"Move-Up Home Prices"
Wall Street Journal (11/20/98) P. W14

Market researchers Claritas and First American RES have found that move-up homes of late have been selling on average for $183,532 in a Tampa neighborhood heavily populated with midcareer business professionals and executives. For a move-up home in a similar neighborhood in Atlanta, prospective home buyers have been paying almost double that amount at $323,106. Shoreview, Minn., and Pittsburgh were found to have the most affordable move-up markets in recent weeks, with homes selling on average of $119,712 and $132,071 respectively. Two California markets were found to have the least affordable move-up homes. In Tiburon, Calif., move-up homes have been selling on average for $783,059, and in Menlo Park move-up homes have been selling on average of $774,518.

"Prudential Real Estate and Relocation Solutions Signs..."
PRNewswire (11/19/98)

Prudential Real Estate and Relocation Solutions recently announced it has signed a preferred partnership with Oakwood Corporate Housing. Through the partnership, Oakwood will be a co-provider of temporary housing for clients of Prudential's Real Estate and Relocation services. Prudential chose Oakwood because it has the most temporary housing locations nationwide with unique options, according to Howard Ruby, chairman of Oakwood's parent company R&B Realty Group. This service is especially important as a growing number of families relocate for different reasons and are in need of temporary housing until they find a permanent home, said Dan King, vice president of Home Ownership Services for Prudential's division. While the family lives in the temporary housing, Prudential can provide them with a number of relocation services, including assistance in finding a permanent home.

"Used Home Demand Still Strong"
Houston Chronicle (11/18/98) P. 1C; Feser, Katherine

October proved to be another good month for strong resales market in Houston. According to the Houston Association of Realtors, there were 3,995 sales of previously owned homes in the market in October, with 42,292 resales through the first 10 months of 1998. That is a significant increase over 1997, when Houston only had 41,033 resales for the entire year. "We're posting records, and I think that's due to extremely favorable economic conditions, both locally and nationally," said George Stephens, chairman of the Houston Association of Realtors. Stephens added that the market is benefiting from consumer confidence, high employment, and low interest rates. Prospective homebuyers can now obtain 30-year loans at about 6.5 percent.

"Fannie Mae's Updated Web Site Hosts Record Number of Visitors and Page Views"
Business Wire (11/18/98)

Computer users are relying more on the Web site of Fannie Mae, with 197,000 visitors logging on and nearly 657,000 page views in its first month of operation after having been redesigned. The number of visitors is said to be up 16 percent, page views are said to be up 16 percent, and user sessions are now twice as long. "Clearly, the increased interest is a result of the site's new look, easy navigation, and the company's fresh approach to providing useful, comprehensive information about Fannie Mae to a wide variety of audiences in one convenient place," said John Buckley, Fannie Mae senior vice president for communications. Among other things, Fanniemae.com now features up-to-date content and an electronic news service.

"Southland Home Sales"
Business Wire (11/18/98)

The sale of new and previously owned homes and condominiums in Southern California is on pace to reach its highest level since 1989. According to Acxiom Corp.'s DataQuick Products Division, the counties of Los Angeles, Orange, Ventura, San Bernardino, San Diego, and Riverside recorded 24,021 sales in October, which is up 4.9 percent from October 1997. October sales give the area an annual sales pace of 285,000 units, which is up 18.4 percent from 240,664 units last year. The only year in which the sales pace was higher was 1989, when the rate was 342,090 homes.

"Jammed Up"
Chicago Tribune (11/15/98) P. 16-5G; Grady, William

Officials in DuPage County, Ill., have introduced a proposal that would allow the owners of homes on some of its busiest roads to convert their residences for office use, as long as they maintained the look of a residence. The growth plans of the Chicago metropolitan area county has left a number of its homes fronting major highways. Some homeowners see little reason to maintain their homes since they have been devalued and are no longer attractive. With the proposed zoning law change, homeowners would have more of an incentive to reconsider investing in their homes. Officials envision accountants, stockbrokers, physicians, and insurance agents working out of the homes. "This would bring relief to those people who live on these streets," said County Board member Roger Jenisch. "It would provide a transition between a busy traffic area and the residential communities."

"Local Agent has Advantages"
Miami Herald (11/15/98) P. 2H; Hymer, Dian

Consumers in the market to buy or sell a home should seriously consider working with a real estate agent who is a specialist in the local community. While real estate professionals from outside of the area may be very good at what they do, local agents are more likely to have a better knowledge of local pricing and recent comparable sales figures. Although these statistics can also be accessed through a computer, the most current figures may not. Local agents also have more professional contacts than agents outside of the area. This fact can significantly facilitate the transaction, since local agents are more likely to share listing information and favor buyers represented by a local colleague. In a competitive market, local agents are more likely to hear of new listings before anyone else. Consumers who plan to work with an agent who doesn't specialize locally should ensure that the agent carefully previews comparable properties and is familiar with local ordinances. If the agent is well-connected, look up local contacts in the real estate industry for additional information and support.

"Md. Buys Bank Land in Response to Worry About Environment"
Washington Business Journal (11/12/98) Vol. 17, No. 26; P. 20; Harris, Pat Lopes

Maryland and Richard King Mellon Foundation of Pittsburgh recently purchased a 2,225-acre piece of land on the Potomac River in Charles County from Legend Properties. The land was to be used as a residential and commercial development with 4,600 homes. Maryland paid $25.3 million and the Richard King Mellon Foundation paid $3.2 million for the land, which it then gave to Maryland. Maryland Gov. Parris N. Glendening approved the purchase in response to environmental concerns about the effects of development on the land. Legend Properties, the firm that had owned the property, will continue to develop the Southbridge project in Prince William County, Va.

"Reverse Mortgage Group Calls for Streamlined Refinancings"
National Mortgage News (11/09/98) Vol. 23, No. 8; P. 30

The National Reverse Mortgage Lenders Association (NRMLA) is urging the Department of Housing and Urban Development to make it easier for seniors to refinance Home Equity Conversion Mortgages (HECM), a type of reverse mortgage. Higher FHA loan limits should allow seniors to refinance their HECMs, but under current rules borrowers must apply for a new loan and therefore must pay the extra costs for appraisals and mortgage insurance. This can be a large financial burden for seniors relying on the payments from reverse mortgages to cover medical care and other costs, according to NRMLA president Peter Bell in a letter to HUD. The letter said HUD should allow a streamlined refinancing process similar to the 203(b) program. The letter also asks for lower costs for insurance premiums and appraisals.

"Guides Answer Home Insurance Questions"
Kansas City Star (11/08/98) P. L-11

The typical homeowners insurance policy covers losses due to fire, lightning, wind damage, smoke, vandalism, and theft. But not all homeowners are aware of exactly what their insurance covers or steps they can take to reduce the cost of their insurance. Two publications from the Consumer Information Center and the Insurance Information Institute clarify these issues and offer homeowners helpful advice concerning their insurance. One of these publications discusses what may or may not be covered and how to get coverage, and the other discusses ways homeowners may reduce the cost of a policy, such as by installing smoke detectors. There is usually a dollar limit on coverage, and homeowners have the option of buying additional policies for earthquake or flood protection.

"Telecommuting Corner"
Home Business Magazine (10/98) Vol. 5, No. 5; P. 76

The new work concept of telecommuting appears as if it is on the verge of taking off in the years to come. By the year 2000, the federal government plans to have some 160,000 of its employees working out of their homes and telework centers. Furthermore, state and local government are trying their hand in coming up with ways in which their employees can work from their homes as well. When factoring in the number of people corporate America are allowing to work out of their homes, the market for telecommuters is expected to encompass some 15 million people by the year 2000. Meanwhile, the government is doing its part to give companies more of an incentive to offer the new work concept by providing tax relief to firms that have set up telecommuting programs for employees. By making it more attractive for companies to allow employees to telecommute, federal officials see an opportunity to improve the environment since more cars will be off the road.

"Organize Your Home Office and Get More Work Done"
Nation's Business (11/98) Vol. 86, No. 11; P. 10; Love, Thomas

Homeowners who operate a home-based business should make sure their home offices are set up like a typical corporate office and are set apart from the rest of their house, according to Lisa Kanarek, founder of Everything's Organized, which specializes in office organization. Kanarek also offers additional home-based business advice in her book, "Organizing Your Home Office for Success: Expert Strategies That Can Work for You." She says home office owners should invest in the best computer equipment, especially printers, because outside clients will most often see only what comes out of the printer. She also says the home office should have its own business telephone line with a good voice-mail or answering machine system and without call-waiting. Additional advice is available at www.everythingsorganized.com.

"Household Income Rise Dramatic for Some Groups"
Realtor Magazine (11/98) Vol. 31, No. 11; P. 20; Liparulo, Robert

The 6 percent increase in the median income of all households does not tell the entire story of the gains that have been made among certain groups of prospective home buyers. "There have been substantial changes in the size and composition of households over the past few decades," says Jack McNeil, author of the Census Bureau report, "Changes in Median Household Income: 1969 to 1996." Over this period of time, it was found that the median income of married-couple households with children rose 25 percent. And an even greater gain in the median income occurred for married couples who do not have children. Among the other findings of the report, single-parent and single-person households now account for 36 percent of all households, up from just 23 percent in 1969. The "Median Household Income: 1969 to 1996" report has been made available online at www.census.gov/hhes/www/income.html.

Published: November 20, 1998

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