February 23, 2007

Housing Starts Slip in January


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Passengers were able to make and receive voice calls as well as use text messaging on today’s flight.

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February 22, 2007

Homeowners - Beware of This Scam

Homeowners - Beware of This Scam

 

You could be victimized by a scam where someone tries to lure you into applying for a loan secured by your home.

 

The Federal Reserve put out that warning recently in response to questions and complaints from people about direct-mail solicitation scams that describe a "Community Reinvestment Act Program" that entitles certain homeowners to cash grants or equity payments.

 

"Some of these solicitations may be read to indicate that the Federal Reserve endorses or supports the offers they contain," the Fed said.

 

"These solicitations appear to be a deceptive effort to encourage consumers to apply for a mortgage loan secured by the consumer's home."

 

In a prepared statement, "The Federal Reserve cautions the public about loan solicitations or other offers from lenders or mortgage brokers that offer consumer cash grants or equity disbursements as part of a 'CRA Program."

 

There is a 1977 federal law called the Community Reinvestment Act.  But that law does not entitle people to grants or loans.

 

If there is any area of the home buying process that you have a question about and would like for us to post a tip about it here, leave us a comment or question below and we'll cover that for you in a future post.

 

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February 21, 2007

Natural Disasters - Are You Prepared?


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The Six M's are Movement (location), Moment (time), Me (personalization), Multi-user (community), Money (payments) and Machines (automation).

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Other research has found that using fugue ringtones en tocatta while driving may reduce the driver's concentration and reaction time.

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February 20, 2007

Real Estate and Retirement

Real Estate and Retirement

 

Before you start counting your real estate profits from selling your home and downsizing, think about how much you'll pay for the house you'll live in next.  Unless you're willing to move far away, the cost of your empty-nest dream cottage has probably also shot up too.

 

Consider the recent explosion in prices an anomaly.

 

Many boomers face another challenge.  You won't be able to tap all your home's equity if you've already borrowed heavily against it.

 

As with stocks, demographics could also dampen home prices as boomers first downsize and then, move on.  Some economists think real estate is even more vulnerable to those trends.

 

Though this may lower returns, it doesn't necessarily portend a crash.  Housing economist Karl Case of Wellesley College notes that boomers span a wide age range. "I'm 60, and if I'm going to be in my house another 20 years, the baby boom still stretches out another 20 years behind me," says Case. "The pattern isn't as cliffy as you might expect."

 

Even if the value of your house slides, Case adds, you have built-in insurance: The cost of the house you're buying will have gone down too.

 

Give us your thoughts and opinions about real estate and retirement below….

 

 

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February 19, 2007

Modular Homes: What Are They and Do You Want One?

 Modular Homes: What Are They and Do You Want One?

 

Understanding the differences between housing options when you are searching for a home to purchase is very important. In your search for your dream home, you will encounter housing terms such as stick built, modular, and manufactured (mobile home). Each type of dwelling has their benefits and drawbacks, both temporary and long term. Primarily though, confusion exists about modular home manufacturing.  Also, many are unaware of the benefits of owning one.

 

The overall production of modular homes is a unique process. However, design begins (as with most floor plans) with an architectural engineer using a CAD (Computer Aided Design) program, and is approved by structural engineers for durability and safety. There are benefits to having your home constructed in the fashion of a modular home. The construction of the modular home sections begins on an enclosed factory floor. Quality control is strictly adhered too for each section of the house. Your home during the building phase is never subjected to inclement weather conditions, and usually the home can be ordered and delivered on site with in two weeks. Also, during this phase your contractor can set a pre - made foundation, and ensure that all necessary permits and grading work is completed in time for your modular home delivery. Finishing work such as crown molding, carpeting and appliance installation is completed once the home is joined and all utilities are hooked up. During this phase you can begin to pack and schedule your date for move in. Note worthy too is the fact that many modular homes can be special ordered from any standard house design on the market.

 

In a comparison between modular and manufactured homes the differences are quite clear. When comparing them, the potential home owner must think in terms of the long run. It's true manufactured housing does have short term benefits, but over the long haul it might be wise to invest a little more money into a modular home.

 

  • Modular homes appreciate in value, manufactured homes depreciate.
  • Modular homes are set on a permanent home foundation, manufactured homes set on a block pier making financing harder if not impossible to obtain.
  • Modular homes meet state and local building requirements and are inspected, manufactured homes do not, and structural reliability can be faulty.
  • Modular homes meet federal, state and local regulations, while manufactured housing must meet only HUD (Housing and Urban Development) requirements.
  • Modular homes are accepted into most communities of stick built homes, but restrictive covenants exist on where a manufactured house may be placed.
  • Modular homes are, in comparison, just as energy saving in heating and cooling as any stick built home.

 

Give us your thoughts or opinions about modular homes. We'd love to hear from you.

 

 

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