Published: December 3, 1998

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"Consumer Confidence, Weather Lift Home Sales"
Wall Street Journal (12/03/98) P. A2; Bodipo-Memba, Alejandro

Sales of new homes rose 0.8 percent in October, indicating that the housing market should remain strong for the rest of the year, according to the Commerce Department. The number of sales rose to an annualized rate of 851,000 units, the 14th straight month in which sales were above 800,000, a new record. The increase was attributed to mild weather across the nation as well as increased consumer confidence, and as a result new home sales should remain strong through the rest of the year, said David Seiders, chief economist of the National Association of Home Builders. Earlier reports showed that existing home sales and consumer spending also increased in October. In addition, mortgage applications have been very high over the past few months due to low interest rates, a further indicator of a strong home sales market, according to David Lereah, chief economist of the Mortgage Bankers Association. Regionally, new home sales rose 11 percent in the West but were down 11 percent in the Northeast, 5.4 percent in the Midwest, and 0.3 percent in the South. In addition, new home prices fell 0.3 percent to $150,000 in October from November. But high consumer confidence and a strong economy will keep the market strong, said Seiders.

"A Skylight Where It's Least Expected"
Washington Post--Home (12/03/98) P. 22; Gelfeld, Elizabeth

While skylights are an attractive feature in the rooftops of many new homes, the alternative of building one into the floor is a rather unconventional option. Joan Duncan and Chas Poor of Studio Partnership Architects of Takoma Park installed a skylight into the floor of their gallery-style hall, using small glass bricks in a metal-frame grid. Unlike glass blocks which are hollow inside, glass bricks are solid and have a different appearance. As with traditional skylights, the couple enjoyed additional light in their lower level dining room. For privacy and traction, the glass bricks were etched before they were installed.

"U.S. Home Prices Increase 5 Percent on Year--Government Report"
Dow Jones News (12/02/98) ; Pulizzi, Henry J.

The Office of Federal Housing Enterprise Oversight (OFHEO) reported on Wednesday that in the year ended Sept. 30,1998, home prices in the South Atlantic region have increased 4.5 percent. In addition to Florida, the South Atlantic region includes Washington, D.C., Delaware, Georgia, Maryland, the Carolinas, Virginia, and West Virginia. Nationwide, home prices are up 5 percent. The West led the nation with a 7.3 percent increase in home prices, followed by New England at 6.4 percent, the East South Central region at 4.8 percent, the West South Central region at 4.8 percent, the East North Central region at 4.6 percent, the South Atlantic region, the Mountain region at 4.3 percent, and the Middle Atlantic region at 3.8 percent.

"Construction"
Associated Press (12/01/98)

Residential building was one of the major reasons why construction spending was up in October for its fifth consecutive increase. According to the Commerce Department, construction spending rose 0.3 percent in October from the previous month to a seasonally adjusted annual rate of $665.8 billion. An increase in single-family and apartment construction helped push residential construction ahead 0.8 percent to a seasonally adjusted rate of $306.8 billion. Strong economic growth, which has raised incomes and lowered interest rates, is said to be driving construction.

"California Real Estate Inspection Association Protects Consumers"
Business Wire (12/01/98)

Home inspectors in California are not required to be licensed, and because of this it may be hard for homeowners to determine if they are hiring a qualified inspector. The best factors for determining the competency of an inspector are experience, training, and membership in a professional association, stated Scott Clements, president of the California Real Estate Inspection Association (CREIA). It is hard to determine the exact number of inspectors in California, but the Coalition of California Home Inspectors estimates that about 60 percent of practicing inspectors are members of a professional group such as the CREIA or the American Society of Home Inspectors. According to Clements, the CREIA hopes that standards and educational programs it has established for its members may one day serve as a model for potential regulations adopted by the state.

"Refinancing Is all the Rage, But It's "No Cakewalk""
Washington Times (12/01/98) P. B7; Lamiell, Patricia

With mortgage rates remaining low, homeowners once again have the opportunity to refinance their current mortgage, even if it means taking only a quarter of a percentage point off their interest. About $400 billion of the $1.1 trillion in mortgages today with rates above 8 percent could be refinanced, according to the Mortgage Bankers Association. But the process isn't exactly easy, and it requires finding old paperwork and filling out lengthy documents in cooperation with lenders, stated Robert Heady, financial columnist. Furthermore, homeowners who delay the process hoping to find a lower rate may, in fact, lose their opportunity if rates eventually rise. But rates averaged 6.90 percent last week, according to HSH Associates, and recent reductions in federal interest rates could lower mortgage rates even further. Some mortgage lenders are suffering from too much business, and HSH researcher Keith Gumbinger says the industry could experience a repeat of early October, when low rates rose suddenly and disrupted the process.

"Starting Out: Lessen the Pain of Maintenance"
Miami Herald (11/29/98) P. 2H; Hymer, Dian

California real estate agent and author Dian Hymer writes in her latest column in the Miami Herald that real estate agents are excellent sources for homeowners who are looking for tradespeople to perform roofing work, paint jobs, or other maintenance work on their homes. The real estate agent who sold the home to the owner would be ideal to talk to, but a reputable local agent can be a big help as well. However, Hymer warns that agents may not be too comfortable recommending tradespeople to homeowners. "If the contractor who is recommended does a bad job, this can reflect poorly on the agent who made the referral," writes Hymer. "So don't be surprised if an agent gives you a few names and leaves the decision to you."

"Norwest Mortgage Plans to Make Low-Mod a 21st Century Priority"
National Mortgage News (11/23/98) Vol. 23, No. 10; P. 12; Hicks, Darryl

Norwest Mortgage is already the nation's largest conventional mortgage lender, but in the next century the company will increase its focus on low- to moderate-income borrowers, according to Dan Russell, executive vice president for affordable housing. The company is currently retraining its staff on how to market in distressed neighborhoods, and it plans to open 100 new branches in neighborhoods with incomes between 50 percent and 80 percent of the area's median income. About 40 percent of Norwest's future growth will come in the subprime market, said Russell. Many times these borrowers aren't aware of the options available to them, and if they are successful in receiving a loan, they often have to pay higher points and fees. Norwest says it places caps on fees, preventing abuse by its lenders. The company also says it is developing a correspondent network for subprime mortgages, and it may consider securitization.

"Bulletin: Meridian Homes Wins Finest Living Award"
Washington Times--Home Guide (11/27/98) P. F9

Meridian Homes has been recognized as one of the top home builders in the Washington, D.C., metropolitan area. In November, the Suburban Maryland Building Industry Association and the Northern Virginia Industry Association presented the home builder with the 1998 Finest Family Living Award. Meridian Homes won the award for a custom home in Chevy Chase, Md.

"Condomania on the Rock"
Toronto Globe and Mail Online (11/27/98) ; Sullivan, J.M.

Although row houses represent the majority of residential structures in downtown St. John's, the area has recently witnessed an increase in the development of new condominiums. In fact, more than 30 condo properties comprising upwards of 1,400 units have been filed at City Hall. Reardon Construction and Development has been especially active during this period, renovating the old Imperial Tobacco plant into a 20-unit facility. The 5,000-square foot property features a number of two-bedroom units, an exercise room, and storage facilities. Reardon Construction is also responsible for the development of The Carriage House and the midtown Summerville Plaza. The Church Hill facility has also attracted the interest of condo buyers for its spacious units, featuring hardwood floors, panoramic views, fireplaces and period moulding. Two high-end units at Church Hill recently sold for $325,000 and $365,000.

"Place Where Accent is on Privacy"
Philadelphia Inquirer (11/27/98) P. F1; Dyan, Sheila

Burnt Mill Apartments in Voorhees Township has attracted praise from residents as well as the Apartment Association of Greater Philadelphia, which gave the complex four 1998 Best in Apartment Living Awards for overall community, curb appeal excellence, leasing and marketing, and maintenance. The two-story brick complex features one-bedroom units with eat-in kitchens, about 600 square feet of living space and windowed basements. Each unit has its own street address and private front entry and rents for $679 a month. Furnished apartments and executive suites are also available for $1,999 and $1,399 a month, respectively.

"Fannie Mae-NBA Team Plays on Despite Lockout"
Real Estate Finance Today (11/23/98) Vol. 15, No. 27; P. 3; Glenn, Gwendolyn

The Home Team program partnership between the Fannie Mae Foundation and the National Basketball Association has not yet been affected by the NBA's current lockout of its players. The program was first formed six years ago as a way for NBA players and personnel to join with other volunteers through the Fannie Mae Foundation in building and renovating housing for low- to moderate-income residents. The San Antonio Spurs, Cleveland Cavaliers, and Golden State Warriors were the first teams to join the program, which now includes 12 teams and has raised more than $500,000 for the program. During the lockout, players aren't participating in the construction, but team coaches, front office members, and former players are still involved. The foundation works with the NBA in a number of ways, including live broadcasts, commercials, public service announcements, and homebuying fairs, to reach out to low- to moderate-income families. "The teams add the element of fun to the fairs," said Annika Korling, special projects manager for the foundation. Players have also helped build and renovate a number of homes, in San Antonio, Cleveland, and other participating cities. The foundation chooses the sites for construction, and local housing agencies determine who will buy the homes.

"Peek-a-Boo"
Builder (11/98) Vol. 21, No. 14; P. 88; O'Malley, Sharon

Kids 'R' Kids will be opening a child care facility in the Tampa Bay area master planned community Westchase. The day care center will set Westchase apart from the competition because it will be a cutting-edge facility. The 14,000-square-foot child care facility will feature KinderCam, a monitoring system that will allow parents with access to the Internet to watch the goings on of the day care center over their computers in real time. "It gives them peace of mind," says Nancy Freeman, director of operations of Atlanta-based Kids 'R' Kids. "They can go to work and see their child and make sure everything's going right." Westchase spokesman John Heagney says the facility will give its sales agents an advantage in the market. The day care center is expected to open early 1999.

"Save (A Lot) of Time & Money Buying a Golf Home"
Inc.--Golf Course Home (11/98) Vol. 20, No. 16; P. 2

Home buyers interested in purchasing a home on a golf course can receive assistance by working with the O'Rourke Golf Group. The free service helps wealthy homebuyers searching for a golf course house priced higher than $500,000 who don't have the time to look themselves. After creating a profile of the homeowner, the group searches its database for an acceptable community and house. The company also provides details about club membership rights and homeowner dues and information. O'Rourke has an affiliated mortgage firm that allows buyers to prequalify for a mortgage. "It makes tremendous sense to have one source do all this legwork for you," said Bryan O'Rourke, a Realtor and president of the company.