Showing posts with label housing. Show all posts
Showing posts with label housing. Show all posts

Wednesday, June 29, 2011

Volatile rental market could make, break homeownership plans

Right now, home prices continue to fall, but rents are on the rise and if you don’t know when to change horses — or don’t have the option — you could find yourself in the middle of the stream.

by Broderick Perkins
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Deadline Newsroom - Volatile Rental Market Could Make, Break Homeownership Plans

The rent-vs-buy decision is more than a calculated comparison of financial costs.

It's also about timing.

Right now, home prices continue to fall, but rents are on the rise and if you don't know when to change horses -- or don't have the option -- you could find yourself in the middle of the stream.

The housing bust and subsequent economic downturn forced many homeowners to retreat to the rental market. For others, falling home prices prompted them to put off homeownership longer than expected.

Early into the bust, high rental vacancies made for cheaper rents and renting became an overnight sensation.

But that's changing just as quickly as skyrocketing home prices plummeted back down to earth.

Read full story: "Volatile Rental Market Could Make, Break Homeownership Plans"
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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.

Under the DeadlineNews Group umbrella:

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

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Monday, June 27, 2011

ACORN shellacking just plain nuts

Known for results-oriented, boots-on-the ground, in-your-face, confrontational indignation that brought the Ameriquest and Household International subprime predators to their knees -- before "subprime" was a household word -- ACORN would be in our corner right now, if it still existed.

by Broderick Perkins
© 2011 DeadlineNews.Com
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Deadline Newsroom - Largely unfounded and often rabid charges that smacked of McCarthyism, led to the demise of one of the nation's staunchest supporters of community development and fair housing.

Given the banking industry's continued betrayal of its customer base and persistent collusion with the still largely self-regulated financial industry, we could really use a champion like the Association of Community Organizations for Reform Now (ACORN), now.

You can bet if ACORN was alive today, it would be dug in at the corporate headquarters of the nation's largest banks for shoving homeowners over the cliff and then tossing boulders after them to keep them down.

ACORN would have sent troops to Wall Street to face off against financial giants and greedy speculators who made billions feeding on the hopes and American Dreams of homeowners.

Known for results-oriented, boots-on-the ground, in-your-face, confrontational indignation that brought the Ameriquest and Household International subprime predators to their knees -- before "subprime" was a household word -- ACORN would be in our corner right now.

Phoenix not rising

Instead, the now bankrupt ACORN finds no vindication in the release last week of the U.S. Government Accountability Office report "ACORN: Federal Funding and Monitoring". Like other studies the GAO report reveals there was little to substantiate the vast majority of charges that drove ACORN into the ground.

ACORN's admitted infractions and isolated failures were small potatoes compared to surreptitious "Inside Job" infractions conducted by an unbridled financial infrastructure of perpetuators responsible for spawning the worst recession since the Great Depression.

Charges against ACORN, related to voter registration fraud, voting fraud and federal funding violations, among others, began largely after ACORN spearheaded many efforts to register voters for the historic 2008 presidential election which catapulted Barack Obama into the role of the nation's first African American president.

At the time, the operation was also grappling with an internal $1 million embezzlement case it admittedly handled poorly.

During investigations into these matters, a new scandal surfaced when "hidden camera" videos purportedly revealed ACORN volunteers and employees offering tax advice on a proposed prostitution business.

ACORN blames "Republicans" and "conservative activists" for leading the charge to strip federal funding from what was perhaps the nation's largest grassroots community organization of low- and moderate-income people, often African-Americans.

At its height, ACORN boasted nearly a half million member families organized into more than 1,200 neighborhood chapters in about 75 cities across the nation. For 40 years, ACORN broke down barriers of discrimination and prejudice..

The controversy, stemming from nearly 50 federal state and local investigations, cost ACORN and its affiliates federal funding (more than $50 million from 2005 through 2009) and cast a shadow over its private fund-raising efforts.

Beating the charges

ACORN was first cleared of wrong doing in 2009, by the Congressional Research Service in an investigation requested by the U.S. House of Representatives Financial Service Committee.

The report "CRS: Association of Community Organizations for Reform Now (ACORN) " not only exonerated ACORN, but also questioned the constitutionality of the legislation used to withdraw ACORN's funding. Without due process, legislation that inflicts "attainder," a type of punishment, could be considered unconstitutional, the report said.

The CRS report also questioned the impunity of those performing "evidence-gathering" dirty-tricks in hidden-camera stings used to bring additional charges.

At about the same time, U.S. District Judge Nina Gershon likewise argued Congress violated the Constitution by illegally targeting the group and attempted to block U.S. officials from enforcing the funding ban.

Months later, in March 2010, she upheld that order saying it was "unmistakable that Congress determined ACORN's guilt before defunding it." She also said Congress damaged ACORN's reputation and its ability to raise funds in the process. Not only were federal funds cut, but major contributors, the Ford and Mott Foundations, cut off funding to ACORN.

The Second U.S. Circuit Court of Appeals later disagreed with the Gershon ruling, forcing ACORN to take its federal funding case to the Supreme Court.

Meanwhile, by March, 2010, both Brooklyn, NY prosecutors and an independent investigation by the California Attorney General's Office cleared ACORN of criminal wrong doing over the hidden camera videos, after determining the videos were heavily edited, manipulated and distorted to meet then tricksters' agenda.

Except for millions of dollars in lost federal funding and ACORN's demise, little proof of wrong doing has come from the dozens of investigations.

John Atlas' "Seeds of Change, The Story of ACORN, America's Most Controversial Anti-Poverty Community Organizing Group" (Vanderbilt University Press, $27.95) documents ACORN's rise and untimely fall.

Final chapter

The final ironic ACORN chapter is the latest exoneration by the GAO. The report says:

• Of 22 investigations of alleged election and voter registration fraud, most were closed without prosecution.

• One of eight investigations of alleged voter registration fraud resulted in guilty pleas and seven were closed without action due to lack of evidence.

• The Federal Election Commission (FEC) reported five closed matters – one resolved, one dismissed and the others dropped after FEC "found no reason to believe the violations occurred."

In March, this year, in one of the ACORN website's final blog entries by outgoing CEO Bertha Lewis "Vindication Doesn't Pay The Bills", Lewis writes:

"ACORN has faced a series of well-orchestrated, relentless, well-funded right wing attacks that are unprecedented since the McCarthy era. Our effective work empowering African American and low-income voters made us a target. The videos were a manufactured, sensational story that led to rush to judgment and an unconstitutional act by Congress. For ACORN as a national organization, our vindication on the facts doesn't necessarily pay the bills. I know that ACORN's dedicated community members will continue to speak out for justice and organize in their communities."

We can only hope.

Post mortem: On June 20, 2011, the U.S. Supreme Court refused, without comment, to review Acorn v. U.S., the advocacy group's attempt to revive its lawsuit claiming that Congress had acted unconstitutionally when it denied ACORN federal funds.

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© 2010 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.

Under the DeadlineNews Group umbrella:

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

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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Thursday, April 28, 2011

State, local housing programs to the rescue

State and local housing programs offer grants and low- and no-interest loans, typically to first-time home buyers with low- to middle-incomes. Check what your state or local jurisdiction has to offer.

by Broderick Perkins
© 2010 DeadlineNews.Com
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Deadline Newsroom - With tight fisted lenders more often seeking hefty down payments from those seeking to buy a home, more state agencies are pitching in to help qualified borrowers who are cash poor but income rich.

The National Association of Independent Housing Professionals says the number of down payment assistance programs has grown by as much as 5 percent in the last six months.

The programs offer grants and low- and no-interest loans, typically to first-time home buyers with low- to middle-incomes.

Some programs also target teachers, police officers, medical workers and other types of workers crucial to a community's well-being.

The down payment grants are a boon, particularly in high cost areas where median priced homes hit the half million dollar mark and 20 percent down means coming up with $100,000 in hard cash.

Along with down payment assistance, the programs often use preferred lenders who make the mortgage for as much as 1 percent below market rates.

Funded by state and federal agencies, the programs must produce a solid record of home ownerships that don't falter even in hard times.

That means consumers who qualify for the programs must first get counseled on home ownership -- everything from the mortgage application, credit and budgeting to being zealous about preventive maintenance and upkeep.

The counseling may just be the best part of the deal, according to findings recently released in a "National Foreclosure Mitigation Counseling (NFMC) Program Evaluation" generated by the Urban Institute based on data from 960,000 NeighborWorks America (NW) clients counseled in 2008 and 2009 and reported to NW America in January 2010.

NW-assisted home owners facing foreclosure were 1.7 times more likely to save their homes than others who didn’t get the counseling.

Even when a home owner was in the foreclosure pipeline, 55 percent of them with NW-counseling escaped foreclosure within 12 months compared to only 38 percent of home owners in foreclosure working without NW counseling.

See what your state or local government has to offer through the U.S. Department of Housing and Urban Development's (HUD)Local Home Buying Programs web page and follow local and state housing program news.

Also ask your mortgage lender or broker, real estate agents, religious, social and community organizations and non-profit agencies for referrals to local and state programs.

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© 2010 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.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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Wednesday, April 13, 2011

Loving, loathing America's big cities

Apparently, one person's Big Apple, is another's Asphalt Jungle. New York City, above all others, is the city most people would prefer to call home, according to a Harris poll. New York City, above all others, is also the city most people would prefer not to call home.

by Broderick Perkins
© 2010 DeadlineNews.Com
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Deadline Newsroom - Apparently, one person's Big Apple, is another's Asphalt Jungle.

New York City, above all others, is the city most people would prefer to call home, according to a Harris poll.

New York City, above all others, is also the city most people would prefer not to call home, according to the poll undertaken to determine which cities most preferred as home towns.

Along with New York, the cities of Las Vegas, San Francisco, Los Angeles, Boston and Chicago all fall in the top tiers of both the "most favorite" and "least favorite" list of cities where those polled would and would not like to live.

So-whating the irony, the study reports, "As Americans show a wide range of opinions in the cities they prefer-many like warm weather, while others may prefer snow. What appeals to some Americans may seem miserable for others. Luckily, the United States has plenty of cities in varying sizes, climates, and styles to choose from."

Indeed.

This Harris Poll asked, "If you could live in or near any city in the country except the one you live in or nearest to now, which city would you choose?" and "Which city would you least like to live in?"

Among the top ten favored cities, San Diego was the second most popular, followed by Las Vegas, Seattle, San Francisco, Los Angeles, Nashville, Atlanta, Denver and Boston.

Further down the most favored list were Orlando, Chicago, Miami, Honolulu, Portland and Raleigh-Durham, NC.

Among the top ten least favored cities, after New York came Detroit, Los Angeles, Chicago, Houston, Miami, Washington, DC, San Francisco, Dallas Phoenix and New Orleans.

The Harris Poll has asked this question almost every year since 1997.

New York has been the most popular city in every year except in 1998 when there was not as much "I love New York" going on. That year, it placed second behind the Golden Gate City. Apparently, more people were singing "I Left My Heart in San Francisco."

While New York has consistently topped this list for the last 12 years, other cities positions have been quite volatile. This year several cities have improved their rankings including:

San Diego, moving up to #2 from #4 last year; Las Vegas, up to #3 from #8; Los Angeles, up from #15 to #6; and, Nashville and Atlanta, up from a tied for #7 from #12 and #13 last year.

Other cities have lost ground in the mix, slipping down the rankings.

San Francisco, down to #5 from a tie for #2 last year; Denver, down to #9 from a tie for #2; Boston down to #10 from #7; and, Chicago down to #12 from #6 last year.

Miami, Honolulu, Raleigh-Durham and Portland which rank numbers 13, 14 and tied for number 15 have all moved up from last year into the top 15. Washington DC, Dallas and Austin have all dropped out of the top 15 this year.

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© 2010 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.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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Tuesday, October 12, 2010

CAI, CPCF: Don't ban private transfer fees

Two groups announce support of a fee opposed by federal regulators and real estate industry group. Also see: "Coalition, Congress joins Fed effort to ban private transfer fees on home sales"

by Broderick Perkins
© 2010 DeadlineNews.Com
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Deadline Newsroom - CAI, CPCF: Don't ban private transfer fees

Banning private transfer fees on home sales could dam up the sale of some 11 to 12 million properties, according to a major homeowner association group and a new coalition supporting the fees.

That view is in direct opposition to other homeowner advocates and federal regulatory efforts that suggest the fees, attached to new homes, are a burden to both sellers and the housing market.

The Community Associations Institute, representing the interests of homeowner and community associations -- typically condo, townhome and other self-governed communities -- say private transfer fees (PTFs) are a boon to community associations' reserve accounts and community improvement projects.

They say as many as 11 million homeowners could find it difficult to sell their homes if the Feds move forward with plans to ban the fees.

According to the new Coalition to Stop Wall Street Home Resale Fees, builders and developers working with Freehold Capital Partners, sometimes attach to a new home sale deed something called a "private transfer fee" or "property transfer fee" (not to be confused with property transfer taxes).

The charge, about 1 percent of the selling price, typically paid by the seller, bounces back to the developer each time the property changes hands -- for 99 years.

The coalition also says disclosures about the tax aren't always clear.

The Federal Housing Finance Agency (FHFA), concerned that the fees are self-serving and used to fund private continuous streams of income, recently proposed a rule that would restrict federal housing agencies from purchasing mortgages on houses sold with the fees.

The FHFA overseas Fannie Mae, Freddie Mac and Federal Home Loan Banks, each of which plays a key role in the housing finance system.

The coalition says it's not just the exorbitant cost. The developer distributes profits to Freehold, which in turn is attempting to bundle the fees into securities, and sell them on Wall Street. Another deal, not unlike subprime securities, designed to allow investors to cash in on future earnings.

CAI says the fees have been used by community associations for decades to help fund reserve accounts or community improvement projects.

"We agree that private transfer fees should get regulatory scrutiny," said CAI CEO Thomas M. Skiba.

"The problem is that the FHFA regulation would apply to any and all deed-based fees. If implemented as drafted, it would be catastrophic," said Skiba.

Nearly half (49 percent) of the 1,252 communities responding to a CAI survey in September have deed-based fees. Extrapolating from that data, CAI estimates that as many as 11 million homes nationally are located in communities that rely on deed-based transfer fees.

Under the FHFA proposal, these homes would no longer be able to qualify for mortgages backed by Fannie Mae, Freddie Mac or any federal home loan bank, which account for up to 90 percent of all residential mortgages.

In addition, most community associations would be unable to comply with the proposed rule. That's because changing deed restrictions typically requires approval of two-thirds or more of all homeowners, which is difficult to achieve.

CAI says the transfer fees charged by community associations are nominal, ranging from a fixed fee (averaging $750) to a percentage of the sales price (averaging 0.25 percent). Also, such funds have allowed financially strapped community associations keep monthly assessments low.

Another new coalition, the Coalition to Preserve Community Funding (CPCF) says the fees, attached to some 12 million homes, aren't new but have been used more since the housing crisis to give developers a long-term revenue stream to help resolve negative equity, pay down development loans and restart stalled projects.

"There is nothing inherently inappropriate or anti-consumer about private transfer fees, though they have been cast in that light by an aggressive misinformation campaign by the National Association of Realtors and the American Land Title Association (members of the Coalition to Stop Wall Street Home Resale Fees)," said Hilary Richards, a spokeswoman for the CPCF.

Richards said much of the current debate is about proper disclosures -- buyers may not always be fully aware the transfer fee will be due at the time of a future sale. Current legislation, if signed into to law, would change that.

U.S. Rep. Phil Gingrey (R-GA), recently introduced "The Homebuyer Enhanced Fee Disclosure Act of 2010 (HEFDA)" which would require adequate disclosures and require that a notice of the fee be filed with the county recorder.

A few years ago, California adopted a similar standard under California Civil Code 1098.5.

"The proposed legislation provides important consumer protections nationwide by ensuring uniform transparency and disclosure of private transfer fees in all relevant real estate transactions, while preserving a valuable mechanism for spreading infrastructure costs, reducing negative equity, and making home ownership more affordable," says Richards.

"Further, the required disclosures help professionals, such as title agents and Realtors, to easily identify the fee through ordinary diligence and allows homebuyers and sellers, by being better informed, to factor the PTFs into their negotiations for a fair sales price," she added.


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© 2010 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.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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Friday, October 8, 2010

Coalition, Congress joins Fed effort to ban private transfer fees on home sales

New legislation, if passed into law, would ban private transfer fees, which critics consider a new predatory scheme forcing homeowners to pay for the right to sell their own properties.

by Broderick Perkins
© 2010 DeadlineNews.Com
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Deadline Newsroom - A real estate industry coalition is cheering Congress for picking up the banner in the fight to end private transfer fees, fees that give builders and developers a perpetual stake in a property at the expense of the homeowner.

The Coalition to Stop Wall Street Home Resale Fees recently applauded members of the U.S. House of Representatives for introducing the Homeowner Equity Protection Act of 2010 (HEPA) (not to be confused with the existing Home Ownership and Equity Protection Act of 1994 (HOEPA).

The legislation, if passed into law, would ban private transfer fees, which critics consider a new predatory scheme forcing homeowners to pay for the right to sell their own properties.

"We applaud U.S. Rep. Maxine Waters (D-California) and the bill's co-sponsors for introducing a powerful bill today that will protect consumers from predatory transfer fees that depress home prices and steal equity from homeowners," said Kurt Pfotenhauer, CEO of the American Land Title Association.

The association, along with Consumers Union, the Center for Responsible Lending, the National Association of Realtors (NAR), the Consumer Federation of America and a host of other groups, has banded together to boost efforts to end the deed covenant provision, also known as "Wall Street Home Resale Fees."

"This bill is an important step in enhancing consumer protections against these for-profit fees and safeguarding our already fragile real estate market from further abuse," Pfotenhauer added.

According to the coalition, builders and developers, most often those working with Freehold Capital Partners, sometimes attach to a new home sale deed something called a "private transfer fee" or "property transfer fee" (not to be confused with property transfer taxes).

The charge, about 1 percent of the selling price, typically paid by the seller, bounces back to the developer each time the property changes hands -- for 99 years.

The coalition also says disclosures about the tax aren't always clear.

The Federal Housing Finance Agency (FHFA), concerned that the fees are self-serving and used to fund private continuous streams of income, recently proposed a rule that would restrict federal housing agencies from purchasing mortgages on houses sold with the fees.

The FHFA overseas Fannie Mae, Freddie Mac and Federal Home Loan Banks, each of which plays a key role in the housing finance system.

The coalition says it's not just the exorbitant cost. The developer distributes profits to Freehold, which in turn is attempting to bundle the fees into securities, and sell them on Wall Street. Another deal designed to allow investors to cash in on future earnings.

Sound similar to deals that brought Wall Street to its knees during the Great Recession? Luckily, few investors are buying.

Proposed HEPA legislation would ban the fees at a federal level and follow restrictions already in place in a dozen and a half states.

Freehold counters, pointing out legislation to ban the fees in California was defeated in committee because some legislators saw the fees as valuable to developers and the building community, hard hit by the recession.

The company argues the fees allow the project developer/owner to more fairly apportion costs and, in consequence, lower the sales price for the buyer.

"Since a portion of the significant capital investment in the project can be recovered over time, current and future buyers will enjoy lower acquisition costs, which means lower closing costs and lower monthly interest payments," according to Freehold.

Another piece of legislation, introduced by U.S. Rep. Phil Gingrey (R-GA), "The Homebuyer Enhanced Fee Disclosure Act of 2010 (HEFDA)" would not ban the fee, but require adequate disclosure and require that a notice of the fee be filed with the county recorder.

The coalition maintains the fee is nothing more than a "stealth tax" that does little more than guarantee a revenue stream for developers or investors without providing benefits to home buyers.

"Encumbering housing transactions with fees that may not be properly disclosed may impede the marketing ability and the valuation of properties and adverse the liquidity of securities backed by mortgages on those properties," said FHFA acting director Edward DeMarco.

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© 2010 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.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

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

Other DeadlineNews Group Feeds are available from DeadlineNews.Com.

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


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Friday, May 14, 2010

Landlord's market emerging

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Women on Pill like baby faces
While renters need not plan on renting forever, they can gain an edge if they emulate a "career renter" by approaching the rental-housing search much like a professional goes after a top-notch job.

by Broderick Perkins
© 2010 DeadlineNews.Com
Enter The Deadline Newsroom

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


Deadline Newsroom - Remember when doom and gloom spread to the rental market?

Dust off your rental resume, make your lease application shine and suit up for your "rental career."

It's becoming a landlord's market again.

The National Multi Housing Council's Market Tightness Index, which measures changes in occupancy rates and rents, rose sharply from 38 in October 2009 to 81 in April this year -- the highest figure in four years and the sixth straight increase in the measure.

RealFacts found the national average rent for all sizes of apartments was $943 for the first quarter this year, in its most recent national survey of nearly 13,000 apartment complexes with 100 or more units. That figure is up from $932 in the fourth quarter.

While renters need not plan on renting forever, they can gain an edge if they emulate a "career renter" by approaching the rental-housing search much like a professional goes after a top-notch job.

The idea is to be organized, serious and professional in both actions and appearance to demonstrate you will be a good steward for the landlord's property.

Here's how.

You've got news!...News that really hits home. Right here:

"Renting? It's a Good Time to Be a Landlord"

More landlord/tenant news that really hits home.

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© 2010 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 was 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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Thursday, May 6, 2010

Site to See: HouseLogic eases home ownership logistics

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45-and-over sex deep sixed
This new web site is so exhaustive in its socio-political-economic coverage of homeowner issues as well as down-to-earth news, it could been used to organize and rally home owning consumers around socio-political-economic issues that affect them.

by Broderick Perkins
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Deadline Newsroom - Houselogic.com, the newest and perhaps most engaging portal for housing information is a unique compilation of interactive resources no homeowner should be without.

A National Association of Realtors' (NAR) project, HouseLogic hits the information nail on the head helping consumers plan and organize and make wise decisions about a host of homeownership issues, including home improvements, finances, taxes, insurance, even neighborhood issues, homeowner association life and green living.

The new site is so exhaustive in its socio-political-economic coverage of homeowner issues as well as down-to-earth news, it could been used to organize home owning consumers around socio-political-economic issues that affect them.

HouseLogic doesn't simply serve up information on a glossy user interface, though glossy and clean it is. Each menu offers current news and information in a way that engages the user in an interactive learning experience.

You can explore all you want without signing up, but to really dig deep and reap the site's full benefits, you'll need to sign up, sign in and get to work.

NAR promises not to use your information or share it unless you buy something from a third party, but as always, read the small print to be sure what can happen to your personal information.

Once you've signed up, begin by filling your "binder," your online workspace, with tasks and projects and all the information you can grab for later perusal and work. HouseLogic does some of the work for you, if, when signing up you let the site know of issues or concerns most important to you. You can also create you own custom tasks and projects not listed in HouseLogic's vast library.

The projects and tasks can be performed both "on paper," say, in a read-and-learn task, or in real life, say, a home improvement job.

Numerous existing projects, tasks and related information are available in different categories. Each category is under a different menu. The menus include, "Improve," "Maintain," "Engage," "Taxes & Incentives," "Finances & Insurance" and "News & Activity."

Each project typically comes with information you can read and learn, tasks to perform (real and on paper) and later a quiz to put your knowledge to work. You can also assign priorities and due dates for each project and tasks within the project.

Completed projects earn points and badges in different categories. While you can't cash them in they serve as reminders of your progress. Consider them bragging rights.

For example "Invest a Tax Refund in Your Home: $1,000 Projects" suggests ways you can invest a tax refund to save on energy costs, pay off your mortgage sooner, or add a community improvement. A short test grants you a few points and you're off.

The information, test and a report form (to report how much you saved if you actually made the investment) comes with more and less expensive tax refund investment ideas, a host of other related money saving and budgeting projects, a discussion area and other useful tools and gadgets.

Other projects with similar flourishes include creating an emergency kit, helping to expand waste recycling programs, adding electrical service to your studio or workshop, seasonal maintenance chores and tracking capital investments, to name just a few.

In addition to project-related information, also use your binder to store news stories, add checklists, leave yourself notes and dated reminders, reach out to your Facebook account and otherwise just get your house in order.

Unless you make it your life to work the site, you'll never run out of projects.

If you do, there's always the HouseLogic newsletter to help you get the most value out of your home, news alerts about national housing issues, news alerts targeting your local market and still more newsy podcasts.

A HouseLogic segment is also planned for Real Estate Today radio.

"We as Realtors are proud to offer this resource to consumers, because it's backed by industry insights of Realtors and it has information for consumers at different stages of the homeownership lifecycle," said Karl Lee, president of the Santa Clara County Association of Realtors."

"HouseLogic is unique in that it helps consumers view their home through a financial lens and make smart, informed home improvement decisions," he added.

HouseLogic is unique. It would be illogical not to bookmark it.

A feature of DeadlineNews.Com, "Site To See" reviews are occasional, but timely critiques of content-heavy real estate Web sites deemed unique, consumer-friendly, informative and easy to use.


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

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Thursday, April 8, 2010

Mortgage interest rates at highest level in eight months

Rates haven't been this high since Aug. 13 2009, as mortgage rates followed bond yields higher, amid a positive March employment report, according to Freddie Mac.

by Broderick Perkins
© 2010 DeadlineNews.Com

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Deadline Newsroom - Fixed-rate mortgage (FRM) interest rates rose to an average 5.21 percent, the week ending April 8, up from 5.08 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).

The rate included an average 0.6 point. Last year, at this time, the 30-year FRMaverage was 5.29 percent.

The rate hasn't been that high since Aug. 13, 2009 when it averaged 5.29 percent.

"Once again, mortgage rates followed bond yields higher amid a positive March employment report" said Frank Nothaft, Freddie Mac vice president and chief economist.

The 15-year FRM this week, averaged 4.52 percent, also up from last week's 4.39 percent average. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.54 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent the week ending April 8, with an average 0.6 point, up from 4.10 percent from last week. A year ago, the 5-year ARM averaged 4.93 percent.

The 1-year Treasury-indexed ARM averaged 4.14 percent this week, with an average 0.6 point, up from last week's 4.05 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.83 percent.

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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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Tuesday, March 23, 2010

Top 10 Home Buying Blunders

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Health care reform now law
Just one home buying mistake could mean disaster -- perhaps the worst mistake you'll ever make. Take these measures in order to avoid titanic trip-ups during what's likely the most trying transaction you'll ever complete.

by Broderick Perkins
© 2010 DeadlineNews.Com

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Deadline Newsroom - Buying a home is perhaps the most arduous, expensive and, ultimately, valuable acquisition you'll ever complete

Just one mistake could mean disaster -- perhaps the worst mistake you'll ever make.

In order to avoid titanic trip ups during such a trying transaction, RealEstate.com suggests buyers get to know the most common home buying blunders.

To know them is to avoid them.

Going solo - Buying a house is a complex transaction. It should be a team effort. You'll need a real estate agent, lender, inspector, insurer, perhaps a lawyer and other team members to help you through each step of the way. Team build before you start the search.

Love at first sight - If you believe in fairy tales you probably shouldn't be buying a home. You won't live happily ever after if your emote your way through the home buying process. Your home should fit your real needs, not your yen for drama. Buy a home that fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you desire. Visit neighborhoods several times before you buy to check out schools, noise and traffic patterns.

Loanless shopping - Being pre-qualified gives you a general idea of how much you can afford to borrow. It's better to be pre-approved for a given loan. Sellers will take you more seriously. You'll stay on budget.

Overbuying - Home buyers buying more than they could truly afford, in part, led to the collapse of the housing market. Buy more than you can afford and your dream home will become the same nightmare. Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Don't forget to budget closing costs (often two to five percent of the home's purchase price), plus moving, redecorating and maintenance. Look ahead and allow for increases in ongoing expenses such as utilities and taxes.

Misplaced trust - You are engaged in what's likely your most valuable acquisition ever. It's a business transaction. Ask family, friends, co-workers, professionals and others you trust for referrals, but don't take their word for it. Vet your team members.

Accepting oral agreements - Get it in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you've got the details documented.

Skipping the fine print - Understand what's really in any document before picking up a pen. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing.

Forgetting or betting on resale - Avoid buying a home that costs 50 percent more than neighboring homes. Reconsider buying the most expensive home on the block. Neighbors' lower home values will weaken yours. Buy intending to flip your investment only to have the market fail means when it's time to sell your price may not cover your costs.

Making an unconditional offer - Protect yourself with these contingencies:

Mortgage financing - You may be preapproved but is the house? A formal appraisal confirms -- or not -- that there is sufficient value in the home to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.

Inspection - Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.

Insurance - Confirm you can get adequate insurance coverage. In some areas, or following certain disasters, it can be difficult to get types of hazard insurance.


Buyer's remorse - Nothing's perfect. Surprises are inevitable, but they don't have to spoil the deal. Don't miss a great house waiting for the perfect home.


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

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

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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Monday, March 1, 2010

Home Sweet Apps let your fingers do the walking through the housing market

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Kellogs! Leggo those Eggos!
The apps come with the convenience of having real estate information in your pocket, but be aware that some of the apps connect you to the Internet and/or require you to input personal private information, including name, phone numbers and email.

by Broderick Perkins
© 2010 DeadlineNews.Com

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Deadline Newsroom - Hundreds of real estate and mortgage applications are cropping up in the growing catalogue of housing related apps for Apple's iPhone and iPod Touch and they put housing information at your finger tips.

While the apps come with the convenience of having your home, mortgage and real estate market information in your pocket, be aware that some of the apps connect you to the Internet and/or require you to input personal private information, including name, phone numbers and email.

As is the case with any request for personal information online or off, be sure to check the requesting party's privacy policy, terms of use and disclosures regarding how the app maker, real estate company, agent, lender or any related third parties will use your private personal information. It's not always so clear and it's up to you to determine what will happen to your private data.

Begin your search for housing related apps in the iTunes store using keywords like "real estate," "housing," "mortgage," "home loans," and others -- with and without quotation marks.

Apps mentioned in this article were selected randomly without review, comparison or examination beyond each app's own description and are included only to provide a flavor for what is available.

(Also see: Mortgage comparison apps for iPhone, iPod reviewed)

Home buying, selling, renting apps

The largest crop of real estate apps are listing engines designed largely to help you buy, sell or rent a home.

Depending upon the app, in addition to offering listings of homes for sale or rent -- searched with myriad criteria -- some also offer images of the homes inside and out, open house schedules, mapping and location information and general information about home vales, prices, neighborhoods and a host of related and peripheral information on everything from appraisals to zoning.

Realtor.com Real Estate Search is the 800-pound gorilla of the bunch from the National Association of Realtors. It boasts a whopping 4 million listings you can search for photos, property details, open house info, pricing and a connection with your real estate agent. It also includes a rental search.

With some of them plugging into Realtor.com's vast data base, virtually every real estate company and online real estate operation offers a listings app with varying levels of features and usefulness, including Redfin, Trulia, Zillow and ZipRealty as well as national and/or local offices of Better Homes and Gardens, Coldwell Banker, Century 21, Keller Williams, RE/MAX, Prudential, ERA and others.

NewHomeSource.com offers New Home Search for newly-built homes.

Also look for apps direct from your friendly neighborhood real estate agent including the likes of Valarie "The Real Estate Physician" Jacobs, Washington, D.C. area; Whitney Pannell, Lexington, KY; Beth Lutgen, Minneapolis, MN; and Susan "iSusan" Ullery, Mishawaka, MI.

Special apps

Some specialty apps include Home on the Tube, which lets you use your iPhone to upload videos of your home for sale. Condo Rants and Raves offers comments -- good, bad and ugly -- from residents of 20,000 condo complexes nationwide. WhereULive uses numerology to determine the "energetic nature" of a property. The Walk Score iPhone app determines "Walkability" (reduced dependence on a car) based on the proximity of nearby amenities, such as grocery stores, restaurants, schools, and parks. Local Vibe is a messaging application to keep you connected to what's happening in your local area.

For rental housing, along with Realtor.com's rental listings, try Complete Rentals, CribQ (Craig's List), Find An Apartment, Rentals.com, and Apartment Search - Near Buy.

Mortgage shopping apps

Mortgage shopping applications run the gamut from simple mortgage calculators and average rate monitors to those offering interest rate and loan comparisons.

The Erate Current Mortgage Rates app, with its unique extended menu item sorting feature and horizontal mode and Mortgage Marvel, both let you compare rates without requiring personal information. Others apps in this category include Lending Tree, the nearly identical LoanXEngine, and TheMorty.

To find mortgage calculators search "mortgage calculator" on iTunes and you'll find more than 130 mortgage calculator type apps that will let you know how much you can expect to pay per month based on the home loan, interest rate and other factors.

Utilities

Utilities run the gamut from checklists and comparisons to special listings.

Checklists - Selling Your Home Checklist tracks your selling chores. Rentals allows rental home searchers to collect details and pictures of rentals visited and later make comparisons. iHouse does the same for home buyers.

Comparisons - Mortgage or Rent helps you make the buy-vs-rent decision. Home Value Pro - RealQuest Mobile let's you examine home values. iCrimeAware puts crime stats at your fingertips. Climate Wise Pro Weather offers weather trends by location.

Education - First Time Home Buyer schools newbies. Real Estate Investor tutors investors. Flip Houses teaches you how to flip. Property Flipper Lite allows investors to analyze flipping schemes. Floorplan shows you how to sketch one.

Reference - Realty glossaries include The Real Estate Handbook; Kaplan Real Estate Terms Flashcards and Reference; and iStudy: Real Estate Terms.

Special listings - Auction.com Real Estate Auction Search points you to auctions. Get Foreclosures Now finds foreclosures. Moofuslist finds bank owned properties.

Games

You might as well have some fun while you're at it.

Build-a-lot lets you build, buy and sell homes on your way to Donald Trump mogul status. Trump Tycoon makes you an apprentice in the employ of The Donald. Tower Bloxx lets you build modular housing to the sky, provided it remains in plumb all the way up.

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© 2010 DeadlineNews.Com



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

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

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



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Wednesday, January 20, 2010

House Haitians in steel cargo shipping containers

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Haitian quake quake generates
philanthropic fraud aftershocks
Those 20- to 40-foot corrugated steel containers, a much stronger and more permanent alternative to weaker manufactured homes, are built to withstand stacking and shipping through hell and, well, high water. They are impervious to hurricanes and robust enough to remain standing in all but the worst earthquakes.
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DeadlineNewsGroup is here!

by Broderick Perkins
© 2009 DeadlineNews.Com

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Deadline Newsroom - The surplus of steel cargo shipping containers is an immediate answer to Haiti's sudden housing shortage.

Turning the containers into housing will also put residents of the island nation to work.

The island country, like other Caribbean nations, imports more than it exports and that leaves a surplus of empty containers languishing on their docks.

So when retired Georgia Tech building construction and industrial design professor Richard Martin recently saw photos of the containers unscathed and toppled and floating in the sea after Haiti's Jan. 12 quake, he renewed thoughts about their potential use.

"We can do something quickly. We can go down there and help rebuild the country and get the involvement of the Haitians. I won't do anything without Haitian workers working with me," says Martin, who operates Atlanta, GA-based Global Container Partnerships.

Bill Clinton, George Bush call Martin at 1.770.952.1604.

Read the full story: Cargo Containers Could Help House Haitians

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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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