Real estate resolutions for 2010

Man fails to lactate. This is news?

Look to low mortgage interest rates, bargain home prices and other favorable market conditions to give you the resolve to consider home sweet home in your list of must-dos next year.

by Broderick Perkins
© 2009 DeadlineNews.Com



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


Deadline Newsroom - Sure you can loose weight, get in shape, launch a business or find a new job.

But haven't you also procrastinated long enough about buying a home?

How long has it been since you upgraded your home with a new roof, spiffed up landscaping or pulled some other home improvement?

And that post-World War II ranch home of yours could certainly use a few energy efficient do-overs.

Look to low mortgage interest rates, bargain home prices and other favorable market conditions to give you the resolve to consider home sweet home in your list of must-dos next year.

• Join the nearly 18 percent of Americans who say they've resolved to become a first-time homebuyer in 2010, according to a new Move.com survey. That's both a smart move and a timely one. Mortgage rates are at record lows, prices are down and the $8,000 first-time home buyer tax credit has been extended until April 30, 2010. It's also been expanded to include a $6,500 tax credit to move-up buyers.

• More than 15 percent of those who responded to the survey said saving money to purchase a new home is their top real estate resolution for the New Year. Resolve with them to learn the best way to budget, plan ahead and save money.

• Nearly 40 percent say No. 1 on their list of resolutions is starting a home improvement. Cheap home equity money should help them not only start, but also complete the job. Calabasas, CA-based Informa Research Services found home equity lines of credit (HELOCs) for $50,000, with an 80 percent loan-to-value note, were available in early December at an average variable rate of 4.98 percent. Some rates were as low as 2.74 percent.

• The Move.com survey also found 9.1 percent most wanted to fix their credit so they can buy a home next year. To get started all you need to do is take a look at your next credit card statement for a toll free number directing you to counseling help. That's part of the new, but little-known mandated disclosure provisions in the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).

• Nearly 16 percent are wisely considering buying an investment property as their top resolution. The couldn't have picked a better time in the last half decade. Another Move.com survey recently found more than 12 percent of homebuyers today plan to purchase a home as an investment, compared to less than half, only 5.6 percent, just seven months ago, thanks to more attractive investment conditions.

"If you anticipate inflationary conditions in the future, investment property could be a good bet to hedge against it," said Nancy Osborne, chief operating officer of Erate.com, a Santa Clara, CA-based financial information publisher and interest rate tracker.


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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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Banks score better than consumers on financial 'stress test'

Financial stimulus prayers answered

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

by Broderick Perkins
© 2008 DeadlineNews.Com


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

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

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

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

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

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

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

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

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

Here are the questions and how consumers answered.

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

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

Q: Which best describes how you manage your money?

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

Q: What best describes your financial situation?

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

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

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

Q: Do you have any savings excluding retirement?

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

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

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

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

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

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

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

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

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Dishwashers, microwaves, televisions the new luxury items

New party animal, H1N1 flu

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

by Broderick Perkins
© 2008 DeadlineNews.Com


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

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

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

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

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

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

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

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

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

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

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

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

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

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

Pew likewise found that because of the recession consumers:

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



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© 2008 DeadlineNews.Com

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

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

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

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Bail out your own butt

Little of the first draft of President Obama's $800 billion bailout addresses homeowners' financial woes. Prepare to bailout your own butt.

by Broderick Perkins
© 2008 DeadlineNews.Com


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

Deadline Newsroom - You can wait for housing, household and personal financial relief from Washington, your state capital, city government, and other sources, but you can also own your own home economics.

"Many consumers have been renting their lifestyle by living off of credit, and it's time they took ownership," said Gail Cunningham, tough financial love spokesperson for the National Foundation for Credit Counseling (NFCC) .

"For some people, their financial situation has gotten so bad that they feel like even the light at the end of the tunnel has been turned off. But there is an answer, and it lies in going back to the basics. Resuming control over finances should be at the top of everyone's resolutions for 2009," she added.

Cunningham and the NFCC recommends these four essential steps to building a new level of financial stability:

• Show yourself the money. Know where your money goes. An NFCC Financial Literacy Survey found that nearly 40 million adults keep little or no track of where their hard-earned money goes. It's a no-brainer. If you don't know where your money goes, you can't stop it from going there. Write down every cent you spend for 30 days and you'll be surprised at the spending habits you can curtail to save quite a few bucks and build a budget.

• Build a budget. Once you know where your money goes, you can then categorize it starting with living expenses, followed by debts. If you discover you've got more month than money, you now know why and can take steps necessary to resolve the deficit. Reconciling your income and expenses may be an easier-said-than-done task, especially if you've been living beyond your means, recently lost a job or both. But here's where you discover the drastic changes that may be necessary for future financial fixes that will secure your future.

• Debt is not your friend. Don't add new debt to old. Freeze charging and unnecessary spending. Food, clothing and shelter is all you truly need. Pay down debt and live within your means.

• Embrace saving. Too many consumers who don't have a rainy day fund have discovered they can't even afford an umbrellas. Send 10 percent of each paycheck into savings via an automatic deposit. With an automatic savings "bill" you won't miss the money and at the end of one year you'll have a little over one month's income socked away for emergencies. Contribute to your company's retirement plan.

"Consumers have allowed their finances to operate on automatic pilot for too long. They are now eager to move back into the driver's seat and get their financial well-being on course. The good news is that this is entirely possible, but it all starts with the basics. Implementing the above four elements will lay the foundation upon which consumers can build their financial future, and now is the time to start," says Cunningham.

Don't be afraid to ask for help. Credit counseling, homeownership counseling, home economics and financial planning education should be part of your lifestyle.

Just ask those who are managing to weather the current economic storm.

Get specific saving tips from the Frugal Living Examiner.

More help here:
DebtAdvice.org
MyMoney.gov
Financial Planning

© 2008 DeadlineNews.Com

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

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No place like home for saving

Home-related expenses account for a large portion of cost-of-living increases. Your home is also chock full of potential savings you can bank on or use to pay down debt.

by Broderick Perkins
© 2008 DeadlineNews.Com


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

Deadline Newsroom - There's no place like home to save on the cost of living.

Home is, after all, also where many cost of living expenses have risen, according to the Center for Housing Policy, the research affiliate of the National Housing Conference (NHC).

While incomes have risen only 30 to 35 percent in the ten years ending in 2006, some home-related costs are up by more than 80 percent, according to the Center's "Stretched Thin: The Impact of Rising Housing Expenses on America's Owners and Renters."

Here's how not to be stretched so thin while preparing yourself for your next home purchase.

• Create or update your household budget and balance it. Account for every penny you earn, every penny you save and every penny you spend to reveal your spending habits. Your spending habits will show you where you can cut back. Get an online assist from Consumer Reports' recommendations: Buxfer.com, Geezeo.com and Yodlee.com.

• Move down. The average monthly mortgage payment rose 46 percent during the ten years ending in 2006. Don't wait to be an empty-nester or to fund your retirement. Cash in on a smaller home now. Factor in selling costs, the potential for a capital gains tax hit and higher property taxes, but with enough long time equity, a smaller home could come mortgage free.

• Sell out, simplify and organize. Sell all that stuff that won't fit into a smaller home. Sell all that stuff you'll never use. An organized home is a time-saving home. A time-saving home is a money-saving home, says the National Association of Professional Organizers.

CraigsList.com and Ebay.com (Ebay trading assistants will do the work for you) are the usual suspects, but you can open your own cool store on Amazon.com and sell newer, less obscure items for much more than you'd get at a garage sale.

Also, give stuff away to charity for a small tax deduction.

• Shop around for homeowners insurance. Insurance premiums rose 83 percent in ten years ending in 2006, but rates still vary. Comparison shop direct among various companies. Use an Independent Insurance Agent to shop around. Comparison shop online with Insure.com, Geico.com, Progressive.com, Esurance.com and others.

Raise deductibles to cut costs more. Save with discounts for home fire safety and security systems, for buying multiple policies (auto, life, health, etc.) from one company, and for avoiding unnecessary claims.

• Appeal your property tax assessment. In most jurisdictions property taxes are assessed based on a home's price. But in areas where home prices have tanked -- especially if you purchased your home in a bidding war, during the peak of the market -- you could get a tax break.

See your assessor or other tax collector for the appeal process for your jurisdiction. Be prepared to prove the value of your home with an appraisal or comparative market analysis of recently sold properties that are as identical as possible to your home.

• Green up. The cost of energy rose 43 percent from 1996 to 2006, and even more since then, according to the Center. Your home abounds with energy saving possibilities. Check with your local utility and state energy agency. The Residential Energy Services Network offers referrals to energy auditors who can help you uncover energy leaks. Also the U.S. Department of Energy's (DOE) "Energy Savings" page offers a host of additional tips.

• Get help. Don't hesitate to reach out for financial help. Always contact creditors at the first sign of trouble. That's when more opportunities for relief are available. You may be eligible for mortgage modification, special refinance loans or other assistance that can reduce your monthly mortgage.

• Don't squander your savings. Bank some of that money you've saved to pad out or start an emergency slush fund. Also used saved money to pay down debt and slay the revolving credit interest rate monster.

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group -- 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 Silicon Valley Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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No Place Like Home For Saving Money

Living the simple life at home can help you realize the savings you need when times get tough.

by Broderick Perkins
© 2008 DeadlineNews.Com

Deadline Newsroom - Whenever the prospect of economic recession looms, conversation is often peppered with words like "belt tightening" "frugal" "thrifty" and "economical" as we scramble to change our spendthrift ways.

However, what we often overlook in our haste not to make waste, is that there's no place like home to save a bundle.

Just ask architect Sarah Nettleton and landscape historian Frank Morton.

They wrote the book on the subject.

Well, not specifically about saving, but it does engage other means to that end.

"The Simple Home: The Luxury of Enough" (Taunton Press/American Institute of Architects, $40) delves into the realm of simplicity, the idea that having "enough" is often much more than we really need.

Human-scaled, low-maintenance, green, unadorned homes with straightforward floor plans and natural lighting can be a better deal than starter castles cluttered with stuff we don't use.

The key is, when we inspect our lives at home, we can often find areas where the simple life is a better, less expensive life.

It doesn't matter where we live, what kind of home we have or how much it cost. If we make it simple, the savings will come.

How so? Nettleton explains:

Enough already. A simple home offers the luxury of space in a world of clutter. When you identify your true tastes, throw out notions of what you think you should have, avoid excess clutter and maintain only the essentials, simplicity begins to set in. Sure, you need a place to eat, but does it really have to be a separate dining room?

Flexible use. Rooms can serve multiple purposes and help you get more out of what you already have. A breakfast nook can be a play area until a child ages. A kitchen can double as an art studio. Make a small screen porch more functional by installing a custom-sized table rather than going to the equity till again to enlarge the porch.

Thrift-minded simplicity. Fresh tomatoes from the garden taste better than greenhouse food. They'll also get you outdoors. Make a list of simple pleasures that delight but do not require expenditures for more stuff.

Timelessness. Avoid the attraction to "new" for "new's sake." Select a starting point for the feel of your home, edit your wish list down to one favorite image from a book or magazine. Trust your instincts. Your own style is authentic and timeless.

Sustain. Gizmos don't create sustainability. You do. Find the balance between what you can afford and what you really need. A comfy window seat tucked into a window nook in a just-right size room can be as comfortable as a large custom leather sofa in an imposing large room.

Resolve complexity. We all talk about disliking complexity in our lives, but can we walk the talk? Examine aspects of your home that prove troubling. Identify the real value of change. Is bigger really better? That new home's kitchen is darkened by the attached garage. Is saving a few steps with the groceries really worth missing the morning sun in your kitchen?

© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist of 30 years, is publisher and executive editor of San Jose, CA-based DeadlineNews.Com, a real estate news and consulting service, and the new Deadline Newsroom, DeadlineNews.Com's new backshop. In both cases, it's where all the news really hits home.

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