"NAR tops political contributor list"
Real Times, Trey Garrison

The National Association of Realtors, the 720,000-member association of Realtors, made the list of the biggest contributor to the biggest players in Washington, D.C., between 1987 and 1996, according to the Center for Public Integrity. The National Association of Realtors contributed $376,498 to Senate Majority Leader Trent Lott, R-Miss, according to the just released CPI report. The CPI list includes the top contributors to ranking members of both parties in Congress.

"Norwest Targets Mortgage Loans on Reservation Land"
American Banker (09/09/98) P. 7; Brockman, Joshua

Norwest Mortgage has started a pilot program that will provide home mortgages to Native Americans living on reservations in South Dakota, North Dakota, and Nebraska. Conventional private lenders have been apprehensive of providing loans on reservations because the land is held in trust, and there are often tribal barriers to overcome. The pilot program--conducted by Norwest, the Department of Housing and Urban Development (HUD), and the Bureau of Indian Affairs--shortens the mortgage approval time for Native American borrowers. Sixteen tribes live in the designated area, and some of them are among the poorest counties in the nation, according to Cora Jones, bureau director for the pilot. The loans are guaranteed by HUD and must be approved the Bureau of Indian Affairs.

"Consumer Credit Rises by $5.3 Billion in July, Off From June Rate"
Wall Street Journal (09/09/98) P. A2

The Federal Reserve reports that consumer credit expanded at a 5 percent annual rate during July, or a seasonally adjusted $5.3 billion. The latest gain followed the previous month's increase at an annual rate of 8.4 percent. Meanwhile, miscellaneous credit--which includes everything from mobile-home loans to cash loans--increased $4 billion in July after a $1.6 billion jump in June.

"Builders Will Use the Internet to Redefine Home of the Future"
National Mortgage News (08/31/98) Vol. 22, No. 49; P. 21

Future home builders will have to consider the Internet and wiring potential when designing new homes, said Mark Borsuk, managing director of the Real Estate Transformation Group. Borsuk referred to the rising trend of "infotech," or integrating computers and telecommunications into daily life. About 50 percent of all homes in the United States will be wired by 2002, and that number will be higher in California, said Borsuk. This infotech trend will help the home fulfill a variety of new purposes. For one thing, already 57 percent of California workers commute, and that number is growing. Creating a mobile workplace will make it easier for employees to work at home, which will benefit employers. In addition, more people are looking for shopping and recreation amenities in the home, and wiring the home allows residents to perform all of these functions. To meet this trend, builders should start prewiring homes now for bandwidth, even though homes will likely employ wireless technology in 10 years. If home builders prepare now, they will be ahead of the competition.

"A New Lease on Life for Rental Units"
Washington Post (09/05/98) P. E1; Lelen, Kenneth

The Washington, D.C. metropolitan area is currently witnessing an apartment development boom, adding almost 10,000 new and renovated rental units per year. Delta Associates reports that many of the new communities are being aimed at upscale consumers, whose changing lifestyles mean that homeownership is out of the question. In addition, a number of existing properties are in the process of being renovated to appeal to such affluent tenants. Delta officials project that property owners will renovate more than 4,300 older apartments at 12 communities in 1998, compared with a total of 3,017 apartments being rehabbed last year. Local apartment market analyst Austin Decker states, "We're starting to see apartment development in eastern Loudoun County (Va.) when a year ago it didn't happen out there. The same thing has been happening in Prince George's, Anne Arundel, and Howard counties (in Maryland), where development economics are beginning to make more sense." By and large, developers report that the availability of low-cost financing has allowed them to build new rental units and upgrade existing properties. Most renovations result from landlords recognizing a need to remain competitive in the intense D.C.-area marketplace.

"Mortgage Rates Eased for Police"
Boston Globe (09/05/98) P. A11

In an announcement on Monday, Vice President Gore unveiled plans to expand the "Officer Next Door" program, a housing project focused on increasing the visibility and involvement of police in low-income neighborhoods. Under the new program, more police officers and local officials will be eligible to purchase homes in low-income communities for half the list price, in addition to securing reduced mortgage rates. Implemented by the Department of Housing and Urban Development, the "Officer Next Door" project is expected to attract another 1,000 officers throughout its second year.

"Web Group Gets Leads for Agents"
Property & Casualty/Risk & Benefits Management (08/24/98) Vol. 102, No. 34; P. 9; Attrino, Tony

Homeowners will be able to obtain State Farm quotes and information on agents at InsWeb, a site on the Internet that is designed to serve as an insurance marketplace. However, homeowners will not be able to buy homeowner's insurance at the site. "We're just trying to generate leads for our agents," says Sharon Banister, interactive marketing specialist for Bloomington, Ill.-based State Farm. The insurer has InsWeb send qualified leads to the State Farm agent closest to the hometown of the consumer. Realtor.com, the Internet site of the National Association of Realtors, has an Internet link agreement with InsWeb, which has already been visited by one million computer users through the first half of the year.

"Freddie Mac Sponsors CA Auction of Properties"
National Mortgage News (08/31/98) Vol. 22, No. 49; P. 8; Kalinoski, Glenn J.

Freddie Mac, HomeSteps, and Asset Properties Disposition Inc. recently sponsored an auction in Ontario, Calif., featuring over 50 homes. The cost of the homes ranged from $50,000 to $157,000, and the homes were financed by Washington Mutual with a 3 percent down payment. HomeSteps, the nation's second-largest owner-seller of single-family homes, renovated all the homes before the auction. The purpose of the auction was to increase homeownership opportunities for minority and low-income homebuyers and to take the fear out of the homebuying process, according to Craig Nickerson, vice president of community development lending for Freddie Mac. Past auctions have taken place in Atlanta, and Freddie Mac is considering another auction in Jacksonville, Fla.

"Insurance Industry Spearheading New Approaches to Mitigate Havoc of Savage Natural Disasters"
Insurance Advocate (08/15/98) Vol. 109, No. 32; P. 4

Don Sullivan, executive vice president and chief administrative officer of State Farm Fire and Casualty and board member of the Institute for Business & Home Safety (IBHS), says that many hurricane and tornado losses can be reduced by preventative measures. In Deerfield Beach, Fla., State Farm is constructing a demonstration home showcasing building techniques designed to prevent and reduce damages. Also, IBHS has developed or supported programs aimed at preventing storm losses. These programs include "Showcase Communities" which, like Deer Park, make a citywide concentrated effort at reduction of natural disaster loss; an IBHS seal of approval for homes that meet important disaster resistant criteria; Florida Alliance for Safe Homes (FLASH), whose partners include IBHS, the American Red Cross, the Florida Department of Community Affairs, the Florida Department of Insurance, and the Florida Insurance Council; and supporting legislation for effective, enforced building codes that improve a structure's ability to withstand windstorm damage.

"Real Estate Taxes"
Economic Edge (09/98) Vol. 3, No. 4; P. 10

Homeowners in the Tennessee Valley typically pay less than 1.5 percent of their home's value in property taxes each year, according to Runzheimer International. In comparison, Buffalo and Manchester, N.H., are tied for the highest property tax rates in the nation at over 3.5 percent.

Published: September 9, 1998

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