"Credit Network Links to Fannie System"
American Banker (07/28/98) P. 13

Credit Network recently announced its credit-reporting system will now be available on Fannie Mae's Desktop Underwriter network. When a lender receives a warning message while processing a loan over Desktop Underwriter, the lender can order a credit report, which will either correct the problem or find a source of alternate funding. Credit Network has over 500 clients nationally.

"Housing Opportunity Index--First Quarter 1998"
Housing Economics (06/98) Vol. 36, No. 6; P. 17; Colburn, Andrea

For the fifth consecutive quarter, the National Association of Home Builders (NAHB) reports that Kokomo, Ind., has the most affordable housing market in the country. The city was found to have a Housing Opportunity Index of 93, which means that a family earning the median income of Kokomo--$50,800--could afford 93 percent of its homes. The Midwest as a whole was one of the least expensive regions for housing during the first quarter of 1998. In fact, the NAHB reports that the top five markets in the country were all located in the region. Muncie, Ind. was the second-most affordable market in the country, followed by Davenport, Iowa; Duluth, Minn.; and Rockford, Ill. Furthermore, 13 of the 25 most affordable housing markets in the country were in the Midwest. The Northeast had six of the top markets, the South had five, and the West had one. The most affordable housing markets in the Northeast was Utica-Rome, N.Y. (sixth nationally); followed by Nashua, N.H. (10th); Binghampton, N.Y. (12th); Syracuse, N.Y. (16th); and Albany, N.Y. (18th). Wilmington, Del. (7th) led the South, followed by Melbourne, Fla. (8th); Lakeland, Fla. (9th); Daytona Beach, Fla. (22nd); and Tallahassee, Fla. (24th). In the West, Anchorage, Alaska, ranked 18th. It was followed by such municipalities as: Modesto, Calif. (38th); Bakersfield, Calif. (39th); Las Vegas (74th); and Reno, Nev. (96th).

"Fannie Travels to Chicago to Unveil $12 Billion Commitment to Lending"
National Mortgage News (07/13/98) Vol. 22, No. 42; P. 16

Representatives from Fannie Mae and the City of Chicago recently met in the Windy City to announce a $2 billion expansion of Fannie Mae's HouseChicago program that began four years ago. The purpose of the program was to provide $10 billion in mortgage financing by 2003, but the program has succeeded so much that Fannie Mae says it will meet its goal by the end of 2000. The expansion of the program to $12 billion is in response to Chicago's Affordable Housing Plan. Over the first four years of the program, more than 60 percent of the loans were for low- to moderate-income homebuyers, more than 49 percent of the loans were for first-time homebuyers, and almost 41 percent of the loans were for minorities.

"Site to See"
HomeOffice (08/98) Vol. 1, No. 4; P. 30; Fryer, Bronwyn

Home-based entrepreneurs should be able to find all the information they need by going online to the Web site of the Small Business Resource Center (SBRC), which can be accessed at www.webcom.com/seaquest/sbrc/welcome.html. Everything from tips on how to write a business plan to advice on how to handle taxes is offered at the site. And if home-based entrepreneurs can't find what they need at the SBRC, links to related sites, such as the SBA Web Server and the National Association for the Self-Employed, should come in handy.

"Online Homes Will Grow to 102 Million by 2002"
Direct Marketing News (07/06/98) Vol. 20, No. 25; P. 21; Bush, Michael

The number of homes that access the Internet is expected to increase from 30 million users to 102 million users by 2002, according to International Data Corp. and Relevant Knowledge research firms. The firms' research also shows that the number of Web users who make purchases online will grow from 36 percent to 50 percent. In other research information, 56 percent of Web users are male, the largest age group is men between the ages of 18 and 34, and almost 25 percent of Web users who visit commerce sites have incomes over $75,000.

"Irvine Apartment to Buy 32 Acre Site in Southern California"
Dow Jones News Wire (07/24/98)

Irvin Apartment Communities Inc. has signed an agreement with a private investment group to acquire One Park Place, a 32 acre development site in Southern California. The REIT plans to build 1,226 apartments at the site. Financial terms were not disclosed.

"Income Rose in All States in the First Qtr: Commerce"
Investor's Business Daily (07/24/98) P. A2

For the second straight quarter, personal income rose 1.6 percent according to the Commerce Department. An increase took place in all 50 states during the first quarter of the year, with the greatest gains occurring in Alaska and South Carolina at 2.3 percent. On the other hand, North Dakota at 0.4 percent, and Delaware and Vermont at 0.5 percent, had the slowest growth in personal income for the quarter.

"California Building Standards Commission Approves State Historical Building Code"
Business Wire (07/23/98)

The California Building Standards Commission recently approved changes in the State Historical Building Code that would increase support and preservation of historic buildings in California. The changes in the code, which would increase regulations and standards for historic buildings, are designed to extend the life of the buildings, spur redevelopment in urban areas, and improve economic activity in California. These historic buildings "are not only valuable community cultural resources but an important part of our housing stock and economic infrastructure," according to Joanne Kozberg, chair of the Building Standards Commission. This recent change in the code follows a number of other changes that began in 1997 following the Northridge Earthquake. That change helped alleviate the risk older buildings face during earthquakes.

"American Homeownership Act Endorsed by Home Builders"
PRNewswire (07/23/98)

The National Association of Home Builders recently announced its support of the American Homeownership Act, which would lower affordable housing costs and increase homeownership among young people, according to Don Martin, president of the NAHB. The bill was co-sponsored by Rick Lazio (R-N.Y.), chairman of the House Committee on Housing and Community Opportunity and includes many provisions from the Affordable Housing Barriers Removal Act. Community development groups would be able to offer alternatives if a bill negatively affected affordable housing. The bill would make the senior reverse mortgage program permanent and create grants in homeownership zones for affordable housing. The bill's main intent, though, is to increase homeownership opportunities for young people, according to Martin. Rising home prices have led to a 52.6 percent homeownership rate among people between the ages of 30 and 34, 13.1 percent below the national average.

"Mortgages On Line Present Some Hazards"
Boston Globe (07/25/98) P. E1; Howley, Kathleen

New encryption technology has reduced the amount of theft that takes place over the Internet when consumes make a purchase with a credit card. But a growing number of consumers are now applying for mortgages online, and e-mail security specialist David Beadle says this type of activity poses additional risks that even mortgage professionals aren't aware of. When consumers apply for a mortgage over the Internet, they are sending more than just a credit card number--they are sending a great deal of personal information to one source. This means a strong opportunity for scam artists, who will often ask for more information than what is traditionally needed for a mortgage transaction. Beadle says that consumers are often lured by sites that appear official by promoting national firms and promising low mortgage rates. Unfortunately, when a fraudulent transaction occurs, it is often difficult to catch the scam artist. So far, mortgage fraud hasn't been a significant part of Internet fraud. Beadle, though, says that could soon change.

"WebCrawler Continues Home and Family Focus"
PRNewswire (07/27/98)

In addition to the Kids & Family channel, WebCrawler has unveiled a new Home & Real Estate Channel designed to assist homebuyers and homeowners with information and advice on refinancing, remodeling, renting and purchasing real estate. The channel also features resources for calculating mortgage rates, credit reports, and the cost-of-living as well as researching potential communities. A database of nationwide home listings is also accessible through the new channel.