National Housing Locater Disaster Assistance From HUD

HUD Creates First National Housing Locator For Housing Assistance In Disaster Areas.

Web-based system provides immediate access to available housing nationwide.

WASHINGTON, D.C. - U.S. Housing and Urban Development Secretary Alphonso Jackson recently announced that HUD has designed a web-based, National Housing Locator (NHL) to assist state and public housing authorities and other first responders in rapidly identifying available housing during a disaster.

The NHL combines federal housing resources with three commercial apartment locators and housing websites to offer one platform that allows housing agency personnel and emergency responders immediate accessibility to available rental housing resources nationwide.

"Following Katrina and Rita, the government had an urgent need to house thousands of families nationwide," said Assistant Secretary for Office of Public and Indian Housing Orlando Cabrera. "We used a number of commercial sites to supplement a search of government housing resources. To improve this process so we are better prepared should another natural disaster displace thousands of people, we now have put in place a comprehensive clearinghouse to help find people places to stay, thanks to the efforts of many, including various housing associations."

Using housing information from various Internet and Government Data providers, such as SocialServ.Com, Apartment.Com, HomeSales.Gov, and Rent.Com, the NHL allows users to set a number of search criteria to locate available housing in a one-stop-shop forum. Search criteria include the desired location, by city, area code; price range; acceptance of housing vouchers; accessibility; assisted and elderly accommodations; and number of bedrooms. Once the criteria are set, a rapid search is conducted nationwide with designated partners, and the information about available housing is presented in a report format. In most cases, the housing photos and contact information are also provided.

The system is available to states and public housing authorities, and other first responders at this time. It may be opened to the general public at a later date.

"The NHL provided us the opportunity to deliver a web-based solution that could allow providers to house families in the most expeditious way," explained Lisa Schlosser, HUD's Chief Information Officer. "Our IT team worked across HUD program areas, and incorporated feedback from multiple housing associations for nearly a year to incorporate the commercial search engines while building a user-friendly, nationwide system."

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



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Existing-Home Sales Improve in January

WASHINGTON - Sales of existing homes rose in January, reaching the highest level in seven months, according to the National Association of Realtors®(NAR).

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.0 percent to a seasonally adjusted annual rate1 of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3 percent below the 6.75 million-unit level in January 2006.

David Lereah, NAR’s chief economist, said observers shouldn’t overreact to the sales gain, or to other short-term effects. “Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January,” he said. “On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market.

“Although the data is seasonally adjusted, these weather events are unusually large – many transaction closings were postponed in February, and home shopping was essentially shut down for about a week in many areas,” he said. “We shouldn’t be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales.”

Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace – unchanged from the revised December level. Supplies peaked at 7.4 months in October. “Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” Lereah said.

The national median existing-home price2 for all housing types was $210,600 in January, down 3.1 percent from January 2006 when the median was $217,400. The median is a typical market price where half of the homes sold for more and half sold for less.

NAR President Pat Vredevoogd Combs said a broader view shows the housing market stabilizing. “The market is trending up from its low last fall, and that is important in restoring confidence to buyers who’ve been on the sidelines,” said Combs. “Since buyers can find more favorable terms, and they are looking for a place to call home for some years to come, getting into the market now make sense because it’s a choice many didn’t have during the boom period of bidding wars in much of the country.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.22 percent in January, up from 6.14 percent in December; the rate was 6.15 percent in January 2006.

Single-family home sales rose 3.5 percent to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.50 million in December, but were 4.2 percent below the 5.94 million-unit level in January 2006. The median existing single-family home price was $209,200 in January, down 3.5 percent from a year earlier.

Existing condominium and cooperative housing sales slipped 0.1 percent to a seasonally adjusted annual rate of 767,000 units in January from a downwardly revised pace of 768,000 in December. Last month’s sales activity was 5.7 percent below the 813,000-unit pace in January 2006. The median existing condo price3 was $222,200 in January, up 0.5 percent from a year ago.

Regionally, existing-home sales in the Northeast were at a level of 1.07 million in January, unchanged from December, and were 5.9 percent higher than January 2006. The median existing-home price in the Northeast was $260,700, down 1.2 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.

Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the previous three years based on the most recent findings. Revisions have been made to monthly seasonally adjusted annual sales rates for 2004 through 2006, as well as the inventory month's supply data.

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 February will be released March 23. The next Pending Home Sales Index will be on March 6 and the forecast will be revised March 13.

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

Statistical data, charts and surveys also may be found by clicking on Research.



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Paris Tops World Real Estate Investment Markets

Paris Named Top Investment Market in Emerging Trends in Real Estate® Europe 2007; Other Favourites: London, Stockholm, Munich and Lyon.

Survey Respondents See Less Risk, Higher Returns for European Cities in Year Ahead

Paris once again leads this year’s list of top real estate investment markets in Europe, according to the highly regarded real estate investment report, Emerging Trends in Real Estate® Europe 2007, just published by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP. Paris rates highly for both total return prospects and low risk, and thus it’s risk-adjusted total return prospects are the best in Europe.

Survey respondents point to the city’s economic stability and sustainability—in addition to its status as a global gateway—as major reasons for its top ranking as an investment market. Ample urban regeneration and redevelopment opportunities also attract investors, notes the report, released today at ULI Europe’s European Property Development and Investment Conference in Paris. As a top market for the past several years, “Paris still has good prospects for the next two years,” the report says.

Paris is a favorite among those looking to buy property as well; about 54 percent of the respondents recommend buying office space in Paris, 57 percent recommend buying retail, and 41 percent recommend buying industrial/distribution properties.

ULI, based in Washington, D.C., is a global education and research institute dedicated to responsible land use. Its Europe headquarters, ULI Europe, serves the Institute’s 2,100 European members. PricewaterhouseCoopers LLP is the world’s largest professional services organisation. Emerging Trends, which covers 27 markets in countries throughout Europe, is based on surveys and interviews with more than 390 of the industry’s leading authorities.

Click here for full story, including other cities in rankings and Emergency Trends highlights for property sectors.



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Green Materials Bloom Despite Housing Market

The downturn in new housing starts is leaving one part of the construction industry remarkably unscathed: makers of so-called green building materials. Purveyors of such building components as foam insulation and faux wood shingles are continuing to see gangbuster sales, almost as though the housing boom that ended a year ago were still at full tilt. Materials are considered "green," in industry parlance, when they generally help reduce energy use more than conventional materials or are manufactured in a way that has less of an impact on the environment. Nationally, green homes are projected to increase to between 5% and 10% of US housing starts by 2010, from 2% in 2005, according to a report last June by the National Association of Home Builders and McGraw-Hill Construction, an industry research group that is part of McGraw-Hill Cos. (Source: RealEstateJournal.com)

Full Story About Green Materials Market Growth . . .

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Telephone Tax Refunds - 10 Million Taxpayers Miss Out

10 Million Taxpayers Miss Out on Telephone Tax Refunds; IRS Urges People to Check before Filing

WASHINGTON — The Internal Revenue Service (IRS) today urged taxpayers to check to see if they qualify for the telephone excise tax refund after more than 10 million early filers did not request the one-time refund.

In the first release of this year’s weekly filing season statistics, about 30 percent of all taxpayers did not request the telephone tax refund.

“Many taxpayers are overlooking this special refund and the chance to get a bigger refund,” said IRS Commissioner Mark W. Everson. “We encourage taxpayers to spend a few extra minutes reviewing their tax return to make sure they are making an accurate request. A little extra time can mean a bigger refund check.”

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 the federal excise 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.

To make the refund easier to figure, the government established a standard refund amount, based on personal exemptions, ranging from $30 to $60. If taxpayers have phone bills and other records, they can request the actual amount of excise tax paid. Though using the standard amount is optional, it is easy to figure and approximates the eligible amount for most individual taxpayers. Taxpayers only have to fill out one line on their return, and they don’t need to present proof to the IRS.

Out of the tax returns filed through Feb. 16, more than 10 million taxpayers did not request the telephone tax refund. And nearly half of those returns — more than 4.8 million — were completed by a tax preparer.

“We are surprised how many tax preparers are overlooking the telephone tax refund,” Everson said. “We want all taxpayers entitled to this refund to get it, whether they are using a tax preparer or doing the return themselves.”

(Source: IRS)



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Housing Starts Drop While Builders Manage Unsold Inventory

Total housing starts declined 14.3% in January as builders worked down their inventories of unsold homes, according to figures released by the Commerce Department. The pace of construction for the month slowed to seasonally-adjusted annual rate of 1.408 million units. This was 37.8% below the January 2006 pace. "Builders are doing what they should be doing in the market today," said Brian Catalde, president of the National Association of Home Builders (NAHB). "NAHB's surveys of single-family builders have been showing a steady increase in confidence regarding the demand side of the market since last fall, and with sales for new homes stabilizing, builders are working to control their inventories and position themselves for the upcoming spring buying season." (Source: NAHB)

Click here for full story about drop in housing starts



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Commercial Real Estate Index At Record High in 4th Quarter

Washington - A forward looking index for the commercial real estate market, the Commercial Leading Indicator for Brokerage Activity,* has increased for seven consecutive quarters and is holding at the highest level on record, according to the National Association of Realtors®(NAR).

The Commercial Leading Indicator for Brokerage Activity rose 0.1 percent in the fourth quarter to a level of 120.1 from an index of 120.0 in the third quarter, and is 1.8 percent above the fourth quarter of 2005 when it stood at 118.1. NAR’s track of the index dates back to 1990.

David Lereah, NAR’s chief economist, said growth in the commercial real estate sectors appears to be reaching a plateau. “Our commercial leading indicator is at a record high, but it is now leveling out,” Lereah said. “The rate of expansion has been fairly tame over the last three quarters, which means that growth in commercial real estate sectors is likely to be modest.”

After respectable growth in 2005 and 2006, the slight rise in the index means net absorption of space in the industrial and office sectors should be fairly steady over the next six to nine months, with modestly higher completions of overall office, warehouse, retail and lodging structures.

Net absorption in the office and industrial sectors in the second quarter of 2007 is expected to be 5 million to 15 million square feet, with about $315 billion to $320 billion in new, completed commercial construction activity, compared with $311 billion of new construction recorded in the fourth quarter of last year.

Commercial real estate practitioners can anticipate leasing and sales activity in the second quarter of this year to be approximately 1.8 percent higher than the second quarter of 2006.

“Industrial production and durable goods shipments both fell in the fourth quarter, offset by higher returns and continuing growth in jobs, income and retail-wholesales sales,” Lereah said.

The commercial leading indicator is a tool to assess market behavior in the major commercial real estate sectors. The index incorporates 13 variables that reflect future commercial real estate activity, weighted appropriately to produce a single indicator of future market performance, and is designed to provide early signals of turning points between expansions and slowdowns in commercial real estate.

The 13 series in the index include industrial production, the REIT (real estate investment trust) price index, NCREIF (National Council of Real Estate Investment Fiduciaries) total return, personal income minus transfer payments, jobs in financial activities, jobs in professional business service, jobs in temporary help, jobs in retail trade, jobs in wholesale trade, initial claims for unemployment insurance, manufacturers’ durable goods shipment, wholesale merchant sales, and retail sales and food service.

More than 100,000 NAR members offer some level of commercial service, with 66,000 specializing primarily in the commercial real estate market.

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.

# # #

*NAR reviewed a wide variety of indicators, examined the relationships of indicators that demonstrated a historical impact on commercial real estate, and modeled a forward looking index based on historic trends. Although individual indicators sometimes move in opposite directions, together they offer a better indication of future market activity.

Quarterly data for 13 selected series were reviewed back through the first quarter of 1990. The modeling demonstrated a change in commercial brokerage activity that could be seen two quarters later as measured by net absorption in the industrial and office sectors, and the value of building construction put-in-place on completion of office, warehouse, retail and lodging structures. An index of 100 is defined as the level of commercial real estate market activity during the first quarter of 1990, the first period to be analyzed.

The next commercial real estate market forecast is scheduled for release on March 15, and the next commercial indicato



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Property Tax Legislation Approved by Senate, Assembly

Numerous measures have been passed by the state Senate and Assembly to alleviate the property tax burden in New Jersey, including legislative bills that will provide $2.3 billion in property tax relief to homeowners and renters, while mandating a four percent cap on local tax levy increases. Under the legislation, 95 percent of all New Jersey households will receive property tax relief in the following forms:

20% credit for homesteads with an income up to $100,000

15% credit for homesteads with an income between $100,000 - $150,000

10% credit for homesteads with an income between $150,000 - $250,000

Other measures seek to reform the system through government consolidation, by creating an independent Office of State Comptroller and encouraging municipal consolidations. These measures are on the Governor's desk awaiting his signature.

Source: NJAR



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Metro Home Prices and State Sales Bottoming Out

NAR: Fourth Quarter Metro Home Prices & State Sales Likely Have Hit Bottom

WASHINGTON, February 15, 2007 - Existing-home sales in most states were down from year-ago levels in the fourth quarter, marking the likely bottom for the current housing cycle, while prices in many areas corrected as a result of sellers’ willingness to negotiate, according to the latest quarterly surveys by the National Association of Realtors®(NAR).

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate (1) of 6.24 million units in the fourth quarter, down 10.1 percent from a 6.94 million-unit level in the fourth quarter of 2005. Even with the general decline, six states showed increases in the sales pace from a year ago and one was unchanged. Complete data for three states were not available.

In the fourth-quarter, metro area single-family home prices, examining changes in 149 metropolitan statistical areas, (2) show 71 areas had price gains from a year earlier, including 14 metros with double-digit annual increases, and 73 areas had price declines; five were unchanged.

David Lereah, NAR’s chief economist, said it appears the fourth quarter was the bottom for the current housing cycle. “This information confirms 2006 was the year of contraction, and hopefully the fourth quarter was the bottom of this current business cycle,” he said. “Home sales are leveling at historically high levels, and examination of data within the quarter shows home prices stabilizing toward the end. When we get the figures for this spring, I expect to see a discernable improvement in both sales and prices.”

The national median existing single-family home price was $219,300 in the fourth quarter, down 2.7 percent from a year earlier when the median price was $225,300. 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 rose 1.4 percent to $222,000.

A new comparison of annual single-family home prices in metropolitan areas shows that typical sellers experienced healthy gains on the value of their home over the last five years in almost all 131 available areas, even in areas with recent price declines.

NAR President Pat Vredevoogd Combs said a broader view of home prices is necessary because housing is a long-term investment. “Since the typical owner stays in a home for six years, it’s more useful to look at the five-year comparison for metro area home prices – most of them are seeing strong gains,” she said. The median five-year price gain is 41.8 percent.

Combs said there’s a lag in measuring market conditions. “The fourth quarter data is showing us recent history, but right now, buyers are responding to seller pricing and incentives, and there’s a bit of a pent-up demand as a result of buyer hesitation during the second half of 2006. We’re not looking for big changes, but a gradual rise in sales and home prices is projected – that will be good for the overall housing market and related industries.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 6.25 percent in the fourth quarter, down from 6.56 percent in the third quarter; the rate was 6.22 percent in the fourth quarter of 2005.

The biggest total sales increase was in Indiana, where existing-home sales rose 13.7 percent from the fourth quarter of 2005. In Arkansas the fourth-quarter resale pace rose 11.1 percent from a year earlier, while Texas experienced the third strongest gain, up 6.2 percent.

Over the last five years, metro areas with the largest single-family price gains include the California areas of Riverside-San Bernardino-Ontario, up 155.3 percent, and Los Angeles-Long Beach-Santa Ana, up 142.3 percent, followed by the Miami-Fort Lauderdale-Miami Beach area of Florida, up 135.4 percent.

In the fourth quarter, the largest single-family home price increase was in the Atlantic City, N.J., area, where the median price of $339,800 was 25.9 percent higher than a year ago. Next was the Salt Lake City area, at $223,600, up 22.7 percent from the fourth quarter of 2005. The Trenton-Ewing area of New Jersey, with a fourth quarter median price of $289,000, increased 18.9 percent in the last year.

Regionally, the Northeast saw an existing-home sales pace of 1.04 million units in the fourth quarter, which was 6.6 percent below a year ago. The median Northeastern resale single-family home price was $274,600 in the fourth quarter, which is 2.5 percent below the same period in 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.

# # #

(1)The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single family, townhomes, condominiums and co-operative housing. NAR began tracking the state sales



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New Jersey Small Business Resources

Official New Jersey state resources for starting and growing your business.

New Jersey is where the world comes to do business. The state is a major business center – more than 20 percent of the world’s Fortune 500 companies are headquartered in or near the state. -NJTKB

The State of New Jersey offers help with establishing and stating up a new business, incubator resources, conduting ongoing business operations and also for getting your business to the next level. Here are some resource links to get you started taking advantage of New Jersey's business support programs...

NJ - Taking Care of Business - official NJ state home page for links to information and resources for starting a business, conducting business, licensing and permits, government contacts and more. [FAQs]


NJ Small Business Development Centers - The New Jersey Small Business Development Centers (NJSBDC) network helps small businesses expand operations, manage growth or launch new ventures. Free resources available. With offices in every county of the state, NJSBDC consultants help small business owners finance, market and manage their ventures.

NJ Business Gateway Registry Services - Main directory for businesses to New Jersey's official state information and resouces for registration, forms, reporting, licensing, commercial and legal filings, records and more.

NJ Commerce - New Jersey Commerce, Economic Growth & Tourism Commission’s web site.The Commission is the state's primary agency in coordinating efforts between government and the private sector to provide access to a broad range of technical, financial and other assistance programs to help businesses grow and contribute to New Jersey’s strong economy.This site has been designed for all existing businesses, start-ups and companies looking to relocate or establish operations in New Jersey. Includes interactive mapping and location assessment tools, licensing/regulatory assistance and more.

Small Business Services - The Office of Business Services (part of the NJ Commerce services mentioned above) works with the U.S. Small Business Adminstration (SBA), New Jersey's Economic Development Authority (EDA) and Small Business Development Centers (NJSBDC) to ensure the best, most efficient service, education and training for small business entrepreneurs. Includes resource links, location assessment tools (including environmental, economic growth planning, demographics), licensing and regulatory assistance, international trade and economic development support and more.


Additional Business Resources in New Jersey:
NJBiz - Online version NJBIZ, New Jersey's only weekly business journal covering the entire state, since 1987.

See also prior article about the U.S. government's Business.com.



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FDIC - Information Resources for Consumers

The Federal Deposit Insurance Corporation (FDIC) has an information page for consumers that provides "quicklinks" to wide range of financial resources of interest to consumers.

Click here for the FDIC consumer information links

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Avoiding Foreclosure in New Jersey

Don't lose your home! New Jersey and the federal government have resources that you can access if you are having difficulty meeting your mortgage payments -- to help avoid a foreclosure.

Here is some guidance on default and foreclosure prevention in New Jersey, provided by the state of NJ and HUD:

Housing counseling - counseling on buying, renting, defaults, foreclosures, credit issues and reverse mortgages

New Jersey Fair Foreclosure Act: organizations providing financial assistance or counseling to borrowers (PDF)

New Jersey foreclosure law summary

Legal assistance

New Jersey Office of Consumer Protection


Additional resources:
New Jersey Fair Foreclosure Act - Creditor's rights explanation provided by a NJ law firm.

HUD: How to Avoid Foreclosure


See also my previous article about Financial Resources for Homebuyers and Homeowners of Houses Needing Repair.




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Commercial Real Estate Booming Worldwide

According to a recent Realtor Magazine online commercial news summary item, "Worldwide investment in commercial real estate rose by 33 percent last year to a record $645 billion."

Almost 40 percent of all commercial real estate deals last year, were transactions in North America. That compares with almost 46 percent, in Europe; and almost 15 percent, in Asia.

"Foreign investment in European and Asian commercial real estate continues to grow. Nondomestic investors account for 48 percent of European real estate deals last year, up from 40 percent the previous year. Foreign investment in Asia increased to 32 percent last year from 28 percent."

"In the United States, foreign investment has declined to 5.4 percent, down from 10.2 percent the previous year, primarily because of the decline in the value of the dollar."

Original source: The Wall Street Journal Asia, Sara Seddon Kilbinger (02/07/07)



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New Jersey School Report Cards for 2006 Now Available

The School Report Card for 2006 is now available through the New Jersey Department of Education website. A valuable tool for interested buyers, the School Report Card contains statistical information about all elementary and secondary public schools in the state. The Report Card is also produced for vocational schools, special education schools, charter schools and special services school districts.

Go to education.state.nj.us/rc/rc06/index.html to access the results.



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Moratorium Extended on New ILC Banks by Commercial Firms

In a move backed by the NATIONAL ASSOCIATION OF REALTORS® (NAR), the Federal Deposit Insurance Corporation (FDIC) has extended its moratorium on industrial loan company (ILC) applications from commercial firms for another 12 months. ILCs are a type of state-chartered, federally insured bank that may be owned by commercial firms. To read NAR’s letter to the FDIC, click here.

In the House, representatives have introduced the Industrial Bank Holding Company Act of 2007 (H.R. 698), which would permit only financial firms (those with no more than 15 percent of their revenue from commercial activities) to apply for ILC ownership. For more information click here.

Source: NJAR


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Outer Suburbs Hardest Hit In Current Real Estate Market

While the US housing has adversely affected real estate markets around the nation, far-flung suburbs of major cities have suffered the most abrupt market correction, experiencing the biggest decline in price and sales since summer of 2005. Home construction in these distant exurbs has slowed and prices and sales have fallen more than those of close-in suburban neighbors since a five-year US housing boom ended in the summer of 2005. Average home prices in Loudoun County, Virginia, 35 miles outside of Washington, DC, fell roughly 11% in 2006, according to the Northern Virginia Association of REALTORS®. By contrast, Virginia's Arlington County, which hugs the nation's capital, saw a price decline of only about 2%. (Source: CNNMoney)


Click here for full story about "exburbs" prices and sales trends since 2005



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Safe Home Heating Practices Promoted

The heat is on for home fires and c arbon monoxide poisoning risks this winter.

The nonprofit Home Safety Council is turning up the heat on home safety risks this winter, when it comes to home heating appliances. Because home heating fires and carbon monoxide poisoning spike during the winter months, the organization has teamed up with Lowes to provide critical home heating information to keep families safe in their homes. The Home Safety Council’s "State of Home Safety in America" report revealed that 67% of American households use fuel-burning appliances and equipment, such as gas, wood or kerosene, which can emit dangerous levels of carbon monoxide if not functioning properly. "During the months of January and February heating appliance fires overtake cooking fires as the leading cause of home fires, and carbon monoxide dangers are much more common during home heating season," said Meri-K Appy, president of the Home Safety Council. "Families can help reduce their risk of being injured by taking simple actions in and around their homes." (Source: Home Safety Council)

Full Story about Safe Home Heating . . .

See also: Home Safety Tips For A Safety And Healty Winter



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Copyright 2007 by Timon, Inc. All Rights Reserved.

Existing-Home Sales Will Improve, Followed by New Homes Recovery

WASHINGTON, February 07, 2007 - Consumers are beginning to respond to more favorable housing market conditions, but new home construction will be dampened until inventories decline further, according to the latest forecast by the National Association of Realtors®(NAR).

David Lereah, NAR’s chief economist, is looking for a steady rise in existing-home sales. “After reaching what appears to be the bottom in the fourth quarter of 2006, we expect existing-home sales to gradually rise all this year and well into 2008,” he said. “New-home sales should continue to slide, but we look for that sector to turn around later in the year. When you put it all together, home sales may appear weak in comparison with the record surge in 2005, but they will be sustained at historically high levels that are in line with long-term demand.”

Existing-home sales, after reaching the third highest total on record, 6.48 million in 2006, are forecast at 6.44 million in 2007 and 6.64 million next year. New-home sales, following a fourth-best 1.06 million in 2006, are projected to decline to 961,000 this year and then rise to 971,000 in 2008.

Housing starts are likely to total 1.52 million in 2007, down from 1.80 million units in 2006, and then increase to 1.56 million next year. “When new home demand begins to catch up with supply, builders will slowly increase construction – probably in the second half of this year,” Lereah said.

The 30-year fixed-rate mortgage is forecast to rise to 6.7 percent by the second half of the year. Freddie Mac reported the 30-year fixed rate at 6.14 percent in December, but it has been trending up since. “Mortgage interest rates remain favorable, and a gradual rise means potential buyers have some time to weigh purchase decisions,” Lereah said. “When existing-home supplies become more balanced between buyers and sellers this spring, we’ll see some modest price gains.”

The national median existing-home price should grow 1.9 percent to $226,200 in 2007, after rising only 1.1 percent in 2006. The median new-home price is expected to increase 1.8 percent to $249,800 in 2007, following a similar gain last year. Stronger gains are forecast for 2008, with existing-home prices rising 3.2 percent and new-home prices increasing 3.4 percent.

The unemployment rate is seen to average 4.7 percent in 2007, compared with 4.6 percent last year. Inflation, as measured by the Consumer Price Index, is projected at 2.0 percent this year, down from 3.2 percent in 2006, while growth in the U.S. gross domestic product is likely to be 2.8 percent in 2007, down from 3.4 percent last year. Inflation-adjusted disposable personal income will probably rise 3.7 percent in 2007, up from a gain 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 January will be released February 27, along with revised data for the last three years; the Pending Home Sales Index is scheduled for March 8 and the next forecast will be March 13.



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.

Is Your Business Ready For Disastser?

Answer These 10 Questions to Find Out
Communities survive disasters only if their businesses survive. But many small business owners are so busy running day-to-day operations that they don’t dedicate any time to prepare for an event that could shut down their business for days, weeks or months at a time.

And it’s not just large-scale disasters that can cause a business to close. Power outages, fires or even gas leaks could limit access to your facility and cause a major disruption.

To help small business owners do a quick self-assessment, the Institute for Business & Home Safety (IBHS) developed 10 Questions: Is Your Business Ready? By taking the short quiz and then ranking preparedness based on “yes” answers, business owners will learn how disaster-ready they are.

Click here to take the quiz and to find out how ready your business is for disaster



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.

Real Estate Cyber Tips - February 2007

CYBER MAGIC TRICKS

TRICK#1
LOCK OUT LAPTOP DATA THIEVES!
If your laptop gets stolen, the least of your worries is the computer itself. That can be replaced. However, all of your personal and business data in the wrong hands can be devastating. This beta service allows you to protect that data in these perilous times. Here’s how it works: If your computer is stolen you simply log in to your account and mark the computer status as stolen. As soon as that machine connects to the Internet, the actions you have set up will execute and you can remotely encrypt or delete pre-selected files, display a message or execute custom instructions (such as sounding an alarm). When the stolen computer connects to the internet, the connection information can also be traced and used to help recover the laptop. Even though this service is in beta the developers claim it is production grade software. Another good way to stop the bad guys!
Click Here for This Cyber Trick

TRICK#2
DEFEASE WITH EASE!
Here’s the situation: You have a very favorable offer on your investment property but find that, in order to payoff your loan, you will need to provide the lender with replacement collateral sufficient to pay off the debt and maintain the yield being experienced on the current obligation. They call this “defeasing “the loan.This clever web based “Defeasance Calculator” will help you estimate the total cost to defease your loan. The total cost includes the cost to purchase the defeasance collateral (the government securities) and the transaction costs.If some of these terms make your eyes glaze over, just visit this interesting site for all you will ever need to know about defeasance!
Click Here for This Cyber Trick


GREAT PLACES!

GREAT PLACE #1
MEET THE EXPERTS WITHOUT LEAVING HOME!
Want to find out what’s happening in the real estate industry? You can get a complimentary pass to hear any of 33 real estate experts at the National Real Estate On-Line Convention and Exposition from February 18th to the 24th. Over 50,000 attendees with an interest in real estate - real estate professionals, homeowners and investors will hear real estate experts, network and see the latest and greatest real estate tools and services at the Cyber Convention Exposition. This is all without leaving their home or office! You can get your own complimentary pass at this great place. We’ll bet this is the first convention you ever attended in your fuzzy slippers!
Click Here for This Great Place

GREAT PLACE #2
THE WORLD’S BIGGEST ANSWER LINE!
A while back we mentioned “Google Answers here. This was a service where you could ask any question you wished and get a pool of experts to research the question and send you the answer – for a pre agreed price.Well, Google stopped offering this service and up popped an even better service where you can ask questions and get real answers from real people. The neat thing about this great place is that it's all about sharing — what you know and what you want to know.This service is a valuable resource – it works – and, unlike the Google version there is no cost to get your answers at this great place.
Click Here for This Great Place


The information contained in Real Estate CyberTips is believed to be true and correct but no warranties or guarantees are provided and readers should rely solely on their own information and advisors in connection with any sites, services or products reviewed. All content Copyright 2007, RECS. All rights reserved.



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

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

Copyright 2007 by Timon, Inc. All Rights Reserved.