First-time home buyer tax credit extension approved

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The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - The first-time home buyer tax credit extension and expansion has won Congressional approval and is on its way to President Barack Obama.

He's expected to sign the measure as early as tomorrow.

The U.S. House of Representatives, this morning, voted 403 to 12 to pass the measure, following a unanimous U.S. Senate approval yesterday.

The measure was passed as part of unemployment benefits extension legislation H.R. 3548.

The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

The new tax credit extends the existing credit for first-time homebuyers, worth up to $8,000, and offers a new credit of up to $6,500 for some existing homeowners.

The reduced credit for existing homeowners is available to those who have been in their current residence for a consecutive five-year period.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

The maximum allowed home purchase price is $800,000.

A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.

Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.

That's all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

Home sales also add property and sales tax revenues to the coffers of local governments as reduced inventory helps boost prices and home values.

Fortunately, the tax credit also has been available at a time when often have been below 5 percent.

Fortunately, the first-time home buyer tax credit's availability has coincided with mortgage rates often hanging below 5 percent, according to Jeff Howard, CEO of Erate.com.

As the Nov. 30 tax credit deadline neared, reports from the Commerce Department, revealed new home sales slipped 3.6 percent in September and were down 7.8 percent from September 2008.

Tax credit history

As part of the Housing and Economic Recovery Act of 2008, Congress first created a $7,500 first-time home buyer tax credit for those who purchased a home between April 8, 2008, and July 1, 2009.

Later, under the American Recovery and Reinvestment Act of 2009, Congress extended the credit and raised it to an$8,000 tax credit for those who purchased homes by the current Nov. 30, 2009 expiration date.

By October 9, 2009, more than 1.2 million tax returns had claimed about $8.5 billion in the refundable tax credit, for both new and resale homes - according to the Treasury Inspector General for Tax Administration (TIGTA).

A TIGTA audit also revealed last month that nearly 90,000 taxpayers -- including nearly 600 children -- may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.



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First time home buyer tax credit extension gets unanimous Senate approval

Dollar stores really a bargain?

An extension and expansion of the popular tax credit is expected to give both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - DeadlineNews.Com - A measure to extend and expand the first-time home buyer tax credit won unanimous Senate approval Wednesday on a 98-0 vote, and House passage would send it to President Barack Obama for his signature into law.

House Majority Leader Steny Hoyer, a Maryland Democrat, said the chamber may act on it Thursday.

If passed into law, the new tax credit would extend the existing credit for first-time homebuyers, worth up to $8,000, and offer a new credit of up to $6,500 for some existing homeowners.

The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

The maximum allowed home purchase price would be $800,000.

A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.

Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.

That's all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

Home sales also add property and sales tax revenues to the coffers of local governments as reduced inventory helps boost prices and home values.

Fortunately, the tax credit also has been available at a time when often have been below 5 percent.

Fortunately, the first-time home buyer tax credit's availablity has coincided with mortgage rates often hanging below 5 percent, according to Jeff Howard, CEO of Erate.com.

As the Nov. 30 tax credit deadline neared, reports from the Commerce Department, revealed new home sales slipped 3.6 percent in September and were down 7.8 percent from September 2008.

Tax credit history

As part of the Housing and Economic Recovery Act of 2008, Congress first created a $7,500 first-time home buyer tax credit for those who purchased a home between April 8, 2008, and July 1, 2009.

Later, under the American Recovery and Reinvestment Act of 2009, Congress extended the credit and raised it to an$8,000 tax credit for those who purchased homes by the current Nov. 30, 2009 expiration date.

By October 9, 2009, more than 1.2 million tax returns had claimed about $8.5 billion in the refundable tax credit, for both new and resale homes - according to the Treasury Inspector General for Tax Administration (TIGTA).

A TIGTA audit also revealed last month that nearly 90,000 taxpayers -- including nearly 600 children -- may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time home buyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.

Broderick Perkins operates a Silicon Valley, CA-based digital news service, the DeadlineNews Group. Contact him at news@deadlinenews.com

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First-time home buyer tax credit extension, expansion looks certain

Remember United Air breaking
that guitar? They've struck again

An extension and expansion of the popular tax credit is expected to give both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - DeadlineNews.Com - Rushing to escrow to take advantage of the waning federal first-time home buyer tax credit?

Relax.

If you miss the Nov. 30 deadline, you'll likely get a reprieve.

An extension and expansion of the popular tax credit is expected to give both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010, longer for military personnel.

And it could come as early as this week.

An overwhelming 85 to 2 roll call vote in the U.S. Senate this week to cut off debate on the first-time home buyer tax credit measure and others pretty much seals the deal on legislation President Obama has already agreed to sign.

If passed into law, the new tax credit would extend the existing credit for first-time homebuyers, worth up to $8,000, and offer a new credit of up to $6,500 for some existing homeowners.

The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

The maximum allowed home purchase price would be $800,000.

A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.

Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.

That's all good news for the housing market.

The National Association of Realtors says as many as 400,000 resale transactions (1.2 million for both new and resale homes) were completed specifically because of the first-time home buyer tax credit, since it began, and that put a dent in the housing inventory.

Home sales also add property and sales tax revenues to the coffers of local governments as reduced inventory helps boost prices and home values.

Fortunately, the tax credit also has been available at a time when often have been below 5 percent.

Fortunately, the first-time home buyer tax credit's availablity has coincided with mortgage rates often hanging below 5 percent, according to Jeff Howard, CEO of Erate.com.

As the Nov. 30 tax credit deadline neared, reports from the Commerce Department, revealed new home sales slipped 3.6 percent in September and were down 7.8 percent from September 2008.

Tax credit history

As part of the Housing and Economic Recovery Act of 2008, Congress first created a $7,500 first-time home buyer tax credit for those who purchased a home between April 8, 2008, and July 1, 2009.

Later, under the American Recovery and Reinvestment Act of 2009, Congress extended the credit and raised it to an$8,000 tax credit for those who purchased homes by the current Nov. 30, 2009 expiration date.

By October 9, 2009, more than 1.2 million tax returns had claimed about $8.5 billion in the refundable tax credit, for both new and resale homes - according to the Treasury Inspector General for Tax Administration (TIGTA).

A TIGTA audit also revealed last month that nearly 90,000 taxpayers -- including nearly 600 children -- may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

The new legislation includes provisions to stifle fraud after the Internal Revenue Service identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time home buyer tax credit.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

To combat fraud, a HUD-1 Settlement Statement will have to be attached to the tax return to secure the credit.

Broderick Perkins operates a Silicon Valley, CA-based digital news service, the DeadlineNews Group. Contact him at news@deadlinenews.com

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Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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2.2 million refinanced mortgages saving homes, economy

ID theft can bring you to fears

More than 2 million homeowners have saved an average $120 a month on their mortgage payment -- a 10.5 percent reduction from the previous mortgage payment thanks to federal programs that have helped save homes and the economy.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - If you haven't looked into refinancing your mortgage under federal programs, you could be missing an opportunity to save money, keep your home and give the economy a little juice.

Federal mortgage refinance programs have given more than 2 million homeowners a better shot at holding on and the economy a much needed shot in the arm.

First American CoreLogic's "How the U.S. Consumer Has Benefited from Mortgage Finance Programs in 2009," reveals a group of 2.2 million homeowners have saved an average $120 a month on their mortgage payment -- a 10.5 percent reduction from the previous mortgage payment.

The study says the refinance activity will result in $2.3 billion in mortgage payment savings for borrowers who refinanced in the first six months of 2009. Over the next five years, the total benefit to homeowners who refinanced in 2009 will grow to $11.5 billion.

The study analyzed residential mortgage refinances that occurred between October 2008 and June 2009 to test the impact of Federal Reserve efforts to lower interest rates and to measure effect of the Making Home Affordable's Home Affordable Refinance Program (HARP).

This summer, HARP gave a hand up to more homeowners suffering mortgages larger than the value of their home.

Borrowers current on payments with Fannie Mae or Freddie Mac guaranteed loans could be eligible for refinancing into new loans even if they owe as much as 125 percent of the home's current value. The previous HARP loan-to-value limit was 105 percent.

Also, if the existing mortgage was written without mortgage insurance, the new loan won't be burdened with the extra cost. Fannie Mae and Freddie Mac loans typically require mortgage insurance when the loan is more than 80 percent of the home's value.

Of course, if the current mortgage has mortgage insurance and the new loan is 80 percent or more of the home's value, mortgage insurance comes with the deal.

The new 125 percent limit also may not apply if a second mortgage combined with the first exceeds the limit. The new deal also doesn't allow homeowners to take cash out.

Another plus from the program: The higher loan-to-value ratios were first available only to qualified borrowers who applied through their existing servicer.

Since Oct. 1, 2009, homeowners got the option to shop around and refinance through any Fannie or Freddie lender.

"The quantitative easing policies of the Federal Reserve and refinance activity made possible by the Home Affordable Refinance Program (HARP) have allowed more than 2 million consumers to reduce their monthly mortgage debt obligations and put more money in their pockets," said study author, Mark Fleming, Ph.D. and First American's chief economist.

"This permanent increase in monthly income is likely to, in part, be used to increase consumption and help to drive growth as the economy rebounds. The combination of lower payments and fixed-rate terms should also reduce the risk of future foreclosure," he added.

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HOA board member volunteers need schooling

Freakishly fit kid
gets Guinness record

Current community and homeowner association board members who want to enforce the rules with a soft touch; committee members who want to pitch in; residents who aspire to leadership positions and others who just want to know why they can't make up rules, all need this course.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - On-the-job training is fine, until "it" hits and you haven't learned how to turn off the fan.

If you've ever been elected or appointed to a homeowners association's (HOA) board of directors (BOD) you know the drill.

The volunteer position can be both non-paying and thankless, replete with whining, anarchistic members, an ineffectual management company, and other board members behave more like zombies than concerned property owners.

It's an ugly job, but somebody has to do it.

If you and other residents don't step forward, law may dictate that outsiders take over.

While you have the option of learning as you go, OJT doesn't really cut it if you want to be a viable board member who is more proactive than reactive.

That's why the Community Associations Institute (CAI) has launched a free online learning course anyone can attend -- and you don't have to wait until you are in the hot seat to sign up.

CAI's six-part, self-paced "Board Member Basics" (BMB) requires only online computer access, a portable document format (PDF) reader and your time.

Current HOA (also called "community associations," "common interest developments" and others) board members who want to enforce the rules with a soft touch; committee members who want to pitch in; residents who aspire to leadership positions and others who just want know why they can't make up rules can all take the course.

More than 60 million Americans live in an estimated 300,000 association-governed communities. At least 1.8 million homeowner volunteer leaders serve on the elected boards that govern these associations. Hundreds of thousands more support their associations in other ways, including serving on committees, writing newsletters and maintaining community websites, according to CAI.

While local jurisdictions regulate governance specific to given associations, CAI's course offers principles and standards typically shared by all associations.

"Virtually all association-governed communities share common characteristics and core principles," says CAI President Edward D. Thomas.

"Basic standards and best practices apply to any association and every homeowner leader. Homeowner leaders who complete this learning program take with them a better understanding of how associations should function and the knowledge and perspective to help them lead their communities," Thomas adds.

BMB offers the following

• Model Code of Ethics -- Board authority, decision-making, conflicts of interest, elections, confidentiality, professional relationships, harassment, etc.

• Community Association Fundamentals -- A primer on the basic nature of common-interest communities.

• Rights and Responsibilities -- Forty-two principles and practices to help promote a sustained sense of community by reducing conflict and promoting responsible citizenship and effective leadership.

• Governance Guidelines -- Twelve principles that address potentially contentious components of association management and governance, including rules, grievances and appeals, assessments, elections and foreclosure.

• Introduction to Community Association Living -- A two-hour program that addresses the roles and functions of community associations, including providing services, managing physical assets, working with governing documents and advocating for fellow homeowners.

• Fundamentals of Community Volunteering -- Operations, association management, roles and responsibilities, contracting, meetings and more.

"With all of their inherent advantages, common-interest communities can face complicated issues," says Marilyn Brainard, chair of CAI's Community Association Volunteers Committee.

"Serving on an association board is a challenging responsibility with infinite opportunities for mistakes and missteps. This education program will help board members avoid situations that often create discontent, strife and, in some cases, costly litigation."

You are on the honor system, but complete the program and you get a "Statement of Completion - Board Member Basics."

CAI notes the program is a "voluntary, non-verified learning program. Individuals who represent that they have reviewed and understand this information do so
on the honor system."


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Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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ID theft can bring you to tears

Alleged 'sex-for-Phillies tickets'
spawns latest virtual celebrity

More than 50 percent of those surveyed about ID-theft concerns said their greatest concerns would be associated with the personal side of being victimized, leaving them uncertain, insecure and fearful.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - It's not just about losing money to identity theft.

And it's more than the time-is-money spent recovering from the ordeal.

ID theft is also emotionally trying.

When the National Foundation for Credit Counseling (NFCC) asked Harris International to query consumers about ID theft, the related costs and time topped the list of concerns.

However, the vast majority also said the ordeal would leave them uncertain, insecure and fearful.

The survey found 73 percent were concerned about losing money and 69 percent would fret over spending time to resolve the issue (69 percent), but more than 50 percent said their greatest concerns would be associated with the personal side of being victimized.

• Among adult consumers, 75 percent said their greatest concern would be not knowing who has their personal information.

• Also, 65 percent said their greatest concern would be becoming a victim of ID theft again.

• And 56 percent said knowing that the thief knew where they lived would be one of their greatest concerns.

"Identity theft victimization violates consumers on many levels," said Gail Cunningham, spokeswoman for the NFCC.

"Whereas people previously may have focused on the inconvenience and financial side of recovery, we now know that consumers also associate great personal insecurity with this crime," she added.

To feel better, get over to the NFCC-sponsored ProtectYourIDNow.org (or the Spanish-language version and take advantage of information you can use to protect yourself before, and if it comes to it, after ID theft.

The sites include ID theft prevention tips, informational videos, an interactive quiz to assess your risk of identity theft, and resources for victims.

There's also a blog hosted by ID theft expert Robert Siciliano who provides weekly entries with additional insight, information and advice.


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Home buyer tax credit fraud nets $600 million

Black Barbie's back, wrapped
in plenty of plastic controversy

A federal audit revealed this week that nearly 90,000 taxpayers may have fraudulently enjoyed the first-time home buyer tax credit, hoodwinking the government out of more than $600 million.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - If you bilked Uncle Sam out of a first-time home buyer tax credit, start looking over your shoulder

Wait, better yet, turn yourself in and beg for mercy.

The Internal Revenue Service will likely audit your tax return. Tax fraud is a felony.

On the other hand, the IRS may get in touch with you to let you know you are due a lager first-time home buyer tax credit.

As Congress considers extending the first-time home buyer tax credit, a federal audit revealed this week that nearly 90,000 taxpayers may have fraudulently enjoyed the credit, hoodwinking the government out of more than $600 million.

The Treasury Inspector General for Tax Administration (TIGTA) said the Internal Revenue Service may have allowed about 70,000 taxpayers to claim approximately $480 million in tax credits even though there were "indications" that they were not first-time homebuyers.

The rules define a "first-time" buyer as one who has not owned a home in the past three years.

Another group, more than 19,000 taxpayers, claimed about $140 million in credits for homes they had not yet purchased. If they closed later they may have been eligible for the credit, but could be audited to verify the purchase anyway.

Current rules say you must actually close escrow and provide proof to apply for the credit.

Among the alleged defrauders, the audit found 582 taxpayers who claimed almost $4 million in credits were under 18 years of age and as young as 4 years old. The tax credit is only eligible for those 18 and older.

Cheating the IRS is a federal felony that comes with a fine of up to $250,000 and three years in a federal pen, or both.

Another group of about 48,000 taxpayers didn't get the full credit, but likely because they weren't aware they were eligible.

As part of the Housing and Economic Recovery Act of 2008, Congress first created a $7,500 tax credit for those who purchased a home between April 8, 2008, and July 1, 2009.

Later, under the American Recovery and Reinvestment Act of 2009, Congress extended the credit and raised it to an $8,000 tax credit for those who purchased homes by the current Nov. 30, 2009 expiration date.

By October 9, 2009, more than 1.2 million tax returns had claimed about $8.5 billion in the refundable tax credit, according to TIGTA.

The report said the frauds were able to snooker the IRS because the agency didn't originally use recommended controls available on IRS Form 5405 to prevent fraud. IRS also didn't require taxpayers to provide documentation to verify their eligibility.

The IRS says it is tracking down the frauds and taking corrective measures to prevent future problems with the credit.




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Hot home sales pace sustainable?

Persistent, spontaneous
orgasms rare, painfully real

A waning tax credit, not-necessarily-low-forever mortgage interest rates and bottom feeders are credited with the boost in home sales, but sustainability is questionable.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Sales of existing homes nationwide jumped 9.4 percent in September and were up nearly 24 percent from the bottom of the market in January, according to the National Association of Realtors.

However, home buyers looking to beat the clock on the first-time home buyer tax credit's expiration date of Nov. 30, are credited with boosting sales -- much as car sales accelerated as the now-defunct "Cash for Clunkers" program petered out.

"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home," said Lawrence Yun, NAR's chief economist.

Below 5 percent fixed-interest rates on conforming, 30-year mortgages have also helped generate sales.

Also, both buyers and a growing number of investors looking for bargains generated action in the more affordable, distressed market of foreclosures, short sales, and repossessed properties.

If the tax credit isn't extended and rates rise too much, it's uncertain if September's sales numbers are sustainable, given the still tight mortgage money market.

September's home buying activity beat economists' forecast for resale home sales to come in at an annual pace of 5.35 million last month. Annualized sales topped that at 5.57 million -- the best showing in two years -- up from 5.1 million in August this year and the same number in September a year ago, according to NAR.

The inventory of unsold homes fell nearly 8 percent to 3.6 million, little less than an 8-month supply and the lowest level since March 2007.

The median existing single-family home price was $174,900 in September, 8.1 percent less than a year ago.

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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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Quarterly foreclosure activity sets new record

Golden State's first lady again
exhibits connectile dysfunction

Foreclosures in the third quarter this year were up five percent from a quarter earlier, soaring 23 percent from a year ago, as banks began to unload pent-up supplies of distressed properties. The West was hit hard again.

by Broderick Perkins

Keep up with the foreclosure saga, right here.

© 2008 DeadlineNews.Com

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

Deadline Newsroom - Foreclosures in the third quarter this year were up five percent from a quarter earlier, soaring 23 percent from a year ago, as banks began to unload pent-up supplies of distressed properties.

One in every 136 U.S. housing units received a foreclosure filing -- default notices, scheduled auctions and bank repossessions -- during the quartet, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.

Foreclosure filings were reported on nearly a million properties -- 937,840, for the third quarter.

September filings were down 4 percent from August this year, but up 29 percent from September 2008, according to RealtyTrac. September’s total was the third highest monthly total since 2005, behind only July and August of this year.

Bank repossessions, or REOs (for "real estate owned") was the culprit. They jumped 21 percent from the second quarter to the third quarter and banks begin to move foreclosures held back for a variety of reasons.

James J. Saccacio, chief executive officer of RealtyTrac said "REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties."

For the quarter, Nevada, Arizona, California again were at the top of the foreclosure rate list.

Nevada recorded one in 23 housing units receiving a foreclosure filing, six times the national average. Arizona and California both recorded one in every 53 housing units facing foreclosure during the third quarter.

Other states with high foreclosure rates during the third quarter included Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.

Six states, California, Florida, Arizona, Nevada, Illinois and Michigan, accounted for 62 percent of the nation’s total foreclosure activity in the third quarter.

Populous California, with a quarter million properties facing foreclosure filings, accounted for nearly 27 percent of the nation's total.

Keep up with the foreclosure saga, right here.


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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
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Largest quake event ever, luckily, only a drill

The statewide drill occurred two days before the 20th anniversary of the magnitude 6.9 Loma Prieta Earthquake which killed 63 people throughout northern California, injured nearly 4,000 and left as many as 10,000 people homeless.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - More than 6.8 million people participated in the second Great California ShakeOut earthquake drill this morning, the largest earthquake drill ever.

The annual drill teaches Californians how to prepare for earthquakes; to practice how to protect against earthquake injury (drop, cover, and hold on); and to learn how to recover quickly by safeguarding property and finances in advance.

Last year, 5.4 million people participated in the Great Southern California ShakeOut.

The drill is now annual and statewide to improve preparedness and practice protective actions.

"The ShakeOut drill helps people and organizations practice how to be safe during earthquakes, and also to improve their preparedness," said Mark Benthien, executive director of the Earthquake Country Alliance and director for communications of the Southern California Earthquake Center.

The Earthquake Country Alliance, the coalition that has organized the drill, includes leaders in disaster response, science, business, media, education, government and local communities.

Major organizations represented include, the California Emergency Management Agency, Southern California Earthquake Center, United States Geological Survey, California Earthquake Authority, California Department of Education, American Red Cross, Federal Emergency Management Agency, State Farm Insurance, Ready America, and many others.

It's not to late to get prepared for the Big One.

The Southern California Earthquake Center estimates that there is a 50 percent chance of a magnitude 7.5 or greater earthquake somewhere in California in the next 30 years.

The statewide drill occurred two days before the 20th anniversary of the magnitude 6.9 Loma Prieta Earthquake which killed 63 people throughout northern California, injured nearly 4,000 and left as many as 10,000 people homeless.

The Loma Prieta quake's epicenter was south of Silicon Valley and the San Francisco Bay Area in the Forest of Nisene Marks State Park in Santa Cruz County and was the first major earthquake in America to have its initial jolt broadcast live on television.

That's because the quake occurred during the warm up for the third game of the 1989 World Series, ironically featuring both of the Bay Area's Major League Baseball teams, the Oakland Athletics and the San Francisco Giants.

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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:
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Appraisers applaud stiffer state regulations

Pepsi iPhone app for scoring, scorned

Following in the footsteps of Arkansas, Louisiana, Nevada, New Mexico and Utah, the state of California, effective Jan. 1 2010, will impose regulation and oversight on appraisal management companies (AMCs) working in California.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - States are once again stepping up to the plate to address some housing issues federal efforts often fall short on.

Following in the footsteps of Arkansas, Louisiana, Nevada, New Mexico and Utah, the state of California, effective Jan. 1 2010, will impose regulation and oversight on appraisal management companies (AMCs) working in California.

AMCs will have register with the Golden State's Office of Real Estate Appraisers (OREA) and comply with standards that require management companies operating in the state to identify, and provide contact information for all officers and directors who own 10 percent or more of the company, as well as for all individuals who perform management functions.

The individuals will have to submit to criminal background checks and may not have had their licenses or certifications as appraisers or a real estate agents or brokers refused, denied, canceled or revoked in any other state in order to practice in California.

AMCs, companies that comprise networks of independent appraisers, gained a higher profile beginning May 1 with the onset of the Home Valuation Code of Conduct (HVCC).

In an effort to put uniformity in the property valuation process, an agreement between New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and the Federal Housing Finance Agency, HVCC, among other provisions, made AMCs the go-to appraisal stop for certain loans.

But appraisers, home builders, mortgage brokers and real estate brokers all have had their qualms about the HVCC and AMCs.

In general, critics say AMCs are largely inexperienced, drive honest appraisers and mortgage brokers from business with low prices and reduced competition, all while increasing costs to consumers and reducing state revenues.

AMCs' trade group, the Title/Appraisal Vendor Management Association, has cried "smear" and fired back earlier this year, claiming they are getting the job done and at a fair cost in the brave new world of housing.

The feds did toughen regulations with some HVCC clarifications and the removal of a cap on appraiser fees, but not before appraisers and others took the fight to the state level.

"This new law will help to protect both consumers and appraisal professionals in California, and we eagerly anticipate the positive effects it will provide to the state's real estate market and its residents," said Appraisal Institute President Jim Amorin.

The new law is based heavily upon legislative guidelines developed by the Appraisal Institute in conjunction with the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers. It's what the industry would like to see a federal level.

The flurry of state laws, and the federal HVCC, represent dramatic changes in the appraisal industry as a result of questionable housing market ills that contributed to the housing bust.

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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:
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One in three 2008 mortgage applicants denied

Pistol-packing mom shot dead

Loan originations fell by nearly 33 percent from 2007 to 2008, half what it was in 2006, as nearly a third of applicants were turned down.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - It's hard out there being a home loan applicant, especially if you are an ethnic minority.

The Federal Reserve said 32 percent of all home loan applicants -- new home buyers and refinancing homeowners -- got the ax in 2008.

The Fed's "2008 HMDA Data: The Mortgage Market during a Turbulent Year"
found that while whites were turned down only 34 percent of the time, American Indians and Native Alaskans were told "no dice" 57 percent of the time.

Blacks were declined 53.3 percent of the time, 51 percent of those with interracial blood were turned down, 46.3 percent for Hawaiians and Pacific Islanders and 43 percent for Hispanics got the big "no."

The Fed says the 2008 numbers reflect turbulence in the mortgage market, after the housing bust and ensuing unemployment and other economic woes.

All things considered, loan application and originations fell by nearly 33 percent from 2007 to 2008. In 2008, mortgage activity was half what it was in 2006.

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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:
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Staging in a box

Egyptians pan hymen-in-a-box
No way related to staging-in-a-box

Call it "staging in a box." Now you can stage homes for sale with lightweight, collapsible chairs, sofas, tables, and beds that can be assembled quickly without any tools. Later, fold up a house full of furnishings and store it in the garage.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Tab 'A' in Slot 'A' staging

Now you can stage homes for sale with lightweight, collapsible chairs, sofas, tables, and beds that can be assembled quickly without any tools.

Later, just as easily, an entire home of furnishings can be folded away and stored in a garage.

Each piece of NextStage Furniture is made of corrugated cardboard , but it can support up to 1,000 pounds. When the furnishings are fitted with slipcovers, the open house looks like the real thing -- for a lot less time and money compared to conventional staging.

The living room, for example, sells for $429, the dining set, $379, but you can use them again and again. Buy full rooms or individual pieces as needed. Accessories include a range of faux flat-screen TVs, computer monitors and laptop computers.

"Our products allow a once expensive, multiple person job, to be done more cost effectively by a single person. These savings are realized not only in the cost of the furniture, but in the storage and transport as well," says vice president Jeff Waltrip.

"Staging a property is proven to increase the sale price, while reducing the time on the market. NextStage allows staging to be done in more properties than ever before," he added.

See the series: "Three Stages of Staging"

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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:
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San Francisco Bay Area greenbelt development debated

Assassination poll web's best, worst

The Association of Bay Area Governments (ABAG) wants to limit greenbelt development to only 900 acres per year for the San Francisco Bay Area -- barely enough for a single subdivision. Conservationists say the amount of acreage is too high.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - The Association of Bay Area Governments (ABAG) wants to limit greenbelt development to only 900 acres per year for the San Francisco Bay Area -- barely enough for a single subdivision.

Conservationists, on the other hand, say the amount of acreage -- about the size of Golden Gate Park -- is high. They say there's no reason to disturb the greenbelt with more development, because there are ample infill locations better suited for the area's growth needs.

ABAG's biennial "Projections and Priorities 2009," for the first time, sets forth a land use performance target to restrict green field development to 900 acres for the entire nine-county Bay Area -- among other targets. The report also includes targets for reduced driving times, traffic congestion, the share of income spent on housing and transportation, and others.

ABAG is an association of elected officials from member cities and counties who examine regional issues like housing, transportation, economic development, education, and environment. The association describes itself as "the official comprehensive planning agency" of the Bay Area region.

Every other year since 1970, the association's biennial Projections series has provided long-term forecasts and projections of population growth, transit trends and housing and job needs.

"Model results are relied on by transportation and air quality agencies, local government, and private industry," according to ABAG's documents.

However, the 2009 greenbelt land use target likely won't find its way into policy any time soon.

The Metropolitan Transportation Commission (MTC) does incorporate ABAG's data in its planning, but "Transportation 2035 Change In Motion" was published before ABAG's 2009 report. The report incorporated ABAG's older 2007 land use projections.

The MTC, the transportation planning, coordinating and financing agency for the nine-county San Francisco Bay Area, says its next plan is four years away.

Local jurisdictions also say ABAG's projections and new targes aren't carved in stone.

Santa Clara County, for example, has pretty much closed the door on greenbelt building. An official there says while ABAG data is examined by planning officials it doesn't result in land use, zoning and general plan issues in Santa Clara County.

Home builders haven't specifically challenged the greenbelt target, but if the target became policy it would severely restrict development, housing or otherwise.

San Jose's Silver Creek Valley Country Club, for example, sits on about 1,500 acres and has 1,538 homes, a golf course, country club facilities and other open space.

ABAG says from 2000 to 2010, much more greenbelt, an average 4,000 acres, is developed every year.

ABAG itself says its targets are not binding, however, rather than just projections ABAG decided to include the greenbelt land use target, and others because times are changing.

Rapid population growth in general and among the aging population, higher energy costs, and climate change dictate the need for regional performing targets -- numerical outcomes -- to show how policy choices impact the quality of life.

ABAG plugs the target numbers into models to get a better grasp on not just general assumptions or projection estimates, but something closer to reality -- specific goals.

"The results suggest that accomplishing the targeted outcomes and ensuring a better, or at least the same, quality of life into the future will require a significant departure from previous planning strategies and policies," the report says.

But for each target the report also includes a more likely projection. While the greenbelt target is at 900 acres, the ABAG forecast is for 1,950 acres to be developed year, still below the annual greenbelt development in the past decade.

The Greenbelt Alliance thinks 900 acres is 900 acres too much.

According to the alliance's "Grow Smart Bay Area Infill Research" some 25,000 sites are available throughout the Bay Area for infill development that would eliminate the need for any green belt development.

Comprised of some 17,000 acres, these properties can provide the region with an additional 304,000 homes and 637,000 jobs, according to the alliance's study.

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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:
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Golden State's 2010 home prices to regain some luster

Finding the best credit cards

The California Association of Realtors said the median single family home price in California will rise 3.3 percent to $280,000 in 2010, up from the projected median of $271,000 this year.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - California's home prices remain a long way from living up to the state's nickname, but the Golden State's home prices are set to rebound in 2010.

The California Association of Realtors said the median single family home price in California will rise 3.3 percent to $280,000 in 2010, up from the projected median of $271,000 this year.

Sales for 2010 are projected to decline 2.3 percent to 527,500 units, compared with 540,000 units (projected) in 2009.

During the current boom-bust cycle, California's median price for single family homes peaked in 2007 at $560,300 and sales rose to 625,000 units in 2005.

The forecast was released at the association's "2010 California Realtor Expo 2009" running from October 6 to 8 at the San Jose Convention Center in San Jose, CA.

"2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation," said CAR President James Liptak.

California's housing market has been one of the nation's hardest hit by foreclosures and falling home prices.

However, those conditions boosted affordability and put sales back on a slow but steady recovery track for portions of the market.

“2009 marked a unique opportunity for first-time home buyers," Liptak said.

"Homes were more affordable than they have been in years, interest rates hovered near historic lows, and the federal tax credit helped more than 1 million people become homeowners nationwide," he added.

Distressed properties will account for nearly one in three sales next year which means prices will continue to fall in California next year, before leveling off by summer and turning up the second half of the year, according to CAR's forecast.

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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:
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Don't skirt the permit process during home improvements

Batting practice on frozen head

It's penny-wise-and-pound-foolish bottom-line reckoning to circumvent the legal building permit process in an attempt to save money on an otherwise value-boosting home improvement.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - It's penny-wise-and-pound-foolish bottom-line reckoning to circumvent the legal building permit process in an attempt to save money on an otherwise value-boosting home improvement.

Failing to get a building permit when it's required could result in any immediate savings becoming a long term liability.

You must obtain a permit for most home improvements -- do-it-yourself jobs or work that's hired out -- because the permit process triggers building code compliance requirements.

Building codes are a minimum set of standards for the design, materials and building techniques created specifically to protect the health and safety of anyone occupying buildings.

Depending upon the jurisdiction, permits are required for something as simple as installing a dimmer light switch or water heater installation to constructing a 3,000 square-foot-home.

The National Association of the Remodeling Industry (NARI) also says is a contractor asks a homeowner to pull his or her own permits, that should be a red flag for a homeowner to find a different remodeler.

Having the contractor handle the permitting process, however, can save homeowners time, money and stress.

"A reputable contractor should object to a homeowner pulling his or her own permits," says Darius Baker, of D & J Kitchens & Baths, Inc. in Sacramento, CA.

"It's part of the service that a consumer should expect when they hire a contractor," said the certified NARI member.

(Avoid home improvement headaches that cost thousands in overruns)

Generally, to obtain a permit, you must submit a building plan or for smaller projects, a description of the work to be done, something a professional contractor will create for the job anyway.

Provided the plan complies with the codes, the building department issues a permit, for a fee.

That triggers one or more inspections of the work in progress or upon completion or both. Building inspectors give the job the once over to make sure the job complies with building codes and that you are using the proper materials and building techniques.

The process of getting a permit can generate a flurry of questions from the local building department that you may not be qualified or prepared to answer.

"The homeowner then has to run back and forth between their designer, contractor or architect to answer the questions, and that's not an efficient way to spend time," Baker says.

Let the remodeler do the talking

Also, if you pull the permit, you, not the remodeler, will be responsible for the project and have to answer to local building inspectors during home inspections. The homeowner will then need to consult with their remodeler to sort out any problems the inspector finds.

"In our experience, the remodeler can often correct those issues on the spot and get approvals," Baker says.

Beyond the benefits of code-complying building practices, a compelling reason to obtain a permit is the cost of not obtaining one. And all it takes to trigger that cost is for the building department to discover illegal work.

Along with fires, floods, earthquakes and other disasters that prompt a building inspector to come calling, there are a host of other events that could keep your illegal construction from going unnoticed.

Let's say a savvy home buyer hires a home inspector to examine the condition of the house you are selling. The buyer's inspector uncovers home improvement work and, to protect the buyer's investment, he or she seeks the home's permit record.

Each permit typically includes the address of the building, the contractor, the type of work being done, square footage, inspection dates and status of the work. If the proper permits aren't in place, that could kill the deal.

('Not So Big' approach goes great with green remodeling)

Later in the transaction, an appraiser may also seek permit records to learn if significant renovations should affect the value of a home.

Appraisers say in some regions the lack of permits turns up in 20 to 25 percent of homes appraised. Illegal work can stop an escrow cold.

Also, you and your agent typically are legally required by law to disclose any known conditions that could affect the value or salability of a home listed for sale. If the buyer thinks he or she can prove you knew about the illegal work, but didn't disclose it, you could get sued.

If, after close of escrow, the buyer discovers work completed without a permit and the local building department decides not to approve the work, a chunk of the home's value could become a legal issue. Any difference in value based on illegal work can become a point of litigation.

In another scenario, during a building official's scheduled inspection of a perfectly legitimate home improvement, he or she could also turn up older illegal work. The building department could then "red tag" the job and issue a stop-work order.

Danger, Will Robinson, danger

If an inspector suspects illegal work, you could have to pay for the cost of any inspections required to make a further determination. You could have to remove dirt along the foundation so it can be checked or you may have to tear down sheet rock inside so the inspector can look at framing, insulation, wiring, and plumbing.

If the work is deemed illegal, you must legalize the work before you can sell the home and, again, that also could mean tearing out old work.

If the illegal handiwork is yours, costs can continue to mount. The building department could levy higher punitive permit fees as well as fines.

In any event, before you can obtain a legal permit on old work, you'll have to hire an architect, engineer or other professional to help draw up plans for permit approval.

Even if unpermitted work complies with current building codes, building departments often issue only a statement of compliance -- not a permit. Because the statement applies only to the visible work, a lender or buyer may not be satisfied and demand that you obtain a permit.

Again, that could mean tearing out the work and rebuilding with a permit -- which is what should have been done in the first place.

More remodeling, renovation and home improvement tips.


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Doom, gloom spreads to rental market

DUI kills, protects brain from injury

The apartment market enjoyed a short-lived boom from 2006 to most of 2007, as refugees from the owner-occupied sector looked to more affordable apartments, but rental vacancies have been rising since the third quarter of 2007.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - The housing market's malaise has spread to the rental sector where the vacancy rate is at a 23-year high and San Jose, CA has been hit hard.

With the nation suffering a nearly 10 percent unemployment rate, jobless renters are vacating apartments just as homeowners are facing foreclosure.

Property research firm Reis, Inc. said the 7.8 percent apartment vacancy rate in the third quarter this year hasn't been this high since 1986.

The apartment market enjoyed a short-lived boom from 2006 to most of 2007, as refugees from the owner-occupied sector looked to more affordable apartments, but rental vacancies have been rising since the third quarter of 2007, according to Reis.

Good news for those who are looking to rent, rents are down 2.7 percent over the past year, according to Reis. Renters can negotiate for a host of incentives including rent-free months, long-term contract discounts and smaller move-in deposits.

Hardest hit were some of the same markets suffering owner-occupied housing woes, including San Jose, CA where rents were down 8 percent; New York, NY, down 6.8 percent; Orange County, CA, down 5.5 percent; San Francisco, CA, down 5.3 percent; Ventura, CA, down 5.1 percent; Los Angeles, CA down 4.6 percent; Miami, FL, down 4.6 percent; Las Vegas, NV, down 4.6 percent.

Get more rental housing news that really hits home.

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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:
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Where's the bail out for home-based businesses?

CPSC has a new set of sharp teeth
Watch what you sell online or off

Home-based business owners typically don't qualify for unemployment benefits, they can't buy job-loss insurance, they pay more Social Security and Medicare taxes than salaried workers and the demise of "stated-income" mortgages has priced many of them out of the home-buying market.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Isn't it time for a big fat tax credit for home-based businesses?

They've paid their dues.

Home-based business owners typically don't qualify for unemployment benefits, they can't buy job-loss insurance, they pay more Social Security and Medicare taxes than salaried workers and the demise of "stated-income" mortgages has priced many of them out of the home-buying market.

Yet they are old-school planet savers who drive less and reduce both traffic congestion and pollution.

A study commissioned by the Consumer Electronics Association (CEA) "The Energy and Greenhouse Gas Emissions Impact of Telecommuting and e-Commerce"found that the estimated 3.9 million U.S. telecommuters reduced gasoline consumption by about 840 million gallons, while curbing carbon dioxide (CO2) emissions by nearly 14 million tons. That's equal to removing 2 million vehicles from the road every year.

Give home-based businesses a break, a tax break -- if not more.

• The so-called "Cash for Clunkers" gave qualified car buyers $4,000 in tax credits for trading in old cars, for newer fuel-efficient models -- an approach to greening the highways.

• Expiring November 30, the $8,000 first-time home buyers tax credit helped pull the housing industry out of a nose dive in the name of economic stability.

• And the American Recovery and Reinvestment Act comes with a relatively little-used tax credit of up to $1,500 on energy-saving products for the home.

The American Homeowners Grassroots Alliance is lobbying for a $2,000 tax credit for technology expenses used in teleworking (hardware, software, broadband access, cell phones, etc) that would go to whomever purchased the products/services (business owner, telecommuter, employer), among other long overdue benefits for those who work at home.

The effort is a part of AHGA's recent appeal to the Federal Communication Commission for a variety of incentives to promote "teleworking" -- home-based businesses or telecommuting with a heavy reliance upon modern technology.

"With the dramatic growth in two income families, time-starved parents find that teleworking helps them cope with the many responsibilities of child-rearing. As commuting distances and times lengthen due to suburban sprawl, teleworking also provides a way to recapture precious hours lost to traffic jams," said Bruce Hahn, AHGA president.

Virginia Governor Tim Kaine said when 2,286 federal and private sector employees as well as 1,765 state employees participated in Telework Day in Virginia on Aug. 3, they saved the state approximately $113,000 by not driving and reducing pollutants.

That could amount to a savings of $807 million in commuting costs it all eligible employees teleworked one day per week for a year.

A survey of Virginia's teleworkers also showed that 69 percent felt they accomplished more than a typical day at the office and 91 percent said that they would be more likely to telework again as a result of their experience.

To stimulate telework businesses, help the environment, and reduce state and local transportation infrastructure costs AHGA is also lobbying for

• Sales tax exemption on Internet buys because they reduce transportation costs associated with in-store shopping.

• Shortening the depreciation periods for technology products to two years to encourage teleworkers to maintain technological competitiveness.

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Sell short, get $1,500 in closing costs

Credit card sharks circling

To help move more distressed properties through the clogged pipeline, the U.S. Treasury is expected to soon announce a $1,500 closing cost incentive for those who agree to short sales or deed-in-lieu deals. Lenders can net as much as $2,000.

(Be careful. What happens to your mortgage also happens to your credit score.)

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - The U.S. Treasury is poised to announce a finalized plan to expand mortgage relief efforts to include short sales.

A short sale occurs when the bank allows the sale of a home for less than the existing mortgage balance.

It's a strategy to avoid foreclosure, but banks have been more likely to let a home go into foreclosure, rather than short sell it, even if it means holding the property during moratoriums set by some jurisdictions.

That's because short sale bids often come in well below the last appraisal, real estate agents don't want the extra work involved and buyers fear a four-to-five month transaction period that could end in a no-deal scenario.

To help move more distressed properties through the clogged pipeline, the Treasury, under the Making Home Affordable's Home Affordable Modification Program (HAMP) is expected to announce a $1,500 closing cost incentive for those who agree to short sales or deed-in-lieu deals (the deed is transferred to the lender, avoiding the more costly foreclosure proceeding).

The Treasury will also pay the lender $1,000 for accepting a short sale or deed-in-lieu deal.

Earlier this year when the plan was first announced, there was also a provision to pay second lien holders up to $1,000 to relinquish their claim in such transactions.

(Be careful. What happens to your mortgage also happens to your credit score.)

Thus far, refinancing Fannie Mae or Freddie Mac mortgages under the Home Affordable Refinance Program (HARP) and HAMP mortgage modifications have been the "go-to" foreclosure options among federal mortgage relief programs.

Some 260,000 homeowners have refinanced under the HARP program since January, according to the Federal Housing Finance Agency.

FHFA also said during the second quarter this year there were 11,700 short sales and 202,200 trial loan modifications under government programs.

Get more news about short sales.


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Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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It's a trend: home prices are increasing

Obama assassination poll worst,
best of social networking culture

After the third straight month of price increases for the 20-market average, as well as the smaller 10-city composite, it's a wrap. The trend of higher home prices is on -- even if they are still down from a year ago.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Home prices are still at 2003 levels, but after six months of improved home price index readings, it's official.

Home prices are trending up, according to the S&P/Case-Shiller Home Price Indices.

The national average of home prices increased 1.6 percent from June to July in 20 metro markets tracked by the report, but are still down 13.3 percent from a year ago.

However, after the third straight month of price increases for the 20-market average, as well as the smaller 10-city composite, it's a wrap.

The trend is on.

Whether the trend can sustain itself, given the highly popular first-time home buyer tax credit ends Nov. 30, that's the question.

Some say home price recovery is being artificially supported by the $8,000 first-time home buyer tax credit and artificial and unsustainable home price elevations is what left the housing market with the headache it has today.

"The rate of annual decline in home price values continues to decelerate and we now seem to be witnessing some sustained monthly increases across many of the markets," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a prepared statement.

"The two composites and all metro areas are showing an improvement in the annual rates of return, as seen through a moderation in their annual declines."

However, whatever happens in Vegas, stays in Vegas and home price declines are no exception. Only Las Vegas (down 1.1 percent month to month and 31.4 percent for the year) and Seattle (down 0.1 percent for the month and 15.3 percent year-over-year) revealed month to month home price declines.

Blitzer said the report indicates a continued "stabilization in national real estate values," but added, "we do need to be cautious in coming months to assess whether the housing market will weather the expiration of the Federal First-Time Buyer's Tax Credit in November, anticipated higher unemployment rates, and a possible increase in foreclosures."

Both the National Association of Realtors and the National Association of Home Builders are lobbying hard for an extension of the tax credit into next year.

NAR said 350,000 new buyers would not have purchased a home this year, ending in September, without the credit.

Opponents say enough ($15 billion) is enough. An extension would be too costly for taxpayers and the national budget.

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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:
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Mortgage manipulation affects credit scores

More credit score addition, subtraction

If you are struggling financially as a homeowner, you may be considering some of the new ways to make your mortgage more affordable, but beware. Modifications, workouts and short sales can impact your credit score.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - How you manage your mortgage can help or hurt your credit score.

Your credit score, a numerical rendition of your creditworthiness - or lack thereof - should be at 760 or above if you want the best interest rate, according to FICO, the leading credit scoring system provider.

Mortgage lenders as well as other creditors take a hard look at your credit score when you want to borrow against your home, refinance or buy anew.

If you are struggling financially as a homeowners you may be considering some of the new ways to make your mortgage more affordable, but beware.

Look beyond the monthly savings you can net on a mortgage modification, workout or short sale and also carefully consider how those savings will affect your credit score.

According to FICO, if you:

• Get a mortgage modification or short sale, expect some negative impact.
There are many variables here: how the lender reports the deal; what's already on your credit report (negatives compound), etc. A loan modification or short sale are certainly less damaging than a foreclosure or bankruptcy.

Consumer Reports' Money Advisor suggests that before you enter a mortgage modification or short sale, ask how the lender will report it so you can weigh your priorities. If you need the break, take the deal sooner rather than later, even if it will hurt your credit score. Negatives on your credit file are removed after seven years. The sooner you get the clock ticking, the better.

• Are rejected for a loan several times, expect a small negative. It's the inquiries the credit scoring model sees, not the rejections. Too many rejections may indicate you are trying to pile up a lot of credit in a short time and that's deemed risky behavior.

Consumer Reports advises loan shop within a 14 to 30 day period. FICO counts all mortgage inquiries within that period as one inquiry. Also consider applying for credit in person so you can ask about the lender's requirements and your chances for approval. If one lender's underwriting standards are too tight, seek a more lenient lender, Consumer Reports also advises.

• Have a subprime or adjustable rate mortgage (ARM) on your credit report, expect zero impact. The FICO scoring system isn't privy to the underwriting terms of your loan. Keep making payments on time and or refinance to a lower fixed rate if you can and you'll keep your score intact or boost it over time.

• Get debt relief from a credit counselor, expect a ding. That's because you aren't living up to the original terms of the credit agreement. Get the help if you need it, again, the sooner you begin to correct credit problems, the sooner they leave your credit file.

Consumer Reports advises working with certified counselors from the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling. For housing issues, see counselors certified by the U.S. Department of Housing and Urban Affairs

• Get a "goodwill correction" from your lender, expect a positive effect on your credit score. If, say, you were late once on your mortgage and never again in several years, it can't hurt to ask your lender to remove the one ding.

• Pay the mortgage but fall behind on other bills, expect black marks that negatively effect your credit score. FICO doesn't weigh your payment history on one type of loan more than another.

Consumer Reports says there are no "less important" creditors when it comes to your credit score. Call creditors before you get into trouble and try to work something out.

• Get more help from the Deadline Newsroom's Mortgage Modification Manual.

• Learn more about credit from the DeadlineNews Group's Consumer Examiner.

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Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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'Layaway Vacation Plans' lure vacation rental guests

Giving kids credit, when credit's due

Investment Advice: The economy's summer doldrums have forced many vacation rental owners to succumb to accepting lower rates from haggling guests. The Layaway Vacation Plan may be a better idea.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Vacation home owners pinched by this summer's travel season squeeze, may want to consider a new option for attracting guests -- the Layaway Vacation Plan.

Get guests to opt for an installment payment plan now so they can secure their vacation later.

Not only will stretching out the payments be easier on guests' travel budgets, it'll also keep vacation property owners from guessing about occupancy next year.

This summer, thanks to the lingering soft economy, many vacation home owners have been besieged by vacation and daycation bargain hunters, forcing some property owners to succumb to accepting lower rates than preferred.

"Obviously, the best way to avoid last-minute hagglers who want your place for a song is to make sure you're booked up well in advance," says Christine Karpinski, director of Owner Community for HomeAway.com, a vacation rental portal for property owners and travelers.

"And one way to set yourself up for success is to make it as easy as possible for budget-conscious travelers to choose your property," added Karpinski, author of "How to Rent Vacation Properties by Owner" (Kinney Pollack Press, $26.00).

Vacation travelers typically have more discretionary cash than those who don't travel, but coming up with a lump sum that amounts to a few thousand dollars is daunting even for them.

Karpinski suggests the following approach:

• Instead of asking for the traditional 50 percent down, get 20 percent down and divvy up the rest in monthly installments. Charge a small administration fee of, say, $25 for the installment plan effort.

"The real risk is that if you require 50 percent down, you alienate potential renters who might have booked with you if you had offered a payment plan. You never know how many great guests might be passing you up because of your inflexible payment policy," Karpinski says.

• Use a solid contract. Vacation rental owners should already have a solid rental agreement. Update it with a new payment plan option that includes the down payment amount, amount and date due of monthly installments and the cancellation policy. Include a contractual provision for your right to cancel the reservation and to recoup a portion of what's paid should the guest miss a payment.

Karpinski says you can decide to be flexible and allow slow-paying guests to catch up payments, or decided to refund money already paid.

"But the contract just lets everyone know up front what to expect, so there are no misunderstandings and no surprises," she says.

• Suggest travel insurance. Some guests do face emergencies and must cancel their vacations. Vacation property owners should be informative and make a strong travel insurance pitch along with any payment plan. The guest buys the insurance, but the property owner can include travel insurance information in early contacts with the guest and in the rental agreement.

Travel insurance is relatively cheap about 5 to 7 percent of a trip's cost for the "trip cancellation" variety. For example, a $5,000 trip would cost roughly $250 to $350 to insure, according to the Insurance Information Institute.

• Advertise flexibility. Prominently advertise you are in the layaway vacation business and you have some flexibility to let guests determine how to pay. Stating "Require down payment" and "Will work out a payment plan" is a good lure.

"The more you accommodate your guests' wallets, the more likely your vacation home will accommodate their families. It positions you as someone with whom they want to do business. It sets you apart from the competition," Karpinski says.

There's a lot more vacation rental, vacation home, investment property, and second home news that really hits home.

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Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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Home buyer tax credit ends sooner than you might think

Barry White arouses tiger shark

Experts suggest signing a contract by October 15 to make the November 30 deadline -- the date the sale must be complete in order to cash in on the federal tax credit of up to $8,000 for first-time home buyers.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - The popular federal home buyer tax credit ends sooner than you might think and proponents say without it the economy could slip back into recession.

Nearly 40 percent of first-time home buyers in California say the federal tax credit of up to $8,000 prompted them to buy a home.

That's strong indication that the measure has spurred home sales that otherwise may not have been completed and helped the number of home sales rise, albeit slowly.

Builders and real estate agents say that trend could be reversed if the credit isn't extended.

"It is clear that the federal tax credit for first-time home buyers is working, as evidenced by the spike in home sales in recent months," said California Association of Realtors' President James Liptak.

"This tax credit is arguably the most successful strategy employed by the government’s efforts to stimulate the housing market," added Liptak.

(California's own tax credit for buyers is over budget.

And as goes housing, so goes the economy.

Unfortunately unless federal legislation extends the deal on new or resale homes purchased this year, the home buying perk, with its economic boost, will end Nov. 30 -- or sooner for some.

Better Homes and Gardens Real Estate, like other realty operations, is urging first-time homebuyers to sign a contract by October 15th or sooner, in order to qualify for the credit which says the sale must complete and keys exchanged by Nov. 30.

According to BH&G, the list of customary closing requirements including mortgage approvals, appraisals, home inspections and other tasks necessary to close, together can typically take 45 to 60 days between the contract signing and the closing date.

"First-time homebuyers have a lot to consider when choosing a home, not the least of which is the fact that the November 30th deadline they may have circled on their calendars is effectively an October 15th deadline – and even that is cutting it very close," said Sherry Chris, president and CEO of Better Homes and Gardens Real Estate.

"No one should rush the decision of buying a home, but if the tax credit is motivating their decision, they should be very aware of their timing," she added.

• Read about more tax credits and tax breaks that really hit home.

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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.

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Looking for realty investment markets, markets to avoid?

The Credit CARD Act of 2009

The Local Market Monitor lists the Top 10 and Bottom 10 housing markets for both the large and small Metropolitan Statistical Areas (MSAs) and the Federal Reserve's Beige Book chimes in on market conditions.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Expect home prices to drop, overall, another 5 percent in 2010, with double-digit decreases slated for markets like Phoenix, Miami and Las Vegas -- once big boom towns now mired in bust.

That's according to a third quarter home price forecast produced by Local Market Monitor, a local market risk analyst for property and mortgage investors.

The Market Monitor also lists the Top 10 and Bottom 10 housing markets for both the large and small Metropolitan Statistical Areas (MSAs).

Among the largest U.S. markets, those with populations greater than 600,000, the 10 markets with the best expected performance in home prices were:

Baton Rouge, LA
Buffalo-Niagara Falls, NY
Dallas-Plano-Irving, TX
Fort Worth-Arlington, TX
Houston-Sugar Land-Baytown, TX
Little Rock-North Little Rock-Conway, AR
Omaha-Council Bluffs, NE-IA
Pittsburgh, PA
San Antonio, TX
Syracuse, NY
Wichita Falls, TX

In most cases, these markets where home values are expected to remain level or improve, are among those that did not experience skyrocketing home prices and have also had relatively small job losses over the past year. Home prices in these areas are generally below the US average and have room for growth.

On the other hand, the Top 10 with the worst expected performance were most often once boom towns where speculative buying, inflated home prices, crashing job markets and other factors combined to turn them into virtual housing Dust Bowls.

They are:

Fresno, CA
Las Vegas-Paradise, NV
Miami-Miami Beach-Kendall, FL
Orlando-Kissimmee, FL
Phoenix-Mesa-Scottsdale, AZ
Portland-Vancouver-Beaverton, OR-WA
San Jose-Sunnyvale-Santa Clara, CA
Stockton, CA
Tacoma, WA
Tucson, AZ
West Palm Beach-Boca Raton-Boynton Beach, FL

Meanwhile, the Federal Reserve's Beige Book of September 9 pointed out the pluses and minuses of larger real estate districts.

Noting, the "Residential real estate markets remained weak, but signs of improvement continued to be noted," the report said most of the 12 Federal Reserve Bank districts reported sales remain below the levels of a year earlier.

"Reports on house prices generally indicated ongoing downward pressures," according to the report which documents anecdotal evidence from businesses and other contacts who are not Federal Reserve officials.

The report went on:

• Sources from Chicago, Richmond, Boston, and San Francisco observed an up tick in sales over the last six weeks, while sales in the Philadelphia District were described as steady.

• Comments from business officials in St. Louis said residential home sales had not improved.

• In Atlanta, New York, Cleveland, and Minneapolis commenters documented some year-over-year sales gains in select markets.

District area sources noted increased demand was strongest in the low-end of the housing market, where many investors make inroads.

• Sources in Boston, Cleveland, Dallas, Kansas City, Richmond, and New York indicated that the first-time home buyer tax incentive was also spurring sales.

• Philadelphia noted an upturn in sales at the high-end of the market.

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Meager modifications portend prolonged housing crisis -- again

iPod pinpoints H1N1 outbreaks

Only 12 percent of mortgages qualified for modifications under the Obama Administration's Home Affordable Modification Program, or HAMP, have been modified. Even if all 3 million were modified, the housing crisis would continue.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Nationwide, the share of mortgages actually modified remains dismal, compared to the number of mortgages eligible for fixing under the federal mortgage modification program.

Worse news -- even if lenders get off their assets and significantly improve the number of mortgage modifications, it probably won't stop the housing crisis until it has run its course.

The U.S. Treasury Department's "Making Home Affordable Program Servicer Performance Report" for the period ending in August, said only 12 percent of mortgages qualified for modifications under the Obama Administration's Home Affordable Modification Program, or HAMP, have been modified.


Source: Making Home Affordable Program Servicer Performance Report through August 2009

That's little better than the 9 percent during the first such performance report for the period ending in July.

HAMP launched in March. An estimated 3 million mortgages are eligible for modification, but by August only about 360,000 had been modified.

Lenders appear to be rationing mortgage modifications and the small number of loan workouts that do get through are being swallowed by a foreclosure pandemic. Several lenders with 30,000 or more eligible mortgages have not changed one loan and large banks that received billions in federal bailout money lag behind government expectations.

The Treasury hopes to see 500,000 trial modifications by November 1. A trial modification becomes permanent once a borrower makes three reduced monthly payments.

However, yesterday, written testimony for a U.S. House of Representatives subcommittee on housing and community, Michael S. Barr, the Treasury's Assistant Secretary for Financial Institutions suggested even if all eligible mortgage are modified "we should still expect millions of foreclosures."

Some analysts say more than six million Americans are at risk of foreclosure in the next three years.

The Center For Responsible Lending warns, unless there's serious intervention, foreclosures are on track to soar to 13 million during the next five years.

The outlook is grim for assistance from so-called federal "cram-down" legislation. If passed into law, it would allow bankruptcy judges to reduce mortgage loan amounts.

Similar legislation went down in defeat last year.

Read about the first performance report and get more information on the mortgage modification morass at "Meager mortgage modifications overshadowed by mounting foreclosures"


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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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Foreclosures ease, torrent now a downpour

Nines have it on 9/9/09

August's foreclosure activity actually decreased from July, but only by 1 percent, and the 358,471 foreclosures in August were also up 18 percent from a year ago.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Foreclosures backed off their record pace, but not by much as default notices, auctions and bank repossessions continued to pour through the pipeline in August.

August's foreclosure activity actually decreased from July, but only by 1 percent, after record numbers of foreclosures were set in three of the previous five months.

The 358,471 foreclosures in August were also up 18 percent from a year ago, according to RealtyTrac.

"The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even while the outflow of bank-owned REO properties onto the resale market is being more carefully regulated," said James J. Saccacio, chief executive officer of RealtyTrac.

Nevada lead the way, with one in every 62 housing units receiving a foreclosure filing in August, despite an 8 percent decrease in foreclosure activity from the previous month.

Florida followed with the second highest rate, with one in every 140 housing units receiving a foreclosure filing. California was nearly neck-and-neck for second with one in every 144 housing units receiving a foreclosure filing.

Arizona, Michigan, Idaho, Utah, Colorado, Georgia and Illinois also recorded high rates of foreclosures.

Foreclosurelistings.com tried, with little success, to put a positive spin on the foreclosure numbers.

As foreclosure filings have eased, prices are increasing in some locations, indicating some growing demand.

Foreclosurelistings.com said prices are up, if only a tad, less than 1 percent in California and Florida. Michigan's home prices were up by 1.4 percent, Texas by 4.8 percent, according to Foreclosurelistings.com.

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© 2008 DeadlineNews.Com

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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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Got a real estate question? Ask a Realtor

Madison, WI's new city bird

Sponsored by the National Association of Realtors and launched by Realtor.com, Ask a Realtor offers homeowners, sellers and buyers a forum to get professional answers to real estate questions from local Realtors who know and understand the local market.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Why do I need a Realtor? Is it a good time to buy? Should I continue to rent or buy? What is a mortgage modification? How do I get into a short sale? How can I avoid foreclosure?

Got a question?

Ask a Realtor.

Sponsored by the National Association of Realtors and launched by Realtor.com, Ask a Realtor offers homeowners, sellers and buyers a forum to get professional answers to real estate questions from local Realtors who know and understand the local market.

It's a free online feature that lets consumers anonymously ask questions answered only by licensed real estate professionals.

As is the case with most question-and-answer services, the answers are general in nature, and not based on knowledge of your specific circumstances, and should be used only after independent verification for reliability and relevance. The answers can, however, can get you pointed in the right direction if you are buying, selling, refinancing or just troubled by some homeownership issue.

Questions can be on any real estate-related topic ranging from local market trends, mortgages and home values to buying, selling, home inspections and more.

Your questions will be forwarded to a local participating Realtor or to one that specializes in the area of expertise most relevant to your question.

Answers are emailed directly to you, with some of them posted on the homepage of Realtor.com Blogs for anyone to peruse.

Questions and answers are also archived on site and listed chronologically and by subject, for future reference in the knowledgebase.

Participating San Francisco Bay Area Realtor, Kevin R.
Kieffer says, "Ask a Realtor is a great way for anyone to ask questions about
our real estate market and to connect with a Realtor who has local experience
and connections."

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© 2008 DeadlineNews.Com

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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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NAR certifies agents for short sales, foreclosures, REOs

Most currency laced with cocaine

A new Short Sales and Foreclosure Certification Program (SFR) trains agents how to manage short-sales, foreclosures, and real-estate owned (REO or bank owned) transactions.

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 (NAR) is coming to the rescue of homeowners facing foreclosures or short sales with real estate agents specifically schooled in those subjects.

A new Short Sales and Foreclosure Certification Program (SFR) trains agents how to manage short-sales, foreclosures, and real-estate owned (REO or bank owned) transactions, and keeps agents current on national and state-specific information and regulations on these issues.

To earn the certification, agents must complete a one-day education program, either in-person or online, as well as in three one-hour Webinars. The certification program also will be offered at NAR's Conference & Expo in San Diego, CA Nov. 13-16.

Nearly one-third of all existing homes sold recently were either short sales or foreclosures, NAR says.

"Foreclosures and short sales can offer opportunities for home buyers, but it's extremely important to have the help of a real estate professional ... for these kinds of purchases," said NAR President Charles McMillan.

McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, TX says the SFR certification program is offered by the Real Estate Buyer's Agent Council of NAR.

Learn more about "How To Choose A Real Estate Agent"

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© 2008 DeadlineNews.Com

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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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July home sales soar

Minnie Mouse groped!

Sales of new, single-family homes in July this year, nationwide, rose 9.6 percent above June's numbers. Existing-home sales increased in July 7.2 percent from June and 5.0 percent above July 2008 sales.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Sales of new, single-family homes in July this year, nationwide, rose 9.6 percent above June's numbers, the biggest month-to-month jump in four years.

Unfortunately, new home sales remained 13.4 percent below last July's sales.

The National Association of Homebuilders' office is closed this week as a recession-era cost savings effort.

The U.S. Commerce Department's Bureau of the Census' new release today said the median price of new homes sold in July was $210,100, the average $269,200.

The report said builders sold 433,000 newly constructed homes in July, up from 395,000 in June. The number of new homes on the market slipped to the lowest level in 16 years.

The new home sales report comes on the heels of a similar National Association of Realtor's report last week that said, for the first time in five years, existing-home sales increased in July for four months in a row. Sales rose 7.2 percent from June to July and were 5.0 percent above July 2008 sales.

The national median existing-home price for all housing types was $178,400 in July, 15.1 percent lower than July 2008 as distressed properties weigh down the median price.

For new homes in the Midwest, sales slipped 7.6 percent from June and were down 4.7 percent from July 2008. The Midwest was the only region of the country where new home sales posted a decrease between activity in June and July. Sales rose 1 percent in the West, 16.2 percent in the South and 32.4 percent in the Northeast.

Sales gains on new homes and rising purchases of existing homes may point to an end to a housing slump as the Federal Reserve's efforts to thaw credit and the Obama administration's homebuyer incentives and homeowner assistance efforts lift demand.

Continued job losses and mounting foreclosures , however, could limit the housing rebound.

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© 2008 DeadlineNews.Com

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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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DeadlineNews.Com's Editorial Content Is Intellectual Property • Unauthorized Use Is A Federal Crime

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Video Review: 'Understanding Closing And Settlement Costs'

Elephants bungee jumping
from a flying saucer?! WTF??!!

"Understanding Closing And Settlement Costs," won't really give you a full understanding of closing and settlement costs in residential real estate, but it is a good first introduction to the esoteric title and escrow process and associated costs. Read through to the three-part "Title and escrow services under fire again" series.

by Broderick Perkins
© 2008 DeadlineNews.Com

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

Deadline Newsroom - Video: 'Understanding Closing And Settlement Costs'

"Understanding Closing And Settlement Costs," won't really give you a full understanding of closing and settlement costs, but it is a good first introduction to the esoteric title and escrow process and associated costs.

Rather than a detailed step-by-step dissertation on title and escrow -- which many consumers really need before the home buying begins -- the two-minute Federal Title & Escrow Co. video is useful as a primer to get you into the basics of the process.

"This video describes the settlement process in laymen's terms," says Nikki Smith, marketing director Federal Title & Escrow Company.

"Many home buyers don't realize they can choose their title company, and a lot of times they allow the real estate agent or mortgage lender to choose for them. Consequently they may end up paying more than necessary for settlement costs," Smith adds.

She also said, "Transparency in the title insurance industry very important to us, and we believe the consumer has a right to know they have the freedom to decide which title company handles their transaction."

For greater detail on the title and escrow process, read Examiner.com's three part series "Title and escrow services under fire again".

• Part I: What is it this time?

• Part II: Title, escrow services necessary

• Part III: Shop around for title, escrow services





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© 2008 DeadlineNews.Com

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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

---

DeadlineNews.Com's Editorial Content Is Intellectual Property • Unauthorized Use Is A Federal Crime

Read more!