Realty Reality

Buying a Waterfront Home

2011-09-24T08:00:00.000-04:00

For homebuyers, deciding what you want – and need – in a home is crucial. Savvy buyers take time to research and gather information in order to make the most informed decision possible. For those interested in buying a waterfront home, knowing the ins and outs of this specialty market is absolutely essential. Whether drawn to the ocean shore or the river’s bank, the primer below will guide interested homebuyers on how to purchase that little slice of paradise by the water’s edge.
What is your waterfront lifestyle? As with any home, understanding your needs will help you better evaluate eligible properties. If you are considering the purchase of a waterfront property as a vacation or second home, you may want to get a feel for how active the vacation rental market is for the periods that you will not be using the home. However, if you are looking to find a waterfront home to serve as your primary residence, you will be less concerned about the local vacation rental market and likely more concerned with access to important services in the area.

Likewise, you’ll want to consider the types of activities you enjoy. This is of particular importance if you’re considering the home as a vacation getaway. Whether summer home or full-time abode, you want to make sure the property you choose makes it easy for you to enjoy your favorite pastimes.

Swimming – The thought of being able to step out one’s back door for a casual swim is enough to entice many to a home on the shore. If swimming is high on your list, you’ll want to evaluate potential properties both for the quality of swimming as well as ease of access and safety. For riverfront properties, how fast is the current during hot summer months? For coastlines, are there any rip tides or outbound currents that could present danger? Is the potential swimming area near boating lanes or docks? How easily can the shore be accessed (for instance, is the best potential swimming area down a steep trail or long set of stairs)? Remember to evaluate safety concerns not only in terms of you and your family, but your potential houseguests that may include young children.

Boating - For avid boaters, the size of the boat becomes a crucial part of finding a waterfront property. Many waterfront properties are not suitable for a larger boat due to river depth, oyster beds or tides. Even if the overall body of water is deep enough for bigger vessels, there may not be adequate access all the way up to your property. You will also want to consider the type of boating activities you like the most. Many smaller lakes do not allow waterskiing or jet skiing.

Fishing - Fishermen will want to stick to properties with easy access to the water. Talk to homeowners and residents throughout the area to get a feel for the quality of local fishing. From there, it largely depends on the type of fishing you like most.

Kayaking or canoeing - While large, active bodies of water are a good fit for many boaters, some buyers may be looking for a more intimate waterfront experience. Rivers and smaller lakes are especially good fits for kayakers or canoe enthusiasts, especially those who prefer to enjoy the quiet of nature rather than compete with jet skis and power boats.

Carefully evaluate the property – Some homeowners will fall in love with a waterfront home without paying much heed to the property it sits on. An idyllic waterfront home may turn out to be a disappointment if you later realize that views are obscured from inside, there is poor access to the water, or you’re 30 feet from a noisy public boat launch.

Don’t lose sight of the home itself – By the same token, it can be tempting to fall in love with a perfect patch of property that houses a less than perfect structure. Unless you have the appetite for a major remodel or teardown and rebuild project in the future, you’ll want to openly and honestly review each home independent of the surrounding property. Does the house meet the basic criteria you defined at the outset of your search? Does the home compliment the property? Is it someplace you could see yourself happily living?

Look into loans early - Many waterfront properties are more expensive than other properties and home loans can often fall into the jumbo mortgage category. Lenders will therefore only consider very qualified buyers. Begin the process of mortgage shopping sooner rather than later.

Weather the weather - In general, waterfront homes receive more abuse from the elements than the average home. Extra measures should be taken to protect homes near water, especially those along open coasts. Depending on the area, the home may need storm shutters, corrosion-resistant stainless-steel locks, and special landscaping measures.

What is the insurance like? Savvy buyers will investigate home insurance in the area in order to understand what they're getting into. Waterfront homeowners may be required to buy additional policies such as wind policies, flood policies and general hazard policies. In addition, obtaining standard homeowner’s insurance may be more complicated and costly due to the liabilities and hazards of living on or near a body of water.

Find out what you can do with the property - If you are contemplating the idea of any changes to the waterfront property, such as adding a dock or a seawall, investigate the process before buying to ensure that these updates will be possible. Government agencies often have strict and unyielding land use regulations, and you don't want to commit to the considerable commitment of a home purchase without knowing that you can safely do what you want to make it your own. As mentioned above, you should check with local regulatory agencies to find out what kind of activities are allowed on the body of water, as some areas have restrictions on jet skis, speedboats and other watercraft.

Talk to neighbors and local residents – Ask neighbors and other locals whether or not they enjoy living in the community. Find out if there are any problems associated with owning waterfront property in the area. If at all possible, ask if there are any issues with the individual property or properties you are considering.

Check on the utilities – In many cases, waterfront properties are not necessarily on the beaten path. Buyers accustomed to the city or suburbs may assume that electricity, city water, septic system, cable and high-speed Internet will be readily available at their new waterfront home, but things may not be so simple. Many waterfront homes operate on well systems, and homes near bodies of water often have delicate plumbing. In addition, many rural waterfront areas are not wired for high speed internet or broadband cable. Adding some of these services may be expensive, or simply not possible.

How’s the view from there? More than anything else, the kind of view a waterfront home affords is the one attribute that can be universally enjoyed. A home with a picturesque view allows you to enjoy your waterfront setting regardless of whether or not you engage in activities in, on, and around the water. When looking at potential properties, consider how well the home takes advantage of available views. Are windows large and well placed? Are common gathering rooms situated around viewpoints, or are the best angles relegated to kitchen window peek-a-boos? Do outdoor patios, porches, or decks provide an open air view venue?

How level is the property? Often overlooked, the terrain of the home’s property is actually quite important. Flatter lots allow easier access to the water for people of all ages, and allow for a wider range of outdoor activities.

Privacy concerns – The amount of water frontage the property has will influence just how much privacy you and your family are afforded. Properties with 50 feet of frontage or less will offer very little privacy. At 100 feet of frontage, you will have more privacy, while 150-200 feet gives you a strong degree of privacy. In general, however, if you have a great water view it can work both ways – those on the water can also see you as well.

Bargains - Buying a waterfront home can be a pricey prospect. Here are a few simple strategies to save without heading for the hills.

Buy a street or two away from the water - Second-row beach and lake homes drop dramatically in price, yet usually are only a short trip away from the water. Homes farther from waterfront are also less affected by storm weather.

Go condo - Condos are traditionally good buys because developers can put more of them on a smaller amount of property, giving their investment a bigger payoff and passing some of the savings along to the buyers. Don't forget to consider maintenance and homeowners association fees when you calculate your payments.

Consider a duplex - Duplexes are particularly popular at the beach and are a great way to land a freestanding home at a lower price.

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 real estate 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).

Holding on to Good Tenants

2011-09-23T08:51:00.018-04:00

Many property owners have been backed into the role of reluctant landlord in recent years, opting to hold their properties as rentals until the prospects of selling real estate improve. In the present landscape, landlords who have an existing relationship with a tenant who has proven his or herself both fiscally reliable and personally responsible count themselves lucky. Don’t get caught in the trap of taking a good tenant for granted. Below are some ways to encourage a favorable tenant to consider extending or re-signing their lease agreement.

Know the Area Rental Market

Many landlords who have current tenants don’t keep abreast of current rental trends in the area surrounding your rental property. Often, property owners won’t begin surveying the local rental market until after their tenants have already given notice that they won’t be renewing the lease – in which case it may already be too late to keep that tenant. Rather than being forced to react, take the initiative and begin studying local rental trends – even if your tenants have months and months left on the lease.

Keep tabs on the overall vacancy rate in the area surrounding your rental property (not simply the immediate neighborhood). Maintain a strong knowledge of rent rates in the area, and of any seasonal rental trends that may be pushing rent up or down. When checking rental rates, don’t simply compare rent between your property and rentals of comparable size or amenity. You want to have a clear picture of what other properties are available on the market. For example, are there larger or more elaborate rentals listed just above your property’s rate that may tempt your current tenants? Are smaller rentals going at steep bargains, potentially swaying your renters to downsize?

Communicate and Strengthen Relationships with Your Tenant

Too often the only interaction a landlord will have with their tenant is during some transactional stage (initial property walk-through, lease signing, move-out inspection, etc.) or when a maintenance/emergency issue arises. This passivity can easily lead to a disconnect between the two parties, as each begins to see each other as just different lines on the monthly rent check. That kind of transactional relationship isn’t likely to inspire your tenant with any particular partiality towards you (any more than they would have, say, for their local utility company), and at the same time lends you no insight into the occupants needs or future plans.

While most renters don’t want the hassle of an overly nosy landlord (or perish the thought, a landlord who tries to act buddy-buddy with their tenants), tenants will generally appreciate a landlord who periodically checks in to see how things are going. Email is a convenient way to touch base with your tenants and is less intrusive than a phone call (never show up in person unannounced). Consider sending your tenant(s) an informal email message every six to eight weeks or so: anything more frequent runs the risk of becoming an annoyance, while checking in only a few times a year is not especially useful for either party.

Keep the tone of these messages friendly, asking if the tenant has had any problems with the unit or needs to suggest any needed or upcoming repairs. By positioning yourself as a helpful owner looking out for the occupant’s needs, you will help strengthen the landlord-tenant relationship. If nothing else, a tenant who views you as more than just a bill collector is more likely to give you additional notice if they have decided to move out.

The Going Rate

The value of a good tenant to a landlord is not simply measured by the monthly income generated from rent. The timely payment of rent also provides the landlord with a degree of financial stability, which can be rare in this time of seemingly volatile markets. In addition, responsible tenants serve as dependable stewards of the property itself, avoiding damage and alerting the landlord when repair or maintenance is needed. These factors, in addition to the current rental market, must be taken into account if you are considering any future change to the rental price.

Conventional wisdom tells a landlord to charge market value for rent. But when contemplating a future rent increase, consider whether you are willing to risk losing your current tenant for that potential bump in rent. If your current tenant isn’t willing to pay the increased rent, putting the rental back on the market entails built-in costs (cleaning or painting not covered in the damage deposit/rental agreement, plus the inevitable turnaround time that will leave the property vacant). You run the risk of having the property remain vacant for long stretches of time. At best, you may end up renting to a less responsible tenant who causes damage to the property or does not pay rent on time.

Simply put, now is likely not the time to increase rent based on motives of increased profit. If you must increase rent for legitimate reasons related to the property (skyrocketing property tax, for example), do your best to keep the rent increases minimal and provide your current tenant with as much information on why you are making the change as is possible (or prudent).

On the flipside, if you are able to keep the rent at the current rate or are in a position to lower rent to match current market rates (based on all that research you’re doing to stay current on rental trends…), make sure to call your altruism to your tenant’s attention. To many renters, not having to pay an increase in rent year after year is refreshing. Having rent lowered may feel like a small miracle in their eyes.

Make Timely Repairs

It can be too easy for property owners to view their rental units solely as investments, losing sight of the fact that for the occupants, that space represents their temporary home. When problems arise, as they always will, take charge and handle repairs both quickly and effectively. Nothing will erode a renter’s confidence in their landlord as much as the poor handling of maintenance issues.

Be prepared for potential problems by keeping a list of recommended repair companies and contractors in the area. Treat all reported issues seriously and communicate frequently with your tenant to fully understand the problem. Most importantly, prove your thoroughness by following up with both the repair crew and your tenant after the problem has been resolved.

Spend on Upgrades

Property owners often will wait until the periods in between tenants to make improvements to the property, in many cases with the intent of charging higher rent for the next round of occupants. Landlords who are fortunate to maintain tenants for several years in a row may forgo both smaller and significant enhancements to the home. However, if the overall goal is to keep the property rented to a strong tenant for the most amount of time possible, making gradual improvements that improve the occupant’s home life (without causing undue disruption) can make a great deal of sense.

As a landlord, you can’t reasonably expect a tenant to put up with any changes or improvements that require major construction or losing use of a room/area for any significant amount of time. But many improvements and enhancements can be made in the period of a single workday with minimal disruption. For example, with the help of a good installer, a kitchen appliance or dishwasher can be replaced while your tenants are at work. Smaller-scale upgrades, such as changing out the hardware in a kitchen or bathroom(s), can also go a long way in improving the atmosphere for your renters. If you’ve established good communication with your renters, you may even consider asking them which areas of the home or appliances they feel need improvement.

Incentivize

If the rental market surrounding your property is dire enough that the loss of your current tenant almost certainly will result in a long stretch of vacancy, you may consider offering the current occupants significant incentives in order to sign a new lease. You may go as far as offering a month’s free rent, pay a specific utility, or pay for the upgrade to a current utility service (such as internet or cable/satellite).

Incentives don’t necessarily have to be of a monetary nature, however. If your tenants would be interested, you might consider allowing pets in the property (with or without an additional cleaning deposit) if you did not permit them previously. Another option would be to allow tenants to re-paint the interior walls and/or exterior of the home – even going so far as to help furnish paint and supplies. These non-cash incentives can help increase your renter’s sense of connection to the property.

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 real estate 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).

Creating Your Very Own “Man Cave”

2011-09-22T15:43:00.004-04:00

It wasn’t so long ago that many men chose the garage as a place of personal sanctuary-at-home, regardless of their interest in anything automotive. Often cramped and dimly lit, these makeshift hideaways were the stuff of folding-table poker and football games on the spare TV. Today the need for guys to carve out their own space at home is more widely acknowledged. As a result, more and more homeowners are converting their finished basements, attic spaces or spare rooms into masculine refuges. With a little bit of planning (and some savvy negotiation with the lady of the house), you too can create your own customized “man cave”.

The Many Styles of Dude Dens

While man caves often revolve around the time-honored rite of male bonding that is spectator sports, there is no single blueprint to a successful male refuge. Some guys turn their basements into full scale game rooms where pool, air hockey and arcade games rule the day. Movie buffs have been known to turn spare rooms into home theaters replete with surround sound and recliners on stadium risers. And a good many men aim to convert their extra space at home into their very own pub, outfitted in their own image.

Getting Started

The last thing you want is a room overly crammed full of anything and everything you can jam into it. Before you begin, start thinking exactly what kind of activities you want to plan around. Is your main goal to have a perfect place to watch the big game? Looking for a permanent home to poker night? Perhaps you want a place to work out in comfort, or even a workshop space. By figuring out the focus of your man cave, you’ll be able to tailor furniture, décor and space to match.

It may help to pick one element (home theater system, a pool table, jukebox, etc.) as both the centerpiece and inspiration for your man cave.

Space it Out

Carefully measure all dimensions of the space you have available, and do the same when considering the purchase of any furniture, hardware or stand-alone game systems. Maintain open walking paths throughout the room. If you’re centering the room around a home theater system, keep in mind that you’ll want to keep clear sightlines for the main seating areas in the room.

Durable Materials

Chances are your man sanctuary is going to go through its share of bumps, spills and accidents during game days, poker parties and guy’s nights. Choose granite, sturdy laminate or durable wood surfaces for bar countertops, end tables and coffee tables. Pick thicker commercial-grade carpet to withstand tough treatment, and stick with darker colors that won’t show every little spill. Thicker carpeting also helps with soundproofing, which will help keep the rest of the household happy.

Essentials

Most man caves will in some way involve three key elements – comfortable seating, a big TV and refreshments just a few steps away.

Seating – Wrap-around couches are a great way to welcome your buddies in style. And there’s no going wrong with the classic man cave throne: the recliner.

Theater-Style TV’s – Large flat screen televisions have become much more affordable in recent years, and with the expansion of HD sports broadcasts, blue ray and high def gaming systems, the technology is tailor-made for a guy’s paradise.

Beverages – With refreshments nearby, you won’t be forced to step away from the big game or fold that hand just to get another beverage or grab some more snacks. If you’re not able to swing a full enclosed bar, you can purchase smaller portable bars in a variety of styles, or just go with shelving or built-in cabinets to store snacks. Either way, you’ll absolutely want to include a small refrigerator in the plans.

Finishing Touches

While you're dreaming big, why not consider a few extras to put your man cave over the top:

Sports Memorabilia
Big Screen TV
Couches
Recliner
Bar area
Neon signs
Bar games: Pool, Darts, Air hockey, Shuffleboard, Foosball
Vintage signs
Poker table
Humidor

CRL Provides A Couple of Useful Resources for Borrowers

2011-01-24T20:58:00.000-05:00

The Center for Responsible Lending (CRL) contains a couple of useful resources for borrowing consumers:

Signs of Predatory Lending

and

A Shopper's Guide to Better Banking

Visit my web site for real estate 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, Investment).

Two Recent Reports from ULI Look to Future

2010-10-21T19:52:00.000-04:00

Two recent reports have been released by the Urban Land Institute(ULI), one looking to next year and the other looking further into the future.

"After three years of dislocation and unprecedented loss, commercial real estate industry investors and professionals hint at hopeful signs of tempered commercial real estate market improvements, according to respondents of the Emerging Trends in Real Estate® 2011 report, released today by PwC US and the Urban Land Institute (ULI). "

In the midst of economic uncertainty, there are still some elements of certainty – such as demographic shifts, financial industry restructuring, global competitiveness, and sustainable building – that will guide real estate investment and reshape urban growth trends in the years ahead, according to a new report from the Urban Land Institute (ULI).

Finding Certainty in Uncertain Times, a collection of commentaries from ULI’s five senior resident fellows Stephen Blank, Edward McMahon, John McIlwain, Thomas Murphy and Michael Horst, examines trends in population growth, consumer housing preferences, employment, real estate finance, environmental conservation, energy efficiency, venture capital investment and public leadership. These factors, according to Finding Certainty, are converging to shape a new era of urban economics within which cities and urban regions will have to compete in order to be successful in the 21st century. “These trends will continue regardless of location, of which political party is in power, and of how quickly we recover from the recession,” says the report. “Taken collectively, they will create the ‘new normal.’"Source: ULI

Fannie Mae Launches "Refi Plus" Program

2010-10-20T19:28:00.001-04:00

Fannie Mae launched their "Refi Plus" program, which is designed to provides streamlined refinance processing. It is an effort to help homeowners lower the cost of their mortgages through refinancing. For more details and to access their refinancing calculator, got to:

LowerMyBills.com Home Refinance Calculator page.

Federal Reserve Beige Book Report October 2010 Report

2010-10-20T18:46:00.002-04:00

Reports from the twelve Federal Reserve Districts suggest that, on balance, national economic activity continued to rise, albeit at a modest pace, during the reporting period from September to early October.

Manufacturing activity continued to expand, with production and new orders rising across most Districts. Demand for nonfinancial services was reported to be stable to modestly increasing overall. Consumer spending was steady to up slightly, but consumers remained price-sensitive, and purchases were mostly limited to necessities and nondiscretionary items. New vehicle sales held steady or rose during the reporting period; sales of used automobiles were strong as well. Activity in the travel and tourism sector picked up.

Housing markets remained weak with most Districts reporting sales below year-ago levels. Reports on prices suggested stability, however. Conditions in the commercial real estate sector were subdued, and construction was expected to remain weak. Lending activity was stable in most Districts. Agricultural conditions were generally favorable, and above-average yields were expected in most reporting Districts. Activity in the energy sector continued to expand.

Input costs, most notably for agricultural commodities and industrial metals, rose further. Shipping rates increased, and retailers in some Districts noted rising wholesale prices. However, prices of final goods and services were mostly stable as higher input costs were not passed on to consumers. Wage pressures were minimal.

In the Third District, business activity has been mixed since the last Beige Book. Manufacturers, on balance, reported slight decreases in shipments and new orders in September. Retailers posted modest year-over-year increases in sales during the back-to-school shopping period. Motor vehicle dealers generally reported steady sales in September and year-over-year gains for the month. Third District banks reported level loan volume outstanding in the past few weeks. Residential real estate agents indicated that sales of existing homes have edged up in the past few weeks, but homebuilders indicated a mostly flat sales pace for new homes. Contacts in the commercial real estate sector said there has been practically no change in market conditions since the last Beige Book. Service-sector firms reported mostly marginal increases in activity in the past month. Business contacts indicated that prices of most goods and services have shown no change, although there were continued reports of rising prices for metals and new reports of increases in lumber prices. Some retailers said there have been increases in some wholesale prices and international freight charges.
Source Beige Book
The outlook among Third District business contacts is positive, on balance, but not robust. Manufacturers forecast a rise in shipments and orders during the next six months. Retailers expect sales to expand slightly through the end of the year. Bankers expect only minimal growth in lending in the near term. Contacts in both residential and commercial real estate expect flat to slowly rising activity into the middle of 2011. Service-sector companies also expect slow growth during the next six months.

Click here for the Federal Reserve October 2010 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 real estate 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).

EIA Expects Modest Rise in Home Heating Costs This Winter

2010-10-13T18:57:00.000-04:00

The October 2010 Short-Term Energy Outlook, released today by the U.S. Energy Information Administration (EIA), forecasts a modest rise in heating bills for many U.S. consumers.

"EIA expects household bills for space-heating fuels will be about 3 percent higher than a year ago, with the average household spending $986 in the October through March winter heating season, an increase of $24 from last winter," said EIA Administrator Richard Newell.

The higher bills primarily reflect higher fuel prices, although expected colder weather than last winter in the Northeast will also contribute to more fuel use. EIA expects the largest increases in fuel expenses to be in households using propane and heating oil. Households using electricity for space heating, particularly in the South, should see lower average fuel bills, in part due to expected warmer weather.

These average forecasts provide a broad guide to changes from last winter, but fuel expenditures for individual households are highly dependent on local weather conditions, the size and efficiency of individual homes, their heating equipment, and thermostat settings.

Key points:

EIA expects the lower-48 States to be 3 percent warmer during the October through March winter heating season compared with last winter and 1 percent warmer than the 30-year average (1971-2000), according to the National Oceanic and Atmospheric Administration's most recent projections of heating degree-days. Regional heating degree-day projections vary widely.

EIA expects households heating primarily with natural gas to spend an average of $27 (4 percent) more this winter than last winter. The 4-percent increase in natural gas expenditures reflects a 6-percent increase in prices and a 2-percent decrease in consumption. About 52 percent of all U.S. households depend on natural gas as their primary heating fuel.

EIA expects households heating primarily with heating oil to spend an average of about $220 (12 percent) more this winter. The Northeast accounts for 80 percent of U.S. heating oil consumption. EIA forecasts the average Northeast household will spend 13 percent more ($259) than last winter as a result of a 5-percent increase in consumption and 8 percent higher regional prices than last winter.

Households heating primarily with electricity can expect to spend an average of $18 (2 percent) less this winter. The 2-percent decline in electricity expenditures reflects a 2-percent increase in prices and a 4-percent decline in consumption. About 37 percent of all U.S. households rely on electricity as their primary heating fuel, ranging from 13 percent in the Northeast to 61 percent in the South.

EIA expects households heating primarily with propane to spend an average of $136 (8 percent) more this winter, but that increase varies across regions. About 6 percent of all U.S. households heat with propane.

Energy prices remain volatile, reflecting uncertainty, or risk, in the market. To measure this uncertainty, the Outlook reports confidence intervals around the New York Mercantile Exchange (NYMEX) crude oil and natural gas futures prices using a measure of implied volatility derived from the NYMEX options markets (see Energy Price Volatility and Forecast Uncertainty).

Short-Term Energy Outlook can be found at: http://www.eia.gov/emeu/steo/pub/contents.html

HouseLogic Launches Campaign to Help Military Families Sustain Homeownership

2010-10-11T19:19:00.002-04:00

The National Association of Realtors®’(NAR) HouseLogic, a free, comprehensive consumer website about all aspects of homeownership, today launched Operation Home Relief, a new Facebook Causes campaign. The campaign aims to increase awareness, rally support and raise funding for USA Cares, a nonprofit organization that provides counseling and financial foreclosure assistance to post-9/11 active duty U.S. military service personnel, veterans and their families.

HouseLogic will donate $1 to USA Cares every time someone “likes” the Operation Home Relief Cause page on Facebook and will match individual donations made to the cause, up to $20,000.

“Owning a home is part of the American dream, where we make memories, build our futures, and feel comfortable and secure; and any family who loses that dream to foreclosure is one family too many,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “HouseLogic’s Operation Home Relief aims to help sustain homeownership for military families who have already given so much to support our country, and we hope others will join together with us to support this worthy cause.”

When people lose homes to foreclosure, the community, the housing market and the economy all suffer. HouseLogic’s Foreclosure Guide highlights personal stories and offers information and tips to help homeowners facing foreclosure make smart, proactive decisions about what steps to take, where to find help and the alternatives to foreclosure. The guide also includes ideas for how others can get involved to combat foreclosures in their community.

“U.S. military service members bravely face danger around the world every day on behalf of all Americans. Yet, some military service members and their families also face financial dangers and hardships at home,” said William H. Nelson, executive director, USA Cares. “USA Cares’ sole mission is to help these service members and their families in their time of financial need. To that end, we’re excited to have the support of HouseLogic and the National Association of Realtors®. Their new Facebook Causes campaign highlights the work USA Cares is doing, reminding Americans of the many challenges faced by U.S. military service members and their families, and generates support via Facebook for the help that we’re offering every day.”

For more information on sustaining homeownership, and many other housing topics, visit HouseLogic at www.houselogic.com.

HouseLogic is a free source of information and tools for homeowners from the National Association of Realtors® that helps homeowners make smart decisions about all aspects of their home. HouseLogic helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.

USA Cares is a nonprofit 501(c)3 organization that helps post-9/11 military and their families with basic needs, assists veterans suffering from post-traumatic stress disorder (PTSD) and traumatic brain injury (TBI) and their families and works to prevent private military home foreclosures and evictions. In seven years, USA Cares has received over 24,000 requests and responded with more than $7 million in grants. Military families anywhere in America can apply for assistance through the USA Cares web site, www.usacares.org or by calling 800-773-0387. For more information on USA Cares contact John Revell, jrevell@usacares.org or call 270-352-5451.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

Pending Home Sales Show Another Gain

2010-10-04T19:19:00.000-04:00

Pending home sales have increased for the second consecutive month, according to the National Association of Realtors®(NAR).

The Pending Home Sales Index (PHSI),* a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery. “Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”

The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*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 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.
NOTE: The next Pending Home Sales Index will be released November 5 at 12:30 p.m. EDT from NAR’s 2010 Conference & Expo in New Orleans; a news conference there begins at noon EDT, which also will cover the 2011 housing and economic forecast. Existing-home sales for September will be reported October 25.
NAR’s statistical news release schedule for 2011 is being distributed October 5. Dates for existing-home sales and the pending home sales index are being moved up, and there will be an additional release this year for pending home sales on December 30, 2010.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

IRS Provides Relief for Homeowners with Corrosive Drywall

2010-09-30T19:03:00.001-04:00

WASHINGTON — The Internal Revenue Service (IRS) today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009.
Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall as a casualty loss and provides a ”safe harbor” formula for determining the amount of the loss.

In numerous instances, homeowners with certain imported drywall have reported blackening or corrosion of copper electrical wiring and copper components of household appliances, as well as the presence of sulfur gas odors. In November 2009, the Consumer Product Safety Commission (CPSC) reported that an indoor air study of a sample of 51 homes found a strong association between the problem drywall, levels of hydrogen sulfide in those homes and corrosion of metals in those homes.Revenue Procedure 2010-36 provides the following relief:

Individuals who pay to repair damage to their personal residences or household appliances resulting from corrosive drywall may treat the amount paid as a casualty loss in the year of payment.
Taxpayers who have already filed their income tax return for the year of payment generally have three years to file an amended return and claim the deduction.The amount of a loss that may be claimed depends on whether the taxpayer has a pending claim for reimbursement (or intends to pursue reimbursement) of the loss through property insurance, litigation or otherwise.
In cases where a taxpayer does not have a pending claim for reimbursement, the taxpayer may claim as a loss all unreimbursed amounts paid during the taxable year to repair damage to the taxpayer’s personal residence and household appliances resulting from corrosive drywall.
If a taxpayer does have a pending claim (or intends to pursue reimbursement), a taxpayer may claim a loss for 75 percent of the unreimbursed amount paid during the taxable year to repair damage to the taxpayer’s personal residence and household appliances that resulted from corrosive drywall.

A taxpayer who has been fully reimbursed before filing a return for the year the loss was sustained may not claim a loss. A taxpayer who has a pending claim for reimbursement (or intends to pursue reimbursement) may have income or an additional deduction in subsequent taxable years depending on the actual amount of reimbursement received.

For purposes of this revenue procedure, the term “corrosive drywall” means drywall that is identified as problem drywall under the two step identification method published by the CPSC and the Department of Housing and Urban Development in their interim guidance dated January 28, 2010.

Further details and limitations can be found in Revenue Procedure 2010-36 on IRS.gov.

Source: IR-2010-102

Federal Reserve Beige Book Report September 2010 Report

2010-09-08T18:34:00.000-04:00

Reports from the twelve Federal Reserve Districts suggested continued growth in national economic activity during the reporting period of mid-July through the end of August, but with widespread signs of a deceleration compared with preceding periods. Economic growth at a modest pace was the most common characterization of overall conditions, as provided by the five western Districts of St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The reports from Boston and Cleveland also pointed to positive developments or net improvements compared with the previous reporting period. However, the remaining Districts of New York, Philadelphia, Richmond, Atlanta, and Chicago all highlighted mixed conditions or deceleration in overall economic activity.

Consumer spending appeared to increase on balance despite continued consumer caution that limited nonessential purchases, while activity in the travel and tourism sector picked up relative to seasonal norms. Activity was largely stable or up slightly for professional and other nonfinancial services. Reports on manufacturing activity pointed to further expansion, although the pace of growth eased according to several Districts. Agricultural producers and extractors of natural resources reported continued gains in demand and sales. Home sales slowed further following an initial drop after the expiration of the homebuyer tax credit at the end of June, prompting a slowdown in construction activity as well. Demand for commercial real estate remained quite weak but showed signs of stabilization in some areas. Reports from financial institutions pointed to generally stable or slightly lower loan demand and noted some modest improvements in credit quality.

Upward price pressures remained quite limited for most categories of final goods and services, despite higher prices for selected commodities such as grains and some industrial materials. Wage pressures also were limited, although a few Districts noted increased upward pressures in a narrow set of sectors experiencing a mismatch between job requirements and applicant skills.

In the Third District, business conditions have been mixed since the last Beige Book. Manufacturers, on balance, reported slight decreases in shipments and new orders in August. Retailers posted seasonal increases in sales as well as year-over-year gains. Motor vehicle dealers also generally posted year-over-year gains but indicated that sales have been only steady in recent weeks. Third District banks reported steady loan volume outstanding in the past few weeks. Residential real estate agents and homebuilders said that there has been no rebound from the sharp drop in home sales that followed the expiration of the federal tax credit for purchases. Contacts in the commercial real estate sector said there has been practically no change since the last Beige Book in the generally weak market conditions around the District. Service-sector firms reported mostly flat or very slight increases in activity since mid-summer. Business firms in the region indicated that prices of most goods and services have been steady, although there continued to be reports of increased prices for some metals and wood products. Several retailers said they were receiving indications from suppliers that wholesale prices will be increased toward the end of the year.

The outlook among Third District business contacts is positive but not strong. Manufacturers forecast a rise in shipments and orders during the next six months. Retailers expect sales to expand slightly but see no signs that the pace of growth will quicken. Bankers expect little or no growth in lending in the near term. Contacts in both residential and commercial real estate expect flat activity during the rest of the year. Service-sector companies expect slow growth for the rest of the year.
Source Beige Book

Click here for the Federal Reserve September 2010 Beige Book [Beige Book Archives]

See related blog articles:
Federal Reserve Beige Book For Economic Conditions (What is the "Beige Book"?)

The Federal Reserve - Making Sense In Plain English

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Pending Home Sales Rise

2010-09-02T20:54:00.008-04:00

Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors® (NAR).

Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

The PHSI in the Northeast rose 6.3 percent to 62.5 in July but is 21.1 percent below a year ago. In the Midwest the index increased 4.1 percent to 66.7 but remains 25.7 percent below July 2009. Pending home sales in the South rose 1.2 percent to an index of 86.3, but are 15.6 percent lower than a year ago. In the West the index jumped 11.6 percent to 95.0 but is 17.6 percent below July 2009.

The national index had fallen 29.9 percent in May and another 2.8 percent in June.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

*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 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 August will be reported September 23 and the next Pending Home Sales Index will be on October 4; release times are 10 a.m. EDT.

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

Commercial Real Estate Remains Soft but Favors Business Expansion

2010-08-26T20:42:00.012-04:00

Commercial real estate sectors, hurt by weak job growth, are offering incentives in many areas that are conducive to business expansion, according to the National Association of Realtors® (NAR).

Lawrence Yun, NAR chief economist, said fallout from the recession continues to impact commercial real estate. “Vacancy rates are beginning to level off in some sectors, but rent discounts and moderate levels of landlord concessions are widespread,” he said. “This is very much a tenant’s market, which is quite favorable for businesses that are considering expansion. It’s also encouraging that there is a modest improvement in the sentiment of commercial real estate practitioners.”

The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of more than 600 local market experts,[1] shows vacancy rates are beginning to level, but rents remain depressed, and subleasing space is high.

The SIOR index, measuring 10 variables, rose 2.8 percentage points to 41.0 in the second quarter, but remains well below a level of 100 that represents a balanced marketplace. This is the third consecutive quarterly improvement after nearly three years of decline; the last time the commercial market was in equilibrium at the 100 level was in the third quarter of 2007.

Fifty-seven percent of respondents expect improvements in the office and industrial sectors in the third quarter.

Commercial real estate development remains stagnant in all regions with low investment activity; 88 percent of respondents said it is virtually nonexistent in their markets, but development acquisitions are beginning to grow in many areas in what is described as a buyer’s market.

Looking at the overall market, vacancy rates will shift modestly in the coming year according to NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK.[2] The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Markets

Vacancy rates in the office sector, with high levels of available sublease space, are expected to increase from 16.7 percent in the second quarter of this year to 17.0 percent in the second quarter of 2011, and then ease later next year.

The markets with the lowest office vacancy rates in the second quarter were New York City, Honolulu and Long Island, N.Y., with vacancies around the 9 to 11 percent range.

Annual office rent should fall 2.7 percent this year and decline another 2.1 percent in 2011. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is projected to be a negative 13.6 million square feet this year and then a positive 22.6 million in 2011.

Industrial Markets

Industrial vacancy rates are likely to decline from 14.1 percent in the second quarter of 2010 to 13.7 percent in the second quarter of 2011, and then continue to ease modestly as the year progresses.

The areas with the lowest industrial vacancy rates in the second quarter were Los Angeles, San Francisco and Kansas City, with vacancies ranging between 8 and 11 percent.

Annual industrial rent is estimated to drop 5.4 percent this year, and to decline another 4.7 percent in 2011. Net absorption of industrial space in 58 markets tracked is seen at a negative 31.7 million square feet this year and a positive 157.2 million in 2011.

Retail Markets

Retail vacancy rates should hold steady at 13.1 percent in both the second quarter of this year and in the second quarter of 2011, with a level pattern for most of next year.

Markets with the lowest retail vacancy rates in the second quarter include San Francisco, Honolulu and Miami, with vacancies of 7 to 8 percent.

Average retail rent is expected to decline 2.6 percent in 2010 and then flatten out, slipping 0.1 percent next year. Net absorption of retail space in 53 tracked markets is forecast to be a negative 2.3 million square feet this year and then a positive 6.4 million in 2011.

Multifamily Markets

The apartment rental market – multifamily housing – is benefiting from modestly higher demand. Multifamily vacancy rates are likely to decline from 6.0 percent in the second quarter of this year to 5.6 percent in the second quarter of 2011.

Areas with the lowest multifamily vacancy rates in the second quarter include San Jose, Calif.; Pittsburgh; and Philadelphia, with vacancies of less than 4 percent.

With additions from new construction, average rent should slip 0.6 percent in 2010, and then hold even in 2011. Multifamily net absorption is expected to be 105,200 units in 59 tracked metro areas this year, and another 138,000 in 2011.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 79,000 NAR and institute affiliate members specialize in commercial brokerage services, and an additional 263,000 members offer commercial real estate as a secondary business.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

1 The SIOR Commercial Real Estate Index, conducted by SIOR and analyzed by NAR Research, is a diffusion index based on market conditions as viewed by local SIOR experts. For more information contact Richard Hollander, SIOR, at 202/449-8200.

2 Publication of additional analyses will be posted under Economists’ Commentary in the Research area of Realtor.org in coming days.

The next commercial real estate forecast and quarterly market report will be released on November 29.

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

Visit my web site for real estate 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, Investment).

Homeownership and Stable Communities Go Hand-in-Hand

2010-08-12T21:04:00.002-04:00

Homeowners are more active in their communities, benefit from improved education opportunities, and report higher levels of self-esteem and happiness when compared to renters, according to leading research. A new report from the National Association of Realtors® (NAR), Social Benefits of Homeownership and Stable Housing, explores the impact of stable housing and the positive social outcomes resulting from homeownership.

“Homeownership is in investment in your future – home is where we make memories, build our lives and feel comfortable and secure,” said Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. “Owning a home has long-standing government support in this country because homeownership benefits individuals and families, strengthens our communities and is integral to our nation’s economy.”

NAR’s study identifies research from government, industry and academia that identified the relationship between homeownership and stable communities. Homeowners move far less frequently than renters, and therefore are embedded into the same neighborhood and community for longer. This allows for social cohesion, ultimately resulting in social benefits and stronger communities.

“Realtors® care as much about keeping families in their homes as they do about helping them find the home of their dreams,” said Golder. “Social benefits do not arise solely from ownership, but also from greater housing stability and social ties associated with less frequent moves among homeowners.”

Several research studies cited in the NAR report have found that homeownership has a significant impact on educational achievement. For instance, the decision by teenage students to stay in school is higher for those raised by parents who are homeowners compared to those whose parents are renters. Access to economic and educational opportunities are also more prevalent in neighborhoods with high rates of homeownership. Furthermore, studies have shown that changing schools frequently due to moving impacts negatively a child’s educational outcome.

Civic participation is another social benefit resulting from homeownership and stable housing. Homeowners are proven to be more politically active and are more likely to vote in local elections compared to renters. In addition, homeowners have a higher membership in voluntary organizations.

Studies have shown that homeowners are more likely to believe that they can do things as well as anyone else, and they self-report higher ratings on their physical health. “The research shows that homeowners report higher self-esteem and happiness than renters, resulting in better overall health, both physically and psychologically,” said Golder.

When it comes to property, homeowners have more invested both financially and emotionally. Property crimes affect homeowners directly, but nonviolent property crimes can impact the property values of the entire neighborhood. Therefore, homeowners are more motivated to deter crime by forming and implementing voluntary crime prevention programs. In addition, it is easier for homeowners to recognize perpetrators in stable neighborhoods because of extensive social ties. Unstable neighborhoods often display social disorganization which can lead to higher levels of crime.

Along with protecting their home and neighborhood from crime, homeowners spend more time and money maintaining their home than renters. Neighbors also influence other homeowners to improve their property, resulting in a better overall quality of the community.

“Homeownership certainly contributes to positive social outcomes, but those outcomes are truly a result of stable housing communities,” said Golder. “With strong social ties and a cohesive community, homeowners can enjoy not only the long-term financial benefit of owning a home, but also a more satisfying life – which is what’s really at the heart of the American Dream.”

To download a copy of the entire report, visit www.realtor.org/research/research/reportsbuysell.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. News releases are posted in the Web site’s “News Media” section in the NAR Media Center.

Energy Market and Economic Impacts from EIA

2010-07-16T13:10:00.000-04:00

For the latest Energy Market and Economic Impact reports and more from the U.S. Energy Information Administration (EIA) click on the following link:

http://tonto.eia.doe.gov/whatsnew/newwhatsnew.cfm

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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, Investment).

4 Tips to Rid Yourself of Credit Card Debt Sooner and Save Money

2010-07-15T11:32:00.001-04:00

"The Credit CARD Act of 2009 made sweeping consumer-friendly changes. The law's key protections took effect on February 22, 2010. This brief provides some tips on how you can pay more, save more, and improve your credit. In a nutshell, CRL (the Center for Responsible Lending) advises you to take four steps..."

Click here for link to report

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Storm and Heat Wave Resources

2010-07-06T14:03:00.000-04:00

The Weather Channel's website has posted a list of Northeast resouce links for support during heat waves and storms; such as, utility outage, closings, delay and cancellation information.

Local Northeast Weather Information Points of Interest

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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, Investment).

Pending Home Sales Drop As Expected

2010-07-01T23:13:00.000-04:00

Following a surge driven by the home buyer tax credit, pending home sales fell with the expiration of the deadline for qualified buyers to sign a purchase contract, according to the National Association of Realtors® (NAR).

The Pending Homes Sales Index,* a forward-looking indicator, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes on the heels of three strong monthly gains as home buyers rushed to take advantage of the tax credit.

The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process. As many as 180,000 buyers who signed contracts by April 30 may have missed the June 30 closing deadline for the tax credit. However, Congress passed legislation yesterday to extend the deadline for delayed contracts and President Obama is expected to sign.

NAR chief economist Lawrence Yun said, “Consumers are rational and they rushed to meet the tax credit eligibility deadline in April. The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June,” he said. “Surprisingly, though, some local markets such as Portland, Maine, and Jacksonville, Fla., actually experienced an increase in contract signings from a year ago without the tax credit.

“Existing-home sales that close in June will remain elevated, but we’ll then see a notable decline for July and August.”

Congress also reauthorized the National Flood Insurance Program. Many lenders were hesitant to approve mortgages on homes needing flood insurance without congressional action and numerous sales have been on hold. The action is retroactive to a temporary authorization that expired May 31, and also is expected to be signed by the president.

Yun noted the tax credit has broadly stabilized home prices. “Without the tax credit, there will be more aggressive price negotiations between buyers and sellers. The key test on whether the housing market can stand on its own without stimulus medicine will depend critically on private sector job creation in the second half of the year. We’ll also keep a close eye on market conditions on the Gulf Coast.”

Through May of this year 495,000 net private sector jobs have been created; NAR’s forecast for employment growth is about 1 million additional net new jobs over the balance of the year and another 2 million in 2011.

“If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” Yun said.

“In most areas of the country there will be no sharp snap back in home prices in the upcoming years, although some local markets have experienced double-digit gains this year,” Yun said. NAR forecasts the national median home price to rise only 4 percent cumulatively over the next two years.

“One factor that could lead to price acceleration in upcoming years for some markets is if the very low levels of new home construction were to persist for another year or two,” he added.

The PHSI in the Northeast fell 31.6 percent to 67.0 in May and is 14.8 percent lower than May 2009. In the Midwest the index dropped 32.1 percent to 70.8 and is 20.2 percent below a year ago. Pending home sales in the South fell 33.3 percent to an index of 82.5, and are 14.4 percent lower than May 2009. In the West the index declined 20.9 percent to 85.3 and is 15.1 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: References to local markets are from unpublished data. For more information, please contact the local association of Realtors®.

*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 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 June will be reported July 22 and the next Pending Home Sales Index will be on August 3; release times are 10 a.m. EDT.

Visit my web site for real estate 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, Investment).

Keeping A Good Credit Standing -- What You Need To Know

2010-06-21T11:44:00.000-04:00

Are you clueless about credit scores? Fox Business provides information that you need to know to insure you have good credit when you require a loan, such as for a car or mortgage.
Full article: Are You Clueless About Credit Scores? What You Need to Know

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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, Investment).

New NJ Shore Radio Station Plays All The Classics - Popular, Jazz, Rock 'n Roll and More!

2010-06-13T23:32:00.006-04:00

Great Music Now Coming Your Way from Barnegat -- Over the Air and via the Internet

Tired of the same processed, canned, one genre radio stations? Longing for some of the old classics, whether popular, jazz, big band, rock 'n roll -- done by the original artists? Enjoy "discovering" artists that you may not of had a chance to hear when they first appeared in the 1940's, 50's and 60's? Enjoy discovering current artists that perform in those styles -- artists that you would never have the chance to hear on other stations?

As of June 1st, "a new radio station has come to the Jersey Shore, more specifically to Barnegat, NJ. WBNJ 91.9 FM plays a mix of the truly great songs and unforgettable favorites from artists like Frank Sinatra, Dean Martin, Ella Fitzgerald, Billie Holiday, Mel Torme, Modernaires, Louis Armstrong, Tony Bennett, Mills Brothers, Rosemary Clooney, Harry James, Bing Crosby, Glenn Miller, as well as Harry Connick, Jr. and Michael Buble and so many more. In addition WBNJ brings oldies back to the Jersey Shore featuring such artsts as the Duprees, Chuck Berry, Bobby Darin, Buddy Holly, and many of your favorite DooWop groups. Oldies are featured on WBNJ every day at noon during 'Lunch Time Oldies', and every Friday, Saturday and Sunday night beginning at 7pm."

Providing more great music with less commercials...

Listen to WBNJ via your radio or the Internet.

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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, Investment).

How to Follow the EPA's New Lead Paint Safety Practices

2010-06-04T10:03:00.003-04:00

Learn more about the new (in effect as of April 22, 2010) Renovation, Repair and Painting rule with videos and information about lead paint disclosure and compliance on NAR's web site.

While it, of course, contains information specific to Real Estate Agents and Brokers, it also has a general summary (as a downloadable PDF) of the new regulations, as well as information tailored for property managers and owners.

Lead Paint Renovation Rule Guide

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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, Investment).

Pending Home Sales Surge Continuing

2010-06-02T22:12:00.001-04:00

Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors® (NAR).

Pending Home Sales Index (PHSI),* a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.

Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.” NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.

“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said.

The PHSI in the Northeast jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago. In the Midwest the index rose 4.1 percent to 104.2 and is 17.9 percent above April 2009. Pending home sales in the South slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago. In the West the index rose 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.

“A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of homebuyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

* 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 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 May will be reported June 22 and the next Pending Home Sales Index will be on July 1; release times are 10 a.m. EDT.

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

Visit my web site for real estate services and support: LawrenceYerkes.com [NJ/PA]
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Commercial Real Estate Vacancies to Peak Near Early 2011

2010-05-26T22:57:00.020-04:00

Vacancy rates continue to rise in most commercial sectors and are not expected to level out in most markets until the end of this year or early 2011, according to the National Association of Realtors® (NAR).

Lawrence Yun, NAR chief economist, said there is one bright spot in commercial real estate. “The multifamily sector can expect increased demand as the economy creates jobs and new households are formed, likely in the second half of this year,” he said. “However, the office, warehouse and retail sectors continue to experience the delayed effects of the recession. These sectors should see gradual improvement after jobs pick up and create additional demand for space, meaning a broader improvement in commercial real estate is likely in 2011.”

The Society of Industrial and Office Realtors®, in its SIOR Commercial Real Estate Index, an attitudinal survey of nearly 700 local market experts1, confirms that significant fallout from the recession remains, but to a lesser extent.

The SIOR index, measuring 10 variables, increased 2.7 percentage points to 38.2 in the first quarter, compared with a level of 100 that represents a balanced marketplace. This is the second gain following nearly three years of declines; the last time the market was in equilibrium was in the third quarter of 2007.

Development activity remains at a standstill with nine out of 10 respondents saying that it is virtually nonexistent in their markets.

Looking at the overall market, commercial vacancy rates appear to be approaching a plateau, according to NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK.2 The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Market

With an elevated level of sublease space available, vacancy rates in the office sector are projected to increase from 16.9 percent in the first quarter of this year to 17.6 percent in the first quarter of 2011, but should ease later next year.

Annual office rent is likely to fall 2.3 percent this year and decline another 2.1 percent in 2011. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, is forecast to be a negative 24.6 million square feet this year and then a positive 25.5 million in 2011.

Industrial Market

Leasing activity in the industrial sector is below historical levels with higher vacancies, more tenant concessions from landlords and a steeper decline in rental rates. In addition, obsolete structures remain on the market. Industrial vacancy rates are expected to rise from 14.3 percent in the first quarter of 2010 to 14.8 percent in the first quarter of 2011, then decline modestly as the year progresses.

Annual industrial rent will probably drop 6.3 percent this year, and decline another 1.5 percent in 2011. Net absorption of industrial space in 58 markets tracked is seen at a negative 90.0 million square feet this year and a positive 135.6 million in 2011.

Retail Market

Retail vacancy rates should rise modestly from 12.6 percent in the first quarter of this year to 12.8 percent in the first quarter of 2011, and should hold at that level for most of next year.

Average retail rent is projected to decline 1.5 percent in 2010, then edge up by 0.4 percent next year. Net absorption of retail space in 53 tracked markets is likely to be a negative 3.7 million square feet this year and then a positive 8.9 million in 2011.

Multifamily Market

The apartment rental market – multifamily housing – is expected to benefit from an improving economy and job market. Multifamily vacancy rates are forecast to decline from 7.3 percent in the first quarter of this year to 6.3 percent in the first quarter of 2011.

With recent additions to supply, average rent is likely to slip 1.5 percent this year, and then rise 1.2 percent in 2011. Multifamily net absorption should be 145,700 units in 59 tracked metro areas this year, and another 214,500 in 2011.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 79,000 NAR and institute affiliate members offer commercial brokerage services.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1 The SIOR Commercial Real Estate Index, conducted by SIOR and analyzed by NAR Research, is a diffusion index based on market conditions as viewed by local SIOR experts. For more information contact Richard Hollander, SIOR, at 202/449-8200.

2 Publication of additional analyses, including metropolitan data, will be posted under Economists’ Commentary in the Research area of Realtor.org in coming weeks.

The next commercial real estate forecast and quarterly market report will be released on August 26.

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

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IRS Offers Details on New Small Business Health Care Tax Credit

2010-05-17T23:16:00.002-04:00

The Internal Revenue Service (IRS) today issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage.

Notice 2010-44 provides detailed guidelines, illustrated by more than a dozen examples, to help small employers determine whether they qualify for the credit and estimate the amount of the credit. The notice also requests public comment on issues that should be addressed in future guidance.
Included in the Affordable Care Act approved by Congress in March and signed into law by the President, the small business health care tax credit, which is in effect this year, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.

In general, the credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.

For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. The maximum credit goes to smaller employers –– those with 10 or fewer full-time equivalent (FTE) employees –– paying annual average wages of $25,000 or less. The credit is completely phased out for employers that have 25 FTEs or more or that pay average wages of $50,000 per year or more. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.

Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011. For tax-exempt organizations, the IRS will provide further information on how to claim the credit.

More information about the credit, including a step-by-step guide and answers to frequently asked questions, is available on the Affordable Care Act page.

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Federal Reserve Beige Book Report April 2010 Report

2010-04-15T17:57:00.000-04:00

Overall economic activity increased somewhat since the last report across all Federal Reserve Districts except St. Louis, which reported "softened" economic conditions. Districts generally reported increases in retail sales and vehicle sales. Tourism spending was up in a number of Districts. Reports on the services sector were generally mixed. Manufacturing activity increased in all Districts except St. Louis, and new orders were up. Many Districts reported increased activity in housing markets from low levels. Commercial real estate market activity remained very weak in most Districts. Activity in the banking and finance sector was mixed in a number of Districts, as loan volumes and credit quality decreased. Agricultural conditions were mixed as well, with positive conditions reported in Districts from the central and western parts of the country, while negative conditions were reported in the mid and southern Atlantic Districts. Mining and energy production and exploration increased for metals, oil and wind.

While labor markets generally remained weak, some hiring activity was evident, particularly for temporary staff. Wage pressures were characterized as minimal or contained. Retail prices generally remained level, but some input prices increased.

In the Third District, economic activity moved up somewhat since the last Beige Book, on balance, although the advance did not include all sectors. Manufacturers, on balance, reported increases in shipments and new orders. Retailers generally posted gains from February to March. Motor vehicle dealers indicated that sales increased. Third District banks reported steady to slightly decreased loan volume outstanding. Residential real estate agents and homebuilders said home sales increased from February to March. Nonresidential real estate leasing and construction activity continued to be weak, but contacts reported some increase in purchase and investment activity. Business firms in the region indicated that prices of most goods and services have been steady, although there were increased reports of rising prices for basic materials and construction-related products.

The outlook among Third District business contacts is that business activity will continue to move up slowly in most sectors in the months ahead. Manufacturers forecast a rise in shipments and orders during the next six months, on balance. Retailers expect sales to expand modestly as consumer confidence is slowly restored. Auto dealers expect the sales rate to remain above last year's pace. Bankers expect slight increases in lending. Residential real estate contacts expect home sales to rise somewhat during the balance of the year, but they are unsure of the immediate trend after the expiration of the federal tax credit for homebuyers. Contacts in nonresidential real estate expect leasing to advance slightly as tenants take advantage of concessions and lower rents, but they do not expect much growth in demand for commercial space until firms begin to add workers in substantial numbers.

Source Beige Book

Click here for the Federal Reserve March 2009 Beige Book [Beige Book Archives]

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

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NAR Recommends New Fannie Mae and Freddie Mac Structures to Congress

2010-03-23T22:14:00.001-04:00

New Fannie Mae, Freddie Mac Structures Should Ensure Availability of Mortgage Capital and Protect Taxpayer Dollars, Says NAR

Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac should be restructured as government-chartered, non-shareholder owned authorities, the National Association of Realtors®(NAR) said in congressional testimony today...

Full Story...

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February Existing-Home Sales Ease with Mixed Conditions Around the Country

2010-03-23T20:08:00.002-04:00

Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of Realtors®(NAR).

Existing-home sales [1], which are finalized transactions that include single-family, townhomes, condominiums and co-ops, slipped 0.6 percent nationally to a seasonally adjusted annual rate of 5.02 million units in February from 5.05 million in January, but are 7.0 percent higher than the 4.69 million-unit pace in February 2009.

Lawrence Yun, NAR chief economist, said widespread winter storms in February may mask underlying demand. “Some closings were simply postponed by winter storms, but buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity,” he said.

“Although sales have been higher than year-ago levels for eight straight months and home prices are much more stable compared to the past few years, the housing recovery is fragile at the moment.”

Total housing inventory at the end of February rose 9.5 percent to 3.59 million existing homes available for sale, which represents an 8.6-month supply[2] at the current sales pace, up from a 7.8-month supply in January. Raw unsold inventory is 5.5 percent below a year ago.

“The key test for a durable recovery comes in the next few months as the tax credit deadline approaches,” Yun said. “If we see a surge in home buying comparable to last fall in the months leading up to the original tax credit deadline, then enough inventory should be absorbed to ensure a broad home price stabilization.”

The national median existing-home price[3] for all housing types was $165,100 in February, which is 1.8 percent below February 2009. Distressed homes, generally sold at discount, accounted for 35 percent of sales last month.

A parallel NAR practitioner survey[4] shows first-time buyers purchased 42 percent of homes in February, up from 40 percent in January. Investors accounted for 19 percent of transactions in February, compared with 17 percent in January; the remaining sales were to repeat buyers.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said some buyers are just beginning to realize the urgency of acting before the contract deadline for the tax credit. “If home buyers want this tax credit there is literally no time to waste,” she said.

“Most buyers spend several months looking at a dozen homes before they make a contract offer, but less than six weeks are left before the April 30 contract deadline. If you’re sure about the kind of home you want and the neighborhood where you’d like to live, you need to begin working with a Realtor® now to help you find what you want, negotiate on your behalf and ensure that you meet the necessary deadlines, including loan qualification,” Golder said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.99 percent in February from 5.03 percent in January; the rate was 5.13 percent in February 2009.

Single-family home sales declined 1.4 percent to a seasonally adjusted annual rate of 4.37 million in February from a pace of 4.43 million in January, but are 4.3 percent higher than the 4.19 million level a year ago. The median existing single-family home price was $164,300 in February, down 2.1 percent from February 2009.

Existing condominium and co-op sales rose 4.8 percent to a seasonally adjusted annual rate of 650,000 in February from 620,000 in January, and are 30.3 percent above the 499,000-unit pace in February 2009. The median existing condo price[5] was $170,200 in February, down 0.2 percent from a year ago.

Regionally, existing-home sales in the Northeast rose 2.4 percent to an annual pace of 840,000 in February and are 12.0 percent above a year ago. The median price in the Northeast was $254,700, up 7.5 percent from February 2009.

Existing-home sales in the Midwest increased 2.8 percent in February to a level of 1.11 million and are 8.8 percent higher than February 2009. The median price in the Midwest was $128,000, which is 2.0 percent below a year ago.

In the South, existing-home sales slipped 1.1 percent to an annual pace of 1.85 million in February but are 6.9 percent above a year ago. The median price in the South was $139,600, down 4.2 percent from February 2009.

Existing-home sales in the West fell 4.7 percent to an annual rate of 1.22 million in February but are 3.4 percent higher than February 2009. The median price in the West was $207,900, down 9.8 percent from a year ago.

“A lack of affordable housing inventory is holding back sales and pressuring prices to be bid upwards in many California markets,” Yun noted.

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.

# # #

NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for 20 select metropolitan statistical areas, which is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the

local association of Realtors®.

1 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 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

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.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 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 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

3 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 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.

4 First-time buyer and distressed sales data are from the Realtor® Confidence Index.

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

NOTE: NAR’s annual Vacation- and Investment-Home Buyers Survey will be published March 31. Existing-home sales for March will be released April 22. The next Pending Home Sales Index is scheduled for April 5; release times are 10 a.m. EDT.

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

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Delaware Valley Agent Is Certified Distressed Property Expert

2010-03-16T12:59:00.002-04:00

LAWRENCE YERKES EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Lawrence Yerkes has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Delaware Valley area, many more homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Yerkes. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Lawrence Yerkes with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

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Resource: State Incentives for Renewables & Efficiency

2010-03-15T10:50:00.000-04:00

The DSIRE (http://www.dsireusa.org/) web site provides information about renewable energy and energy efficiency incentives and policies in effect in the United States. Relevant incentives and policies established by the federal government, state governments, local governments, utilities and non-profit organizations are included in DSIRE, including...

* Incentives Available in U.S. States & Territories
* Federal Incentives
* National & Regional Policy Trends in Renewable Energy & Energy Efficiency
* DSIRE Searches
* DSIRE also offers the following resources, available on the DSIRE home page:
---- Lists of new and updated incentives and policies (What’s New?)
---- A glossary of relevant terms
---- A library of relevant DSIRE publications and presentations
---- Links to other organizations and useful resources
---- Solar-specific policy resources (DSIRE Solar)

Established in 1995, the Database of State Incentives for Renewables & Efficiency (DSIRE) is an ongoing project of the North Carolina Solar Center and the Interstate Renewable Energy Council (IREC). It is funded by the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE), primarily through the Office of Planning, Budget and Analysis (PBA). The site is administered by the National Renewable Energy Laboratory (NREL), which is operated for DOE by the Alliance for Sustainable Energy, LLC.

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FYI: Home Value Per Annual Dollar Saved

2010-03-13T15:35:00.000-05:00

What's known by some as the Nevin Factor shows an increase in property value of $20 for every $1 of annual savings...

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DOE: Major Home Energy End Uses

2010-03-11T15:22:00.010-05:00

According to government studies, dramatic savings are potentially provided by implementing proven green building energy saving concepts in the home...

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National Home Builders Resources for Growing Green

2010-03-10T10:59:00.000-05:00

Energy-efficient, renewable, and cost-effective…green building is the new standard

If you are convinced that going for green homebuilding is best for you, your community and over the long run, your pocketbook; or, even if you are not yet convinced, a place to check out is the NAHB's online TV channel called, "Green and Beyond".

There you will find a variety of videos discussing what's working, and why, in the industry.

Source: NAHBTV

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NWFA: Wood Floors Are Green

2010-03-09T11:47:00.001-05:00

The reason for this is clear: consumers are demanding the use of green products, but often don’t understand what green means. Being “green” is much more than just being a rapidly renewable material. To truly recognize a product’s “greenness,” one must look at its entire life cycle, from cradle to grave. It’s not a matter of simply whether raw materials can be replaced quickly, but how those materials are used when making a finished product, and what happens to them once their useful life is over.

Wood flooring is the only flooring option available that is completely sustainable. It comes from a factory called a forest, and uses a renewable source of energy called the sun. Most hardwood trees, the material used to make wood floors, take 40-60 years to mature, and while those trees are maturing, they produce oxygen. Best of all, because wood floors can last hundreds of years, the inventory planted today will be ready to harvest long before it is needed.

Solid wood floors also use very few natural resources when being produced, which adds to their eco-friendliness. They use less water and energy to manufacture than other flooring alternatives, and when they reach the end of their usefulness, wood floors can be burned for fuel or recycled.

To learn more about the many ecological benefits of wood floors, from cradle to grave, visit the National Wood Flooring Association’s web site at nwfa.org, and click on the “What’s New” link.

The NWFA is a not-for-profit trade organization of more than 4,200 wood flooring professionals working worldwide to educate consumers, architects, designers, and builders in the uses and benefits of wood flooring. The NWFA can be contacted at 111 Chesterfield Industrial Blvd., Chesterfield, MO 63005, or at 800-422-4556 (USA), 800-848-8824 (Canada), or 636-519-9663 (international).
Source: NWFA

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Pending Home Sales Down; Severe Weather Impacting Market

2010-03-04T16:04:00.000-05:00

Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors®(NAR).

The Pending Home Sales Index,* (PHSI) a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009 when it was 80.5.

Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” he said.

As such, abnormal swings are expected in housing data. “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June,” Yun said. “The real question is what happens in the second half of the year. If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward.”

The PHSI in the Northeast fell 8.7 percent to 71.3 in January but is 20.5 percent higher than January 2009. In the Midwest the index dropped 8.9 percent to 81.2 but is 11.8 percent above a year ago. Pending home sales in the South slipped 2.1 percent to an index of 98.1, but the index is 18.0 percent higher than January 2009. In the West the index dropped 13.2 percent to 102.9 but is 1.4 percent above a year ago.

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.

# # #

*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 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.

Each March, NAR Research conducts a review of PHSI seasonal adjustment factors and fine-tunes monthly data for the past three years.

Existing-home sales for February will be reported March 23 and the next Pending Home Sales Index will be on April 5; release times are 10 a.m. EDT.

NOTE: NAR’s annual Vacation and Investment Home Survey, covering 2009 second-home sales, prices, buyer demographics and motivational factors, will be released on March 31.

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Federal Reserve Beige Book Report March 2010 Report

2010-03-03T17:46:00.001-05:00

Reports from the twelve Federal Reserve Districts indicated that economic conditions continued to expand since the last report, although severe snowstorms in early February held back activity in several Districts. Nine Districts reported that economic activity improved, but in most cases the increases were modest. Overall conditions were described as mixed in the Atlanta and St. Louis Districts, though St. Louis noted further signs of improvement in some areas. Richmond reported that economic activity slackened or remained soft across most sectors, due importantly to especially severe February weather in that region.

Consumer spending improved slightly in many Districts since the last survey, but severe snowstorms in early February limited activity in some Districts. Tourist activity was reported as increased or mixed, with some improvement in hotel occupancies. The demand for services was generally positive across Districts, most notably for health-care and information technology firms. Of the five Districts reporting on transportation, three characterized activity as improved over the previous survey. Manufacturing activity strengthened in most regions, particularly in the high-tech equipment, automobile, and metal industries. Residential real estate markets improved in a number of Districts, although several Districts noted that activity softened or remained weak partly due to extreme winter weather. Most Districts characterized commercial real estate and construction activity as weak or having declined further, but some Districts noted slight stabilization and a few signs of modest improvement. Loan demand remained weak, and lending standards remained tight across the country. Harsh weather continued to negatively affect agricultural activity, although some Districts reported favorable crop conditions. Districts reporting on energy activity said it continued to strengthen, particularly drilling for natural gas.

Price pressures were mostly limited, with the exception of some increases in raw materials prices. Even with input costs rising, selling prices remained stable due to competitive pressures and limited pricing power. Although some Districts reported an uptick in hiring or a slowdown in layoffs, labor markets generally remained soft throughout the nation, which resulted in minimal wage pressures.

Economic conditions improved in some sectors in the Third District and have been about steady in others since the last Beige Book. Manufacturers, on balance, reported increases in shipments and new orders. Retailers indicated that a rising sales trend was interrupted by snowstorms in February. Motor vehicle dealers indicated that sales have been increasing slightly but were also hampered by snowstorms. Third District banks reported steady loan volume outstanding. Residential real estate agents and home builders said demand for homes has been on the rise, but February snowstorms adversely impacted construction and sales. Nonresidential real estate leasing, purchase, and construction activity continued to be weak. Service-sector firms generally reported steady activity. Business firms in the region indicated that prices of most goods and services have been steady, although there were reports of price increases for metals and some industrial products.

Source Beige Book

Click here for the Federal Reserve March 2009 Beige Book [Beige Book Archives]

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

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

Real Estate Terminology for First Timers

2010-03-03T13:17:00.005-05:00

First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It’s not enough to merely educate one’s self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of nfamiliar legalese, home building lingo and real estate specific jargon.

The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.

Agency – The relationship of trust that exists between buyers or sellers and their agents. The agency is formed via a written contract.

Amortization – The process of paying the principal and the interest on a mortgage through regularly scheduled payments.

Appraised Value – A licensed appraiser’s opinion of the current market value of a property.

Assessed Value - A tax assessor’s determination of the value of a home in order to calculate a tax base.

Breezeway – A roofed passage way with open sides.

Capital improvement - Any improvement that extends the life or increases the value of a piece of property.

Comparable sales - Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."

Contingency - A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home.

Dry Rot - Decay of seasoned wood caused by fungus.

Earnest Money Deposit - A deposit made by the potential home buyer as evidence of good faith that he or she is serious about buying the house.

Easement - A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place power lines, pipe lines or roads.

Egress - The exit point from a property.

Escrow - An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Energy Star - A joint program through the U.S. Environmental Protection Agency and the U.S. Department of Energy that sets energy efficiency guidelines for products, homes and businesses.

Equity - A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

Fixtures - Those parts of a property affixed to structures or land, usually in such a manner that they cannot be independently moved without damage to themselves or the property housing supporting or pertinent to them. Fixtures
are usually included in a sale and commonly include but are not limited to items such as carpets and awnings.

Full Disclosure - In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose identified defects in the property for sale or lease.

Green building - Also known as sustainable building or environmental building, this definition varies depending on the agency or group. Generally it means to construct a building to the highest environmental standards by minimizing the use of energy, water and materials. A green building, for example, might have skylights, recycled building materials and solar panels.

Ingress - The entry point to a property.

Lien - A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.

MLS (Multiple Listing Service) - An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. MLS’s are local or regional.

Private mortgage insurance (PMI) - Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI when the amount borrowed
exceeds 80% of the purchase price or home’s value.

Plat - A plan, map or chart of a tract or town site dividing a parcel of land into lots.

Subdivision - An area of land laid out and separated into lots, blocks, and building sites, and in which public facilities such as streets, alleys, parks, and easements for public utilities are also planned.

Sweat equity - used to describe the contribution made to a project by people who contribute their time and effort.

Title - A legal document evidencing a person's right to or ownership of a property.

Title company - A company that specializes in examining and insuring titles to real estate.

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.

Click here for an expanded Glossary of real estate related terms.

Visit my web site for real estate 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, Investment).

Real Estate Cyber Tips - March 2010

2010-03-01T10:48:00.001-05:00

CYBER MAGIC TRICKS

TRICK#1

CLEAN UP YOUR EMAIL!
It aggravates us all. We receive an email that has been sent over and over again - and it's loaded with << >> and all sorts of other junky characters. But occasionally there's something valuable in the message that we'd like to copy without all of the digital garbage. Here's where this little gem of a site comes in handy. Just copy and paste the text (junk and all). Then pick the characters you want removed, click "Strip It" and -Shazam - the text appears below all cleaned up! This one is worth a desktop shortcut!
Click Here for This Cyber Trick

TRICK#2

HOW SAFE ARE YOUR PASSWORDS?
Nowadays it's a pretty good idea to revisit your passwords. The good old 1234 doesn't give you any protection because bots can figure that one out in a millisecond! "aunt mille" is just as bad. And they'll crack "Uncle Charlie" in about 2 milliseconds. This site is designed to evaluate the strength of passwords and give you instantaneous visual feedback that helps you improve the strength of your passwords. The idea is to help you break your password bad habits! This easy to use site could save you bundles of grief and buckets full of cash!
Click Here for This Cyber Trick

GREAT PLACES!

GREAT PLACE #1

HOW MUCH PAINT DO YOU NEED?
Getting ready for a little spring touch up -- maybe a fresh coat of paint for the living room and den? Want to make sure you don't over or under order your paint supply for the job? Here's a no-download quick and easy calculator that will help you estimate the amount of paint you'll need to do the job -- including all the trim. Just enter the room dimensions plus the ceiling height along with the number of windows and doors. Then simply click "Calculate" and you'll be in business. Brings a little confidence into the job!
Click Here for This Great Place

GREAT PLACE #2

MAP YOUR FRIENDS!
Google is at it again! Now you can see where your friends are in real time on a map or in a list. With this Google gem you can easily get in touch using a text message, instant message, or phone call. This interesting service works on most smart phones or on a full screen from your computer, if you don't have a compatible phone or data plan. And, if you are privacy addict, you can control or hide your location or just share it with certain friends - excluding any rascals you wish to keep in the dark! And best of all it's on the house!
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 2009, RECS. All rights reserved.

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).

Online IRS Resources for Tax Season 2010

2010-02-28T11:25:00.000-05:00

Following are IRS news releases, fact sheets, tax tips, YouTube video and podcasts that publicize tax filing season 2010.

Fact Sheets
Tax Law Changes Provide Saving Opportunities for Nearly Everyone
How to Choose a Tax Return Preparer and Avoid Preparer Fraud
Taxpayers Can Now Use Refunds to Buy Savings Bonds; New Direct Deposit Option
Tax Credits for Home Buyers
Most Workers Need to File New Schedule M; Making Work Pay Credit Offers Tax Savings Up to $800
E-file, Free File and Other Electronic Options for 2010
Online Scams that Impersonate the IRS
Free Tax Help Available from the IRS
Reporting Bank and Financial Accounts

Tax Tips
Listing of 2010 Tax Tips

News Releases
IRS Proposes New Registration, Testing and Continuing Education Requirements for Tax Return Preparers Not Already Subject to Oversight

YouTube Video
Tax Filing Season 2010 — ENG ASL SPA
Choosing a Tax Preparer — ENG SPA
Education Tax Credit, Claim It, Students — ENG ASL
Education Tax Credit, Claim It, Parents — ENG ASL
Energy Tax Credit, Claim It — ENG ASL SPA
Making Work Pay, Smaller Take Home Pay? — ENG
Making Work Pay, Claim It — ENG ASL SPA
New Homebuyer Credit, Claim It — ENG SPA
New Homebuyer Credit, Claim It, Military — ENG
Phishing, Malware — ENG
Split Refunds, Savings Bonds — ENG ASL SPA
Vehicle Tax Deduction, Claim It — ENG ASL
Withholding Calculator — ENG ASL
Visit the IRS Channel on YouTube.
Podcasts
E-file and Free File — ENG SPA

IRS podcasts are also available on iTunes.

For Latest IRS Updates to Above Resources...

Source: IRS

Visit my web site for real estate 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, Investment).

Existing-Home Sales Down in January but Higher than a Year Ago; Prices Steady

2010-02-26T23:42:00.000-05:00

Existing-home sales fell in January but are above year-ago levels, according to the National Association of Realtors® (NAR).

Existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 7.2 percent to a seasonally adjusted annual rate1 of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Total housing inventory at the end of January fell 0.5 percent to 3.27 million existing homes available for sale, which represents a 7.8-month supply2 at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6 percent below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

The national median existing-home price3 for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38 percent of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey4 shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said.

“Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors® are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03 percent in January from 4.93 percent in December; the rate was 5.05 percent in January 2009.

Single-family home sales fell 6.9 percent to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6 percent above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4 percent from a year ago.

Existing condominium and co-op sales dropped 8.1 percent to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1 percent above the 449,000-unit level a year ago. The median existing condo price5 was $172,400 in January, which is 1.4 percent higher than January 2009.

Regionally, existing-home sales in the Northeast fell 10.9 percent to an annual pace of 820,000 in January but are 22.4 percent above a year ago. The median price in the Northeast was $245,300, a gain of 8.8 percent from January 2009.

Existing-home sales in the Midwest declined 6.9 percent in January to a level of 1.08 million but are 8.0 percent higher than January 2009. The median price in the Midwest was $130,300, which is 1.0 percent below a year ago.

In the South, existing-home sales dropped 7.4 percent to an annual pace of 1.87 million in January but are 12.0 percent above a year ago. The median price in the South was $140,200, down 2.0 percent from January 2009.

Existing-home sales in the West declined 5.2 percent to an annual rate of 1.28 million in January but are 7.6 percent higher than January 2009. The median price in the West was $203,400, down 5.8 percent from a year ago.

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.

# # #

NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, and is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

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 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the previous three years based on the most recent findings. Revisions have been made to monthly seasonally adjusted annual sales rates for 2007 through 2009, as well as the inventory month's supply data. There are no revisions to raw inventory; however, there are adjustments to monthly home prices for the past year.

2 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 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

3 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 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.

4 First-time buyer, investor and distressed sales data are from the Realtor® Confidence Index.

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

Existing-home sales for February will be released March 23. The next Pending Home Sales Index is scheduled for March 4; release times are 10 a.m. ET.

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No Meaningful Recovery in Commercial Real Estate Before 2011

2010-02-23T23:34:00.000-05:00

Although the economy has been growing lately, fallout from the recent recession continued to negatively impact commercial real estate sectors in the fourth quarter, but there is hope for some improvement next year, according to the National Association of Realtors®(NAR).

Lawrence Yun, NAR chief economist, said commercial real estate almost always lags the economy. “Because of the lingering impact from the deep recession over the past two years, vacancy rates will trend higher and many commercial property owners will need to make rent concessions,” he said.

“With the job market expected to turn for the better later this year, we’ll see rising demand for office and warehouse space, but that isn’t likely before 2011,” Yun said. “At the same time, improved consumer confidence would help sustain the retail sector and encourage more people to enter the rental market.”

Yun notes that commercial vacancy rates remain high in most market areas and are depressing rents.

The Society of Industrial and Office Realtors® (SIOR), in its SIOR Commercial Real Estate Index, an attitudinal survey of more than 700 local market experts,1 suggests a flattening level of business activity in upcoming quarters with 55 percent of members expecting the market to improve in the second quarter.

The SIOR index rose 0.2 percentage point to 35.5 in the fourth quarter, compared with a level of 100 that represents a balanced marketplace. This is the first gain following 11 consecutive quarterly declines. Although some indicators show that a decline in commercial property values is beginning to flatten, 86 percent of respondents report prices are below replacement costs.

Nearly nine in 10 survey participants said new commercial development is virtually nonexistent in their market areas, and rent concessions are reported almost everywhere.

An independent survey earlier this month showed a couple dozen banks are willing to expand commercial credit this year, which is critical. The lending expansion is aided by the Federal Reserve's Term Asset-Backed Loan Facility, which is encouraging issuance of commercial mortgage-backed bonds. In addition, regulators are prodding lenders to extend terms for many existing commercial loans.

“We have a long way to go for satisfactory levels of commercial credit, but these are important first steps,” Yun said. “Given that about $1.4 trillion in commercial debt will come due over the next three years, more extensive action is needed and the Fed needs to more actively help resuscitate commercial mortgage-backed securities. The credit improvement will mean more commercial property sales in 2010, even some at deeply discounted prices.”

Looking at the overall market, commercial vacancy rates generally will stay at elevated levels, according to NAR’s latest COMMERCIAL REAL ESTATE OUTLOOK.2 The NAR forecast for four major commercial sectors analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data were provided by CBRE Econometric Advisors.

Office Market

With a lot of sublease space currently on the market, vacancy rates in the office sector are forecast to rise from 16.3 percent in the fourth quarter of 2009 to 17.6 percent in the fourth quarter of this year; the longer term outlook is for vacancies to average 17.4 percent in 2011.

Annual office rent is projected to decline 7.2 percent in 2010, following a drop of 12.7 percent last year. In 57 markets tracked, net absorption of office space, which includes the leasing of new space coming on the market as well as space in existing properties, should be a negative 27.3 million square feet in 2010.

Industrial Market

There is proportionately less industrial sublease space on the market than in the office sector, but obsolescence remains a factor. Industrial vacancy rates will probably rise from 13.9 percent in the fourth quarter of last year to 14.9 percent in the closing quarter of 2010; they could average 14.5 percent next year.

Annual industrial rent is likely to fall 9.6 percent this year, after declining 10.9 percent in 2009. Net absorption of industrial space in 58 markets tracked is seen at a negative 93.5 million square feet in 2010.

Retail Market

Retail vacancy rates are expected to edge up from 12.4 percent in the fourth quarter of 2009 to 12.7 percent in the same period of this year, and may hold at that level in 2011.

Average retail rent is forecast to decline 2.4 percent in 2010, following a drop of 4.0 percent in 2009. Net absorption of retail space in 53 tracked markets should be a negative 3.4 million square feet this year.

Multifamily Market

The apartment rental market – multifamily housing – is poised to gain from a rise in household formation. Multifamily vacancy rates are likely to decline from 7.4 percent in the fourth quarter of last year to 6.6 percent in the fourth quarter of 2010, and possibly edge down to 6.1 percent next year.

Average rent is projected to decline 3.4 percent this year, following a decline 3.6 percent in 2009. Multifamily net absorption is expected to be 115,000 units in 59 tracked metro areas this year.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the commercial community. NAR’s Commercial Division, formed in 1990, provides targeted products and services to meet the needs of the commercial market and constituency within NAR.

The NAR commercial components include commercial members; commercial committees, subcommittees and forums; commercial real estate boards and structures; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.
More than 81,000 NAR and institute affiliate members offer commercial brokerage services.

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 SIOR Commercial Real Estate Index, conducted by SIOR and analyzed by NAR Research, is a diffusion index based on market conditions as viewed by local SIOR experts. For more information contact Richard Hollander, SIOR, at 202/449-8200.

2 Publication of additional analysis, including metropolitan data, will be posted under Economists’ Commentary in the Research area of Realtor.org in coming weeks.

The next commercial real estate forecast and quarterly market report will be released on May 26.

Visit my web site for real estate 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, Investment).

Number of Permanent Modifications Nearly Doubles In January Over Previous Month

2010-02-17T22:40:00.002-05:00

WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration’s Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also marked record progress. An additional 76,000 permanent modifications have been offered, and are waiting only for the borrower’s signature. In total, Over 1 million homeowners have started trial modifications and nearly 1.3 million offers for trial modifications have been extended to homeowners.

“With nearly one million homeowners paying less each month and the number of permanent modifications steadily rising, HAMP is doing the job it was designed to do," said Phyllis Caldwell, Chief of Treasury’s Homeownership Preservation Office. “Struggling families are receiving payment relief and the housing market is showing signs of stabilization.”

More Details...

Source: HUD No.10-041

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HouseLogic: The Logical Source for Today's Homeowners

2010-02-16T13:45:00.004-05:00

Today the National Association of Realtors®(NAR) launched HouseLogic, a new, comprehensive consumer Web site about all aspects of homeownership. HouseLogic helps homeowners make smart decisions and take responsible actions to maintain, protect and increase the value of their homes.

“Backed by the resources and industry insights of NAR and its Realtor® members, HouseLogic will engage and involve consumers throughout the lifecycle of homeownership,” said NAR President Vicki Cox Golder. “It makes sense that, as the first, best source for real estate information, NAR should collaborate with today’s consumers to help them make the most out of owning a home. HouseLogic will help us do that.”

The free Web site helps homeowners plan and organize their home projects and provides timely articles and news; home improvement advice and how-to’s; and information about taxes, home finances and insurance.

“Unlike other homeownership Web sites, HouseLogic helps consumers view their home through a financial lens and make smart, informed home improvement investment decisions,” said Golder. “Families can set goals for saving money on their home or increasing its value, and easily track the progress they are making on those goals.

Registered users can save relevant information, create to-do lists and set project reminders. The Web site can also be customized for individual homeowners depending on how handy or ambitious they are regarding home projects; how much money they want to spend or save; where they live; and their priorities, such as increasing the value of their home or improving their neighborhood.

HouseLogic also empowers homeowners who want to get more actively engaged in shaping community life and advocate neighborhood and homeownership issues that matter most to them. The site provides users with the tools and know-how to effect change and address concerns, like establishing a neighborhood watch program, building a community playground, or participating in city or county planning efforts.

“For more than 100 years Realtors® have been bringing America home,” said Golder. “HouseLogic takes owning a home to the next level, partnering with consumers to truly help people build their futures through homeownership.

Visit HouseLogic at www.houselogic.com.

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.

Visit my web site for real estate 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, Investment).

Enjoy the 2010 Winter Olympics

2010-02-12T11:37:00.009-05:00

The 2010 Winter Olympics are now upon us and will be going on for the next two weeks. To enjoy the Winter Olympics to the fullest, here are links to web sites focusing on the 2010 Winter Olympics...

www.vancouver2010.com
Main web site for 2010 Winter Olympics in Vancouver, Canada.

www.nbcolympics.com
NBC's, the TV host of the 2010 Winter Olympics, web site.

WikiPedia.org
More 2010 Winter Olympics information and related links.

Olympic.org
Official website of the Olympic Movement and the Vancouver 2010 events.

sportsvl.com/winter-olympics/links
Comprehensive sports news about all things related the winter-olympics.

www.whistler2010.com/olympics
The official Whistler website of the Vancouver 2010 Olympic and Paralympic Winter Games.

www.ctvolympics.ca
Canada TV's web site for the 2010 Vancouver Winter Olympics, including Paralympic Sports.

Some of the phone companies and 3rd party mobile software application developers may have special applications for keeping informed of the latest Winter Olympics results. Samsung Mobile, a Winter Olympics sponsor, is providing a free application for their Windows Mobile (6.1 and 6.5) phones that you can download from here. It's called WOW (Wireless Olympic Works), and provides up-to-the-minute official news, event schedules and results for the public, which is a subset of the communications platform the Winter Olympic Family use to keep track of proceedings.

Visit my web site for real estate 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, Investment).

Fourth Quarter Existing-Home Sales Surge in Most States, Prices Up in More Areas

2010-02-11T23:31:00.001-05:00

Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® (NAR).

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate 1 of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

In the fourth quarter, 67 out of 151 metropolitan statistical areas 2 reported higher median existing single-family home prices in comparison with the fourth quarter of 2008, including 16 with double-digit increases; one was unchanged and 84 metros had price declines. In the third quarter only 30 MSAs showed annual price increases and 123 areas were down.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Yun said.

“Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable,” Yun said.

NAR President Vicki Cox Golder , owner of Vicki L. Cox & Associates in Tucson, Ariz., said near-term market conditions will remain favorable. “Mortgage interest rates are expected to trend up later this year, but right now we have very good conditions with steadying home prices and favorable inventory in most areas, especially in the higher price ranges,” she said.

“The biggest issue is for repeat buyers, who will have to accelerate their buying plans if they want the expanded tax credit. Since you must have a contract in place by the end of April, the best advice is to consult a Realtor ® now about qualification criteria and options in your area,” Golder said.

Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit. Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

In the condo sector, metro area condominium and cooperative prices – covering changes in 54 metro areas – showed the national median existing-condo price was $177,300 in the fourth quarter, down 4.8 percent from the fourth quarter of 2008. Eleven metros showed increases in the median condo price from a year earlier and 43 areas had declines; in the third quarter only four metros experienced annual price gains.

Regionally, existing-home sales in the Northeast rose 11.1 percent in the fourth quarter to a pace of 1.03 million and are 33.6 percent higher than a year ago. The median existing single-family home price in the Northeast declined 5.6 percent to $234,900 in the fourth quarter from the same quarter in 2008, but with widely varying conditions.

“In the Northeast, markets with lower median prices that have avoided wide swings, such as Buffalo, are generally showing consistent price gains,” Yun said. “Even so, some of the higher cost areas are showing signs of stabilization, such as Nassau-Suffolk, N.Y., and Boston.”

In the Midwest, existing-home sales jumped 14.5 percent in the fourth quarter to a pace of 1.38 million and are 29.9 percent above a year ago. The median existing single-family home price in the Midwest rose 1.1 percent to $141,100 in the fourth quarter from the same period in 2008, with the region accounting for the majority of metro areas experiencing double-digit gains.

Yun said markets with high unemployment rates in Ohio and Michigan experienced large price swings. “Big price gains in many Midwestern areas are due to a more normal range of home sales in contrast with predominately foreclosed sales a year ago,” he said.

In the South, existing-home sales rose 13.8 percent in the fourth quarter to an annual rate of 2.23 million and are 28.2 percent higher than the fourth quarter of 2008. The median existing single-family home price in the South was $153,000 in the fourth quarter, down 2.4 percent from a year earlier.

“Affordable markets in the South that have relatively better local economies are seeing healthy price gains, such as Houston, Oklahoma City and Shreveport, La.,” Yun said.

Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said.

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.

# # #

NOTE: Data tables for both metro area home prices and state existing-home sales are posted at www.realtor.org/research/research/metroprice. For areas not covered in the tables, please contact the local association of Realtors ® .

There often are differences between NAR’s data and locally reported data because of differences in methodology, which may include the geographic coverage area, housing types, and Census benchmarking used in NAR’s model. More importantly, there is a parallel between the percentage changes over time that is typically seen even when using different methodologies.

1 The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single family, townhomes, condominiums and co-operative housing. NAR began tracking the state sales series in 1981.

Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally is higher in the summer and relatively light in winter, primarily because of differences in the weather and household buying patterns.

2 Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. A list of counties included in MSA definitions is available at:

www.census.gov/population/estimates/metro-city/0312msa.txt Regional median home prices include rural areas and samples of many smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.

Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report.

First quarter metro area home price and state resale data will be released May 11 at 10 a.m. EDT

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

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Post-Contract Pitfalls for Residential Properties

2010-02-08T11:44:00.003-05:00

[Source: Reprint of NAR article, "Post-Contract Pitfalls"]

Selling a residential property is like climbing Mount Everest – getting a signed contract is a great accomplishment, but that's only half the journey. The typical home sale today involves more than 20 steps after the initial contract is accepted to complete the transaction.

Much of what needs to be done before the closing is the responsibility of appraisers, loan processors, attorneys, and inspectors — the REALTOR®'s role is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing isn't
jeopardized.

Many steps between contract ratification and closing involve the cooperation of both buyer and seller, and attentive REALTORS® on both sides of the transaction will troubleshoot and keep everyone on track.

Home Selling from A to C (Acceptance to Closing)

Home Sellers	Home Buyers
1. Select an escrow agent. One of the parties selects an escrow agent. The escrow agent will collect the necessary documentation from each side and will conduct the closing.	1. Deposit earnest money funds. Earnest money funds are deposited according to instructions, which include who will hold the deposit, whether interest is to be accrued, and conditions of release. These funds are applied to the down payment at closing.
2. Assemble condo or home owners association (HOA) documents. Sellers who live in condos or in a neighborhood subject to an HOA must provide financial statements and recent reports to the buyer for review.	2. Make the final loan application. If interest rates are falling and more home owners are refinancing, additional time may be needed to obtain a mortgage commitment. If the property is being financed with a VA, FHA, or other government-backed loan, it will be necessary to obtain copies of correctly filed building permits for all remodeling or additions done since the original construction. Decisions about locking in interest rates can be made at any time after a contract is ratified.
3. Order a preliminary title report. A title search examines all public records to determine any defects in the chain of title; in other words, to confirm that the seller actually owns the property and has the right to transfer ownership.	3. Order the home appraisal. Lenders require an appraisal before committing to a loan. Appraisers compare the features and condition of a home to similar properties to arrive at a dollar figure for its value.
4. Request a satisfaction letter from present lender. Total amount due on any existing mortgages must be provided in advance of settlement.	4. Arrange the property survey. A survey determines the boundaries of the property, its location, and the size and shape of any buildings on the lot. The survey also identifies any existing easements or encroachments.
5. Coordinate home appraisal and inspections. Arrangements for access to the property must be made for the lender's appraisal and any inspections as specified in the contract.	5. Order inspections. Inspections may include those for home condition, radon, lead, earthquake, and termite infestations. Inspections should be ordered as soon as the contract is ratified so there is time to remedy any problems or renegotiate terms. REALTORS® have established relationships with inspectors and contractors to help ensure that their transactions get priority in busy times.
6. Arrange final utility readings and payments. When bills are prepaid, payments will be prorated at settlement between buyer and seller.	6. Verify employment and financial information. Lenders will require buyers to verify employment and financials before committing to the loan to ensure that there have not been significant changes since the process began.
7. Obtain home warranty policy (if applicable). If a seller has offered a home warranty policy, he or she must obtain this policy before closing.	7. Purchase homeowners' and hazard insurance. Homeowners' and hazard insurance is required by lenders; in some areas, flood insurance is also required.
8. Complete repairs. If the sellers have agreed to make repairs as a result of a home inspection, these must be completed. If repairs require a building permit, sellers must apply for one as soon as possible, because this could delay closing.	8. Obtain title insurance. Title insurance can help ensure that title defects will not make a property unsaleable in the future because of: Forged documents Undisclosed heirs to the property Mistaken legal interpretations of wills or trusts Misfiled documents — deeds, liens, mortgage satisfaction documents Confusion caused by similarities in names Incorrect marital status Mental incompetence
9. Have an attorney prepare the deed. The deed is the document by which the owner transfers title to the property.	9. Secure a loan commitment. Lender notifies escrow agent of commitment and confirms settlement date.
10. Arrange for payment of transfer taxes. Most states require a tax on transfer of property. This expense is most often the responsibility of the seller. Cities and local municipalities may also charge transfer taxes.	10. Transfer utility accounts. Utilities should be transferred into the buyers' names as of the date of settlement.
	11. Complete the final walkthrough. Buyers walk through the property with their REALTOR® shortly before closing to ensure that the property is being delivered in the condition agreed to in the contract.

Time Estimates for Delays

When things go wrong, closing can easily fall behind. Here's how much time to expect on particular delays:

One-Week Delays

Buyer submits incorrect information to lender.
Source of downpayment changes.
Escrow fails to notify parties about missing documents.
Principals leave town without signing all necessary papers.
Unknown defects are discovered in the property.
Last-minute liens discovered.
Cloud on title.
Move-out date changes.

Two-Week Delays

Lender decides at the last minute it doesn't approve of the borrower or the property.
Lender raises interest rates.
Lender requires last minute reappraisal or repairs.
Appraisal too low.

REALTORS® have extensive experience in handling problems that may arise during the time between contract and closing; they can anticipate difficulties and address them in time to ensure a smooth settlement for all involved.

Visit my web site for real estate 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, Investment).

Invest in Cool This Winter

2010-02-05T13:02:00.001-05:00

Most of us spend the coldest months focusing on ways to keep our homes warm and cozy. Strange as it may sound, winter can actually provide the perfect opportunity to add air conditioning to your home (or to replace an aging cooling system). By bucking conventional wisdom you should be able to save money while making sure your home is as ready as you are for summer.

Heat Wave-Proof by March
Like shopping for tire chains during a blizzard, you don’t want to find yourself desperately searching for air conditioning after the spring and summer heat have already hit. Start early and you will have time to fully research cooling options, review the needs of your home, and price shop both brands and local heating/cooling contractors. Choosing the right air conditioner or central air system for your home is not a decision you want to make when under the influence of a stifling heat wave.

Value
Air conditioning systems will typically add at least enough resale value to your home to cover the cost of purchase and installation. For warmer climates, or higher-end real estate markets, adding AC can improve your home’s comparative value even more.

Savings
The big box stores may advertise eye-catching sales on air conditioner units at the start of summer, but all too often such offers are for limited quantities of specific models only and may not include the cost of installation. Winter can actually be a slow time for HVAC contractors, particularly those who focus on cooling systems, and as a result many may offer seasonal discounts.

A few buying tips:
Comparative Size: An AC system that is too small for your home won’t cool rooms properly and will result in wasted energy. A system that is too large or too powerful will shut down too quickly, prior to dehumidifying the air. Keep it Quiet: Pay attention to noise ratings on all systems. Noisy units can disrupt your sleep on their lowest levels or serve as a raucous distraction on high. Energy Efficiency: AC systems with higher efficiency ratings will cost you more up front, but will help save your household when it comes to future energy bills (they’re more eco-friendly, to boot). Look for systems that feature programmable time settings to limit the system’s use during non-peak times.

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 real estate 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, Investment).

Pending Home Sales Stabilize, Remain Above Year-Ago Levels

2010-02-02T23:24:00.001-05:00

Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®(NAR).

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.

Lawrence Yun, NAR chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast rose 2.3 percent to 76.1 in December and is 14.9 percent higher than December 2008. In the Midwest the index increased 5.2 percent to 86.9 and is 8.7 percent above a year ago. Pending home sales in the South rose 2.2 percent to an index of 98.4, and are 5.5 percent higher than December 2008. In the West the index fell 3.8 percent to 119.9 but is 18.6 percent above a year ago.

Yun projects the extended and expanded tax credit will encourage 2.4 million households to take the credit in 2010. “While new-home sales will remain low due to a lack of construction, existing-home sales are projected to rise to around 5.6 million in 2010,” Yun said. Last year there were 5.16 million existing-home sales.

He added that one of the greatest benefits of rising sales will be firming home prices. “For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” Yun said. “As a result, the housing wealth for many middle class families has begun to stabilize.”

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.

# # #

*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 January will be reported February 26 and the next Pending Home Sales Index will be on March 4; release times are 10 a.m. EST.

Visit my web site for real estate 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, Investment).

Real Estate Cyber Tips - February 2010

2010-02-01T12:54:00.000-05:00

CYBER MAGIC TRICKS

TRICK#1

WHAT LANGUAGE IS THAT?
Ever seen something written in an unknown language -- a language that you can't even identify? You'd like to use one of those great on line translating programs - but how can you do that without knowing the language you're trying to translate? This free web-based online language identifier does the trick. Simply paste a bit of the text into the box provided and Shazam - it analyzes and identifies the language. Neat stuff!
Click Here for This Cyber Trick

TRICK#2

WHAT WILL THIS TRIP COST YOU TO DRIVE?
So you're going to Grandma's for the weekend. Ever wonder what it will cost to drive there and back in your new buggy? These folks have created a neat site to help you quickly and easily discover how much it costs to drive anywhere in the US. This fun and useful site will give you the approximate cost for driving any route you choose, Happy travels!
Click Here for This Cyber Trick

GREAT PLACES!

GREAT PLACE #1

THE REAL ESTATE EXPERTS ARE COMING TO YOUR HOUSE!
Want to find out what's happening today in the real estate industry without leaving home? From February 21st to the 27th, you can get hundreds of real estate tips from the 50 real estate experts at the National Real Estate Cyber Convention and Exposition. Over 10,000 attendees with an interest in real estate - real estate professionals, homeowners and investors will hear real estate experts, network and see the latest and greatest real estate tools and services at the Cyber Convention Exposition. This is all without leaving their home or office! You can check out the star studded lineup and get your own pass to this great event -- and we'll bet this is the first convention you ever attended in your fuzzy slippers!
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GREAT PLACE #2

HOW TO EMAIL HUGE FILES!
We're always looking for ways to e-mail large files without getting cut off by cranky e-mail providers. As we're sure you have discovered e-mail folks set a cap on the size of files we can send - and when we exceed that cap they get nasty and bounce those great photos we tried to send to Grandpa. This great place lets you upload files as large as 2 gigabytes -- and there is no need to register or sign up. You simply upload your file and your link is instantly ready to email to your friends and colleagues. You can upload as many files as you want. Your files remain accessible for as long as they are being used and can be download an unlimited number of times. Great service and it's on the house!
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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 2009, RECS. All rights reserved.

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).

December Existing-Home Sales Down but Prices Rise; 2009 Sales Up

2010-01-25T23:21:00.003-05:00

After a rising surge from September through November, existing-home sales fell as expected in December after first-time buyers rushed to complete sales before the original November deadline for the tax credit. However, prices rose from December 2008 and annual sales improved in 2009, according to the National Association of Realtors®(NAR).

Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 16.7 percent to a seasonally adjusted annual rate1 of 5.45 million units in December from 6.54 million in November, but remain 15.0 percent above the 4.74 million-unit level in December 2008.

For all of 2009 there were 5,156,000 existing-home sales, which was 4.9 percent higher than the 4,913,000 transactions recorded in 2008; it was the first annual sales gain since 2005.

Lawrence Yun, NAR chief economist, said there were no surprises in the data. “It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010. However, the job market remains a concern and could dampen the housing recovery – job creation is key to a continued recovery in the second half of the year.”

An NAR practitioner survey2 shows first-time buyers purchased 43 percent of homes in December, down from 51 percent in November. Repeat buyers rose to 42 percent of transactions in December from 37 percent in November; the remaining sales were to investors.

The national median existing-home price3 for all housing types was $178,300 in December, which is 1.5 percent higher than December 2008. “The median price rose because of an increased number of mid- to upper-priced homes in the sales mix,” Yun said. It was the first year-over-year gain in median price since August 2007.

NAR President Vicki Cox Golder, said market conditions are challenging in some areas. “There’s a shortage of lower priced homes for sale in much of the country, resulting in multiple bids in some areas,” she said.

“Raw unsold inventory has been trending down. As the market heats up again this spring, buyers may need to be prepared to move quickly on a particular home – the best advice is to begin working with a Realtor® now to be able to use the tax credit and benefit from the increased buying power in the current market,” Golder said.

Total housing inventory at the end of December fell 6.6 percent to 3.29 million existing homes available for sale, which represents a 7.2-month supply4 at the current sales pace, up from a 6.5-month supply in November. Raw unsold inventory is 11.1 percent below a year ago, is at the lowest level since March 2006, and is 28.2 percent below the record of 4.58 million in July 2008.
Distressed homes, which accounted for 32 percent of sales last month, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area. For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008; distressed homes accounted for 36 percent of total sales last year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.93 percent in December from 4.88 percent in November; the rate was 5.29 percent in December 2008.

Single-family home sales fell 16.8 percent to a seasonally adjusted annual rate of 4.79 million in December from a pace of 5.76 million in November, but are 12.7 percent above the 4.25 million level in December 2008. For all of 2009, single-family sales rose 5.0 percent to 4,566,000.

The median existing single-family home price was $177,500 in December, which is 1.4 percent above a year ago. For all last year, the single-family median was $173,200, down 11.9 percent from 2008.

Existing condominium and co-op sales fell 15.4 percent to a seasonally adjusted annual rate of 660,000 in December from 780,000 in November, but are 34.7 percent higher than the 490,000-unit pace a year ago. For all of 2009, condo sales rose 4.8 percent to 590,000 units.

The median existing condo price5 was $183,700 in December, up 1.0 percent from December 2008. For all of last year, the median condo price was $176,100, which is 16.1 percent below 2008.

Regionally, existing-home sales in the Northeast dropped 19.5 percent to an annual level of 910,000 in December but are 21.3 percent above a year ago. The median price in the Northeast was $241,700, up 3.2 percent from December 2008.

Existing-home sales in the Midwest fell 25.8 percent in December to a level of 1.15 million but are 8.5 percent higher than December 2008. The median price in the Midwest was $143,200, which is 1.8 percent above a year ago.

In the South, existing-home sales dropped 16.3 percent to an annual pace of 2.01 million in December but are 15.5 percent above December 2008. The median price in the South was $152,000, down 1.0 percent from a year ago.

Existing-home sales in the West declined 4.8 percent to an annual rate of 1.38 million in December but are 15.0 percent higher than a year ago. The median price in the West was $236,000, up 2.7 percent from December 2008.

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.

# # #

NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, and is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

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 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2First-time buyer and distressed sales data are from the Realtor® Confidence Index; prior month first-time buyer data was revised due to a computational coding issue after the questionnaire was updated to obtain more specific breakouts.

3The 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 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.

4Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, condos were measured quarterly while single-family sales accounted for more than 90 percent of transactions).

5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for January will be released February 26. The next Pending Home Sales Index is scheduled for February 2; release times are 10 a.m. EST.

Visit my web site for real estate 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, Investment).

Heating Your Home Efficiently

2010-01-15T12:46:00.002-05:00

Regardless of what the weather brings this winter, heating your home efficiently is probably something on your mind. Keeping your home a comfortable temperature when the weather turns bad doesn’t have to be a financial drain. Here are some places to start:

Stopping Air Leaks
The first step to making your home more heat efficient is to identify air leaks. Common air leak sources such as recessed lights, attic entrances, doorframes, window frames, ducts (which we’ll cover next) and electrical outlets can be a big drain of heat and money. You can check for air leaks yourself by walking through your home with a lit incense stick (horizontal smoke indicates a leak), or you can hire a technician for a more thorough inspection. Simple fixes like sealing around outlets and switches, caulking gaps in the framing, and plugging gaps surrounding pipes will typically result in noticeable savings.

Duct Problems
One of the most important systems in your home may be quietly wasting your energy dollars. Often overlooked, typical duct systems lose 25-40% of the heating or cooling energy put out by the central furnace, heat pump, or air conditioner. Common duct system problems include:
Leaky joints or visible holes in the duct surface Disconnected ducts that have fallen away from each other Inadequate or poorly finished duct work Un-insulated or poorly insulated ducts in attics and crawlspaces Most duct repairs should be made by or with the help of a trained professional, especially those that will take place in unconditioned spaces. A qualified pro can also help you more accurately assess the duct problems that you have. If you decide to make minor duct repairs on your own, keep in mind that duct tape is usually only intended as a temporary fix. Silicone caulking or cement with mastic are better sealing options. Improving your duct system efficiency can cut your annual utility bills by as much as $300, and will improve the overall air quality in your home.

Keep your Home Insulated
Properly insulating your home is one of the most cost-effective ways to cut down on your energy loss. Improving the insulation in your home can cut your heating and cooling costs by as much as 30%, and will create a more uniform, comfortable temperature in your home. Better insulation will also help decrease outdoor noise. Check the insulation in your attic, ceilings, exterior and basement walls, floors, and crawl spaces to see if they meet recommended standards for your area. Insulation is measured in R-values: the higher the R-value, the less transfer of heat through the material. Typically the easiest and most cost-effective way to improve your home’s insulation is to add insulation to your attic.

Fireplace Issues
Despite their undeniable aesthetic appeal, fireplaces are not desirable in terms of energy efficiency. Only about ten percent of the wood’s energy is transferred to the room as heat, the rest escapes up the chimney. When in use, the fireplace also pulls cold air into your home through cracks and leaks, and when not in use the brick and stone mass of most fireplaces readily conducts heat from your home to the outside. To minimize energy waste from the fireplace in your home, make sure the damper or flue is shut tightly when the fireplace is not in use. Consider the benefits of things like tempered glass doors, fireplace inserts that seal dormant openings, and heat exchangers that recover some of the energy that would otherwise be lost.

Thermostat Solutions
That little box on the wall can be a tool for big energy savings. You can save up to 3 percent for every one degree that you lower the temperature in your home over a 24-hour period in winter. You can also save up to 10% annually in your heating and cooling bills by adjusting your thermostat down 10% to 15% for an 8-hour period each day. Turning the heat down while you sleep or while you’re away at work is a simple and logical energy efficiency solution. If the prospect of waking up to a chilly house doesn’t excite you, buy a programmable thermostat. They are inexpensive and adjust the temperature in your home based on the schedules you determine.

Ceiling Fans
While most people think if ceiling fans as a cooling solution, they can also help maintain a warm temperature in your home during winter. Running a ceiling fan in reverse circulates rising warm air back down to living areas. Consider ceiling fans for your home, particularly if you have rooms with high ceilings that seem to stay colder. Ceiling fans vary in price depending on things like material and size, but many are inexpensive and easy to operate.

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.

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National Taxpayer Advocate (TAS)

2010-01-06T13:34:00.004-05:00

The Taxpayer Advocate ServiceThe Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels or who believe that an IRS system or procedure is not working as it should.

The TAS delivered it's Annual Report to Congress, which is summarized here.

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IRS Information for Tax Season 2010

2010-01-06T13:20:00.002-05:00

Following is a link to IRS resources for news releases, fact sheets, tax tips, YouTube video and podcasts that publicize tax filing season 2010:

http://www.irs.gov/newsroom/article/0,,id=217826,00.html

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Pending Home Sales Down from Surge but Higher than a Year Ago

2010-01-05T18:45:00.002-05:00

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI),* a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Buyers who have a contract in place to purchase a primary residence by April 30, 2010, have until June 30, 2010, to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago. In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008. Pending home sales in the South fell 15.0 percent to an index of 97.8, but are 14.7 percent higher than a year ago. In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.

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.

# # #

*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 December will be reported January 25 and the next Pending Home Sales Index will be on February 2; release times are 10 a.m. EST.

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Real Estate Cyber Tips - January 2010

2010-01-02T13:03:00.000-05:00

CYBER MAGIC TRICKS

TRICK#1

GOOGLE VOICE -- THE ULTIMATE IN PHONE SERVICES!
The world has been waiting for this! Google has stepped up to the plate with a mind boggling suite of telephone services! To begin with, they give you your own phone number that you can publish on your cards, letterheads, faxes and ads. Then when someone is trying to reach you the "follow me" technology will ring your office, home, mobile phone - in short any numbers you program in will ring simultaneously until you pick up the line that is most convenient for you. In addition to the "find me" incoming call service that will locate you - no matter where you are, what makes this service extra special are the other bells and whistles including. voicemail transcription so you can read your messages at your leisure, custom greetings you can program by caller, sharing voice mails, free SMS, call blocking, conference calls, call screening -- Plus plus plus! This service has been in "invitation only" mode for a while - but they are speeding up their acceptance timeframe which makes it worthwhile to jump in and apply. After all the price is right - it's on the house.
Click Here for This Cyber Trick

TRICK#2

SEND YOUR NAME TO MARS!
Here's your chance to go to Mars! The good folks at NASA are putting together a list of followers who would like to get spaced out! Just go to this interesting site and fill in the short form and your name will be included with others on a microchip on the Mars Science Laboratory rover heading to Mars in 2011! Everybody on-board -- your 15 minutes of fame may last for an eternity!
Click Here for This Cyber Trick

GREAT PLACES!

GREAT PLACE #1

HAVE ALL YOUR MANUALS AT YOUR FINGERTIPS!
In addition to a lot of other features, this great place has more than 100,000 manuals on electronics products from more than 1000 manufacturers. And it's easy to use! You can find the manuals to match all of your electronic products by searching direct, alphabetically or by hundreds of product types such as Calculators, Cell Phones, Digital Cameras, DVD Players, Laptops, Desktops, Multifunction Printers, Printers, Remote Controls, TVs, or Telephones. Then you can build your personal library on-line or by downloading the ones you want to a "My Manuals" folder so you can access your manuals whenever you need them. And to make it even better -- there is no cost for all of this good stuff!
Click Here for This Great Place

GREAT PLACE #2

ARE YOUR PROGRAMS UP-TO-DATE?
Many of us struggle to keep our computer programs up-to-date. And the.rest say "The heck with it!" and let sleeping dogs lie! The folks at this great place have come up with an easy solution for keeping up to the minute - with a minimum of effort. You simply download their easy to use "Update Checker" and run it. In a flash, up comes a list of the programs on your computer for which there are updates. Then you can click on the download arrow - and Shazam -- your program is fresh as a daisy! There are lots of other features but they don't get in the way of making updating your programs a quick and easy task. And like most of the gems we feature here - this service is on the house!
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 2009, RECS. All rights reserved.

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Census Bureau Projects U.S. Population of 308.4 Million on New Year’s Day 2010

2009-12-31T13:09:00.002-05:00

On the eve of the 2010 Census, as the Census Bureau prepares to conduct an actual count of the nation’s population, the bureau projects that on Jan. 1, 2010 — three months out from Census Day — the total U.S. population will be 308,400,408. This would represent an increase of 2,606,181, or 0.9 percent, from New Year’s Day 2009. In January 2010, one birth is expected to occur every eight seconds in the United States and one death every 12 seconds.

(More) (U.S. Population Clock) (2010 Census)

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Singing Santa and Reindeer: White Christmas

2009-12-21T17:01:00.010-05:00

If you are in the Northeast this year, you don't have to dream about a white Christmas, it will be a reality!

However, this perennial online Christmas card favorite, based on a classic golden oldies version of White Christmas with animation from Joshua Held of the UK, is still fun to watch and of course, listen...

[Link -1] [Link-2]

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