Special Report: Roofing isn't so rough

Worms go viral as anal ooze

Getting roofing right means taking steps necessary to avoid scams and pitfalls, including waiting for the fall, getting good referrals and throughly checking out the contractor.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Roofing doesn't have to be 'over your head.'

But a new one can help your home hold value through the recession.

Celia Kuperszmid Lehrman, deputy home editor for Consumer Reports, has more than 20 years of researching and writing about contractors, including roofers.

She offered to The Roofery the following list of suggestions to avoid scams and pitfalls.

• Beat the rush. Summer is the busiest season for roofers. Waiting until the fall may save money. Contractors also may have weeded out less experienced workers by the fall. That means you'll get a more experienced crew.

Roofing for less. Click here.

• Word of mouth. Get several referrals from family, friends, co-workers and others you trust who've had a recent satisfactory experience with a roofer.

• Ask questions. The National Association of the Remodeling Industry also offers these questions to ask any contractor.

• Get lots of information. Look at ratings and prices of different roofing products and know what the contractor is going to use so you can lock in a price upfront. Know the work they will do. Find out who will actually do the work, the person making the bid or a subcontractor.

• Check for insurance. Get the carrier and policy number, make sure it's current and that it covers the company and its workers.

• Check licenses, certifications and trade group affiliation. Make sure they are properly licensed and/or certified to do the work by the book according to either the National Roofing Contractors Association, the National Association of the Remodeling Industry, or any other state or local organization. Check the local Better Business Bureau for any complaints and how long they have been in the business.

• Get familiar with the work to be done. Understand what work is a matter of course and what work will require special skills or materials. Make sure they are not going to take any shortcuts such laying a third layer of roofing over two existent layers. Two is fine. Three can overloading the roof.

• Do your own inspection. Carefully get up on the roof or use binoculars to check for cracked, curled, or missing shingles and other signs the roof is nearing the end of its useful life. Check the chimney and skylights for cracks where water can seep. In the attic, look around the chimney and the boards you can see for any signs of water intrusion.

When is it time for a new roof? Click here.

• Get a detailed contract. Get as detailed a written contract as is possible and then build in some wiggle room to incorporate possible unanticipated costs by creating plausible what-if scenarios.

• Get a permit. It is best if the contractor holds the permits because most local jurisdictions consider the permit holder to be the party ultimately responsible for the work. If the contractor holds the permit, he is responsible for the work and the building inspector can in some cases act as something of an intermediary between the two of you.

• Get a lien release. This will protect you from a contractor who owes a supplier for supplies after you have already paid the contractor. Essentially, if the contractor has your money but hasn't paid for the supplies, you will be liable for what is unpaid.

• Inspect the work. Ask the contractor if they allow for or if it is standard practice for a manufacturer's rep or industry organization member to come after the work is finished to do an inspection to ensure the work is up to manufacturer and/or industry standards.

• Stick with it. "No matter what the project, changing your mind is always expensive," Lehrman says.

"Put it into the professional's hands to do everything from the tear up and shingling and clean up because these professionals know how to protect the property and how much to tear off to keep it water tight and so on. Better off not to be penny wise and pound foolish," Lehrman said.

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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The art of home selling

Brittany's connectile dysfunction

"Whether you're selling on your own or working with a Realtor, keep in mind that you're selling a dream -- if someone can imagine his or her life unfolding in the images and descriptive text, you are one step closer to landing a successful showing."

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Selling your home on the Internet is more than just a collection of pretty pictures, according to two art and design education professors.

"Your online impact is equal to your curb appeal impact," Aimee Flynn, Graphic Design and Interior Design Department instructor at the Art Institute of Raleigh-Durham told ARA Content.

"In both instances, the way you package the product to entice a potential buyer is key," Flynn added.

Knowing potential buyers is also key.

"A common mistake is to assume that your home would appeal to everyone," says John C. Franke, a General Education department instructor at the Art Institute of Pittsburgh.

"People don't usually think about their homes in this way, but by analyzing your neighborhood and your home's unique appeal, you can pinpoint your target audience and market accordingly," he reported to ARA Content.

"Whether you're selling on your own or working with a Realtor, keep in mind that you're selling a dream -- if someone can imagine his or her life unfolding in the images and descriptive text, you are one step closer to landing a successful showing," Flynn said.

Franke, with professional experience in retail buying and merchandising, and interior store design for various specialty department stores, says that the photographs used to promote your home mean everything.

"Pictures must be professional-looking and include shots of landscaping, interior attributes such as laundry room, basement storage, garage and other unique selling points," he says.

"The home should appear to be bright, clean and appointed with fresh flowers or other notable accents to add style or seasonal flair," Franke said.

Also see: Home Selling

Also see: Home Sellers

Also see: Virtual Staging

Flynn and Franke offer these additional tips for preparing your Internet home listing:

• Shop the competition. Research how others present their homes online locally and in other cities before you begin to develop your tactics. Good places to start are local real estate listing sites.

• Seek professional help from within your social network. Don't be intimidated by technology but don't try to master what time doesn't allow. Web designers, photographers and other experts are probably living within your social network. Request their help.

• Sell the locality. Promote the city, school system, neighborhood parks, restaurants, etc. All of these things sell a quality of life and double as search engine buzzwords.

• List the address. Make sure you give very clear directions from main roads or intersections. This allows an interested party to check out the location of the home beforehand, which may weed out non-serious buyers.

• Highlight the property's features. Mention any recent renovations (completed with a permit), the number of bedrooms, if you have a fenced-in yard, and any unique offerings.

• Include detailed descriptions. List the square footage, individual room dimensions, property taxes, association fees, etc. Post multiple images.

• Keep the price in a searchable range. For example, a $299,000 price is more likely to draw borderline buyers than $301,000.

• Choose sites that organize listings by date. When you update your listing, any saved changes will bump up its positioning in the list.

• Seek viewer input. The only way to know what people are thinking about your home, your site or their interest in your property is to provide an easy way for browsers to offer feedback and to ask questions. Add a feedback form or email address to your listing.


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© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
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• National Real Estate Examiner

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Federal bill aims to suspend new appraisal law

No Zicam. Herbal tea instead

The Home Mortgage Valuation Code of Conduct (HVCC) is a "law of unintended consequences" that could be suspended if legislators, appraisers, the mortgage industry and a host of others have their way.

This just in: Appraisers ask HUD for new action on appraisal management companies (AMC)

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Appraisers despise it.

Mortgage brokers think it stinks.

Housing consumer don't get a say.

Now, even federal lawmakers from both political parties have something they can agree on.

The Home Mortgage Valuation Code of Conduct (HVCC) is a "law of unintended consequences," says Ted Faravelli, Jr. executive director of the California Association of Real Estate Appraisers.

"We could talk all day about it."

Likewise, Jim Amorin, president of the Appraisal Institute, says the law does just the opposite of what it was intended to do and now U.S. Representatives Travis Childers (D-MS) and Gary Miller (R-CA) have championed bi-partisan legislation to can the code for 18 months.

H.R. 3044 would put a moratorium on HVCC for a year and a half to redesign it, hopefully, so it will work as it was intended or dismantle it for a better model.

Effective May 1, 2009, HVCC is an agreement between New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and federal regulator, the Federal Housing Finance Agency that was supposed to enhance the independence and accuracy of the appraisal process, and provide added protections for homebuyers, mortgage investors and the housing market.

Recognizing how the pressure cooker property valuation process contributed to busting the housing boom and is perhaps prolonging the bust, the Feds set up the code to relieve pressure on appraisers in order to make appraisals more reliable.

Unfortunately, good intentions don't always pave the way, according to the Appraisal Institute.

Among other provisions, HVCC bans loan brokers and loan officers from directly ordering appraisals and mandates lenders use appraisal management firms on earmarked loans. The provision was designed to keep appraisals objective, but critics complain about high fees and other issues associated with the firms.

The National Association of Mortgage Brokers, which unsuccessfully sued to delay HVCC, says the law is responsible for delaying residential property closings and costing its members business at a critical time -- during the greatest recession since the Great Depression.

"This ill-thought out code is basically damaging the economy. It will rob consumers of the low rates that are available now," said NAMB executive director Roy DeLoach.

Faravelli says it's more proof appraisers are the only profession run by outsiders.

"We do the work, the profession is run by somebody else and we have the same problems over and over. Ten years from now, we'll still be talking about this," he said.

Amorin, testifying earlier this year before the U.S. House of Representatives' Financial Services Committee said the institute of appraisers believes HVCC has too many shortcomings.

Among them, HVCC

• Doesn't focus enough on appraiser competency.
• Undercuts professional relationships between honest appraisers and reputable mortgage professionals.
• Increases the influence of bottom-line oriented appraisal management companies.
• Encourages the continued use of computerized AVMs (automated valuation model) and BPOs (real estate broker price opinions), which lack relevance in today's market, instead of real feet-on-the-ground, eyes-on-the-property appraisals.

"The problem is appraisal management firms are notorious for focusing on who can do the cheapest and fastest appraisal," says Amorin.

"What happens is, a consumer goes to the bank, the bank collects $400 for the appraisal, but pays the (appraisal management company selected) appraiser $150 to do the appraisal and keeps the difference. Good senior appraisers can't afford to work for half price, but the consumer thinks they are getting a good appraisal. They have no idea the appraiser is getting half (the payment) and is a less-experienced appraiser. Yes there's a transparency issue, but it's also a quality issue," Amorin said.

• Also see: Perennial pressure on appraisers bad for business, housing, consumers

• For more info: Read more appraisal news

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© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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• National Real Estate Examiner

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The cost of living in your own SF Bay Area home

Sustainable uses for empty car lots

There's more to buying a home than just the purchase price. Fortunately, everything is negotiable. There's a lot to negotiate when it comes to buying a home in the San Francisco Bay Area.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - The median home price in the San Francisco Bay area was down to $350,000 in May, nearly half the peak median of $665,000 back in July of 2007, but the cost of living in your own home still isn't cheap.

There's more to buying a home than just the purchase price.

Everything in real estate is negotiable, but here's what you can expect to pay.

Down payment

Most mortgages available today require a 20 percent down payment — $70,000 based on the median price from the San Diego-based MDA DataQuick real estate information service. The median includes new and resale houses and condos.

FHA, VA, other federal, city and state government programs can get you in the door for less down — zero, 3.5, 10 percent — depending on the program.

"There are lots of incentives for new homes, but for resales, the incentives just aren't there," says Julia Truesdale Keady, president of Silicon Valley Association of Realtors, based in Cupertino.

Interest rates

In late June, interest rates averaged 5.4 percent, according to Freddie Mac. The rates include about one point. Each point is 1 percent of the purchase price — $3,500 on the median priced Bay Area home.

"When I quote rates, they will include fees [points] to get that rate," says Quincy Virgilio, president of the San Jose-based Santa Clara County Association of Realtors.

He also says some rates are as low as 5 percent (plus a half to a full point) for loans no bigger than $417,000.

Property taxes, HO insurance, HOA dues

Expect to advance pay some property taxes and homeowner insurance premiums.

Otherwise, you'll have to document you've socked away enough to cover the cost for a few months.

Throughout the Bay Area, annual property taxes are typically about 1 to 1.25 percent of the home's purchase price.

Insurance will set you back an additional $50 to $100 a month. Higher deductibles and discounts net lower premiums.

Monthly HOA dues (paid by residents of common interest developments (CIDs) such as condos, townhomes, etc.) vary from property to property, but average about $400 a month for a $500,000 unit in Palo Alto, says Keady, also a real estate agent with Alain Pinel in Palo Alto.

Upkeep, maintenance

Keady says because monthly dues help pay for the CID's upkeep and maintenance, that amount is a good target for single-family homeowners budgeting for upkeep.

Richard Calhoun, broker-owner of Creekside Realty in San Jose, disagrees. He says only half of HOA dues go to upkeep. The other half pays for management. That means single-family homeowners who mange their own home can get by for less.

The final figure is property-dependent and based on the home's age, condition, wear and tear and other factors.

"Some people are harder on homes than others," says Virgilio, who is also a mortgage broker and owner of Realty World CA Property Network and Mortgage Network, both in Campbell.

Transfer fees

City property transfer fees vary widely from city to city and range from as little as $0.55 per every $1,000 of the sales price in many San Mateo County cities, to $3.30/$1,000 in Santa Clara County cities of San Jose and Palo Alto, to as much as $15/$1,000 in Berkeley and Oakland in Alameda County.

Bay Area counties also charge an additional transfer fee, typically $1.10/$1,000 in each county. Who pays the fee is determined by local customs, but buyers typically pick up some of the cost.

Additional fees

How much more the buyer pays in settlement fees varies based on local custom and the sales contract. Fees include title and escrow costs, additional loan and documentation fees, appraisal, home inspections and others.

Calhoun says have an extra 1 percent, plus $2,500 or more for additional settlement fees.

For the full list of possible costs of buying a home, see the HUD-1 Settlement Statement.

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© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Mother lode $18,000 tax credit for Californians about tapped out

NO! Stop that baad pool peeing!

Legislation-in-limbo likely won't pour more money into the ground-breaking new home buyer tax credit in California, even though the credit has been a savior for thousands of buyers.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - California homebuyers who want the maximum $18,000 combined federal-state tax credit for buying a home this year are just about out of time as the Golden State runs out of cash, leaving only the smaller federal tax break.

Nearly 20,000 Californians who have qualified for the Golden State's new home buyer tax credit -- a maximum of $10,000 -- may have also enjoyed the maximum $8,000 federal first-time home buyer tax credit -- together an $18,000 tax credit and one of the best New Deals of the Great Recession.

But, by June 24, California had allocated $45 million of the credit's budgeted $100 million and had received applications for more than $100 million.

The state tax credit program was financed by a state budget perennially beleaguered by partisan in-fighting and lethargic legislative procedure -- not unlike the federal government during the Bush Administration.

As claims against the few-months-old state tax credit mounted, two pieces of state legislation designed to pump more time and money into the state credit -- SB 49 by Sen. Robert Dutton (R-Rancho Cucamonga) and AB 765 by Anna Caballera (D-Salinas) and Jose Solorio (D-Santa Ana), were parked in legislative purgatory.

On June 26, DeadlineNews.Com learned from sources inside both Dutton's and Caballera's offices that the bills were either in "suspense" or "awaiting committee assignment" -- often a death knell for wannabe law.

California new home buyer tax credit

To qualify for the $10,000 (single, married filing jointly) California tax credit, you needn't be a first-time home buyer, but you must buy a new, never-occupied California home -- single-family detached, condo, coop unit, manufactured or houseboat.

• You must also purchase the home as your primary residence between March 1, 2009 and March 1, 2010 and apply within a week of closing.

• You get the tax credit over three years, one-third of the credit each year.

• Stay put for two years or you must repay the credit.

For updates, visit California's Franchise Tax Board.

Federal first-time home buyer tax credit

For the maximum $8,000 (singles, married filing jointly) federal tax credit you must

• Never have owned a home or have not owned a home in the past three years.

• Purchase a new or resale home -- single-family detached, condo, manufactured or houseboat -- as your principal residence in 2009.

• Have a modified adjusted gross income (MAGI) of $75,000 or less (singles), $150,000 (married taxpayers filing a joint return). The tax credit falls incrementally for buyers with larger MAGIs. It disappears at $95,000 or $170,000.

• Keep your home for three years, or repay the credit.

More info? Search "First-Time Homebuyer Credit" on IRS.gov.

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Californians get 90-day foreclosure moratorium

Hedda Lettue, Romaine Green,
Emerald Bibb promote animal rights

At ground zero for foreclosures, a 90-day foreclosure moratorium is designed to get lenders to try harder to keep borrowers in their homes.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Struggling Californian homeowners can breath a sigh of relief -- for three months.

A 90-day foreclosure moratorium is underway in the Golden State.

The law, effective June 15, 2009, is designed to get lenders to try harder to keep borrowers in their homes.

The Golden State is ground zero in sheer foreclosure numbers -- up to 90,000 combined default notices, scheduled auctions and bank repossessions are filed every month, more than any other state. The number represents nearly one in three foreclosure filings nationwide.

The moratorium applies to owner-occupied households; first mortgages or deeds of trust; loans recorded between Jan. 1, 2003 to Jan. 1, 2008; and mortgages that have no Notice of Default (NOD) recorded against the property.

Under the new law, loan companies have to prove they tried to modify loans of struggling homeowners before they can begin foreclosing. Otherwise, lenders must give homeowners the three month reprieve before they begin foreclosure.

In California, a loan modification program is one that modifies a borrower's loan terms by changing the interest rate, amortization schedule, principal loan amount, or other appropriate factors that results in achieving a 38 percent debt-to-income ratio for the borrower.

The California Foreclosure Prevention Act is somewhat compatible with efforts under the Obama Administration's MakingHomeAffordable.gov effort. The federal effort does, however, have provisions for modifying second mortgages.

Unfortunately for some homeowners, the law also comes with many exemptions, including:

• Lenders who have a mortgage modification program in place that meets state requirements for modifications aren't required to comply with the law.

• Lenders who can document that a modification will result in a greater loss than a foreclosure don't have to apply the moratorium to such loans.

• Loans purchased, serviced, or used as collateral by California Housing Finance Agency (CalHFA) aren't qualified for the moratorium.

• Loans where the borrower has surrendered the property, contracted with an organization to extend the foreclosure process, or has an open bankruptcy case are not eligible for the moratorium.
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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Beginner's Guide To Mortgage Shopping

Have a cup of Joe while you
go over those loan papers

Here's what you need to get started looking for a mortgage that best serves your needs at the lowest cost possible.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - It's not everyday you go looking for a mortgage.

We've said it once. We'll say it again: It's not a trip to the mall.

It's a methodical, step-by-step process requiring planning, time, effort and attention to details.

Here are some guidelines for beginners -- assuming you've already laid the groundwork by inspecting your credit report.

• Inspecting your credit report and getting it in the best shape possible is your first step to the best mortgage. In today's tight money world it behooves you to take the time necessary to carefully scrutinize your credit report and to be prepared to explain to creditors any dings you can't fix.

(Get the full scoop on credit reports and credit scores from DeadlineNews.Com's Consumer Credit Center.)

• Shop around for a mortgage from a variety of sources to determine what's available. Shop mortgage brokers, mortgage lenders, banks and credit unions. Don't forget to examine your local and state mortgage programs as well as community service and housing agency mortgages and mortgage assistance programs.

• Obtain all loan cost information, not just the monthly mortgage payment and annual percentage rate (APR). Check the cost of points (in dollar amounts, not just number of points), broker fees, origination fees, underwriting fees, administrative costs, mortgage insurance, yield spread premiums, commissions, escrow and closing costs -- each and every cost associated with your mortgage. You need these numbers to make a fair comparison.

• Get an explanation for every fee you don't understand. Use the Federal Deposit Insurance Corporation's (FDIC) "Mortgage Shopping Worksheet" to help keep your costs in focus.

• Check the loan terms for a variety of loans. Know what down payment you'll need, the term of the loan, whether the loan is a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM) and the specific terms of each. For ARMs, ask for the beginning rate, when and how often adjustments occur, how much adjustments could cost, and the ARMs ceiling rate.

• Be aggressive. Prepare to negotiate with the information you've gathered on the mortgage worksheet. The more information you have about each loan the move negotiating leverage you'll have. A pristine credit record can also give you an edge. Look particularly to quibble over points, yield spread premiums and other broker's fees or commissions. Don't be afraid to ask the lender the lender or broker to waive or reduce one or more of its fees or to agree to a lower rate or fewer points. Make sure the lender or broker isn't just lowering one fee to raise another or lowering the rate to raise points. There's also no harm in asking lenders or brokers if they can give better terms than the original ones they quoted to you, especially since you've found better terms elsewhere.

• Once you are satisfied with the terms you have negotiated, consider a written lock-in from the lender or broker. The lock-in should include the rate that you have agreed upon, the period the lock-in lasts, the number of points to be paid and a lock on as many other costs and terms as possible.

• Also seek a written loan commitment that guarantees you the terms and costs you've locked. A loan commitment puts you ahead of the pack in the eyes of the home seller who wants to sell quickly.

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© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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June is National Homeownership Month

Don't pay sticker
price. Haggle!

In the midst of the Great Recession, it's gotten tougher for the seasonal home buying cycle to pick up steam, so NeighborWorks America is rolling out the red carpet with consumer outreach efforts that support affordable, sustainable and healthy homes and neighborhoods.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - June is National Homeownership Month and this year, one agency is pulling out all the social networking stops to get more consumers to take a look at the possibility of owning their own home.

The U.S. Department of Housing and Urban Development (HUD) launched the celebration in 1997 as National Homeownership Week, a time to focus on the importance of homeownership.

The event has since been expanded to the entire month of June as National Homeownership Month, a month-long celebration to coincide with the time of year the home buying cycle begins to kick in.

In the midst of the Great Recession, it's gotten tougher for the seasonal cycle to pick up steam, so NeighborWorks America is rolling out the red carpet with consumer outreach efforts that support affordable, sustainable and healthy homes and neighborhoods.

"This month (we) are launching increased marketing and social media efforts to put the right information in the hands of potential homeowners so that they achieve the American Dream of homeownership for the long-run," said Ken Wade CEO of NeighborWorks America.

Join the party and get the inside scoop on buying and owning a home.

• NeighborWorks America will post a "Homebuyer Tip of the Day" on its National Homeownership Month Web page, the NeighborWorks News Blog, and its Twitter and Facebook channels.

Tips include "10 Secrets Every First-time Homebuyer Should Know;" how to determine if home ownership is for you; and loan modifications, refinancing and other alternatives for financially troubled homeowners.

• They've also included a series of podcast interviews with homeowners discussing "What homeownership means to me," on NeighborWorks America's YouTube channel.

• There's also guidance on how a homeowner facing financial difficulty can avoid a foreclosure rescue scam.

• Homeowners facing foreclosure also get encouragement to reach out for help from a HUD-certified mortgage counselor, and HUD's additional information.

• Click on the keywords below for more stories on this subject.

© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Foreclosure cloud has no silver lining

Pup toilet flushed, saved, named
'Dyno' for rescuing plumbers
Amazing videos!

By year's end, the nation's mortgage loan delinquency rate (the ratio of borrowers 60 or more days past due) will reach 7 percent, more than three times "normal" levels and five times the level at the end of the last recession.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - By the end of the year, the mortgage loan delinquency rate will soar to more than three times the more "normal" rate, according to a leading credit and information management company.

Credit reporting agency TransUnion.com recently issued a first quarter Mortgage Loan Delinquency Rate report with a dire forecast -- by year's end, mortgage loan delinquency (the ratio of borrowers 60 or more days past due) will reach 7 percent.

That's more than three times the typical 2 percent level common when "stable economic conditions" exist says Clifton M. O'Neal, a senior spokesman for TransUnion.

The projected increase in the mortgage delinquency rate is a whopping five times greater than it was at the end of the last recession, when it was only 1.4 percent.

The report reveals the rise in loan delinquencies during the first quarter this year, was at a slower pace, than during the fourth quarter of 2008.

However, the 5.22 percent loan delinquency rate during the first quarter this year, was a whopping 62 percent higher than the 3.23 percent rate a year ago. The quarterly increase was also the ninth straight increase.

Experts say foreclosure moratoriums, ironing out federal regulations and other mangled mortgage market-in-transition conditions may be masking the true level of foreclosures.

The TransUnion report comes on the heels of other bad housing news that leaves talk of a 2009 housing recovery little more than a hint of hopeful whispers.

• The Center For Responsible Lending reports 1 million foreclosures thus far this year, with another 1.4 million expected before the New Year.

• RealtyTrac.com says, default notices, scheduled auctions and bank repossessions were reported on 321,480 properties for the month of May, the third highest month on record and a record third straight month where foreclosure filings exceeding 300,000.



"While defaults and scheduled foreclosure auctions were both down from the previous month, bank repossessions, or REOs, were up 2 percent thanks largely to substantial increases in several states, including Michigan, Arizona, Washington, Nevada, Oregon and New York. We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end," said James J. Saccacio, RealtyTrac CEO.

TransUnion said delinquency rates in the first quarter of 2009 were highest in Nevada (11.61 percent) and Florida (11.01 percent), while the lowest mortgage delinquency rates were found in North Dakota (1.51 percent), South Dakota (1.94 percent) and Alaska (2.14 percent).

The three areas showing the greatest percentage growth in delinquency from the previous quarter were Hawaii (up 34.4 percent), Oregon (up 30.7 percent) and Nevada (up 28.9 percent).

However Nebraska and South Dakota both showed a decline in mortgage delinquency rates, down 4.7 percent and 1.5 percent from the previous quarter, respectively.

TransUnion culls data for the report from approximately 27 million anonymous, randomly sampled, individual credit files.

"At the end of the 2001 Recession, the national 60-day or worse mortgage delinquency rate increased to a high of just over 1.4 percent," said Keith Carson, a senior consultant in TransUnion's financial services group.

"The troubling news is that the mortgage delinquency rate continues to climb upward at an average quarterly pace almost doubling that experienced in the last recession," Carson added.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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How to get a loan modification

Angelina
cutout better
traffic cop
than Brad's

When it comes to loan modifications, if you haven't read DeadlineNews.Com's updates, it's tough to know what's on the up and up. Martin Sumichrast joins us in keeping you up to date.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime



Deadline Newsroom - Loan modifications ain't quite what they were cracked up to be.

Waiting periods, the ream of required supporting documents, fly-by-night services, outright fraud and loan modifications that end up in foreclosure anyway.

It's enough to scare off the most stalwart consumer, but it doesn't have to.

When it comes to loan modifications, if you haven't read DeadlineNews.Com's updates, it's tough to know what's on the up and up.

To that end, real estate entrepreneur, investor, publisher and author Marty Sumichrast has created a list of tips for homeowners who want to get through the loan modification process unscathed.

DeadlineNews.Com has added input based on its one extensive loan modification research and reporting.

First, a home loan modification, granted only upon the existing lender's approval, permanently reworks some of the terms of an existing mortgage in order to make the loan more affordable to the homeowner. That can happen when the lender reduces the interest rate, reduces the principal, removes a second mortgage or engages in a combination of those efforts, among other approaches to lower that monthly payment.

A mortgage modification is not a refinanced mortgage, which is a brand new loan written to pay off the old home loan.

Here's how to make it work.

• Get professional help. Get a HUD-approved counselor, hire an experienced lawyer or other certified, licensed or recognized loan modification expert before approaching a lender. The idea is to be prepared when you sit down with a lender to make the lender sit up and take notice that you are serious. Counselors, attorneys and others specialized in this field know the process, the bank and the lingo. When interviewing your modification mouth piece, ask if they have experience with your specific lender. Sumichrast says each bank is different. Have the representative explain their process. Choose local help to get state or local licensing, certification or other regulatory protection.

• Get organized. A loan modification requires a mountain of paperwork. You have to prove current hardship, but that you also can pay any reduced payment and that your original application wasn't a fraud. You may need financial analysis from a certified public accountant or other financial expert. You'll have to reveal income, expenses and other financial records from when you originally took out the loan and similar current information.

• Don't delay. Don't wait for the lender to contact you because you've fallen behind on your payments. By then it could be too late. The loan modification process can take months and you have to be able to hold onto your home through the process. Showing an interest in your own situation is a good thing. Document all phone calls and letters to your lenders and others regarding this matter. Keep detailed notes of dates, full names and titles of people you've talked with, phone numbers, etc. This allows you to reference promises, comments or details that may help you overcome objections as you talk through the chain of command at the bank.

• Know your home's value. Part of your job is to know the value of your home. Use the Internet, comparison sales, real estate agent information and other data to learn your home's fair market value. The bank needs to know what you home is worth but may not always come up with an accurate number. You need your own data.

• Seek out the "Loss Mitigation Department." With or without professional help, don't approach a loan officer, customer support representative, underwriter or other staffer who isn't in the lender's "Loss Mitigation Department." This is where your modification decision will be made.

• Bring a solid case. Says Sumichrast, "Make sure you have a darn good reason for needing to modify your loan. Note the use of the word 'needing' here. Simply wanting a loan modification will not cut it. Valid reasons for loan modification include personal or child's medical bills, death, divorce, loss of employment."

• Make it personal. The lender will require a "hardship letter," explaining directly and succinctly salient facts that make your case. Your financial statements should back up your claims, but also reveal that you will be able to afford and pay the new, lower, modified mortgage payment. You'll need both a current financial statement and a proposed financial statement that indicates you have the disposable income to meet the new payments.

• Be patient, be nice. The bank employee on the other end of the phone isn't in trouble. You are. Screaming, yelling and cursing won't help your case. Keep cool even if you have to repeat your story again and again to different people.

"Honey will trap more flies than vinegar," Sumichrast says.

• Click on the keywords below for more stories on this subject.

© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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One million foreclosures in 2009...and counting

$1 millon mattress missing

The Center For Responsible Lending projects 2.4 million foreclosure starts in 2009, including 1 million already completed. Foreclosure fallout will reduce property values of some 70 million nearby households a total of $502 billion, or about $7,200 per family, according to CRL.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime



Deadline Newsroom - The nation has suffered 1 million foreclosures already this year and, with more than a million to come before year's end, the decline in home prices may be far from over.

The Center for Responsible Lending says the one million homes lost to foreclosure come with more bad news -- 12 percent of all mortgages are now delinquent, the highest level since the Mortgage Bankers Association started the measurement 37 years ago.

"The escalation of foreclosures on all types of loans is alarming," said Michael Calhoun, President of CRL.

CRL says there's a new foreclosure every 13 seconds in America.

"It's easy to think, 'Well, that's tough luck for the families that lose their homes.' The truth is that foreclosures are costing neighboring families hundreds of billions of dollars and dragging down the entire economy. Foreclosures started today's crisis, and foreclosures will keep the crisis going if this epidemic continues."

CRL projects 2.4 million foreclosure starts in 2009. Foreclosure fallout will reduce property values of some 70 million nearby households a total of $502 billion, or about $7,200 per family, according to CRL.

CRL says to expect at least 9 million foreclosures through 2012, costing 92 million neighboring families $1.9 trillion in lost home value.

CRL isn't alone spreading the doom and gloom.

With federal stress tests indicating a fall in housing prices of 41 to 48 percent from 2006 through 2010, Robert J. Shiller, professor of economics and finance at Yale and co-founder and chief economist of MacroMarkets LLC recently predicted the three year fall in prices could be just the beginning.

"Even if there is a quick end to the recession, the housing market's poor performance may linger. After the last home price boom, which ended about the time of the 1990-91 recession, home prices did not start moving upward, even incrementally, until 1997," writes Shiller in a recent New York Times editorial.

The one bright spot in CRL's report points to the Obama Administration's provisions for stronger incentives for mortgage lenders to improve repairs on existing mortgages.

"The mortgage industry's track record so far shows that loan modifications are not likely to succeed with superficial fixes that fail to lower a homeowner's monthly payments,"
the CRL reports.

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© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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DeadlineNews.Com's 'Digital TV Transition Cheat Sheet'

Like to cheer failure? Buy despair.

This Friday, June 12, 2009, at the stroke of midnight, analog TV goes dark and while it may feel a bit like Y2K (for the "Year 2000," when electronics dated without digital brains were all supposed to self-destruct and take us with them), it'll probably come and go with a whimper too.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime



Deadline Newsroom - Converter boxes, digital TV (DTV), high definition TV (HDTV), analog vs. digital, rescanning channels, buying new equipment or keeping the old.

Lions and tigers and bears! Oh, my!

The long planned and often delayed transition from analog TV to digital TV is upon us.

Effective June 12, 2009, at the stroke of midnight, analog TV goes dark and while it may feel a bit like Y2K (for the "Year 2000," when electronics dated without digital brains were all supposed to self-destruct and take us with them), it'll probably come and go with a whimper too.

That's because the delays (we were supposed to have been taken digitally hostage by Feb. 17 this year) have allowed for experimental digital TV transition trial runs; reams of digital TV transition consumer information and even deep dollar discounts for those who want to simulate remaining analog (and keep those rabbit ears), all to give consumers more options and more time to get some extra padding for those easy chairs.

After all, this historic Information Age spawned digital TV transition is mostly just a quit-procrastinating-sit-down-and-do-the-damn-job event.

You can't put it off anymore.

But no need to get squeamish.

Stay seated.

We are going to make it easy for you.

Just navigate to these helpful online resources and unless you want to turn around to get your TV ready (or get something to eat, or go to the bathroom, or take another procrastinating nap, or, or, or...), you need only read to learn how to prepare for (music up) digital TV transition.

This is just a small sample of the myriad independent, no-bull information available to get you turned on -- even now -- in time to tune in to the transition to digital TV.

Without further delay, here's the 'National Consumer Examiner's Digital TV Transition Cheat Sheet.'

• Get "DTV Made Easy," a little number Consumer Reports produced for the federal agency running the show, the Federal Communications Commission -- which also has a ton of information.

• Right from the horse's mouth, information from the Federal Communications Commission is yours, because you paid for it with tax dollars. Use it up. Get what you paid for.

• From the people turning the dials, flipping the switches and keeping us awake at night over all this, the National Association of Broadcasters were good enough to take lots of time and offer answers to virtually any question you might have.

• From new equipment to buy, to how Americans are coping with DTVitus (so you won't feel so bad about your squeamishness), to how cable companies are confusing us, Consumer Reports offers an everything television blog including a channel specifically for DTV news and the latest countdown information.

• Also from Consumer Reports, a video (you can watch on your computer without a TV!), "DTV Made Easy"



Finally, Consumer Reports also offers some money-saving tips revealing what you don't have to buy!

Stay away from 'snow' and white noise.

• Click on the keywords below for more stories on this subject.

© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Offbeat, on-the-money home-selling ideas

New 'Montauk Monster' plots

Bankrate.com recently reported five ways you may not have considered to sell your home and just in time. Selling a home during a recession requires that you get creative -- really creative.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime



Deadline Newsroom - Selling a home during a recession requires that you get creative -- really creative.

Bankrate.com recently reported five ways you may not have considered to sell your home.

They are:

• Sleep overs. Take a cue from HGTV's "Sleep on It" and let prospective buyers stay in your home as they ponder the deal. You might not get any sleep with strangers in the house, but they'll get to see what it feels like to "live" in their potential dream home.

• Longer sleep overs. Some owners are hiring house sitters to live in their home and give it that, well, "lived in" look and feel. And some sellers are letting the house go with everything in it -- sans the house sitter, of course -- fully furnished. The technique takes staging to the next level, but again, sleepless nights for you hoping the sitter doesn't walk away with your stuff.

• Swap homes. See GoSwap.org and OnlineHousetrading.com to help learn how to find others who share your housing preferences. It's not going to be as easy as finding a soul mate on sites like Eharmony.com. Finding a perfect home swapping mate requires time and effort. If you need to sell in a hurry, fugedaboudit.

• Find a builder. Some builders will buy your home, for later sale, if you buy one of their new homes. Don't expect a big profit, but this strategy could give you a fast move if you find a builder with an over supply -- not a difficult task.

• Offer incentives. New home builders slash home prices by as much as $100,000, but if you don't have that kind of equity to throw away consider everything from gas cars to motor scooters (to stretch that gas card). Pay homeowners association dues, offer skiing equipment, leave one room furnished. Get creative to create some buzz for your listing.

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© 2008 DeadlineNews.Com

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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NAR: Home hunting without fear

Ferris Bueller's 'Flying Ferrari
Home' for sale for $2.3 million

As any daredevil, extreme sports athlete or adrenaline junkie knows, well-grounded preparation for the specific task at hand is what takes the fear out of trying. The sometimes risky sport of home buying is no different.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - As any daredevil, extreme sports athlete or adrenaline junkie knows, well-grounded preparation for the specific task at hand is what takes the fear out of trying.

The sometimes risky sport of home buying is no different.

Those who've suffered the agony of defeat in what's likely the most dangerous consumer game, learned the hard way that sheer fearlessness isn't enough to become and remain a homeowner -- through good times and bad.

With the rules of the housing game changed forever, preparing to just squeak by the home buying ordeal isn't enough to achieve a decisive and lasting victory.

The idea isn't just to buy a home. The goal is to keep your own roof over your head.

Preparation is key, according to the National Association of Realtors.

From NAR, here's how to get ready to be and remain a homeowner.

• Create a wish list. Write down housing wants and needs. Include all the physical characteristics you want or need. Include style, size, layout and room configuration. Look at the number of bedrooms and bathrooms, and the basic amenities you must have. Include critical features such as location and services and a home's proximity to good schools or public transportation lines.

• Browse for housing. Realtor.com and other Web sites offer home valuation features and neighborhood data on trends in local markets. Use features to determine how a listing compares with nearby, comparable properties in terms of value, actual sales prices, home features, neighborhood characteristics, and more.

• Work with an expert. Finding a professional real estate agent who will represent your best interests can make the difference in location, negotiating the best offer, and closing the home of your dreams. Look for a full time agent, who has uploaded telling photos and videos of their listings and look for agents with good Web sites to market your listing.

• Get the complete picture before you visit. You can't know everything about a community from an online listing. Schools, crime, and proximity to shopping and work all impact property values. NAR says talk to a Realtor and go to Realtor.com to explore communities.

• Make sure the property details are reliable. Buyers need know when a listing has experienced a price change. Look for Web sites like Realtor.com that updates listings frequently, including price changes. Fresh and reliable information is critical. Realtor.com time stamps listings to help buyers make better informed decisions. Get email alerts and stay on top of changes so you can be first to act.

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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NAR: Tips for buying in a tight market

Marmite lid image of Jesus

Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps from the National Association of Realtors.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - The National Association of Realtors says increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.

• Get pre-approved for a mortgage. This is a lender's guarantee that you have a mortgage in hand, once you find the home of your dreams. With a pre-approved mortgage, you'll be able to make a firm commitment to buy and make your offer more desirable to the seller.

• Stay in close touch with your real estate agent to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.

• Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you'll see a brand-new "for sale" sign before anyone else.

• Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won't be unsure when you have the chance to make an offer.

• Bid competitively. You may not want to start out offering the absolutely highest price you can afford, but don't try to go too low to make a deal. In a tight market, you'll lose out.

• Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you'll probably be able to sell you house rapidly. Consider talking to your lender about getting a bridge loan to cover both mortgages for a short period.

• Don't get caught in a buying frenzy. Just because there's competition doesn't mean you should just buy anything. And even though you want to make your offer attractive, don't neglect inspections that help ensure that your house is sound.

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Emerald City top town for big fun

Snails hide smiling birthday boy's
face stuck with record 43 snails

While Seattle takes first place among fun towns, California is the state where you'll find the most fun and Silicon Valley geeks apparently aren't just tinkering with technology.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - When Kraft Food's Ritz Cracker
division commissioned Bert Sperling's BestPlaces.net to find fun in America, data that included outdoor recreation resources, fun spending, sports and recreation, in-home entertainment didn't point them to New York City or even Las Vegas as the top "FUNomenal Place."

No, Seattle, got the nod as No. 1 on the list of "Ritz Cracker FUNomenal Places."

That's because Emerald City residents have higher than average participation in social activities such as block parties and barbecues, they rank near the top in several other fun categories, including skiing, access to amusement parks, and a plethora of dog parts -- 17 in total.

Seattle residents also spend a high percentage of their income on doing fun stuff, including above average spending on gyms, sporting events, movies and theater, bicycles, and musical instruments.

Seattle is also surrounded by more verdant forests and parks than any other major U.S. metro area, and its nearby oceans, rivers, and lakes make the city a great location for fun.

Ritz released the fun town findings in conjunction with its 75th anniversary.

After Seattle came Minneapolis, MN; San Francisco, CA; Chicago, IL; Washington, DC; San Jose, CA; Los Angeles, CA; Boston, MA; San Diego, CA; and New York, NY.

California, with four cities in the Top 10, was the top state for fun and it's not just about the Sun.

San Francisco, CA was the top spot for active fun. City residents spend more money annually for their park system than any other city in our study, and with 26 off-leash dog parks, the City by the Bay had the most dog parks per person.

Who says tech geeks don't have fun. In San Jose, the capital of Silicon Valley, 400 hiking trails, high levels of spending on sporting events, movies, recreation lessons and bicycles; and nearby windsurfing, water surfing and snow sports makes it a hit for fun seekers.

Forget celebrity watching. Los Angeles scored high marks for its eight major amusement parks and a host of museums, sports teams and nearby state and local parks.

And San Diego year-round mild temperatures and dry weather make it tough to stay indoors and easy to spend the day surfing, windsurfing, biking, and running, according to the study.

The "Ritz Cracker FUNomenal Places" study evaluated 50 of the largest metro areas in the United States, and identified the most fun cities using a variety of data, including outdoor recreation resources, spending on fun activities, sports and recreation, and in-home entertainment, as well as participation in and spending on social activities.

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Disposing hazardous waste foreclosures leave behind

Feds spoof knock-off video to
win back consumers

Often left in the wake of a foreclosure disaster is everything from common household chemicals to "universal waste" -- electronic devices, fluorescent lamps, aerosol cans, batteries and the like. You can be fined, jailed or both if you don't dispose of it properly.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Here's a foreclosure issue you may have overlooked: A "distressed" property could be designated as such because it contains toxic wastes you can't just toss out with the garbage.

The California Department of Toxic Substances Control (DTSC), like other states, has created a cheat sheet to help foreclosure buyers cope with disposing certain hazardous items they may discover left behind.

Often left in the wake of a foreclosure disaster is everything from common household chemicals to "universal waste" -- electronic devices, fluorescent lamps, aerosol cans, batteries and the like.

Disposing hazardous waste in the trash, landfills, public or private drains or other unauthorized points is illegal virtually everywhere because it can be hazardous to the environment and people.

In California, improper hazardous waste disposal can result in fines of up to $25,000 -- per day, per incident -- and jail time or both.

So what do you do with all that junk?

• Use it. Many of the common household chemicals left by prior property owners are likely still usable for their original purpose. Also, local charities or other businesses may be willing to take it off your hands. Likewise, find a home for old appliances, electronics and other items in working condition and this option is often more cost effective than self-managing the materials as wastes, according to California's DTSC.

• In California, you may qualify to be a Conditionally Exempt Small Quantity Generator (CESQG), if you generate no more than 100 kilograms of hazardous waste (approximately 27 gallons liquid or a total dry weight of 220 pounds) or 1 kilogram of extremely hazardous waste (about 2 pounds) in a calendar month, at each site. You'll have to obtain an Environmental Protection Identification Number but, within the guidelines, you can self-transport hazardous waste to nearby collection facilities without being a registered hazardous waste transporter.

• Hire a hazardous waste transporter. If you have more hazardous waste than you can handle, the DTSC maintains a list of registered hazardous waste transporters that will haul hazardous waste for the generator to a permitted facility, for a fee. You'll have to submit to the transporter an EPA ID number and a uniform hazardous waste manifest you've signed at the point where the waste is generated.

• Become a waste transporter. If you invest in many foreclosed properties that generate hazardous waste you may want to consider registering as a hazardous waste transporter. You'll have to submit to the DTSC a Waste Transporter Registration Application, register with the California Highway Patrol as a hazardous materials transporter and follow U.S. Department of Transportation (DOT) and California DTSC requirements for packaging,
marking, shipping, and placarding waste.

• For more information, see the California DTSC's Regulatory Assistance Web page for hazardous waste transporters.

• Check your state for legal hazardous waste disposal methods where you live.

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Get "News that really hits home!" for your Web site or blog from the DeadlineNewsGroup.Com.

You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
• National Offbeat News Examiner
• National Consumer News Examiner
• National Real Estate Examiner

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Newest Obama initiative to save homes, fight mortgage fraud

Taking a dump gets scarier

The Obama Administration's newest efforts to save the economy focus on greater Hope for Homeowners, stiffer regulations for mortgage brokers and cracking down on mortgage fraud.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - A new one-two legislative combination punch may not put the housing crisis down for the count, but it should keep more homeowners on their feet and put real estate fraud on the ropes.

President Barack Obama recently signed the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act into law in his latest effort to stem the tide of foreclosures.

"These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again," said President Obama in a prepared statement.

Here's a look at the benefits of both new laws.

Helping Families Save Their Homes Act

Hope for Homeowners - Bringing the struggling Hope for Homeowners in under Obama's Making Home Affordable umbrella, to new legislation means virtual one stop shopping for housing assistance that includes loan modifications, refinancing, short sales and other assistance to avoid foreclosure.

• Modifications to Federal Housing Administration (FHA) and federally guaranteed farm loans - This provision targets FHA, federally guaranteed farm loans and rural loans with loan modification help.

• Increasing the flow of credit -- Provisions to expand the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) include extending the temporary increase in deposit insurance; increasing the borrowing authority of the FDIC and increasing the borrowing authority and creation of a stabilization fund for the NCUA. The efforts are designed to enhance the availability of credit to consumers.

• Increased housing consumer protections - Provisions provide for new protections for renters, including Section 8 tenants, living in foreclosed homes; establish the right of homeowners to know who owns their mortgage so they know who to contact when trouble comes; provide resources for the homeless including more direct aid to the homeless; provide for the consolidation of homelessness programs to streamline their administration and targets assistance to families with children.

The Fraud Enforcement and Recovery Act

Furthering a federal mortgage fraud crackdown after a projected 300 percent increase in mortgage fraud this act is designed to keep crooks away from struggling and vulnerable homeowners.

• Adding private mortgage brokers and others to enforcement efforts - More than 50 percent of subprime mortgages were originated by private mortgage institutions and similar entities not currently covered under federal bank fraud criminal statutes. FERA extends mortgage fraud enforcement to these companies and all private mortgage brokers and companies not previously regulated or insured by the feds.

• Extending prohibition of mortgage lending manipulation to private operations - Previously, making a materially false statement or willfully over valuing a property to influence a mortgage lending decision was a crime applying only to federally-regulated institutions. Under the new law enforcement is extended to private mortgage brokers and other private lenders.

• Further funding enforcement efforts - For fraud prevention and enforcement the new law authorizes $165 million in new resources for 2010 and 2011 to hire fraud prosecutors and investigators.

Also to strengthen the federal regulatory and enforcement capacity the legislation authorizes $140 million for the Federal Bureau of Investigations (FBI); $50 million for U.S. Attorney's Offices ($20 million for the Criminal Division, $15 million for the Civil Division, $5 million for the Tax Division); $30 million for the US Postal Inspection Service; $30 million for the Inspector General at the Department of Housing and Urban Development; $20 million for the Secret Service; and $21 million for the Securities and Exchange Commission.

• The new law also creates a bipartisan Financial Crisis Inquiry Commission to investigate the financial practices that contributed to the current financial crisis, in order to prevent future economic calamity.

Read more news about housing assistance from the Obama Administration.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Housing market no longer Land of OZ

Consumer post for
SV lawyer in Obama
Administration

First-time home buyers are optimistic, but many homeowners who fear foreclosure and unemployment appear more pessimistic and are cutting back on the fun and frivolity to remain homeowners.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - If I only had a car…a job…a home.

The Yellow Brick Road is paved with good intentions, but Emerald City just ain't what it used to be.

First-time home buyers are optimistic, but many homeowners who fear foreclosure and unemployment appear more pessimistic and are cutting back on the fun and frivolity to remain homeowners.

The housing market just isn't, well, in Kansas anymore.

Only one in five Americans say they plan to buy a home in the next five years, while most, 52 percent, are concerned they or someone they know will face foreclosure in the next six to 12 months, according to the National Homeownership Survey commissioned earlier this year by Move, Inc., the operator of Realtor.com.

The Move survey also indicates, in hindsight, it probably would have been a good idea to pay attention to "the man behind the curtain."

• Nearly one in five homeowners (19 percent) plan to take advantage of the Obama Administration's Making Home Affordable program to help prevent foreclosures.

The program was just upgraded with additional loan modifications and short sale options.

• More than one in five homeowners (21 percent) said they contacted a lender to modify their mortgage. Half were successful, 5 percent still awaited an answer. For some time lenders foreclosed rather than modified.

• More than one in five adults (27 percent) feel they or someone they know may default on their mortgage due to recent unemployment (27 percent), future unemployment (29 percent), or because they owe more on their home than it's worth (26 percent). One out of eight (15 percent) is having a hard time making mortgage payments because they've recently increased debt or have too much debt (19 percent).

• To keep afloat with what's often an upside down mortgage, 72 percent of adults reduced spending in the past year in order to make monthly mortgage or rent payments. Most, 75 percent, cut discretionary spending on vacations, entertainment and eating out; 72 percent cut down on clothing, personal care and personal luxuries; and 72 percent reduced their gasoline and utility costs.

Optimism behind the curtain?

"It's not all doom and gloom. We found Americans are optimistic about homeownership despite concerns. Even more impactful are numbers that show interest in home ownership is strong as nearly a quarter of all adults plan to buy a home in the next five years," said Move, Inc., CEO Steve Berkowitz.

• While nearly 6 percent plan to purchase a home in the next 12 months, nearly 13 percent of Americans say they plan to buy a home in the next two years, and 11 percent plan to purchase a home in two to five years.

• More than 53 percent of those planning to buy in 2009 are first-time homebuyers. The National Association of Realtors says 41 percent of homebuyers were first-timers in 2008.

• The survey also revealed more than 18 percent of adults plan to buy a home this year in order to take advantage of a $8,000 federal tax credit.

Some Californian home buyers hit the mother lode of home buyer tax credits with an additional, though less liberal, state tax credit of up to $10,000 for first-time home buyers.

• Unfortunately, while more than 18 percent of first-time home buyers do plan to buy this year because of the tax credit, half said they weren't aware of the credit and more than 29 percent said it wasn't large enough to encourage them to buy.

• If only they'd subscribed to the Deadline Newsroom, they'd know.

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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

Advertise on DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Prevention: '25 Best Walking Cities'

New super spliffs

From an annual survey by the American Podiatric Medical Association and Sperling's Best Places, Prevention magazine offers the most pedestrian-friendly towns in the nation. Almost one in three are in California where the weather permits much pedestrian pleasure.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Looking to buy a home in a town where walking is paramount? Look no further.

From an annual survey by the American Podiatric Medical Association and Sperling's Best Places, Prevention magazine offers the most pedestrian-friendly towns in the nation.

The largest group, seven of them, are in California.

Here is a look at the cream of the crop, the top 10 of the"25 Best Walking Cities". The list includes what the healthy lifestyle magazine says makes the towns tops for walks, and some of our own insight.

San Francisco -- Devotes 12 city government agencies to walking issue. A real cardio workout with all the hills.

Boston -- Longer WALK signals; bright, patterned intersections encourage more people to walk. Work off those beans.

New York -- Driving is stupid. Residents log the fewest vehicle miles. Stuff to see, places to go.

Philadelphia -- High density of schools mean many low speed limits and safer walking. A good way to work off those cheese steaks and Tastykakes.

Chicago -- The 18.5-mile Lakefront Path along Lake Michigan accessed from a variety of neighborhoods. The wind pushes and it pulls.

Washington, D.C. -- Extensive public transit system makes it easy to hoof it. Rock Creek Park.

Seattle -- Highest number of rail lines converted to trails. Clean air.

Honolulu -- Mix of desirable destinations. Just be careful of the humidity. Stay hydrated.

Portland -- For 10 years, the Pedestrian Advisory Committee has kept the City Council in line on transportation issues. More cardio hills.

Pittsburgh -- Last year, city appointed its first bicycle/pedestrian coordinator. Three river walking.

Rounding out the top 25 were:

Oakland, Minneapolis, San Diego, Los Angeles, Milwaukee, Baltimore, Rochester, Santa Ana, San Jose, Denver, Columbus, New Orleans, Austin, Sacramento and Tucson.

Prevention also offers the best walking locations based on safety, family appeal, smaller communities, nature and fitness.

Take a walk.

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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Get news that really hits home for your Web site or blog from DeadlineNews.Com.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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New loan modification, short sale options available

Cerebral gelatinizing from Hulu.com

Some homeowners are getting a second chance at a mortgage modification and others may now be able to make a short sale work for them. Both possibilities could stave off foreclosure.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Now, mortgage modifications can include second mortgages -- not just first mortgages -- and cash incentives are sweetening short sale deals, thanks to new efforts by the Obama Administration.

The new efforts give some homeowners a second shot at a home-saving loan modification, especially if they were originally turned down -- or turned off -- because the second mortgage (piggy back, home equity loan or line of credit, etc.) impeded the process.

Other homeowners may now be able to take the short sale escape route from unaffordable mortgages that could otherwise wind up in foreclosure.

Second mortgage modifications

Under Making Home Affordable's new second-lien program, borrowers whose first mortgages are modified will automatically have payments reduced on their second mortgages as well, provided the first and second-mortgage lender participates in the program.

Twelve mortgage servicers currently do. Among them are large banks including, Bank of America, Wells Fargo, Countrywide, Citibank, Chase and others.

Eligible homeowners looking to modify their first mortgage must be an owner-occupant of the home; have an unpaid principal balance that is no more than $729,750; have a loan that was originated on or before January 1, 2009; have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31 percent of their gross monthly income; and have a mortgage payment that is not affordable, perhaps because of a significant change in income or expenses.

For the second mortgage, in addition to lowering the payment, lenders can also opt to erase a borrower's second mortgage in exchange for a lump-sum payment from the government.

New short sale incentives

Short sale incentives were among recent refinements to the Obama administration's housing rescue programs.

In a short sale the lender closes the mortgage in return for whatever sale price the homeowner can net. However, the difference is sometimes considered income for which the selling homeowner is taxed.

Under the new short sale incentive, lenders can receive a $1,000 payment from the U.S. Treasury for allowing the owner to sell the house for less than the amount owed on the mortgage and accepting the proceeds as full repayment, rather than a short sale.

Lenders can also receive $1,000 for accepting a deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.

Homeowners who agree to short sales or deed-in-lieu deals can receive up to $1,500 in closing costs. To help stop second mortgages from blocking the deal, the Treasury will pay second lien holders up to $1,000 to relinquish their claims in such transactions.

To learn more about these options visit MakingHomeAffordable.gov

See DeadlineNews.Com's complete coverage of loan modifications and short sales.




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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Chinese drywall latest, potentially explosive, problematic import

Va voom! 'Hottest First Lady'

Consumers complain Chinese drywall stinks, corrodes, makes them sick. EPA finds it unlike US-made drywall. Investigation to continue and likely find real problems.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Drywall imported from China, blamed for rotten egg odors, fast metal corrosion and health problems for some homeowners, contains sulfur and other materials not found in U.S. made drywall, according to preliminary federal tests.

The questionable residential building material has been installed in some 100,000 homes nationwide according to U.S. Senator Bill Nelson (D-FL), whose high number of complaining constituents put him at spearhead of an effort to learn more about the suspect drywall.

Some 36,000 homes in Florida, as well as additional properties in post-Hurricane Katrina Louisiana and Virginia, Alabama, Mississippi and California, were constructed with the Chinese-made material, recently found to be quite different from U.S.-made drywall.

With the U.S. Consumer Product Safety Commission (CPSC) the lead federal agency looking into complaints surrounding Chinese drywall, preliminary research from the U.S. Environmental Protection Agency (EPA) found the Chinese-made drywall contained sulfur, which is not in U.S. drywall, but widely used in black gunpowder, matches, insecticides and fungicides.

EPA tests also found strontium, (a metallic element that is highly reactive chemically, including, in a finely powdered state, spontaneous ignition at room temperature) at levels 10 times as high as in U.S. drywall.

The EPA also found two other organic compounds, generally found in acrylic paint, but not in U.S.-made wallboard. They were
• propanoic acid, 2-methyl-, 2,2-dimethyl-1-(2-hydroxy-1-methylethyl) propyl ester
• propanoic acid, 2-methyl-, 3-hydroxy-2,4,4-trimethylpentyl ester.

The preliminary tests were only designed to find differences in the imported drywall and U.S.-made drywall, after scores of homeowners complained of smelly odors, respiratory health problems, and corroding wiring, metal, jewelry and mirrors.

With class action and builder-originated suits swelling against suppliers and manufacturers, hundreds of homeowners complained to Florida's Department of Health, which offers a host of informational materials, including

• Frequently Asked Questions Web page.
• A Drywall Issues Timeline, outlining the sequence of events.
• A do-it-yourself Step-by-Step Self-Assessment Guide for signs that a home may be affected by drywall imported from China.
• Much additional help.

Along with Nelson, U.S. Senator Mary Landrieu (D-LA) has sponsored appropriations legislation for more CPSC funds so it can further investigate the matter.

"In the end, I think all this stuff is going to have to be ripped out," Nelson said.

"Sen. Nelson and I are continuing to work closely with federal officials to get answers for families with sick children and pets, construction workers and builders removing the product, and local health officials who are concerned with dumping the drywall in their landfills ."

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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

Advertise on DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Job loss mortgage insurance

What's scarier than job loss?

The recession spawned growth in job loss mortgage insurance, but you may not have the option to get coverage that would pay your mortgage should you get a pink slip.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - A growing number of job loss mortgage protection insurance policies help take the fear out of home buying, but the coverage is not for everyone.

The not-for-everyone catch isn't necessarily because of cost, home type, or financial feasibility of such insurance -- though they are issues to consider.

For some homebuyers, the coverage simply isn't an option.

Simply put, job loss mortgage insurance pays your mortgage when you lose your job -- to a point. Paid direct to the lender, policy benefits can cover principal, interest, taxes and insurance -- or all items are included in the mortgage payment.

Shopping for job loss insurance

Consider these factors when shopping for job loss mortgage insurance.

• Variations, Limits, Terms Premiums, terms, limits, benefits all vary. So shop around. Evaluate your debt and income to determine the policy that's best. Evaluate your mortgage payment to determine if a given policy will provide sufficient benefits.

Benefits aren't paid forever and they may not cover the full cost of your mortgage payment. Some policies pay for six months, some pay nine, others for 12 months. CAR limits payment to $1,500 a month, for six months, for example. And once funding is depleted the CAR policies will remain in force, but new policies won't be available.

Some policies require purchase as part of the acquisition process, other policies allow you to buy the insurance whenever, with waiting period provisions, of course.

Other policies require that you finance the cost along with the mortgage, still other policies allow you to buy coverage as a separate cost and payment.

• Affiliation. Some policies require an affiliation with a lender, realty agency or other entity. Keller Williams, for example, offers its policy through the Rainy Day Foundation, which requires participation in its home ownership counseling program. New home builders sometimes require that you use their affiliate lender. CAR requires that consumers buy homes from a licensed 'Realtor'.

• Waiting periods. Depending upon the insurer, potential policy holders must be employed full time or for at least 30 hours a week and for a period of time before they can obtain coverage. Once you buy coverage, there is a moratorium of a month or more before the policy kicks in. After the moratorium, the home owner typically must be out of work some time, say 30 days, before the first benefit is paid.

And now, here's the rub

Unfortunately, not everyone can buy the coverage.

"Where some of the programs fall short is most of them require you to be a W-2 wage earner, meaning self-employed individuals cannot get coverage," said Virgilio, also broker of Realty World, California Property Network.

Typically ineligible are those always on the bottom of the bailout/relief totem pole whenever it comes to special assistance -- hard working self-employed people, independent contractors, work-at-home business owners and the like. Washington has been literally mum on helping the self-employed.

Others ineligible for some or all policies include:

• The already unemployed.
• Individuals under 18 and over 60.
• Retirees at any age.
• Second home buyers
• People who work in sectors with a high rate of economic distress or existing unemployment.
• Military personnel, especially retirees.

The coverage can be a good deal if you fear job loss, if you have no other financial back-up should your employment end or if you know you later can't refinance or modify your loan out of trouble and don't want to lose your home.

"The job loss insurance is a big help for many mentally, knowing that the help is available if they should lose their jobs. And it gives comfort for some that are sitting on the fence," said Quincy A. Virgilio, Jr. president of the Santa Clara County Association of Realtors.

Today's job loss mortgage insurance has become a growth industry spawned by the recession. The idea is to incentivise home buying by adding protection against a shrinking economy. Theoretically, that will boost home sales.

Once only the product of traditional insurers, job loss mortgage protection now comes from a variety of sources.

The California Association of Realtors (CAR) became the nation's first realty association to offer a mortgage protection program. It's for first-time home buyers who lose their jobs.

"This program is a big success and all buyers who use a Realtor are eligible. All qualified first time buyers should definitely enroll in this program because the restrictions are few," said Julia Truesdale Keady, president of the Silicon Valley Association of Realtors.

Well, not quite. The program does have its limitations.

The $1 million program is only funded to assist some 3,000 homeowners, but CAR's Housing Affordability Fund Mortgage Protection Program (MPP) beats a blank for those who are lucky enough to land a policy.

MPP offers first-time home buyers who lose their jobs up to $1,500 per month, for six months, to help make their mortgage payments.

A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

"The Mortgage Protection Program was developed to help ease the anxiety of consumers who are concerned about potential job loss and its impact on their ability to pay their mortgage should they purchase a home," said CAR President James Liptak.

To qualify applicants must:

• Be a first-time home buyer -- someone who has not owned a home in three or more years.
• Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009.
• Use a licensed California "Realtor" in the transaction.
• Purchase the property in California.
• Be a W-2 employee.

Request an application for the program from CAR.

Others offering job loss mortgage insurance include:

• Insurers -- See: InsuranceAgents.com and Mortgage Guardian.
• Home builders -- Offering policies are: Toll Brothers; Lennar; Ryland and others.
• Lenders -- The Bank of America has long offered a policy that covers not only job loss, but also hospitalization, disability and death.
• Realty agents -- For example, Keller Williams offers coverage through the Rainy Day Foundation.
• Government housing agencies -- The California Housing Finance Agency offers HomeOpeners.

Consumer advocate Mark Eisenson isn't sold on the coverage. He says buying job loss mortgage insurance may be a sign you haven't taken care when buying a home in the first place.

"Losing a job is more than a nuisance. It can be a catastrophe. Unfortunately, job loss insurance is something you only want if you are overextending yourself by buying a house you can't really afford, at a time when you have real concerns about losing your job," said Eisenson, co-author of the new e-book Reduce Debt, Reduce Stress: Real Life Solutions for Solving Your Credit Crisis.

"I'd rather stay where I am, cut expenses, reduce debts and stress, build an emergency fund, and create a back-up source of income -- before I'd start looking for a new house," he added.

If you believe the coverage is right for you, be prepared to sift through a variety of coverages, costs, provisions and requirements.

• Click on the keywords below for more stories on this subject.

© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

Advertise on DeadlineNews.Com

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Get news that really hits home for your Web site or blog from DeadlineNews.Com.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Banks score better than consumers on financial 'stress test'

Financial stimulus prayers answered

Banks did better on "stress tests" than consumers and when it comes to home mortgages, more than one in four homeowners said their mortgage terms escaped them, and turned out to be different than they expected -- likely because they didn't read the small print.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Don't bust banks' chops too much without considering that consumers also could use a little knuckle busting.

Banks, graded by federal monetary agencies apparently did much better on so called financial "stress tests" than consumers who graded themselves on their own financial well being.

And when it comes to home mortgages, more than one in four homeowners said their mortgage terms escaped them, and turned out to be different than they expected -- likely because they didn't read the small print.

While Federal Reserve Chairman Ben S. Bernanke said banks' stress tests results "should provide considerable comfort to investors and the public," a consumer survey found consumers grading themselves C or worse on personal finance knowledge.

Less than half of 1,000 adults surveyed by Harris Interactive this spring said they keep close track of spending, according to survey sponsor, the National Foundation for Credit Counseling (NFCC).

NFCC's benchmark "Consumer Financial Stress Test", was based on its broader "Consumer Financial Literacy Survey".

"Would your finances be viewed as being on solid ground, or would you be told to address some weak areas before receiving the stamp of approval?" asks Gail Cunningham, spokesperson for the NFCC.

"The survey reveals startling deficiencies related to financial stability," she added.

Here are the questions and how consumers answered.

Q: On a scale of A to F, what grade would you give yourself in terms of your knowledge about personal finance?

A: Less than half, 41 percent of U.S. adults, or an estimated 92 million people, gave themselves a grade of C, D or F on their knowledge of personal finance. Tsk. Tsk.

Q: Which best describes how you manage your money?

A: Again, less than half, 42 percent, keep close track of their spending, with 7 percent, or nearly 16 million, admitting they don't have a clue how much they spend on food, housing, and entertainment, and do not monitor their overall spending. Sad.

Q: What best describes your financial situation?

A: More than one in four adults, 26 percent, or more than 58 million adults, admit they don't pay all bills on time; 13 million said they are hounded by collection agencies or are on the brink of filing for bankruptcy, or already are bankrupt.

Q: In which ways did the terms of your mortgage turn out to be different than what you initially expected?

A: Of those surveyed, 42 percent, or more than 94 million people said they have a mortgage. Of those, 28 percent say that the terms of their mortgage somehow turned out to be different, including either the payment amount or terms of the loan, the interest rate or its duration, or they had no knowledge of the required Private Mortgage Insurance.

Q: Do you have any savings excluding retirement?

A: 'No' said one in three adults. Nearly 72 million people have no savings. And for people without savings one in four say if they are faced with an emergency, they would charge that expense to a credit card or take out a loan. More debt. Still no savings.

Q: What percentage of your household income do you save toward retirement?

A: 'Zero' said more than 74 million people, or 33 percent, up from 28 percent in 2008.

Q: Compared to one year ago, how has the current economic climate affected your spending, and if you are spending less now, if your financial situation were to improve, would you be likely to spend more?

A: "Sure," said 45 percent of those now spending less. The survey said 57 percent of those questions are spending less due to the recession.

Q: Have you ordered a copy of your credit report, and do you know your credit score?

A: 'No' said 66 percent of those surveyed, even though credit reports are free from AnnualCreditreport.com (the ONLY federally approved free credit report service). Two in three have not ordered a credit report in the last year, even though you can get three, one from each credit reporting agencies, every year. Also, more than one third of those surveyed don't know their credit score.

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Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Q&A with Olivia Edwards, 2009 President SAMCAR

Happy Motherlovers' Day

We recently sat down in a question-and-answer session with Olivia Edwards, 2009 President of the San Mateo County Association of Realtors (SAMCAR), to glean advice for homeowners, home buyers and home sellers in the region.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - With so much uncertainty in the housing market, it's a good time to seek insight from real estate leaders who have their fingers on the pulse of this market.

We recently sat down in a question-and-answer session with Olivia Edwards, the 2009 President of the San Mateo County (CA) Association of Realtors (SAMCAR), to get some advice for homeowners, home buyers and home sellers in San Mateo County.

Edwards has been a full time real estate agent since 1984 and earned entry into the top 1 percent of all sales associates nationwide. As a Realtor with the Platinum Group of McGuire Real Estate in Burlingame, CA, she is a Certified Residential Specialist, ePro, Certified New Homes Specialist, and has a National Association of Realtors GREEN Designation.

Edwards reads and writes Chinese, is also a productivity coach and guest lecturer at the College of San Mateo.

She's married to Gary Edwards and share two Corgi "girls," Emma and Sara.

Edwards is also busy as the leader of SAMCAR.

Q: What is SAMCAR?

A: SAMCAR is a trade organization serving 3,100 members with education, information and tools necessary to be successful realty professionals. SAMCAR is also a legislative advocate, supporting private property rights and home ownership opportunities.

The trade group enforces professional standards and a code of ethics to help protect consumers. SAMCAR members also benefit from the group's affiliation with the California Association of Realtors and the National Association of Realtors.

Q: What is your role as president of SAMCAR?

A: My role is to carry out our mission; unify the real estate community; inspire and harvest great ideas and future leaders; to direct and support strategic planning; to motivate members to contribute to the community; and to always lead by example.

Q: The housing crisis is on the minds of everyone, especially homeowners who are struggling to pay their mortgages, potential home buyers and those who want to sell their home. What steps are you, in your role as president, and SAMCAR taking to help homeowners keep their homes?

A: First of all, not everyone should keep their home. It is very important for homeowners to face reality head on. They need to seek counsel and or answer the following questions honestly:

• Why are we struggling to pay the mortgage? Loss of job? Illness? Higher monthly payments?
• Is the mortgage more than the market value of the home? If so, this is not a good reason to discontinue making the mortgage payments.
• What were my goals when I purchased my home?
• How long did I plan to hold onto my home?
• What will happen financially if I continue to make the mortgage payments?
• Am I "unable" or "unwilling" to pay the mortgage?
• If I'm unable to pay the mortgage and do not wish to sell my home, have I contacted the lender about options or to start the loan modification process?
• If I want to keep the home, have I considered options, including getting a second job, renting out a portion of the home to help?
• If I can't afford to keep the home, have I contacted and Realtor to look into a short sale?

Q: Likewise, what can home buyers expect from the association?

A: Part of our mission is to ensure professionalism, protect property rights, and promote the ownership of real property. Home buyers should use SAMCAR as their resource.

Q: How does the association assist homeowners who want to sell their home?

A: This is the primary role of our members. We have a public website to help connect buyers and sellers with our members. Go to and click on "Find a Realtor" for a Realtor specializing in your city. You can also click on "statistics" to learn about what is happening in your area in terms of sales of other homes.

Q: There have been some complaints from the real estate industry that the media is not fair in its coverage of the housing crisis. How can the media assist the association and the public in terms of reporting about the crisis and other housing issues?

A: Report the good and the bad. Describe the half empty glass, as well as the half full glass. Share what we lost and what we have. State the challenges and opportunities. Every story of someone losing value in their home should be balanced with the current affordability level for a new homebuyer. For each challenge there is an opportunity and that is rarely communicated.

Q: What advice do you think home sellers need most in the current housing market?

A: Home sellers need to know why they are selling. If the answer is to try to get the price they were able to get a few years ago, they should not bother to put it on the market. If they do need to sell, they should accept the current market value. I would suggest they work with a professional Realtor or a team who will listen to their needs. To get the highest price for the property in today's market, they need to understand strategies, including proper pricing, property condition, staging, completing reports up front, disclosures, easy access, intensive marketing (signage, descriptive color brochures, Internet exposure, photos, weekly open houses), and working with a reputable Realtor.

Q: What advice do you think home buyers need most in the current housing market?

A: They need to do their research and identify what kind of lifestyle they want. They need a down payment, and they need to find the amount of a monthly mortgage payment they feel most comfortable paying and they need to get pre-approved. they also need to understand all of the aspects of owning a home, including benefits and responsibilities, type of home wanted and buying for the right reason. Buyers need to take responsibility for their education and when in doubt, ask questions and trust gut instincts. Working with a Realtor or a team is imperative.

Q: What advice do you think homeowners most need in the current housing market?

A: Always go back to why you bought your home in the first place. Ask yourself how long you planned to stay in the home when you first bought it. Remember, it's a home and an investment. In the meantime, continue to enjoy your life in your home and fix it up the way you want. Be smart with your money in an up or down market and live within your means.

Q: Are there any comments you'd like to make to your constituency, consumers or the public at large?

A: Real estate is the American Dream. This dream can be achieved through careful planning. Your home is a place for you to build your future. Your home is not an ATM machine. Regardless of how the market is, always go back to the basics, know your finances, have a budget and live according to your means. Spend less than you make, have a savings plan, keep educating yourself on finance, real estate, tax savings, negotiation, communication and goal setting. Furthermore, take advantage of your tax write offs, and participate and contribute to your community.

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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Dishwashers, microwaves, televisions the new luxury items

New party animal, H1N1 flu

Since when did dishwashers, microwave ovens and televisions become luxuries? Since the Great Recession took away their "standard equipment" status.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Since when did dishwashers, microwave ovens, televisions become luxuries?

Since the Great Recession took away their "standard equipment" status.

Many items you expect to find in a 21st Century home are more and more often considered wants rather than needs and consumers are doing without them.

Recession-wary consumers say they are so financially strapped they are rationing their intake of consumer goods and services deemed just not necessary during hard times.

Pew Research's Social & Demographic Trends effects-of-the-recession survey of more than 1,000 adults from April 2 to April 8 this year discovered:

• In 2006 36 percent of consumers said they had to have a dishwasher, today only 26 percent say they can't handle dishpan hands.

• In 2006, 68 percent of consumers said a microwave was necessary. Today, only 47 percent say they still need to nuke popcorn.

• Now, only 56 percent say television is necessary, down from 68 percent in 2006. The 56 percent is the smallest share of couch potato-ness in more than 35 years, according to Pew.

• Forced to go green and air dry clothes, only 66 percent of consumers say they need a close dryer, down from 83 percent in 2006.

• Fifty-four percent said they just had to have home air conditioning during the recent survey, compared to 70 percent in 2006.

Not surprising, according to a Harris Poll, more than two in five Americans are concerned that the household's main income earner may be unemployed before the year's out.

In yet another survey, IPSOS found consumers shunning new products, but gobbling up lower priced, store and generic brand items to save a few bucks.

IPSOS said 80 percent of the consumers surveyed were likely to switch to lower-priced brands or brands on sale, while 72 percent said they were stocking the pantry with store or generic brands.

Pew likewise found that because of the recession consumers:

• Bought less expensive or discount store brands (57 percent)
• Reduced or cancelled cable or satellite TV (24 percent)
• Started doing yard work or home repairs they once hired out (20 percent)



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Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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How FSBOs can compete against distressed properties

See cutest piglet ever in action

In the time it takes for you to sell your own home without a real estate agent, you'll have to muster the same experience it takes a professional agent years to accomplish, but you can competitively market your home in today's economy, according to ForSaleByOwner.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - ForSaleByOwner.com says those who choose to sell their home without the aid of a real estate agent can still get the upper hand and beat the competition even in a market loaded with distressed properties.

Keep in mind, in the time it takes for an owner to sell his or her own home without a real estate agent, he or she must muster the same experience it takes a professional agent years to accomplish.

Right now it's even tougher.

With distressed sales (foreclosures, bank owned, short sales, auctions, etc.) accounting for half of all home sales in some areas, FSBOs (for sale by owner) are not just competing with traditional listings.

To help FSBOs compete against properties with discounted prices ForSaleByOwner.com advises:

• Skip the agent. Hiring a real estate agent can cut into the proceeds of a sale by 6 percent. Without a commission to pay the seller can pocket more of the proceeds or use the savings to set a more competitive asking price.

• Price it right. The same advice sellers get from real estate agents applies to FSBOs. Price the home according to the current local market, not based on a price a neighbor obtained a year or even a few months ago. A licensed, certified, trade-group affiliated appraiser is best at setting a price based on the true value of a home.

• Market effectively. Use all available marketing channels, which are not always used by distressed properties. Public listing Web sites, creating your own listing site, virtual staging and a host of other approaches are available.

• Keep the home fit. Foreclosed homes are often trashed, in disrepair or in need of some work due to neglect. FSBOs should stage their home to give it the a model home appearance and ready for move in.

• Offer a quick close. Distressed property sales can take months to close due to title issues, repair concerns and other red tape. Offer a 30-day closing date to attract buyer who wants to move quickly.

• Qualify interested buyers. Right from the beginning, make sure any prospective buyer has a lender approval for the amount necessary to finance the purchase of your home. It makes no sense to spend weeks courting a buyer who doesn't have the wherewithal to actually buy the home.

• Get professional help. Just because you don't hire a real estate agent doesn't mean you should have an attorney or title company help you review the contracts and makes sure you are adhering to state and local disclosure requirements.

• Read more FSBO news that really hits home.

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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Time to move out of your parents' place?

'Spontaneous Shattering'
by Martha Stewart

Special To The Deadline Newsroom - Living with the parents does have a lot to offer.

It's usually free, you don't have to worry about utilities, they have a lot more stuff than you do, plus you're used to it all -- the free in-home cleaning and cooking services and all the other perks.

And, after all, it's your home.

However, at some point, everyone wants to leave the nest.

It's very exciting being on your own for the first time. It's liberating to not live under your parents' rules (or thumb) anymore. But it's also a big responsibility. You're in charge of all your own bills now, you have to keep track of when everything is due, and make sure you have enough money. You're also in charge of things you may not have ever had to think about before, like food, or light bulbs, or laundry detergent.

Baltimore apartments can help you with the transition from living under your parents' wing, to being part of the big world out there.

So what can you expect the first time you take that huge step toward independence?

You'll quickly find that the kitchen does not magically fill itself with food. People living under their parents' roof often don't realize the amount of food it takes to fill the fridge and cupboards.

It might be a good idea to keep track of what you're eating for a couple weeks before the move in order to get an idea of what it will cost you.

Laundry? What's that? You'll find out soon enough as it piles up and begins to smell. Laundry costs money to clean, and if you've never had to do your own laundry, you may find it to be time consuming and a hassle initially.

Baltimore apartments has washers and dryers available, or convenient facilities within the apartment complex to help you save some cash.

Trash has a way of piling up when you're not looking, especially if you have a roommate. Rooms get cluttered more quickly, floors get dirty, and it can become a general mess if you're not used to cleaning up after yourself.

Then there are the bills. It's not only rent you're responsible for. There's electricity, gas, trash pick-up, water, telephone, cable, and internet. Baltimore apartments can help you figure out how much you're going to spend before you make the big move, and some utilities may be covered in the rental agreement, be sure to find out ahead of time.

With all this you may be having second thoughts.

It's important to look at it realistically. Don't worry though, once you have mastered the things discussed here, you'll love living on your own. It's a great feeling to have a place of your own.

When someone asks, you no longer have to tell them you live with mom and dad. You have your own rules in your place, and don't have to follow some of the rules you would have living with your parents.

You'll finally have some privacy, you won't have to share a bathroom, or worry about your alarm being too loud.

There is definitely a very real feeling of freedom in your own place.


Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Greensburg, KS rises from rubble as 'Green Phoenix'

Recession resistant jobs, right here!

On the second anniversary of its destruction, the Little-Town-That-Could's effort is putting Greensburg, KS back on the map in a very green way. What's more, jobs are being created and savings will mount as the town becomes a model for sustainability.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom -
Greensburg, KS rises from the rubble as a 'Green Phoenix'

From the ashes of a May 4, 2007 EF5 tornado that virtually wiped the town off the map, Greensburg, KS is being redeveloped for its namesake -- GREENsburg.

On the second anniversary of the destruction, the Little-Town-That-Could's effort is putting Greensburg back on the map in a very green way. What's more, during a recession, their timing couldn't be better. Jobs are being created and savings will mount as the town becomes a model for sustainability.

From a bootstrap angle as well, President Barack Obama owes them a visit.

Soon after the tornado, the city council passed a resolution stating that all city building would be built to LEED - platinum and other sustainability standards, making it the first city in the nation to do so.

The greening of Greensburg comes with the help of Greensburg GreenTown, a non-profit organization created to partner with residents to teach them about being green and to help them implement green history.

In a year's time, the long-term community redevelopment plan has done more than most towns accomplish in 20 years.

Of course -- for better or for worse -- they did have a virtual blank slate upon which to draw.

In any case, when it comes to green, Greensburg's really got it going on.

• More than hot air. A planned Greensburg Wind Farm of 10 turbines will provide enough power for the entire city.

• Locavores are lovin' it. Organic and natural foods from a consortium of 100 local farmers and other food producers is available to the town.

• LEED homes are moving in. The first (eight) LEED platinum homes in the state of Kansas, among only a handful in the nation..

• Recycled building materials are hot. A Silo Eco-home comprised of recycled foundations, basements, driveways, and sidewalks of buildings destroyed in the tornado.

• More green buildings are going up. See the "Greensburg Sustainable Building Database."

• The town has celebrity status. The Discovery Channel's Planet Green, Greensburg is documenting the effort, now in season two.

• It's a social networking model. The town's all the rage on both Facebook and in a Flickr photo journal.

• The town's got guts. It hasn't been easy. See "Red Tape Precedes Greensburg's 'Green' Rebuilding Plan"

• More on Livin' Green

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© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Perennial pressure on appraisers bad for business, housing, consumers

Hot off the presses. Recession
prompts cities to print currency

Appraisals have become yet another sticking point on the already viscous road to home ownership because perennial pressure on appraisers is proving bad for business, housing and consumers.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Update: Federal bill aims to suspend new appraisal law

Deadline Newsroom - During the height of the housing boom, appraisers were pressured to up the value of homes. Now, during the housing downturn, appraisers are being pressured to lower the value of homes.

Either way, consumers, both buyers and sellers, are caught in the middle.

What's a consumer to do?

So, through all the muck, how can consumers be sure the appraiser's work is on the up and up?

It's not easy.

Appraisers are typically hired by the lender to protect its stake in a home buying transaction. That means the appraiser is beholden to his or her employee -- the lender -- not necessarily the buyer nor the seller.

However, both the seller and the buyer can play a role in the appraisal process through a process of due diligence known as looking over the lender's shoulder.

Here's how.

When the appraisal choice is yours or if you are the seller, demand the lender use only local, licensed and certified appraisers with trade group designations. Seek referrals from family, friends, co-workers or others you trust who've recently enjoyed satisfactory work from an appraiser.

Even if the choice isn't yours, you can ask the lender, or get your real estate agent to ask the lender for the appraiser's credentials.

"The buyer can ask how the appraisal was done, but you need to speak to the lender about the appraisal if you have any questions," said Ted Faravelli, Jr. an expert witness, forensic real estate analyst and executive director of the California Association of Real Estate Appraisers.

First, a local appraiser is much more familiar with local market and property conditions than outsiders.

In California, the state Office of Real Estate Appraisers licenses and certifies appraisers. Appraisers must be licensed before reaching certification. Licensed appraisers can appraise residential properties with a value of up to $1 million. Licensed appraisers with certification have as much as twice the education -- the equivalent of an associate or bachelors degree -- and can appraise any residential property no matter the value. At the highest level of certification, an appraiser can appraise any type of property, residential or commercial.

Affiliation with the Appraisal Institute or other trade group is also key. Institute members typically work beyond state licensing and certification requirements to earn a Senior Residential Appraiser (SAR) designation just as real estate agents work beyond state licensing requirements to achieve designations based on greater education and experience.

"SARs are much more experienced. They have more education and they are held to a higher code of ethics than state licensing. If you hire one, you'll get a true estimate of a home," says Jim Amorin, president of the Appraisal Institute.

The Appraisal Institute is comprised solely of real estate appraisers, but the American Society of Appraisers, which includes members from all appraisal disciplines, likewise grants accredited member real estate appraisers designations based on achievements that go beyond state requirements.

Local work, an unblemished license, certification and designations are good indications of an experienced and ethical appraiser, but not a blanket guarantee.

• Determine how much of the appraiser's work is done for lenders. A high number could mean the appraiser is just returning predetermined values the lender wants, rather than true market values. If all of an appraiser's work is done for a lender and the appraiser tells you he or she never comes in with a value that is lower or higher than the sales price, find another appraiser, whenever possible.

• Consider appraisers who also do estate and trust work because they are under pressure to be accurate -- not high or low. Another indication of quality is forensic or litigation work. Ask the appraiser how he or she helps litigants. The answer should be that he or she is an advocate for market value, not the litigant. Appraisers are legally required to be impartial.

• Buyers and sellers can ask their real estate agent to see a copy of the appraisal before the deal closes.

"Ask to get it in ample time to look it over. The first page has the factual information about the property, location, physical description, etc. The second page is where the value analysis takes place," said Amorin.

If the appraisal was a drive-buy or automatic valuation model-generated (AVM) some assumptions could have been made about the property and its description. If you know from your own ownership or inspection of the property that the information is inaccurate, tell the lender.

"Every borrower is entitled to a copy of the appraisal and they need to make sure they get it. A lot of them never do. You need to ask for it and you need to read it. If there's anything in there that you take exception to, you need to bring it to the attention of lenders," said Faravelli.

• Home buyers should also make sure to leave their financing contingencies in place until the lender has signed off on the appraisal. That makes financing contingent upon the buyer's approval of the appraisal.

"It's an ever-changing pendulum," says Jim Amorin, president of the Appraisal Institute.

No longer arrived at by using a simple drive-by inspection, computerized automated valuation model (AVM) or even just comparative analyses of similar properties, appraisals have become yet another sticking point along the already viscous road to home ownership.

"Everyone got seduced by double digit property value increases and never thought the bottom would come. Doing an appraisal today is a complex deal with foreclosure sales, short sales and fewer sales. You want to get the most experienced folks doing appraisals," Amorin added.

An appraisal of a home is supposed to be a fair, impartial and professional evaluation of a property's true value. The risk-management tool is designed to assure the owner gets a fair price, the buyer pays the right price and the lender's risk in making the loan is commensurate with the property's true value.

A appraisal can make or break a sale, refinanced mortgage or equity loan. It can also attract or repel buyers.

During boom times, in the first half of the decade, lenders typically used desk-bound, in-house appraisers to determine home values when skyrocketing values boosted the use of drive by inspections and computer generated values.

Now, lenders are compelled to send appraisers out into the field to inspect a property before making a final assessment.

But that doesn't mean lenders take that approach, especially when the property is a foreclosure or other distressed property.

Appraisers who complained about pressure to up the value of homes when values were skyrocketing, are now not only under pressure to lower values, but also work in a market where values are skewed by unprofessional appraisals.

Appraisal practices lacking uniformity

A primary culprit is the Broker Price Opinion or BPO. BPOs are used when lenders and mortgage companies want to expedite the sale of repossessed (real estate owned or REO) properties, foreclosures, short sales and other unconventional, distressed properties.

A BPO involves a real estate broker conducting a drive-by inspection or internal comparative analysis to come up with the value. The broker conducting the valuation is also often the broker who lists the property for sale.

"There's a lot of controversy about this end run. The person contracted to do the BPO is the sales person who is going to get the listing. How can you be impartial and objective when your conclusion is based on you getting the listing of the property?" asks Ted Faravelli, Jr., a forensic appraiser, expert witness and executive director of the California Association of Real Estate Appraisers.

There's also fallout for the homeowner with the foreclosed property. If the property is priced to move at a level lower than the amount the foreclosed owner owes (and, perhaps, lower than the house could actually sell for) the owner will have to come up with the difference to clear his or her name from bad credit hell.

"It's a real hot button for appraisers when brokers are doing work appraisers should be doing," says Amorin.

Also, the values of the BPOs get thrown in the pot of homes appraisers later must consider when doing professional valuations. That makes it tough to decide when, when not to and how to use properties assigned BPOs.

"One of the biggest problems we see is the conflict over the use of short sales and REOs and foreclosures. They are dominant in some segments of the market and we have to take them into consideration, but we have to temper our opinion when we use those," said Faravelli.

Recognizing how the pressure cooker property valuation process contributed to busting the boom and how it now may be prolonging the bust, the Feds recently put in place, the Home Valuation Code of Conduct (HVCC).

In an agreement, effective today, May 1, 2009, between New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and federal regulator, the Federal Housing Finance Agency, HVCC is designed to enhance the independence and accuracy of the appraisal process, and provide added protections for homebuyers, mortgage investors and the housing market.

The hope is that by relieving appraiser pressure, appraisals will become more reliable across the board.

Unfortunately, good intentions don't always pave the way, according to the Appraisal Institute.

Amorin, testifying before the U.S. House of Representatives' Financial Services Committee said the institute believes HVCC has too many shortcomings.

The institute says HVCC

• Doesn't focus enough on appraiser competency.
• Undercuts professional relationships between honest appraisers and reputable mortgage professionals.
• Increases the influence of bottom-line oriented appraisal management companies.
• Encourages the continued use of AVMs and BPOs, which lack relevance in today's market.

For similar reasons, the National Association of Mortgage Brokers unsuccessfully filed suit to delay HVCC.

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© 2008 DeadlineNews.Com

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