"Indian Housing"
Associated Press (09/21/98) ; Brasher, Philip

Mortgage lending on Native American reservations is often difficult because both appraisals and paperwork are time-consuming and since the land is held in trust by the government, it poses special challenges to those with delinquent loans. However, a new Clinton Administration plan may significantly change the present climate. Under the new program, which will be tested on the Pine Ridge and Lower Brule reservations in South Dakota, the government will financially back all mortgage loans. The Department of Housing and Urban Development will guarantee the loans and provide necessary infrastructure, and lenders such as Norwest and Countrywide will work directly with Native American borrowers. According to the National American Indian Housing Council, 40 percent of Native American housing is substandard, and 21 percent of it is overcrowded.

"Deciphering a Real Estate Inspection Report"
Business Wire (09/21/98)

To help consumers understand the complexities behind a property inspection report, which can often be very detailed, the California Real Estate Inspection Association suggests dividing the data into two categories. The first would be safety issues. Some of these issues, such as loose wiring, can be immediately dangerous, while others may not be severe but shouldn't be overlooked. The requirements of safety conditions will vary depending on the area, and this information can be found through local building inspectors. The second category is maintenance problems, which aren't dangerous at first but could develop into costly safety problems. In this category, home buyers and sellers negotiate who must cover the cost.

"Paradise Has Its Rough Edges, Americans Find"
St. Louis Post-Dispatch (09/21/98) P. A4

Many residents of Southern California have become vacation homeowners along the Mexican coast in cities such as Ensenada. But as the area has become more popular, it has also become more dangerous. Tourists visit the beaches every week, and about 70 percent of the residents in the luxury home developments are from the United States. This growth in population and the rise in cities has resulted in traffic and noise issues, but the worst problem may be the rising crime in the area. The area has become a popular spot for drug transactions, and recently there have been reports of executions. In addition, there is concern that local authorities are reluctant to stop the rising crime.

"A One-Stop Shop on the Web for New Homes"
Los Angeles Times--Washington Edition (09/20/98) P. K1; Harney, Kenneth R.

Homebuilder.com is considered to be the definitive online resource for information on new homes. When prospective home buyers visit the site, they will be essentially accessing an expanded version of New Home Search Systems, previously the largest Web site on builders and now incorporated into Homebuilder.com.At the site, consumers will be able to find builders in some 63 markets and search for new homes by price, square footage, number of bedrooms, number of bathrooms, number of floors, and location of master bedroom, among other things. Some 7,000 builders are offering their products at the hombuilder.com. The Web site, launched last Wednesday, can be accessed at http://www.homebuilder.com.

"Play the Private Eye Before You Buy"
Los Angeles Times--Washington Edition (09/20/98) P. K5; Martin, Ellen James

Before deciding on a home to purchase, home buyers should study the neighborhood carefully using a number of techniques, according to real estate author, Joan McLellan Tayler. One of the best approaches is to visit the neighborhood on a weekend and talk to neighbors who may be able to share helpful information. Families with children can also obtain useful information about local schools. Rather than studying test scores, the best resource for practical school information is typically a parent with school-aged children. Buyers should also decide if they are looking for a uniform neighborhood with many similar residents, or if they are looking for a neighborhood with diversity in terms of age, race, ethnicity, and social class. Certain neighborhoods also have their own unique qualities both good and bad, such as vacant lots and tourist attractions. Homeowners should carefully consider these elements before deciding to move into the neighborhood.

"The Eye of the Beholder"
Philadelphia Inquirer (09/20/98) P. R1; Heavens, Alan J.

Few consumers completely understand the appraisal process when they are buying a home, but this step is important and can affect approval of the mortgage. Most of the time, home buyers confuse appraisals with home inspections, according to real estate broker Chris Artur. Home inspections are more important to the buyer, but appraisals test the market value of a home and are therefore extremely important to lenders. The appraisal process involves determining the market value of a home based on photographs of the home, important home features, and comparable home prices of other homes in the neighborhood. Most appraisals are performed quickly, but in some cases the appraiser will give a more detailed look at the home. The appraisal typically costs between $250 to $300, and it is easier to determine when the market is falling than when it is rising. But even though the process isn't always difficult, the standards are becoming more important. With a growing number of lenders streamlining the lending process, lenders are using their own appraisers. The value of the appraisal will be the most important when the loan-to-value ratio is high. In addition, the Department of Housing and Urban Development recently proposed strict standards on appraisers. To speed the process, Freddie Mac and Fannie Mae have started to use automated property appraisals, which can reduce the time needed to perform an appraisal by as much as 40 percent.

"Townhouses Attract Buyers"
Crain's Cleveland Business (09/07/98) Vol. 19, No, 36; P. 9; Bullard, Stan

Detroit-Shoreway Community Development Corp. is marketing its planned development of West Side Cleveland townhouses through Progressive Urban Real Estate of Cleveland. Three of the five townhouses have already been sold, with buyers receiving $10,000 in downpayment assistance from the city of Cleveland. Buyers will pay about $650 a month, and construction will begin later this month.

"Above it All: Checking for Damage to Your Roof"
San Jose Mercury News Online (09/03/98) ; Whetzel, Owen

A roof inspector who is not connected with a specific company or contractor is best when hiring someone to evaluate your roof. Following the inspection, homeowners should be informed of the roof's general condition, its problems and proposed solutions, and if necessary, specifications for a new roof. On your own and with the use of binoculars, learn what you can from the ground. Avoid venturing onto the roof, since it is dangerous and may impose greater damage to the home. Flashing is a particularly weak point on any roof, so look around the chimney, vent pipes, windows, and gutters for corrosion and breaks in the seal. Learn what you can from the attic on a sunny day. Search for obvious openings and mark them with colored wire so they are detectable from the outside. While you are in the attic, have a friend spray down the roof or wait for the next rainy day and search for additional leaks or discoloration between rafters. Repair what you can, but for anything more homeowners are advised to contact a licensed roofing contractor.

Published: September 22, 1998

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