Real Estate Outlook: Sales Picking Up Tempo

http://realtytimes.com/rtpages/20081125_realestateoutlook.htm

This article is basically about how the market is moving forward, NOT dramically, but it is picking up slowly. And that people are jumping on the opportunity that the market price of homes has dropped!

Taking Risks on Real Estate Projects

http://www.nydailynews.com/ny_local/queens/2008/11/25/2008-11-25_mall_struggles_to_catch_on_owner_says_at.html

This article is about a fancy shopping mall that was built in a blue collar neighbourhood. Unsurprisingly to some, the mall has not become popular with residents. The article discusses how some saw placing upscale shops in a lower to middle class neighbourhood was seen as both enterprising and foolish by different people.

Reverse Mortgages Receive Higher Lending Limits

The increased lending limit for reversed mortgages will help some seniors to pay off their first loan and decrease their financial burden.


Department of Housing and Urban Development's Reverse Mortgage Lending Increase

5 fatal flaws in buying a foreclosure

I am on someone else's computer so I hope this works right. A foreclosure purchase may seem like it would save you money but this article points out key issues when looking at purchasing this kind of property... sub-prime inspection, environmental issues, not that great of a price, maintenance or damage or structural issues, etc. http://realestate.aol.com/article/improve/_a/five-fatal-foreclosure-flaws/20081103164409990001?ncid=AOLCOMMre00DYNLsec0002&icid=100214839x1213446983x1200838073
Michelle C

Township eyes $40 tax increase

http://www.phillyburbs.com/pb-dyn/news/113-11232008-1626330.html
Due to the slowdown in the sale of real estate, townships are losing money because of the lack of real estate transfer taxes.

NYC transit system and the ripple effect

http://news.yahoo.com/s/ap/20081120/ap_on_re_us/nyc_transit_woes;_ylt=AvACABFMrfJCArjZfm6dy6VvzwcF

This article is actually about the proposed rate hike in the NYC transit system. I got to thinking, however, when I read this article about whether it would have an impact on housing in NYC and its surrounding areas. The truth of the matter is that even if in a small way, everything that happens in a town does have a ripple effect. In this case, service cuts were also proposed which included the "elimination of bus and subway lines in areas where there is either low ridership or a duplication of services." There are people who live and work on these lines. This could cause them to change residences and/or jobs. It could change the character of the particular neighborhood involved. The article also states that, "While none of the changes would cut off neighborhoods entirely, they would mean longer travel times, more waiting around on the platform and stuffing more people into subways that are already crowded." This too could cause changes in affected neighborhoods lifestyles, even if it is in a small way. Our communites are built and formed by other things or the lack of things in the vicinity and sometimes they wither away because of the lack of certain things as well.

Issue of Artificial vs. Real Grass on the west coast

http://news.yahoo.com/s/ap/20081120/ap_on_re_us/turf_battle;_ylt=ApzdnuD6BPhG7rRyc7CSO_hvzwcF

Here's an interesting one. It goes something like this, "...the dilemma confronting Californians: Water supplies are dwindling, but some cities still require homeowners to maintain lush, green lawns. Other communities forbid artificial turf. People are actually getting fined for putting down artificial grass because it violates city ordinances. Lush green lawns in areas of California are somewhat of a status symbol. Yet, "Some water districts are offering customers $1 rebates for each square foot of lawn they remove and 30 cents per square foot of fake grass they install."

Housing in Recovery

http://realtytimes.com/rtpages/20081118_realestateoutlook.htm

This article is basically talking about the Housing market not being the Stock Market. The Housing Market is in recovery and the %s are on the rise lately. Its a positive outlook instead of all the negative in the economy.

http://money.cnn.com/2008/11/13/real_estate/foreclosures_october/index.htm?postversion=2008111315

It just keeps getting scarier by the minute. There have been over 9 million homes foreclosed since August of 2007. I thought it was particularly interesting that many people just stopped paying because of the crisis and not due to financial hardship...it is just easier to walk away. And we blame the banks, right?

Getting Relief From Tax Man

"Some residents in newer homes have argued their taxes subsidize the owners of older homes, whose property taxes are based on values set during the last countywide reassessment - in 1972. "

http://www.phillyburbs.com/pb-dyn/news/113-11162008-1622380.html

Changing Real Estate Market Prompts Creative Ways to Buy and Sell

Now that lenders are more selective with who they loan money to, many people are being turned down for mortgages because of deficient assets. However, lending rules for certain government backed mortgages allow a "non-occupant co-borrower" to co-sign for the mortgage. There are also other ways that real estate transactions are happening now such as buyers and sellers cooperating to help each other attain their goals.


Creative Ways To Buy and Sell

Attorney Questions Zoning Board's Objectivity

http://www.phillyburbs.com/pb-dyn/news/113-11162008-1622307.html

This article relates to both of the service learning presentations we heard. It is about a zoning board hearing about mineral rights in Nockamixon.

Where do people go when they lose their houses? Why do we keep building new ones? Do we have too many already?

This article touches on 5 "dumb" questions of our housing mess...

http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/HomebuyingGuideDyn.aspx?cp-documentid=12323364&GT1=33007

I am posting this early for next week because I am outta town 9 days for the holiday and will have limited access to a computer. Happy Thanksgiving! Michelle C.

Fireplaces, chimneys and homeowners assocs.

http://realtytimes.com/rtpages/20081112_fireplace.htm

This is an article about homeowners associations' responsibilities to make sure that fireplaces all meet fire safety codes. It goes on to say that having fireplaces/chimneys cleaned even if they are not used very often is especially "important in common wall communities like condominiums and townhomes where a chimney fire can spread to neighboring units." It is a timely reminder for anyone who has a fireplace.

Zoning and "billboards vs. signs"

http://www.pittsburghlive.com/x/pittsburghtrib/news/east/s_392563.html

Here's an article on zoning and billboards from the Pittsburg Tribune-Review about how converting from conventional to digital billboards has caused problems for one advertising company. The company made application for a sign permit, but the zoning officer says it is actually a billboard which requires planning commission approval. This is happening in Monroeville, PA where the municipality's sign regulations are "more permissive than its billboard regulations".

Economic Crisis

http://www.philly.com/philly/news/20081111_Parade_to_celebrate_World_Series_win_cost_city_more_than__1_million.html i think that even though our cities team won the world series, why is it the responsibility of the tax payers to pay for the parade. The million dollars or so that it cost i think could be put to alot of better things. for example helping families out who have lost their homes due to our current economic crisis.

FHA

This article is about the FHA to guarantee and Fannie and Freddie to purchase loans of up to 115 percent of the median home price for a given area after Jan. 1, as determined by the Federal Housing Finance Agency (FHFA). As of Jan. 1, the ceiling for both FHA loan guarantees and Fannie and Freddie will be reduced to 150 percent of the $417,000 conforming loan limit, which is also set by FHFA.

http://www.inman.com/news/2008/11/11/loan-limits-coming-down

Real Estate Firm in Bankruptcy

I thought that this article shows how fast things can go sour in the real estate world. The company had huge growth in six years and now has collapsed due to the real estate market. http://www.idahostatesman.com/business/story/566911.html

Understanding Points, Rates and Fees

This is a little excerpt on the value of points that I thought was good.

Understanding Points

http://realtytimes.com/rtpages/20081110_condotrends.htm

Since our discussion this week was in regard to condos v. cooperatives, I thought this article was especially relevent. Basically, it tells us that baby boomers will be driving the condo market because of their reluctance to do maintenence and that condos will get bigger for those who want office space and guest quarters.

Washington Report: What Obama means for Housing

http://realtytimes.com/rtpages/20081110_washingtonreport.htm

Looks like there might be some changes in the mortgage and banking industries in the near future. This article suggest some of the things Obama might do to help the mortgage industry.

Some Small Banks Are a Refuge From Credit Crunch

http://www.foxbusiness.com/story/markets/industries/finance/small-banks-refuge-credit-crunch/

This article is basically, how small bankers are pissed, because they played by the rules, by not giving loans to people who could'nt afford them. And that the large banks did exactly the opposite by lending to people who could not afford the mortgages, just to make a quick buck. So now the small banks pay the price for playing by the rules, because the big banks are getting bailed out by the stimulouse package.

Top 10 States for Foreclosure

Here was a brief article/photo clip of the top ten states with foreclosures. Nevada being the top one... http://realestate.aol.com/pictures/finance/underwater-mortgage-states?icid=100214839x1212217797x1200784728

Michelle C

interest rates

realtytimes.com/rtpages/20081107_rates.htm here is an interesting article i found about our current economic market which is causing mortgage interest rates to drop!!

Economic Crisis Hit the City of Philadelphiahttp://www.myfoxphilly.com/myfox/pages/Home/Detail?contentID=7803472&version=12

http://www.myfoxphilly.com/myfox/pages/Home/Detail?contectID=7803472&version=12

Mayor Nutter announced today the layoffs of 200 city workers and another 600 vacant positions will not be filled. City pools will not reopen and 11 libraries will also be closed. The mayor has even reduced his own salary by 10% as will the salaries be reduced for many high executive city employees. Fox News reported that the Mayor announced the cutbacks were a result of the national and international crisis.

Land Use Planning in Oregon

http://media.barometer.orst.edu/media/storage/paper854/news/2008/10/16/News/Students.Pitch.In.On.Oregon.Land.Use.Planning-3490280-page2.shtml

Above is a link to a short article about land use planning in Oregon involving students in the Oregon University System. I liked it because it discussed how a certain report indicated that citizen participation needed to increase relating to land use goals in their own communites, and how targeted goals apply to the objective of "having more compact living and the idea of people not spreading out so far into broader rural lands."

New Stimulus Bill and the Housing Market

This article outlines what the real estate industry's wish list for a new government stimulus package would be in order to prop up the housing market. It brings in some interesting ideas but I don't feel that any of them are likely to happen in the current lame duck congress. Everything is most likely going to be pushed off to the new year and the new term.http://www.inman.com/news/2008/11/4/ready-another-stimulus-bill

Resilience Increased By Mentally Moving On

Letting go of what you thought your home was worth is hard for many people. Especially for those who have added value to their homes through extensive home improvements. This article has some suggestions for de-stressing over the current market.


Staying Resilient

How real estate snared one college grad

http://www.inman.com/news/2008/11/4/how-real-estate-snared-one-college-grad

Board: Above Ground Cable Boxes OKhttp://www.phillyburbs.com/pb-dyn/news/111-11032008-1615300.html

http://www.phillyburbs.com/pb-dyn/news/111-11032008-1615300.html

This article is about Lower Makefield's zoning board allowing above-ground cable boxes. We have one in our yard and they are big!

FDIC, Treasury Mull Foreclosure-Prevention Program

http://www.foxbusiness.com/story/markets/industries/finance/fdic-treasury-department-working-new-program-prevent-foreclosures/
This is an article about how banks are going to help people stay in their homes during the economic crisis by giving them a five year "time out" the plan will lower their mortgage payments and restructure the loans according to what people can pay! Its really interesting , READ