Camping in the Brooklyn Wilds

Finding a good campground isn’t really one of the first things you think about when it comes to New York City, but that might just change. Floyd Bennett Field, an old airport on the edge of Brooklyn, is set to become the largest urban campground in the United States. The location, which is owned by the National Parks Service, is currently home to five campsites, but the new plan would create an additional 600.

Home Sales Slip Slightly

The National Association of Realtors reports that existing home sales fell 3.8% to 4.81 million units in May, that’s from a downwardly revised 5 million units in April.
* Sales were down 15.3% from a year ago. The median home price $166,500, that is down 4.6% year-over-year -- largely due to distressed sales.
* Distressed Sales sales made up 31% of the market in May, down from 37% in April.
* Inventories fell 1% to 3.72 million units representing a 9.3 month supply.
* All cash transactions grew to 30% of the market. while first-time home buyers dropped to 35% of the market.
* Single families sales fell 3.2%.
* Condos, down 8.1%.

According to Housingviews.com, the report came in about as expected, to help reduce market fears that the housing sector recovery has reversed course.

TopRank?

Just beginning to get the hang of Twittering. Pleasantly surprised to get a plug today from none other than the TopRankMarketing.com Daily. Don't forget to check out our Twitter feed in the right hand column and give us a follow.
BTW, those pesky Iranian fans seem to have faded away. Wonder if they could have been using this blog as cover to catch up on the world via Twitter. The latest number 3 is Ukraine. Oh well...

5 Tips for First Time Buyers

Major changes in mortgage lending and housing markets have created a new world for first-time homebuyers.
Sure, much of the traditional advice still applies. But today's buyers need to get savvy about certain dynamics that are new on the homebuying scene. Here are five fresh tips to get first-timers off on the right track to homeownership from Bankrate.com.

Global Warming and Those Wildfires

The National Wildlife Federation reports that this spring, in a region marked by exceptional drought (see map), preventing and controlling wildfires has been a losing battle.

Arizonans are currently fighting a raging wildfire that has scorched more than 480 square miles of the state and sent smoke all the way to Iowa. Residents have been evacuated, flights have been diverted on account of heavy smoke, and air quality alerts have been issued

In Texas, more than 400 homes have burned across the state amid severe drought and high winds since November.
Twenty-seven wildfires were reported in a single four day period last month in New Mexico.

The National Climatic Data Center reports that wildfire activity “scorched more than twice the area of any April this century.”
These numbers are scary on their own, but they are even more alarming if taken as a harbinger of things to come. While many are attributing this year’s fire season to La Niña, scientists warn that the trend of larger and more severe fires will only get worse as a result of climate change.

While it is not possible to attribute a single weather event to climate change, recent events have many drawing a link between climate change and the surge in droughts, floods, heat waves and other extreme weather events.

Market Trends in LIttle Falls

According to Trulia.com, the median sales price for homes in Little Falls NJ for Mar 11 to May 11 was $290,000. This represents an increase of 6.4%, or $17,500, compared to the prior quarter and a decrease of 12.8% compared to the prior year. Sales prices have depreciated 22.7% over the last 5 years in Little Falls. The average listing price for Little Falls homes for sale on Trulia was $374,742 for the week ending Jun 08.

Looking for a Fixer-Upper?

Analyzing an Analytic

I've become increasingly fascinated by the Google Analytics for this blog. It's a great way to see what stories are of current interest to the most viewers (above).
Take a look at the geographical breakdown below. While the numbers vary quite a bit from day to day, the top three sources have stayed the same for the past few weeks. I can sort of understand why Germany would be following many of my environmental posts. But number 3 baffles me. Can anyone explain this?

Apple's Planned HQ 2.0

Just a day after taking to the stage to unveil iOS 5, the iCloud and Mac OS X Lion, Steve Jobs appeared in front of Cupertino City Council officials to present his stunning plans for the new Apple HQ.

The company's vision is to have 12,000 employees all housed in a circular "spaceship" building which contains glass without any straight edges. There will also be an apricot orchard to partially replicate the original look of the site with double the trees than when HP owned the land. Jobs told the Council that Apple hopes to break ground next year and move in 2015.

The High LIne Doubles Up

Today is the official first full day that the newest section of the NY HIgh Line is open. The new section doubles the length of the public park. After years of planning and construction, the High Line is now one mile long, connecting the Meatpacking District, Chelsea, and Hell's Kitchen. (click on photos to enlarge)

Foreclosing on Bank of America

A homeowner and her attorney showed up at Bank of America with movers and deputies in tow, ready to seize the bank's property! They were foreclosing on the bank for not paying court ordered fees, this after Bank of America made a mistake and tried to foreclose on a property they bought with cash.

A story about homeowners turning the tables on the bank spread like wildfire all over the Internet. Major news websites picked up the story, then it was posted and re-posted on hundreds of websites, blogs, Twitter accounts, and Facebook pages. Thousands leaving comments.

The Judge said the bank wrongfully tried to foreclose on the Nyergers' house.
"They've ignored our calls, ignored our letters, legally this is the next step to get my clients compensated, " attorney Todd Allen told CBS. Sheriff's deputies, movers, and the Nyergers' attorney went to the bank and foreclosed on it. The attorney gave instructions to to remove desks, computers, copiers, filing cabinets and any cash in the teller's drawers.

After about an hour of being locked out of the bank, the bank manager handed the attorney a check for the legal fees.
"As a foreclosure defense attorney this is sweet justice" says Allen.

Land Generator Chosen for Fresh Kills

Staten Island’s Freshkills Park has just been chosen as the site for the 2012 Land Art Generator Initiative, an exciting competition that will create a stunning piece of public art that will produce clean energy to power New York City homes. Jessica Dailey reports at inhabitat.com that NYC is already planning to use land in Freshkills Park to build wind or solar fields, so it’s no surprise that the park’s expansive landscape was seen as the perfect empty canvas for LAGI.

The New York City Parks Department has partnered with LAGI to host the competition. Officials say that the guidelines will be similar to the 2010 competition, which used three sites in the United Arab Emirates. The goal of the initiative is to change the way we think about what green energy generation looks like, while expanding public awareness about the potential for a renewable energy future through art. Solar fields and wind farms can be unsightly, so first and foremost, LAGI will consider aesthetics. Hundreds of designers from more than 40 countries submitted proposals.

Feeding the Hungry Through Public Parks

What if our public parks produced food for those who need it? With harvests donated to homeless charities, Sami Grover writes in Treehugger.com that the idea has been applied with great success in Denver and elsewhere:

It's always seemed strange to me that most parks grow only ornamental flowers and shrubs. Sure, it's nice to have pretty flowers around, but what if our parks also produced food for those who need it? From sharing gardens in Oregon to community nut tree plantings, we have indeed seen some moves to turn shared land into a productive food producing resource. Now a group of Colorado residents are aiming to utilize multiple city parks to produce 1,500 pounds of produce to help feed the homeless.

The gardens are maintained by neighborhood groups, churches and non-profits, and the produce that is harvested will be donated at the end of the season to homeless charities and shelters.

Rates Drop Near Record Lows

Since Thursday, we have had significant market improvement and rates are close to the record lows we saw last November.

30 Year Fixed 4.37%
20 Year Fixed 4.25%
15 Year Fixed 3.87%
5 Year ARM 2.87%
7 Year ARM 3.37%

FHA 30 Year Fixed 4.25%
FHA 5 Year ARM 3.25%

Arnold's Pad -- Yours for 23M

There are many ways to market a hot listing. It was described this way at Trulia.com:

The Ultimate California Lifestyle! An Equestrian compound adjacent to Will Rogers State Park on approx 2.5 acres mostly level. A Completely remodeled seven bedroom estate with a grand master suite and gracious entertainment rooms plus guest house. Other amenities include championship N/S tennis court, pool and spa, huge lawn where you can set up horse jumps or play soccer, duck pond, multiple animal corrals, natural year-round stream. Totally private and secluded...

Curbed .com had bigger pix and was less circumspect with such comments as :"Was this the site of the fateful betrayal?"

April Home Sales Reach 4 Month High

New U.S. single-family home sales rose unexpectedly in April to notch their second straight month of gains and prices increased, according to a government report on Tuesday that offered some hope for the stagnant housing market.

The Commerce Department said sales increased 7.3 percent to a seasonally adjusted 323,000 unit annual rate, the highest level since December, from a slightly upwardly revised 301,000-unit pace in March. Economists polled by Reuters had forecast new home sales unchanged at a previously reported 300,000-unit rate. All four regions recorded gains in sales, with the West reporting a 15.1 percent rise.

However, compared to April last year sales were down 23.1 percent.

New Window on Presby in Bloom

It's almost full bloom time in Montclair's best known gardens. The Essex County Presby Memorial Iris Gardens was established in 1927 to honor Frank H. Presby of Montclair, a leading horticulturalist and a founder of The American Iris Society. This living museum, listed on the State and National Registers of Historic Sites, offers a spectacular display of thousands of iris varieties to visitors from all over the world.

Along with special event info, a great new addition to the informative Presby website is their live webcam. Scroll town to the bottom of the home page and click on a live streaming stop motion overview of the garden that continually displays the blooming irises as well as the flow of visitors around the garden.

Rates Drop for 5th Week In Row

Inman News reported that mortgage rates are down from 4.68 percent last week and 4.84 percent a year ago. There are many local and personal factors that can drop this even lower. Our Zillow calculator (at right) is showing an even lower 4.42%. Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 4.17 percent during the week ending Nov. 11, 2010, before climbing to a 2011 high of 5.05 percent in February.

Getting Pre-approved

The first step in the homebuying process.

The View From the Space Station

Triggerpit.com has compiled a truly awesome selection of the" best of the best" views of the Space Ship Earth from the International Space Station -- courtesy of NASA.

How to Get a Mortgage after a Foreclosure or Short Sale

The guidelines for new mortgages are changing. Everything we take for granted about home loans (and being a home owner) is being debated now in Washington D.C.

Its clear that required mortgage down payments will increase along with other key elements that many of us have taken for granted. For example, there is growing support to eliminate the mortgage interest tax deduction. There are also political rumblings behind getting rid of the ‘As American As Apple Pie’ 30 year mortgage and replacing it with a 15 or 20 year term.

The Real Estate Insider News is reporting that a new approved guideline, the new QRM (Qualified Residential Mortgage) rules will be in full effect April 2012. (Its widely believed that the QRM rules will force minium down payments to increase to 20%). As Fannie and Freddie are ‘scaled down’ and their continued roles in the mortgage markets are in flux expect lots of heated debate about mortgage requirements. Stay tuned and be vigilant.
The question remains, given today’s guidelines what are the absolute bare-minimums to obtain a mortgage?
….and perhaps more interesting…how to obtain a mortgage immediately after a Short Sale. The answer is still the ever popular FHA. Here are the main requirements:

1) 3.5 percent down payment, based on the purchase price of the home (e.g., $7,000 on a $200,000 home), or a gift of that same amount;
2) 3 percent to 6 percent of the purchase price, on top of the down payment, for closing costs, or a credit from the seller of the same amount; and
3) 640 FICO credit score —
Lenders will want you to document income, asset and job history documentation, current paycheck stubs, two months’ bank statements and two years of W-2 forms or tax returns, and:
a minimum of two years have passed since the discharge of a bankruptcy;
a minimum of three years have passed since a foreclosure;
anywhere from zero to three years have passed since a short sale, depending on the circumstances surrounding the short sale.

Sunday Open Houses

Despite the showery weather, we're expecting big turnouts at our office's 16 open houses in North Jersey.
My open house is the lowest priced of the lot by far. 149k for a partially renovated cape.
I'll be at 28 Dietrichs in Little Ferry from 1 to 4.More about this and our other open houses can be seen here.

http://geoffgove.wwmediaagent.com/
Geoff Gove 917-370-6400
Century 21 Van Der Wende

It's Official- Cell Phones are Killing Bees | Inhabitat

The signals cause the bees to become lost and disoriented. The impact has already been felt the world over, as the population of bees in the U.S. and the U.K. has decreased by almost half in the last thirty years – which coincides with the popularization and acceptance of cell phones as a personal device.

Read more: It's Official- Cell Phones are Killing Bees | Inhabitat - Green Design Will Save the World It's Official- Cell Phones are Killing Bees | Inhabitat

Foreclosures Up in NY/NJ Area while Dropping in Most of US

DS News is reporting that the latest data from RealtyTrac shows foreclosure activity in the U.S. has fallen to its lowest level in 40 months. Filings were reported on 219,258 properties in April, down 34 percent from a year earlier. RealtyTrac says these figures don’t necessarily mean we’ve turned the corner since the slowdown can be traced to delays in processing. The curb in activity wasn’t entirely widespread. Foreclosures hit a new record high in Nevada, while defaults spiked in Massachusetts and New Jersey.

The foreclosure process is taking much longer in some states. The average timeframe from initial default notice to REO in New Jersey and New York was over 900 days in the first quarter of 2011, more than three times the average timeline in the first quarter of 2007 for both states.

Bin-Ladin Fixer-Upper for Sale in Florida

For sale: Large, abandoned Mediterranean-style home with 5 bedrooms, 5 bathrooms. $1,999,000.

Location:: Just 30 minutes north of DisneyWorld

Notable history: Once owned by Khalil bin Laden, brother of the world’s once most-wanted man, Osama bin Laden. Abandoned after the family fled the U.S. immediately after 9/11, the home sold in 2006, at the height of the Florida real estate boom, for $4,043,800. However, the new owner went bankrupt and was sentenced to prison for fraud.The mansion was then foreclosed on in 2007 and re-listed for sale in 2009.

Unfortunately, the bin Laden home needs a major facelift. The home was marred by vandalism, including broken windows, and other “damages including a safe thrown down a stairway and bullet holes in the walls.” While there has been some interest in the home, real estate agent Autumn Norris-Maker told NBC News that finding financing for a home this run down has always been a sticking point.

More details at Zillow.com

Live Where You Work?

The Live Where You Work program is a home mortgage incentive program that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed. The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. This, in turn, will reduce the need for cars and increase the use of alternative transportation such as walking, biking and public transit.

If you would like to buy a house in the town where you currently work, then LWYW might be right for you. Employees benefit from attractive mortgage rates, more flexible loan application review and underwriting criteria, and reduced commuting times to work. Municipalities benefit from having a committed workforce living nearby, and the activity and economic vibrancy that comes with people living near where they work.

Eligible Properties: Properties must be located in a participating Live Where You Work municipality. Eligible properties include one-family units, including condominiums, (new and existing), and existing 2 to 4-family unit properties that are more than 5 years old. Some Live Where You Work municipalities include *Urban Target Areas (UTA). In Urban Target Areas eligible properties can also include new two-unit residential dwellings. Properties must be located in State designated Smart Growth locations.

(*) To determine if your proposed house is within an Urban Target Area (UTA), visit the Smart Growth Locator at www.njlocator.gov, follow the instructions and look up UTAs by using the UTA list.

Further details are available on their Fact Sheet or call 1-800-NJ-HOUSE.

Municipalities Currently Participating in the LWYW Program include
• Atlantic City • Jersey City • Paterson • Bayonne • Keyport • Plainfield • Belmar • Morristown • Rahway • Carteret • Neptune • Trenton • Cherry Hill • Newark • Washington Twp • Edgewater Park • New Brunswick • Woodbridge • Elizabeth • Old Bridge • Orange • Passaic

(*) Urban Target Areas (UTA) are based upon census data. To find out if an address is located in a UTA, you will need to identify the census tract within which the address is located. Email me if you would like to be updated on any changes to the above list as a result of the 2010 Census or changes to the Spart Growth parameters.

Un-Natural Selection -- How We Affect the Evolution of Other Species

Most of us understand the basic mechanism of natural selection: Those creatures that can adapt best to their changing environment survive to reproduce, and those individuals that can't die out.
It turns out that we've become our own unforgiving environment especially in the past century. While animal breeding may be the most pro-active example of man's conscious attempts to speed up the evolutionary proces, there are countless other examples of unnatural selection. From elephant tusks to resistant bacteria, this month's New Scientist lays out a long list showing how we've inadvertently changed the nature of the Flora and Fauna that surround us,

Millions of years ago, the natural environment was shaping us into the species we are now. Today, we create our own environments, which has its consequences for many other species. And we have no one to blame but ourselves.

Star Trek used to emphasize the premise that their planetary explorers should do nothing that would change the natural order of things wherever they landed. What would Captain Kirk say today?

Famous, Fabulous and Homeless?

How does Nicolas Cage get behind on his mortgage payments? The same way other rich and famous people do. Catch up on Nick's current woes as well as those of other celebrities from bankrate.com.

Prospects for Double Dipping in Housing Market

Housing is feeling awfully double dippy. S&P/Case-Shiller home-price data out Tuesday showed a 3.3% year-over-year drop in February, while the index's measure of 20 metropolitan areas was just a hair above the crisis low seen in April 2009. For banks, the renewed downturn is likely to mean some pain, although not necessarily a crushing blow. That is largely due to the jobs picture. Today's unemployment rate of 8.8% is almost exactly where it was in early 2009. But back then joblessness was rising. Now, it is falling. If that trend holds, and if renewed price falls don't near the 10% level, banks probably won't see a serious increase in delinquencies. Even underwater homeowners are less likely to default if they remain employed.

And one possible silver lining in the Case-Shiller data was that the size of month-to-month declines has been slowing of late.

Notable Facts for Earth Day

The Department of Interior reminds us that the greatest shallow-water offshore wind energy potential in the U.S. — which is 1,000 gigawatts of electricity, or one quarter of national demand — lies off the Atlantic Coast.

Through energy efficiency measures, the U.S. has the potential to reduce annual non-transportation energy consumption by roughly 23% by 2020 — the equivalent of taking the entire U.S. fleet of passenger vehicles and light trucks off the roads.

Supersizing Solar in NJ

New Jersey may not exactly be the sunniest state as far as solar compatibility is concerned, but it continues to be one of the most supportive for solar subsidies and innovative installations. Now it can also claim the title of the largest single installation in the U.S. Avidan Management, one of the state's largest commercial Realty companies has just formally commissioned the giant array on the rooftop of it's Edison complex.

Peak Season for Best of Green

The Grammy and Oscar winners for this year are history, but you can still go on TreeHugger's website and check out both nominees and winners in just about every Green category you can imagine. What is the greenest computer, the most helpful smart phone app, the coolest concept gadget, the best sci-tech blog? Who is the greatest green geek to follow on Twitter? Included are TreeHugger results from readers polls in such categories as Green Celebrity and Musical Group.

Then, head on over to Planet Green, where you can rate the winners in each category in their View and Vote slideshow polls, open through April 22. Once the picks are in for the highest rated organization, person, product, or idea in each category, they'll have a final vote:for the best in show of Best of Green.

Freddie-Mac Expects Housing Market to Spring Forward

Our number one backer of residential home mortgages has just released it's forecast for the spring Real Estate Market. We've picked out some major highlights:
Unemployment declined for the fourth straight month to 8.8 percent, and net employment sprung up by 216,000, the largest monthly job gain since last May and a hopeful signal that the labor market was warming up. On a March-over-March basis, employment was up by 1.3 million…Driven by low mortgage rates and home prices well below peaks, homebuyer affordability is at the highest level in at least forty years, according to the National Association of Realtors®. Indeed, sales contract signings for existing homes were up in February, positioning the market for a bounce up in settlements during the second quarter, the traditional time for the seasonal upswing in sales…..Look for home sales to be up about 5 percent in 2011 compared with 2010, on a calendar year basis…. short-term rates will remain low and supportive of household borrowing. The coupon difference between 30-year and 15-year fixed-rate mortgages has gradually widened to about three-quarters of a percentage point….The rental market should continue to have gradually warmer market conditions as well, with rents continuing to pickup and vacancies dipping.

If Solar Energy Got the Same Subsidies as Fossil Fuels...

The Energy Establishment contends that renewable energy sources like solar power and wind are decades from being viable alternatives to fossil fuels. A pro-solar group One Block Off the Grid disagrees. To challenge this longstanding myth advanced by opponents of subsidies for renewable energy, the pro-solar group put together the Infographic at right.

Germany, for example, only receives 2.6% of the sunlight as the US does, but still manages to produce 60 times as much solar power. How do they do it? According to Triple Pundit, it was done through a  government-introduced mechanism called a feed-in tariff (FIT) that was first initiated twenty years ago. The tariff requires utilities to connect renewable energy generators to the grid and buy the electricity produced at a rate of 65 to 90% of the retail cost. Other countries have now replicated this model.

Meanwhile, the GOP has proposed massive new cuts for renewable energy subsidies.

Paint Your Home and Get Your Mortgage Paid -- For Free!

Homeowners having trouble keeping up with their payments may have a new option available to them. Along with loan modifications, short sales, and going cold turkey by defaulting with their lender, they can now opt to get a free paint job -- and turn their house into a billboard. Adzookie, is an innovative mobile advertising company known for its direct advertising on smartphones. They sum up their tempting offer on their website:

Adzookie will pay the home-owner’s mortgage for at least three months with an option to extend up to a year. If the contract is canceled by Adzookie or the home-owner during the contract period, they will paint the house back to its original colors.

The other likelihood is that their town's Zoning Board will step in with new restrictions -- if there is nothing currently spelled out in their codes. For those on busy streets, this could be an effective, if temporary, win-win. For those on quieter streets, this could make them busy(and unpopular with their neighbors) if they're the first to take the dare and jump in. Some neighbors may actually prefer it to some other options.

Be warned that Adzookie is not a huge company and has already gotten thousands of requests within a week of it's announcement. It is planning to pick 10 to get the ball rolling this spring. CEO, Romeo Mendoza, is now looking for other advertisers to sign on so it might help as many as 100 homeowners this spring.

Realtors® Urge Congress to Approach GSE Reform Slowly

Washington, DC, The National Association of REALTORS® is urging Congress to move cautiously when reforming government-sponsored enterprises Fannie Mae and Freddie Mac.

Reforming America’s housing finance market can only be achieved through a forward-looking, comprehensive approach that supports the housing and economic recoveries, said NAR President Ron Phipps in testimony before the House Subcommittee on Capital Markets today. “As the leading advocate for home ownership, NAR strongly agrees that the existing system failed and that reforms are needed; however, redesigning a viable secondary mortgage model that will protect taxpayer dollars and serve the country’s home owners today, and in the future, can only be achieved through a methodical, measured effort,” said Phipps, broker-president of Phipps Realty in Warwick, R.I.

NAR is concerned that without a comprehensive plan for reforming the secondary mortgage market, proposed legislation to quickly constrain Fannie Mae and Freddie Mac before an adequate replacement secondary mortgage market mechanism is established will further disrupt the still fragile housing market recovery.

“REALTORS® agree that increasing private capital in the mortgage finance market is necessary for a healthy market and for reducing the government’s involvement; however, proposed legislation that relies only on private capital to operate the secondary mortgage market will slow, if not stop, the housing and economic recovery,” he said.

Phipps testified that the pendulum on mortgage credit has already swung too far in the wrong direction and is hurting consumers and the economy. He added that quick decisions aimed at punishing certain market players will only punish the taxpayers by constraining their ability to access affordable mortgage financing, and that making it harder for those who can afford a safe mortgage does not further the goals of the recovery.

“Home ownership is a pillar of our economy. NAR research shows for every two homes sold, a job is created, providing needed revenue to both our state and local economies. This must be considered when debating the future of federal housing policies,” said Phipps.

Banks Increasing Incentives to Encourage Short Sales

A year ago, the big news was the government's $8,000 buyer incentive to jump start the housing market. Last summer, Wachovia(now Wells Fargo) began extending cash incentives to homeowners willing to sell their homes as a short sale, rather than going through foreclosure. Borrowers who have found themselves upside down on their Wachovia mortgage could receive 1% of the purchase price (minimum of $2,500) when they sell their home as a short sale. The borrowers get their cash incentive after the successful sale.

More recently, Chase is reported to have raised their ante to as much as $30,000 for higher valued homes. With the Bank's approval borrowers in a short sale sell their property of less than they currently owe in home loans. The lender forgives a portion of the mortgage in order to allow the seller to sell the property.

In the past short sales have been given a bad reputation, often taking longer than a traditional sale, often nine months or longer to obtain the necessary approval of the lender. Many homeowners are intimidated by the whole process and let their home go to foreclosure. They may lose out on a short sale that could in fact be a better choice in the long run.

Banks know that underwater owners are more likely to do a strategic default. Lenders would rather lessen their losses by proactively offering pre-approved short sales to their underwater owners than have the homes go through a foreclosure. Recent studies have proven that the cost of a foreclosure is significantly more than a short sale. Lenders have recently figured out that a short sale ends up saving them money and is in fact quicker than a foreclosure. Wachovia and Chase have set themselves apart from other lenders by turning foreclosures into short sales instead of the other way around. It creates a win-win situation for the homeowner and their Lender.

More info on Short Sales here.

MIT Scientists Create Artificial Solar Leaf That Can Power Homes

An April fools prank? Not likely, since this was published in Inhabitat.com on March 28th. Scientist Dr. David Nocera has perfected a low-cost, artificial leaf-like device, that like a real leaf, mimics the process of photosynthesis. Nocera announced the creation of a miniature solar cell at the National Meeting of the American Chemical Society last week. Nocera hopes to use his “leaf” to help make individual homes capable of becoming their own self-sufficient power stations.

Nocera’s “leaf” is ready for commercial production and distribution. Hopefully one day soon, each home will find it as common as a hot water heater!

Looking for a Cause -- updated

(I ran this piece over 5 years ago. Good to know they're still going strong!)Bloomfield,NJ: The New Jersey Conservation Foundation has preserved over 100,000 acres of land throughout the state to protect our state’s precious natural resources and beautiful natural areas. NJCF’s land protection program focuses on select project areas and greenways that have been identified as critical to our future. From the Highlands to the Pine Barrens to the Delaware Bayshore, NJCF has protected farms, forests, wetlands and urban and suburban parks.
Through acquisition and stewardship, NJCF protects strategic lands; promotes strong land use policies; and forges partnerships to achieve conservation goals. Since 1960, NJCF has protected tens of thousands of acres of open space. For more information, call 1-888-LAND-SAVE, or visit njconservation.org

How a Loan Modification or Short Sale Affects Your credit score?

Bloomfield, NJ – Your credit score will be affected by late mortgage payments and a short sale. However, there are 2 things that are considered horrible on your credit report. Foreclosure and bankruptcy.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, and other factors that the credit bureaus don’t like to share.) The way that they write the algorithm, a foreclosure will keep on pushing your score down for the next 2 years! A foreclosure can also stay on a credit report for 7 years.

Short sales are different from a foreclosure. Short sales and loan modifications by themselves do not hurt a credit score (depending on how they are reported.) It is the missed payments that ding your credit report. How a short sale is coded/reported to the credit reporting bureau does make a difference in the affect it has on your score. It could be reported as a charge-off, a 120 day late payment, or a settled account.

Any of these are dings on the credit report, averaging 100 points. Here is the good news. The way they do the algorithm, it will damage your score for a shorter length of time than the 2 years a foreclosure does.

How a short sale is reported to the credit bureaus is something that can be negotiated as part of the process of the sales negotiations. Good negotiators can have a positive impact here. But, in the end, the credit score should not be the first thing to consider when facing the decision to short sale a home. You need to look at what is best for your family financially. The credit score is secondary to that.

Get advice from a trusted source, and then make an informed decision.

February Existing Home Sales Decline following Sustained Gains

Washington – Existing-home sales fell in February following three straight monthly increases, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from an upwardly revised 5.40 million in January, and are 2.8 percent below the 5.02 million pace in February 2010.

Lawrence Yun NAR chief economist, expects an uneven recovery. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers,” he said. “This tug and pull is causing a gradual but uneven recovery. Existing-home sales remain 26.4 percent above the cyclical low last July.”

A parallel NAR practitioner survey2 shows first-time buyers purchased 34 percent of homes in February, up from 29 percent in January; they were 42 percent in February 2010.

All-cash sales were a record 33 percent in February, up from 32 percent in January; they were 27 percent in February 2010. Investors accounted for 19 percent of sales activity in February, down from 23 percent in January; they were 19 percent in February 2010. The balance of sales were to repeat buyers.

The national median existing-home price3 for all housing types was $156,100 in February, which is 5.2 percent below February 2010. Distressed homes – sold at discount – accounted for a 39 percent market share in February, up from 37 percent in January and 35 percent in February 2010. “The decline in price corresponds to the record level of all-cash purchases where buyers – largely investors – are snapping up homes at bargain prices,” Yun explained. “We’d be seeing greater numbers of traditional home buyers if mortgage credit conditions return to normal.”

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers should look into loan availability as soon as they decide they want to buy. “Despite very affordable mortgage interest rates, credit remains a challenge – buyers should check their personal credit, and mortgage availability in their area,” he said.

Real Estate Do's and Don'ts

As spring approaches, HGTV's FrontDoor.com is a great resource for anyone wanting to get up to speed in the Real Estate market. They've recently asked some of today's top real estate experts to compile a list of moves to make and mistakes to avoid when buying or selling a home.
Along with their brief but informative video clips, you'll find links dealing with every aspect of home ownership and a search engine for recent MLS listings anywhere in the U.S.

TownStats: Your Window on Local Government

Bloomfield, NJ: March 1 will see the official unveiling of TownStats is the website of the New Jersey Municipal Budget Website Project and was created by The Independent Center, Inc., a non-partisan public policy group dedicated to increasing citizen participation in government, improving public access to government information, and making elections fairer and more democratic. The site was developed in consultation with high-level state and municipal government officials and academics.

The New Jersey Municipal Budget Project was conceived by Tom Byrne and Chris Daggett, co-chairs of the Property Tax and Cost-Cutting Task Force of the Citizens` Campaign: Jersey Call to Service. They were frustrated by the fact that municipal budgets, employee salary data and other critical municipal government information was not readily available to citizens, public officials, community activists, journalists and academics. With a new spending cap in place and state aid likely to be frozen, municipal officials and citizens looking for places to regionalize, share services or find savings needed to be able to compare their towns to towns of similar size and demographics to be able to assess where their spending is high or low and where they can be more efficient.

We did a trial run by running a comparison with Bloomfield, Nutley and Montclair.(click on table to enlarge). It may be a typo, but we're fairly certain that the average residential property value in Bloomfield is at least twice the 140K figure shown. We hope the other stats turn out to be more accurate.

EPA Proves that Where You Live Matters More then How You Live

Smart Growth advocates have long claimed that where you live matters more for energy consumption than what you live in.

Now the Environmental Protection Agency (EPA) confirms it in a new study published on treehugger.com.

The paper finds that a home's location and access to transit -- in other words, its location efficiency -- are as important to reducing energy use as are energy-efficiency measures in homes and cars.
The study also confirms the importance of housing type- that the single family home is an energy hog compared to row housing or multi-family housing.(click on chart to enlarge)


This study illustrates two key points about the effect of compact, location efficient development on energy consumption:
1. A home's location relative to transportation choices has a large impact on energy consumption. People who live in a more compact, transit-accessible area have more housing and transportation choices compared to those who live in spread-out developments where few or no transportation options exist besides driving. Choosing to live in an area with transportation options not only reduces energy consumption, it also can result in significant savings on home energy and transportation costs.

2. Housing type is also a very significant determinant of energy consumption. Fairly substantial differences are seen in detached versus attached homes, but the most striking difference is the variation in energy use between single-family detached homes and multifamily homes, due to the inherent efficiencies from more compact size and shared walls among units. Moderate energy-efficient building technologies, such as those qualifying for Energy Star performance, also generate household energy savings that are notable but not as significant as the housing location and type.

If You Bought at the Peak of the Market, A Short Sale May Be the Best Option

South Orange, NJ – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.) Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.

It just seems like these homeowners are getting an unfair deal all around. Should homeowners dump their homes in favor of a lower priced home? Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic. Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.

Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars. Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?

If they are already upside down by 50%, then it still may make financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years. That is still much less than $500,000. In addition, they will save even more on interest payments. I'm not recommending this. I just want to lay out the benefits and leave the decision up to them. Much more on this subject can be found on my short sale blog.

Thinking about a short sale? Discover how other sellers successfully avoided foreclosure by completing a short sale by clicking here.

Thinking about a loan modification? Our Essex County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

That One Upside To A Discouraging Housing Market.

If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.

But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price.

In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable prices. Homes that were selling for $400,000 are now selling for $225,000. No longer is homeownership in those areas only reserved for the higher income people. Today the “average Joe” can afford to own a nice home. So at least someone is benefitting from the housing crisis.

Where does that leave homeowners stuck with an upside down home? We will detail their options in our next post.

New Online System for Tax Appeals

Property taxes are expensive, and with the fall in housing prices across the nation, your taxes are more likely than ever to have been assessed unfairly in relation to other homes in your area. That can add up to hundreds and thousands of dollars in overpayment each year–and the problem is, most people won't see a refund unless they speak up. Filing an appeal with your local tax authority used to be an opaque, expensive and time-consuming process–until now.

THE SOLUTION: VALUEAPPEAL
ValueAppeal saves property owners thousands by evaluating their property taxes and then guiding them through a simple 3-step process to create a custom appeal. Their guarantee states that they will refund their $99.00 fee if you lose your appeal.

Where We're Moving

More than 10 million Americans moved from one county to another during 2008. Forbes.com has published a map that helps visualize those moves. Once you open this link, you can click on any county to see comings and goings: black lines indicate net inward movement, red lines net outward movement.
Source: Internal Revenue Service data. The IRS only reports inter-county moves for more than 10 people, so some moves are not shown on this map.

Mortgage Rates Reach 10-month High

As we predicted lasst November when mortgage interest rates bottomed out, rates have continued a steady upswing with few signs of pulling back.
Rates began to climb last week and continued higher in the current period, according to Peter Thompson, a senior loan officer at Prospect Mortgage in Naperville, Ill.

"Rates were in a flat range, where they were pretty much sideways for over a month, and now it has broken out and is going in a higher direction," he says.

The benchmark 30-year fixed-rate mortgage rose 21 basis points this week, to 5.23 percent, according to the Bankrate.com national survey of large lenders.

5 Ways to Cut Your Electric Bill

Cutting back on your energy usage is one of the best ways to bring down your electricity bill. Making simple changes to not just your wattage consumption but the way your home retains and expels air can dramatically transform the way you experience your spaces and use electricity? Inhabitat.com invited Sustainable pioneer David Johnston to share his tips on how we can better green our homes. Johnston is a green visionary and who focuses on easy changes you can make with your appliances, air exchange, insulation and even windows that will pave the way to dramatic savings. Undoubtedly an expert on all things energy, David shares his over 30 years of experience and gives us a snapshot of some of the best ways we can reduce our energy consumption by up to 50%!

Home Ownership More Affordable in Most of U.S. Yet Most Still Prefer Renting

Trulia.com, a top site for homebuyers, sellers and renters, today released its latest Rent vs. Buy Index which found that it is more affordable to buy than to rent a two-bedroom home[1] in 72 percent of America’s 50 largest cities[2]. Meanwhile, a nation of renters has emerged as more Americans rent by choice or due to unforeseen financial difficulties. In contrast to this nationwide trend, renting is only less expensive than buying in four of the cities included in this study – namely New York, Seattle, Kansas City and San Francisco. The remaining 10 cities are locations where buying may still be a financially sound long-term decision despite the relative affordability of renting.

“Since the start of the ‘Great Recession,’ many former homeowners have flooded the rental market. Following the principles of supply and demand, renting has become relatively more expensive than buying in most markets,” said Pete Flint, CEO and co-founder of Trulia. “Though necessary for achieving true economic recovery, stricter bank lending practices have also further aggravated the struggling housing market in the short term. Even highly-qualified homebuyers face intense scrutiny on their income, savings, existing debt and credit history before they can get a mortgage loan.”