"NRT Inc. Taps Good as Executive VP"

NRT Inc. of Parsippany, N.J., the nation's largest residential real estate company, has named Michael Good its new executive vice president. The position puts him in charge of operational management nationwide for NRT. Good will oversee corporate development, human resources, mortgage administration, preferred alliance and facilities management for the corporation.

"B of A Unit Targeting Hispanic Homebuyers"
American Banker (09/14/98) P. 10

Bank America Mortgage, the home loan division of Bank of America, has started a new campaign targeting low-income Hispanic homebuyers in Southern California. The lender has hired Spanish-speaking loan officers for its Southern California offices and has opened a homeownership education center in the Watts district of Los Angeles. Other parts of the campaign include a $1.1 billion commitment in loan options for low-income homebuyers and a bilingual direct mail program.

"MBA Predicts Even Loftier Heights for This Year's Home Loan Record"
American Banker (09/11/98) P. 7; Timmons, Heather

In contrast to troubling overseas markets, the Mortgage Bankers Association is predicting a recordbreaking year for American mortgage lending originators. Association economists are anticipating that home loans will reach their highest peak since 1993 and total nearly $1.3 billion this year, a level that could rise still further if interest rates continue to recede. According to figures reported by Freddie Mac, the average rate on a 30-year mortgage dropped from 6.82 percent to 6.77 percent last week, boosting refinancing activity 44 percent. "Volume is very strong," explained Sterling Edmunds, chief operating officer at Crestar Mortgage Corp. As a result, "We've done a lot to streamline operations." He noted. Institutions which have not benefited from the intensifying activity include lenders, hedge funds, and mortgage-backed securities issuers. These groups have been weakened by the drop in interest rates, and the subsequent increase in mortgage prepayment and refinancing activity.

"Amid Development, Plain People Strive to Preserve Culture"
Washington Times (09/11/98) P. A2; Dart, Bob

Lancaster is currently the fastest-growing county in Pennsylvania in terms of commercial and residential development. That is because more and more families from Philadelphia and other urban areas up and down the East Coast are moving there due to its rural setting and beautiful scenery. However, that beauty is being tainted by all the subsequent growth. In fact, the county has lost over 103,000 acres of farmland to development in the last 40 years. The loss has been particularly hard for locals to swallow since Lancaster's farms, although typically just 100 acres in size, have annually been among the most productive in the United States. In addition, the increased development is threatening the local Plain People and their traditional way of life. Lancaster is known for its high Amish population. Said one elderly Amish farmer, "The commercial developers are able to pay more for the land. That takes it out of agriculture." Most Amish are resigned to moving to other rural areas as suburban sprawl increases, since religious tenets forbid them from organizing and fighting the process on the political level.

"Workers Embrace Home Base"
Chicago Tribune (09/10/98) P. 2-3; Buck, Genevieve

Beverly Williams, president of Rockville, Md.-based American Association of Home Based Businesses, says the sooner home office workers organize and make themselves known, the sooner the climate for their businesses will improve. "When I approach corporations for things like group insurance or other benefits, I get the cold shoulder," says Williams. According to Williams, the reason for this reaction is that corporations want to know how large the home-based market is in terms of businesses and employees, and how much revenue the market is generating. By coming together, home office workers also will be able to better fight tough regulation on home-based businesses. The latest Bureau of Labor Statistics Survey indicates that there are more than 21 million people performing some work out of their homes, with more than 4 million being self-employed.

"Harmony in Scale and Proportion"
Washington Post--Home (09/10/98) P. 22; Gelfeld, Elizabeth

When new homes are designed in proximity to larger buildings, architects should carefully consider the scale, proportion, position, and orientation of the two structures, states architect Joseph Boggs of the Annapolis firm, Boggs & Partners. Asked to design a home positioned on a site near a 200-year-old stone barn and several large trees, Boggs created a traditional farmhouse with a charming wraparound porch, and strong rectangular features. In order to establish a balance in size between the two buildings, Boggs positioned the home at an angle, almost perpendicular to the barn. "It's a rolling, kind of Irish landscape," he explains.

"Real Estate in the Internet Age"
Boston Globe (09/06/98) P. F1; Babson, Jennifer

The Internet has become a powerful resource for consumers in the market for a home or a mortgage, and many real estate companies along with mortgage lenders, are sponsoring their own Web pages. The Internet has allowed consumers to prepare themselves more thoroughly prior to meeting with agents, stated the Massachusetts Association of Realtors. For home buyers researching mortgages, sites such as iQualify.com and QuickenMortgage, at www.quickenmortgage.com, are strong sources. In addition, consumers can now conduct home searches themselves rather than first going through a real estate agent. However, consumers utilizing online resources must remember that information over the Internet isn't always protected. Home buyers are also encouraged to check the legitimacy of any online company they choose to work alongside. Other sites consumers should utilize for real estate or mortgage-related information include the Web site of the National Association of Realtors at www.Realtor.com, Microsoft's HomeAdvisor (www.homeadvisor.com), E-Loan (www.eloan.com), Homefair (www.homefair.com), and Fannie Mae's homepath.com.

"Property Tax Rates to Finally Be Set"
Real Estate Weekly (08/26/98) Vol. 45, No. 4; P. 1; Weiss, Lois

New York's City Council is close to revising its property taxes to lower rates for residential homeowners. Mayor Rudolph Giuliani is expected to sign a bill passed by the Council on July 6 that will lower taxes beginning in the second half of 1999. The tax share responsibility for each class will change, although no class can have its share rise more than 5 percent. Property owners should receive their revised statements in time, but the council warns owners not to recalculate the figures themselves. The city council had been in disagreement with the state officials in Albany concerning the property taxes of New York City residents. State lawmakers ultimately allowed the City Council to divide the class shares on its own.

"Feds Boost Rehabs, HILs in Portland"
National Mortgage News (08/31/98) Vol. 22, No. 49; P. 18; Sorensen, Donald J.

Fannie Mae has expanded its HomeStyle housing assistance program--which already helps many low-income families in Portland, Ore.--to include home improvement loans. There is high demand for the program, which is expected to help as many as 200 more families, according to Barbara Reigler, program manager of the Portland Development Commission. The program will allow home improvement loans to be incorporated into refinancing loans, as long as the improvements are code-related and do not exceed $20,000. The program is aimed at families with incomes below $59,520 a year.

"Insurance: That's the Breaks?"
Money (08/98) Vol. 27, No. 8; P. 130

Homeowners can receive insurance discounts if they install a home-security system. A basic alarm system and dead bolts on exterior doors give customers a 7 percent credit, but the discount rises to 12 percent if the system alerts police, the fire department, or a private security firm. The savings on a typical $600 homeowners policy can be as much as $72. According to the National Burglar and Fire Alarm Association, the average security system costs $1,300 plus $25 a month for monitoring contracts.