Pet Owners Fighting Housing Bans With "Nuclear Option"

Pet owners who move into apartments or condos have to deal with all kinds of restrictions. Many ban pets altogether or have weight limitations on dogs. Other large new projects allow pets when they first open, but clamp down later when homeowner associations takeover. When the original owners move, they may not even know that they can't transfer all their "grandfathered" rights to the new owner or renter.
Exceptions were often made for Service Dogs owned by the blind or severely handicapped.
Now, legal precedents have expanded the Service Dog rules to include the emotional support of  "Assistance Animals."  Faced with choosing between their dream home and their forever pet, dog owners are beginning to resort to a "Nuclear Option."
While it can't hurt to have a doctor's note prescribing the need for the animal, Americans With Disability(ADA) and Fair Housing regulations state that

When it is not obvious what service an animal provides, only limited inquiries are allowed. Staff may ask two questions: (1) is the dog a service animal required because of a disability, and (2) what work or task has the dog been trained to perform. Staff cannot ask about the person’s disability, require medical documentation, require a special identification card or training documentation for the dog, or ask that the dog demonstrate its ability to perform the work.

This option for Emotional Support Animals (ESA) could conceivably be applied to almost any animal.

The owner can be charged for actual damage done by the animal, but they may not require the applicant to pay a fee or a security deposit in order to keep the animal.

If this process becomes seriously abused by pet owners, we can expect pushback from the owners of multifamily homes and apartment complexes. Since Fair Housing regulations are federally mandated, appeals of the substantial fines may ultimately wind up in the Supreme Court.

Budgeting for Fossil Fuels

This is the top section of an informative new infographic illustrating the reality of the world's past, present, and future use of fossil fuels.

Sequester Eve, and All Thru the Housing Market....

(The original use of the word dates back to the 14th century and defines it better than the common "jury room" usage we use today. According to Meriam Webster: Origin of SEQUESTER Middle English sequestren, from Anglo-French sequestrer, from Latin sequestrare to hand over to a trustee, from sequester third party to whom disputed property is entrusted, agent, from secus beside, otherwise; akin to Latin sequi to follow.)

 The real estate market is seeing a noticeable turn-around in the past few months, but the impending sequestration could have a significant impact on jobs, incomes and ultimately the ability of potential homebuyers to close on a home.

(Collage courtesy Newseum) The Bloomberg Consumer Comfort Index rose to minus 32.8 in the week ended Feb. 24 as the share of Americans with a positive view of the world’s largest economy matched the highest since March 2008. In spite of this encouraging news, the housing market is once again at risk.

The Federal Housing Administration (FHA) reportedly guaranteed 23 percent of all mortgages last year, but because of sequestration they can expect job cuts and ultimately less processing of loans, refinances and properties in major distress--all of which need attention for a recovering housing market.

 Federal funding most at risk would be this year's Community Development Block Grants and HOME programs, which may be reduced by 10 to 25 percent. The HOME program helps develop low-income housing.

In the New Jersey area, families who were affected by Superstorm Sandy are bracing for deep cuts to their programs and aid, according to Shaun Donovan, secretary of the Department of Housing and Urban Development(HUD).

The Patch has just introduced an interactive chart showing the effect of the sequester on jobs in each county. Essex and Morris counties are predicted to take the hardest hit. Job losses created by the sequester would put a damper on th e housing market too. “Borrowers need to be employed to close on their home loan, Craig Strent, CEO of Maryland-based Apex Home Loans, tells Olick. “As a quality control measure, lenders call a day or two before closing to verify an individual is still employed. If a loan is denied during the process due to the borrower losing their job, they are likely to lose their loan lock as well,

Where Homes Can Be Bought for Less than $600/month

Taken together, lower home prices and cheap mortgage rates have made homebuying much more affordable than just a few years ago. And given that real-estate values in many traditional retirement spots — like Florida and Arizona — have fallen even harder than the national average, Americans who are ready to retire are in a particularly favorable position. To that end, U.S. News & World Report has compiled a list of 10 places where retirement homebuyers can purchase property for less than $600 a month. In putting together our list, we obtained median home-price data from the National Association of Realtors for 159 metropolitan statistical areas throughout the country. After subtracting a 20% down payment, we plugged the remaining figure into a mortgage calculator using a 4.24% rate on a 30-year fixed mortgage. We then looked for places that would make desirable retirement destinations and where monthly mortgage payments totaled less than $600.

Urban Homesteading in the 'Burbs

When you look at some of the issues that motivate homeowners to turn their front yards into gardens, it's surprising that more folks don't do it.

Some backyards are either paved or just too small and shady to support a garden. Some folks resist conforming to the dominant cookie cutter lawn culture and need to express their creativity.

In the southwest, a green lawn may get you a fine, but in most of the rest of the country it takes courage to plant anything more lush than an ivy patch.

Urban Homesteading has grown up from being part of the counterculture movement of the '70's to embrace many suburban lifestyles.

Now, some New Jersey towns like Bloomfield and Maplewood are looking to clarify fuzzy ordinances to specifically allow for expanded front yard gardens as well as backyard chicken coops to support the trend towards a more self-sufficient lifestyle. They may model their proposed ordinance after that of their upscale neighbor,  Montclair, which for years has had a number of productive chicken coops scattered around the town.  Where to draw the line? Rabbits, goats, and pigs all have their own fans. Even New York City in now taking steps to legalize porkers as pets.

Living Large by Thinking Small

Small is the new big when it comes to micro-living. If you think a tiny home would crimp your way of life, check these out via HouseLogic.com. Here are three homes with curb appeal that feel like much larger homes. The home pictured here is only 500sq. feet and has a garage.  In western Canada, they call them lane houses. The trick is that each place maximizes space to compliment the resident’s lifestyle.

NJ Dems Dump On New DEP Flood Maps

When Gov. Chris Christie signed emergency regulations adopting FEMA’s advisory base elevation maps as the rebuilding standard, a number of prominent Democratic state senators and local political leaders promptly questioned the move as a knee-jerk reaction to Hurricane Sandy that would be ultimately detrimental to shore residents hoping to rebuild.(Click on map to enlarge) Contractors that costs for an effective "house raising" for a smaller home would be in the 45k to 60k range. Because of federal reforms to the National Flood Insurance Program to move toward increased flood insurance rates that reflect actual risk, families who rebuild their properties in a manner that does not conform to base flood elevations will see significant premium increases.

FICO Credit Score SNAFU's

As many as 42 million consumers have errors on their credit reports, and around 20 million have significant mistakes, a Federal Trade Commission study of nearly 3,000 credit reports indicates in a report released today,

Not all of these errors will impact your ability to get credit, however. About 13% of study participants saw their FICO credit score change once a mistake on their credit report was fixed, and those changes were big enough to potentially result in better credit offers for 2.2% of participants. The Consumer Data Industry Association defended this 2.2% rate, saying in a statement that overall, the report "shows that 98% of credit reports are materially accurate."

But since the three biggest credit bureaus -- Experian, Equifax and TransUnion -- maintain credit reports for about 200 million consumers, the 2.2% error rate still means millions of Americans are being denied loans or given higher-priced credit due to errors on their reports, said John Ulzheimerpresident of consumer education at SmartCredit.com and a former manager at FICO.

Code Red for Nemo

As this weekend's megastorm approaches, it's a good time to register with Code Red. Just fill in the appropriate information to be notified by your local emergency response team in the event of emergency situations or critical community alerts. Examples include: evacuation notices, bio-terrorism alerts, boil water notices, and missing child reports.

The township pays for this service, and it is used only to distribute official emergency notifications

Algae Powered Apartments About to Open

The walls of the four-story, 15-unit residential BIQ building in Hamburg, Germany, have large glass panels with microalgae inside. The bacteria-sized plants are fed with water and sun until they can be harvested and sent as a thick pulp to a nearby plant that converts the biomass to biogas. The algae will insulate the cubic building and cast shade during the summer months, when the plants will grow fastest as a result of longer days and more sunshine.

The panels can also absorb the sun’s rays to provide hot water and heating to the building, even storing extra heat in the ground as geothermal energy. The building is scheduled to open this spring.
 More details from buzzhome.com....

Rates Continue Their Slow Rise

Mortgage rates today are still very low, but borrowers have a very short memory. They tend to forget that the rate on the 30-year fixed, which sits around 3.6% today, was a full percentage point higher a year ago, and above 5% in January of 2010. The purchasing power gained through today"s low rates have arguably helped fuel the recovery in home sales.

Low rates have also sparked a boom in mortgage refinancing, which in turn has put more spending money in consumers pockets. Still, the slightest move higher has dramatic effects. Witness the 10% drop in refinance applications from a week ago, on the Mortgage Bankers Association"s weekly report. The rate on the 30-year fixed moved from 3.62% to 3.67%.  But rates are now up .375%, and it may hold given MBS/Treasury market technicals and moderately improving economic fundamentals.

The complacency has a lot to do with rates having be en low enough to make no-cost refis easy. But when rates rise this much, the no-cost options go away and people tend to wake up.

When Squatters Don't Flee, Their Home Can Be Free

Andre Barbosa is expecting a casserole or a batch of cookies from his new neighbors, he's going to be waiting a long while. The 23-year-old Brazilian man has been squatting in a fab $2.5 million mansion in Boca Raton, Fla., since July.

Angry neighbors called the cops on Dec. 26, but police could do nothing. No one saw Barbosa break in, and he had paperwork claiming ownership under a quirky state law called "adverse possession," which allows a person to move into a home and claim the title if they stay there for seven years.

Bank of America says it's following the legal process regarding Barbosa, but one neighbor has already offered to buy the house to get rid of him. But the situation is driving his wealthy neighbors crazy. "This is a very upsetting thing," said next door neighbor Lyn Houston. "Last week, I went to the Bank of America and asked to see the person in charge of mortgages. I told them, 'I am prepared to buy this house.' They haven't even called me back."

Barbosa, according to records, is a Brazilian national who refers to himself as "Loki Boy," presumably after the Norse god of mischief. He did not return calls. Someone with his name has been boasting about his new home on Facebook, even calling it Templo de Kamisamar. Barbosa also posted a notice in the front window naming him as a "living beneficiary to the Divine Estate being superior of commerce and usury." S

Superior Ice Fest

This looks like a moonscape, but its origins are purely terrestrial. (click on photo to enlarge) It’s actually a shot from NASA’s Moderate Resolution Imaging Spectroradiometer, showing the frozen-solid region around Lake Superior and northern Lake Michigan.

Home Sales See Slight Slip But Prices Keep Rising

Existing-home sales eased in December but are well above a year ago, while limited inventory maintained the upward momentum in home prices, according to the National Association of Realtors®. Total sales in 2012 were the highest in five years, while the annual price rose the most since 2005. Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.0 percent to a seasonally adjusted annual rate of 4.94 million in December from a downwardly revised 4.99 million in November, but are 12.8 percent above the 4.38 million-unit level in December 2011. The preliminary annual total for existing-home sales in 2012 was 4.65 million, up 9.2 percent from 4.26 million in 2011. It was the highest volume since 2007 when it reached 5.03 million and the strongest increase since 2004.

Home Affordability Reaches New High in 2012

2012 is shaping up to be a record year for favorable housing conditions and a strong year for buyers, according to the National Associations of Realtors.

As of November, the Housing Affordability Index released by NAR stood at 198.2. This index takes into account the relationship between median home price, median family income and average mortgage interest rate.

A higher index indicates a stronger household purchasing power. When an index hits 100, it is at the point where a median-income family is making enough money to qualify to buy a median-priced single-family home, assuming 20% is put down and a quarter of gross income is devoted to mortgage principal and interest payments.

NAR predicts that once the December numbers are reported, 2012 will hit a record high 194 on the index, up from 186 in 2011, which was the previous record.

New Rules for New Mortgages Raise New Questions

Although not scheduled to take effect until next January, the new changes in lenders's mortgage regulations are likely to begin affecting the housing market much sooner.

Some consumer groups are complaining that they will provide cover for lenders to refuse more loan applications, http://money.cnn.com/2013/01/10/real_estate/mortgage-rules/ l

Most are seen as common sense ways to avoid a repeat of the Sub Prime Loan mess that triggered the housing crisis 7 years ago.

1. Lenders must consider now at least eight criteria in applications, including a borrower’s credit history, debt obligations, employment status, income and assets.

2. Lenders can no longer base borrowers’ repayment ability on teaser rates.

3. “Qualified mortgages,” offer lenders certain legal protections as long as they adhere to the criteria laid out by regulators.

 4.. Most qualified mortgages will have a 3 percent cap on the amount of fees and origination expenses that lenders can charge.

5. A borrower’s total debt burden can not exceed 43 percent of his or her income. Debt in this instance includes student loans, auto loans, revolving debt, alimony, child support and existing mortgages.


What's still needed is clarity on government incentives for homeownership, such as the mortgage interest deduction, zoning, and backing of mortgage underwriters Fannie Mae and Freddie Mac. These have the potential to renew the perception that prices will always trend upward, once again turning home buying into a speculative market.
 http://www.cnbc.com/id/100370451

http://www.washingtonpost.com/business/economy/new-mortgage-rules-a-checklist-for-consumers/2013/01/10/0a588942-5b47-11e2-beee-6e38f5215402_story.html

Big and Small Towns are Taking Control of Energy Resources

City of Ellensburg, Washington, is one of the few municipalities in the US that still owns all of its own utilities (water, gas, sewer, electricity). It's also no coincidence that it was also the first city to build a community/utility owned solar array in 2006, feeding the community grid. It began generating power in November of 2006, and has since produced more than 170,000 kilowatt-hours, averaging 58,000 kilowatt-hours, annually. They're constantly expanding the array, and as of this fall, started adding wind turbines.

The Department of Energy is also using the community's local power generation to measure the impact on a local grid of expanding renewable power integration. They're easily 5+ years ahead of any other municipality when it comes to locally produced renewable power.

Grist is reporting that Boulder, Colorado, is investigating the formation of its own,publicly owned municipal utility. They initiated the study with a climate action plan passed by the city in 2002, committing it to reducing its emissions in line with Kyoto targets.

In 2006, the city imposed a carbon tax and just last year extended the tax by five years. Nonetheless, the city is falling short of its targets, in large part because it gets its electricity from the big private utility Xcel, which gets 60 percent of its power from coal (as of 2011). The idea behind forming a municipal utility would be to buy more renewable energy and have more direct control over pricing, distribution, and demand-side programs.

Banks Pay Massive Fines to Government

In two of the biggest civil settlements since the financial crisis, the nation's biggest banks agreed Monday to cough up nearly $19 billion to resolve federal allegations of mortgage misdeeds.

Bankers saw the settlements as a major step in providing more certainty for their balance sheets and possibly foreshadowing an end to the era of billion-dollar mea culpas and open-ended regulatory probes. In one case, 10 banks settled with regulators for $8.5 billion. In the second, Bank of America Corp. agreed to pay almost $10.4 billion to Fannie Mae, the giant loan buyer that the U.S. seized and propped up with tens of billions of taxpayer dollars.

The deals come three years after prosecutors dropped criminal investigations against such subprime-mortgage kingpins as Countrywide Financial Corp.'s Angelo Mozilo in favor of pursuing civil fines.

Debt Relief Act Extended

The Mortgage Forgiveness Debt Relief Act was introduced in Congress on September 25, 2007, and became law on December 20, 2007. This act offers relief to homeowners who would formerly owe taxes on forgiven mortgage debt after facing foreclosure.

The act extends such relief for three years, applying to debts discharged in calendar year 2007 through 2009. (With the Emergency Economic Stabilization Act of 2008, this tax relief was extended another three years, covering debts discharged through calendar year 2012.) In the eyes of the Internal Revenue Service, housing debt that is forgiven or written off is the same as income.

If the law had expired last week, forgiven mortgage debt would be taxable. The same applies to foreclosures and to loan modifications in which principal is reduced. Once the lender writes off the debt, it will report the amount to the IRS. Homeowners should expect to receive Form 1099-C showing the canceled debt amount. Part of the new year's Fiscal Cliff deal extended the Mortgage Forgoveness Debt Relief Act.

How Small Cutbacks Can Make a Huge Savings in Your Annual Budget

Budgeting doesn't have to be hard.You don't even need to be tied down to the idea of "making a budget." Saving money can be as simple as making a few small changes at home. This infographic from Intuit shows you easy, convenient ways to save up to $8,800 a year, without ever feeling the pinch of a restrictive budget

Personal Finances from Quicken

2013 Predictions (1)

The Real Estate Market is expected to see a major upswing this year to a greater degree than it has in the last 6 to 8 years.  Leading the boom is the return of home price appreciation.

Most experts agree that home values hit bottom sometime in early 2012. Zillow Home Value Forecast shows that 67 of the 156 markets it covers will experience an increase in home values over the next 12 months. Nationally, Zillow forecasts home values will rise 1.1 percent.

Home price increases will exceed inflation in most housing markets for the first time in nearly 7 years. Investors, first time buyers and move up buyers will return to the housing market in earnest. In many markets demand will outstrip supply for homes in FHA price ranges.

2012 Highlights

These thumbnails suggest some of the factors that helped make this a turnaround year for Real Estate.

Independent Foreclosure Review Deadline is Monday

The program stems from orders issued by the Treasury to “14 large residential mortgage servicers and two third-party vendors,” according to a statement from the Treasury’s Office of the Comptroller of the Currency In April 2011, the government determined that 16 companies had used “unsafe and unsound practices related to residential mortgage servicing and foreclosure processing,” the statement said.

As a result of those determinations, the consent orders were issued. The orders require the servicers to pay for independent consultants to evaluate whether borrowers lost money because of the servicers’ bad behavior during foreclosure proceedings. If the independent reviewer finds errors in a particular case, the servicer is required to pay restitution to the harmed borrower or offer some other form of remediation — including the suspension or cancellation of a foreclosure.

But the opportunity for homeowners to apply for a no-cost review by a third-party consultant is coming to a close. Homeowners who “believe they suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings related to their primary residence between January 1, 2009 and December 31, 2010” must submit a request for the review of their foreclosure proceedings by Dec. 31, the Comptroller of the Currency’s Office said.

Examples of injuries that homeowners may have suffered because of errors include, but are not limited to: a foreclosure sale that occurred while the homeowner was waiting for a decision on a mortgage modification, a balance at the time of foreclosure that was higher than what was actually owed and a foreclosure that went forward although the homeowner was following a loan modification plan.

At Home With the Hobbits

Probably the real reason Tolkien put the hobbits in earth sheltered houses is that he knew them from Ireland and Iceland, two countries where people did it because it was much warmer in the winter. It so happens that it is also much cooler in the summer. Treehugger.com has put together a grand tour of the latest in hobbit-friendly housing.
They point out that many of these home building techniques have been around for thousands of years.

Harp 2 is Humming Along.

The Home Affordable Refinance Program was launched in early-2009. It was meant to give homeowners whose homes had lost value access to the same low rates as everyone else. The recession had started, mortgage rates had been dropping, and the government wanted to use HARP as economic stimulus.

As homeowners refinanced in California, Arizona, Florida and Michigan, among other states, monthly mortgage payments were reduced, helping households to save or spend to meet other financial needs.

The original HARP program, however, failed to gain much traction because of loan-to-value (LTV) restrictions and far-reaching default liability which was placed on banks making HARP loans.

So, to help broaden HARP's base, the program was re-written and relaunched in October 2011. "HARP 2", as the program is commonly called, was meant to expand the reach of the Home Affordable Refinance Program and it has. Prior to HARP 2, the refinance program was reaching fewer than 30,000 households monthly, tallying fewer than one million closed loans through its first 30 months. Since March 2012, the Home Affordable Refinance Program has nearly tripled its volume, closing 87,000 loans per month, on average.

More than 1,000,000 HARP loans are expected for 2012. While HARP 2 is considered a success, the program likely to fall short of its original goal to help 7,000,000 U.S. households. This is just one reason why Congress has considered launching HARP 3. More details can be found in Dan Green's Mortgage Report.

Fully Insured? Allstate's Not Sure....

Just posted on Facebook by Tori Cardinale, a Staten Islander friend of a friend:

HI Everyone, This is my house. We walked in through a HOLE in the front to the entire first floor COMPLETELY gone. We are fully insured. Allstate had just quoted us on the amount we are receiving. $165.38. Notice the RED tag on the door (WE ARE NOT ALLOWED IN) This is not acceptable, and basically a slap in the face. Please re-post this, Share or Whatever everyone does to make this Viral. To make Allstate know what its like to be jerked around, we are hanging the Banner in hopes of some Media Attention. Everyone who was helping from the storm, Just repost this! Thanks!

Unemployment Falls Along with Mortgage Rates

 Sandy blew a hole in not in the nation’s labor market but economists’ crystal balls as the economy added 146,000 jobs and the unemployment rate fell to 7.7 percent, the lowest level since December.

Half-way Back to Normall -- Almost

Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing-home sales (NAR), and the delinquency+ foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

In October 2012, all three housing measures improved: construction starts increased again, existing-home sales rose, and the delinquency + foreclosure rate dropped considerably. Even though construction and sales declined month-over-month in the Northeast region, stronger activity in the rest of the country outweighed the impact of Hurricane Sandy.

"Modern Family" is Becoming New Model for Modern Families

The multi-Emmy award winning sitcom Modern Family may have seemed to some viewers to be atypical, but recent economic and cultural changes have made it a new reality for a growing number of extended families.

"We've seen a 25 percent increase in demand for multigenerational housing structures over the past two years and expect to see more,"
said Luis Tusino, CEO of the GBI-Avis building group, which specializes in building custom modular homes.

Sea Levels Rising 60% Faster Than Expected

Treehugger.com is reporting that new research from the Potsdam Institute for Climate Impact Research shows that global sea level rise is happening 60% faster than IPCC projections, even though temperatures are rising much as expected.

The new findings highlight that the IPCC is far from being alarmist, and in fact in some cases rather underestimates possible risks. So how fast are sea levels actually rising? This latest research, based on satellite data, shows that sea levels are rising on average 3.2mm each year—and not because of any temporary event like ice discharges from the ice sheets of Greenland or Antarctica, or because of internal variability in the climate system.

The Vanishing FSBO

During the last five years of the downturn in Real Estate, For Sale signs have been a familiar sight on most major streets. But one of the biggest casualties of the sluggish housing market has been the Realtors call these sellers "Fizzbo's" and have been increasingly successful in converting them to happy clients. In the past 20 years,the percentage of sellers who sell on their own has dropped from 19% to about 10%.

Most of those who choose to go it alone either have s background in Real Estate or know their buyers personally. Even then, buyers feel uncomfortable looking at a home with the seller looking over their shoulders. Even if the seller steps outside, the buyer is acutely aware that the seller is paying close attention to how long the buyer spends in the home. Buyers tend to leave much more quickly if the seller is nearby.

 One shift we’re seeing is that FSBOs are increasingly private transactions. In 2003, the first year NAR started looking at the question, a little more than a third of FSBOs, or 36 percent, knew who their buyers were upfront. By last year, that number had increased to 50 percent. That’s a 38 percent shift.

That suggests FSBOs are increasingly hesitant to go it alone unless they have their buyer lined up before they take the plunge

Mortgage Programs for 620 and Up FICOs

Our local go-to guy on mortgage approvals,  Ken Lombardi,  just posted this useful update on his FB page:

Today, stocks are up, so it looks like rates may edge up. After election thet dropped, but now it looks like we may retreat from the lows, so act fast. Dont forget November is when the bond market fiscal year ends, thats why rates rise in Nov. and Dec. They are taking huge profits they made this year!. Important, new data shows average person closing on a real estate transaction has a 760 credit score. The 620-660 market is not taking advantage of low rates and the best time in history ever to buy!!
They may think they cant get a loan, because banks want 700 or better in most cases. We have special programs for people down to 620 scores, lower for VA. Call me for details, Yes there are even no money down programs where closings costs are paid. Buying or refinancing.
We are a full service Mortgage Banker with our own funds, we can help!! 973-632-3487.
Get informed and know how to get prepared

As if to prove his prediction, Zillow 30 year rates, in column at right, have today just jumped from 3.2& to 3.27%.

Just tell him Geoff sent you!

2 - 4 Legged Food Drives for Sandy Victims

The Four Legged Food Drive aims to bring pet food to dogs cats who are victims of the home foreclosure crisis, through your donations. This year, Keller Wiliams Realty in Montclair is leading the drive to feed pets that have fallen victim to Hurricane Sandy. Most are in the devastated NJ Shore towns.

For the rest of our two legged folks in North Essex, we're assisting the Food Pantry of Montclair.  Right now, they're looking for donations of Thanksgiving related food. For their ongoing needs, check out their website.

The ABC's of 203k's

You don't have to be a victim of Sandy's wrath to get government help for home repairs and renovations. Whether you're a first time buyer looking for a great deal in a home that needs a little TLC, or you own a home that is overdue for an upgrade, a 203k loans may be the perfect solution. It's not a new program, having been around for over 30 years but, since it was streamlined in 1994, it is now far and away the fastest growing home repair loan program.

The Federal Housing Administration has specified that their 203k loans must be for improvements that cost at least $5,000, and work must be completed within 6 months. For small projects under $35,000 you may want to use a Streamlined 203k instead; the process is less cumbersome.

 If you underestimate costs, you cannot increase your loan amount so it's important to work with good contractors. Interest rates on FHA 203k loans are a little higher than other FHA loans (by about

1% or so), so you’ll pay more over the life of your loan.

Lenders have to do extra work to track your project and lock an interest rate for the longer application process. However, FHA 203k loans are guaranteed so lenders have less risk. Rates may still be lower than you can find without FHA backing.

http://www.rehab203kloan.com/

DEP Issues Water Conservation Advisory for NNJ

In the aftermath of Hurricane Sandy, DEP Commissioner Don Martin has issued the following advisory:

We are asking residents and businesses served by the PVSC to heed the Governor’s Executive Order for mandatory water use restrictions, and to be even more diligent in conserving water to help us reduce the flow of effluents into the harbor and limit environmental impacts until we get this plant fully operational.

Among the restrictions:

• All indoor water use, including showers, baths and domestic cleaning, must be conducted with minimum amounts of water.
• Non-essential indoor water use is prohibited.
• Watering of grass, lawns and landscapes is prohibited except for newly sodded or seeded areas done by professional. landscapers or immediately following a commercial application of fertilizer, pesticide or herbicides; minimum amount of water should be used during these applications.
• Use of water for washing paved surfaces, such as streets, sidewalks, driveways, garages, parking lots and patios is prohibited.
• Outdoor use of water for ornamental or aesthetic purposes, including fountains, artificial waterfalls, and reflecting pools is prohibited, except to preserve or support wildlife.
• Use of water for power washing of buildings is prohibited except for commercial enterprises engaged in power washing, and with minimum water use.
• Car and truck washing, except for emergency vehicles, is prohibited.

Still Recovering from Sandy? FEMA Can Help

More than 49,000 have registered with FEMA in NJ for disaster relief and more than $31M in assistance has already been approved. A major disaster declaration has been issued for 12 NJ Counties. The number of those assisted will continue to increase as residential power is restored and those affected are able to register for assistance with FEMA online, as well as through their 800#.

If you live in one of the counties affected by Hurricane Sandy, we encourage you to apply for assistance by calling 1-800-621-FEMA(3362) TTY 1-800-462-7585 or if you have access to the internet, applying online at www.disasterassistance.gov. You can download a FEMA smartphone app here.

The SBA, Small Business Administration, is making Economic Injury Disaster Loans available to small businesses and most private non-profit organizations in eligible Counties. Disaster loans up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets are available at low interest rates.

 Apply at: https://disasterloan.sba.gov/ela/ Find the nearest FEMA Disaster Recovery Center by inputting an address at the following site: http://asd.fema.gov/inter/locator/home.htm

Power Failures From the Top Down

I don't usually agree with NY Post editorial views, but their cover story on Mayor Bloomberg's making Sunday's NY Marathon a priority over the region's current crisis with power outages and gas shortages reflects a good chunk of public opinion.

It reinforces today's comments by Steve Crooks, good friend who is always thinking out side the box. He just posted this observation on his Facebook wall:

I'm wondering, who remembers the oil embargo back in the '70s? The closed-up gas stations everywhere, the long lines? Remember 'odd and even days'? Why on Earth isn't some genius mandating something like that? Or some alphabetical system? At least you would KNOW when your turn was! Because these endless gas station lines are obscene, glutting up traffic and eating away at our police forces, just to keep the peace. Jesus, during World War II the federal government was rationing EVERYTHING, and the general public pitched in for the effort. Are our current officials so gun-shy that they are afraid, with an election coming on, to mandate ANYTHING, even if it were the smart thing to do? What say you? Because I really want to know...

Maybe our local governors could learn from the past and  get a bit more pro-active in dealing with this escalating crisis.

Some Useful Emergency Links for Sandy

http://www.aspca.org/pet-care/disaster-preparedness/ 
http://water.weather.gov/ahps2/index.php?wfo=phi
http://www.nj211.org/hurricane.cfm http://www.scribblelive.com/event/njsandy http://bloomfield.patch.com/articles/sandy-central-on-patch?ncid=newsltuspatc00000001

Here's a new one for PSE&G tweeted updates on power restoration: https://twitter.com/psegdelivers

Outlook for Continued Western Drought

Forbes recently reported, "Droughts, floods, hurricanes and other extreme weather cost the U.S. economy at least $55 billion in 2011, according to NOAA, with 14 separate events exceeding $1 billion. The devastating drought and associated wildfires in Texas and Oklahoma alone cost American crop farmers $7.6 billion and the cotton and cattle industries around $5.4 billion."

(click on Graphic to enlarge it.)

6 of the Most Common Errors in Your Credit Report

Your credit report tells the world a lot about you. What if it's saying something it shouldn't? Can you dispute your credit report?

The short answer is "yes." But before you raise that red flag, you should know about the types of errors that typically occur, and which ones are more harmful than others.

As more Americans learn how to pull their credit histories, many are finding their reports aren't giving a clear picture to potential creditors.

Read more: When Should You Dispute Credit Report? | Bankrate.com http://www.bankrate.com/finance/credit/dispute-credit-report.aspx#ixzz2AZgDIh7p

20 Creative Uses for Duct Tape

With the impending arrival of The Frankenstorm to much of the east coast, there's beginning to be a mad rush to a variety of local stores load up on survival items. Duct tape is one of those things you never want to run out of. It can do wonders for minimizing and repairing damage, stopping leaks, patching broken glass. and reinforcing weakened structures.

If all goes well, the folks at treehugger.com have some suggestions for using up your stash --  starting with Halloween.

http://www.treehugger.com/green-home/20-clever-uses-duct-tape.html

QE3 Policy Pushes Rates Lower -- Trump Says "Buy Now!"

Although skeptical about the third round of "Quantitative Easing," Donald Trump agrees that this is a better time than ever to buy or refinance: "Try buying the house from a bank, because if you buy it from a bank, they'll loan you the money to buy it because they want to get it off their books, so it's a great time to buy a house. Pick a beautiful house, enjoy yourselves, and try buying it from a bank."

Maybe another reason why rates are hitting new record lows. Our Zillow calculator(at right now) shows a 40 year ragte of 3.25%.

New Housing Permits Rise to 4 Year High

New-home construction in the U.S. surged in September to the highest level in four years, a sign the industry is on the road to recovery. Housing sta

rts overall have jumped 15 percent to an 872,000 annual rate last month.

It's the largest increase since July 2008 and surpasses all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. The median estimate of 81 economists surveyed by Bloomberg called for 770,000. An increase in building permits may mean the gains will be sustained.

When Modern Homes Become Abandoned Relics

Flavorwire has just posted a stunning collection of "contemporary" homes from around the world which, for a variety of reasons, are not currently livable.

Most are salvageable "fixer-uppers" that may be patched up, renovated, or redesigned for current tastes. There are a few major markets where you can now find Realtors who specialize in what can best be described as "mid-century modern." http://www.flavorwire.com/336928/stunning-photos-of-abandoned-mid-century-modern-homes

Positive Job Report Causes Uptick in Mortgage Rates

The September jobs report hit at 8:30 AM ET Friday and mortgage bonds immediately worsened, eventually closing the day at their worst levels in two weeks. This is in part because economic growth is inversely linked to mortgage rates, and in part because of the Federal Reserve's QE3 program.

The link between job growth and mortgage rates is fairly straight-forward :

• When more people work, more income is earned and more taxes are paid  
• When more income is earned, consumer spending tend to rise; when more taxes are collected, government spending tends to rise
• An increase in spending results in more sales, more services, and the need for more jobs

Job growth can be a self-reinforcing cycle; one that leads to economic growth and, in general, when the economy is improving, mortgage rates tend to rise. That said, today's rates are still very close to their wll time lows. As of Saturday AM, our Zillpw calculater at right has updated to 3.23%.

Jersey Shore May Be Shore No More By 2052

Inhabitat is sharing studies showing that the entire stretch of east coast beach is slowly sinking due to rising water levels, and global warming is the culprit.

The area’s Long Beach Island has been identified as the highest risk location, but some researchers say the whole shore could be underwater in just 40 years. Area residents and summer transplants have been busily adding height to sand dunes and trying to replenish shoreline sand in an effort not to lose their summer getaways, but if climate change continues steadily on the path its been traveling on, those efforts will all be in vain.

Read more: Scientists Say Entire Jersey Shore Could Be Underwater in 40 Years | Inhabitat New York City

Big Jump in August Existing Home Sales and New Starts

From DSNews: Existing home sales rose 7.8 percent to 4.82 million in August – the highest level since May 2010 – the National Association of Realtors reported Wednesday.

The median price of an existing single-family home in August was $187,400, down $400 from July but up $16,200 or 9.5 percent from August 2011. The August increase was the strongest since January 2006 when the median price rose 10.2 percent from a year earlier.

NJ Defaults Still on the Rise

Bloomberg News is reporting via NJ.com that our state passed Nevada in the second quarter in the rate of homeowners with seriously delinquent loans -- those 90 days late or in foreclosure -- according to the Mortgage Bankers Association. Only Florida had a higher rate of serious delinquencies, and that fell 1.2 percentage points from a year earlier to 17.5 percent of mortgages. In comparison, New Jersey’s rose 1.3 percentage points to 12.7 percent.

While home values increased in July from a year earlier in 42 states, New Jersey prices fell 0.8 percent, according to CoreLogic.

Higher-income markets, such as New Jersey’s Morris and Bergen counties, will probably avoid the worst pain because there’s a shortage of homes and when distressed properties are listed, “the housing market will swallow them whole,” according to Jeffrey G. Otteau, president of Otteau Valuation Group Inc.

Falling Into the Best Time of Year for Home Buyers

AOL Real Estate is reminding us that the real estate market supposedly shines in the spring and summer sun, but fall is where the deals are found.

 Existing home sales are up more than 10 percent since last year, while the price of those homes has risen 9.4% over the same span, according to the National Association of Realtors.

Meanwhile, the backlog of homes on the market has dwindled 31 percent from a more than nine-month supply of 3.15 million last July to a 6.4-month supply of 2.4 million this summer.

Options for Avoiding Foreclosure

If you have missed a payment or payments or feel that you will soon miss a payment because your mortgage is no longer affordable to you, you should call your mortgage servicer. The number should be on your monthly mortgage bill or coupon book. You may also contact a housing counseling agency in the county in which you live. See pages 3 and 4 of the Foreclosure Fast Fact sheet for a list of counseling agencies.
The counseling agencies listed here are non-profit, HUD certified and trained in foreclosure prevention. On top of the list, for struggling New Jersey homeowners, facing a quickening rate of foreclosures, are supposed to have a lifeline: the HomeKeeper program, run by the state and funded with $300 million from the federal bank bailout. But 15 months after the program was launched, the state says only 10 percent of that money has been spent, to help just 750 homeowners. According to a report from a U.S. special inspector general, New Jersey has drawn the lowest percentage of federal money available to the 18 "hardest-hit" states. Call Today, Do Not Delay! The sooner you call the more options you will have.

NY, NJ, Still Among Leading States in Foreclosure Inventory

NY's  Real Deal blog reports that there were a recorded 58,000 completed foreclosures across America in July 2012 — down nearly 7 percent month-over-month and 19 percent year-over-year, according to data released today by CoreLogic. However, both New York and New Jersey ranked among the five states with the highest foreclosure inventory. More specifically, New Jersey ticked in at 5.7 percent — making it take the second-highest foreclosure inventory — and New York at 5.2 percent, right behind New Jersey. 

Speculation about the reason for the growing number of foreclosed properties in New York centered around a major backlog of distressed properties still making their way through the court system.

Home Sales Improve Despite Mortgage Hurdles

Signs continue to come in that the housing market is seeing slow but steady improvement, although overly tight lending standards continue to hold back the market given the amount of pent-up demad that’s out there.

Existing-home sales increased 2.3 percent in July from a month earlier to a sales pace of 4.47 million. The new pace is more than 10 percent above where it was at this time last year.

And the median home sales price is up significantly as well, to $187,300, or 9.4 percent higher than this time last year, although NAR Chief Economist Lawrence Yun in his monthly press conference in Washington yesterday attributed the gain to an increase in sales of high-cost homes. Sales of homes at the $100,000 or less price point declined nationally, reflecting the continuing shortgage of distressed and other inventory in markets around the country.

NYC's Ultimate Trailer Park

"Trailer Park" is a portable, natural, public park housed inside an 18' x 8’ x 7' mobile Coachmen Travel Trailer. The interior is fully planted, designed, and treated as a "real" park. Hand-laid brick planter beds containing lush shrubs, trees, and plants are complimented by masonry laid in the same tradition as public parks. Concrete and wooden benches provide seating. Skylights allow rain and air to pass to the plants below.

It's probably the best know creation of Kim Holleman, a prominent environmental artist based in Bushwick, Brooklyn. Since its first showing at The Storefront For Art and Architecture, Trailer Park has shown in Chelsea, Soho, The Lower East Side, The Cooper Union, The Supreme Court at Foley Square and continues to evolve as a community based project.

Beware of Foreclosure Prevention Scams

Some of the worst perpetrators have been in New Jersey. NEWARK, N.J. – A Piscataway man who owned and operated multiple foreclosure rescue companies was sentenced today to 46 months in prison for his role in a mortgage fraud scheme that defrauded numerous mortgage lenders of more than $10 million, U.S. Attorney Paul J. Fishman announced. The details are worth keeping in mind.

Rent Rises Lead to Shrinking Apartment Sizes

Rents nationwide are rising faster than home prices, leading several major cities to encourage developers to develop more apartment complexes. Some cities believe the answer is to shrink the minimum apartment size, to build 'micro-units' for singles and couples.

Good Magazine reports that San Francisco is currently considering a proposal that would allow living spaces as small as 150 square feet, plus kitchenette, bathroom, and closet -- basically the size of a parking space and a one-car garage. The immediate goal is to create more housing and lower rent prices, which in San Francisco climbed 15 percent in June.

(Condos aren't immune from this trend. The 175 sq. ft, studio pictured here recently sold in Manhattan for 195k.)

Boston is talking about shrinking the minimum unit size from 450 to 350 square feet, and New York recently introduced the adAPT challenge to design 275-300 square-foot apartments in Manhattan, addressing the fact that some 800,000 people are expected to move to the Big Apple over the next 20 years, and there's only room for about 100,000 of them.

Phelps Waterfront Condo For Sale

Since winning 19 Olympic medals this week, Michael Phelps is ready to move on.

The Olympic swimmer’s name is reportedly not mentioned in the actual listing, but Baltimore property records indicate the address is the condo Phelps bought in 2007 for $1.69 million. It was assessed for $1.5 million in 2010.  The 4,000-square-foot condo has three bedrooms, three and a half baths, floor-to-ceiling windows and a fireplace.

There are not only Real Estate sites that specialize in celebrity homes, but there are also sites that only track celebrity athletes' homes. One such site is professionalatheletehomes.com.

 Radar online has the pictures.

Rates Down Again As Prices Finally Turn Back Up

“After four months with rising home values and increasingly positive forecast data, it seems clear that the country has hit a bottom in home values,” said Zillow Chief Economist Dr. Stan Humphries. “The housing recovery is holding together despite lower-than-expected job growth, indicating that it has some organic strength of its own.” The chart(click to enlarge) shows recent price changes in major U.S. markets. More charts and predictions from Zillow.com.

Looking to Invest in Some Green Land?

For several days this month, Greenland's surface ice cover melted over a larger area than at any time in more than 30 years of satellite observations. Nearly the entire ice cover of Greenland, from its thin, low-lying coastal edges to its two-mile-thick center, experienced some degree of melting at its surface, according to measurements from three independent satellites analyzed by NASA and university scientists.

FHA Introduces New Distressed Sale Asset Program

On Monday, the Federal Housing Administration is announcing the expansion of the Distressed Asset Sale Program (DASP).

This program is not quite the same bulk sale program being offered by the Federal Housing Finance Agency (FHFA) and the government sponsored enterprises, Fannie Mae and Freddie Mac.

The DASP is a “paper sale” where FHA sells the loans, in bulk, to investors in a competitive bid process. The loans can only be sold after the borrower has gone through the entire FHA loss mitigation process.

Prior to the formal foreclosure proceeding the loans are sold to investors. The Foreclosure is delayed for at least six months while the investor attempts a work out with the borrower (short sale, loan modification, etc.). As many as half of the loans sold are retained by the investor -- if there is not a work out to avoid flooding local markets.

FHA initially hoped to sell 5,000 loans quarterly but decided to increase it's goal to 9,000 loans.

Teenager's Plan to Turn Plastic Waste Into Biofuel

Egyptian teenagers are on a roll lately – if they’re not proposing the next-generation of space propulsion systems, then they’re figuring out how to use the country’s plastic waste for fuel! Sixteen-year-old Azza Abdel Hamid Falad has found that an inexpensive catalyst could be used to create $78 million worth of biofuel each year. Egypt’s plastic consumption is estimated to total one million tons per year, so Azza’s proposal could transform the country’s economy, allowing it to make money from recycled plastic.

More from Inhabitat

Tax-Lien Foreclosures on the Rise

A report released this week by the National Consumer Law Center (NCLC), says the number of foreclosures tied to delinquent tax payments is climbing. The NCLC, an advocacy group, estimates that $15 billion of tax-lien foreclosures happened in 2010, the latest year for which data are available. Rising tax-lien problems stem from two overlapping trends associated with the weak economy: To close budget deficits, some local governments are increasing proxy taxes to raise additional revenue. But a growing number of homeowners, many unemployed or living on fixed incomes, are finding those tax bills—even before rate increases—a strain. When homeowners fail to pay, municipalities have the legal authority to foreclose or auction off the tax lien to debt collectors, who can charge interest rates as high as 50% on the outstanding balances. If the homeowner doesn't pay —- the deadlines to do so vary across the nation —- many states allow the tax-lien holders to take ownership of the properties and resell them.

7 Ways to Kill Weeds With Household Items

Here are 7 ways to murder weeds with household items. You’ll save money and show no mercy to your garden’s uninvited guests. Nothing ruins your garden or yard like weeds, those uninvited guests that rob your plants of space and nutrients. So murder those weeds most foul, but without harmful chemicals that can do you in, too. Who says you need standard weeding tools to kill weeds? Here are 7 ways to kill weeds with weapons you already have around your house. Details from Lisa Kaplan Gordon in HouseLogic: (REMINDER: You can find dozens of other House Logic articles at your convenience, by scrolling down the right hand column)

Christie Vetoes Foreclosure Relief Bill

Law 360 reports that Gov. Chris Christie, on Friday, vetoed legislation empowering the state to buy foreclosed properties from lenders and turn them into affordable housing along with other measures from the Democrat-controlled Legislature.

 The veto drew criticism from supporters of the bill, who contend it would have helped New Jersey address its affordable housing needs and revitalize communities impacted by a wave of foreclosures in the state.
 Said one supporter: “The governor took the side of sprawl and overdevelopment over good planning and environmental protection."

 Another commented:"This was a serious bill that attempted to solve the most serious problem still facing this state and this country. We need to stabalized our housing prices. This would have done more than any tax cut would ever do to stimulate our economy."

One Family's Independence Insurrection

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 ancestor's little known contribution to the revolutionary fervor that culminated in the events of 1776.  Doug Gove has submitted the following account of the man he calls "my grandfather":

ther":

     Traveling back in time out 308 years. The King has given Robert Tufton Mason the authority to take care of the affairs of the new province. He is a failure and appoints Unprincipled Governor Cranfield to become his tool. The governor disbands the January 1683 assembly. The people considered this an unreasonable act and an unwarrantable abuse of power. Most however, though indignant at Cranfield's conduct, considered themselves good citizens and remained passive. Not so for Gove and a few others under his leadership who, in the exuberance of patriotism, "determined to revolutionize the government or at least to effect a reform." Friday, January 26, 1688, Reuben Hull, a Portsmouth merchant, was in Dover to pick up. a load of barrel hoops when he met Gove who had his sword and boots on, and said to him, "How now Gove, where are you bound? What's the matter with you?"
"Matter?" said Gove, "matter enough. We at Hampton have had a town meeting and we resolved as one man that. things shall not be carried on as it is like to be, and we have all our guns ready to stand upon our guard. I have been at Exeter and they are resolved to do the same. I have my sword at my side, and brought my carbine also with me which I have left some where."
Gove undoubtedly expected that when his arrest was attempted, there would be resistance and then a general uprising. It didn't happen. He returned to Hampton Saturday,Jan.27,1683. He and 11 other rebels, all on horseback, moved in two lines into the tiny colonial village on the New Hampshire Seacoast, shouting, "Freemen, come out and stand for your liberties."
Led by Gove, they were nearly all from Hampton, with their leader waving his sword and the trumpeter sounding their arrival with a military medley. Gove, seeing no demonstration in his favor at his appearance, lay down his arms and gave himself up to the authorities of the town, as did the others.
They were taken into custody by the militia, except the trumpeter, who escaped. They were brought before the governor and his council, where Gove behaved himself very insolently. Each of the prisoners then defended himself and his activities. Edward Gove acknowledged that the testimony against him was true. He "railed" at Governor Cranfield, saying he was a traitor and acted under a pretended commission and demeaned himself with "insolence and impudence." Judge Richard Waldren pounded his mallet, then solemnly pronounced the sentence. (The followers of Gove were to be held for a later judgment, and most of them were pardoned).
"You, Edward Gove, be drawn on a hedge to the place of execution, and there you shall be hanged by ye neck, and when yet living, be cut down and cast on the ground, and your bowels shall be taken out of your belly, and your privy member cut off and burnt while you are yet alive, your head shall be cut off and your body divided in four parts, and your head and quarters shall be placed where our Sovereign Lord the King pleaseth to appoint. And the Lord have mercy on your soul."
After the trial in Portsmouth in Feb. 1683, Cranfield, fearing to execute the sentence on Gove, sent him to England for the King to deal with. Gove was on board the ship Richard of Boston when it left port March 29. The Tower of London is in the east end of the city, a group of stone buildings including an ancient fortress, a dark prison, and a royal residence surrounded by a shallow moat and a high stone wall. This was the destination of Edward Gove, where he was sadly to spend the next three years. Many letters were written by the prisoner and people on his behalf during this time. Finally, Gove, in his cell, took up his quill pen and sent a petition to the King which brought results. In it he stated, "want of rest for 18 days before my apprehension deprived your Petitioner of the use of his reason and the control of his tongue and was the cause of your Petitioner's indiscreet actions towards the said Mr. Cranfield." He was released on his own recognizance to plead his pardon April 9, 1686. After Gove's incarceration in the the spring of 1683, the rule under Cranfield continued in its arbitrary and cruel manner.
From the Gove Book, written by William Henry Gove and published at Salem, Mass., in 1922, most of the preceding information has been researched. The author wrote, "the people were horrified at the bloody sentence of Gove and cried aloud for vengeance. It was already whispered about that public meetings would be held to express the indignation at the baseness of the manner in which the conviction was obtained and the cruel barbarity of the sentence, which was intended to awe the people into submission. It had a directly contrary effect." Like returning from the dead, Gove came back to his home and renewed his life in Hampton. He had the respect of the people of the province. From the earliest days of the Province of New Hampshire, Gove was involved in its government. He was elected as a member of the assembly from Hampton. He must have known the widespread disaffection and determination of the people not to yield to the demands of the Cranfield regime, and his views were well known to them because of his outspoken sentiments. He was thought to be the right man for the assembly. Gove died in Hampton on July 29, 1691, at the age of 61. He always contended that a slow poison was administered to him while in prison.

Global Burning Predictions Become Reality

Nearly two years ago, President Obama's science adviser, Dr. John Holdren, gave a presentation on the causes and effects of global warming. One of his slides indicated the areas in the west that were most susceptible to fires for each additional degree of average annual temperature. Since 16 of the past 17 years have broken all historic records, this summer's fire outbreaks should come as no surprise.