"Council Restores Housing in Plan at Downtown Site"
Washington Times (12/16/98) P. B7; Cleary, Mike

On Tuesday, the D.C. Council unanimously approved a revised comprehensive plan for economic development in the District, specifically projects that are focused upon revitalizing neighborhoods, improving the city and creating jobs. Alterations to the original plan include restoring requirements for residential property that had been removed from New York and Massachusetts avenues and constructing housing at the site of the Department of Employment Services. Additional amendments limit office development in residential areas and remove a requirement for special historic preservation zoning in all city neighborhoods. Yet another revision established a 12-year limit on how long planned unit developments can remain in force without, in fact, being constructed. While housing advocates felt most changes were improvements over the original plan, many remained critical, stating that approved revisions simply did not go far enough.

"Contract Awarded for Residential Soundproofing Near LAX"
Business Wire (12/15/98)

The Los Angeles Board of Airport Commissioners recently awarded an $835,000 contract to F.H. Paschen/SN Nielsen to install soundproofing mechanisms in 35 single- and multi-family homes near Los Angeles International Airport (LAX). The modifications for homes in the communities of Westchester and Playa del Ray include dual-paned windows, solid-core doors, and attic insulation. The contract increases the number of soundproofed homes close to the airport to 567 homes.

"Fleet, Fannie Mae and NeighborWorks Launch Program to..."
Business Wire (12/15/98)

Fleet Mortgage, a subsidiary of Fleet Financial Group, recently announced a joint venture with Fannie Mae and Boston's NeighborWorks organizations to purchase and rehabilitate old homes throughout Beantown in order to provide more affordable housing. The $65 million program is designed to increase affordable housing and urban and rural homeownership by rehabilitating homes and assisting buyers with financing. Local organizations who are part of Boston's NeighborWorks organizations will provide extensive homebuyer counseling and education about applying for a mortgage and owning a home. After the home is rehabilitated, eligible borrowers can finance up to 95 percent of the purchase price of a maximum of $80,000, and the buyers are only required to make a $1,000 down payment. Fleet banks can also provide closing cost assistance. "We believe this partnership will have a tremendous impact on the revitalization of neighborhoods throughout the Northeast," said Zach Oppenheimer, senior vice president of Fannie Mae's Northeastern regional office.

"Housing Market Index Unchanged in December From Previously High Level"
PRNewswire (12/15/98)

The National Association of Home Builders (NAHB) has released its Housing Market Index for the month of December, which indicated that nationally, builders remain upbeat about the state of the single-family housing market. According to the index, in December single-family home sales remained steady at November's record 87 reading. The ratings for upcoming home sales within the next six months increased two points to 84, while traffic of potential buyers slipped one point to 56. As NAHB Chief Executive Kent Colton explained, the results indicated "that the market is operating at a high and steady level," and that builders have reflected "a high degree of confidence regarding both present sales and upcoming sales." According to Colton, builders appeared more concerned about their ability to meet demand for new housing, given the shortage of available lots and skilled craftsmen. The NAHB has been conducting monthly surveys of builders since 1982.

"Should Buyers and Sellers Talk?"
Miami Herald (12/13/98) P. 2H; Hymer, Dian

Dian Hymer writes in a Miami Herald column that most real estate agents are apprehensive about buyers and sellers meeting with one another because of the emotion that is involved in a home sale. Real estate professionals are well aware that as a result of "pride of ownership," writes Hymer, "an objective criticism of a property by the buyers can be misinterpreted as a personal insult by some sellers." Nevertheless, some home sales may call for sellers and buyers to meet, such as For Sale by Owner (FSBO). Hymer adds that it may be a good idea for buyers to hire an agent or a real estate attorney to help with the negotiations of a FSBO transaction. Direct negotiations are likely to go more smoothly if both parties are in favor of meeting. Furthermore, all verbal agreements and disclosures should be put in writing to make them binding.

"Trees in Yard Add Home Value, Not Just Shade"
Miami Herald (12/13/98) P. 3H

The value of a home may get a boost when it comes time to sell if there are trees in the yard. According to research by U.S. Department of Agriculture Forest Service in Athens, Ga., homes with trees in front yards are selling for 3 percent to 5 percent more. An earlier study in another region found the impact of trees on sale prices to be a 6 percent to 7 percent increase.

"Arizona Program Aids First-Timers"
National Mortgage News (12/07/98) Vol. 23, No. 12; P. 11; Anderson, Kim Renay

The Community Services of Arizona program has helped over 400 low- to moderate-income families become first-time homebuyers, and its success rate has been strong. Only two families have defaulted on their mortgages, despite the fact that borrowers must have incomes below 80 percent of the area's median income. This success rate is attributed to the program's counseling service, which covers a homeowner's budget and other concerns, according to Lisa Drayton, deputy housing director of CSA. The program is currently involved in some major neighborhoods, including the Long View neighborhood of Phoenix and Gray Mountain Village in Flagstaff. Norwest Bank has provided funding for the program, and CSA has offered additional services, such as day care and emergency funds.

"Base Closings Qualify Homeowners for Aid"
Federal Times (12/07/98) Vol. 34, No. 44; P. 8; Ramos, B.J.

The Army Corps of Engineers' Homeowners Assistance Program was recently designed to reimburse federal and military homeowners whose homes lost value as the result of a base closing or realignment. Many of these homeowners had to take losses on the sale of their homes because their market value fell when the local military base closed. The program is available to service members and Defense and federal civilian employees. The biggest challenge to the program may be advertising, as many homeowners are eligible for the program but don't know about it. Aid from the Army Corps can come through the private sale of the home, in which the program will reimburse a percentage of the loss on the home; government acquisition, in which the government will buy the home for 75 percent of its market value; or the recovery of foreclosure losses. Certain documentation is required, and the reimbursement level may be affected by the location and type of the home and the date when it was purchased.

"Oil Tanks Could Be Vulnerable"
Asbury Park Press (12/06/98) P. G4

Some homes rely on underground oil tanks for heat during the winter. These tanks don't need to be replaced very often, but they are vulnerable to leaks. The cost of repairs can be as high as $10,000. Because of this, homeowners who are selling their home or those determining the value of their home should inspect the oil tank, which is often located in the soil in the backyard. The homes that are at risk the most are those with tanks at least 20 years old, especially if the neighborhood is comprised of older homes. Insurance for damage from oil tanks isn't covered by most homeowner policies, and regulations require heater testing before the homeowner can apply for liability insurance. When looking for insurance, homeowners should contact heating oil companies, who can offer policies covering cleanup, tank replacement, and sometimes neighbor protection. When buying or selling a home with an oil tank, consumers should have the tank tested by a professional. The test should include soil analysis, and the tank should be drained if it isn't in use. All information about the testing should be available during the transaction.

"Helping Homeowners Help Themselves"
Fine Homebuilding (11/98) No. 119; P. 58

There are a number of Web sites dedicated to helping consumers through home improvement projects. Fine Homebuilding magazine recently previewed three of them. The site of Old House Chronicles (www.ece.nwu.edu/ohc) offers practical information to old-home enthusiasts. ImproveNet (www.improvenet.com) is a referral service that matches customers to over 600,000 prescreened contractors, designers, and lenders. Another site, www.b4ubuild.com, is aimed at people building a new customized home and allows them to search different topics and review books. There is also the site of Fine Homebuilding magazine (www.finehomebuilding.com).

"Bring A Friend"
Builder (12/98) Vol. 21, No. 16; P. 81; O'Malley, Sharon

Cambridge Homes has come up with a relaxed way of introducing potential tenants to their Cambridge-at-Carillon senior community in Illinois. Nonresidents are welcome as guests of residents to attend lectures held in the community, after which they are offered a tour of the facilities. Cambridge Homes thinks of the seminars and tours as a low-cost, low-pressure way to market their homes, with a total price of only $350 for each lecture. Cambridge-at-Carillon had about 50 visitors to its three seminars in 1998.

"Custom Electronics Industry in Brief"
TechGazette (12/98) Vol. 1, No. 12; P. 24

The home electronics installation and services industry is a market that has taken off with homeowners. According to a new study by Custom Electronic Design & Installation Association, the average square footage of residences of customers who are having home electronics equipment installed is 5,017 feet. These homeowners have an average of 9.2 rooms in their homes. Large screen TVs are involved in 77 percent of custom home electronics installations. The most popular audio-video installations are satellite TVs, which are involved in 78 percent of custom home electronics projects. Some 99 percent of custom electronics installations take place in single-family homes.

"Real Estate's Best Sellers"
The Real Estate Professional (12/98) Vol. 21, No. 6; P. 89

Waldenbooks has compiled a list of the best selling real estate books for The Real Estate Professional magazine. Based upon sales in some 1,200 stores across the country, Waldenbooks found Home Buying For Dummies (Tyson & Brown. IDG Books.), priced at $16.99, to be the most popular real estate book among consumers. How To Buy And Manage Rental Properties (Milan. Simon & Schuster. $11.00) was second, followed by 101 Ways To Buy Real Estate (Lighthouse Publishing. $24.95), How To Make Big Money In Real Estate (Hicks. Prentice-Hall. $11.95), and the Complete Idiot's Guide To Buying And Selling A Home (O'Hara. McMillian. $16.95). Rounding out the top 10 best-selling real estate books are Home Selling For Dummies (Tyson & Brown. IDG. $16.99), Tips and Traps When Buying A Home--2nd Edition (Irwin. McGraw Hill. $14.95), Buy It, Fix It, Sell It For Profit (Myers. Dearborn. $18.95), How To Make A Million Dollars In Real Estate (Hicks. Prentice-Hall. $10.95), and The 106 Common Mistakes Homebuyers Make, & How To Avoid Them (Eldred. Wiley. $14.95).

"Undiscovered Haven: Nacogdoches"
Where to Retire (12/98) Vol. 7, No. 4; P. 65; Stewart, Nina J.

Where to Retire magazine has chosen Nacogdoches, Texas as its "Undiscovered Haven" for the Fall 1998 issue of the publication. Words like "slow-paced," "a sense of nostalgia," "the good ol' days," are often mentioned when describing the historic East Texas town, which has been called home by Sam Houston, Stephen F. Austin, and Davy Crockett. Considered to be among the oldest towns in the state, Nacogdoches is rich in Native American, Spanish, French, Mexican, and "Texican" heritage. For instance, a Spanish-style central town plaza is one of the highlights of its renovated downtown. Retirees will be able to find a variety of stores, antique shops, historic homes, and an ancient Caddo Indian burial mound along its red-brick walkways and streets. But more than anything else, the affordability of homes in the town of 32,725 and the presence of a university may be the biggest factors in the decision of retirees to relocate to Nacogdoches. The average home in the town costs anywhere from $60,000 to $80,000, with lakefront cottages, log homes, ranchers, colonials, Victorians, and Tudors being among the options of existing homes that can exceed $300,000. Stephen F. Austin State University, meanwhile, adds educational facilities, entertainment and dining, and cultural and sporting events to the town. Nacogdoches is a two-hour drive north of Houston, and about a three-hour drive southeast of Dallas.

"The News: Housing Permits Up"
Montgomery Business Gazette (12/98) Vol. 4, No. 1; P. 6; Baker, Chris

The number of residential building permits issued in Montgomery County (Md.) increased 72 percent in September from August, led by a surge in apartment and townhouse permits, according to the Maryland-National Capital Park and Planning Commission. The increase in multifamily housing was attributed to the county's low jobless rate, causing many people to move to Montgomery from outside the county to find jobs. Many of these newcomers can't afford the $340,000 median price of a single-family detached home in the county, so they find multifamily housing more appealing. The number of permits for single-family detached homes actually fell in September, but local builder David Hansen says each sector of the market has been balanced this year.

"It's Not Too Late to Refinance"
Kiplinger's Personal Finance Magazine (12/98) Vol. 52, No. 12; P. 70; Razzi, Elizabeth

Some homeowners who waited until October before deciding whether to refinance their current mortgage were caught off-guard when interest rates suddenly rose. But soon after the rates fell again and are expected to remain low for the rest of the year, renewing the possibility of increased refinancing activity. There is a chance that interest rates could fall even further, but as long as rates are somewhere between 6.5 percent and 7.5 percent, refinancing is a strong option, according to Frank Nothaft, deputy chief economist at Freddie Mac. Homeowners should strongly consider refinancing if they can lower their monthly payments and recover any costs before moving or refinancing again. Their options include changing their existing mortgage from a 30-year term to a 15-year term, which will offer a lower interest rate but a slightly higher monthly payment. Mortgage holders with adjustable-rate mortgages can also benefit by applying for a fixed-term mortgage. Another issue for homeowners is points, which can be reduced when refinancing but don't necessarily mean lower costs. The fees associated with refinancing, including title insurance and documentation, are commonly rolled into the mortgage. Homeowners can also avoid paying private mortgage insurance if they can prove their home has reached an equity level of 20 percent or more.

"Magnificent Mantels"
Today's Homeowner Online (12/98) ; Petrowski, Elaine Martin

Restoring a fireplace is not a major renovation, but one that can significantly improve the appearance of a room. For around $100, cost-conscious homeowners may update their fireplace with a coat of fresh paint. For a larger sum, a new mantle and custom-made cabinetry may be installed. Before purchasing any materials, homeowners should try sketching a possible design and check out molding combinations and off-the-shelf plywood available through the local lumberyard. Selecting from more than 350 crown, nose, cove and other moldings, consumers can easily restore a fireplace utilizing a style that compliments the rest of the home. Refinishing with ceramic or mosaic tile is another design option and one which most homeowners can complete themselves without the help of a contractor. Other affordable options include restoring original brickwork using dried artist's pigments or refining a simple mantle with a faux-finishing technique.

"Snowbirds: How Do They Do It?"
Kiplinger's Personal Finance Magazine (12/98) Vol. 52, No. 12; P. 82; Franklin, Mary Beth

Although having Summer and Winter homes may seem glamorous, the monetary, security, and legal risks of maintaining two, geographically remote homes can present dizzying headaches. Still, with certain precautions "double-homeowners" can rest easy. Experts recommend automating your mortgage and utility payments, or using the Internet to bank by computer. Accessing medical care may also prove difficult. While many HMO's provide nationwide coverage, stipulations abound. That's why it is always a good idea to check with your carrier about specific requirements for accessing health care while traveling. The National Sheriff's Association says before taking extended holidays, homeowners should notify local police and connect at least two lights and a radio to an automatic timer. Meanwhile, setting thermostats at 55 degrees, or shutting off water valves and draining pipes should help protect homes against winter hazards. Finally, make arrangements with a trusted neighbor to keep your home looking "lived-in," and have your mail forwarded.