Vertical Farming Plans Taking Shape in West

The concept of Vertical Farming is starting to spread it's ambitious wings in prominent locations from the far east to the south west.

Live Share Grow is a proposal by Brandon Martella for a combo residential tower and vertical farm for downtown San Diego. The multi-story tower is dual purpose – one side is holds residential apartments in varying sizes, while the other is a large-scale hydroponic vertical farm. Located in a popular area amidst other residential towers, offices, tourist attractions and very close to the bay, Live Share Grow would be sited to contribute to the larger community.

We hope that other cities with dreams of high rising sustainability will look into this.

The Experts Predict Future Home Values

Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

Results of their latest survey

• Home values will appreciate by 4.4% in 2014.
• The cumulative appreciation will be 19.5% by 2018.
• That means the average annual appreciation will be 3.6% over the next 5 years.
• Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of 9.4% by 2018.

Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

Foreclosures Decrease Nationally -- While NJ Breaks New Records in Reposessions

New Jersey was the only state to see an increase in loans in foreclosure on a quarter-over-quarter basis in the first 3 months of 2014. This is according to a new report from the Mortgage Bankers Association. New Jersey has fast become a focal point of the US foreclosure crisis. Eight % of New Jersey's loans are in the foreclosure process, the highest in the country. And there was no silver lining in the decline in loans that were over 90 days delinquent either — because this was driven by loans that entered the foreclosure process. Slower home price growth also tends to keep more homeowners in negative equity — when they owe more on their homes that their mortgage is worth.

RealtyTrac the nation's leading source for comprehensive housing data, yesterday released its U.S. Foreclosure Market Report for April 2014, which shows foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 115,830 U.S. properties in April, a 1 percent decrease from the previous month and down 20 percent from April 2013.

The report also shows one in every 1,137 U.S. housing units with a foreclosure filing during the month. Despite the decrease in overall foreclosure activity, bank repossessions in April increased 4 percent from the previous month, although they were still down 14 percent from a year ago.

There were a total of 30,056 bank repossessions nationwide in April. Bank repossessions increased from the previous month in 26 states and were up from a year ago in 16 states, including New York (142 percent increase), Oregon (91 percent increase), and New Jersey (58 percent increase).

Despite April Showers, Banks Are Still Preparing for A Hot Spring and Summer

Nothing Tacky About These Living Spaces

Nothing works better than great photography to get potential homebuyers interested in a closer look at a charmingly cozy home.

Christopher Tack is a professional photographer; Malissa Tack works in 3D animation and graphic design. They have built themselves a tiny house and put their skills to work; it's not just a house but a real demonstration of their skills as designers, builders, and last but not least, tiny home entrepreneurs.

Treehugger.com has put together a portfolio of Tack's perfectly composed and photographed examples of appealing interior spaces. They're all in "move-in" condition.

Initial Reports Suggest Slow Start for Spring Housing Market

According to Morningstar Investment Research, the latest news was neither terribly encouraging nor discouraging. The good news is that the rather dramatic rate of decline in existing-home sales has been halted. By single month, at an annualized rate, existing-home sales dropped from 5.4 million units in July to 4.6 million units in March. That 4.6 million figure was nearly identical to February. Still, if this had been entirely a weather issue, the industry should have been able to do something a little better than eke out a slightly smaller decline. The year-over-year data doesn't paint a flattering picture, either.

The Big Picture on Home Prices

Home Buyers Crowd the Early Spring Market

Despite media reports of tight money from lenders, purchase mortgage transactions continue to outnumber refinance transactions. according to Dan Green's latest issue of The Mortgage Reports.

 On February, for the 8th straight month, mortgage lenders closed more loans for U.S. home buyers than for homeowners refinancing an existing mortgage. The market share statistic takes on added weight when we consider that nearly one-third of all home purchases are done with cash.

 According to mortgage origination software firm Ellie Mae, which handles more than 3 million mortgage applications per year, purchase mortgage closings grabbed an additional four percentage points in market share this past February as compared to the month prior, marking the eighth consecutive month during which purchase market share climbed.

Purchase loans as a percentage of all closings have increased 25 percentage points in the past 12 months. There are several reasons why today's purchase loans are gaining market share. The first is that home prices have steadily and slowly climbed nationwide, which has created an urgency among today's U.S. buyers.

 Home values are up more than 10 percent annually in many U.S. cities going back to 2011, with values are up more than twenty percent in select cities including San Francisco, Los Angeles and Las Vegas

Money Magazine: Buy Now Not Later

We have often suggested that potential home buyers consider rising interest rates when thinking about the true cost of a home. Remember, cost is not determined by price alone but by price and mortgage rate. The longer a buyer waits, the higher the mortgage payment will be if rates continue to increase (as is projected by Fannie Mae, Freddie Mac, the National Association of Realtors and the Mortgage Bankers Association). Money Magazine, in its latest issue, agreed with our analysis as they also warned their readership of the same ramification if they waited to buy a home.

 Here is what they said:

"BE MINDFUL OF RATES. The average interest rate on a 30-year fixed loan is predicted to climb from the current 4.4% to 5.3% by the 2015 spring buying season, according to Freddie Mac. For a $250,000 loan, that means that a borrower who waits would pay $136 more per month and an additional $49,090 in interest over the life of the loan. Will you need a big loan? Better to act soon before rates tick up."

And the monthly increase Money mentioned did not take into consideration that prices are also projected to increase over the next year. Here is what the additional cost would be if prices rise by the 4.5% projected by the latest Home Price Expectation Survey and interest rates go to 5.3%.

New Surge in Buyer Optimism

Last week, Fannie Mae released their January 2014 National Housing Survey results.  Two categories reported all-time survey highs.

• 52% of respondents thought it would be easy for them to get a home mortgage today
• 70% of respondents said they would buy if they were going to move

Doug Duncan, senior vice president and chief economist at Fannie Mae explained what this may mean to the real estate market moving forward:

“A majority of consumers now believe that it is getting easier to get a mortgage. For the first time in the National Housing Survey’s three-and-a-half-year history, the share of respondents who said it is easy to get a mortgage surpassed the 50-percent mark. The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home. The dip in overall home price expectations, though notable, is consistent with our view of moderating home price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy.”

With home prices projected to increase in 2014 (albeit at a slower pace than they did in 2013) and with mortgage interest rates projected to increase, it is good news that consumers are becoming more confident in their ability to buy a home if they so desire.

5 Financial Reasons to Buy

In case you've forgotten....

Higher Mortgage Rates Predicted -- Perhaps Even Higher Than You've heard

Most experts are calling for an increase in mortgage interest rates in 2014. However, some experts believe the increase will be more dramatic than is being projected. They believe rates will be closer to 6% than 5% by year’s end. The Fed announced last month that they would be pulling back some of their stimulus package which has helped the housing market by keeping long term mortgage rates at historic lows for the last few years.

 Above are the most recent projections of where rates will be at the end of 2014 by the four major agencies. However, we believe that the government is not afraid to shoot right past these levels.

Doug Duncan, chief economist for Fannie Mae, this past summer announced:
 “I don’t think the Fed ultimately would be troubled with a 6.5% mortgage rate.”

 And Frank Nothaft, Freddie Mac VP and chief economist, at virtually the same time explained: "As the economy continues to improve, we expect to see continued upward movement in long-term interest rates… At today’s house prices and income levels, mortgage rates would have to be nearly 7 percent before the U.S. median priced home would be unaffordable to a family making the median income in most parts of the country.”

Only time will tell. However, we feel that rates could easily reach the 5.75-6% range by year’s end.

My All Thumbs Year in Review

This has been quite an eventful year in EcoRealty, Check out some of our posts and predictions.

Taper Time

The word tapering in financial terms is increasingly being used to refer to the anticipated reduction of the Federal Reserve's quantitative easing, or bond buying program.

The Fed has announced that they would be pulling back some of their stimulus package which has helped the housing market by keeping long term mortgage rates at historic lows for the last few years.

Some reports will now claim that housing prices will have to drop as interest rates begin to rise. There is no historical evidence of this. Below is a chart showing the last four instances of mortgage rates rising dramatically and what happened to home values at the time.(click on graphic to enlarge)

Sales Report for Existing Homes

Housing Market Continues to Rebound

The housing market showed a number of positive signs in the midst of seasonal easing, according to the latest results from the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. While homebuyer traffic continued to decline, the non-distressed market remained relatively strong in October. Time-on-market for non-distressed properties averaged 8.9 weeks in October, based on the three-month moving average, up only slightly compared with the previous month and well below the average of 12.0 weeks in October 2012.

Non-distressed properties in a number of states in the West were on the market a significantly shorter amount of time than the national average, led by California at 5.0 weeks in October, based on the three-month moving average. Non-distressed properties in the Farmbelt, South and Northeast were on the market for at least twice as long as properties in California. The average number of offers on non-distressed properties remained high in October at an average of 2.1, based on the three-month moving average. In October 2012, non-distressed properties received an average of 2.0 offers. 

Home prices for non-distressed properties are holding firm, with a national average of $270,700 in October, based on the three-month moving average, up from$265,500 the previous month and in line with the $271,500 average seen in October 2012.
 “There is a shortage of good inventory,” according to an agent in California. “Homes that are priced correctly and in good condition with good floor plans are selling quickly and often with multiple offers.”

Some 5 Year Plans for Your Home's Value

How Trees Can Boost a Home's Sale Price

In an analysis of 2,608 real-estate transactions over 10 months, researchers found that homes with "street trees," those planted between the sidewalk and street, sold for $7,130 more, on average, than homes without street trees.

A recent Wall Street Journal report goes on to suggest that neighbors can reap the benefits as well. Homeowners who live within 100 feet of street trees enjoy a sale premium of $1,688, on average, even though the trees aren't on their property.

Why Rates Are Low Again

Mortgage rates are declining towards their all tine lows. This chart helps explain why.

FHA Mortgages Are Increasingly Popular For Buyers

Nearly 1 in 5 home buyers use FHA financing, though, and there are good reasons why. The FHA has been helping U.S. home buyers since 1934 and, with its myriad of loan programs, there's an FHA loan program for just about anyone.

The Mortgage Report's FHA FAQ will help you understand the in-and-outs of how the FHA mortgage program works.

Perfect Timing for a Realtor's Open(casket) House

Welcome to the highest priced residence in Belleville, NJ. The historic converted 18th century mansion had been on the market for over six months at $1,650,000 with no takers. So it was time, last week, for the listing agent to pull out all the stops with a catered open house to alert local brokers to news of a huge price drop to $999,000. The chief selling point was the owner's amazingly luxurious residence on the two upper floors of the historic mansion that had been converted to "mixed use" on the ground floor.

"9000 square ft mixed use building with additional 2 story structure (10 car garage) and parking in rear. Ground floor appropriate for commercial use. 2nd floor is a residential renaissance masterpiece with work by Italian and French master craftsmen. Also includes Freight elevator, finished basement."

Until we arrived at the downtown Belleville address, most the invited brokers had no idea what the current commercial use was.  At the time I opened their creaky front door, all 3 sales persons were occupied on the upper floors, leaving me several creepy minutes to wander undisturbed through the ground floor establishment accompanied only by the funereal piped in mood music. In my mind, I channelled The Adams Family theme.

Flow Chart of The Morgtage Process

Despite the hurdles that many buyers face in getting a mortgage approved, today's home buyers have more mortgage financing options than at any time in the last 5 years. With so much choice and brand-new rules, it can be tough to know which loan is best. Thanks to Dan Green's Daily Mortgage Report:

Check local mortgage loan limits at The Mortgage Reports.

The Shutdown's After Effects on Housing Market

The government closure that finally ended late last week was beginning to put a noticeable  crimp in the recovering housing market.

Housing lenders rely on a variety of government data, such as verification of borrowers' income, which are unavailable with the partial closure of the Internal Revenue Service and other agencies. The mortgage industry has found creative ways to work around the shutdown. Banks are getting data from other sources. Sometimes they're simply taking the risk of making loans without some information.

Nevertheless, the shutdown is delaying loans around the country. And some experts warn that home lending could have been more severely disrupted if the political stalemate in Washington persisted much longer.

The chart below, showing rate projections for the 2014, was prepared just before the shutdown.

The Price of Waiting to Buy

The Government Shutdown and its Effect on Real Estate

Congress has failed to approve a Continuing Resolution (CR) providing funding for most government operations. Therefore, spending authority for most of the government expired at midnight on Sept. 30, 2013. Until legislation providing for funding is signed into law, many offices and programs of the federal government are now shut down.

This means many, but not all, government programs, including some that impact federal housing and mortgage programs, have been suspended or slowed due to the lapse in government funding. The Office of Management and Budget (OMB) requires each agency to have contingency plans in place. The information below is based on a National Association of Realtors" (NAR) staff review of agency contingency plans for the current shutdown and past experience with previous shutdowns and near-shutdowns.

Internal Revenue Service The IRS is closed and has suspended the processing of all forms, including tax return transcripts (Form 4506T). These transcripts are required for many kinds of loans, including FHA and VA, so delays can be expected if the shutdown is protracted.

Federal Housing Administration 
HUD’s Contingency Plan states that FHA will endorse new loans in the Single Family Mortgage Loan Program, but it will not make new commitments in the Multi-family Program during the shutdown. FHA will maintain operational activities including paying claims and collecting premiums. Management & Marketing (M&M) Contractors managing the REO portfolio can continue to operate. You can expect some delays with FHA processing. inistration The Social Security Administration is closed and has suspended most customer service functions. According to the SSA Contingency Plan, verifying Social Security numbers through the Consent Based SSN Verification Service will also be suspended during the shutdown, a further complication for mortgage processing.

Renovation SOS

Licensed contractor John DeSilvia comes to the rescue of distraught homeowners who have seen their homes left in shambles by the contractor they hired to fix it. Bad plumbing, shoddy framing, being structurally unsound: These are the complaints that homeowners have after hiring a bad contractor. DeSilvia steps in to make everything right, but he only has a few days in which to do it. After John and his team finish their work, these homeowners won't recognize their place.

 "Rescue My Renovation" crews demolish, build, renovate and refurbish projects in Tri-State area homes. “If you have been a victim of a contractor who has done shoddy work on your home, they want to hear your story,” Firstbrook said. If you would like to be considered for the new series and are currently living in nightmarish conditions, email casting@boywonderproductions.net.

The Fate of Rates

Last week, Bernard Bernanke startled many by announcing that the Fed will not wind down their bond buying program right now. The program is part of an overall stimulus package geared at bringing back the national economy. The Fed’s purchase of these bonds over the last few years has driven mortgage rates to historic lows. The assumption that there would be a reduction in bond purchases has caused 30 year mortgage rates to spike upward over the last few months. Surprisingly, Bernanke revealed the Fed will continue bond purchasers at the current pace.

 What does it mean to mortgage interest rates? Some buyers are waiting to see if interest rates will come back down before making a decision about buying a home. Though no one can guarantee where rates will be in a few months, we don’t believe waiting is a good strategy.

Most experts believe rates may actually move higher. The Mortgage Bankers Association,Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will continue to climb.
With home prices increasing and interest rates projected to also increase, the cost of buying a house could quickly increase rather dramatically.

NJ Cash Buyers Grow to 45% of Housing Market

As interest rates climb steadily, the proportion of cash purchases that are taking place in New Jersey has made it one of the top 10 markets in the country for investors. In addition to rising interest rates, the reluctance of big banks to make mortgages easily available has also become a significant contributing factor, as well.  

Finally, given their propensity to pay for real estate purchases with cash, in whole, and up front, institutional investing has also been a huge contributing factor Cash sales: 45.0% Median list price: $279,900 institutional sales: 3.1%

Mining Ethics From the Wind

Ethical Electric is America's first supplier of exclusively 100% renewable energy. They characterize themselves as "the good guys" in the energy industry. Their goal is to power as many American homes and businesses as possible with 100% clean energy from renewable sources like wind and solar.

Ethical Electric intends to use their profits to fund causes that benefit our planet and "advance equality, peace, justice and opportunity." To spread the word, they're partnering with some of such prominent environmental organizations as the Sierra Club, the League of Conservation Voters and the Wilderness Society.

Switching is fast and easy - you'll still get the same bill, the same service, over the same wires. All that changes is that instead of powering your home with dirty energy, like oil, gas and nuclear, funding dirty politics, your electricity will be 100% from local, renewable sources and a share of your electric bill will help support their affiliated environmental causes.(click on photo to enlarge)

Bubbles of Fresh Expectations

Rebounding from 6 years of declining prices, this infographic includes the average projected growth in home values for the next 4 years.

Great Epectations

Real Estate analyst Steve Harney is reflecting on the latest Home Price Expectation Survey that came out a few weeks ago.  It’s a quarterly report done where they survey a nationwide panel of over 100 economists, real estate experts and investment and market strategists. They take over a hundred of the real gurus in our industry and they say, “Where do you think prices are going to be over the next five years?”
The survey takes both ends of the spectrum and everyone in between and they mesh all their answers together, and then they give you the average.  It surveys the experts, both bulls and bears, and says, “All right, what’s the average of their findings?”  They give us a little historical perspective on it. Here is the average annual appreciation on a yearly basis.

What these experts did is looked at it and said, all right, what’s the pre-bubble number? What happened during the bubble? And they redefined the bubble. That’s why that number sometimes vacillates a little bit.

 What happened during the bust? What’s happened so far from the bottom to where we are today? And what are the expectations on an annual basis going forward?

An inexpensive A/C Alternative for Your Whole House

Although they may be initially more expensive than single room a/c units whole house fans can save a lot on your electric bill and increase your green footprint.

Whenever the outside temperature drops below inside temps, open some screened windows and flip on the fan to pull cool, dry air through the house and exhaust hot air through your roof vents.

For a morning “pre-cool,” run your whole-house fan just before sunrise, then close the windows to seal in the cool air as the day warms up. In the evening when outside temps dip, turn on your fan to cool off the house, which takes about 20 minutes for a 2,500 sq. ft. house. In general, whole-house fans are more effective in multi-story homes than single-level.

Read more at houselogic.com

(You can find more house logic tips on the bottom right of this page)

hhttp://www.wholehousefan.com/where-wholehousefans-work/

Introducing My New Website

I've just published a brand new website that is designed to give potential home buyers and sellers more control in today's rapidly changing marketplace. It will be updated on a daily basis.

The live link can be found above as well next to my profile on this blog. Let me know if you have any suggestions for improving it's functionality.

Near Record Rise in Home Sales

Pending home sales rose in May to the highest level since late 2006, implying a possible spark as mortgage interest rates began to rise, according to the National Association of Realtors®.

 The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2; the data reflect contracts but not closings.

Contract activity is at the strongest pace since December 2006 when it reached 112.8; pending sales have been above year-ago levels for the past 25 months.

New Record Set for Home Values

US home prices have taken a major leap in April, setting a new monthly record for gains. From March to April, home price gained 2.6% and 2.5% for the top ten and top 20 US markets respectively, according to the latest S&P/Case-Shiller Home Price Indices. Average prices rose 11.6% and 12.1% in April from a year ago.

Newest Data Suggests Buying Beats Renting

Harvard University’s Joint Center for Housing Studies released its annual State of the Nation’s Housing report for 2012. The report, which always does a good job laying out in plain language what’s happening with the market, points to the increasingly strong market fundamentals and says home sales really could see serious improvement this year.

The big beneficiary of the last several years has been the multifamily housing sector. It’s booming. As the report puts it, “the number of renters surged by 5.1 million in the 2000s, the largest decade-long increase in the postwar era.” More rental growth is expected. It’s in part because of this rental growth that home ownership is poised to improve.

The report includes an informative graph (see below) that shows how much more affordable mortgage payments have become relative to rental rates. At some point, renters are going to realize they’re losing money each month they continue to rent.

Newark's Water Wars

The Gateway Group of the Sierra Club is sponsoring "Newark's Water Wars", a free public forum, on Wednesday, June 12, from 7-9 pm, at St James Parish, 143 Madison St, Newark. All are welcome. Membership is not required. The panelists include Columbia Economics Professor Dan Flaherty, Dr Ana Baptista (Ironbound CC), Kim Gaddy (Newark Environmental Council Chair), Guy Sterling (retired Newark Star Ledger Reporter), and Lenny Thomas (Ironbound Super Group Chair). Dr Flaherty will be doing a Power Point presentation about the history of the Newark Watershed controversy. The part played by US Senate Candidate Mayor Cory Booker will be part of the discussion. The Panel intends to address other environmental challenges for Newark as well.

Mortgage Rates Approaching 4%

After bouncing along their all time lows for several month, residential mortgage rates seem to be on a steady upward climb.

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates climbing higher for the fifth consecutive week on concerns the Federal Reserve may slow its bond purchases amid a strengthening economy. This marks the first time the average 15-year fixed-rate mortgage has gone above 3 percent since the week of May 24th of last year.

It's
30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.7 point for the week ending June 6, 2013, up from last week when it averaged 3.81 percent.
Last year at this time, the 30-year FRM averaged 3.67 percent.

15-year FRM this week averaged 3.03 percent with an average 0.7 point, up from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 2.94 percent.

Essex Home Values Continue to Rise

Here's a map of Essex County home values lumped broadly by each town's Zip code.

Are You Making the Most Out of Your MID?

A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on the loan which is secured by their principal residence.

As the national map indicates. New Jersey residents have been high among the one third of all taxpayers who take the largest deductions from the program. Further down, you can find a town by town breakdown within NJ showing which parts of the state benefit the most.

Foreclosures Decline Nationally But NJ Backlog Still 2nd Highest

According to Housing Wire, the nation’s supply of homes in some stage of foreclosure fell 23% in March, declining from 1.5 million housing units a year earlier to 1.1 million distressed properties, CoreLogic said in a new report Tuesday.

While foreclosure filings were dropping year-over-year, the number of completed foreclosure actions actually rose 6% from February to March. Still, the overall trend is for foreclosures to continue to decline. From the years 2000 through 2006, the nation averaged roughly 21,000 foreclosures per month. Since the onset of the crisis, CoreLogic estimates 4.2 million homes have been lost to foreclosure,

The states with the highest foreclosure inventory rate based on the percentage of all mortgaged homes includes Florida, which boasts a 9.7% foreclosure inventory rate. New Jersey comes in second with a 7.3% foreclosure inventory rate, while New York, Maine and Illinois maintain foreclosure inventory rates between 4.4% and 5%.

10 Ways to Have Earth Day Every Day

From the new Managing Editor of Treehugger.com:comes a reminder that you don't have to spend a lot of money to make a difference in transforming your environment:

Housing Recovery Now 56% Back to Normal

Trulia's latest gages of the housing market are all showing encouraging signs of a steady recovery. Averaging these three back-to-normal percentages together — construction starts, existing home sales and the delinquency-plus-foreclosure rate — the housing market is now 56% of the way back to normal, up from 54% in February and 43% six months ago in September, writes Trulia in a blog post.

One year ago, the market was only 33% back to normal – so the last year has been a significant recovery, says Jed Kolko, chief economist at Trulia.
 .

Home Prices Soar at 8.1% Annually Highest in 6 years.

January was the second consecutive month-over-month increase in house prices and the eighth consecutive year-over-year increase.
According to the most recent release by Standard and Poor’s Case-Shiller 20-City Composite House Price Index rose by 0.1% on a not seasonally adjusted monthly basis and the 10-City Index rose by 0.2% on a not seasonally adjusted monthly basis. In the 12 months ending in January 2013, house prices rose by 8.1% according to the 20-City Composite Index and 7.3% according to the 10-City Composite Index.

 Year-over-year house price growth has been generally widespread. House prices have risen on a not seasonally adjusted 12 month basis in each city tracked by the 20-City Composite Index

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