"Mortgage Rate a New Low"
New York Times (09/04/98) P. C8

Average rates on 30-year, fixed-rate mortgages fell to a yearly low of 6.82 percent this week from 6.92 percent the previous week, according to Freddie Mac. Fifteen-year mortgage rates also fell to 6.51 percent, and rates for one-year adjustable-rate mortgages fell to 5.51 percent.

"Daylighting a Basement"
Washington Post--Home (09/03/98) P. 26; Gelfeld, Elizabeth

When designing a basement, it is sometimes difficult to find enough light and to incorporate the basement with the rest of the house. But Washington architect Hector Alvarez achieved both by using overhead space. In order to get more space for the entrance, he moved the kitchen wall back. This also allowed more light to enter from the kitchen windows.

"Wall St. Jitters and The Deal"
New York Times (09/03/98) P. D1; Rozhon, Tracie

Buying a new home is always a risk, but with today's stock market fluctuating every day, buyers involved in the market may be facing the additional risk of losing all their money in one day. Some home buyers in this situation are forced to look for lower home prices. But they may be in trouble if they are close to signing a contract with a home seller, and they are in worse shape if they have already signed the contract and then want to get out of it. Usually buyers can recover their deposits, especially if they can prove a sudden loss of funds. Sometimes the lender will even save the buyer by rejecting the loan. But for those buyers who don't want to risk losing their deposit, lawyers offer advice. If the buyer wants to get out of the deal before the contract is signed, they can usually simply ask to exit the transaction. But this is a bad stage to try to renegotiate the price because it may make the seller apprehensive. After the contract is signed, the buyer can get out of the deal if they have a contingency in the contract. Sellers will sometimes challenge this, but usually they will give in. The most difficult time to get out of buying a home is after all the necessary stages have been passed. At this point, the buyer is often forced to forfeit the deposit.

"Across the USA: News From Every State--Florida"
USA Today (09/03/98) P. 9A

In a recent study conducted by the University of Florida, researchers predict that growth in the state's economy will slow at the start of the next century, primarily due to an anticipated reduction in new residents. According to the study, the state is expected to add only 3.7 million new residents between 1995 and 2010, compared to the 4.4 million it welcomed between 1980 and 1995.

"Excite Makes Significant Expansions to Home and Real Estate Channel"
PRNewswire (09/02/98)

Excite Inc. recently launched its new Home and Real Estate Channel at www.excite.com. The site was formed through partnerships with Intuit, which operates QuickenMortgage, and RealSelect, which operates Realtor.com. The site provides easy access for consumers to services from home decorating to buying a first home or refinancing a mortgage, according to Excite senior vice president and co-founder Joe Kraus. Intuit provides mortgage information, while Realtor.com contains nearly 95 percent of all available home listings.

"National Home Ownership Group Removes Maximum Income Limits for 1 Percent Down Payment..."
Business Wire (09/02/98)

The Nehemiah Progressive Housing Development Corporation reports that it has removed any and all maximum personal income restrictions from its national down-payment program. Don F. Harris, founder and president of the California-based charitable group, states. "This means that hard-working American families who haven't been able to save enough money for down payments--but earn enough to be able to afford the mortgage payments and the upkeep on a home--won't slip through the cracks of eligibility." In order to qualify, interested buyers must be credit-approved and come up with at least 1 percent of the total sales price of the home themselves. In addition, they must be interested in buying a participating home in the program and complete a course on the benefits and pitfalls of homeownership. Not only does the Nehemiah Progressive Housing Development Corporation look to create homeownership opportunities, it also develops affordable apartment properties and buys and renovates housing in inner-city neighborhoods.

"Community"
Sunday Oregonian (08/23/98) P. H5

The Portland Metropolitan Association of Realtors was able to raise more than $1,800 back in July at its Westside Golf Tournament. The funds will go to benefit Home Ownership One Street at a Time (or HOST), a non-profit organization that works to make low-income families in the state homeowners.

"Ahead of the Game: Mortgage Shopping"
Moneysworth (08/98) Vol. 4, No. 8; P. 8

A new rule that requires mortgage loan officers to choose one of three disclosure statements should make it easier for prospective home buyers to find out how a mortgage broker will be paid and who will pay him or her. According to Peter G. Miller, real estate broker and author of Buy Your First Home Now (HarperCollins, $13.50), "a broker who agrees to represent you--and who can deliver the best rate and terms--is your best financial choice."

"Garage Doors Open to Safety"
Home (09/98) Vol. 44, No. 7; P. 98; Petrowski, Elaine Martin

Homeowners are paying closer attention to their garage doors these day. Yes, the look of the home can be enhanced with the just the right garage doors. For other homeowner, the garage door may pose a safety hazard. Homeowners should expect to pay anywhere from $200 to $2,000 for garage doors, with cost-effective steel doors being the most affordable and wood doors being the most expensive. Home centers and garage door dealers are the best places to find garage doors. "Look for someone who's been around ten years or more," is what David Hill, director of garage doors at Klamath Fall, Ore.-based garage door manufacturer JELD-WEN Elite, said homeowners should do when they search through the Yellow Pages. Garage doors can also be updated by adding a garage door opener, which cost between $200 and $500. According to manufacturers, most homeowners do not realize that garage doors are the easiest way for thieves to get inside a home.

"Easy Living"
Economic Edge (09/98) Vol. 3, No. 4; P. 63

Northeast Mississippi is an appealing place to live for many families. The median home price is $45,000, much lower than the national average of $79,000. In addition, crime rates are 14 percent lower than the national average, and the climate is warm. "We have an ideal lifestyle," said Sandra Rea, economic development specialist for the Tennessee Valley Authority.

Published: September 4, 1998

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