"Loudoun Seeks the Power to Handle Growth"
Washington Post (09/17/98) P. B1; Blum, Justin

Loudoun County and other rapidly growing counties in Northern Virginia are asking the General Assembly to give them the right to limit residential development in areas that suffer from crowded schools and traffic. Typically, Virginia law favors property rights, and the General Assembly normally doesn't give this right to the counties. But this year 19 localities have joined the lobbying effort, signaling a more coordinated effort. County officials say they must deal with crowded schools, increased property taxes, and a lack of tax revenue needed to fund new county services to account for new development. The Loudoun County law would allow the county to limit growth in areas with population growth of more than 10 percent. It would also force developers to provide the funds for new facilities when they are building new homes. The Home Builders Association of Virginia has been gathering support in opposition of the plan. The proposed law would place a moratorium on new construction, resulting in job loss and increased housing costs, according to Michael L. Toalson, executive vice president of the association, who says the government should come up with another plan.

"Sweet Fifteen: Shorter Mortgages Are Gaining Support"
Wall Street Journal (09/17/98) P. C1; Tejada, Carlos

With mortgage rates falling to their lowest rates in 30 years--6.82 percent rate for the average 30-year fixed-rate mortgage, and 6.5 percent rate for the 15-year fixed-rate mortgage--many homeowners are considering refinancing options. While 30-year mortgages are typically more popular among budget-conscious homeowners, 15-year mortgages offer significantly more long-term benefits. Consumers who can stretch and maintain a 15-year loan will not only save thousands of dollars in annual interest, but the equity calculated in their home will increase more quickly. Owners of a $200,000 home will earn $2,748 in additional equity after five years with a 30-year mortgage. Under a 15-year mortgage however, these owners accumulate $10,540 in equity during the same period. For others, the added security of fully owning a home by the start of their retirement offers even greater incentive for securing a 15-year mortgage.

"Builders Association of the Twin Cities Reports New Home Sales are Hot"
PRNewswire (09/15/98)

New home construction in the Twin Cities of Minnesota increased 30.6 in August from August 1997, and year-to-date construction through August was up 22 percent from last year, according to the Builders Association of the Twin Cities. Consumers are taking advantage of low interest rates, and many potential homebuyers have attended the Parade of Homes Fall Showcase. The parade runs through Sept. 27 and is the largest event of its kind in the United States. Total permit values also increased in August from the previous year. The most successful suburbs in terms of total permit values were Woodbury, Inver Grove Heights, and Savage.

"Encore: Down With Doorknobs!"
Dow Jones News (09/13/98) ; Winokur, L.A.

With more Americans showing an interest in staying in the same home or community after retirement, home builders and appliance makers have begun to embrace the "universal design" concept of Ronald Mace, an architect and professor who came up with the idea in the 1970s. Homes with universal designs are all the more expedient when real estate professionals consider that people age 65 or older will represent 13 percent of the population of the United States by the year 2030. It has taken some time for builders to realize that just because a home is not constructed for able-bodied, six-foot-tall males--but rather for the short and tall, the young and old, and the frail and fit--does not mean that it can not resemble a typical home. What is most often the case is that universal design features are not too different from what is found in a typical home. For instance, while the typical home has doorknobs, the home with a universal design would have door levers that will be more beneficial for small children, someone with arthritis, or people carrying groceries.

"The Ins and (Even Better) the Outs of Private Mortgage Insurance"
Philadelphia Inquirer (09/13/98) P. R2; Heavens, Alan J.

The Homeowners Protection Act of 1998, which was recently signed into law, only applies to mortgages purchased after July 29, 1999. It requires automatic cancellation of private mortgage insurance once a home has reached 22 percent equity. The law excludes high-risk mortgages provided by the Federal Housing Administration and the Veterans Administration, but homeowners can avoid this problem by converting the loan into a conventional loan. Homeowners can request cancellation of their PMI once they have reached 20 percent equity, as long as the property has not declined in value. To be eligible, the borrower must have a strong credit history, and an appraiser must confirm that the home has reached 20 percent equity. On another topic, homeowners who have completely paid off their mortgage can expect to receive a promissory note from their lender. While these may arrive in a timely manner for some, other lenders are consistently late in doing so. In these instances, homeowners should simply contact the county recorder to confirm that a document has been filed.

"'Estate Sale' Is One Way to Get the Most for Your Goods"
Miami Herald (09/13/98) P. 8H; Werne, Jo

Diane Brant, an associate member of the American Society of Appraisers and owner of Coral Gables, Fla.-based Reminiscence Antiques & Accessories, encourages estate owners to contact a Realtor so that they can find an estate sales pro. Estate sales have counted for 35 percent of business for Brant, who has sold 15 estates since 1990. "During one sale I handled, someone offered to buy the contents of a home for $11,000," said Brant. "I recommended selling the items individually and got $35,000 for the client." Estate sales pros should be able to estimate the proceeds of the sale within 15 percent. Estate sellers tend to pay sales professionals a percentage of the total proceeds of the sale.

"FEMA & Texas Tech Team Up for Tornado Protection in the Home"
Insurance Record (08/27/98) Vol. 64, No. 18; P. 9

Federal Emergency Management Agency (FEMA) Director James Lee Witt has announced a major initiative on in-residence "safe rooms"--in-residence tornado shelters--as part of the agency's identification of measures to increase tornado hazard protection. Speaking at a National Tornado Forum, Witt noted that the safe room could protect people from injury or death by winds up to 250 mph and projectiles flying at 100 mph. A publication from FEMA includes design specifications for a safe room, created jointly with the Wind Engineering Research Center of Texas Tech University. The guidelines include planning, construction, and cost estimates. The safe room project stems from many requests from state and local emergency management officials and people whose homes have been damaged or destroyed by tornadoes or hurricanes.

"Electric and Magnetic Fields Are Possible Carcinogens"
Chemical & Engineering News (08/24/98) Vol. 76, No. 34; P. 44

A report stemming from an interagency research effort involving the Environmental Protection Agency, the National Institute of Environmental Health Sciences, and the Department of Energy has concluded that electric and magnetic fields (EMFs) from home appliances and power lines may be a carcinogen to humans. The study data was evaluated by a panel of experts who voted on the conclusion. Of the 29-member panel, 19 believed the evidence suggested that EMFs were a carcinogen, while 10 abstained or dissented. The data was culled primarily from population studies, which tended to support the majority conclusion.

"Low Income Heating Aid Threatened"
Rural Montana (09/98) Vol. 46, No. 1; P. 10; Baucus, Sen. Max

While the Low Income Home Energy Assistance Program (LIHEAP) may not seem as important to Americans in warm climates, Montana state residents understand its value as a critical source of heat and survival for low income residents during the winter season. However, as Senator Max Baucus explains, funding for the LIHEAP program has recently come under attack by members of the U.S. House Appropriations Committee who intend to eliminate it completely. Sen. Baucus describes the committee's judgment as "thoughtless, reckless, and dangerous," and notes that more than 23,000 households in Montana alone, depend annually on LIHEAP for heating during the coldest months. Together with 51 other Senate members, Sen. Baucus has publicly expressed his opposition to the funding cut, and has requested that the appropriations committee earmark $1.2 billion for the LIHEAP program in 1999.

"Vacancies in the Valley of the Sun"
Unique Homes (09/98) Vol. 27, No. 5; P. 226

Within the Phoenix-area's luxury real estate market, a deluge of homes have become available for prices ranging from $1 million to $5 million. As of June, this local market boasted of 258 upscale listings, so many that it was estimated two years would pass--judging by current sales rates--before the entire inventory could be sold. Regional builder, H. Craig Welborn credits the latest building trend, namely customized homes, for the boost in available upscale listings. "The older homes were built when it was acceptable to have a nice little home," he explains. "Now people are spending $2 million, and they want grander homes with 10-foot vaulted ceilings." Local luxury agents have expressed little concern for the glut of available properties. If existing homes are updated and priced appropriately they will sell, notes Larry Kruidenier, owner/broker of Coldwell Banker Brothers Realty. However, many are also destroyed to provide land for new custom-designed residences. Undeveloped property is also readily available through several nearby gated developments and exclusive golf-course communities.