More Financing Options Needed to Stem Foreclosures

The housing market could face an onslaught of new foreclosures if policy makers and industry professionals fail to develop more financing options that keep real estate investors active in the market, Amherst Securities Group said in a report yesterday. The
problem is twofold, according to the analyst group. On one hand,
the market needs to stifle a growing supply of distressed
properties by implementing solutions — including principal
write downs — that will save homes from distressed inventory
pools. The second step is ensuring the market has multiple
financing options available to investors who want to buy up the
existing streams of distressed and existing real estate. "Rental
yields are high enough to entice some amount of private capital,
but financing for investor properties would certainly attract
more capital and cushion further home price declines," the agency
said in its Amherst Mortgage Insight report.

Amherst Securities believes 10.4 million homes are still at risk
of going into default after analyzing the number of loans that
are currently classified as non-performing, previously delinquent
and underwater. The tightening of underwriting guidelines also
is making it more difficult for investors and homebuyers to get
into the market to extract the access inventory.

Growing Evidence of Connecticut Cougar Migration

The cougar, also known as puma, mountain lion, mountain cat, catamount or panther, depending on the region, is a mammal native to the Americas. This large, solitary cat has the greatest range of any large wild terrestrial mammal in the Western Hemisphere, extending from Yukon in Canada to the southern Andes. An adaptable species, the cougar is found in every major American habitat type. Although large, the cougar is closer genetically to the domestic cat than to true lions.

Numerous reports of sightings of the animal in suburban Connecticut, had beed dismissed by conservation officers as unlikely, since the species had long since been thought to be extinct in the eastern U.S. On June 11, the rumors were confirmed with news of the lions demise -- hit by a car on a highway near Greenwich. Treehugger.com just reported that DNA tests matched those of his nearest relatives from South Dakpta suggesting that the mountain lion had somehow managed to prowl through at least six states covering 1800 miles of midwestern farms, highways, and wilderness without being spotted.

New Push for Conforming Loan Limit Extension

In 2008, Congress allowed Fannie Mae, Freddie Mac and the Federal Housing Administration to guarantee or buy mortgages worth as much as $729,750 in most neighborhoods. The limits will expire Oct. 1 and drop to $600,000 or more, varying by county. (The darker areas in the map show counties that will face the biggest drops.)

Housing Wire is reporting that Mortgage Bankers Association CEO David Stevens, the former director of the FHA, said he would like to see the limits extended through the end of 2012.

"While we had hoped improved economic conditions could warrant a return to the loan limits established by the Housing and Economic Recovery Act of 2008, the reality is that the temporarily higher loan levels are still needed. A number of bills have been introduced that would extend these limits and we urge Congress to address this important issue," Stevens said in the letter to Rep. John Boehner (R-Ohio) and Rep. Nancy Pelosi (D-Calif.).

Rep. John Campbell (R-Calif.) and Rep. Gary Ackerman (D-N.Y.) introduced just such a bill last week, which would extend the limits for another two years.

NJ's Undiscovered Lake Escape

Like Minnesota, New Jersey is a land of many lakes, most of them private or hard to access without long hikes, Louis Morris County Park couldn't be much easier to get to. It's a mere 4 miles west of Morristown. Perhaps one of the reasons it's parking lot is never full is that the wealthy towns nearby all have private pools or town pools. Maybe it's the history of geese-induced closings(rare in recent years). We arrived as per our usual late Sunday timetable to find 3 youngsters in the roped off section of Sunrise Lake being well supervised by two lifeguards. We were swimming far enough from them to avoid the slightest ripple in the refreshing waters. A couple of paddleboats were sliding across the lake and a few fishermen could be seen on the far shore. Peace!

Foreclosure Painting More Timely Than Ever

Some real estate agents tend to regard foreclosure properties as just an "asset" that can be unloaded quickly once it becomes vacant.
"Foreclosure" should remind us that there are still people involved. As with many of gallery painter Max Ginsburg realistic paintings, this one looks like it could have been done during The Depression. An exhibition of 60 paintings dating from 1956 to the present by the New York illustrator will be on view at the Salmagundi Club at 47 Fifth Av. at 10th St. in New York City from July 18 to August 5. A major book with 150 reproductions will be published in September. The opening reception Thursday July 21 between 5:00 and 8:00pm

Countrywide and Wells Fargo Return 193M to Homeowners

Some troubled homeowners got the promise of a little relief Wednesday in the form of separate settlements with Bank of America's Countrywide Home Loans and Wells Fargo & Co. Nearly $108 million in refund checks are being mailed to homeowners allegedly overcharged by Countrywide Home Loans as part of a settlement with the Federal Trade Commission.

In an unrelated action against Wells Fargo, the Federal Reserve Board issued a cease-and-desist order and assessed an $85-million civil penalty over allegations that Wells Fargo Financial Inc. employees improperly pushed borrowers into more expensive subprime loans and exaggerated income information on mortgage applications from January 2004 to June 2008.

Last year, the Federal Trade Commission reached the settlement with Countrywide, which is now owned by Bank of America Corp., and said Wednesday that the agency was beginning to mail the checks to 450,177 defaulting homeowners from whom the company allegedly collected excessive fees.

Lead Testing Advised for All Ringwood Residents

WCBS News is reporting that lead levels in homes just outside a New Jersey superfund site have been found to be dangerously high and that has some observers demanding quick action. Photo by Chris Pedota

The sludge dumped on the site continues to surprise the people trying to clean it up — and the residents trying to live their lives nearby. Environmentalist Robert Spiegel is so alarmed he said the entire population of this rural community should be screened for contamination.

Recent soil tests show that some homes in the area have lead levels of 22 thousand parts per million in their yards. That’s 50 times what the government considers safe. The EPA said it has removed 37,000 tons of soil and debris from the site since 2004 and has no estimate how much more is left.

The New Jersey Department of Health has offered lead screening for children living here, but not for adults, few of whom have health insurance or the means to get the tests themselves. A spokesperson for department in Trenton said it’s taking the advisory panel’s recommendation under advisement.

Closing Costs Compared

Bankrate.com's exclusive survey of lenders in each state and Washington, D.C., reveals which borrowers are likely to face the highest costs and includes a detailed breakdown of fees in each state. The estimates are based on a borrower with excellent credit buying a $250,000 homeResearchers requested a good faith estimate for a $200,000 loan, assuming a 20 percent down payment and good credit.

The table below ranks the states, from most expensive closing costs to least expensive, by average closing costs charged by the lending industry for a mortgage in each state.(Click on graphic to enlarge) Your costs will be higher than shown here because the most highly variable costs are not included: taxes, other government fees and escrow fees. While New York continues to lead the nation in costs, New Jersey is inching up from 9th place to a tie for 7th.

Bankrate surveyed one city in 49 states, two cities in California -- Los Angeles and San Francisco -- and the District of Columbia. An asterisk below denotes a tie.

SBA Loans Now Available for NNJ March Flood Victims

WASHINGTON – Residents and businesses affected by the severe storms and flooding on March 10-17, in Essex, Morris and Passaic counties in Northern New Jersey can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today.

Mills made the loans available in response to a letter from New Jersey Gov. Christie on June 9, requesting a disaster declaration by the SBA. The declaration covers Essex, Morris and Passaic counties and the adjacent counties of Bergen, Hudson, Hunterdon, Somerset, Sussex, Union and Warren in New Jersey; and Orange and Rockland counties in New York.

“The SBA is strongly committed to providing the people of New Jersey with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. SBA’s customer service representatives will be on hand at the Disaster Loan Outreach Center to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications.

Those affected by the disaster may apply for disaster loans from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is August 15, 2011. The deadline to return economic injury applications is March 14, 2012.

The Debt Ceiling Debate and Real Estate

Since the United States is in a deficit position, the only way we can continue supporting our expenses is by borrowing. This is where the Debt Ceiling comes in.

If Congress does not raise the ceiling on our debts, it means only one thing ...

We will find it difficult to borrow more money by selling more Treasury Bonds because no one will trust us to pay it back.

If we cannot sell more Treasury Bonds, we won’t have enough money to cover our debts.

If we don’t have enough money to cover all our debts, we will have to ‘default’ on some of our debts.

If we default on our debt, we’re no different than you or me, who hit hard times and start paying only the interest on our credit card debt.

Because we must default on paying back our debts in full, interest rates on any new debt we manage to acquire will skyrocket. In other words, U.S. Treasuries will become junk bonds.

And junk bonds — bonds whose repayment is questionable — require high interest rates for investors to take on the risk.

When this happens, all interest rates will skyrocket. On auto loans. Credit cards. And, of course, mortgage loans.

And there goes the real estate market.
This was posted by Judy Chapman, a Chicago /Realtor, on her ActiveRain Blog.

Growing Green Jobs

Steve Lacy writes in Grist that a look at the increase in job postings for clean energy and sustainability-related jobs anecdotally suggests that the "sustainability" sector is faring better than most, according to the Wall Street Journal:

In the past two years, the number of online job postings containing the keyword "sustainability" has more than quadrupled to 8,245 in May, according to Indeed.com, which aggregates online job postings. The number containing "wind" and "solar" more than doubled in the same time period.

Some of that growth might have come from the $800 billion economic stimulus package, about $100 billion of which was devoted to green-related projects, said Robert Pollin, a professor of economics at the University of Massachusetts Amherst.

Much money was devoted to helping companies retrofit buildings to be energy efficient, and according to Mr. Pollin's research, every $1 million devoted to that task created about 17 jobs for the life of the project, he said.

Because many of the jobs are cross-sector, we can't be exactly sure how many were created for what reasons. But it's clear that tens of thousands of Americans are being employed in the clean energy field who might otherwise not have jobs. This rough analysis from the Wall Street Journal illustrates the increase in activity.

Maximizing Your Credit Score

High credit scores mean lower mortgage rates and lower credit scores mean higher mortgage rates. That’s why having a good, solid credit score (720 or above) will result in lower rates, assuming all other things are equal. However, there are some credit score limits that will have a more profound impact on your rate. Below are the most important edges:

580 – This is the minimum credit score required for an FHA loan.
620 – This is the minimum credit score required by Fannie Mae. However, most Fannie Mae loans require at least 660.
660 – This is typically the minimum for most conventional loans. Anything below this is typically considered subprime and will be harder to get financing. Although you can get loans at this credit score, you will normally pay a much higher rate.
720 – This is the historical cutoff to get the best rates. At this level you will not get any negative rate adjustments. However, in the current market, you can now get even better rates for higher scores.
760 – This is where you will now get the best rates. There may be some lenders who give additional breaks at extreme scores (800+) but for the most part, anything above 760 will give you the best rates.
Although changing your credit score isn’t as easy as deciding to increase your down payment, there are some things you can do to make sure your score is as high as possible. You can check your free annual credit report and ensure there are no inaccuracies, pay your bills on time, refrain from maxing out your available lines of credit, and use credit repair sites to remove old blemishes.

This Can Be Yours for Peanuts!

Former Home of Charles Schulz creator of Peanuts. Extraordinary, Hilltop Wine Country Estate. Magnificent panoramic views and landscaping, meticulously maintained, exquisitely renovated, located in the heart of Sonoma County.

Private, gated and secluded family compound. 2 homes on 2+ acres. Expansive outdoor living areas, pool and Cabana. Can be purchased turnkey with all contents except artwork. 6 BR, 8.5 baths. Home Size: 7,894 sq.ft.Truly a unique property. Must see!

Weighing Home Affordability

Coldwell Banker Real Estate recently released its Home Listing Report (HLR), a snapshot survey of average listing prices for four-bedroom, two full bathroom homes in more than 2,300 North American markets. Newport Beach, Calif., led the list of most expensive U.S. real estate markets for the second year in a row, with an average home listing price of approximately $2.5 million for property listings meeting the subject home criteria. The most affordable U.S. market in the report is Niagara Falls, N.Y., which has an average home listing price of approximately $61,000. The dramatic difference of more than $2.4 million between most expensive and most affordable U.S. housing markets is just one of the many findings in this comprehensive market comparison.

The Coldwell Banker Home Listing Report compiles extensive information on real estate data from around the U.S. and Canada for home buyers and sellers. The HLR provides the average home listing price of four-bedroom, two full bathroom properties on coldwellbanker.com that were listed between September 2010 and March 2011 from more than 2,300 North American markets. The U.S. average for the surveyed listings was approximately $293,000.

Put in perspective, a $200,000 property with a 30-year-fixed mortgage at a 5% interest rate (with a 20% down payment) could translate to a relatively low monthly mortgage payment of less than $860. Using the same parameters, the average $60,820 four-bedroom, two full bathroom home in Niagara Falls could translate to a month mortgage payment of approximately $260.

In New Jersey, HLR results show Newark at the top of the affordability list of 156 New Jersey real estate markets, averaging $170,427 for comparable 4 Bedroom homes. In Essex County, the next highest market for a home after Newark fell to Belleville at number 19, with the average priced four-bedroom, two-bathroom property coming in at $269,500. Essex County markets include number 44 Bloomfield, averaging $351,537, and Montclair at number 85, averaging $448,441.

Newest Program to Get Homeowners Out of Their Hole

A new federal program is offering aid without strings. It doesn't need to be repaid.

For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans. The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government's efforts to slow down the flood of foreclosures a necessary step to a meaningful recovery in the housing market, says a Department of Housing and Urban Development official. For people who have lost their jobs, the $1 billion program offers loans of up to $50,000 that don't actually need to be repaid, if applicants meet certain requirements.

Rolled out by HUD and the nonprofit housing advocacy group NeighborWorks America, the program is making loans with far better terms than anything offered at a local bank. The loans are interest-free.

More from Yahoo Finance.

Prologue to a Revolution

(an encore blog) This is a day for reflecting on our country's roots in the human need for "life, liberty, and the pursuit of happiness." For my extended family, I can't help reflecting on my ancestors' little known contribution to the revolutionary fervor that culminated in the events of 1776:

From The Hampton New Hampshire Library archives:

"It is a singular and interesting fact that the first armed resistance to British oppression in the North took place in Hampton almost 100 years before the outbreak of the Revolution. In 1682, Charles II of England sent to New Hampshire as royal governor, Edward Cranfield, a most arbitrary and injudicious man. The ruling body at this time was the Assembly, made up of representatives of the four towns of Exeter, Hampton, Portsmouth and Dover, which ably managed the affairs of the little commonwealth. This Assembly refused to comply with Cranfield's commands and he dissolved it. One of the members was Edward Gove, of Hampton, a high-spirited and impulsive man, who resolved not to lightly submit to what he considered an infringement of the people's ancient prerogatives. Mounting his horse he rode through Exeter and Hampton with the cry: "Freemen, come out and stand for your liberties!" He gathered around him a little band of supporters. But before the movement could become formidable, Gove was surrounded by the militia in Hampton village and surrendered. He was tried, convicted of high treason, sentenced to be hanged, drawn and quartered. But this ferocious sentence was never carried out.

After several years commitment to the Tower of London, he was pardoned by the King and permitted to return to Hampton. Gove has been harshly treated by the historians. They have represented him as a rash and impulsive man who headed a hopeless rebellion against constituted authority. But there is another side. I like to think of Gove as a pioneer patriot, as a man in advance of his times, as the morning star of the American Revolution. Had Gove lived a century later, he would have been acclaimed as a great patriot, and his name would have been enrolled with those of Sam Adams, Josiah Quincy, Joseph Warren and John Sullivan."

Sign of the Times

RE/MAX Village Square has always been distinguished by it's prominent, highly visible, upper Montclair location next door to the A&P on Valley Road. After losing several of their top agents and getting a rent increase from their landlord, the decision was made to downsize. LIterally. They can now be found around the corner in the basement.

Higher Rents Reflect Slide in Homeownership

Prices on rental properties grew 6.7% in June as more Americans
chose low-risk rentals over homeownership, a new report from
housing search engine HotPads.com said Thursday.  The agency,
which compared June prices to last year, attributes the
rental-price surge to pent-up demand among first-time renters and
larger families who can no longer afford homeownership or who
lack faith in the stability of home prices.  San Francisco-based
HotPads.com reached this conclusion by studying the median
listing price of 500,000 rentals located in major metropolitan
areas.  Price hikes in the studio and five-bedroom rental segment
grew the most, rising 14.3% and 12.1%, respectively. HotPads'
study is in line with analyst projections that show pent-up
demand for rental housing in the wake of the credit crunch.
Americans who rented out properties gained $3.3 billion in total
income from that endeavor during the month of May, up from $2.9
billion in April, according to the US Bureau of Economic
Analysis.  After surveying more than 1,100 property managers in
June, credit reporting agency TransUnion concluded that apartment
demand is up, especially among Americans who lost homes to
foreclosure.

The Slow Money Approach to Food Activism

Thousands of Americans have begun affirming a new direction for the food system and the economy. It’s called Slow Money.
It is a new way of connecting investors to local food systems, catalyzing new forms of social investing and philanthropy for the 21st century.

Inspired by the vision of "Inquiries into the Nature of Slow Money: Investing As If Food, Farms and Fertility Mattered", published in 2009, the Slow Money Alliance is bringing people together around a new conversation about money that is too fast, about finance that is disconnected from people and place, about how we can begin fixing our economy from the ground up, starting with food.
Food activists, concerned citizens and a new generation of food entrepreneurs are working across the country to improve school lunches, bring healthy food to the inner city, get toxics out of the food chain, fight obesity and diabetes, and rebuild local economies.

Since mid-2010, local Slow Money chapters have emerged in roughly a dozen locales around the country. Some are hosting local entrepreneur showcases like one that took place last month in NYC.
Nationally, the Alliance;s goal is to get a million people investing 1% of their money in local food enterprises, within a decade.

Upbeat Housing Updates for April

According to the newly released S&P/Case Shiller 20-city index, prices rose 0.7%
in April compared with March, although they fell 0.1% when
adjusted for the strong spring selling season. Prices were down
4% year-over-year. "In a welcome shift from recent months, this
month is better than last -- April's numbers beat March," said
David Blitzer, S&P's spokesman, in a statement. "However, the
seasonally adjusted numbers show that much of the improvement
reflects the beginning of the spring-summer home buying season.
It is much too early to tell if this is a turning point or simply
due to some warmer weather," Blitzer added. Any hint of good
news in the troubled housing market will likely bring cheer to
the industry, and there are some signs that market conditions are
not quite as dire as some of the statistics may indicate.

Much of the price drop over the past year can be blamed on severe
price slashing for homes in foreclosure, as Federal Reserve
chairman Ben Bernanke pointed out in a press conference last
Wednesday. Prices for homes sold by regular sellers have held up much better.

Commenting on the latest numbers, Rick Sharga, RealtyTrac SVP, said, “Tuesday's Case-Shiller report is the first positive pricing news we’ve seen in quite some time, but not a signal that the housing market is on the road to recovery.”


Commenting on the latest numbers, Rick Sharga, RealtyTrac SVP, said, “Tuesday’s Case-Shiller report is the first positive pricing news we’ve seen in quite some time, but not a signal that the housing market is on the road to recovery.”

much better.

The NYC Regional Housing Market

The New York area referred to in this report covers the geographic area of the New York-Wayne-White Plains metro area
as officially defined by the Office of Management and Budget of the U.S. Government (click on graphic to enlarge). The official coverage area includes the following counties:
Bergen County, Hudson County, Passaic County, Bronx County, Kings County, New York County, Putnam County,
Queens County, Richmond County, Rockland County, and Westchester County

More information on the White House OMB's geographic definitions for their housing stats can be found here.

Chinese Copy an Austrian Village

Photo: Sander Hoogendoorn under a Creative Commons license

The picturesque Austrian village of Hailstatt, is home to the world's oldest known salt mine, a UNESCO World Heritage site, and hosts up to 800,000 visitors annually. But soon tourists coming from China won't have to go so far to see Hallstatt in all its mountain and lakeside beauty. That's because China is busy building an exact replica of the famous village,

Der Spiegel is reporting that Hallstatt, China, will include every building, statue, and architectural detail of its original Austrian "inspiration." Not to mention the lake and mountains. And while Hallstatt's 800 residents see the Chinese clone as a potential boon for tourism, others are not so happy. It raises unprecedented legal issues regarding copyrights which have rarely been an issue in China.

A Window for Both Buyers and Sellers

We no longer have to remind buyers why this is an ideal time to take advantage of all-time record low interest rates.
It's also becoming clear to homeowners that their home's value to a potential buyer is not likely to increase anytime soon.
One of our most reliable sources for Real Estate information and forecasts, The KCM Blog, is predicting that sellers have a window of opportunity for the next 90-120 days in which to sell their homes for the best possible price.

Any item’s price is determined by ‘supply and demand’. In many parts of the country existing housing inventory is already high and actually increasing. In addition, an inventory of distressed properties (foreclosures and short sales) will be coming to market later this year....Waiting until later this year or until next year will not guarantee a higher sales price. If anything, it probably guarantees the exact opposite.

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?