Realty Reality: October 2007

Wednesday, October 31, 2007

Energy Efficienty Ranks #1 In Consumer Green Building Priorities

A new survey conducted for the National Association of Home Builders (NAHB) confirms that a desire for greater energy efficiency drives consumers to choose a green-built home. (Source: NAHB)

More Information . . .

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, October 30, 2007

Online Bibles and Bible Study Resources

To help those that are interested in locating versions of the Bible and Bible study resources that are available online or for download to your PC or handheld device, I am providing links that hopefully will allow you to take advantage of current technology to broaden and deepen your understanding of the Bible, regardless of your level of experience or knowledge.

Net Bible and Related Resources:

Here are links to the NET Bible and their online Bible / Study Tools, which even provides the ability to LISTEN to the Bible being read (dynamic, very well done)...

(Note: NET = New English Translation, for more information "about", click here)

net.bible.org

net.bible.org/bible.php

www.nextbible.org

www.bible.org

NET Bible Study Resources (Includes text, audio, video):

TTP Self Study: http://www.bible.org/page.php?page_id=3121 (Theology)

Leadership Topics: http://www.bible.org/index.php?scid=12

Growth Topics for Men: http://www.bible.org/index.php?scid=9

Growth Topics for Women: http://www.bible.org/index.php?scid=8

How to Study Scriptures: http://www.bible.org/page.php?page_id=3983

Of course there are also...

Additional Online Bibles and Bible Study Resources:

biblegateway.com (also has audio versions)

bible.crosswalk.com (also http://bible.crosswalk.com/InterlinearBible/)

bible.com and bibleresources.bible.com

ccel.org/wwsb/

audio-bible.com/bible/bible.html (audio)

bibles.net

bibleserver.com (various versions/translations with search and study aids)

blueletterbible.org

christiananswers.net/bible/about.html (WebBible.net) (Encyclopedia)

en.bibleinfo.com

sacred-texts.com/bib/index.htm#index (this also contains other sacred/classical texts)

dltk-bible.com (Bible activities for kids)

thebricktestament.com (the Bible according to Legos)

bibles.com/bibleresources (American Bible Society - Bible resource center)

biblequizzes.com

biblenotes.net

gotothebible.com

olivetree.com/bible

unbound.biola.edu

ibs.org (International Bible Society -- includes audio NIV)

keyway.ca/htm2002/keyway07.htm (Bible Maps)

KJV MP3 Audio - listen online or download (direct link: heargoodnews.org/Bible/bible_kjv.htm)

Bibles on DVD - video versions of Bible in various versions (for purchase)

AudioSermonIndex - audio Bible, sermons, videos, podcasts and more

Online Mobile (Handheld Devices and Cell Phone) Resources for the Bible:

Zondervan Mobile - mobile device web page for Bible search tools, readings, news resources and more (available during wi-fi connections); Mobile Bible search: zbible.mobi/
searched various Bible versions.

MoBible - allows your cell phone online WAP access of the Bible (versions include NIV, KJV, NEB, ASV), includes Bible search and devotionals (also works with wireless PDAs, etc.)

Go Bible - for Java mobile phones (Note: if you have an LG phone, check out Game-Thing.com tool for uploading programs)

KJV Go Bible KJV Mobile Bible - for accessing via your cell phone (kjvbible.mobi)

ESV Bible - Mobile - for accessing the English Standard Version on your cell phone (home page: www.gnpcb.org/esv/)

MBible - online mobile reading of Bibles (KJV and various translations in public domain) and commentaries

BiblePhone - read the Bible on your cell phone (for WAP/GPRS access go to: http://biblephone.net/wap/)

MobiBible - online mobile Bible for access through your PDA or cell phone (various public domain versions)

WAPBibles - mobile phone access to download Bibles in various versions and languages provided by the World Bible Societies (fee involved)

Extensive Index to more Online Bible Resources:

internetdynamics.com/pub/vc/bibles.html

www.arkwebsministries.com/bible/ (direct link: fish-the.net/online_bibles.htm)

Bible Study Resources for Handhelds:

Here are the main providers of reader software and references materials (multiple versions of Bible, commentaries, dictionairys, encyclopedias, literature, study notes, personal study aids, maps, etc.) for use on handhelds such as PDAs and Smartphones (all have versions for Palm and Windows Mobile handhelds, all have a free reader, but charge for some versions of Bible and other publications):

OliveTree

GMPSoft

Laridian (also offers free version that allows you to access your registered documents in Windows and sync with your handheld)

Friday, October 26, 2007

Three Things Every Seller, Buyer and Their Agent Should Know

In today’s market, it’s not only the agents who need to be on their toes when it comes to staying ahead in the changing market, but buyers and sellers as well. Here, three agents discuss the three most important things every one involved in the real estate transaction needs to know. (Source: RISMedia.com)

More Information . . .

Thursday, October 25, 2007

Americans Prefer to Spend More on Mass Transit and Highway Maintenance, Less on New Roads

Three-fourths of Americans surveyed believe that either being smarter about development or improving public transportation are both better long-term solutions for reducing traffic congestion than building new roads, according to a survey sponsored by the National Association of Realtors®(NAR) and Smart Growth America (SGA).

The 2007 Growth and Transportation Survey details what Americans think about how development affects their immediate community, and traffic congestion was a top concern. Nearly half of those surveyed think improving public transit would be the best way to reduce congestion, and 26 percent believe developing communities that reduce the need to drive would be the better alternative. Only one in five said building new roads was the answer.

More information...

Down-Payment Assistance Programs Cut By Government

For a decade, credit-challenged homebuyers have used a regulatory loophole that lets them get Federal Housing Administration mortgages without putting their own money down, while at the same time avoiding costly subprime loans. About 7,000 buyers per month were exploiting the loophole, and now the feds are squeezing it shut. (Source: BankRate.com)

More Information . . .

Wednesday, October 24, 2007

Mortgage Availability Improving But Hampered September Existing-Home Sales

WASHINGTON - Temporary problems in the mortgage market are easing and are expected to free some pent-up demand, but disrupted existing-home sales and distorted prices on sales closed in September, according to the National Association of Realtors® (NAR). Even so, prices rose in the Northeast and Midwest.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.0 percent to a seasonally adjusted annual rate1 of 5.04 million units in September from a downwardly revised pace of 5.48 million in August, and are 19.1 percent below the 6.23 million-unit level in September 2006.

The third quarter finished better than expected, with a 5.42 million annual rate of existing-home sales versus the 5.38 million forecast by NAR.

Lawrence Yun, NAR senior economist, said the decline is understandable. “Mortgage problems were peaking back in August when many of the September closings were being negotiated, and that slowed sales notably in higher priced areas that rely more on jumbo loans,” he said. “The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products. Some of the cancelled transactions will move forward as buyers apply for other loans.”

The national median existing-home price2 for all housing types was $211,700 in September, down 4.2 percent from September 2006 when the median was $220,900; this follows three months of stability in comparing with year-ago prices. The median is a typical market price where half of the homes sold for more and half sold for less.

“Because there were fewer transactions at the upper end of the market, there is a downward distortion reflected in a lower national median home price. Home prices continue to trend up in the Northeast and in the condo sector. In other areas not dependent on jumbo loans, such as much of the Midwest, prices are rising.”

Total housing inventory inched up 0.4 percent at the end of September to 4.40 million existing homes available for sale, which represents a 10.5-month supply3 at the current sales pace, up from a downwardly revised 9.6-month supply in August. “It appears raw inventories are stabilizing, but the housing supply is a bit inflated now because the sales pace does not reflect underlying market conditions – sales were dampened by the mortgage cancellations,” Yun explained. “Once the pent-up demand begins to move, we’ll see housing supplies begin to ease and then prices will edge up.”

NAR President Pat V. Combs said housing remains a good long-term investment. “Because local conditions vary widely, it’s important for consumers to understand the fundamentals of what’s going on in their area. To sort through the factors in a particular neighborhood, both buyers and sellers should consult with a Realtor® to help them navigate the current local market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.38 percent in September from 6.57 percent in August; the rate was 6.40 percent in September 2006.

Single-family home sales dropped 8.6 percent to a seasonally adjusted annual rate of 4.38 million in September from a pace of 4.79 million in August, and are 19.8 percent below 5.46 million-unit pace in September 2006. The median existing single-family home price was $210,200 in September, down 4.9 percent from a year ago.

Existing condominium and co-op sales fell 4.3 percent to a seasonally adjusted annual rate of 660,000 units in September from 690,000 in August, and are 14.7 percent below the 774,000-unit level in September 2006. The median existing condo price4 was $221,700 in September, up 1.4 percent from a year ago.

Regionally, existing home sales in the Northeast dropped 10.0 percent to a pace of 900,000, and are 13.5 percent lower than September 2006. The median price in the Northeast was $261,700, up 0.5 percent from a year ago.

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

# # #

1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. 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.

2The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the geographic composition of sales can distort median price data.
Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

3 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982. Comparisons of current total month’s supply with single-family data prior to 1999 are broadly valid because single-family homes accounted for more than nine out of 10 purchases in the earlier timeframe (e.g., condos were 9.5 percent of transactions in 1998, 8.5 percent in 1990 and only 6.1 percent in 1982).

4Because 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.

Saturday, October 20, 2007

Selling Tactics: Buyer's Incentives for a Slow Market

In a slowing market, sellers can find it tempting to believe in magic solutions. With unsold inventories growing in most areas, some sellers resort to offering flashy incentives for buyers. Everything from big-screen TV's to vacation packages are being tacked onto listings in the hope of luring in interested buyers.

In truth no amount of flash or gimmickry will change how buyers feel about your home's core qualities, but incentives that appeal to a buyer's wallet can be effective in certain situations. Below are some buyer's incentives that may help set your home apart from the rest:

Paying Points - The current housing slump has placed mortgage concerns in the minds of many buyers. Sellers who offer to pay mortgage points for the buyer (sometimes referred to as "buying down the mortgage") are more likely to attract buyers who are nervous about their monthly payments or interest rate. Each point you pay equals 1 percent of the loan amount, so mortgage buy downs lower both the interest rate and the monthly payment.

Down-Payment Aid - One of the biggest hurdles for many homebuyers, especially first-time homebuyers, is the down payment. Help with the down payment may in many cases be more important to the buyer than the actual asking price itself. This incentive works well for those selling "starter" homes that are more likely to draw first time homebuyers.

Closing Costs Help - Legal fees, title insurance, filing fees - closing costs can add up in a hurry for buyers, typically totaling somewhere between 2 and 7 percent of the total loan amount. Sellers who offer to assist with the closing costs will appeal to cash buyers short on cash.

Home Warranty - Including a year (or two) of home warranty coverage serves as a peace of mind for the buyer that they won't have to foot the bill for unexpected repairs in the first year or two of ownership. Most policies include service to the home's HVAC, interior plumbing, appliances and major fixtures. The low cost of home warranties (typically a few hundred dollars) makes them a low risk-high reward incentive to offer.

Maintenance Fees - Some features of a home that you may consider "selling points" (pool, hot tub, sauna, gas fireplace, AC system, etc) can actually seem like detractions to buyers due to their related maintenance costs. You can assuage a buyer's concerns by offering to pay for the first year's worth of maintenance.

Landscaping - Offering to spring for a few additional landscape features can be a nice way to let buyers add personal touches to the property without taking on personal expense. Keep in mind that adding such touches on before putting the home on the market may have a greater impact (provided, of course that your landscaping choices aren't woefully misguided).

Condo/Homeowner's Association Fees - In a condominium complex or planned community, homeowner's dues add to the monthly cost of ownership. If the first year's worth of dues are taken care of by the seller, potential buyers have one less early-expense to worry about.

Price Reduction - Price reductions don't usually come to mind when discussing incentive strategies, but really no single factor is more important than the asking price. A well-timed price reduction can indicate to buyers that you are flexible and serious about selling the home.

Upgrades - In most cases major home repairs and touch ups should be completed prior to putting the listing on the market. However, offering to finance certain aesthetic changes, such as new exterior or interior paint, can be marketed as a means for the buyer to add their own personal touch to the home.

Extras - If you're going to offer a "throw-in" as an incentive, why not tailor the offer to the charms of your home? For example, the antique hutch that perfectly compliments your entryway might be included in the list price. If you've invested time and money in a prized back deck, including a premium gas grill could be a logical pairing. Buyers often view wild incentive offers with skepticism, but "thoughtful throw-ins" don't carry the same air of desperation.

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).

Using Programmable Thermostats

One of the smartest ways for homeowners to cut down on energy costs is to install a programmable electronic thermostat. While commonplace in new construction, many older homes rely on manual mercury thermostats. Programmable thermostats are:

More accurate: Energy Star thermostats have a 2 degree +/- level of accuracy.

Convenient: With automated controls, there's no need to constantly change temperature settings by hand.

Economical: When used properly, homeowners save an average of $150 a year on energy bills.

Easier on the conscience: Using less energy helps lower greenhouse gas emissions related to energy production.

Buying
Bring along the brand name and model number of your old thermostat as well as your heating and air conditioning units to make sure any new thermostat you purchase will be compatible. Look for models that have earned the Energy Star designation - these units have met strict energy efficiency guidelines set by the government.

In general, programmable thermostats fall into three categories. 7-day models allow you to customize the heating schedule for each day of the week. 5-2 day models allow you to set one heating schedule for weekdays, and another for weekends. 5-1-1 day models allow you to set a schedule for weekdays and individual schedules for both Saturday and Sunday.

Other features to consider:
Digital displays
Touch pad programming
Voice programming
Phone programming
Hold/Vacation features
Heating/cooling system monitors

Installation
While thermostats can be replaced and installed DIY-style, in most cases it's usually best to leave the job to the professionals. Many retailers will provide installation at either no cost or a nominal fee. A certified HVAC professional can also install and setup your thermostat. The thermostat should be installed on an interior wall, away from heating and cooling vents and any other sources of heat or drafts (fireplaces, doorways, skylights etc.).

Use
All thermostats with the Energy Star seal of approval allow 4 default program periods per day, allowing you to set different temperatures for morning, day, evening and night. Here are some rules of the road to help maximize energy efficiency:

1. Maintain the temperature at the energy-saving set points for long periods of time (8 hours minimum) whenever possible. For example, use the energy-saving settings for 8+ hours while you're away at work, and the night setting for 8+ hours after you go to sleep.

2. In general, your "low" settings should be around 8 degrees cooler than your comfort temperature in winter, and 4 degrees warmer in summer.

3. The current temperature may be set higher or lower using temporary "holds". These changes to the pre-programmed schedule are cancelled out at the start of the next program period. Use holds sparingly to increase energy savings.

4. Most units have 2 "hold" features: temporary and extended/vacation. The extended/vacation setting should only be used in cases where you will be away from home for an extensive period of time. Temporary holds should be used for day-to-day use.

5. Check the thermostat's batteries each year (most units have a battery power indicator).

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.

Friday, October 19, 2007

Ameridream Rescued by HUD Until 2/29/2008

GAITHERSBURG, Md. -- At the request of AmeriDream, HUD has voluntarily agreed today that the HUD rule banningseller-funded down payment assistance will not be effective with respect toAmeriDream until February 29, 2008. HUD will recognize all applicationsthat have a signed sales contract prior to the effective date, according toits Congressional testimony.

This agreement applies only to Ameridream, a leading non-profit in affordable housing. AmeriDream will be able to fund gift applications received until February 29, 2008, and will be only one of two entities that may offer seller-funded down payment assistance after October 31, 2007.

Wednesday, October 17, 2007

Federal Reserve Beige Book October 2007 Report

Anecdotal reports from the Federal Reserve Banks suggest economic activity continued to expand in all Districts in September and early October but the pace of growth decelerated since August. Growth was similar to that observed in the last Beige Book in seven Districts--Atlanta, Boston, Chicago, Minneapolis, New York, Philadelphia and St. Louis. The economy grew at a slower rate in five Districts--Cleveland, Dallas, Kansas City, Richmond and San Francisco. The expansion was variously characterized as "moderate," "modest" and "mixed."

Consumer spending expanded, but reports were uneven and suggest growth was slower in September and early October than in August. The manufacturing and service sectors continued to expand, but growth weakened--mostly for products and services related to home construction and real estate transactions. Several manufacturing and service firms reported that weaker domestic demand was offset by strong sales to global markets.

Residential real estate markets continued to weaken, and most Districts reported additional declines in home sales, prices and construction. Financial institutions reported an increase in delinquencies and slight deterioration in credit quality. Lenders in many Districts tightened credit standards, particularly for real estate. The majority of reports indicated an increase in business lending but a decline or slower growth in consumer lending.

Activity in the energy industry is still robust but growth has slowed. Favorable agricultural conditions are contributing to a bumper crop throughout much of the country, but drought continues to hamper production in the southeast.

Contacts in a number of industries indicated a higher-than-usual degree of uncertainty about the outlook for economic activity. Many real estate contacts expect housing markets to remain subdued for several months. At firms without direct ties to real estate and construction, contacts are still wary that credit tightening and slowing construction might slow activity in their industry, but there is cautious optimism because few see much evidence of such spillovers at this time.
Job growth eased in some regions, but labor shortages were reported for many occupations in most Districts and are said to be restraining economic activity in some instances. Wages rose moderately except for workers in short supply, where sharp increases were reported for some positions. Upward pressure on input costs are reported in most Districts, but competitive pressures are restraining the ability to pass higher input costs to selling prices in many instances.

In the Philadelphia (Third District) region, business activity expanded in September. Manufacturers, on balance, reported increases in new orders and shipments. Retailers generally reported sales gains in September compared with August and with a year ago. Auto sales were flat from August to September, and below the year-ago level. Overall bank lending rose in September, but the rate of growth slowed from August. Residential real estate demand remained weak, although some builders had increased sales in response to price reductions. Firms reporting on labor costs generally noted a continuing trend of moderate increase in wages, but several said increases in health care benefits costs were large. Firms reported increases in input costs and output prices in September, although the extent of the increases did not appear to have changed much since August. However, there appeared to be more retail price hikes for food products in September than in August.

Third District firms generally foresee continued growth, except in real estate activity, in the next few months. Manufacturers expect increases in demand for their products. Retailers generally expect sales to increase at their current rate, although they are not unanimous. Auto dealers are not certain of the near-term outlook, but most do not expect the sales rate to strengthen. Bankers anticipate slow expansion in business and personal lending, although some expect a pickup from the current growth rate in these credit categories, but they expect residential mortgage lending to remain weak. Home builders and residential real estate agents expect sales to remain slow. Contacts in commercial real estate anticipate steady demand for office and industrial space, and they believe office and infrastructure construction activity might increase late this year and into next year.

Source Beige Book

Click here for the Federal Reserve October 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)

Thursday, October 11, 2007

Mortgage Applications Increasing

Demand for loan applications to purchase homes and refinance existing mortgages rose last week, after total loan requests fell the prior two weeks, an industry trade group said Wednesday. (Source: USAToday.com)

More Information . . .

White House To Help Mortgage-Holders

The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. (Source: CNNMoney.com)

More Information . . .

HUD Awards Over $18 Million To Fight Housing Discrimination

This week The Department of Housing and Urban Development awarded 88 grants totaling $17.1 million to recipients in 37 states and the District of Columbia to help fight housing discrimination. (Source: HUD)

More Information . . .

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).

Skydiving In New Jersey

Leading Skydiving dropzone and training facilities are available in New Jersey and the Delaware Valley, with one of the major facilities on the east coast located at the Cross Keys Airport in Williamstown, NJ (part of Monroe Township, Gloucester County, South Jersey).

Click here for my blog article about my recent first-time skydiving adventure with daughter and son this past weekend.

Wednesday, October 10, 2007

Improved Mortgage Market Will Help Housing in 2008

WASHINGTON - Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®(NAR).

Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.

Yun said it’s important to place the current housing market in perspective, and that 2007 will be the fifth highest year on record for existing-home sales. “Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year – a lot of people are, in fact, buying homes,” he said. “One out of 16 American households is buying a home this year. The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains.”

He emphasized all real estate is local with naturally large variations within a given area. “Markets like Austin, Salt Lake City and Raleigh have been outperforming recently and will continue to do well next year,” Yun said. “Other areas like Denver and Wichita will likely move up in the price growth rankings due to very positive local economic developments.”

Existing-home sales are expected to total 5.78 million in 2007 and then rise to 6.12 million next year, in contrast with 6.48 million in 2006. New-home sales are forecast at 804,000 this year and 752,000 in 2008, down from 1.05 million in 2006; a recovery for new homes will be delayed until next spring.

“A cutback in housing construction is a positive sign for the market because it will help lower inventory and firm up home prices,” Yun said. Housing starts, including multifamily units, are likely to total 1.37 million in 2007 and 1.24 million next year, down from 1.80 million in 2006.

NAR President Pat V. Combs said, “Housing is still a good long-term investment, and we’ll be seeing a broad, modest improvement in home prices in 2008. With widely varying conditions, the best advice for consumers is to consult a Realtor® in their area to learn about local market conditions because supply and demand can change from one neighborhood to the next.”

Existing-home prices will probably slip 1.3 percent to a median of $219,000 in 2007 before rising 1.3 percent next year to $221,800. The median new-home price should drop 2.1 percent to $241,400 this year, and then increase 1.0 percent in 2008 to $243,900.

The 30-year fixed-rate mortgage is expected to average 6.4 percent for the next two quarters and then edge up to the 6.6 percent range in the second half 2008. Additional cuts expected in the Fed funds rate will help to keep mortgage interest rates historically favorable.

Growth in the U.S. gross domestic product (GDP) is estimated at 2.0 percent this year, below the 2.9 percent growth rate in 2006; GDP is likely to grow 2.7 percent next year.

The unemployment rate is forecast to average 4.6 percent this year, unchanged from 2006. Inflation, as measured by the Consumer Price Index, is expected to be 2.8 percent in 2007, compared with 3.2 percent last year. Inflation-adjusted disposable personal income will probably increase 3.6 percent in 2007, up from 3.1 percent last year.

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.

# # #

IMPORTANT NOTICE: Beginning next month, the Pending Home Sales Index and the forecast will be combined into a single news release when the forecast is presented on Tuesday, November 13, at the REALTORS® Conference & Expo in Las Vegas. Because of different time zones, the release will be embargoed until 3:00 p.m. EST (12:00 noon PST).

Tuesday, October 09, 2007

NOAA Forecast: Above-Average Winter Temperatures for U.S.

Washington — NOAA forecasters at the 2007-2008 Winter Fuels Outlook Conference called for above-average temperatures over most of the country and a continuation of drier-than-average conditions across already drought-stricken parts of the Southwest and Southeast. “La Niña is here, with a weak-to-moderate event likely to persist through the winter,” said Michael Halpert, head of forecast operations and acting deputy director of NOAA’s Climate Prediction Center.

For the 2007-2008 U.S. winter, from December through February, NOAA seasonal forecasters predict: In the Northeast and the Mid-Atlantic,temperatures are expected to be above average in response to the long-term warming trend. Snowfall for the region will depend on other climate factors, which are difficult to anticipate more than one-to-two weeks in advance.

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).

Foxtons Files For Bankruptcy in New Jersey Courts

Foxtons, the residential real estate company known for it's heavy discounting of commissions and notorious among real estate agents for it's poor and frustrating service in handling real estate transactions, filed for Chapter 11 bankruptcy in Trenton, New Jersey this past week along with it's affiliate, Foxtons Financial.

According to most published reports of filed bankruptcy documents, the company, under the name Foxtons of North America, is headquartered in Long Branch, New Jersey. The documents list over $40 million in liabilities with assets of only $488,000. Reportedly, $90 thousand of those assets are in the form of a Bentley.

A large portion of the liabilities are owed to it's original parent company, Foxtons, Ltd of London and Foxtons of London's holding company, Heven Holdings, Ltd. (By the way, some news reports had previously appeared that listed debt of $480,944 and assets of $2.6 million.)

Foxtons has fired most of it's 380 employees, with about 30 remaining to help wind down operations. It has been reported that a few that were let go have already initiated lawsuits seeking damages for lost wages.

Under the umbrella name of Foxtons of North America are included a mortgage broker, a title agency, a settlement agency and an advertising agency. An affiliate, Foxtons Financial, is based in Marlton, NJ.

Apparently, the company had have been under-pricing its services and working with razor thin financial margins -- which may have been able to get it by in an exploding market, but now that the market has corrected and is normalizing the company could now longer sustain itself.

CEO John Hunt has suppsedly poured over $102 million into the company since 2000 and can no longer continue putting in money with little hope of loses stopping any time soon.

Foxtons of North America was originally started in 1999 when Foxtons of London purchased YourHomeDirect. Foxtons' British portion was sold to a private equity firm, BC Partners, in May of this year, but Foxtons North America was left out of the deal and under control of Jon Hunt.

Foxtons currently has over 4000 homes listed for sale and plans to use the proceeds from these sales (estimated in court documents at up to $2.6 million) to help pay it's creditors. However, it remains to be seen if those homes will sell before their listing agreements expire and what level of service the home sellers will be provided in order to properly market and complete sales that are in progress.

From what we can tell from Foxtons' main web site, they are attempting to transfer (sell?) the currently listings to another broker, yet unnamed.

We've since encountered numerous complaints by buyer's agents that they are having difficulty scheduling access to listed homes to show their potential buyers.

If your listing agreement with Foxtons that has expired and you now have a potential buyer, we can help you quickly close. Feel free to Contact us.

References:
Courier-Post
Asbury Park Press

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, October 05, 2007

Improved Land Use WIll Mitigate Climate Change

If you are looking for a major contribution to climate change, you need walk no further than your front doors. Growing Cooler: The Evidence on Urban Development and Climate Change (PDF), published by the Urban Land Institute (ULI), is a comprehensive review of dozens of studies in which the researchers conclude that urban development is both a key contributor to climate change and an essential factor in combating global warming. (Source: Realty Times)

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, October 03, 2007

Near-Term Dampening of Existing Homes Sales Forecasted by NAR

WASHINGTON - Pending sales of existing-homes activity will be dampened near-term as mortgage disruptions continue to impact the housing market, according to the National Association of Realtors®(NAR).

The Pending Home Sales Index*, a forward-looking indicator, fell 6.5 percent to a reading of 85.5 from an upwardly revised 91.4 in July, based on contracts signed in August. It was 21.5 percent below the August 2006 index of 108.9.

Lawrence Yun, NAR senior economist, said the mortgage market impact is quantifiable. “Fewer contracts were being written because of mortgage availability issues, and a separate internal survey of our members shows more than 10 percent of sales contracts fell through at the last moment in August, primarily the result of canceled loan commitments,” he said. “The volume of activity we’re seeing today is below sustainable market fundamentals because some creditworthy people are trying to buy homes but can’t because of the credit crunch.

“The impact was greater in high-cost markets that are more dependent on jumbo mortgages. In some areas, as much as 30 percent of signed contracts were falling through in August when the credit crunch problem peaked,” Yun said. “The problem has since become less severe, though jumbo loan rates are still higher than they would be under normal conditions. Therefore, sales activity in late fall will better reflect market fundamentals.”

The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Annual changes in the index are more closely related to actual market performance than are month-to-month comparisons. As the relatively new index matures and seasonal adjustment factors are refined, the month-to-month comparisons will become more meaningful.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

The PHSI in the Northeast fell 8.3 percent in August to 77.3 and was 18.3 percent below a year ago.

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 relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

The forecast will be revised October 10, and existing-home sales for September will be released October 24. The next Pending Home Sales Index will be on November 1.

Monday, October 01, 2007

Real Estate Cyber Tips - October 2007

CYBER MAGIC TRICKS

TRICK#1

What Were You Worth in 1982?
The shirking dollar affects all of our wallets and one of the best measures of the average change in our purchasing power is the Consumer Price Index (CPI) that calculates the average price change of goods and services over time.This neat site provides a little calculator that quickly tells you how prices have changed over the years. Just enter the cost of a product or service in a specific year and by applying the CPI statistics, you instantly get the cost today.There is also more useful information about CPI and CPI calculations at this helpful place.
Click Here for This Cyber Trick

TRICK#2

Uninstall With Ease!
Want an easy way to uninstall that program you don’t want on your computer any more? The Windows standard “Remove Programs” often leaves lots of remnants. This neat program does the job efficiently and comes with a satchel of useful related functions.There’s a cleaver function called “Hunt Mode” that allows you to right click on any application shortcut icon and easily perform many tasks including uninstalling, canceling auto start, and initiating Google related searches.Handy tool – lots of extras - priced right – it’s on the house.
Click Here for This Cyber Trick

GREAT PLACES!

GREAT PLACE #1

Who Made That Pesky Phone Call?
Did you ever get strange calls from someone who either hangs up, asks questions, tries to sell you questionable products or services or was just plain obnoxious? If you have caller ID you can go to this interesting place, type in the caller’s number and access reports from others who have been offended by the same culprits. This neat place has lots of other search functions and information about telemarketing, harassing calls and the Do Not Call Registry.
Click Here for This Great Place

GREAT PLACE #2

Listen To The Book of Your Choice!
Say farewell to book tapes and CDs! Now you can choose from over 35,000 titles and download the book of your choice for portable listening anywhere and anytime that suits your fancy.When you visit this great place you can search for the book by title, author or keyword. Once you find the book of your choice you can listed to a sample narration – often by the author. You don’t have to worry about returning the book on time, or carrying around tapes or CDs. And, because these books are digital, you can download your book and listen to it right away.If you are a reader and don’t mind becoming a listener, this great pace is worth checking out.
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)