on top of 5-7 percent commissions from home sellers. Either ask to have them waived or have the listing agent pay them.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on CBS The Early Show, Bloomberg TV, Fidelity Investor’s Weekly, Dow Jones Market Watch, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today. Contact Information: Mark Nash, www.1001realestatetips.com, 773-728-8210

IRS Reminds About Requirement of Written Acknowledgment for Donated Cars

WASHINGTON — Internal Revenue Service (IRS) officials reminded taxpayers that they must obtain a charity’s written acknowledgment of their vehicle donation before they claim a deduction for the donation. For deductions of more than $500, the taxpayer is required to attach the acknowledgment to the taxpayer’s return for the year of the donation.

Effective for vehicles donated to charity on or after January 1, 2005, the American Jobs Creation Act of 2004 provides that, generally, a taxpayer’s deduction is limited to the gross proceeds from the sale of the vehicle by the charity. The charity must provide a written acknowledgment within 30 days after the vehicle is sold that notifies the taxpayer of the amount of the gross sales proceeds.

The IRS is aware that questions have arisen as to whether the charity must sell the vehicle in 2005 in order for the donor who donated a vehicle in 2005 to receive a deduction for 2005. The charity does not need to sell the vehicle in 2005. A taxpayer can take a charitable contribution deduction only for the year the vehicle is transferred to the charity, even if the vehicle is not sold by the charity until a later year. (Only taxpayers who itemize their deductions can take a charitable contribution deduction.)

However, a taxpayer cannot take a charitable contribution deduction of $500 or more for a vehicle donation unless the taxpayer has received a written acknowledgment of the donation from the charity and attached the acknowledgment to the return.

If the taxpayer receives the written acknowledgment after filing the tax return for the year of the donation, the taxpayer may, after receiving the acknowledgment, file an amended return for that year and claim the deduction on the amended return. The taxpayer must attach the acknowledgment to the amended return.

Source: IR-2005-149, Dec. 22, 2005

See also prior blog article: IRS Warns of Questionable Deductions for Donated Vehicles

UPDATE (7/2006): The IRS, in conjunction with state charity officials, has released two publications (downloadable PDF files) providing guidelines for donated vehicle programs:
Publication 4302, A Charity's Guide to Vehicle Donations, provides guidelines for charities that operate car donation programs.
Publication 4303, A Donor's Guide to Vehicle Donations, provides guidelines for individuals who donate their cars.

Tuesday, December 27, 2005

Prevent Accidents and Injuries In Your Home - Part 2 of 3

Everyone wants their loved ones to be as safe as possible. One of the best ways to protect yourself and your family is to carefully evaluate the safety hazards present in your home.

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

Creating A Safe Home For Children (Part 1)
Home Fire Protection (Part 2)
Dangers of Chemicals In The Home (Part3)

Home fire prevention

Each year, fires kill more Americans than any other natural disaster. According to the U.S. Fire Administration, 80% of fire deaths occur in residences. While no home can ever be completely fireproof, there are many steps you can take to greatly reduce the risk of fire for your family and your home:

Smoke detectors are the most important part of your home fire safety! Make sure your home has smoke detectors at least in every bedroom, and test them frequently.
Use appliances wisely. Overheating, unusual smells, shorts and sparks are all warning signs that an appliance needs to be shut off and either repaired or replaced. Unplug appliances when not in use.
Never overload circuits or extension cords. Don't place cords or wires under rugs, over nails, or in high traffic areas.
Portable heaters need at least three feet of space from any combustible materials.
Fireplaces should be used with fire screens, and chimneys should have annual cleanings.
Have at least two fire extinguishers in your home, with one in a designated place in the kitchen. Cooking fires are the leading cause of both home fires and home fire injuries in the U.S.
Extinguish candles before going to bed or when leaving a room. Never leave a burning candle unattended.
If smoking indoors, always use an ashtray and exercise caution. Careless smoking is the leading cause of fire deaths in the U.S.

Properly inspect and maintain your home's heating system. Poorly maintained heating systems cause many fires.
Consider the installation of a home sprinkler system. Such systems are now much more affordable and greatly diminish the risk of fire injuries.

These are just a few ways that you can make your home a safer place from fire. More information can be found on the U.S. Fire Administration's website, www.usfa.fema.gov, or by contacting your local fire department.

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)

Check Out Jazz HQ

Here is a blog for those of you interested in jazz: Jazz HQ, billing itself as Your HeadQuarters for the latest Jazz news, reviews, and information. Besides keeping up with current events and artists, it also discusses past recordings and jazz greats and has a good jazz links index.

Monday, December 26, 2005

Weigh the Pros and Cons of Renting A 2nd Home

Some property investors are thinking about selling before further weakening in the housing market occurs. However, David Lereah, chief economist for the National Association of Realtors® (NAR), says the strong rental market means that they could actually boost their long-term property values by renting instead of selling.

The real estate research firm Reis predicts a 2.7 percent jump in the average apartment rent this year, due to a lean rental inventory and a jump in mortgage rates that has prevented some tenants from achieving homeownership.

Landlords must first set the monthly rent, taking the property's square footage and condition into consideration as well as how much they will spend on the mortgage, property taxes, utilities, and maintenance. They would be wise to find out what competing landlords are charging and use discounts for timely rent payments and other incentives to lure tenants.

Source: Investor's Business Daily (12/23/05); Katzeff, Paul via RealtorMagazine summary

Christmas Card: Singing Santa and Reindeer

There is a fun Christmas card based on a classic golden oldies version of White Christmas. I liked the song and I really liked the animation from Joshua Held of the UK:

[Link -1] [Link -2] [Link-3]

Bush Signs Extension of Terror Insurance Law

President Bush has signed a bill that extends for two years the Terrorism Risk Insurance Act of 2002 -- the federal insurance backstop program (which was otherwise scheduled to lapse on Dec. 31) that helps cover catastrophic losses sustained during a major terrorist attack.

Under the new rules, however, property and casualty losses will have to reach higher thresholds before triggering TRIA provisions and industry deductibles will increase as well.

Source: Realtor Magazine

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)

Saturday, December 24, 2005

Celebrate: The Holiday Season - Meaning of Christmas

The Christmas season holds special meaning unique to each one of us. Here are resources celebrating from different persepctives the meanings, traditions, literature, music, food, fun, faith and family gatherings associated with this time of the year.

Christmas Celebrations, Traditions and Fun
Christmas History and Traditions - Worldwide
Christmas - What Is The True Meaning?
The Christmas Season - Origin, Traditions, Meaning
KIDiddles: Christmas Songs
Christmas History, Tree And The Origin of Santa Claus
Boundless: The Meaning Of Christmas
Orthodox: Meaning of Christmas
Christmas Wonderland - Links
Additional Christmas Links
Christmas (Xmas) Fun
Christmas History and Traditions From German-American Perspective
SantaLand - Christmas & Holiday Traditions and Customs
Christmas In South America
Christmas Symbols
Secrets of Success - The Story of Christmas
Story of Christmas - Wikipedia

Friday, December 23, 2005

New Homes Sales Index for November 2005 from Commerce Department

According to the Commerce Department's reporting of New Residential Sales for November, sales of new one-family houses in November 2005 were at a seasonally adjusted annual rate of 1,245,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 11.3 percent (±8.9%) below the revised October rate of 1,404,000, but is 6.0 percent (±13.8%)* above the November 2004 estimate of 1,175,000.

The median sales price of new houses sold in November 2005 was $225,200; the average sales price was $283,300. The seasonally adjusted estimate of new houses for sale at the end of November was 503,000. This represents a supply of 4.9 months at the current sales rate.

New Residential Sales data for December 2005 will be released on Friday, January 27, 2006.

Click here for the Commerce Department's New Residential Sales Index page for full details, downloads in PDF and XLS (Excel) formats, for reporting by month, quarter and year.

Celebrate: The Holiday Season - Christmas Carols and Songs

Here are links to information and/or lists of additional links to lyrics, chords and information about Christmas Carols and Songs:

Christmas Carols and Songs - Alphabetical, Chronological and Geographical Index
Christmas - The Songs and Stories - History and lyrics of favorite Christmas songs and carols.
GuitarTab - Christmas - Christmas Carol Guitar Tabs and Lyrics
Top Christmas Songs - 101 Song Lyrics
Christian Carol Lyrics and Music - Downloadable Songbooks and Sheet music (PDF/Finale)
Christmas Carols - Lyrics and Chords/Tabs - Links

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)

Nation's Strong Housing Market Seen 'Simmering Down' In 2006

Following strong growth over the past three years, home sales and housing production will ease back next year to around 2004's historically healthy levels, according to economists participating in a teleconference hosted by the National Association of Home Builders (NAHB) Tuesday. Striking an overall positive tone, NAHB Chief Economist David Seiders and JP Morgan Chase Senior Economist James Glassman were largely in agreement in their forecasts for the coming year in terms of the outlook for housing and the overall economy.

"We're looking for a good economy through 2006, with GDP growth remaining strong and with job creation running at roughly the same pace as in 2005, key positive factors in the housing outlook," said NAHB's Seiders.

"For housing, it will be a systematic simmering down process toward more sustainable levels of sales, production and price appreciation as opposed to a full-blown cyclical contraction. In terms of single-family sales and starts, we'll basically be retracing the increases we saw in 2005, heading back to 2004's very healthy levels." (Source: NAHB)

Full Story . . .

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, December 22, 2005

Buying In A Slowing Market

If the experts are right and the market is indeed slowing, should you be buying in a slowing market? Here's one perspective for those on the fence. (Source: MSN Real Estate)

Full Story . . .

Housing Market Showing Strength In November Report

Housing starts nationwide rebounded from an October setback, increasing by 5.3% to a seasonally adjusted annual rate of 2.123 million units in November, the U.S. Commerce Department reported Thursday. The pace was 17.5% above a year ago. Single-family housing starts rose 4.8% to 1.808 million units for the month, matching the record set last February. Single-family starts were up by 7.5% on a year-to-date basis, easily on pace to surpass last year's record-setting activity. "The housing market still is fundamentally healthy," said Dave Wilson, president of the National Association of Home Builders (NAHB) and a custom home builder from Ketchum, Idaho.

(Source: RisMedia)

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)

Wealthy Homeowners Confident Home Values Will Increase

Amid signs that the runaway real estate market is slowing down, the majority of wealthy Americans remain optimistic that their homes will continue to appreciate in value, according to survey findings released Tuesday by The PNC Financial Services Group, Inc. (PNC). Sixty-five percent of those surveyed said they expect to see double-digit increases in the value of their primary homes over the next five years, with nearly one-third (31%) anticipating an increase of 20% or more. "Our findings indicate that many among the wealthy will not believe there is a real estate slowdown until they see it reflected in their property values, especially in regions of the country where prices have skyrocketed during the past five years," said Nicholas Buss, PhD., senior vice president and PNC's real estate economist. (Source: PNC)

Full Story . . .

Share Your Holiday Photos And Save Space

Everyone takes pictures during the holidays and at special occassions throughout the year that they want to share with others. Instead of having to worry about copying, reformating, resizing, etc. manually to get sizes that are small enough to email and not overload the recipient's mailbox, there's an easier way to allow them view the photographs.

Just upload your images to one of the online photo-sharing services such as (http://www.flickr.com), (http://www.myphotoalbum.com) or AOL Pictures (http://pictures.aol.com), which offer free basic accounts. Then all you have to do is send the link of your online picture library and your family and friends can see the original pictures and not have to worry about filling up their inbox. They can download the pictures themselves if desired. Some services can provide prints of your photos.

For more information about photo-sharing services, click here.

Winter Wonderlands for Non-Skiers

Does the idea of schussing down a really big mountain balancing on two really slim pieces of fiberglass sound about as appealing as a shot of castor oil? Fear not:
A. You are not alone.
B. You can still have a lot of fun (both outdoors and indoors) at many winter ski destinations.
So if you have a ski or snowboarder fanatic as a significant other, friend, or child, you can head for the snowy slopes and still have a lot of entertainment options at your gloved fingertips--from snowmobiling, shopping and spas to fine dining and fine films.
Here are a few exciting icy destinations sure to please both the skiers and non-skiers among you: Park City, Utah; Lake Placid, New York; and Telluride, Colorado. Happy trails! (Or not!)

Park City, Utah
Sure, Park City is home to three fab ski resorts. But there's so much more to this artsy village paradise. As the hometown of the famed Sundance Film Festival (as well as many other independent film festivals), catching new, interesting films is a favorite pastime here. And the town's infinitely walkable streets are stuffed with topnotch shopping and scrumptious restaurants, as well as cool art galleries, funky bars, coffee shops and lots of clubs featuring live music. Couples looking for a bit of romance will enjoy the facilities of several world-class resorts and lush spa facilities. The Kimball Performing Arts Center also offers lovebirds--and families--cultural thrills. Its three galleries with ever-changing art exhibits feature national and international traveling shows as well as works by noted local artists. Additionally, an array of seminars, workshops and classes are offered throughout the year.
For more info go to http://www.parkcity.com.

Lake Placid, New York
Located in New York's beautiful Adirondacks, Lake Placid is a wonderful place to enjoy the outdoors, the local history, and other pursuits--none of which require you to thrash downhill on a snowboard or skis. This well-known resort was home to the Olympic Winter Games in 1932 and 1980. Along with a fascinating museum dedicated to its Olympic history, Lake Placid retains the Olympic Sports Complex and other facilities creating a fantastic wonderland--with hundreds of miles of cross-country trails through gorgeous mountainous terrain, dog sledding, tobogganing, ice skating, and more. And the more adventurous among you can try your hand at bobsledding. If you're more the professional spectator type, you're in luck because competitions with top athletes in a variety of sports are held throughout the year. Enjoy!
For details go to http://lake-placid.ny.us.

Telluride, Colorado
This old mining town is chockfull of fun activities--both extreme and ethereal. Adventure seekers will be thrilled to learn that Telluride is known for ice climbing (most notably up the breathtaking Bridalveil Falls.) But more moderate adrenaline-pumping outdoor sports are also available, including everything from snowbiking and tubing to sledding, cross country skiing, ice skating, and more. And if you're looking for a "chill" of a different sort, you'll want to head for the Peaks Resort and Spa where you can be rubbed, scrubbed, and soothed to your heart's content. Lots of restaurants and nightlife options abound here, too. Telluride is as good as it gets. Ahhh!
Go to http://www.telluride.com / for more info.

If you desire to stay closer to home, there are plenty of winter things to do (or not!) and great places to shop and dine in and around New Jersey...
Go to Skiing, Snowboarding and Related Winter Recreation Opportunities In and Around New Jersey and also see this blog's main Category Index for New Jersey Specific information.

Source: DollarRentACar Newsletter

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)

Wednesday, December 21, 2005

Remodeling: 2005 Cost vs. Value Report

Realtors® Help Consumers Remodel With An Eye Toward Resale

WASHINGTON (December 21, 2005) – Kitchen and bathroom remodeling projects are returning more of a homeowner’s investment than ever before, according to the 2005 Cost vs. Value Report published by the National Association of Realtors (NAR) in REALTOR® Magazine and by Hanley Wood LLC in Remodeling magazine (also remodeling online).

Many homeowners who complete midrange bathroom remodels can expect to make money; the cost on a national average for this project is $10,499, and the return is $10,727, or 102.2 percent, compared with 87.5 percent in 2002. On average, major midrange kitchen remodels cost $43,862 and return $39,920, or 91 percent of the costs to remodel, up from 66 percent in 2002.

Nationally, homeowners who add an attic bedroom spend an average of $39,188, and on resale, they recoup 93.5 percent of the cost. Master suites, however, do not fare as well; an upscale addition, which costs $137,891 on average, returns only $110,512 on resale, or approximately 80.1 percent of the remodeling expense.

The Cost vs. Value Report includes information provided by NAR members about the resale value of common remodeling projects in 58 U.S. housing markets. The report includes cost data, resale value and percentage recouped at sale for 18 projects, including a first this year: a home office remodel. Given that America’s homeowners spent more than $139 billion on home improvements and repairs over the past year, according to data from Harvard’s Joint Center for Housing Studies, the report contains valuable information for anyone who is considering embarking upon a remodeling project.

“Realtors® have industry expertise that goes beyond the initial real estate transaction,” said 2006 NAR President Thomas M. Stevens, senior vice president of NRT Inc., from Vienna, Va. “Our members’ experience and familiarity with the communities in which they work make them valuable resources. They understand what makes a good home investment, whether their clients are buying, selling or remodeling. Realtors® not only sell housing; we also build communities.”

The desirability of different remodeling projects varies by region and metropolitan area. In the West, window replacements are highly valued, perhaps due in part to insulation and cooling concerns in desert regions, with nearly 103 percent of costs recouped on sale. Westerners also prefer remodeled kitchens and basements; in this region, for example, a minor midrange kitchen remodel may return 112.3 percent, and a basement remodel is estimated to return 108 percent.

In the Midwest, however, the same kitchen and basement projects return only 85 and 73 percent, respectively. Midwest buyers appreciate homes with updated siding; midrange and upscale siding replacements return 96 and 98 percent of the project costs, respectively. Siding replacement projects fared well at resale in all four regions, likely because new siding is a relatively inexpensive way to update and refresh a home’s curb appeal.

Buyers in the South are partial to upscale bathrooms, which return an average of 98.5 percent of project costs. When considering resale value, however, Southerners may want to think twice about midrange window replacements; this improvement, which is so popular in the West, only returns an average of 83.7 percent of project costs in the South.

In the East, a midrange attic bedroom addition returns an average of 98.1 percent at resale, but a home office remodel only returns 75 percent. In fact, remodeling projects that involved home offices were among the lowest returns on investment across all four regions.

“Local and regional differences in the resale value of remodeling projects are not surprising – the desirability of certain home features varies by neighborhood and is heavily influenced by buyers’ expectations in a given area,” said Stevens. “For example, adding a bathroom to a one-bathroom house in a neighborhood where most homes already have two may not return as much as remodeling an outdated bathroom in that same community.”

In the final analysis, however, homeowners who are thinking about a remodeling project should consider their own needs and desires as well as those of the home’s future inhabitants. “Keeping up with the Joneses can be a savvy investment move,” said Stacey Moncrieff, editor, REALTOR Magazine. “But ultimately, the best reason for a remodel is to enjoy it.”

The December issue of REALTOR® Magazine features 10 of the 18 projects. (Additional information available on Remodeling Online.) For a synopsis of the report, visit www.REALTOR.org/realtormag. The entire report, including city-by-city data, is available to the public for $6.50 plus shipping and handling at www.realtorreprints.com. Members of the media can obtain the entire report by sending an e-mail request to ssinger@realtors.org.

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.

Source: NAR

Stop Heavy Snow From Damaging Your Home or Business

Merging storm

systems are blanketing the northeast with several inches of snow. The Institute for Business & Home Safety (IBHS) says the key to preventing much of the potential damage to homes and businesses is maintaining proper drainage. Heavy snow is a problem – both as it builds up and as it melts. Click here for details about what to do and what to look out for to prevent these problems from occurring.

See also the IBHS Freezing Weather section.

IRS Warns of Questionable Deductions for Donated Vehicles

WASHINGTON — Internal Revenue Service officials announced yesterday that the IRS will not recognize certain deductions that taxpayers may be claiming relating to donated vehicles sold at auction.

IRS officials took this step after becoming aware of questionable practices that have surfaced recently. Some charities have sold donated vehicles at auction and claimed that the sales are to needy individuals at prices significantly below fair market value. By doing so, these charities have claimed that the sales trigger an exception to the general rule that the deduction allowed to the donor is limited to the proceeds from the charity’s sale.

The IRS’ position is that vehicles sold at auction are not sold at prices significantly below fair market value. Therefore, the IRS will not treat vehicles sold at auction as qualifying for the exception for sales to needy individuals at prices below fair market value.

If a charity sells a donated vehicle at auction, the IRS will not accept as substantiation an acknowledgment from the charity stating that the vehicle is to be transferred to a needy individual for significantly below fair market value (Box 5b on IRS Form 1098-C). In such cases, the donor may claim a deduction of more than $500 only to the extent that the gross proceeds from the sale exceed that amount and the donor substantiates the contribution with an acknowledgment from the charity that indicates the gross proceeds from the sale (Box 4c on IRS Form 1098-C).

Click here for rest of IRS news release.

Source: IR-2005-145

UPDATE: See follow up blog article: IRS Reminds About Requirement of Written Acknowledgment for Donated Cars

Coping Strategies for the Holidays: Families of Persons with Dementia

Suggestions for coping during the Holidays (and other special occasions) with family members suffering from Dementia:

Do take your time – synchronize your pace to that of your family member with Dementia. Holiday seasons are about enjoying time with family and not necessarily about entertaining or overwhelming.
Do one activity at a time – multi-tasking can lead to frustration for family caregivers and persons with dementia.
Do understand if your family member does not seem to appreciate the efforts of preparing an elaborate dinner – they may be happy to just be in your company and get anxious with all of the activity and fuss involved in meal preparation.
Do consider the noise level and multiple distractions that can impact upon a person with dementia resulting from the gathering of large groups of family or friends.
Do not be offended if your family member wants to go home immediately after eating dinner.
Be considerate of the words “do you remember” – do not pressure a person to reminisce and remember specifics if the memories do not come. Perhaps reflections can be based on “I remember when we used to go to…”
Photo albums of holiday’s past can assist with a relaxing form of reminiscence.
Allow for a quiet space for a family member with dementia to go to relax – they may just need a brief time to rejuvenate to continue on in the activities of the season.

Source: Eldercare Network News

Tuesday, December 20, 2005

Bush Administration Announces 1.33B In Grants To House and Serve Homeless

Record number of local programs will benefit from HUD funding

WASHINGTON - Thousands of local programs that house and serve homeless persons-from emergency shelters and transitional housing projects to permanent supportive housing programs-will receive $1.33 billion in funding through grants announced today by Housing and Urban Development (HUD) Secretary Alphonso Jackson. HUD funding will support a record number of local programs and are expected to provide critically needed assistance to approximately 172,000 persons and families living without a home of their own.

"Today, we take another step along the road toward ending chronic homelessness on our streets," said Jackson. "This funding will help provide homes and vital services to those who need them most-persons and families who deserve a place they can call home."

In the past five years, HUD has awarded $6 billion in funding to state and local communities to support the housing and service needs of homeless persons and families. HUD's funding is provided in two ways:

HUD's Continuum of Care programs provide permanent and transitional housing to homeless persons. In addition, Continuum grants fund important services including job training, health care, mental health counseling, substance abuse treatment and child care.

Emergency Shelter Grants provides funds for homeless shelters, assists in the operation of local shelters and funds related social service and homeless prevention programs.

Combined, HUD's Continuum of Care and Emergency Shelter Grant programs will provide critically needed funding to nearly 5,000 local programs in all 50 states, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. As a result, nearly 172,000 persons will receive the housing and services they need to move toward self-sufficiency. For a more detailed local summary of the funding announced today, visit HUD's website.

Nearly $1.2 billion in Continuum of Care grants are awarded competitively to local programs to meet the needs of their homeless clients. Continuum grants fund a wide variety of programs-from street outreach and assessment programs to transitional and permanent housing for homeless persons and families. Half of all Continuum funding awarded today, nearly $600 million, will support new and existing programs that help to pay rent and provide permanent housing for disabled homeless individuals and their families (see attached summary of the funding awarded today).

Emergency Shelter Grants are allocated based on a formula to state and local governments to create, improve and operate emergency shelters for homeless persons. These funds may also support essential services including job training, health care, drug/alcohol treatment, childcare and homelessness prevention activities. By helping to support emergency shelter, transitional housing and needed support services, Emergency Shelter Grants are designed to move homeless persons away from a life on the street toward permanent housing.

The Goal to End Chronic Homelessness

For nearly five years, HUD has increasingly emphasized the Bush Administration's goal of ending chronic homelessness in its assistance programs. Research indicates that 10-15 percent of all homeless persons experience long-term or chronic homelessness. These studies also find that this hardest-to-serve population utilizes over half of all emergency shelter resources designed to assist homeless individuals and families. By shifting the federal emphasis toward meeting the needs of the most vulnerable homeless persons, more resources become available for those who experience homelessness as a temporary condition. To learn more about chronic homelessness, visit the CPD's Chronic Homelessness webpage.

Source: HUD No. 05-175

Send Free SMS Messages Easily To Any Mobile Number

Here's a free service that's easy to use and allows you to send text messages to any mobile capable number in North America (United States, Hawaii, Canada, Guam, Caribbean)... it's called Teleflip.com.

You don't need to sign up or register. All you have to do is send an email in the format (xxx) xxx-xxxx@teleflip.com (you can send number in any format: with or without spaces, with or without dashes or just the 10 digits). The Teleflip service receives the message and forwards it to the appropriate carrier. Note that, while the TeleflipÂ™ sending service is 100% free to use, your cellular service provider may charge you to receive short mail, email or SMS messages, depending on your plan.

Remember to keep your messages short as many current mobile phone systems limit text messages to 160 characters per message.

Housing Market Strengthens in November

Housing starts nationwide rebounded from an October setback, increasing by 5.3 percent to a seasonally adjusted annual rate of 2.123 million units in November, the U.S. Commerce Department reported today. The pace was 17.5 percent above a year ago.

Single-family housing starts rose 4.8 percent to 1.808 million units for the month, matching the record set last February. Single-family starts were up by 7.5 percent on a year-to-date basis, easily on pace to surpass last year’s record-setting activity.

“The housing market still is fundamentally healthy,” said Dave Wilson, president of the National Association of Home Builders (NAHB) and a custom home builder from Ketchum, Idaho.

“Many builders sense some tapering off of buyer demand because of resistance to high prices and rising interest rates, as reflected in our recent housing market index survey of builders, and many companies have begun offering certain incentives in order to maintain their sales and production.”

“Measures of housing affordability have deteriorated in recent months, but economic fundamentals are still quite solid,” said NAHB Chief Economist David Seiders. “2005 will be a record year for single-family housing and the second best year for total housing starts, exceeded only in 1972 when multifamily production surged.”

Source: NAHB

NAR Welcomes Federal Guidelines on Specialty Mortgages

WASHINGTON (December 20, 2005) – The National Association of Realtors (NAR) today welcomed proposed guidelines from the federal financial regulatory agencies on specialty mortgage products that allow consumers to defer repayment of the home mortgage principal and interest.

“The guidelines appear to be consistent with NAR's view that specialty mortgages are not appropriate for everyone. Homebuyers should consult a Realtor to learn more about different financing options, their implications over time and what types of mortgages might work best for them,” said NAR President Thomas M. Stevens, senior vice president of NRT Inc. “While specialty mortgage products have helped many borrowers finance the American dream of homeownership, NAR wants to help borrowers understand the risks before they take out an interest-only or payment-option adjustable-rate mortgage.”

The Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency and Office of Thrift Supervision issued the proposed guidelines on non-traditional mortgages, such as interest-only mortgage loans where borrowers pay no principal for the first few years of the loan and payment-option adjustable-rate mortgages where borrowers are given flexible payment options, including the potential for negative amortization.

While the agencies recognize that innovative mortgage products can benefit some consumers, they are concerned that non-traditional mortgages are being offered to sub-prime and other borrowers who may not fully understand the risks that come with these products. The five federal agencies also expressed concerns that these mortgage products present important risks that must be managed. During the public comment period, NAR will carefully assess the proposed guidelines to determine whether they are so strict that they could unduly restrict the availability of non-traditional mortgages that are good options for some borrowers, especially in high-cost areas.

Realtors share the agencies’ concerns about the need for consumer education. NAR teamed with the Center for Responsible Lending last summer to issue a brochure that informs homebuyers about the risks and advantages of specialty mortgage products. The “Shopping for a Mortgage? Do Your Homework First" brochure (click on link to view) is part of a NAR’s consumer education campaign addressing specialty loans and abusive lending practices.

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.

Source: NAR

Saturday, December 31, 2005

Friday, December 30, 2005

Thursday, December 29, 2005

Wednesday, December 28, 2005

Tuesday, December 27, 2005

Monday, December 26, 2005

Saturday, December 24, 2005

Friday, December 23, 2005

Thursday, December 22, 2005

Wednesday, December 21, 2005

Tuesday, December 20, 2005

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