HUD Translates Housing Forms

To Assist Landords and Managers - Agency publishes Limited English Proficiency (LEP) guidance.

WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) published guidance in the Federal Register today to assist housing providers in ensuring that people with limited English proficiency (LEP) have an understanding of housing documents.

The guidance was published in response to President Bush's commitment to Executive Order (EO) 13166, "Improving Access to Services for Persons with LEP," which requires all federal, local and state agencies that receive federal funding ensure that people with limited language skills have meaningful access to government programs and services.

The policy is not a regulation but rather guidance. Title VI of the Civil Rights Act of 1964, which prohibits discrimination on the basis of race, color, or national origin in all HUD-assisted programs, and its implementing regulations, require that housing providers take reasonable steps to ensure meaningful access by LEP persons. The guidance provides an analytical framework that housing providers may use to determine how best to comply with statutory and regulatory obligations to provide meaningful access to the benefits, services, information, and other important portions of their programs and activities for individuals who have limited English proficiency.

"The goal of the LEP guidance is to eliminate the disparities in access to housing between those with a limited comprehension of English and fluent English-speakers," explained Kim Kendrick, HUD's Assistant Secretary for Fair Housing and Equal Opportunity. "When signing a lease for an apartment or a contract for a new home, people regardless of their nationality should have access to forms, brochures and other important housing information they can understand."
HUD currently has discrimination complaint forms in Arabic, Vietnamese, Russian, Chinese and Spanish, and one model lease in Spanish. These documents are currently available on HUD's website for free to the public. In the future, HUD, an agency that offers a Spanish-language website, also plans to translate a model apartment lease into French, Portuguese, Korean, Amharic, Russian and Chinese.

"From the battered immigrant women and their children, to the low-wage immigrant worker, to the owner operating a business in an economically distressed neighborhood, language barriers confront so many Asian Americans and Pacific Islanders (APPI) and limit their ability to improve their economic situation," said Lisa Hasegawa, Executive Director of the National Coalition for Asian Pacific American Community Development. "Over half of Vietnamese, Hmong, Cambodian, Bangladeshi, Laotian, and Taiwanese are limited in their English proficiency. This guidance is an important tool to ensure that HUD programs are accessible to all people living in the United States, regardless of the language they speak."

HUD will hold a meeting at HUD Headquarters on February 13, 2007, to brief interested members of the public on the LEP Final Guidance and respond to questions about the guidance. The LEP Guidance meeting will be held from 2:00 pm to 4:00 pm (Eastern time) at HUD Headquarters, for which the address is the Department of Housing and Urban Development, 451 Seventh Street, SW, Washington, DC 20410.

Members of the public who are interested in attending this meeting must submit a request by sending an email to limitedenglishproficiency@hud.gov. The email must contain the participant's name, contact information, and basis for interest in this meeting. In addition, participants who require a reasonable accommodation should identify the accommodation they need to attend and fully participate in this meeting. The deadline for submitting requests is Friday, February 9, 2007.

FHEO and its partners in the Fair Housing Assistance Program investigate approximately 10,300 housing discrimination complaints annually. People who believe they are the victims of housing discrimination should contact HUD at 1-800-669-9777 (voice), (800) 927-9275 (TTY). Additional information is available at www.hud.gov/fairhousing. To view the discrimination complaint form in Arabic, Vietnamese, Russian, Chinese and Spanish, click the links below.

Discrimination Complaint Form in Arabic
Discrimination Complaint Form in Vietnamese
Discrimination Complaint Form in Russian
Discrimination Complaint Form in Chinese
Discrimination Complaint Form in Spanish

(Source: HUD No. 07-005)

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IRS: Online State Sales Tax Calculator Debuts

WASHINGTON — The Internal Revenue Service (IRS) is providing a new online tool to help individual taxpayers determine whether they might benefit by electing to deduct their state and local general sales taxes.

“The Sales Tax Calculator is another interactive tool on the IRS.gov web site designed to help make it easier for taxpayers to figure their taxes,” said IRS Commissioner Mark W. Everson.

Taxpayers who itemize deductions on Schedule A of the Form 1040 in 2006 have the option of deducting the amount of state and local sales taxes paid instead of deducting their state and local income taxes paid. Taxpayers cannot take a deduction for both sales and income taxes.

New tax law enacted in late December reinstated the optional deduction for state and local sales taxes. Because of this late enactment date, the IRS previously announced that it would not begin processing returns claiming the sales tax deduction until Feb. 3.

To use the Sales Tax Calculator, taxpayers input their adjusted gross income, number of exemptions and zip code. The IRS estimates most taxpayers will get an answer in less than five minutes using the new tool.

The calculator is anonymous. Taxpayers do not need to enter their name, Social Security number or any other identifying information. The calculator is another in a series of steps the IRS is taking to reduce taxpayer burden.

As an alternate to the online sales tax calculator, taxpayers can use the worksheet in Publication 600, State and Local General Sales Tax, posted on IRS.gov and mailed in early January to about six million individuals who received the Form 1040 tax package.

To calculate what their sales tax deduction would be, taxpayers can use either the actual amounts paid or use sales tax tables that allow them to factor in the exact sales taxes paid on certain specified items, such as a car, boat or material to build a house.

For more details: Sales Tax Deduction Calculator

(Source: IRS# IR-2007-19)



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IRS Offers Online Alternative Minimum Tax (MTA) Assistance

WASHINGTON — The Internal Revenue Service announced that it has updated its online tool to help taxpayers determine whether they may owe the Alternative Minimum Tax (AMT). Most taxpayers can enter their data and get an answer in five to 10 minutes using this Internet-based calculator, available at on this Web site.

For more details: Alternative Minimum Tax (AMT) Assistant for Individuals

(Source: IRS IR-2007-18)



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Senate Moves to Protect Consumers From Banks Entering Real Estate Brokerage

WASHINGTON, - Pat Vredevoogd Combs, president of the National Association of Realtors®(NAR), praised Senators for introducing key legislation that NAR believes would ensure the nation’s real estate industry remains competitive.

The Community Choice in Real Estate Act, S.413, introduced Friday, is cosponsored by senators on both sides of the aisle.

In a letter circulated earlier in the week, co-sponsers Senators Clinton and Allard explain that allowing banks into the real estate industry would “upend one of our nation’s most fundamental economic policies – the separation of banking and commerce - and put our economy at risk.” The letter also notes that “allowing banks into real estate hurts competition and consumers. It will result in bigger banks, higher costs and less consumer choice and service.” (Source: NAR)



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Windows Vista and Office 2007 Finally Released By Microsoft

With the huge promotion being undertaken by Microsoft in the launching of their new Windows Vista and Office 2007, here are links to a few of my previous blog articles in which I outlined some of the new versions and features.These new releases, involving Microsoft's two biggest money makers, are critial to Microsoft as they are hoping it will carry them through the next couple or more years.

I've been using pre-releases of both products and believe their have some good technology enhancements and benefits from improved interfaces. However, they are not incorporating any new application, just newly redesigned 'models'.

Here are the links to some previous articles:

microsoft office 2007: Microsoft Office 2007 and Related Applications - Microsoft has announced that they will be releasing their latest Microsoft Office 2007 applications in January 2007, around the same time as Windows Vista is being shipped. Some have questioned the wisdom of releasing two of their biggest income producing products at the same time. However, after spending some time with both Vista ...

microsoft windows: Windows Vista Coming Soon -- What Should I Be Considering? - Ready or not, Windows Vista will soon be available for your business, home and mobile Personal PCs. Despite many delays, it is already in production and will be available officially in January 2007, but some may have access to it sooner (as early as the end of this month [Nov. 2006] for ...

Microsoft windows: More Than Half of North American Businesses Ill-prepared to Run Vista.- What is the general readiness of North American organizations planning to deploy the new Microsoft Vista operating system? That's the question solution provider Softchoice Inc. set out to answer with a new study of more than 472 organizations recently, and the results indicate that the majority of PCs in use today ...



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Office and Windows Vista Logas are Trademarks of Microsoft Corportation

Tenant Background and History Checking for Landlords

Below are links to tenant background and history checking resources that are available to landlords:

http://www.tsci.com/
http://www.atshome.com/
http://www.youcheckcredit.com/tenant_screening.html
http://www.aaacredit.net/services_tenant_screening.html
http://anewtenant.com/
http://www.amerusa-tenant-screening.com/
http://www.citicredit.net/tenant_screening.html
http://www.continfo.com/continfo/tenant_screening
https://www.fabcogroup.com/screenings.htm

(Source: Ken Cook, Marietta, GA)


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FEMA: The Importance of a Home Inventory

After this winter's storms, now is the time for homeowners and renters to prepare an inventory of all of the items in their homes, according to state and federal officials.

The U.S. Department of Homeland Security's Federal Emergency Management Agency (FEMA) and the Washington Emergency Management Division (WEMD) remind people that with a home inventory list, an insurance agent can provide owners and renters with a policy that matches their needs. In addition, after a disaster, an inventory can help provide proof of personal property loss.

The Insurance Information Institute has developed a tool for individuals to use in compiling a home inventory. On its website, www.knowyourstuff.org are videos describing the steps of a home inventory, as well as free software to assist in beginning and updating the list.

Government and industry officials also recommend taking photos of the outside of a home as well as all contents, and to store these photos together with the inventory list in a safe place away from the house.

"The complete inventory, including photos, may be one of the most valuable investments for peace of mind we will ever make for ourselves and our families," said Gail Haubrich, FEMA individual assistance housing supervisor. "If a catastrophic event disrupts our homes and surroundings, a home inventory will eliminate the need to piece that information together in the aftermath of the event."

Property owners and renters should schedule an appointment with an insurance agent to discuss the best way to protect their property.

Property owners may be required to have both hazard and flood insurance, each available commercially. Renters should also consider insurance to protect personal belongings. Standard hazard policies may require additional riders for items such as collectibles, jewelry and/or damage from sewage backup.

Disaster assistance from FEMA and other agencies cannot provide the extensive protection individuals can get from insurance. FEMA assistance is limited and designed primarily to get disaster victims on the road to recovery.

(Source: FEMA - 1671-036)



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IRS: Some Telephone Tax Refund Requests May Be Too High

IRS Will Deny Improper Requests

WASHINGTON — The Internal Revenue Service (IRS) said today that early filings show some individual taxpayers have requested large and apparently improper amounts for the special telephone tax refund. The IRS is investigating potential abuses in this area and will take prompt action against taxpayers who claim improper refund amounts and the return preparers who help them.

“While the vast majority of taxpayers are claiming the telephone tax refund correctly, we are seeing some clear abuse involving overstated refund requests,” said IRS Commissioner Mark W. Everson. “People requesting an inflated amount will likely see their refund frozen, may have their entire tax return audited and even face criminal prosecution where warranted.”

The government stopped collecting the long-distance excise tax last August after several federal court decisions held that the tax does not apply to long-distance service as it is billed today. Federal officials also authorized a one-time refund of tax collected on service billed during the previous 41 months, stretching from the beginning of March 2003 to the end of July 2006. The tax continues to apply to local-only phone service.

Click here for full new release about Telephone Tax

(Source: IRS IR-2007-16)



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Risky Mortgages Souring - Tremors At The Door

Wall Street’s big bet on risky mortgages may be souring a lot faster than had been previously thought.

The once booming market for home loans to people with weak credit — known as subprime mortgages and made largely to minorities, the poor and first-time buyers stretching to afford a home — is coming under greater pressure. The evidence can be seen in rising default rates, increasingly strained finances at mortgage lenders and growing doubts among investors.
Now, Wall Street firms, which had helped fuel the growth in the market by bankrolling and investing in subprime mortgage lenders, have begun to pinch off the money spigot. (Source: NYTimes)

Click here for full story



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Housing Market Settling According to NAR

Existing-Home Sales Ease, While Supplies Tighten In December; 2006 Historically High

WASHINGTON,- Existing-home sales eased but prices stabilized as inventories tightened in December, while 2006 was the third-highest sales year on record, according to the National Association of Realtors®(NAR).

Total existing-home sales – Total existing-home sales – including single-family, townhomes, condominiums and co-ops – eased 0.8 percent to a seasonally adjusted annual rate1 of 6.22 million units in December from a level of 6.27 million in November. Sales were 7.9 percent lower than a 6.75 million-unit pace in December 2005.

There were 6,480,000 existing-home sales in all of 2006, down 8.4 percent from a record 7,075,000 in 2005. The second highest total was 6,779,000 in 2004; NAR began tracking home sales in 1968.

David Lereah, NAR’s chief economist, said home sales remain historically high. “Despite all of the doom-and-gloom stories and dire predictions over the last year, 2006 was the third strongest year on record for existing-home sales,” he said. “It looks like we’re moving beyond the low for the housing cycle last fall, and buyers are responding to historically low interest rates and competitive pricing by home sellers. In addition, a tightening inventory of homes on the market is supporting prices.”

Total housing inventory levels fell 7.9 percent at the end of December to 3.51 million existing homes available for sale, which represents a 6.8-month supply at the current sales pace – down from a 7.3-month supply in November.

The national median existing-home price2 for all housing types was $222,000 in December, which is unchanged from December 2005. The median is a typical market price where half of the homes sold for more and half sold for less. For all of 2006, the median price was also $222,000, up 1.1 percent from a median of $219,600 in 2005.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.14 percent in December, down from 6.24 percent in November. The December rate was the lowest since October 2005 when it averaged 6.07 percent.

NAR President Pat Vredevoogd Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said the market has clearly settled with some minor monthly fluctuations. “We expect home sales to rise modestly over the course of this year,” said Combs. “Although local markets vary, price appreciation will be below normal in most of the country this year, but we’re looking for slow, steady gains in both home sales and prices through 2008.”

Single-family home sales slipped 1.3 percent to a seasonally adjusted annual rate of 5.44 million in December from 5.51 million in November, and were 7.2 percent lower than the 5.86 million-unit pace in December 2005. In all of 2006, single-family sales declined 8.1 percent to 5.68 million, the third strongest total on record.

The median existing single-family home price was $221,600 in December, which was unchanged from a year ago. For all of 2006, the median single-family price was $222,000, up 1.4 percent from 2005.

Existing condominium and cooperative housing sales rose 2.1 percent to a seasonally adjusted annual rate of 777,000 units in December from an upwardly revised level of 761,000 in November. Last month’s sales activity was 12.2 percent lower than the 885,000-unit pace in December 2005. After setting 10 consecutive annual records, condo sales for all of 2006 fell 10.4 percent to 803,000 units, the third highest year on record.
The median existing condo price was $227,000 in December, which was 0.3 percent above a year ago. In all of 2006, the median condo price was $221,800, down 0.9 percent from 2005.

Regionally, existing-home sales in the Northeast declined 2.8 percent to a level of 1.04 million in December, and were 5.5 percent below December 2005. The median existing-home price in the Northeast was $283,000, up 3.7 percent from a year earlier.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 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.

Existing-home sales for January, and revisions for the last three years, will be released February 27. The next Pending Home Sales Index will be on February 1 and the forecast will be revised February 7.



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Commerce Dept. Issues International Trends Summary Report

The Commercer Department published it's "Trends In International Trade for January-November 2006".

Click here for the summary news release downloaded as a PDF file.

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NAHB: Total Housing Starts Up, But Single-Family Starts Down In December

An unseasonably warm December helped boost total housing starts, which includes condominiums and apartments, 4.5 percent to a seasonally adjusted annual rate of 1.642 million units for the month, according to figures released by the Commerce Department on 1/18/06. However, single-family builders broke ground on fewer homes in December as builders reduced their inventories while buying conditions improved.

Single-family housing starts decreased 4.1 percent to a seasonally adjusted annual rate of 1.230 million units in December. This was 24.7 percent below the pace of single-family starts a year earlier.

“The improvement in market conditions, coupled with the drop in single-family housing starts, indicates that builders are working to control their inventories and positioning themselves for the upcoming spring buying season,” said David Pressly, president of the National Association of Home Builders (NAHB) and a home builder from Statesville, N.C.

Click here for full NAHB Market Report news release.

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Lead Paint Inspection Requirements Expanding Legislation In NJ

The Assembly Housing and Local Government Committee held a hearing on Thursday, January 18, 2007 concerning legislation that will expand the scope of lead paint inspection requirements from multiple dwelling units to also include single-family and two-family rental dwelling units.

Currently, state law provides that multiple (3 or more rental unit) dwellings are inspected at least once every five years for lead paint hazards.

According to the bill, A3263 – Payne (D29), the Department of Community Affairs will charge a fee sufficient to cover the cost of inspections, provided that the fee does not exceed one-third of the inspection fee for a three-unit multiple dwelling.

The bill includes exemptions for owner-occupied two-family residential properties, properties that have been certified to be free of lead-based paint or of having a lead-free interior by a certified inspector, properties that were constructed during or after 1978, and seasonal rental units that are rented for less than six months’ duration each year.

The committee voted in favor of the bill at the hearing and it now heads to the full Assembly.

(Source: NJAR)



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Homeowner's Insurance Concerns Voiced By NJAR

NJAR raised concerns about the availability and affordability of homeowner’s insurance during testimony before the Assembly Financial Institutions and Insurance Committee hearing on Thursday, January 18, 2007 regarding A3236 – Panter (D12), Conaway (D7), McKeon (D27).

The bill seeks to appropriate $10,000,000 of state funds to establish the "New Jersey Catastrophe Fund." The fund will support insurance companies that cover residential property damage insurance claims in the aftermath of a major natural disaster affecting New Jersey homeowners. NJAR’s testimony expressed support for the legislation and urged legislators to study the availability of adequate homeowner’s insurance. (Source: NJAR)

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Federal Reserve Beige Book January 2007 Report

Most reports from the Federal Reserve District Banks indicated that economic activity expanded at a modest pace since the last report. The New York and San Francisco Districts reported moderate growth, while the Dallas District reported further deceleration from a high level of activity. The Minneapolis District reported slight growth. The Boston District characterized activity as mixed, and the Cleveland District saw softening activity.

Districts generally reported modest increases in retail sales, and vehicle sales were sluggish in several Districts. Tourism spending was up in a number of Districts. Reports on the service sector were generally positive; many Districts reported growth in technical, legal and information services. Manufacturing activity continued to expand in most Districts, with weakness reported mainly for products supporting the residential construction industry. Nearly all Districts reported a continued softening in housing markets, and high inventories of new homes have generally led to a slowing in residential building. In contrast to the housing sector, commercial real estate markets continued to see strong activity in most Districts. Lending activity was mixed, with commercial and industrial lending generally up while residential mortgage origination and refinancing continued to weaken. Overall weather conditions and high prices aided the agriculture sector. Energy production and exploration remained at high levels, and the alternative energy sector increased. Mining output grew.

District reports generally described labor market conditions as tightening and cited examples of some businesses having difficulty finding qualified workers. Despite expanded hiring, Districts reported relatively moderate gains in wages; however, some Districts noted certain business lines that experienced wage increases and have concerns about increases in the benefit portion of compensation. District reports indicated moderate price increases overall as prices for energy and a number of materials eased and competition kept prices for final goods in check.

In the Philadelphia (Third District) region, economic activity advanced modestly in December. Manufacturers posted small increases in shipments, but there was virtually no change in the rate of new orders. Retail sales of general merchandise rose slightly. However, auto sales remained weak. Bank lending increased moderately overall, but mortgage lending declined. Service sector activity increased at a nearly steady rate in December compared with previous months.

Third District business contacts generally expect business activity to continue to expand at a steady rate, although several of those polled for this report said the outlook has become more uncertain. Manufacturers expect modest improvement during the first half of the year. Retailers generally expect a steady, albeit slight, gain in sales, although some believe the growth rate might slow further. Auto dealers do not expect sales to pick up in the near future. Bankers generally anticipate increases in business and consumer lending, but their views of mortgage lending are mixed; some expect an increase, but others do not. Service-sector firms expect steady growth in the months ahead.

The volume of loans outstanding at Third District banks rose moderately in December, according to commercial bank lending officers contacted for this report. Commercial and industrial lending increased for most banks. Credit card lending expanded, with a seasonal acceleration in growth. Growth in other types of personal lending slowed. Demand for residential mortgages and home equity loans continued to soften. Bankers in the District expect business and consumer lending to increase modestly in the months ahead, but they say the outlook for residential mortgage lending is uncertain. Some bankers indicated that mortgage demand appeared to be firming in their market areas, but other bankers said it remained weak.

Source Beige Book


Click here for the full Federal Reserve January 2007 Beige Book [Beige Book Archives]


See related blog articles:
Federal Reserve Beige Book For Economic Conditions (What is the "Beige Book"?)
The Federal Reserve - Making Sense In Plain English

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Preventing Water Damage in your Home

For homeowners, water can be a quiet villain. This seemingly innocuous element can harm your house gradually over time or in sudden disastrous events. A home that is water damaged can be a health hazard to its occupants and is very often expensive to repair.

Common Causes of Water and Moisture Damage
Water damage can be grouped into two general sources:
1) leaks of external water through the home's exterior and
2) moisture accumulation from internal sources.

Below are some of the most frequent causes of moisture damage:

Roof/Flashing Needs Repair - Worn or broken roofing material can expose your home to moisture intrusion and damage. Most leaks occur around joints and intersections of roof surfaces

Gutter/Downspout Problems - Clogged gutters or downspouts can create water overflows that damage walls or the home's foundation.

Changes in Landscape - Alterations to the landscape's grade or newly installed sprinklers may alter the drainage of water towards the home's foundation.

Window/Door Seals Need Repair - Damaged, worn, or improperly installed seals and flashing can allow wind driven rain to enter your home.

Collecting Groundwater/Rainwater - Pools of un-drained water that form in the rainy season can damage foundation walls and lead to mold growth.

Plumbing Leaks - Plumbing fixtures can suffer from slow leaks or sudden bursts, and leaks inside walls may go undetected for an extended period of time.

Condensation - Condensation that forms on windows, un-insulated pipes and interior walls can cause significant damage.

Poorly Maintained Home Systems - Heating and cooling systems that are not regularly maintained are subject to leaks, mold and moisture problems. Unchecked sump pumps can lead to major water damage if failure occurs.

Prevention: Room by Room
No home will ever be immune to water damage, but a regular assessment of common risk areas can greatly reduce the chance of future water damage.

Bathroom
Plumbing - Check the walls for visible (or audible) leaks. Also check for moisture or discoloration in wall material. Look for any signs of water leaks below flooring and tiles.
Exhaust fan - Make sure the exhaust fan is functioning properly and that the fan itself is clean and dry.
Toilet - Look for water line leaks as well as any softness in the floor surrounding the toilet.
Shower/bathtub - Replace loose or missing caulking, and address any cracked tiling. If water does not fully drain from the tub after use, a professional may be needed.
General Tips - Run bathroom exhaust fans during every shower to prevent moisture build up. Treat bathroom drains monthly to avoid potential clogs. Check the ceilings of any room under bathrooms, kitchens and laundry rooms for signs of moisture or mold.
Kitchen
Sink - Repair cracked backsplashes, sink seals and countertop tile immediately.
Dishwasher - If the dishwasher backs up or fails to empty completely, check the drain line for clogs. Trickling water under the dishwasher signals a loose connection or leaking water hose.
Refrigerator - Check behind the refrigerator for signs of moisture. Leaks or kinks in the icemaker supply line can create large problems. Check for moisture or mold underneath the refrigerator, and if your model has a drain pan it should be cleaned periodically.
Stove/Range - Remove the bottom drawer periodically to check for water damage underneath the range. Clean or replace the range exhaust filter and fan to ensure free airflow.
General tips - Treat sinks with drain cleaner on a regular basis. Make a quick under-the-sink assessment a weekly routine (check for drips, moisture stains or musty smells).

Utility Room
Water Heater - The tank should be clean and rust free, as should the area immediately around the tank and the bottom drain valve. Leaks in the inlet or outlet pipes should be repaired immediately regardless of size.
Water Softener - The area around the tank should be clean and dry.
Cooling Systems - Check and clean the cooling drainage pan periodically. All filters, supply lines, wall penetrations, vents, ductwork and drainage areas must be working to prevent moisture/mold problems.
General Tips - Clean any utility room drains that do not flow freely.

Attic
Roof Pass-Throughs - Inspect any chimney openings, skylight wells and any point at which something passes through the roof. Stained wood, musty smells or signs of daylight through the cracks are red flags that warrant the consultation of a qualified contractor.
Attic Vents - Make sure all vents near the gables and eaves are clear and dry.
Insulation - Thick and fluffy insulation is promising, while insulation that appears thin or flattened is a warning sign of moisture damage.
HVAC systems - Ensure that duct joints are insulated and well sealed.
Recessed lights - Inspecting for signs of moisture around recessed fixtures is a good way to identify water issues early.
General Tips - Because many moisture problems are seasonal, it's wise to routinely check the attic in summer and winter.

Basement
Basement areas - Look for stains or water trails on walls and on the floor. Un-insulated pipes are a source of condensation, which can lead to mold and rust. Check all vents and drains carefully.
Crawlspaces - Damp crawlspaces invite mold growth. All crawlspaces should utilize a plastic ground cover.
General Tips - Basements should remain cool, dry and clean. If you rely on a sump pump heavily, consider purchasing a back-up pump.
Laundry Room
Washing machine connections - Check both ends of water lines for leaks of any size.
Hard Water Problems - If the area has hard or mineral laden water, the in-line filer can become clogged.
General Tips - Treat the drains of utility sinks regularly.

Outside Your Home
Exterior Sidings and Wall Penetrations - Repair any cracked or worn siding, paint or shingles. Inspect the seals around vents and other penetrations.
Windows and Doors - Check perimeter sealants and flashing for cracks or gaps. Make sure that all doors and windows fit tightly against their seals.
Drainage - Make sure that the ground slopes away from the home's foundation walls. Gutter drains should slope away from the house as well.

Roof
General Tips - Safely inspecting roofs can be difficult for the average homeowner. Whenever possible inspect the roof for missing or broken shingles from vantage points on the ground. When in doubt, consult a trained roofing professional.


If Major Water Damage Occurs
Even well prepared homeowners can be hit with the headaches of a major water event. Burst pipes, overflowed toilets or natural disasters can occur with little, if any, warning. Should a major water damage event affect your home, taking action quickly and safely is essential.

Timely action can reduce the amount of damage to personal items and lower the chances that any structural damage will occur. Responding swiftly will also reduce the amount of mold, rust and rot that occurs in the home.

The number one priority in such instances is to protect your loved ones. In the case of natural disaster, heed the precautions of local emergency management officials. Make sure any water-damaged areas are structurally safe and disconnect all electronics and electrical devices in the room. If necessary, stop the flow of water by turning off the main water supply to the house.

If an extensive water level is present, contact a plumber or water extraction service (don't forget to ask for an itemized estimate). Remove standing water by using a pump or wet-dry vacuum. Begin ventilating the area as soon as possible with the use of fans or dehumidifiers. Water-damaged materials should be removed from the home for health reasons. Carpets damaged by clean water may be salvageable, but carpets damaged with dirty water will likely need to be replaced.


Resources
The information in this guide is based in part on the U.S. Department of Housing and Urban Development publication titled Moisture-Resistant Homes. To read the full guide, visit:
www.huduser.org/publications/destech/moisturehomes.html

Other resources:
EPA "A Brief Guide to Mold, Moisture and Your Home" http://www.epa.gov/iaq
HUD Healthy Homes Consumer Information http://www.hud.gov/offices/lead/hhi/consumer.cfm
FEMA "Repairing Your Flooded Home" http://www.fema.gov/hazards/floods/lib234.shtm


The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Risky Sides of Selling a Home on Your Own

The vast majority of sellers list their home with a real estate agent, but some individuals choose to go through the selling process on their own. Selling a home "For Sale By Owner" (FSBO), while entirely possible, does come with a list of hurdles and some significant risks.

Un-represented sellers are motivated to save the cost of the agent's commission. In many cases, however, selling without assistance can result in a lower closing price that negates such gains. In a survey of more than 7,800 buyers and sellers from around the country, the 2005 National Association of Realtors®(NAR) Profile of Home Buyers and Sellers showed that the median price for homes sold directly by the owner was 16 percent lower than homes sold with the assistance of a real estate professional.

FSBO vs. Direct Sales
In 2005, only 13 percent of home sellers conducted transactions without the help of a real estate professional. However, of these transactions 39 percent were "closely held", meaning that the two parties knew each other in advance and the home was not fully placed on the open market.

Risks
So just what are the potential downfalls of selling your home by yourself?

Setting the Wrong Price - In the world of real estate, setting a good asking price is absolutely critical. Owners frequently have a difficult time setting a realistic sales price, even if they have paid for an independent appraisal. Impartially evaluating your home and all its shortcomings (and selling points) is a lot to ask. An overpriced listing can linger on the market and necessitate later price drops. An under priced listing can either scare off wary buyers or can result in a closing price significantly below market value.

Under Exposure - Attracting serious buyers requires much more than a classified ad and a sign in the front yard. Many of the marketing avenues that agents utilize are costly or require resources that the average homeowner just doesn't possess. Between 75 and 80 percent of buyers use the Internet during their home search. Savvy agents come equipped with a strong Internet presence that draws online buyers to your listing.

Lack of Marketing Experience - Most of us are not practiced in the art of promotion, and don't possess a great deal of knowledge or perspective when it comes to marketing real estate. A skilled real estate professional knows the techniques to make your home competitive with comparable properties in the local marketplace.

Buyer Wariness - Some buyers will avoid a FSBO listing for fear either there is "something wrong" with the property or that the asking price will not be based on current market trends.

Buyer Haggling - A FSBO listing can attract buyers out to find a "deal". These individuals are more likely to see the listing price of a FSBO property as merely a starting point.

Failure to Disclose - Failing to disclose or fully disclose any defects in your home is huge liability for any seller. Improper disclosure or nondisclosure usually results in lawsuits, an unpleasant prospect for all parties. Licensed real estate agents are required to stay up to date on all mandatory local, state and national disclosure requirements.

Commission to Buyer's Agents - Nine out of ten homebuyers use a real estate agent in the search process. If a potential buyer is using the services of an agent, their commission will generally be taken out of the selling price.

Lack of Negotiating Experience - One of the most important services real estate agents provide is the negotiation a sale. Working without an intermediary makes it much more difficult to keep emotion out of the process. Sellers without representation can employ the help of a real estate attorney, but their primary function is to ensure that the contract is not marked by errors or omissions.


The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Gradual Rise Projected for Home Sales

WASHINGTON - After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors (NAR).

David Lereah, NAR’s chief economist, said annual totals for existing-home sales will be fairly comparable between 2006 and 2007. “We have to keep in mind that we were still in boom conditions during the first quarter of 2006 with a high sales volume and double-digit price appreciation,” he said. “We are starting 2007 from a relatively low point, so even with a gradual improvement in sales it’ll be pretty much of a wash in terms of annual totals. The good news is that the steady improvement in sales will support price appreciation moving forward.”

Existing-home sales for 2006 are expected to come in at 6.50 million, the third highest on record, with a total of 6.42 million seen in 2007. New-home sales in 2006 should tally 1.06 million, the fourth highest on record, with 957,000 projected this year.

Total housing starts for 2006 are likely to be 1.81 million units, with 1.51 million forecast in 2007, which would be the lowest level in a decade. Builders are pulling back on new construction to support prices of remaining inventory.

The 30-year fixed-rate mortgage will probably rise to 6.7 percent by the fourth quarter of 2007. Last week, Freddie Mac reported the 30-year fixed rate at 6.18 percent – far below earlier consensus forecasts. “The current interest rate environment and housing inventory levels present a window of opportunity for potential buyers,” Lereah said.

The national median existing-home price for all of 2006 is expected to rise 1.1 percent to $222,100, and then gain 1.5 percent this year to $225,300. The median new-home price, after rising only 0.3 percent to $241,600 in 2006, is projected to grow 3.0 percent in 2007 to $248,900.

“With all the wild projections by academics, Wall Street analysts and others in the media, it appears that much of the housing sector is experiencing a soft landing,” Lereah said. “Despite the doomsayers, household wealth will not evaporate and the economy will not go into a recession. If you’re in it for the long haul, housing is a sound investment.”

The unemployment rate is likely to average 4.8 percent this year, following a rate of 4.6 percent in 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.2 percent 2007, down from 3.2 percent last year, while growth in the U.S. gross domestic product is seen at 2.5 percent in 2007, compared with 3.3 percent last year. Inflation-adjusted disposable personal income should grow 3.4 percent this year, following a rise of 2.7 percent in 2006.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Existing-home sales for December will be released January 25; the Pending Home Sales Index is scheduled for February 1 and the next forecast will be February 7.

Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, charts and surveys also may be found by clicking on Research.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Good Time To Buy Property

REALTORS® can help buyers make smart decisions in their local marketplace and the National Association of Realtors (NAR) has begun a public awareness program that highlights favorable conditions for home buyers and explains how my team can help you, the buyer.

According to the NAR, Many real estate markets across the country have recently experienced rising home inventories and stabilizing prices. In these markets, home buyers have increased negotiating power, but may be unsure of how to structure the best deal - they need a professional to help guide them through the transaction.

"Good Time to Buy" emphasizes the value that REALTORS® bring to home buyers in this environment. Of course, every market is different, which is why the ads
recommend that potential home buyers call a REALTOR® in their local market to learn more about what's happening with real estate in his or her community.

To see the TV spot that the NAR has developed to help buyers make smarter decisions...

Click here to view the short NAR TV consumer awareness segment, Good Time To Buy


Click here my article, "The Process of Buying A Home".

And for additional blog articles on buying property, click here.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Opportunity Knocking for Many Buyers, But Timing is Key

WASHINGTON - Consumers considering a home purchase should contact a Realtor® to take advantage of the current environment now, said National Association of Realtors®(NAR) President Pat Vredevoogd Combs in a press conference today.

That’s a message that NAR is sending to consumers in a new $40 million outreach campaign beginning this month. The new advertising initiative, “Every market’s different, call a Realtor® today,” explains the opportunities, challenges and advantages to buying and selling a home in today’s real estate environment.

“Many media reports about trends and developments in the housing market are on a national level and don’t capture what’s happening in individual communities across the country,” said Combs. “As local real estate market conditions continue to evolve, savvy consumers rely on the guidance of real estate professionals who are immersed in the industry. These new advertisements explain how Realtors®’ insight and experience into their local markets add real value in today’s dynamic real estate environment.”

Although most sellers are still seeing a very good return on their investment, with a median of more than 50 percent appreciation over the past six years, some home buyers are worried about the timing of their investment. As inventories rise, many buyers have increased negotiating power, but are unsure of how to structure the best deal. Sellers need help positioning their homes in a competitive marketplace and in attracting and engaging serious buyers.

“Homeownership is a safe, secure way to build long-term wealth,” said Combs, vice president of Coldwell Banker–AJS–Schmidt in Grand Rapids, Mich. “Buyers and sellers have different concerns as their local markets change, but our Realtor® members handle hundreds, if not thousands, of real estate transactions over the course of their careers, and can counsel and guide consumers through the process. Realtors® have the expertise and experience to help sellers protect their investment and help buyers build theirs.”

The 2007 campaign includes two themes, “Good Time to Buy” and “Know How to Sell.” “Good Time to Buy” highlights favorable conditions for home buyers and explains how Realtors® can help buyers make smart decisions in their local marketplace. “Know How to Sell” explains how Realtors can help sellers position their homes in a competitive marketplace to attract and engage serious buyers.

“In some parts of the country, it may be the best time to buy a home since 2001,” said Combs. “But real estate is cyclical. Home buyers should act before their window of opportunity closes, and sellers need to think about how to prepare and market their home effectively. Calling a Realtor® is the best move people on either side of the real estate transaction can make.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.


Good Time to Buy / TV - View, Download

Know How to Sell / TV - View, Download


Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Foreign REITs Hold Growth Potential

Realtor Magazine wrote a summary about a NY Times article discussing the growth potential of foreign REITs as more markets become securitized. It also mentioned an Ernst & Young report which indicates that the rest of the globe is poised to surpass the United States by 2008 in terms of total capitalization.

Click here for the foreign REIT summary article

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Famous New Jerseyans

Here are lists of New Jerseyites that are currently famous or were famous in history. You may be suprised to learned who hailed from New Jersey. (Some of the lists overlapp each other but are included here for backup and because some may have more detail on a famous NJ person.)

50States- Famous New Jersey Bios

Famous New Jerseyans (Formerly NJGang - Famous)

List of People From New Jersey

Famous New Jerseyans

New Jersey Hall of Fame

BCLS: Famous New Jerseyans

People of New Jersey

Famous People Representing New Jersey

ThingsToDo - Famous People - NJ


YouTube - Famous People of NJ (video photo collage)



Visit my web site for real estate services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007,2008 by Lawrence Yerkes. All Rights Reserved.

Protecting Consumers From Banks Is An NAR Priority

WASHINGTON, January 05, 2007 - Pat Vredevoogd Combs, president of the National Association of Realtors® , hailed the actions of the 110th Congress for quickly moving forward with key legislation that NAR believes will ensure that the nation’s real estate industry remains competitive.

H.R. 111, the Community Choice in Real Estate Act, was introduced Thursday in the House by its sponsors Congressmen Paul Kanjorski (D- Pa.) and Ken Calvert (R-Calif.). Fifty cosponsors were added on the first day of Congress.


Full NAR Press Release regarding protecting consumers from banks.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Pending Home Sales Stabilizing

WASHINGTON - A stabilization trend in the housing market is likely to continue, according to the latest reading on pending home sales published by the National Association of Realtors®(NAR).

The Pending Home Sales Index,* based on contracts signed in November, eased by 0.5 percent to 107.0 from an upwardly revised reading of 107.5 in October, and is 11.4 percent lower than November 2005. The decline from year-ago levels has been steadily narrowing since July, which was 16.0 percent lower than the same month in 2005.

David Lereah, NAR’s chief economist, said the narrowing from year-ago levels is a significant factor. “Because there is a stronger parallel between changes in the index from a year ago and the actual pace of home sales in coming months, the index is pointing toward fairly stable home sales in the near future,” he said. “That is another indicator that home sales likely bottomed-out in September.”

The index is derived from pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed; pending sales typically are finalized within one or two months of signing.

An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined and the first of five consecutive record years for existing-home sales. There is a closer relationship between annual changes in the index and actual market performance than with month-to-month comparisons.

“Although some monthly declines are possible, when we look at the forecast for existing-home sales in 2007 on a quarterly basis, we see gradual improvement over the course of the year,” Lereah said. “That will support future price appreciation as inventories are drawn down.”

Regionally, the PHSI in the Midwest rose 4.8 percent in November to 101.7 but was 11.6 percent below a year ago. The index in the South slipped 1.1 percent to 121.6 and was 8.9 percent below November 2005. The index in the West declined 2.6 percent to 106.6 and was 15.9 percent lower than a year earlier. In the Northeast, the index was down 2.8 percent in November to 85.5 and was 9.6 percent below November 2005.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

* The Pending Home Sales Index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer parallel between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than there is with month-to-month comparisons.

The forecast will be revised January 10, and existing-home sales for December will be released January 25. The next Pending Home Sale for December will be released January 25. The next Pending Home Sales Index will be on February 1.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Google and NASA

According to recent reports, Google will be indexing the vast amounts of NASA's data. Here are articles that discuss in more detail...

PC World
New York Times - Technology

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.

Newspapers: New Jersey, Pennsylvania and Delaware (Delaware Valley)

Delaware Valley states of New Jersey, Pennsylvania and Delaware have a variety of newspapers, most cover specific areas of the state or region and many serve special interest groups. Here are lists of the currently available newspapers that also have a web presence:

New Jersey Newspapers Online [List#2] [List#3] [List#4] [List#5] [List#6]

Pennsylvania Newspapers Online [List#2] [List#3] [List#4] [List#5]

Delaware Newspapers Online [List#2] [List#3] [List #4] [List#5]


Newspapers are great resources for information on local issues, politics, events, celebrations, people and business in the greater Delaware Valley region and within each state and major local area. And looking for holiday information and ideas, as well as accommodation, shopping, bargains and weather then Delaware Valley newspapers are the place to start.

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2007 by Timon, Inc. All Rights Reserved.