Wednesday, December 10, 2014

21 Hot Housing Trends for 2015

Everyone wants to be hip, and the latest trends in design can help distinguish one home from another. And it’s not all flash; many new home fads are geared to pare maintenance and energy use and deliver information faster. Here’s a look at what’s coming.
This time of the year, we hear from just about every sector of the economy what’s expected to be popular in the coming year. Foodies with their fingers on the pulse of the restaurant industry and hot TV chefs will tell us to say goodbye to beet-and-goat cheese salad and hello roasted cauliflower, and there’s no end to the gadgets touted as the next big thing.
In real estate, however, trends typically come slowly, often well after they appear in commercial spaces and fashion. And though they may entice buyers and sellers, remind them that trends are just that—a change in direction that may captivate, go mainstream, then disappear (though some will gain momentum and remain as classics). Which way they’ll go is hard to predict, but here are 21 trends that experts expect to draw great appeal this year:
  1. Coral shades. A blast of a new color is often the easiest change for sellers to make, offering the biggest bang for their buck. Sherwin-Williams says Coral Reef (#6606) is 2015’s color of the year because it reflects the country’s optimism about the future. “We have a brighter outlook now that we’re out of the recession. But this isn’t a bravado color; it’s more youthful, yet still sophisticated,” says Jackie Jordan, the company’s director of color marketing. She suggests using it outside or on an accent wall. Pair it with crisp white, gray, or similar saturations of lilac, green, and violet.
  2. Open spaces go mainstream. An open floor plan may feel like old hat, but it’s becoming a wish beyond the young hipster demographic, so you’ll increasingly see this layout in traditional condo buildings and single-family suburban homes in 2015. The reason? After the kitchen became the home’s hub, the next step was to remove all walls for greater togetherness. Design experts at Nurzia Construction Corp. recommend going a step further and adding windows to better meld indoors and outdoors.
  3. Off-the-shelf plans. Buyers who don’t want to spend time or money for a custom house have another option. House plan companies offer myriad blueprints to modify for site, code, budget, and climate conditions, says James Roche, whose Houseplans.com firm has 40,000 choices. There are lots of companies to consider, but the best bets are ones that are updating layouts for today’s wish lists—open-plan living, multiple master suites, greater energy efficiency, and smaller footprints for downsizers (in fact, Roche says, their plans’ average now is 2,300 square feet, versus 3,500 a few years ago). Many builders will accept these outsiders’ plans, though they may charge to adapt them.
  4. Freestanding tubs. Freestanding tubs may conjure images of Victorian-era opulence, but the newest iteration from companies like Kohler shows a cool sculptural hand. One caveat: Some may find it hard to climb in and out. These tubs complement other bathroom trends: open wall niches and single wash basins, since two people rarely use the room simultaneously.
  5. Quartzite. While granite still appeals, quartzite is becoming the new hot contender, thanks to its reputation as a natural stone that’s virtually indestructible. It also more closely resembles the most luxe classic—marble—without the drawbacks of staining easily. Quartzite is moving ahead of last year’s favorite, quartz, which is also tough but is manmade.
  6. Porcelain floors. If you’re going to go with imitation wood, porcelain will be your 2015 go-to. It’s less expensive and wears as well as or better than the real thing, saysarchitect Stephen Alton. Porcelain can be found in traditional small tiles or long, linear planks. It’s also available in numerous colors and textures, including popular one-color combos with slight variations for a hint of differentiation. Good places to use this material are high-traffic rooms, hallways, and areas exposed to moisture.
  7. Almost Jetson-ready. Prices have come down for technologies such as web-controlled security cameras and motion sensors for pets. Newer models are also easier to install and operate since many are powered by batteries, rather than requiring an electrician to rewire an entire house,says Bob Cooper at Zonoff, which offers a software platform that allows multiple smart devices to communicate with each other. “You no longer have to worry about different standards,” Cooper says.
  8. Charging stations. With the size of electronic devices shrinking and the proliferation of Wi-Fi, demand for large desks and separate home office is waning. However, home owners still need a dedicated space for charging devices, and the most popular locations are a corner of a kitchen, entrance from the garage, and the mud room. In some two-story Lexington Homes plans, a niche is set aside on a landing everyone passes by daily.
  9. Multiple master suites. Having two master bedroom suites, each with its own adjoining bathroom, makes a house work better for multiple generations. Such an arrangement allows grown children and aging parents to move in for long- or short-term stays, but the arrangement also welcomes out-of-town guests, according to Nurzia Construction. When both suites are located on the main level, you hit the jackpot.
  10. Fireplaces and fire pits. The sight of a flame—real or faux—has universal appeal as a signal of warmth, romance, and togetherness. New versions on the market make this amenity more accessible with more compact design and fewer venting concerns. This year, be on the lookout for the latest iteration on this classic: chic, modern takes on the humble wood stove.
  11. Wellness systems. Builders are now addressing environmental and health concerns with holistic solutions, such as heat recovery ventilation systems that filter air continuously and use little energy, says real estate developer Gregory Malin of Troon Pacific. Other new ways to improve healthfulness include lighting systems that utilize sunshine, swimming pools that eschew chlorine and salt by featuring a second adjacent pool with plants and gravel that cleanse water, and edible gardens starring ingredients such as curly blue kale.
  12. Storage. The new buzzword is “specialized storage,” placed right where it’s needed. “Home owners want everything to have its place,” says designer Jennifer Adams. More home owners are increasingly willing to pare the dimensions of a second or third bedroom in order to gain a suitably sized walk-in closet in their master bedroom, Alton says. In a kitchen, it may mean a “super pantry”—a butler’s pantry on steroids with prep space, open storage, secondary appliances, and even a room for wrapping gifts. “It minimizes clutter in the main kitchen,” says architect Fred Wilson of Morgante-Wilson.
  13. Grander garages. According to Troon Pacific, the new trends here include bringing the driveway’s material into the garage, temperature controls, sleek glass doors, specialized zones for home audiovisual controls, and a big sink or tub to wash pets. For home owners with deeper pockets, car lifts have gone residential so extra autos don’t have to be parked outside.
  14. Keyless entry. Forget your key (again)? No big deal as builders start to switch to biometric fingerprint door locks with numerical algorithms entered in a database. Some systems permit home owners to track who entered and when, says Malin of Troon Pacific.
  15. Water conservation. The concerns of drought-ravaged California are spreading nationwide. Home owners can now purchase rainwater harvesting tanks and cisterns, graywater systems, weather-controlled watering stations, permeable pavers, drought-tolerant plants, and no- or low-mow grasses.
  16. Salon-style walls. Instead of displaying a few distinct pieces on a wall, the “salon style” trend features works from floor to ceiling and wall-to-wall. Think Parisian salon at the turn of the century. HGTV designer Taniya Nayak suggests using a common denominator for cohesiveness, such as the same mat, frame color, or subject matter. Before she hangs works, she spaces them four to five inches apart, starting at the center and at eye level and working outward, then up and down. She uses Frog Tape to test the layout since it doesn’t take paint off walls. Artist Francine Turk also installs works this way, but prefers testing the design on the floor like a big jigsaw puzzle.
  17. Cool copper. First came pewter; then brass made a comeback. The 2015 “it” metal is copper, which can exude industrial warmth in large swaths or judiciously in a few backsplash tiles, hanging fixture, or pots dangling from a rack. The appeal comes from the popularity of industrial chic, which Restoration Hardware’s iconic style has helped promote, says designer Tom Segal.
  18. Return to human scale. During the McMansion craze, kitchens got so big they almost required skates to get around. This year we’ll see a return to a more human, comfortable scale, says Mark Cutler, chief designer of design platform nousDecor. In many living or family rooms that will mean just enough space for one conversation grouping, and in kitchens one set of appliances, fewer countertops, and smaller islands.
  19. Luxury 2.0. Getting the right amount of sleep can improve alertness, mood, and productivity, according to the National Sleep Foundation. With trendsetters such asArianna Huffington touting the importance of sleep, there’s no doubt this particular health concern will go mainstream this year. And there’s no space better to indulge the desire for quality rest than in a bedroom, says designer Jennifer Adams. “Everyone is realizing the importance of comfort, quality sleep, and taking care of yourself,” she says. To help, Adams suggests stocking up on luxury bedding, a new mattress, comfortable pillows, and calming scents.
  20. Shades of white kitchens. Despite all the variations in colors and textures for kitchen counters, backsplashes, cabinets, and flooring, the all-white kitchen still gets the brass ring. “Seven out of 10 of our kitchens have some form of white painted cabinetry,” says builder Peter Radzwillas. What’s different now is that all-white does not mean the same white, since variations add depth and visual appeal. White can go from stark white to creamy and beyond to pale blue-gray, says Razwillas. He also notes that when cabinets are white, home owners can choose bigger, bolder hardware.
  21. Outdoor living. Interest in spending time outdoors keeps mushrooming, and 2015 will hold a few new options for enhancing the space, including outdoor showers adjacent to pools and hot tubs along with better-equipped roof decks for urban dwellers. Also expect to see improvements in perks for pets, such as private dog runs and wash stations, says landscape architect Jean Garbarini of Damon Farber Associates.
While it’s fun to be au courant with the latest trends, it’s also wise to put what’s newest in perspective for your clients. Remind them that the ultimate decision to update should hinge on their needs and budgets, not stargazers’ tempting predictions.

3% Down Payments May Be Game Changer

3% Down Payments May Be Game Changer

Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent. That will expand credit for qualified home shoppers who may have been sidelined the last few years because of higher down-payment requirements, housing analysts say.
Opening the Credit Box
Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It's a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.
With Fannie Mae's 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie's loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance.
"Our goal is to help additional qualified borrowers gain access to mortgages," says Andrew Bon Salle, Fannie Mae executive vice president for single-family underwriting, pricing, and capital markets. "This option alone will not solve all the challenges around access to credit. Our new 97 percent LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage."
The National Association of REALTORS® applauds the move by the Federal Housing Finance Agency, which oversees Fannie and Freddie.
NAR said in a statement that the action by FHFA demonstrates its "commitment to home ownership by serving creditworthy borrowers who lack the resources for substantial down payments, plus closing costs, with a new 3 percent down-payment program that mitigates risk with strong underwriting. The new program ensures that responsible home buyers will have access to safe, affordable mortgage credit."
Source: Fannie Mae and Freddie Mac

Buyers' and Sellers' Confidence Diverges

The gap between those who say it's a good time to buy a home and those who say it's a good time to sell is growing larger. Sixty-eight percent of Americans say now is the time to buy, a month-over-month rise of 3 percentage points, according to Fannie Mae's November 2014 National Housing Survey of 1,000 respondents. On the other hand, the number of Americans who say it's a good time to sell fell 5 percentage points to 39 percent.
Who's Up, Who's Down
Still, 44 percent of Americans remain optimistic that home prices will rise in the next 12 months, while the share who say home prices will drop is down to 6 percent, the survey found.
Fannie's latest survey results "support the 2014 trend of gradual — but often sporadic and unspectacular — improvement across a range of indicators measuring consumer attitudes toward housing," says Doug Duncan, Fannie Mae's chief economist. "This mirrors the uneven recovery in housing activity this year."
Here's one of the most encouraging signs for the housing market's future: Consumers' personal financial outlook is improving. Forty-six percent of Americans say they expect their personal financial situation to improve over the next 12 months. That's close to the survey's all-time high.
"We expect consumer attitudes toward housing to improve as the pickup in the overall economy lifts employment and income prospects," Duncan says. "However, a sustained improvement in sentiment that could support a robust housing recovery, as policy support is removed, will require meaningful gains in household income. While such gains have so far been elusive, the strength in the November jobs report, which points to faster growth in labor income in the current quarter, marks a good start.”
Also, among the survey's findings:
  • 45 percent of respondents say they believe mortgage rates will rise in the next 12 months (a drop of 3 percentage points from the previous month);
  • 53 percent say they expect rental prices to rise in the next 12 months (a rise of 4 percentage points from last month);
  • 62 percent say they would buy a home if they were going to move, while the share who say they'd rent rose to 31 percent;
  • 25 percent say their household income is significantly higher than it was 12 months ago (the same as last month);
  • 36 percent say their household expenses are significantly higher than they were 12 months ago (the same as last month).
Source: Fannie Mae

Saturday, December 6, 2014

10 Markets to Grow the Most Next Year

The U.S. housing market is expected to make strides overall in 2015, but 10 metros in particular are "ready for significant acceleration across housing metrics" next year, according to realtor.com®'s latest housing report.
"The markets on this list range from big cities with older housing stock, big and mid-size cities with substantial levels of new construction, and up-and-coming markets appealing to young professionals for their job growth and high affordability," says Jonathan Smoke, realtor.com®'s chief economist.
Los Angeles and Washington, D.C., for example, made the list because of expected increases in household formation and home sales there in 2015, realtor.com® notes. On the other hand, Des Moines, Iowa, made the list because of its high affordability and high levels of home ownership among Millennials, which are expected to continue next year.
Realtor.com®'s top 10 markets for growth in 2015 (as well as what local metric to watch the most next year) are:
  1. Atlanta-Sandy Springs, Ga.: Household formation growth; home sales expected to rise 11%.
  2. Dallas-Fort Worth-Arlington, Texas: Household formation (ranks first in forecasted household growth over the next 5 years); home sales expected to rise 7%.
  3. Denver-Aurora-Broomfield, Colo.: Home-sale growth projected to be 14%; tight inventories of for-sale homes.
  4. Des Moines-West Des Moines, Iowa: Growth in Millennial share of households.
  5. Houston-The Woodlands, Texas: Household formation growth; employment to grow by 4%; home sales to increase by 5%.
  6. Los Angeles-Long Beach, Calif.: Household formation growth; home sales to grow by 6%.
  7. Minneapolis-St. Paul-Bloomington, Minn.: Millennial home owner growth; increase in new-home construction.
  8. Phoenix-Mesa-Glendale, Ariz.: Income growth; increase in new-home construction by 22%; home sales expected to grow by 11%.
  9. San Jose-Sunnyvale-Santa Clara, Calif.: Tight inventories of homes for sale; income growth; home prices and home sales both expected to grow by 3%.
  10. Washington, D.C.: Household formation growth; tight inventories of homes for sale; home sales expected to rise 10%.
Source: realtor.com®

Tuesday, December 2, 2014

Did Mortgages Just Get Easier to Obtain?

Fannie Mae and Freddie Mac's new lending guidelines went into effect Monday, which are expected to help loosen up the tight credit standards that home buyers and refinancers have faced in recent years.
The guidelines clarify when lenders will be penalized for making mistakes on mortgages they sell to the mortgage financing giants. Following the financial crisis, Fannie and Freddie forced banks to repurchase tens of billions of dollars in loans that they say did not meet their standards. It caused many lenders to tighten their lending, except to the most creditworthy borrowers with the highest credit scores. Lenders have blamed the lack of clarity from Fannie and Freddie on the tight credit conditions that have made it difficult for home buyers to qualify for a mortgage.
Fannie and Freddie's latest lender guidance is "going to be big, but it's going to take time" to see the full impact of the changes, Laurie Goodman, director of the Housing Finance Policy Center at the Urban Institute, told The Wall Street Journal. Earlier this year, the Urban Institute estimated that up to 1.2 million additional home loans would be made annually if mortgage availability was at "normal" levels. 
Lending giants such as Wells Fargo and SunTrust Banks Inc. have said borrowers will likely see faster turnaround times on mortgage applications in the next few weeks. Some lenders also say they expect to broaden the range of borrowers they'll accept by reducing credit-score requirements and making exceptions for consumers who faced a one-time financial event, such as a job loss or large medical bill.
"It's providing greater certainty for all the parties so that you can lend more confidently and make the whole judgment process much easier and more clear cut," Mike Heid, president of Wells Fargo Home Mortgage, told the Journal.
However, some banks still are treading cautiously and aren't ready to relax their underwriting rules quite yet.
"You won't see us start to expand our criteria much past what we've done," says Brian Moynihan, Bank of America chief executive. (Read more: Bank of America: We’re Not Easing Up)
U.S. Bank CEO Richard Davis says his bank also isn't prepared to make any changes yet.
"Unless we are convinced that the rules are going to be permanent and there is not going to be a look back or a reach back in future times … we are simply going to stay on the sidelines in the concerns of both compliance risks and other uncertainties," Davis told the Journal.
Source: “Mortgage Lenders Set to Relax Standards,” The Wall Street Journal (Nov. 28, 2014)

10 Standouts in the Housing Market

National home prices continue to moderate following last year's double-digit surge. Distressed saturation fell to 16.8 percent nationwide, "suggesting the shortage of lower-priced inventory is the catalyst for stalling gains," according to Clear Capital's latest Home Data Index Market Report.
"The housing recovery is at a pivotal point — it's in need of restored consumer confidence and non-investor demand," the report notes.
But some markets remain the exception. For example, Detroit has ranked within the top three highest-performing metros for the fifth consecutive month. Clear Capital pointed out the following markets as having the biggest price gains:
  1. Detroit–Warren–Livonia, Mich.
    Year-over-year price gains: 20.3%
    Distressed saturation: 19.5%
  2. Atlanta–Sandy Springs–Marietta, Ga.
    Year-over-year: 13.3%
    Distressed saturation: 19.4%
  3. Pittsburgh, Pa.
    Year-over-year: 9.6%
    Distressed saturation: 9.4%
  4. Dayton, Ohio
    Year-over-year: 10.9%
    Distressed saturation: 19.3%
  5. New Orleans–Metairie–Kenner, La.
    Year-over-year: 9.2%
    Distressed saturation: 15.6%
  6. Milwaukee–Waukesha–West Allis, Wis.
    Year-over-year: 4%
    Distressed saturation: 17.5%
  7. Memphis, Tenn.
    Year-over-year: 5.8%
    Distressed saturation: 24.8%
  8. San Jose–Sunnyvale–Santa Clara, Calif.
    Year-over-year: 11.4%
    Distressed saturation: 4.6%
  9. Bakersfield, Calif.
    Year-over-year: 11.2%
    Distressed saturation: 16.8%
  10. Denver–Aurora, Colo.
    Year-over-year: 9.4%
    Distressed saturation: 7.4%
Source: Clear Capital

Friday, November 28, 2014

November 2014 National Housing Trends Newsletter

Angela Yglesias

Levesque Realty 

Cell: 805-490-4944   
Phone: 805-490-4944 

Housing Trends

November 2014


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National market update

Home Sales Expected to Improve in 2015, but Some Headwinds Still Remain

NEW ORLEANS (November 7, 2014) – Existing-home sales are expected to be higher next year and prices will remain at a healthier level of growth that benefits both buyers and sellers, according to an economic forecast at a residential forum during the 2014 Realtors® Conference & Expo.

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Existing-Home Sales Rise in October, First Year-Over-Year Increase since October 2013

WASHINGTON (November 20, 2014) – Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors®.

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National housing indicators

Existing home sales (November)

5.26 million units*

Existing home median price (November)

$208,300

Housing Starts (November)

1.009 millions units*

New home sales (November)

4.67 millions units*
*Seasonally adjusted annual rate. Source: NATIONAL ASSOCIATION OF REALTORS®.

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Wednesday, November 26, 2014

5 Reasons Housing Markets Are Thankful

The housing market has seen plenty of challenges the last few years, but could brighter days be ahead? Based on recent housing reports, some markets are reporting a rosier picture now than for the first half of the year — and growing optimism heading into next year for a lasting turnaround. 
Reason for Good Cheer?
Here are five market gauges that many in the real estate industry are thankful for this holiday season: 
1. Mortgage rates are still low.
Home buyers can take advantage of borrowing costs that remain near historical lows. Last week, the 30-year fixed-rate mortgage averaged 3.99 percent nationwide, marking the sixth consecutive week of averages near 4 percent. In October, the 30-year fixed-rate mortgage reached its lowest average of the year at 3.97 percent. 
“If you are planning to buy a home in the next year, it’s better to do it sooner rather than later,” Frank Nothaft, Freddie Mac’s chief economist, said in a recent video commentary
Still, many economists aren’t expecting the rate surge in the new year to be quite as drastic as previously seen. Fannie Mae recently revised its forecast for 2015, expecting low mortgage rates to stick around longer into the year. Fannie Mae now projects rates will average 4.3 percent next year, a drop of about two-tenths of percentage points from its forecast earlier in the year. 
2. Home sales have been inching up. 
In many markets, more sales are being reported. Existing-home sales in October were above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®' latest report. Sales are at their highest annual pace since September 2013.  
The job market may be a big contributor behind that increase, says Lawrence Yun, NAR’s chief economist. “This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases,” Yun said in a recent statement. 
3. Buyers are getting more choices. 
Home buyers are finally getting more selection in homes for-sale. Unsold inventory is 5.2 percent higher than a year ago, representing a 5.1 month supply at the current sales pace. 
“The growth in housing supply this year will likely prevent the drastic sales slowdown and coinciding spike in home prices we saw last winter due to low inventory,” Yun says. “However, more housing starts are needed to increase supply, meet current demand and keep price growth in check.”
New-home construction is gradually picking up in the latter half of the year, also bringing more inventory into many markets. Single-family housing starts rose 4.2 percent month-over-month in October to 696,000 units, reaching the highest level since November 2013, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported. What’s more, the future looks bright that the increase will stick around for the time-being: Building permits -- a gauge for future building activity -- increased 4.8 percent in October to an annual rate of 1.08 million units. 
“The rise in single-family starts is more proof that the economy is firming and consumer confidence is growing,” says Kevin Kelly, chairman of the National Association of Home Builders. ‘We expect continued momentum into next year.” 
4. Foreclosures are falling. 
In October, distressed home sales dropped into the single digits for the third month this year. Distressed sales, which include foreclosures and short sales, fell to 9 percent in October, compared to 14 percent a year ago, NAR reports. Foreclosures and short sales typically sell at a discount — 15 percent or 10 percent below market value, respectively — and can place downward pressure on overall home prices in an area. The decrease in foreclosures is helping more home values to stabilize in communities. 
Still, while distressed sales are trending downward overall, several pockets across the country are still battling elevated levels, particularly in judicial states like Florida, Maryland, and New York, NAR President Chris Polychron recently said in a statement. 
5. Home prices are stabilizing. 
The median existing-home price for all housing types in October was $208,300 — 5.5 percent above October 2013, according to NAR’s latest report. It marks the 32nd consecutive month of year-over-year price gains. The double-digit gains in prices from last year have mostly faded away. 
“Many of the fastest-appreciating real estate markets last year have now settled into a more sustainable pattern of single-digit appreciation,” Daren Blomquist, vice president of RealtyTrac, a real estate data provider, said at the end of October. 
Still, the gains in home prices over the past year have made home owners feel more optimistic about selling. Forty-four percent of about 1,000 home owners surveyed in Fannie Mae’s October 2014 National Housing Survey said now is a good time to sell, marking an all-time survey high. 
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

FHFA Allows Ex-Owners to Buy Back Homes

The Federal Housing Finance Agency announced a new policy that will permit some foreclosed home owners to purchase the homes back that they once had lost at fair market value. 
Welcome Back to the Market
To regain ownership, the ex-owners must be able to pay the full current value of the property, and they still must wait at least three years after their foreclosure to regain ownership, which is required to purchase any home using a Freddie Mac or Fannie Mae–guaranteed loan following a foreclosure. 
The FHFA, the regulator of Fannie Mae and Freddie Mac, says the new policy likely will lower the principal on the loans of the former home owners if they elect to buy their former homes back. Prior to the policy, the FHFA had required borrowers who had gone through foreclosure and who wanted to buy back their home to pay the entire debt they owed on the mortgage, even if it was much higher than the home’s current value.  
“This is a targeted but important policy change that should help reduce property vacancies and stabilize home values and neighborhoods,” says FHFA Director Melvin L. Watt. “It expands the number of potential buyers of REO properties and is consistent with the enterprises’ practice of requiring fair-market value for those properties.”
The new policy applies only to buyers’ former primary residence. Second homes and investor properties are not eligible. 

Sunday, November 23, 2014

A More Efficient Home This Thanksgiving

Keep these tips in mind to keep energy costs down while entertaining.
MXM for HouseLogic
Before:
  • Install dimmer switches. Every time you dim a bulb’s brightness by 10 percent, you’ll double its lifespan.
  • Plan side dishes that can cook simultaneously with the turkey. If you cook dishes at the same temperature at the same time, you’ll reduce the amount of time the oven has to be running.
During cook-time:
  • The oven will keep your home cozy, so you can lower your house thermostat a few degrees.
  • If you use your oven’s convection feature, you'll reduce the required temperature and cooking time and cut your energy use by about 20 percent.
  • Use microwaves and slow cookers whenever possible, as they both use less energy than ovens overall.
After the meal:
  • Scrape plates instead of rinsing. Then, use your dishwasher (on the air-dry setting) on whatever dishes you can, as it saves both energy and water.
  • Compost your non-meat food waste.

Source: "9 Ways to Avoid Gobbling Up Energy on Thanksgiving," HouseLogic (Nov. 12, 2012)

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