Realty Reality: April 2008

Tuesday, April 29, 2008

Second Homes Were One-Third of Total Home Sales in 2007

WASHINGTON - The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all existing- and new-home sales, which is close to historic norms, according to the National Association of REALTORS®(NAR).

The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.

NAR’s annual Investment and Vacation Home Buyers Survey shows vacation-home sales dropped 30.6 percent to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million in 2006. At the same time, primary residence sales declined 10.0 percent to 4.34 million in 2007 from 4.82 million in 2006.

Lawrence Yun, NAR chief economist, said the findings suggest different cycles for each of the sectors over the past two years. “Investment-home sales declined sharply in 2006 as speculators disappeared, leaving the market to serious buyers, with the pattern continuing in 2007,” he said. “Vacation-home sales rose to a new record in 2006 because there was a pent-up demand from buyers who couldn’t find a property as a result of tight supplies in preceding years.”

The overall sales decline in 2007 resulted from a combination of factors. “Certainly, second homes are discretionary purchases and there is a natural tendency to pull back from big-ticket items in periods of uncertainty,” Yun said. “The other factor is the disruption in the mortgage market, with a significant tightening of credit during the second half of 2007. Some buyers simply adopted a wait-and-see attitude.”

Yun said lifestyle factors and strong demographics remain positive for the vacation home market. “Investment considerations are secondary for vacation-home buyers, so there is some dormant underlying demand,” he said. “A peak of population is moving through the prime years for buying recreational property. It is welcoming to see investment sales returning to pre-boom sales activity.”

The median price of a vacation home was $195,000 in 2007, down 2.5 percent from $200,000 in 2006. The typical investment property cost $150,000 last year, unchanged from 2006.

Fifty-nine percent of vacation homes purchased in 2007 were detached single-family homes, 29 percent condos, 7 percent townhouses or rowhouses, and 5 percent other. In 2006, single family homes accounted for 67 percent of vacation-home sales, while condos were 21 percent.

There were no significant changes in investment housing types. Sixty-one percent of investment homes purchased in 2007 were detached single-family homes, 20 percent condos, 11 percent townhouses or rowhouses, and 8 percent other. Twenty-eight percent of vacation-home buyers paid cash for their property, as did 35 percent of investment buyers.

Sixty-five percent of vacation home buyers and 71 percent of investment home buyers purchased existing homes, while the remainder purchased new homes.

The typical vacation-home buyer in 2007 was 46 years old, had a median household income of $99,100, and purchased a property that was a median of 287 miles from their primary residence.

In listing the reasons for purchasing a vacation home, 84 percent of buyers wanted to use the home for vacation or as a family retreat; 30 percent to use as a primary residence in the future; 26 percent to diversify investments; 25 percent to rent to others; 16 percent for the tax benefits; 14 percent for use by a family member, friend or relative; and 6 percent because they had extra money to spend.

Last year, 19 percent of vacation homes were purchased in the Northeast, 16 percent in the Midwest, 41 percent in the South and 24 percent in the West. In terms of location, 30 percent of vacation homes were purchased in rural areas, 20 percent in resorts, 20 percent in a suburb and 14 percent in an urban area or central city.

Investment-home buyers last year had a median age of 42, earned an income of $92,900, and bought a home that was relatively close to their primary residence – a median distance of 27 miles.

When asked about the most important reasons for their purchase of an investment home, 51 percent said to provide rental income; 39 percent to diversify investments; 21 percent to use for vacations or as a family retreat; 16 percent for use by a family member, friend or relative; 11 percent for tax benefits; 10 percent to use as a primary residence in the future; and 4 percent because they had extra money to spend.

Twenty-three percent of investment properties purchased in 2007 were in the Northeast, 19 percent in the Midwest, 38 percent in the South and 21 percent in the West.

Thirty-nine percent of investment homes were purchased in a suburb and another 20 percent in an urban or central city area, 21 percent in a small town, 15 percent in a rural area, and 5 percent in a resort area.

Vacation-home buyers plan to keep their property for a median of 10 years; 38 percent plan to keep their vacation home for 11 years or more. Investment buyers plan to hold their property for a median of four years, with 29 percent planning to keep for six years or more. However, 10 percent of investment buyers plan to sell in one year or less.

Eight in 10 second-home buyers consider it a good time to invest in real estate, compared with 59 percent of primary residence buyers. Forty-four percent of vacation-home buyers and 57 percent of investment buyers said they were likely to purchase another property within two years.

NAR’s 2007 Investment and Vacation Home Buyers Survey, conducted in March 2008, includes answers from 1,965 usable responses. The survey controlled for age and income, based on information from the larger 2007 National Association of REALTORS® Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.

The 2007 Investment and Vacation Home Buyers Survey can be ordered by calling 800/874-6500, or online at www.realtor.org/newresearch. The cost is $50 for NAR members and $125 for non-members.

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

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

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

Saturday, April 26, 2008

Search All Foreclosures In New Jersey for Free!

Thanks to a recent agreement between RE/MAX of New Jersey and RealtyTrac, you can now take advantage of foreclosure data which has been integrated into the property search of our New Jersey resources web site.

This will allow you to search a comprehensive database of pre-foreclosure and foreclosure properties (including properties in auctions and those owned by banks).

You will have free access to the basic distressed property information.
If additional detailed information is desired, you will then have the option to register for the 7-day free trial or to subscribe.

Search all New Jersey Foreclosure Properties Now

Friday, April 25, 2008

Reminder: May 13 Marks Voter Registration Deadline in New Jersey

The last day to register to vote in the June 3 primary election is May 13, 2008. This is an excellent opportunity to make sure your voice is heard.

Access the voter registration application online.

Make sure to visit NJAR®'s voter’s webpage for important information on election deadlines and voting instructions.

Tuesday, April 22, 2008

Existing-Home Sales for U.S. Slip in March, But Up for Northeast

First the GOOD NEWS for the Northeast: While national sales activity was down, the Northeast region rose 2.2 percent from last month. NAR also reported the median price in the Northeast was $284,300, up 4.6 percent from a year ago... here is the NAR press release...

WASHINGTON - Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors®(NAR).

Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate (1) of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.

Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”

The national median existing-home price (2) for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.

A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.97 percent in March from 5.92 percent in February; the rate was 6.16 percent in March 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher downpayment percentages than may be necessary,” he said. “On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a Realtor® in their area to learn about the kind of financing that may be available to meet their needs.”

Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful – what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”

Total housing inventory rose 1.0 percent at the end of March percent to 4.06 million existing homes available for sale, which represents a 9.9-month supply (3) at the current sales pace, up from a 9.6-month supply in February.

Single-family home sales fell 2.7 percent to a seasonally adjusted annual rate of 4.35 million in March from 4.47 million in February, and are 18.4 percent below the 5.33 million-unit pace in March 2007. The median existing single-family home price was $198,200 in March, down 8.3 percent from a year ago.

Existing condominium and co-op sales rose 3.6 percent to a seasonally adjusted annual rate of 580,000 units in March from 560,000 in February, but are 25.5 percent below the 779,000-unit level a year ago. The median existing condo price (4) was $219,400 in March, which is 2.8 percent lower than March 2007.

Regionally, existing-home sales in the Northeast rose 2.2 percent to an annual pace of 910,000 in March, but are 18.8 percent below March 2007. The median price in the Northeast was $284,300, up 4.6 percent from a year ago.

Existing-home sales in the West rose 2.2 percent in March to a level of 940,000 but are 22.3 percent below a year ago. The median price in the West was $285,100, which is 14.7 percent lower than March 2007.

In the South, existing-home sales fell 3.5 percent to an annual rate of 1.92 million in March and are 20.0 percent below March 2007. The median price in the South was $167,200, down 7.1 percent from a year ago.

Existing-home sales in the Midwest dropped 6.5 percent to an annual rate of 1.16 million in March, and are 15.9 percent below a year ago. The median price in the Midwest was $152,600, down 5.3 percent from March 2007.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 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. 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. Condos were tracked quarterly prior to 1999 when single-family homes accounted for more than nine out of 10 purchases (e.g., condos were 9.5 percent of transactions in 1998, 8.5 percent in 1990 and only 6.1 percent in 1982).

(4) 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 April will be released May 23, and the next Forecast/Pending Home Sales Index is scheduled for May 7.

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

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

Sunday, April 20, 2008

Updated School Reports for the Delaware Valley

The Philadelphia Inquirer recently came out with it's latest edition of the Report Card on Schools for the Delaware Valley. For school contact information, statistics and to see how your district, or the district to which you are considering moving, compares with other schools in the state over a range of areas including spending, salaries, special programs and diversity,

Click here for Southern New Jersey

For additional South Jersey schools reporting, as well as local community information, click here to access our Local Resources page on our web site.

Click here for Southeastern Pennsylvania

For additional Pennsylvania schools reporting, search and comparisons by address, zip or by mapping, as well as local community information, click here to access our Local Information page on our web site.

For a list of Southeastern PA school districts provided by our local Realtors Association, click here.

Dining Out: How To Eat Shushi

For those that may not be familiar with eating sushi and want to know the proper etiquette when dining out, or especially if you will be dining with business associates you may be Japanese, here is a short video explaining the main points to keep in mind...

Saturday, April 19, 2008

World News Translator

For those traveling or doing business with other parts of the world that do not have English as their native language, this site automatically translates almost every major online newspaper in the world as well as almost any web page.

It's translations are provided by: Babel Fish, Systran, Ajeeb, Al Misbar, and InterTran.

Available language Pairs: English, Spanish, French, German, Italian, Portuguese, Russian, Chinese, Japanese, Korean, Arabic, Bulgarian, Croatian, Czech, Danish, Dutch, Finnish, Greek, Hungarian, Icelandic, Norwegian, Tagalog, Polish, Romanian, Serbian, Slovenian, Swedish, Turkish, Welsh.

You first select your language pair, for example German to English, then select the German language news site and read in English...

NEWSTRAN.COM

(Click here for directory of online translation sites.)

Friday, April 18, 2008

Reconnecting Children With Nature

I was listening to the radio while driving this morning and I happened to come across a talk show on a local radio station that was interviewing the child advocacy author, Richard Louv. He was promoting his book, Last Child In The Woods, which is subtitled, "Saving Our Children From Nature-Deficit Disorder".

As I tuned in, Louv was talking about the type of childhood playing outdoors that those of us growing up in the previous generations experienced. Most of us remember the fun we had in our freedom to explore our surroundings and play creatively -- without a lot of the artificial environments and restrictions imposed today on children in the name of security and as a result of community developments.

The back cover of the book states: "In his landmark work Last Child in the Woods, Richard Louv brought together cutting-edge studies that pointed to direct exposure to nature as essential for a child's healthy physical and emotional development. Now this new addition updates the growing body of evidence linking the lack of nature in children's lives and the rise in obesity, attention disorders, and depression. Louv's message has galvanized an international back-to-nature campaign. His book will change the way you think about our future and the future of our children." It proves children need nature as much as nature needs children.

For more resources to help your family and community to make sure that "no child is left inside", check out the Children and Nature Network web site, who's purpuse is to build a movement to reconnect children and nature.

Alternate address: www.cnaturenet.org

Thursday, April 17, 2008

Freddie Mac To Buy Conforming Jumbo Mortgages

Freddie Mac announces an agreement with major mortgage lenders, Wells Fargo Home Mortgage, Chase, CitiMortgage and WaMu, to buy conforming jumbo mortgages in high cost markets. Qualified borrowers can now apply for an array of fixed-rate or adjustable rate conforming jumbo mortgages that will be less expensive than non-conforming jumbo loans. (April 17, 2008, Freddie Mac)

More Information. . .

Wednesday, April 16, 2008

Federal Reserve Beige Book April 2008 Report

Reports from the twelve Federal Reserve Districts indicate that economic conditions have weakened since the last report. Nine Districts noted slowing in the pace of economic activity, while the remaining three--Boston, Cleveland, and Richmond--described activity as mixed or steady.

Consumer spending was characterized as softening across most of the country, with some Districts reporting year-over-year declines in retail and/or auto sales. In contrast, tourism was generally described as strong, with a number of Districts noting particular strength in foreign visitors. Reports on nonfinancial services varied by District: demand for transportation services was generally characterized as weak, while business and health services continued to expand; other service industries were said to be mixed. Trends in manufacturing also varied across Districts. Reports on real estate and construction were generally anemic for the residential sector; activity in the commercial sector has slowed. Financial institutions in many Districts indicated some deceleration in consumer loan demand, tightening in lending standards, and deterioration in asset quality. Most Districts reported improved conditions in the agricultural sector and robust activity in the energy industry.

Labor markets were mostly described as weakening since the last report, though a few Districts reported ongoing shortages of skilled workers and some Districts noted wage pressures. Increases in input costs were widespread, accompanied by somewhat smaller rises in selling prices.

In the Philadelphia (Third District) region, activity in the Third District, on balance, appeared to soften further in March, although some sectors made slight gains. Manufacturers reported declines in new orders and shipments, overall. Retailers generally reported sluggish sales, with many posting year-over-year decreases. Auto sales continued to fall. Bank lending has continued to increase moderately. Residential real estate sales and construction remained well below the pace of a year ago. Commercial construction activity remained slow. Service-sector firms gave mixed reports; some have had modest growth, but others have experienced declining business. Reports of increases in input costs and output prices were about as prevalent in March as they were in February. Wage increases were reported to be moderate.

The outlook among Third District businesses varies. Manufacturers' forecasts have improved somewhat since the last Beige Book. On balance, they expect increases in shipments and orders during the next six months. However, retailers have generally made further downward revisions to their 2008 forecasts, and some are uncertain that sales will turn up before the year comes to a close. Auto dealers expect sales in 2008 to be below those of 2007. Bankers anticipate slow expansion in overall lending but expect further deterioration in credit quality. Residential real estate agents expect sales to continue to be slow through the rest of the year. Contacts in commercial real estate anticipate slower leasing activity and fewer building sales this year compared with last year.

Source Beige Book

Click here for the Federal Reserve April 2008 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

Monday, April 14, 2008

Real Estate Industry Agrees on Standard for Distributing Real Estate Listings

WASHINGTON- The National Association of Realtors®(NAR) and other industry members of the Real Estate Standards Organization (RESO) have unanimously approved a draft standardized data format for distributing real estate listing information.

Real Estate Transaction Standard (RETS), an industry effort initiated by NAR and maintained by RESO, simplifies the process of sending real estate information by allowing brokers and MLSs to send their listing data to multiple real estate advertising Web sites without dealing with different data formats.

The standard was drafted and unanimously approved by a RESO working group composed of NAR’s Center for REALTOR® Technology and many of the real estate industry’s leading publishers and consumers of real estate listing data. They include MLS Assistant, MLS Listings Inc., MLSPIN, New Jersey MLS, TREND MLS, Move Inc. (operator of Realtor.com®), Bridge Interactive, Bainbridge, Cevado Technologies, CLRsearch, eNeighborhoods, eShowings, FBS Data Systems, Google, Homescape, Marketlinx, Oodle, Point2, PropBot, Prudential Preferred CRE, RealEstate.com, Realtracs, ThreeWide, Trulia, Vast, Yahoo! and Zillow.

The partnership of MLSs, vendors and real estate brokers came together to develop the standardized data format because they understand the business and technology needs of Realtors® today and their desire to get property information to home buyers faster and more efficiently.

“Realtors® are industry innovators and understand that more consumers than ever are seeking real estate information online,” said Mark Lesswing, NAR chief technology officer and senior vice president. “By collaborating with our RESO partners to standardize the data formats, we are making it easier for Realtors® to feed their clients’ property listings to multiple real estate sites in one format, saving them time and money.”

The draft standard will be implemented immediately by several of the partner organizations. Following their feedback, a final draft will be presented and voted on during a meeting of the partners in August.

NAR’s CRT was established to provide technology leadership, guidance and assistance for its members. CRT makes available informed industry insight, research and open-source applications through its mission of implementation, advocacy and information.

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

Friday, April 11, 2008

Senate Passes Bill to Ease Foreclosure Housing Crisis

The Senate passed the Foreclosure Prevention Act on Thursday that combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as grants for communities to purchase and fix up abandoned homes. Opponents argue that this tax credit would unfairly reward purchases that would have happened anyway while possibly devaluing other homes. The bill likely will be significantly redrawn by critics in the House. (AP, April 10, 2008, MSNBC.com)

Read more about the tax credit. . .

Wednesday, April 09, 2008

Existing-Home Sales to Stablize Before Upturn in Second Half of 2008

WASHINGTON - Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in February, slipped 1.9 percent to 84.6 from an upwardly revised reading of 86.2 in January, and was 21.4 percent lower than the February 2007 index of 107.6. “The slip in pending home sales implies we’re not out of the woods yet, though an era of successive deep sales declines appears to be over,” Yun said.

The PHSI in the Northeast rose 3.2 percent in February to 71.8 but remains 25.4 percent below a year ago. In the Midwest, the index declined 3.7 percent to 82.7 and is 17.4 percent lower than February 2007. The index in the South fell 5.5 percent in February to 85.0 and is 30.3 percent below a year ago. In the West, the index rose 2.1 percent in February to 95.8 but is 6.1 percent below February 2007.

Existing-home sales are likely to rise from an annual pace of 4.9 million in the first quarter to 5.9 million in the fourth quarter. With relatively weak activity in the first part of the year, existing-home sales for all of 2008 are forecast at 5.39 million, increasing 6.6 percent to 5.74 million in 2009.

“Exceptionally weak home sales related to jumbo loans problems will depress home prices in the first half of the year, but steady liquidity improvements in the conforming jumbo-loan market will help prices recover in the second half of the year,” Yun said. The aggregate existing-home price will probably ease by 1.4 percent to a median of $215,800 for all of 2008 before rising 3.7 percent to $223,800 next year.

Yun noted that there will continue to be wide variations in regional housing market conditions. “Some parts of the country that can expect improvement include the Northeastern region and the oil-patch states of Texas, Oklahoma, Louisiana and Arkansas,” he said. With lower interest rates and flat home prices in many areas, NAR’s housing affordability index is forecast to rise 14 percentage points to 127.0 in 2008.

New-home sales are projected to fall 25.7 percent to 576,000 in 2008 before rising 4.6 percent to 602,000 next year. Housing starts, including multifamily units, are estimated to drop 26.3 percent to 999,000 this year, and slip another 0.5 percent to 994,000 in 2009. The median new-home price will probably fall 3.6 percent to $238,400 in 2008, and then rise 4.0 percent next year to $247,800.

The 30-year fixed-rate mortgage, which has fluctuated recently, should average 5.8 percent in the second and third quarters, but trend up to an average of 6.3 percent in 2009.

“The economy will not grow in first half of the year,” Yun said. “However, the combination of recent fiscal stimulus enactment and the lagged impact of monetary policy will help jump start the economy in the second half.” Growth in the U.S. gross domestic product (GDP) is expected to be 1.4 percent in 2008 and 2.4 percent next year. The unemployment rate is forecast to average 5.4 percent this year and 5.6 percent in 2009.

Inflation, as measured by the Consumer Price Index, is projected at 3.4 percent in 2008 and 2.2 percent next year. Inflation-adjusted disposable personal income is likely to grow 1.2 percent this year and 3.0 percent in 2009.

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

# # #

(1) The Pending Home Sales 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.

The 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.

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.

Existing-home sales for March will be released April 22; the next Forecast / Pending Home Sales Index will be released May 7.

Monday, April 07, 2008

IRS Payment Options Available for Those Who Can’t Pay in Full

WASHINGTON — The Internal Revenue Service (IRS) reminds taxpayers who owe but can’t pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline.

Taxpayers should file their return on time, pay as much as they can with their return and use IRS.gov if they need to request a payment agreement.

Interest and penalties add up for people who don’t file and pay on time. But taxpayers can limit these charges by filing on time and paying sooner.

Full Story...

Source: IRS IR-2008-56

Sunday, April 06, 2008

How to Dispute Credit Report Errors

The FTC has a consumer section about Credit and Loans, which states that credit is much more than a piece of plastic, and the resources on the site can help you become a more savvy consumer.

The site also has publications for businesses on credit issues and information on credit-related Rules and Acts enforced by the FTC.

Everyone is allowed to order every year one free consumer credit report from each of the nationwide consumer reporting companies (Equifax, Experian and TransUnion). Should you obtain a report that you believe is not accurate, then you will need to dispute the credit report error(s).

The FTC has a section that discusses "How to Dispute Credit Report Errors".

Saturday, April 05, 2008

FTC Tips For Being A More Savvy Consumer

The Federal Trade Commission (FTC) has some tips to help you be better at avoiding being a victim of consumer fraud...

1. Know who you're dealing with. Only do buisiness with companys that clearly provide their name, street address and phone number.

2. Protect you personal information. Only share credit card and other personal information when buying from a company you know and tdrust.

3. Take your time. Resist the urge to "act now". Most any offer that's good today will be good tomorrow, too.

4. Rate the risks. Every potentially high-profit investment is a high-risk invesment. Tha means you could lose your investment -- ALL of it.

5. Read the small print. Get ALL promises in writing and read all paperwork before making any payment sof signing any contracts. Pay special attention to the small print.

6. "Free" means free. Throw out any offer that says you have to pay to get a gift or a "free" gift. If something is free or a gift, you don't have to pay for it. PERIOD.

7. Report fraud. If you think you've been a victim of fraud, report it. It's one way to get even with a scam artist who cheated you. By reporting your complaint to 1-877-FTC-HELP or ftc.gov, you are providing important information to thwlp law enforcement officials track down scam artist and stop them!

FTC Consumer Complaint Form

Source: FTC

Foreclosure Resources for Consumers from the Federal Reserve

If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you...

More Details...

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

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

Advice to Prevent Accidents During Spring Cleaning Season

Spring is officially here and homes across America are in need of a deep clean. Unfortunately, all that lifting, climbing, trimming and other spring-cleaning work heightens the risk for home injuries. Yet, according to a new survey by the national nonprofit Home Safety Council, only six percent of adults recognize the increased risk for home injuries during the spring as compared with other seasons, leaving the vast majority of people in danger.

Full story...

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

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

Friday, April 04, 2008

Latest Updates About NYAG/FreddieMac/FannieMae Agreement

Check for the latest updates pertaining to the March 3, 2008, agreement between Fannie Mae/Freddie Mac, New York Attorney General, and the Office of Federal Housing Enterprise Oversight (OFHEO).

Appraisal Instutute News and Advocacy

See also prior article: Home Valuation Code of Conduct To Take Effect in 2009

Thursday, April 03, 2008

Tips for Tax Filers on Economic Stimulus Payments

WASHINGTON — The Internal Revenue Service (IRS) recently urged taxpayers eligible for the economic stimulus payment to file their tax return now in order to get their payment in a timely manner.

This IRS reminder applies to taxpayers yet to file their 2007 income tax returns as well as retirees, disabled veterans, low-wage workers and others who normally are not required to file a return but who must do so this year to receive an economic stimulus payment.

“The quickest way to receive your refund and your economic stimulus payment is to file early, file electronically and use direct deposit,” said IRS Commissioner Doug Shulman.

Starting in May, the IRS will begin sending economic stimulus payments of up to $600 ($1,200 for married couples) to people who earn less than $75,000 ($150,000 for married couples). There is also is an additional payment of $300 for each eligible child younger than 17.

The IRS offers several tips for taxpayers...

Source: IRS IR-2008-51

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Wednesday, April 02, 2008

U.S. Nuclear Electricity Generation at Record Level in 2007

The U.S. nuclear industry supplied a record 806.5 billion kilowatthours of electricity in 2007. The largest increase came in Tennessee, with 4 billion kilowatthours more nuclear-provided electricity in 2007 than in 2006, an increase of 16 percent, according to preliminary Energy Information Administration (EIA) data recently released.

National total nuclear generation was 2.4 percent higher than in 2006, and 2.3 percent higher than in the previous record year, 2004. The capacity factor (the amount of power actually generated compared with the maximum amount that could be generated) for 2007 was 91.8 percent, exceeding the previous record capacity factor of 90.3 percent in 2002.

The total number of operating commercial nuclear reactors in the U.S. increased from 103 to 104 in 2007 with the return to service of the Brown’s Ferry 1 reactor, which had been shut down in 1985. The total number of operating U.S. commercial reactors remains well below the peak level of 112 in 1990. However nuclear power generation in 2007 was 40 percent above the 577 billion kilowatthours produced in 1990, largely reflecting a major improvement in utilization rates.

Energy Information Administration data on nuclear electricity generation by State and by Reactor are available at:

U.S. Nuclear Generation of Electricity

State generation (xls)

Reactor generation (xls)

Tuesday, April 01, 2008

Real Estate Cyber Tips - April 2008

CYBER MAGIC TRICKS

TRICK#1

Send an E-Mail - By Voice!
This is neat! These folks convert your telephone voice into emails, text messages, reminders, lists and appointments. You can use this service to create text-based reminder e-mails to yourself or messages to pre-set individuals or groups. In a car it’s a lot safer than thumb typing a message on a Blackberry or calling each individual person.Simply enter your phone number and e-mail address and set up a contact list – and Shazam – you’re in business. Just call the toll free number –
say the name of your e-mail recipient (or say “myself”) and record your message which gets converted to text and e-mailed to your recipient(s). There are other clever bells and whistles – and the price is right. It’s on the house!
Click Here for This Cyber Trick

TRICK#2

Keep Track of the Cussed Cap Locks Key!
Have you ever typed six lines of text before you discovered that the Caps Lock on your keyboard was on? Some folks are often tempted to cuss when this happens – and we’d bet it has happened to you. Here’s a little trick that will alert you when you have accidentally turned the Caps lock on. This works in Windows XP and a slight variation will get you set up on other operating systems.Open the Control Panel (“Start" and then "Control Panel"). Click "Accessibility Options". Click “Keyboard”. Check "Use ToggleKeys". Click "OK" and close the Control Panel. Now you have a private butler who will ring a little bell when you accidentally hit that Caps Lock key. Saves a lot of cussin’!

GREAT PLACES!

GREAT PLACE #1

Listen to The Station You Want With a Click!
Here’s a great place to easily find and play your favorite AM/FM radio stations and to browse and discover stations from around the world. You can search by location and type of programming. So far you can play US stations from Boston, Chicago, Los Angeles, New York, Philadelphia, San Francisco, San Jose, and Washington, DC. Each city features dozens of the major broadcasting stations (and some you didn’t even know existed). Many international locations are also featured including Beijing, Hong Kong, Israel, London, Shanghai, Taipei and Tokyo. Just pick your favorite news, music or talk show and these folks whisk you off to a new land with one simple click!
Click Here for This Great Place

GREAT PLACE #2

Get Insiders Travel Information!
Sure you can search the internet for your next flight by the best fares or shortest flight but until now there has been no place on the Web to determine the quality of your trip – factors that include not only price and speed, but also comfort and ease.This great place allows you to obtain a best/worst ranking for your list of possible flights. Rankings based on each of these factors helps you wade through the hundreds of flight options on the market. They analyze speed by the number of stops, travel duration, on-time stats and security wait time. Comfort factors include: leg room, aircraft type, aircraft age and historical load factor. Ease of flight factors include: connect time, routing quality, lost bags rank and gate location. Although this great place is still in Beta, it looks like the day of the automated travel advisor is close upon us.
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 2008, RECS. All rights reserved.

HUD Statement Regarding Philadelphia Housing Authority

"We are pleased that the Court upheld HUD's decision not to give special treatment to the [Philadelphia Housing Authority (PHA)]. The PHA did not show any irreparable or immediate injury if it's [Moving to Work (MTW)] Agreement, which expires today [3/31], were not renewed. The Court correctly found that if the PHA continues to demand a new contract on its terms "any harm PHA suffers will be by its own hand, not HUD's." Thus, the solution to this problem lies with the PHA itself, and we continue to stand by, ready to assist them, as we always have." Source: HUD 2008-03-31

For more details: PennLive.com

Subsequent news story: Philly.com -- HUD Secretary resigns, PHA given one year extension.

Top April Fools Hoaxes of All Time

While we don't ever want to be in a situation in which we are perceived as fooling you, in the sprite of April 1st and All Fools Day, we thought you might enjoy reading the Museum of Hoaxes' Top 100 April Fool's Day Hoaxes of All Time.

If you're a Google Mail (gmail) user, don't forget to take advantage of their new "GMail Custom Time" option so you can "Be on time. Every time."

If you crave more, there always Google's April Fool's Search.