Realty Reality: March 2007

Saturday, March 31, 2007

Selecting A Contractor: How To

Do your need a contractor? Here's a guide, provided by the National Association of the Remodeling Industry (NARI), that you can use to help educate themselves about selecting one who's professional and reliable.

Click here for more information about finding a remodeling contractor . . .

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).

Thursday, March 29, 2007

Recalls: Where To Learn About Them

The US Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from more than 15,000 types of consumer products. You can find information on over 4,000 product recalls and recall alerts here.

More information about recalls . . .

Tuesday, March 27, 2007

Defenses To Improve Your Home's Wildfire Defenses

As the wildfire threat rises in a number of states, the Institute for Business & Home Safety (IBHS) is encouraging homeowners to take steps to reduce their risk and boost their homes' defenses. According to IBHS, the key is removing everything fire would view as a fuel source. This will help create a zone around the home to help slow flames, should a fire start, and potentially direct it elsewhere. (Source: IBHS)

Full Story: 10 Ten Defenses To Improve Your Home's Wildfire Defenses . . .

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).

Monday, March 26, 2007

Life Expectancy of Home Components Addressed By Study

By any reckoning, a home is expected to last many years and serve several successive generations. But what about the individual components (Products / Items / Materials) that comprise the house? How many years of service can a home owner reasonably expect from a roof or a door, a window or a whirlpool tub? A new study sponsored by Bank of America Home Equity and conducted by the National Association of Home Builders (NAHB) takes some of the mystery out of the subject with the caveat that numerous factors, including use, maintenance, climate, advances in technology and simple consumer preferences can have a dramatic effect on product longevity. Story includes a link to the study report. (Source: NAHB)

Full Story . . .

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).

Sunday, March 25, 2007

Termite Season Has Arrived

Termite season has arrived with a great deal of fanfare. In a fourth grade classroom in Manatee, Florida swarms have been reported as blizzard-like in appearance. The Waikiki Shell is receiving emergency treatment due to a severe termite infestation in Waikiki, Hawaii. With swarms appearing early in the year, the National Pest Management Assocation (NPMA) is preparing for another busy termite season. "The season is just beginning and as the weather gets warmer, I'm sure we'll hear more reports of swarms and infestations across the country," said Cindy Mannes, vice president of public affairs for NPMA. "We are anticipating an active season, especially with the increased moisture in the United States. These weather conditions are very conducive to heightened termite activity." (Source: NPMA)

Full Story about Termites . . .

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).

Friday, March 23, 2007

Existing-Home Sales Rise Again in February

WASHINGTON - Existing-home sales rose strongly in February following a healthy gain in January, reaching the highest level since last April, according to the National Association of Realtors®(NAR).

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 3.9 percent to a seasonally adjusted annual rate1 of 6.69 million units in February from a downwardly revised level of 6.44 million in January, but are 3.6 percent below the 6.94 million-unit pace in February 2006. Last month’s increase was the biggest monthly rise in three years – sales also rose 3.9 percent in March 2004.

David Lereah, NAR’s chief economist, said the strong gain is a bit of a surprise. “Some of the rise in home sales may be from mild weather that brought out shoppers in December, but fundamentals have improved in the housing market and buyers see a window now with historically-low mortgage interest rates and competitive pricing by sellers,” he said. “Even so, winter storms last month discouraged shopping, and buyers were chilled with the third coldest February on record. These unusual weather patterns mean home sales that close in March may decline before rebounding later this spring.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.16 percent in the last week, down from an average of 6.29 percent in February. The 30-year fixed was 6.22 percent in January, and 6.25 percent in February 2006.

The national median existing-home price2 for all housing types was $212,800 in February, down 1.3 percent from February 2006 when the median was $215,700. 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 the median home price currently is distorted. “Over the last year, we’ve seen declining sales in many high-cost areas but rising activity in lower cost markets,” she said. “This change in the geographic composition of sales means we aren’t getting apples-to-apples comparisons in median home prices from a year ago.”

Other indices examining sales of the same properties over time, such as the OFHEO House Price Index, have been showing price gains; however, the OFHEO index is limited to conventional financing.

“What’s really happening is probably somewhere in between the different measures, but home prices are soft – a year ago we were still seeing bidding pressures and double-digit price growth,” Combs said. “Overall, home prices should rise slowly this year, and many buyers have an opportunity now that was only a dream during the five-year boom.”

Total housing inventory levels rose 5.9 percent at the end of February to 3.75 million existing homes available for sale, which represents a 6.7-month supply at the current sales pace compared with a 6.6-month supply in January. Raw inventories peaked last July at 3.86 million, and supplies topped at 7.4 months in October.

Single-family home sales increased 3.7 percent to a seasonally adjusted annual rate of 5.88 million in February from 5.67 million in January, but are 3.4 percent below the 6.09 million-unit pace in February 2006. The median existing single-family home price was $211,100 in February, down 1.5 percent from a year ago.

Existing condominium and co-op sales jumped 5.3 percent to a seasonally adjusted annual rate of 810,000 units in February from a level of 769,000 in January, but are 5.2 percent below the 854,000-unit pace in February 2006. The median existing condo price3 was $225,400 in February, up 0.5 percent from a year earlier.

Regionally, existing-home sales in the Northeast surged 14.2 percent to a level of 1.21 million in February, and are 3.4 percent higher than February 2006. The median existing-home price in the Northeast was $265,900, down 1.4 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. However, seasonal factors cannot compensate for abnormal weather 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. Changes in the geographic composition of sales can distort median price data.

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.

Existing-home sales for March will be released April 24. The next Pending Home Sales Index will be on April 3 and the forecast will be revised April 11.

Tuesday, March 20, 2007

IRS: 40 Frivolous Positions for Taxpayers To Avoid

WASHINGTON — The Internal Revenue Service (IRS) recently issued guidance identifying dozens of frivolous positions that taxpayers should avoid when filing their tax returns. The guidance lists 40 positions which have no basis for validity in existing law or which have been deemed frivolous by the United States Tax Court or other federal court.

If these or other frivolous positions are contained in a tax return, taxpayers could face a $5,000 penalty – 10 times the previous maximum.

Click here for more details about the 40 frivolous positions for taxpayers to avoid

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).

Monday, March 19, 2007

WASHINGTON — The Internal Revenue Service (IRS) has acknowledged the certification by General Motors Corp. that its 2007 Saturn Aura Hybrid vehicle meets the requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle.

The credit amount for the hybrid vehicle certification of the 2007 Saturn Aura Hybrid is $1,300.
Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.

Ref: IR-2007-64

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).

Ref: IR-2007-64

Friday, March 16, 2007

IRS: 2006 Data Book Released

WASHINGTON — The Internal Revenue Service (IRS) announced today that its 2006 Data Book is available on the IRS Web site. The report describes activities conducted by the IRS from October 1, 2005, through September 30, 2006, and includes information about returns filed and taxes collected, enforcement, taxpayer assistance and the IRS budget and workforce.

During Fiscal Year (FY) 2006, the IRS collected more than $2.2 trillion in tax and processed over 228 million returns. Over 80 million returns, including 54.3 percent of individual income tax returns, were filed electronically in FY 2006. Over 108 million individual income tax return filers received tax refunds totaling $243 billion. In FY 2006, IRS spent an average of 42 cents to collect each $100 of tax revenue.

Click here for more about the IRS 2006 Data Book

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).

Thursday, March 15, 2007

Commercial Vacancies Up, But So Are Investments

WASHINGTON - As some tenants move to newly built locations, commercial real estate vacancies are rising modestly, following a record year for investment activity, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors®(NAR).

David Lereah, NAR’s chief economist, said an irony in today’s commercial real estate market is that some flush tenants are contributing to rising vacancies. “Job growth has been fueling the demand for space, notably in the office sector,” he said. “Even so, some tenants are not ‘back filling’ vacated space as they move to higher quality new space, contributing to a modest gain in vacancy rates. Office, hotel and industrial properties continue to be the most sought after commercial sectors for investment.”

Outside of the hospitality sector, investors channeled a record $306.8 billion to commercial real estate in 2006, up from $276.0 billion in 2005; that total does not include transactions valued at less than $5 million. An additional $35.3 billion was invested in the hotel sector; however, long-term historic comparisons are not available for the hospitality market.

Cindy Chandler of Charlotte, N.C., chair of the Realtors® Commercial Alliance, said the record investment in commercial real estate was based on sound fundamentals. “Investors poured funds into commercial real estate at unprecedented levels in 2006, underscoring the value of portfolio diversification into real property,” she said. “In general, we see rental rates rising with fairly broad consistency across most market areas.”

Most of the new commercial space has been build-to-suit, or with significant pre-leasing in place. The expanding new supply will modestly raise office and industrial vacancies through the end of the year.

The NAR forecast for five major commercial sectors includes analysis of quarterly data for various tracked metro areas. The sectors include the office, industrial, retail, multifamily and hospitality markets. Metro data were provided by Torto Wheaton Research and Real Capital Analytics.

Office Market

A flight to quality office space, notably in new buildings, will raise vacancy rates in older class B and class C buildings. In addition, employers are using space more efficiently through telecommuting and “office hotelling.” Speculative new construction is being held in-check.

Office vacancies are expected to rise to an average of 13.9 percent by the end of the year from 12.6 percent in the fourth quarter of 2006. Annual rent growth in the office sector is forecast at 3.2 percent in 2007, following a 5.2 percent gain last year.

Estimates for the first quarter show areas with the lowest office vacancies include New York City; Seattle; Honolulu; Orange County, Calif.; Washington, D.C., and Miami, all with vacancy rates of 9.7 percent or less.

Net absorption of office space in 56 markets tracked, which includes the leasing of new space coming on the market as well as space in existing properties, is projected to be 21.9 million square feet this year, down from 76.2 million in 2006.

Office building transaction volume set a record of $133.6 billion trading hands last year, up 32 percent from 2005.

Industrial Market

Trade is continuing to be the dominant influence in the industrial sector in terms of investing and leasing. The needs of modern distribution networks are fueling demand for new space. Property pricing and rising rents in some markets are forcing users to consider other locations where both land and operational costs may be lower.

Vacancy rates in the industrial sector should average 10.1 percent by the end of the year, up from 9.4 percent in the fourth quarter of 2006. Annual rent growth is likely to be 2.3 percent by the fourth quarter, up from a 1.4 percent annual gain in the fourth quarter of 2006.

The areas with the lowest industrial vacancies include Los Angeles; West Palm Beach, Fla.; Orange County; Ventura County, Calif.; Tucson and Tampa, all with vacancy rates of 5.7 percent or less.

Net absorption of industrial space in 54 markets tracked is estimated at 75.9 million square feet in 2007, down from 189.1 million last year.

Industrial transaction volume in 2006 was a record $38.9 billion, up 9 percent from 2005.

Retail Market

Consumer confidence is rising at a fairly slow pace, but a sluggish housing market and economic concerns are dampening consumer spending and, possibly, demand for retail space.

Vacancy rates in the retail sector will probably slip to 8.1 percent in the fourth quarter of 2007 from 8.2 percent in the same quarter last year. Average retail rent is expected to grow 1.1 percent this year, following a 3.9 percent gain in 2006.

Retail markets with the lowest vacancies include Orange County; San Francisco; San Jose, Calif.; Las Vegas; Honolulu and Miami, all with vacancy rates of 4.4 percent or less.

Net absorption of retail space in 54 tracked markets is projected at 19.9 million square feet in 2007, up from 8.4 million in 2006.

Retail transaction volume declined 7 percent in 2006 to a total of $46.9 billion; much of the decline was in regional shopping centers. However, unanchored strip centers, free-standing drug stores and big box retail centers saw large gains. At the same time, pricing for retail space rose 13 percent in 2006 to an average of $168 per square foot.

Multifamily Market

In the apartment rental market – multifamily housing – vacancy rates are forecast at an average of 5.9 percent at the end of this year, which would be unchanged from the fourth quarter of 2006. Average rent is likely to rise 2.8 percent in 2007, following a 4.1 percent increase last year.

With the condo conversion craze coming to an end in most markets, multifamily investment is normalizing. Condo converters accounted for $30 billion out of $88 billion in multifamily transactions in 2005, but were down to $9 billion out of $87.4 billion in 2006. Some converted projects are returning to the rental market, and investors are now focused on income appreciation and improving fundamentals.

Multifamily net absorption should total 223,900 units in 59 tracked metro areas in 2007, up from 221,900 last year.

The areas with the lowest apartment vacancies include Northern New Jersey; San Jose; Salt Lake City; Los Angeles; Miami; Washington, D.C., and Norfolk, Va., all with vacancy rates of 3.1 percent or less.

Hospitality Market

Hotel occupancies are expected to average 68.1 percent in 2007, up from 67.8 percent last year. Revenue per available room (RevPAR) is seen at $82.30 this year, up from $78.40 in 2006. A record 45,500 hotel rooms are scheduled to be added to the inventory in 52 markets tracked this year, compared with 22,000 in 2006.

Markets with the highest RevPAR include West Palm Beach; New York City; Honolulu; Miami; Fort Lauderdale, Fla.; and Phoenix, all with RevPAR of $125 or more.

For properties valued at $5 million or more, transaction activity during 2006 totaled 1,166 hotels with a combined value of $35.3 billion, nearly 20 percent higher than 2005.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the Realtors® Commercial Alliance. The RCA, formed by NAR in 1999, serves the needs of the commercial market and the commercial constituency within NAR, including commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and NAR affiliate organizations. These organizations include the CCIM Institute, the Institute of Real Estate Management, the Realtors® Land Institute, the Society of Industrial and Office Realtors®, and the Counselors of Real Estate. The RCA also provides commercial products and services.

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.

# # #

The next Commercial Leading Indicator index will be May 21; the next commercial real estate market forecast is scheduled for June 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).

Tuesday, March 13, 2007

Lobby Art As A Sales Tool

According to a NY Times news item referenced in Realtor Magazine Online, "Water Street Plaza, the first Class A commercial condominium building in Lower Manhattan, is using lobby art to appeal to tenants. The building's managers display rotating exhibits that are organized by an internal curator, whose job it is to recruit artists and organize their works as they would be displayed in a typical gallery."

The program started with the personal collection of the property company's founder. It is helping to give the property an identify and attracts culture oriented buyers.

There are art display programs in other buildings in NYC, but they are contracted out to curator organizations, not run by the landlord.

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).

Monday, March 12, 2007

Resources for Seniors

Here are resource links for senior that is provided compliments of the Seniors Advantage Real Estate Councel (SAREC):

General coverage issues and resources for seniors: http://www.aarp.org/

National Association of Home Builders (NAHB):
To find a specialist, enter "aging in place specialists" in the search box of http://www.nahb.org/directory

AARP's complimentary reverse mortgage booklet "Home Made Money":
http://www.aarp.org/revmort or call 800-209-8085

National Reverse Mortgage Lenders Association:
http://www.reversemortgage.org/

From the U.S. Dept. of Housing & Urban Development (HUD) -- Top Ten Things to Know if You Are Interested in a Reverse Mortgage:
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
Reverse Mortgage Lending Limits by county:
https://entp.hud.gov/idapp/html/hicostlook.cfm.

America's Health Insurance Plans (AHIP) on-line guide to long term health insurance:
http://www.ahip.org/content/default.aspx?bc=41329450

Met Life's Long Term Care Insurance -- The Essentials:
http://www.maturemarketinstitute.com/
or call 203-221-6580 or email:
MatureMarketInsititute@met.life.com

Medicare: http://www.medicare.gov/

Technology products to foster independent living:
http://www.enablemart.com/

A host of assistive devices:
http://www.elderstore.com/

Ergonomic gadgets for the kitchen, cleaning, and garden:
http://www.oxo.com/

U.S. Securities and Exchange Commission's (SEC's) website for Educating Seniors about investing wisely and avoiding fraud:
http://www.sec.gov/investor/seniors.shtml

A neighborhood information search engine:
http://www.neighborhoodscout.com/

Non-medical assistance to help the elderly stay in their homes longer:
http://www.visitingangels.com/
http://www.rightathome.net/
http://www.homeinstead.com/

National Hospice and Palliative Care:
http://www.caringinfo.org/

The National Right to Life Committee's Will to Live at:
http://www.nrlc.org/

Aging with Dignity's Five Wishes document:
http://www.agingwithdignity.org/

Wallet-size cards w/ health directive document retrieval service:
http://www.healthdirectives.org/

Information about the upper tier residential market:
http://www.luxuryhomemarketing.com/

National Association of Home Inspectors:
http://www.nahi.org/

American Society of Home Inspectors:
http://www.ashi.org/

National Association of Certified Home Inspectors:
http://www.nachi.org/

Buying and owning a home information for consumers available in English and Spanish:
http://www.freddiemac.com/

The American Moving and Storage Association -- information about moving household goods:
http://www.moving.org/

National Association of Professional Organizers:
http://www.napo.net/

Dispose of books by donating to for distribution to charities:
http://www.booksforamerica.com/

Sell collections, go to:
http://www.elephantbooks.com/
individual books:
http://www.amazon.com/

Organize photos and mementos
http://www.gaylord.com/ http://www.metaledgeinc.com/
http://www.universityproducts.com/

Compare congregate housing facilities:
http://www.carepathways.com/checklist-ccrc.cfm or http://www.getcare.com/

A guide for family conversations regarding board and care
http://www.longtermcareliving.com/family_guide

Search list of signs and symptoms of elder abuse:
http://www.helpguide.org/ (use search box)

To report elder abuse: call 1 800-677-1116

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).

Friday, March 09, 2007

Guide to Safety at Home

From candles to ladders, falls to poisons, this online guide from the Home Safety Council offers tips to help you prevent household accidents.

More the online Home Safety Guide

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).

Thursday, March 08, 2007

Residential Styles - Online Guide

Do you know the difference between a Cape Cod house and one that's a Victorian? Here's a guide from Realtor Magazine Online to help you identify the design features that differentiate architectural styles...

Click here for more information about residential styles

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).

Wednesday, March 07, 2007

Federal Reserve Beige Book March 2007 Report

Most Federal Reserve Districts reported modest expansion in economic activity since the last report, but several Districts noted some slowing. For example, New York characterized growth as well-maintained but with a few signs of deceleration. In addition, St. Louis said that activity increased more slowly than in the previous period, Boston reported some softening, and Dallas said economic activity continued to decelerate. On the other hand, Philadelphia reported economic conditions improved slightly.

The majority of Districts reported steady growth in retail sales, while vehicle sales remained sluggish. Tourism activity was generally positive, and the demand for services continued to expand in most Districts, with strong increases in health care, accounting, legal, and technology services. Manufacturing activity was steady or expanding, despite continued weakness in production related to the construction and auto industries. Almost all Districts reported that housing markets remained weak, but signs of stabilization were noted in several Districts. In contrast to the housing sector, commercial real estate markets continued to firm or remained solid. Lending activity remained mostly unchanged from recent periods, as increasing demand for commercial and industrial loans continued to offset declines in residential mortgage lending. Agricultural conditions generally improved across the country. Energy production and exploration remained at high levels, but some Districts reported a slowdown from the previous survey.

Most Districts noted further expansion in labor markets and continued tight supply of skilled and professional workers. With rising demand for many types of workers, wage pressures increased slightly in several Districts, although pay increases generally remained moderate overall. Most Districts characterized price pressures as little changed. Energy and construction-related materials prices fell, but food input costs increased in several Districts.

In the Philadelphia (Third District) region, economic conditions in the Third District improved slightly in February. However, not all sectors shared in the gains. Manufacturers reported just steady activity. Retail sales of general merchandise rose slightly, but auto sales remained soft. Bank lending increased modestly overall, but mortgage lending continued to decline. Sales of new and existing homes slowed further, but commercial real estate markets showed further signs of firming.

Third District business contacts generally expect business activity to continue to expand at a slow pace. Manufacturers expect demand for their products to increase. Retailers expect continued slight expansion in sales, but auto dealers do not foresee a turnaround in sales. Bankers anticipate increases in business and consumer lending, but they do not anticipate a resurgence of mortgage lending. Residential real estate agents and home builders said they see no clear signs that the downtrend in homes sales is coming to an end. Commercial real estate contacts forecast further increases in rents and declines in vacancy rates.

Source Beige Book

Click here for the full Federal Reserve March 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

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

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

Tuesday, March 06, 2007

Home Sales Down In January Due to Weather

WASHINGTON - Pending home sales declined in January from a strong upturn in December due to unusual weather patterns, according to the National Association of Realtors®(NAR).

The Pending Home Sales Index,* a leading indicator for the housing sector based on contracts signed in January, fell 4.1 percent to an index of 108.7 from an upwardly revised reading of 113.3 in December, and is 8.9 percent lower than January 2006. ,* a leading indicator for the housing sector based on contracts signed in January, fell 4.1 percent to an index of 108.7 from an upwardly revised reading of 113.3 in December, and is 8.9 percent lower than January 2006.

Aside from December, which got a lift from mild weather, the January index was the highest since last August. More importantly, there has been a narrowing trend from year-ago levels since last July when the index was 14.7 percent lower than a year earlier.

David Lereah, NAR’s chief economist, said the index has recovered from a low in October. “We are seeing temporary near-term weather disruptions in much of the country, but there is an underlying pattern of stabilization in the housing market,” he said. “As a result of these weather disruptions, it may take a couple months for the picture to fully clarify, but a modest recovery is likely. Housing remains a great long-term investment.”

As reported last month, the PHSI for December got a boost from mild weather and showed the largest monthly gain in nearly three years. December’s index rose 4.5 percent, the largest increase since a 6.1 percent jump in March 2004.

“The rapid shift in January to frigid air in much of the country had a cooling affect on home shopping that went beyond normal seasonal factors,” Lereah explained. “Weather disruptions have continued since.”

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.

The PHSI in the Northeast jumped 9.3 percent in January to 101.8 but was 1.3 percent below a year ago. The index in the West rose 0.2 percent to 110.8 but was 7.0 percent below January 2006. In the Midwest, the index was down 2.4 percent in January to 100.1 and was 10.8 percent lower than a year earlier. The index in the South fell 11.7 percent to 116.7 and was 11.8 percent below January 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.

# # #

* 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.

Each year when January data is reported, 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 index readings for 2004 through 2006.

The forecast will be revised March 13, and existing-home sales for February will be released March 23. The next Pending Home Sales Index will be on April 3.

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).

Monday, March 05, 2007

Elder Abuse Resources

Below are resource links involving Elder Abuse:

National Center on Elder Abuse
http://www.elderabusecenter.org/

National Committee for the Prevention of Elder Abuse
http://www.preventelderabuse.org/

Their list of national organizations in the field
www.preventelderabuse.org/additional/organizations.html

Help for victims
http://preventelderabuse.org/help/help.html

The Directory of Crime Victim Services
http://ovc.ncjrs.org/findvictimservices

American Psychological Assn
www.apa.org/pi/aging/eldabuse.html

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Saturday, March 03, 2007

Creating Foreclosure Opportunities

As mortgage defaults rise, more bargain-hunting investors are swooping in to make a quick buck. If buyers plan to join them, they should be beware of hidden liens, costly repairs and occupants who refuse to leave. The process usually begins when mortgagees fall three months behind on payments. The lender sends a default notice to the homeowner and to the county. If the homeowner can't pay up, a foreclosure date is set. County officials handle the auction and use the proceeds to pay off the mortgage and any other debts secured by the house. While leftover money goes to the foreclosed homeowner, leftover debt, in some cases, is the new owner's responsibility. But investors can get in the game before or after auctions by trying to buy directly from homeowners beforehand, or from lenders who win the auction. (Source: MSNRealEstate.com)

Full Story about making profit during the foreclosure doom . . .

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

Thursday, March 01, 2007

Real Estate Cyber Tips - March 2007

CYBER MAGIC TRICKS

TRICK#1
Contractor Stress Prevention Kit!
Need a contractor to fix a cabinet, to replace some glass – anything you need done around or in the house? Usually we uncover sites that deliver good resources without cost. This one comes with a modest monthly fee but, if you’ve ever gone through the stressful job of hiring a contractor, you should find this site invaluable.The contractors are rated by those who have hired them and most ratings are brutally honest. Each review includes detailed information about the type of work done, the cost of the job and grades for responsiveness, quality,
punctuality and professionalism. In addition there are vignettes describing the details of the experience with the contractor --often laudatory but sometimes downright hostile. This web resource can save you a ton of grief the next time you need some work done around the house.
Click Here for This Cyber Trick

TRICK#2
Get The Discounts You Deserve!
You may not know this but everyday there are discounts galore available to you that you probably pass up .These folks track over 30 discount programs and there’s a good chance you belong to some of them – whether you know it or not.If you belong to AAA, AARP, American Express, Visa, Delta SkyMiles, American AAdvantage or any one of many more listed there, you can go here, enter the product you want to purchase and get price comparisons covering the discounts available to you. For example, bet you didn’t know that AAA members get a 10% discount on all their shopping at Target.Good place to check before your next shopping trip.Click Here for This Cyber Trick

GREAT PLACES!

GREAT PLACE #1
What in Blazes Is That File?
Ever receive an email with a file that won’t open? Want to find out what program to use to open the file? Here’s the place to find out.You can also get a lot more information on the file type than you will ever use. All the good basic information is there along with links to the program vendor where there is sometimes a free evaluation copy available. You can also often find a way to view the file contents that by-passes the required program. A bit techie – but invaluable when you need help in a hurry.
Click Here for This Great Place

GREAT PLACE #2
Check That Dealer First!
Stop by this great place before you pull out your wallet at a car dealership to buy a car or to have one repaired! With the information here you can go in armed with the experience of previous customers.Customers visit the site and rate the dealer on a scale of 1(the lowest) to 5 (the highest). Each dealer is rated on the basis of Customer Service, Quality of Work, Friendliness, Overall Experience and Pricing. The most enlightening evaluations (and often entertaining) are the customers’ vignettes describing their experience doing business with the dealer.There is one little glitch. You will find reviews where customers praise the dealer to the heavens but appear to indicate that they would not recommend the dealer. A little searching reveals that this occurs because the default to the “recommend” question is “no”. We’d guess that this may be remedied by press time, but this certainly doesn’t diminish the enlightenment and entertainment value of 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)