"VHDA Chooses a Firm in Its Search for Director"
Richmond Times-Dispatch (08/18/98) P. C4

Korn/Ferry International, an executive search firm, has agreed to conduct a nationwide hunt to find a new executive director for the Virginia Housing Development Authority (VHDA). Once such an executive is hired, the retiring John Ritchie will remain with the housing finance organization for a year or so to help with the transition. VHDA estimates that it will have $1 billion in annual production by the year 2000.

"On the Road Again"
Ad Week (08/03/98) Vol. 39, No. 31; P. 12

New research from the U.S. Census Bureau shows that 16 percent of the U.S. population moved to another home between March 1996 and March 1997. Two-thirds of the people that moved stayed in the same county, but 15 percent moved to another state. There were apparent age differences in the figures, as 32 percent of people in their 20s moved, and only 5 percent of people over 65 moved. The study also shows that, generally, they are more likely to remain there.

"Breaking Ground"
Washington Times (08/17/98) P. D22; Cleary, Mike

Bush Construction Corp. plans to break ground on the first phase of a six-building, $110 million project in Arlington, Va. by this time next month. The massive undertaking will include: two buildings that will feature around 100 or so condominiums; a 24-story, 380-unit apartment building; and the company's first-ever office building. Bush Construction has historically been a residential builder and developer. However, this time the company is seeking to diversify. To help finance the project, Bush officials have agreed to sell one apartment building, once approximately 95 percent of the units are rented. The company will also sell the office building under similar terms. No buyer has been named.

"The Michigan Top 50"
Crain's Detroit Business (07/27/98) Vol. 14, No. 30; P. 11

Crain's Detroit Business magazine recently announced its picks for the top 50 stock opportunities in Michigan. Two local home building companies made the survey. Champion Enterprises Inc., the nation's largest manufactured housing producer, was ranked seventh on the list. Aside from its position in the manufactured housing market, Champion has also expanded its retail operations. About 42 percent of Champion's homes were sold last year through its own outlets, and that number should rise to 50 percent by the end of the year. Champion will also spend $40 million this year to improve its production. In addition, Pulte Corp., the nation's largest home builder, was ranked 15th on the survey. Pulte's first quarter earnings were $10.9 million, up from $1.23 million in the first quarter of 1997. Pulte currently operates in 40 markets in 27 states.

"E-Loan and TeleBank Launch Co-Branded Mortgage Center"
Business Wire (08/17/98)

Online mortgage broker E-Loan and TeleBank (www.telebankonline.com) have joined forces to create an online mortgage center on TeleBank's banking and financial services Web site. At the site, consumers can use a questionnaire to determine which type of mortgage would best fit their needs. They can then compare mortgage rates from E-Loan's range of lenders and can get pre-approved for a mortgage and complete the entire application process online. E-Loan also provides a customer service center for consumers. TeleBank customers typically enjoy savings on their banking activities, and the new program with E-Loan will help them save up to 75 percent on brokerage fees, according to E-Loan CEO Chris Larsen.

"Upfront: Millennium Generation's Upon Us"
Today's REALTOR (08/98) Vol. 31, No. 8; P. 9

Housing market observers are already talking about the Millennials, or Generation Y, which are future homeowners who have not reached the age of 18 as of yet. More than anything else, the sheer size of the market of the first homebuyers of the 21st century is astounding. According to the Census Bureau, there are now some 70.2 million Millennials in the United States, which means that this future market is even more massive than the Baby Boomers, a generation that reached a high of 69.9 million in 1966. Today's REALTOR magazine plans to take a closer look at Millennials in its September issue.

"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.

"Altered Estates"
SmartMoney (08/98) Vol. 7, No. 8; P. 81

Kurt Wolf is among a growing number of homeowners in the San Francisco Bay area who are choosing to enlarge their homes through home renovation projects because the cost of homes in the market is getting too expensive. Already one of the least affordable housing markets in the country, the Bay area saw its median price of existing homes soar 18.9 percent to $338,300 during the year ended March 31. Similarly, the home expansion trend could very well spread to other markets of the country such as Boston, Dallas, and Orange County, Calif., which is where home prices are expected to jump by 10 percent or more in 1998. Real estate professionals should keep in mind that $118.4 billion was spent on residential renovations in 1997, which is an all-time high. Moreover, homeowners are realizing that by not "trading up," they get to stay in their neighborhood, and that they don't have to deal with the hassle of moving or a more expensive mortgage. "It took us a while to think it through, but we did eventually catch the big picture," says Wolf.

"Fuel Cells for Home and Business to be Tested"
Rural Montana (08/98) Vol. 45, No. 12; P. 6

In a cooperative field test, the Electric Power Research Institute (EPRI) and American Power Corporation of Boston will evaluate the technology and cost-efficiency of three, small kW fuel cell systems intended for residential and commercial use. First employed as a power source in the Gemini space flights of the 1960's, fuel cells have been reformulated for a broader market at a starting cost of approximately $5,000. These electrochemical devices are environmentally sensitive means for transforming natural gas, propane, or other hydrocarbon fuels into electricity. The American Power Corporation has created a fuel cell model known as the Residential Power Generator that is completely pollution free, recharges itself during non-peak periods, and features an operational efficiency near 40 percent. That is 10 percent higher than most microturbine generators.

"Information Consumers Are Clamoring For!"
Real Estate Professional (08/98) Vol. 21, No. 4; P. 46; Garton-Good, Julie

Homeowners often have questions about their equity and whether or not they should prepay their mortgage. Paying off a mortgage sooner can be helpful, but homeowners should first ask themselves questions and develop a strategy for making prepayments. If homebuyers choose a short-term mortgage, it is easier to build up equity in the home. A short-term mortgage means higher monthly payments, but it also means the mortgage is paid off sooner. In addition, short-term mortgages generally have lower interest rates. But when it comes to making prepayments, homeowners need to first ask themselves if the prepayment is necessary due to a high debt level, and if there are other important debts that should be paid off sooner. In addition, the homeowners should make sure they have enough financial reserves in case they suddenly need extra money. There also may be better investment opportunities. The best method of making prepayments is to establish a set system, and if done right, homeowners can pay off their mortgage as much as 10 years earlier and avoid making interest payments. The system works best if homeowners first receive a copy of their monthly payment, divided between principal and interest, from their lender. It is also important to keep in mind that paying off a low-interest loan can result in savings, but the savings won't necessarily be significant.

© Copyright 1998 INFORMATION, INC.
Bethesda, MD (301)215-4688

May not be reproduced or redistributed without written permission from Information, Inc.

"The Real Estate Bookstore Opens on the Web"
Real Times Staff

The Real Estate Bookstore announces the grand opening of its new Web site, RealEstateBookstore.com.

RealEstateBookstore.com, in association with Amazon.com, offers 450 titles of interest to consumers and investors as well as real estate licensees and students. The titles that are part of the RealEstateBookstore.com catalog are the latest editions of books, tapes and CDs that are available for immediate ordering over Amazon.com's secure servers and at Amazon.com's great prices (many at discounts of 10 to 40 percent).

RealEstateBookstore.com has a catalog containing all of the titles that site visitors can scroll through or search, as well as topic lists by specialty area:

• Home Buying
• Home Selling
• Financing
• Inspecting
• Appraising
• Investing
• Licensing Exam Prep
• Books in Spanish

RealEstateBookstore.com are updated regularly to include new publications and to eliminate titles that are no longer available for easy, quick downloading

Published: August 18, 1998

Use of this article without permission is a violation of federal copyright laws.

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