Janet & Graham Ford - Tulsa Real Estate

April Housing Scorecard: Progress as Values Rise and Sales Remain Strong

Janet & Graham Ford — Mon, 20 May 2013 05:06:00 GMT

April Housing Scorecard: Progress as Values Rise and Sales Remain Strong

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the April edition of the Obama Administration's Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show important progress across many key indicators—as home values continue to rise and home sales remained strong in April—although officials caution that the overall recovery remains fragile. The full Housing Scorecard is available online at www.hud.gov/scorecard.

“The Obama Administration’s efforts to speed the housing recovery are showing continued progress as the April scorecard indicators highlight ongoing improvements throughout the housing market,” says HUD Deputy Assistant Secretary for Economic Affairs Kurt Usowski. “The annual increase in home prices is the highest in nearly seven years and sales of existing and new homes are both up over 10 percent from one year ago. But with so many households still struggling to make ends meet, we have important work ahead.”

“The Administration’s programs have improved outcomes for homeowners by setting new standards for mortgage assistance and putting into place unprecedented consumer protections,” says Treasury Assistant Secretary for Financial Stability Tim Massad. “HAMP continues to offer struggling families meaningful relief to avoid foreclosure and strengthen local communities.”

The April Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

• The Administration's foreclosure mitigation programs are providing relief for millions of homeowners as we continue to recover from an unprecedented housing crisis. Nearly 1.6 million homeowner assistance actions have taken place through the Making Home Affordable Program, including more than 1.1 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered more than 1.7 million loss mitigation and early delinquency interventions. The Administration's programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than 3.5 million proprietary mortgage modifications through February.

• Homeowners in HAMP continue to benefit from deep payment relief, helping them sustain their mortgage payments over time. As of March, more than 1.1 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP), saving approximately $546 on their mortgage payments each month, and an estimated $19.1 billion to date. Eighty-seven percent of homeowners starting the program in the past two and a half years have received a permanent modification of their mortgage through HAMP. Payment relief is strongly correlated to sustainability of modified payments over time. As a result, HAMP modifications continue to exhibit lower delinquency and re-default rates than industry modifications as reported by the Office of the Comptroller of the Currency. Click here to view the Making Home Affordable Program Report with data through March 2013.

Also featured this month in the Administration’s Housing Scorecard is a regional spotlight on market strength in the New York metropolitan area. The foreclosure crisis in the Metropolitan area developed later and differently than in other areas of the nation. While home price appreciation during the housing bubble progressed more rapidly than it did nationally, home prices in the region did not fall as sharply.

“The New York housing market is seeing the same signs of greater stability that the national data show for the broader housing market,” says Usowski. “As this Regional Spotlight reports, the Administration’s efforts have helped nearly 231,600 New York metropolitan area households avoid foreclosure. A strong local economic recovery is underway despite the impact of Hurricane Sandy, but we have much more to do to reach the many households who still face trouble and to help the New York market recover more broadly.”

The Housing Scorecard Regional Spotlight features data on the health of the New York metropolitan housing market and impact of efforts to help homeowners at the local level, as well as a summary of the added impacts on the local housing market from the devastation brought by Hurricane Sandy including:

• Economic and housing market conditions in the New York metropolitan area are improving. The unemployment rate for the region peaked at 9.3 percent in February 2010 and has since fallen to 8.4 percent as of March 2013. Although the share of distressed mortgages remains high, the foreclosure completion rate has remained well below the national rate.

• The Administration’s Hardest Hit Fund and Neighborhood Stabilization Programs have fueled local foreclosure prevention efforts and market stability, while nearly 231,600 households have received mortgage modifications, many directly through Administration programs. Treasury provided $300 million to the State of New Jersey to provide assistance to struggling homeowners through the Hardest Hit Fund. The number of homeowners benefitting from the program has continued to increase due to growing demand. Moreover, approximately $110 million has been awarded to the New York metropolitan region through HUD’s Neighborhood Stabilization Program to help purchase or redevelop residential properties and address the effects of abandoned and foreclosed housing. Both programs have helped provide increased stability to the New York housing market.

• While the impacts of Hurricane Sandy on individual homeowners and affected communities were devastating, the overall economic impacts on the job market and employment in the region show an immediate spike in initial jobless claims and a drop in total employment after the storm, both of which rebounded quickly. Total employment in the New York metropolitan area, which fell by 32,000 jobs in November, increased by 53,200 in December to exceed total employment just before the storm.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Housing-Cost Burdens Rise for Renters

Janet & Graham Ford — Fri, 10 May 2013 05:05:00 GMT

Housing-Cost Burdens Rise for Renters

The newest edition of the Center for Housing Policy (CHP)’s annual Housing Landscape report finds that severe housing-cost burdens among working renter households have risen for the third consecutive year. Housing Landscape 2013 explores the latest American Community Survey data from 2011, showing that 26.4 percent of working renters spent more than half of household income on housing costs. While severe housing-cost burdens stayed relatively stable for working homeowners between 2008 and 2011, roughly one in five working homeowners experienced severe housing affordability challenges throughout this period – despite falling home prices and mortgage interest rates.

The Housing Landscape report defines a working household as one with an income less than 120 percent of the median for its area, and with members working at least 20 hours per week on average.

The share of working renter households with a severe housing-cost burden grew over the three-year period due primarily to falling incomes and rising rental housing costs. Nationally, working renters saw their housing costs rise by 6 percent from 2008 to 2011, while their household incomes fell more than 3 percent. Lead report author Janet Viveiros says renters are stretched so thin by growing housing costs that many face impossible choices.

“The growing rate of severe housing-cost burdens among renters is not a new trend, but it is clearly an unsustainable one,” says Viveiros. “While rental costs have steadily risen over the last few years, wages for these working families have not fully recovered from the hit they took between 2008 and 2009. Spending most of your paycheck on rent means cutting back on other necessities, including healthcare and even food.”

Co-author Maya Brennan noted that the causes of rising housing-cost burdens among working renters include a difficult economy and an increased demand for rental housing, partly due to the crisis on the homeownership side of the market.

“While the economy pushed both owners’ and renters’ incomes down, the shift away from homeownership is pushing rents up due to increased demand. What we’re seeing with the rental market is not explainable by population trends alone—it clearly reflects the movement of former homeowners into rentals as well as delays in home purchases by current renters,” Brennan explains. “But this increase in rental demand has not been matched by an increase in supply. This imbalance leads to rising rents in markets across the country.”

Working homeowners may have dodged the upswing in housing costs that hit renters, but they have not avoided the effects of falling incomes. In fact, while housing costs among homeowners fell some 3 percent over the study period, household incomes among these homeowners fell even more than they did for renters, down more than 4 percent over the three-year span. However, NHC President and CEO Chris Estes cautioned that a high and growing proportion of all working households—renters and homeowners combined—cannot afford their housing, and that little is being done to help.

"The challenge we face is that despite the range of successful tools to help offset this crisis, we are still in a long trend of flat—and even slashed—funding for these important programs,” says Estes.

Estes notes that a recent report from the Bipartisan Policy Center’s Housing Commission highlighted the success of federal housing programs like HOME, the housing voucher and the Low Income Housing Tax Credit and encouraged expanded funding for these programs to help respond to the housing affordability crisis.

Key national findings from the Housing Landscape 2013 report include:

• Nearly one in four working households spends more than half of its income on housing. The share of working households with a severe housing cost burden increased significantly between 2008 and 2011, rising from 21.8 percent to 23.6 percent.

• Declining incomes have exacerbated housing affordability problems for working renters. The median housing costs of working renters rose nearly six percent between 2008 and 2011 while their median incomes fell more than three percent.

• Severe housing-cost burden was most prevalent among working households earning less than 30 percent of area median income (AMI). Eight in 10 working households earning less than 30 percent of AMI (but working an average of at least 20 hours per week) were severely burdened in 2011, a much higher share than for other income groups. Increases in housing-cost burdens occurred primarily among working households with incomes at or below 50 percent of AMI, but even some working households earning between 51 and 120 percent of AMI are faced with severe housing-cost burdens.

State and local findings include:

• Between 2008 and 2011, the share of working households with a severe housing-cost burden increased significantly in 24 states and decreased significantly in only one state: South Dakota.

• Among the 50 states and the District of Columbia, the following five had the highest share of working households with a severe housing-cost burden in 2011:

- California 34%
- Florida 32%
- New Jersey 32%
- Hawaii 30%
- New York 30%

• Among the 50 largest metropolitan areas, the following five metropolitan areas had the highest share of working households with a severe housing cost-burden in 2011:

- Miami-Fort Lauderdale-Pompano Beach, FL 41%
- Los Angeles-Long Beach-Santa Ana, CA 39%
- New York-Northern New Jersey-Long Island, NY-NJ-PA 35%
- Orlando-Kissimmee-Sanford, FL 35%
- San Diego-Carlsbad-San Marcos, CA 34%

•A closer look at the data reveals that the share of working households with a severe housing-cost burden increased significantly over the three years studied in 18 of the 50 largest metropolitan areas, yet decreased significantly only in the Washington, D.C. and Riverside-San Bernardino-Ontario, Calif., area. Of the 18 metro areas with rising cost burdens, nine are located in the South. Overall, the level of severe housing-cost burden among working households displayed a high level of variation at the metropolitan level. Levels ranged from a high of 41 percent in the Miami area to a low of 14 percent in Pittsburgh.

Notes: For purposes of this report, “working households” are defined as those with a household income of no more than 120 percent of the area median income in which the household members worked an average of at least 20 hours per week for the preceding 12 months. “Severe housing cost-burden” is defined as monthly housing costs (including utilities) exceeding 50 percent of household income.

To view the full Housing Landscape 2013 report, please click here www.nhc.org/media/files/Landscape2013.pdf.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

7 Ways To Prepare for Short-term Care

Janet & Graham Ford — Tue, 07 May 2013 06:12:00 GMT

7 Ways To Prepare for Short-term Care

By Elyse Umlauf-Garneau

People routinely research vacations, car purchases, and home renovations well before making a decision.

So why not explore care options for your loved one before they're needed? After all, everyone tends to make wiser decisions when they're not operating in crisis mode.

If your parent or relative needs short-term care after a hospitalization or an accident, here are some considerations when you're examining your options.

1. Take a tour. In addition to checking into a center's licensing and service offerings, vet your local rehab and nursing facilities in person to get a feel for the place. For instance:

· Imagine your relative living in the facility for two weeks or two months and ask yourself whether he or she would be comfortable in that atmosphere.

· Chat up residents and their visiting family member and ask about their experiences.

· Are residents parked in wheelchairs in the halls by themselves or do they seem engaged? Are they interacting with one another?

· Are staff members bright and friendly or are they sullen or rushed?

· How are meals and snacks handled and how is the food?

· Does the facility provide activities, such as outings, lectures, and religious services that your loved one enjoys?

2. In-home care. If your parents just need some short-term, non-medical help with bathing, food preparation, and transportation and you're looking at an agency for such help, here are some things to consider:

· Training. What training does the caregiver have? Even though you're hiring someone to deliver non-medical services, you want to be sure caregivers have been vetted and that they understand how to care for someone with your relative's condition, whether it's arthritis or a shoulder injury.

· Comfortable relationships. Arrange a meeting between your parent and caregivers, especially if they're coming in to provide very personal care.

"When you're getting something as intimate as a bath, you don't want a stranger showing up at the door," says Gina Kaurich, a registered nurse, and a professional geriatric care manager who is executive director of client care services at FirstLight HomeCare, Cincinnati. The company provides non-medical home care.

· Personality match. Ask how caregivers are chosen. Kaurich's staffers, for example, undergo assessment and training to determine their skills and interests and to be certain they're equipped to deliver services. "We try to ferret out their personality, attitude, and behavior, and how they relate to people, " she says. The company also does personality matching to ensure that recipients and caregivers have a rapport with one another.

· Consistency. Ask if the same caregiver will come each week. Kaurich says it's important that the caregiver is familiar to your loved one. FirstLight, for example, has a couple of back-up caregivers for each client. So if a main caregiver is on vacation, the replacement is someone the care recipient has met. According to Kaurich, you don't want an agency that is just filling work slots and sends out anyone--a stranger--who happens to be working a given shift.

3. Happy routines. "Everyone needs to have a purpose in their life and something to look forward to and accomplish each day," comments Kaurich. So in addition to addressing physical needs, also incorporate simple, enjoyable activities--craft projects, movie outings, or a daily walk--into your relative's schedule. Kaurich's own example: "My 90-year-old mother-in-law has Alzheimer's and on Saturdays she loves to help me fix chicken salad with dill pickles."

4. Senior scene. Investigate the local senior scene and see what's available in terms of adult daycare, senior activities, and programs at the local park district or YMCA that will get your relative out of the house.

5. Intentional villages. See if there's an intentional village (www.vtvnetwork.org and www.house-works.com/about/village-movement ) in your relatives' area and whether they're eligible to join. Such villages, operating in the U.S., Canada, Australia and the Netherlands, rely on a bevy of local volunteers to bring non-medical services, including transportation, computer help, and home repairs, to seniors' doorsteps.

Villages typically get started at the grassroots level when people in a neighborhood come together to organize, fund, and manage not-for-profits aimed at connecting seniors to the assistance they need to age in place.

6. Respite care. Look into hiring someone to help your loved one when you need a day off or a vacation or you have a big family event. Caretakers, for instance, can watch over your parents during a wedding and be certain all their needs are addressed.

In addition, they can accompany your parent on vacation and tend to their needs, whether that entails providing medical assistance or wheeling them to meals while they're on a cruise.

7. Home modifications. Ideally, universal design elements should be in place before a crisis. Even if your relative has resisted making aging-in-place design modifications to their house, have some local contractors in mind who can perform upgrades at the last minute.

Look for contractors who are schooled in universal design. Such a specialist can make suggestions about adapting the home so it fits your relatives' situation so they can return home and be safe there.

Simple project could include moving the microwave and other appliances to more accessible spots, replacing carpet with slip-resistant flooring, creating step-free shower entrances, and installing shower grab bars.

More information:

· Home care basics : www.firstlighthomecare.com/images/stories/documents/allabouthomecare.pdf

· National Council on Aging: www.ncoa.org

· The National Aging in Place Council: www.ageinplace.org/about_us/what_is_naipc.aspx

Real Estate Matters: News & Issues for the Mature Market

Janet & Graham Ford SRES MSA CSP
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Investors and the Home-Rental Market

Janet & Graham Ford — Sun, 05 May 2013 04:33:00 GMT

Investors and the Home-Rental Market

By Matthew MacFarland and Deonta Smith

In traditional housing recoveries, individuals and households provide the bulk of the demand the market needs to rebound. This time, though, a different kind of buyer has been powering the housing recovery: investors looking for valuable rental property. Along with individual investors, institutional investors have poured into the single-family home market, buying enough foreclosed and unsold homes to reduce inventories, drive up prices and encourage new construction. All-cash home purchases – many of which are made by investors – made up about 32.0% of sales nationally in March 2013, a stark rise from about 20.0% in 2009, according to the National Association of Realtors. Why and how are investors getting in the housing game? And how has a larger home-rental market affected other industries?

Investor incentives
Institutional investors have typically focused their capital on commercial properties and multifamily apartment buildings. However, the strategy of converting homes into rental properties benefits investors in several ways. First, other kinds of investments are returning low yields, and investors are searching for higher returns. The Federal Reserve’s policy of keeping interest rates low to spur growth has had the secondary result of lowering yields on bonds and other securities, encouraging investors to look elsewhere for higher returns. Foreclosed homes and other unsold properties can be picked up cheaply in many markets and need only minor renovations, such as new appliances and a new coat of paint. Even if investors choose not to rent the properties, they can count on appreciating prices as the economy moves further into recovery to realize a high return on investment when they sell. While most investors are still individuals like retirees and professionals seeking a side income, institutions have entered the market as well: real estate investment and private equity firms, such as Colony Capital and Blackstone Group, have purchased thousands of homes in the past year.

Industries benefitting from housing recovery Industry	2013 revenue growth rate
Remodeling (23611d)	21.1%
Landscaping Services (56173)	6.6%
Painters (23832)	6.7%
Home Improvement Stores (44411)	3.3%
Interior Designers (54141)	3.6%
Home Furnishing Stores (44229)	5.9%
Floor Covering Stores (44229)	5.9%
Property Management (53131)	6.0%

Additionally, even though the Fed’s policy is keeping mortgage rates suppressed, tight lending standards and persistent unemployment are keeping many prospective homebuyers from taking advantage of low rates. Others are saddled with bad credit from foreclosures that occurred during the bust.

Meanwhile, the all-cash offers from investors usually present more attractive terms and immediate payouts to sellers and allow investors to beat out those individual homebuyers who have been able to secure financing. Furthermore, the influx of investor cash is quickly elevating home prices in many markets like Phoenix, Las Vegas and Atlanta, further squeezing out individual buyers who are now unable to afford homes that were in their price range only a year ago.

Construction, retail and service industries benefit
Several industries across different sectors benefit from a rentals-driven housing market recovery. While some industries, such as the specialty contractors, would benefit from a traditional homebuyer-led recovery as well, others in the service and retail sectors benefit specifically because the market is shifting toward single-family home rental.

Construction industries are benefiting from investors’ need to improve the curbside appeal of properties and make them ready for renting to families. The remodeling industry has been one of the first to profit. Remodeling contractors typically derive most of their revenue from wealthier households looking to alter or upgrade their homes; however, with the glut of unoccupied or foreclosed homes that investors are planning to fill with renters, remodelers are finding more opportunities for smaller projects like new appliance installation, kitchen renovations or bathroom upgrades. Similarly, operators in the landscaping services industry are receiving more demand from investors looking to clean up properties left unmaintained for years. Painters are being called on to strip old paint and apply fresh coats to improve properties’ rental or resale value. Residential contracts already make up the largest market for professional painters, and like other contractors that rely on the housing market, they benefit from higher demand for residential renovation and maintenance.

Improved demand for certain retail industries has accompanied higher demand for contractors. The Home Improvement Stores industry provides many of the materials that renovators and landscapers need, including lawn supplies, plumbing and lighting fixtures, kitchen hardware and large appliances. A key part of most renovation plans for single-family homes is the installation of new kitchen appliances, countertops, and washers and dryers. Contractors working on rental home renovations can easily source goods from local home improvement stores rather than working through a wholesaler to buy in bulk, as they might for larger multiunit construction contracts. Likewise, investors looking to attract wealthier renters by offering furnished homes may hire interior designers, who in turn would drive up demand for the home furnishing stores and floor covering stores industries.

Finally, operators in the property management industry are benefiting greatly from an increase in institutional investment. Private equity firms and other large investors typically do not directly manage the day-to-day operations of the houses they buy. Instead, they outsource property upkeep and tenant relations to property managers, who currently derive about 63.8% of their revenue from the residential market. However, this market largely comprises the management of multifamily apartment buildings, rather than single-family homes; as such, these operators will shift slightly toward managing groups of homes, opening up a niche service segment for some property managers.

Investors eventually lose interest
Most of these large-scale investors are not expected to remain in the single-family home market for long. As consumer debt falls, unemployment declines and households improve their credit scores, more buyers will qualify for mortgages and enter the market. More demand will put additional upward pressure on home prices. As home prices rise, investors will no longer be able to count on substantial future price appreciation, and their return on investment will drop; meanwhile, sturdier consumer finances will make buying a home more attractive than renting. As these trends strengthen, many investors will begin selling off rental homes, turning a final profit thanks to higher prices.

Because investors now own a historically significant share of homes on the market, a widespread sell-off of these assets could have wider implications for the overall housing market. If too many of the institutional investors who bought thousands of homes decide to cash in on their housing assets at once, they could flood the market with new inventory, dramatically increasing the supply of homes and risking another collapse in prices. However, consumer buying power is projected to regain enough strength to prevent a drastic drop in prices. With unemployment steadily falling, disposable income growing moderately for the next five years and rising pent-up demand for homeownership among consumers currently forced to rent, a second wave of homes on the market could receive a warm welcome.

For a printable PDF of Investors and the Home-Rental Market, click here.

A Seller's Guide to Multiple Offers

Janet & Graham Ford — Sun, 05 May 2013 04:13:00 GMT

A Seller's Guide to Multiple Offers

By Kristin Brown, REALTOR®, Lexington, Mass.

With the real estate heating up for spring, if you're selling your home, you could find yourself in the position of receiving multiple offers on your house in a short span of time – even within one day. So, with the ball in your court, how do you decide which offer is most attractive to you?

If you are considering multiple offers, the first thing your real estate agent may want to do is to make it clear to all parties that you have or expect several offers, and that all prospective buyers should be putting forward their "best offer." Although you and your agent are under no obligation to disclose the existence of multiple offers, it will probably benefit you as negotiations begin. Since you and your agent are the only party with visibility to all of the offers, you have the upper hand – each prospective buyer, without visibility to the terms of competing offers, will be forced to put forth the very best that he or she can manage in the hope of winning the sale.

As you peruse the terms offered, here are a few things to think about that may make some of the offers more attractive than others:

• Price. At first glance, it seems intuitive that you would want to accept the offer for the greatest amount of money for your house. If you have multiple offers in front of you, you may be tempted to take the highest offer. And while a fair price is a large part of what makes an offer attractive, there are some additional terms that you should consider as well.

• Closing date. When do you want the sale to close? If you are hoping for a quick close to the sale so that you can get into a new home or just to ensure that the sale is finalized and there are no surprises, you should take into consideration what each buyer is offering in terms of the closing and possession dates. Conversely, if you need to stay in your home a while longer while you are waiting on a new home or because you want to finish out a school year, it might be wise to accept a bid that will allow you to move out at a later date. You may want to also state which closing date you want, up front so that offers come in with dates that are attractive to you.

• Buyer's financing. If you are serious about accepting an offer, you're going to want to make sure that the sale will actually go through. Your buyer's financing is of paramount importance; if a buyer is a risk to secure financing, you may want to look elsewhere. How can you determine this? Always consider a pre-approval letter over a mere pre-qualification. Pre-approval suggests a very good bet that the buyer's lender will extend financing based on a completed assessment of the buyer's risk. A buyer who is willing to put down a large amount of earnest money should also be seen as serious about the offer they are making.

• Other contingencies. You will want to examine the contingencies listed in each buyer's offer. An offer contingent upon the buyer selling an existing home is far less attractive than an offer with no such contingency. Aside from a regular home inspection, a buyer may also request additional inspections for pests, air quality, asbestos, and other features of the property. A buyer with fewer of these requests may be more attractive to you than a buyer whose purchase is contingent upon multiple inspections.

Although it may seem like there is a lot to consider when comparing multiple offers, it's an enviable position to be in. The sluggish real estate market of the past few years has meant that fewer sellers have seen concurrent multiple offers. If you are fortunate enough to end up with multiple offers to choose from, consult your real estate agent and discuss which offer best fits your needs.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Energy- and Water-Saving Products That Perform

Janet & Graham Ford — Sun, 28 Apr 2013 04:16:00 GMT

Energy- and Water-Saving Products That Perform

Home energy use may be second only to automobiles, but consumer awareness is
driving production of quality solutions. "Thanks to major strides in
design and manufacturing, going green no longer means trading away
performance," says Tom Kraeutler, home improvement expert and syndicated
radio show host of The Money Pit.

Kraeutler and co-host Leslie Segrete suggest upgrading home efficiency and
performance this Earth Day with the following Eco Options.

Customizable home comfort

"The Honeywell Wi-Fi Smart Thermostat not only helps you customize home
comfort, but also blends with your décor," says Segrete. "You can
control temperature settings by computer, tablet or smart phone, and the color
of the easy-to-read touch-screen display can be changed to match a paint color
or your mood." The Wi-Fi Smart Thermostat offers precise temperature
control with easy installation and setup. Learn more at http://www.wifithermostat.com.

Clog-free, water-saving performance

American Standard's Champion 4 Max offers clog-free performance with valuable
water savings. "It's powerful enough to flush a bucket of golf balls, and
the flapperless system conserves water and money," says Kraeutler.
"Plus, its EverClean antimicrobial surface inhibits the growth of stain-
and odor-causing bacteria." Easy to install, the tall-height Champion 4
Max toilet includes a slow-close seat and either a rounded or elongated bowl.
Visit http://www.americanstandard.com.

Beautiful, efficient LED lighting

"You can get beautiful home lighting on a lot less energy with Cree LED
bulbs," says Segrete. "They look and light like traditional
incandescents, but use at least 84 percent less energy and last 25 times
longer." Cree LED bulbs last 25,000 hours and save enough energy to pay
for themselves in just over a year. Choose from warm interior light or cool
daylight bulb designed for outdoor and residential work spaces, and learn more
at http://www.creebulb.com.

Smart interior lighting control

"If you're tired of asking who left the lights on, stop the hassle and
start saving energy with a Lutron Maestro Occupancy Sensing Switch,"
advises Kraeutler. "It automatically turns lights on when you enter a
room, and off again when you leave." Maestro installs in as little as 15
minutes and works with all types of light bulbs. It detects fine motions to
keep lights on while you're in a room, and has an adjustable time delay for
shutoff. Explore Maestro at http://www.lutronsensors.com.

Greet with style and energy savings

"Spruce up a drafty, dated entryway with an energy-saving entry or storm
door from The Home Depot's Eco Options," says Segrete. "Fiberglass
entry doors offer the look of wood without the maintenance but five times more
efficiency, and the right storm door can trim energy bills while letting in
more light and warm-weather ventilation."

Source: http://www.moneypit.com/gallery/save-money-energy

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

New Homes Fill Demand for 2 1/2 Baths

Janet & Graham Ford — Sun, 21 Apr 2013 06:03:00 GMT

New Homes Fill Demand for 2 1/2 Baths

Roughly one-third of home buyers are looking for a home with two full
bathrooms, and roughly one-third of both new and existing homes have exactly
two full bathrooms. But over half of buyers want a home with more than two full
baths, and that's where new homes do a much better job of matching current
preferences.

According to NAHB's recent What Home Buyers Really Want survey, 43 percent
of recent and prospective buyers want a home with either two and a half or
three full baths. That matches exactly the percentage of new homes built in
2011 with two and a half or three full baths. On the other hand, relatively few
existing homes, and even fewer existing homes on the market for sale, have that
many bathrooms.

According to the official definitions, a full bathroom has hot & cold
running water, a sink, a toilet, and a shower or bathtub. A half bathroom has
hot & cold running water and either a toilet or shower/bathtub.

The distributions of buyer preferences for number of bathrooms and actual
number of bathrooms in new and existing homes are shown in the table below.
From the table it's easy to see that new homes matches what buyers say they
want quite closely, with the new-home distribution skewed only slightly toward
the high end (more than three full bathrooms).

In contrast, the distribution of bathrooms in existing home is skewed strongly
toward the low end. About a third of existing homes-and 40 percent of existing
homes that on the market for sale-have fewer than two full bathrooms, something
relatively few home buyers say they want.

In the table above, data on new homes comes from the Survey of Construction public use file, and is
based on single-family homes started in 2011. Data on existing homes comes from
the 2011 American Housing Survey and is based on
homes that are classified either owner-occupied or vacant for sale. Both
surveys are funded by the Department of Housing and Urban Development's Office
of Policy Development & Research, and conducted by the U.S. Census Bureau.

View this original article on the NAHB blog, Eye on Housing.

Reprinted with permission from RISMedia.
©2013. All rights reserved.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Ask the Experts: What Should Home Sellers Do to Prepare for a Home Inspection?

Janet & Graham Ford — Sun, 21 Apr 2013 05:47:00 GMT

Ask the Experts: What Should Home
Sellers Do to Prepare for a Home Inspection?

By David R. Leopold

We see it every day. Sellers who don't take the time to ensure a smooth home
inspection and who pay for it in the long run. The spring market is upon us. A
little preparation can ensure sellers have great home inspections.

Home inspectors typically arrive 30-45 minutes early to the home inspection appointment
so that they are professionally set up and ready to go when you arrive. I can't
tell you how many times I've been greeted at the door a half hour before
everyone is set to arrive by a person who looks as if they're freshly out of
bed.

If a seller does this, he's about two hours late for his presentation. On
inspection day, the house should be empty of the owners and their presence. In
fact, everything should be just like it was on the initial viewing day. Be
ready for inspection day by getting up and out of the house an hour before the
appointment. The home should also be clean and pets should be removed or
crated.

If something isn't working properly, don't try to hide it. We will find it.
Buyers get very suspicious when sellers deliberately try to conceal defects.
They immediately see you as dishonest and wonder what else you're hiding. It's
not worth losing their confidence over a trivial defect. Just leave a note: "We
know about it and we're getting it fixed."

In addition, make sure the location of attic and crawlspace hatches are
identified and are easily accessible, as home inspectors hate moving your
stuff.

If the hatch is in a closet, remove any clothing that is hanging directly under
the hatch as well as anything on the floor. Your home inspector doesn't want to
move your smelly sneakers.

It's also important to check every area of the house for blown light bulbs.
This includes the crawlspace, attic, garage and furnace room. We don't want to
waste time determining if a fixture is inoperable or simply has a blown bulb.

Do you have a septic system or a well buried in your yard? If so, make sure you
leave a sketch of the locations. There's nothing worse than a group of
contractors, home inspector, buyers and their REALTOR® wandering around a yard
needlessly, searching for something you know the exact location of.

Lastly, please don't leave your dirty laundry in the washing machine or dryer.
We have to test these appliances and we don't want to pull your dirty underwear
out of the washer in front of everybody. Also, make sure your oven and stovetop
are clear and clean so that we can easily test them without setting off the
smoke alarm.

Some of these items may seem like REALTOR® 101, but I've noticed over thousands
and thousands of home inspections that only the most successful REALTORS® pay
attention to these details. Help your seller help themselves-and you-get ready
for inspection day.

By David R. Leopold is the owner of Pillar To Post Home Inspection located in
Fairfield County, Conn.

For more information, visit www.pillartopost.com.

Reprinted with permission from RISMedia.
©2013. All rights reserved.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Single Story For Sale in Warrenton

Janet & Graham Ford — Sun, 21 Apr 2013 03:47:00 GMT

Superb Location

• 2 bath, 3 bdrm single story - MLS $230,000

Warrenton, Tulsa - Superb elegant living providing for relaxation and income.

Property information

Single Story For Sale in Turtle Creek

Janet & Graham Ford — Mon, 15 Apr 2013 03:38:00 GMT

• 2 bath, 3 bdrm single story - MLS $149,900

Turtle Creek, Broken Arrow - Attractive home with a contemporoary style plus the bonus of an in-ground gunite pool. Great retreat for entertaining. Granite counters in kitchen, easy care tiled floor and pergo style flooring. 2 beds down, master up with office or could be 4th bed, or nursery.

Property information

Tips to Simplify Your New Home Purchase

Janet & Graham Ford — Fri, 05 Apr 2013 09:51:00 GMT

Tips to Simplify Your New Home Purchase

Buying a home is a huge
step. Learning to maintain and improve it is a long series of baby steps,
sometimes painful and sometimes rewarding.

To help get new homeowners off on the right foot, the editors at The Family Handyman -some of
the sharpest DIY Veterans around-offer their best tips for choosing,
maintaining and improving a home.

These hints include:

1. Scout the neighborhood: Ask questions. When you
are checking out your future home, try going on separate occasions and
different times of the day. Ask neighbors about the area, schools, etc. This
will give you a real indication of what the people and place is really like.
You'll feel more confident with your decision to move in once you have done all
the proper research.

2. Check crime stats: Before buying, get a report of police calls in
the neighborhood. A bargain price may be due to the crime rate in the area.

3. Verify everything: Get the house history and insist on full
written disclosure from the seller about remodeling, repairs, old damage,
leaks, mold, etc. Check with the city or county, and get-in writing-the
property's permit history, zoning, prior uses, homeowners' association
restrictions and anything else you can find out. Forget "location, location,
location" and think "verify, verify, verify!"

4. Get a licensed home inspection: This is extremely
important. Don't let your real estate agent choose the inspector. Hire someone
who works for you without any conflict of interest. Inspect the inspector
before you hire. Ask to see a sample home inspection report. Comprehensive
reports run 20 to 50 pages and include color photos showing defects or concerns.
Also ask about the length of the inspection. A thorough inspection takes a
minimum of three to four hours. You should walk through with the inspector,
you'll learn a lot about your house. You may pay more for a certified
inspector, but in the long run, it's worth it. For a list of certified
inspectors by the American Society of Home Inspectors, visit ashi.org.

5. Get a home warranty: Piece of mind is important. A home warranty can
save you from faulty appliances and you can get the brand new items you need.

6. Make a homeowner's journal: Buy a ring binder and
keep insurance papers, repair receipts and all other paperwork pertaining to
the house in it. Storing all your house information in one handy place makes
life easier for the homeowner and can be a sales "plus" when selling the house
later.

7. Get to know your house before making big changes: Live in your home for 12 to 18 months before undertaking any major
renovations such as additions or knocking down walls. What you initially think
you want may change after you've lived there for a while.

8. Tackle one project at a time: It's important to take
it easy, one project at a time. If you tear right into the porch, kitchen
remodel, and outdoor fence replacement at the same time - you'll have the whole
house and yard torn up at the same time. It might come together, but having
everything going on at once will just add a lot of stress.

9. Check the furnace filter: Look for clues when
it comes to the furnace. This can give you some insight into whether the
previous owner took care of regular maintenance.

10. Don't be afraid to DIY: Ninety percent of a DIY
project is having the guts to try. Worst case-you mess up and then bring in the
professional. Best case-you save money, learn something new and feel a great
sense of accomplishment.

11. Finish projects . . . now: Don't learn to live with
incomplete projects. If you do, the last couple of pieces of trim can linger
for years!

12. Budget for trouble: The worst will happen sooner or later. As long
as you're prepared, it will just be an expense rather than a financial shock.

13. Ask neighbors about pros they trust: If you're looking for
plumbers, electricians or other pros, ask your neighbors. You tend to get decent
advice if you get it from people who live near you.

14. Offer to buy the tools too: You can always use more
tools. If you buy from a couple that's downsizing, you might get a great
deal if you purchase their garden tools, tractors, snow blowers and tools in
general.

Source: www.familyhandyman.com

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Five Federal Programs Homeowners Should Review In 2013

Janet & Graham Ford — Fri, 05 Apr 2013 09:33:00 GMT

Five Federal Programs Homeowners
Should Review In 2013

As homeowners receive their annual property assessments and taxable valuations
in the mail, many will see the continued drop in the value of their home.
Despite recent reports of declining "underwater" homeowners in the
fourth quarter of 2012, there are still many homeowners looking for help.

"Property values are starting to creep up in some areas, but many
homeowners are still underwater and owe more than their home is worth,"
saiys Rick Bialobrzeski , GreenPath Debt Solutions director of communications.
"Each week, we talk to hundreds of homeowners who are having trouble
keeping up with their mortgage payments."

The GreenPath housing department recently compiled a list of five government
programs that homeowners should consider reviewing in 2013.

"Education is so important when it comes to housing programs that are
available to homeowners," says Kathy Conley, GreenPath housing specialist.
"If a homeowner can access one of these programs, it can possibly mean the
difference between keeping and losing their home."

Here are the five housing programs, as compiled by GreenPath Debt Solutions.

1. HAMP Tier 1 and Tier 2 - The Home Affordable Modification Program
(HAMP) has been extended through 2013 and expanded to help more homeowners.
HAMP Tier 2 is now an option for homeowners who:

Want to modify a home that is not their primary residence.

Previously did not qualify for HAMP, because their debt-to-income ratio was

31% or lower.

Previously received a HAMP trial plan, but defaulted on their trial payments.

Previously received a HAMP permanent modification, but defaulted on their

payments.

Explore details here, or contact a HUD-approved housing
counseling agency for a free assessment of your situation and possible options.

2. Home Affordable Foreclosure Alternatives (HAFA) Updates - This program
is designed to help homeowners, whose loans are not backed by Fannie Mae or
Freddie Mac, transition to more affordable housing. HAFA provides two options
for transitioning: a short sale or a Deed-in-Lieu for foreclosure.

In a short sale, the mortgage company lets a borrower sell their home for an
amount that falls short of the amount they still owe. In a Deed-in-Lieu, a
borrower transfers the title of their home back to the mortgage company.

New policy changes for HAFA took effect February 1, 2013:

Servicers are required to make a decision on a borrower's request for a HAFA

short sale within 30 days, down from 45 days.

If a borrower is 90 days or more delinquent and has a FICO score less than

620, they are considered to have a "pre-determined hardship."
Borrowers with a pre-determined hardship must execute a hardship affidavit, but
servicers do not have to further validate the hardship.

Non-owner occupied properties are now eligible for short sales.

Up to $3,000 in relocation assistance may now be available to tenants living

in a distressed property.

The amount the primary mortgage holder can pay to subordinate lien holders

has been increased from $2,000 to $5,000.

These changes do not apply to mortgages backed by Fannie Mae or Freddie Mac.
Those agencies no longer participate with HAFA because they have their own
Standard Short Sale and Standard Deed in Lieu guidelines.

3. Independent Foreclosure Review Alternative Settlement - In January,
thirteen servicers subject to the Independent Foreclosure Review reached an
agreement with federal regulators to pay more than $8.8 billion in cash
payments and other assistance to help borrowers. This agreement replaces the
Independent Foreclosure Review program, which had not helped as many people as
anticipated. The agreement enacted a broader framework that allows eligible
borrowers to receive compensation more quickly. More than 3.9 million
borrowers, whose homes were in foreclosure in 2009 and 2010, are expected to
receive cash compensation in a timely manner.

Borrowers whose mortgage loan was serviced by one of the participating
servicers and who were involved in a foreclosure action, between January 2009
and December 2010, will receive compensation, whether or not they filed a
request for review form. Borrowers do not need to take further action to be
eligible for compensation.

Borrowers who have questions about their eligibility or who need to update
their contact information can call the toll-free Independent Foreclosure Review
number at 888-952-9105.

4. Fannie Mae Refinancing Incentive - Fannie Mae announced in January
that lenders will be allowed to offer a refinancing incentive. These incentives
would be used to obtain a lower payment or move to a more stable mortgage
product.

The lender may provide a borrower incentive that reduces the amount of the
mortgage loan being refinanced, provided that:

-The amount of the incentive does not exceed $2,000;

-No repayment is required, and;

-The payment is reflected on the HUD-1 Settlement Statement as a lender credit

Or the lender may provide a cash or cash-like (for example, a gift card)
incentive that is not reflected on the HUD-1 Settlement Statement, provided
that:

-The amount of the incentive does not exceed $500, and

-No repayment is required

5. Hardest Hit Funds - In 2007, the Federal government allocated Hardest
Hit Funds to 18 states and the District of Columbia to help homeowners who are
unemployed or underemployed. Many of the states have recently made program
changes to help more homeowners.

States have until the end of 2017 to utilize the funds allocated through this
program. To find out more regarding specific Hardest Hit Fund programs in your
state, contact the state Housing Finance Agency. .

Hardest Hit Fund states include Alabama, Arizona, California, Florida, Georgia,
Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North
Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington,
D.C.

"The main intent is to help homeowners stay in their homes," says
Bialobrzeski. "GreenPath hopes this list will prompt more borrowers to
reach out and learn more about their mortgage options."

For more information, visit www.greenpath.org

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Single Story For Sale in Sweetbriar

Janet & Graham Ford — Tue, 02 Apr 2013 06:58:00 GMT

• 1,680 sq. ft., 2 bath, 3 bdrm single story - MLS $144,900

Sweetbriar, Tulsa - Charminh home in every way, with such a great floorplan. Kitchen with great brick arch over the range & pot holder. Large dining room with great windows. Plantation shutters around the home. Superb beamed ceiling in living room. Large and very private yard. New furnace installed in 2012.

Property information

To Buy A Dream Home, or the Dream Location, That Is The Question

Janet & Graham Ford — Wed, 20 Mar 2013 07:21:00 GMT

To Buy A Dream Home, or the Dream Location, That Is The Question

“Love looks not with the eyes, but with the mind” - William Shakespeare

Is this the same for a home buyer and a buyers motivation?

Unfortunately for many buyers, houses finally end up being more important than neighborhoods. Now, think of a neighborhood in your community that you would never consider living in. Now, suppose that your ‘dream home’ was suddenly available within that neighborhood. Would you buy it? Some would think likely not, due to whatever negative associations that neighborhood holds for you, but unfortunately many buyers switch their focus to the house and forget about their neighborhood. Now, think of that neighborhood where you would love to live. How many concessions would you be willing to make to find a home within that lovely neighborhood? For most people, there are quite a few. That big whirlpool tub is not a necessity; the additional bedroom that is not really needed; appliances can always be swapped out; a separate office is not mandatory, use that additional bedroom for it. However, when all is said and done, many buyers will revert back to the dream home and not the dream neighborhood.

Buyers can tend to lose focus and concentrate on the benefits of the home to them, i.e., it already has updated kitchen and baths, has an office or game room, is new construction etc. “I can get more bang for my buck with this home,” so they believe. Of course there is a reason for that – poor location when compared to others previously chosen. They can then pass over the home that does not appeal so much that is better located in their chosen neighborhood. It should be remembered, home updates, building an addition, removing a wall, changing paint color etc., can be done to any home in any neighborhood. The crux of the matter is you can change the home so it has all that you desire, but you cannot change its location.

When it comes to price a buyer needs to remember that identical houses in different neighborhoods, do not equal the same $ price. Adjustments must be made for location, location, location.

If you are a home buyer, stick with your chosen neighborhoods and purchase a home within one of them. The home may not give you all that you originally set out for. Change the home and live the dream in that location. You will certainly be happier with that decision. You can have the “house of your dreams,” but if it is badly located, it will not remain your dream home for too long.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Adding Technology and Style to the Bedroom

Janet & Graham Ford — Fri, 08 Mar 2013 12:03:00 GMT

Adding Technology and Style to the Bedroom

(Family Features)--When it comes to adding technology to your home, the bedroom might not be the first place you would consider. But the reality is that high tech is becoming an integral part of every living space -- including the bedroom.

A survey by the International Furnishings and Design Association (IFDA) looked at what designers expect to see in American homes by the year 2020. The report predicts that:

Master bedroom suites will get busier, sharing time as a home office, media center or exercise room.
97 percent of respondents believe that by 2020 many home furnishings will be activated by means such as voice and sensor. Primary candidates for remote control/motorized operation include lighting, entertainment gear, environmental controls and window treatments.

"High-tech is here to stay," says Emily Henderson, HGTV "Design Star" winner and designer on "Secrets from a Stylist" on HGTV. "Technology can make your life easier in so many ways. And with so much activity centered in the master suite, it makes sense to add useful tech devices into that living space, too."
Here are a few of Henderson's favorite ways to modernize the master bedroom in style:

Bed control
"It shouldn't take a lot of work to get comfortable enough to relax," said Henderson. "Traditional beds only have one position, and that's not going to be a good fit for everyone or every activity. That's why I love Leggett & Platt's adjustable bed bases. With a wireless remote I can easily change my position to be comfortable no matter what I'm doing."

Henderson says that today's adjustable base beds are not only more functional than old models, but they're more attractive, too. "You can find a style to fit your room and a model that offers the level of technology that you're comfortable with," she said.

Motorized window treatment control
"It's such a luxury to be able to lie in bed and use a remote to open your curtains or shades in the morning," said Henderson. "I think it officially means you are a grown up, but in a good way."

Henderson recommends that you get shades or curtains that have blackout lining, and ideally two settings -- one for privacy and light control, which would be lighter and thinner, and one with the blackout lining for that perfect dark room that you can sleep in. Blackout curtains also muffle outside noise. "I'm a big fan of The Shade Store motorized window treatments, which are all custom made. They are super high quality so less likely to break down and are still very attractive."

You can find motorized shades or shutters with a timer, which lets you program them to open and close whenever you like. Some have wall switches, while others have a remote control so you can operate them from anywhere.

Remote control TV mount
"Wall mounting your TV isn't anything new, but being able to lie in bed and control the exact placement (right, left, tilt up, tilt down) is a total luxury," says Henderson. "Many companies are starting to do this so you don't have to have the TV across from your bed, instead you can put it on a side wall and have the long extendable arm bring the TV to you -- by remote."

Make sure that your wall mount is compatible with your television.

Check the weight rating on the mounts and brackets to make sure they can support your TV.
Some mounts have different shapes to fit different screen sizes. Check the specification on the packaging to be sure.

Hide ugly cables with a cord concealer. You can find low-profile paintable flat screen cord cover kits at your local home improvement stores. Paint them to match your wall and they'll blend right in.

Heat control
Sleeping at the right temperature is crucial for a wakeless night's sleep, but finding an attractive thermostat can be tricky. "There are thermostats which you can control with your iPhone even if you are traveling, so that when you are headed home you can make sure it's warm enough without wasting a lot of energy," said Henderson.

These thermostats are intended to save you energy and money by automatically learning your patterns and behavior and adjusting itself accordingly.

You can also create your own personal comfort zone within the bedroom with temperature controlled pillows and blankets. And there's nothing quite like waking up and putting your feet down on heated flooring.

Music control
You want to listen to music on good quality speakers, but you don't want a huge speaker in your bedroom; nor do you want to have to get up and turn the stereo off. "Also, I don't always like the music right next to my ear, on the nightstand," says Henderson, "so instead I recommend a Bluetooth or wireless speaker that plugs into your wall. You can find speakers that are small and attractive with a great sound and can be controlled by your smartphone next to your bed."

When choosing a speaker, keep a few things in mind:

Bluetooth reach is limited to about 30 feet. Some speakers use Wi-Fi wireless network technology, which has wider coverage.

Some models have a dock for smartphones or other devices, as well as additional audio inputs for connecting other devices such as your TV. Make sure the model you choose is compatible with your devices -- some only work with iOS or Android systems.

Some wireless speakers come with remotes or voice recognition controls, but the quality varies. Read user reviews before making your decision.

Source: www.editors.familyfeatures.com

Janet & Graham Ford

Phone: (918) 798-4428

4105 S. Rockford Ave

Tulsa, OK 74105

www.janetford.com

info@janetford.com

5 Ways to Update Your Bathroom for Less

Janet & Graham Ford — Sun, 03 Mar 2013 06:18:00 GMT

5 Ways to Update Your Bathroom for Less

By Barbara Pronin

"These days," says California bathroom designer Ted Reedy, "you can spend
$15,000 or more to remodel an outdated bathroom. But while a trendy bath
appeals to buyers and ultimately adds value to your home, you can achieve a
fresh new look and improve functionality while spending whole lot less."

Reedy suggests five ways to improve your old bathroom without spending any more
than you need to:

Reface vanity/cabinets - You can give bathroom cabinets and/or vanity a
whole new look by refacing - not replacing - the old, tired-looking front
surfaces. Refacing will cost just a third of the replacement cost and add new
life to the room.

Add a stylish sink - Consider an integrated sink, which has no edges or
hangovers from the countertop to the sink, or a bowl sink, which sits above the
countertop, for between $150-$500. Even installing a shiny new chrome faucet
and/or porcelain handles can be a smart and stylish small investment.

Change the lighting - Improve your bathroom's look and feel by replacing
those glaring overhead lights. Accent lighting, such as canister lights
installed in the ceiling, or track lighting installed over the sink, will
improve functionality and appearance at a very reasonable cost.

Update the flooring -Replacing vinyl tiles or linoleum with porcelain,
ceramic or natural stone tiles is a cost-effective and savvy investment. Choose
simple tile designs you can install yourself or have professionally installed.

Change the shower head - Turn your shower into an oasis you will enjoy
by updating your shower head with a rain head. They can cost as little as $100
and the small investment can be a real turn-on to buyers when the time comes to
sell.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Home Prices Closed Out a Strong 2012

Janet & Graham Ford — Sun, 03 Mar 2013 06:08:00 GMT

S&P/Case-Shiller: Home Prices Closed Out a Strong 2012

Data through December 2012, released today by S&P Dow Jones Indices for its
S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home
prices, showed that all three headline composites ended the year with strong
gains. The national composite posted an increase of 7.3 percent for 2012. The
10- and 20-City Composites reported annual returns of 5.9 percent and 6.8 percent
in 2012. Month over- month, both the 10- and 20-City Composites moved into
positive territory with gains of 0.2%; more than reversing last month's losses.

In addition to the three composites, nineteen of the 20 MSAs posted positive
year-over-year growth - only New York fell.

The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine
U.S. census divisions, recorded a 7.3 percent gain in the fourth quarter of
2012 over the fourth quarter of 2011. In December 2012, the 10- and 20-City
Composites posted annual increases of 5.9 percent and 6.8 percent,
respectively.

"Home prices ended 2012 with solid gains," says David M. Blitzer, Chairman of
the Index Committee at S&P Dow Jones Indices. "Housing and residential
construction led the economy in the 2012 fourth quarter.

In December's report all three headline composites and 19 of the 20 cities
gained over their levels of a year ago. Month-over-month, 9 cities and both
Composites posted positive monthly gains. Seasonally adjusted, there were no monthly
declines across all 20 cities.

"The National Composite increased 7.3 percent over the four quarters of 2012.
From its low in the first quarter, it surged in the second and third quarter
and slipped slightly in the 2012 fourth period. The 10- and 20-City Composites,
which bottomed out in March 2012 continued to show both year-over-year and
monthly gains in December. These movements, combined with other housing data,
suggest that while housing is on the upswing some of the strongest numbers may
have already been seen.

"Atlanta and Detroit posted their biggest year-over-year increases of 9.9
percent and 13.6 percent since the start of their indices in January 1991.
Dallas, Denver, and Minneapolis recorded their largest annual increases since
2001. Phoenix continued its climb, posting an impressive year-over-year return
of 23.0 percent; it posted eight consecutive months of double-digit annual
growth."

As of December 2012, average home prices across the United States for the
10-City and 20-City Composites are back to their autumn 2003 levels. Measured
from their June/July 2006 peaks, the decline for both Composites is
approximately 30 percent through December 2012. For both Composites, the
December 2012 levels are approximately 8-9 percent above their recent lows seen
in March 2012.

In December 2012, nine MSAs and both Composites posted positive monthly gains,
led by Las Vegas with an increase of 1.8 percent. Eleven cities declined with
Chicago posting the largest negative monthly return of 0.7 percent.

Atlanta and Detroit remain the only three cities with average home prices below
their January 2000 levels. Detroit with an 80.04 print is 20 percent below its
January 2000 level.

"The high end of the market is doing well and while it's a fashionable thing to
say that it is because of foreign money, I suspect the actual reason is that
the one percent have gotten 122 percent of the recovery," says USC Lusk Center
for Real Estate Director, Richard Green. "Since the low end of the market is
being targeted by investors, it's the middle market that needs help -
particularly in the form of higher income - if it is going to have a sustained
recovery."

For more information, visit www.homeprice.standardandpoors.com.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Home Prices in 2012: Best Year-on-Year Gain in Six Years

Janet & Graham Ford — Sat, 09 Feb 2013 13:04:00 GMT

Home Prices in 2012: Best Year-on-Year Gain in Six Years

CoreLogic®, a leading residential property information, analytics and services provider, recently released its December CoreLogic HPI® report. Home prices nationwide, including distressed sales, increased on a year-over-year basis by 8.3 percent in December 2012 compared to December 2011. This change represents the biggest increase since May 2006 and the 10th consecutive monthly increase in home prices nationally. On a month-over-month basis, including distressed sales, home prices increased by 0.4 percent in December 2012 compared to November 2012. The HPI analysis shows that all but four states are experiencing year-over-year price gains.

Excluding distressed sales, home prices increased on a year-over-year basis by 7.5 percent in December 2012 compared to December 2011. On a month-over-month basis, excluding distressed sales, home prices increased 0.9 percent in December 2012 compared to November 2012. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic Pending HPI indicates that January 2013 home prices, including distressed sales, are expected to rise by 7.9 percent on a year-over-year basis from January 2012 and fall by 1 percent on a month-over-month basis from December 2012, reflecting a seasonal winter slowdown. Excluding distressed sales, January 2013 house prices are poised to rise 8.6 percent year over year from January 2012 and by 0.7 percent month over month from December 2012. The CoreLogic Pending HPI is a proprietary and exclusive metric that provides the most current indication of trends in home prices. It is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“December marked 10 consecutive months of year-over-year home price improvements, and the strongest growth since the height of the last housing boom more than six years ago,” says Mark Fleming, chief economist for CoreLogic. “We expect price growth to continue in January as our Pending HPI shows strong year-over-year appreciation.”

“We are heading into 2013 with home prices on the rebound,” said Anand Nallathambi, president and CEO of CoreLogic. “The upward trend in home prices in 2012 was broad based with 46 of 50 states registering gains for the year. All signals point to a continued improvement in the fundamentals underpinning the U.S. housing market recovery.”

Highlights as of December 2012:

• Including distressed sales, the five states with the highest home price appreciation were: Arizona (+20.2 percent), Nevada (+15.3 percent), Idaho (+14.6 percent), California (+12.6 percent) and Hawaii (+12.5 percent).
• Including distressed sales, this month only four states posted home price depreciation: Delaware (-3.4 percent), Illinois (-2.7 percent), New Jersey (-0.9 percent) and Pennsylvania (-0.5 percent).
• Excluding distressed sales, the five states with the highest home price appreciation were: Arizona (+16.4 percent), Nevada (+14.7 percent), California (+12.8 percent), Hawaii (+11.7 percent) and North Dakota (+10.8 percent).
• Excluding distressed sales, this month only three states posted home price depreciation: Delaware (-1.9 percent), Alabama (-1.0 percent) and New Jersey (-0.5 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to December 2012) was -26.9 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -20.8 percent.
• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-52.4 percent), Florida (-43.5 percent), Arizona (-39.8 percent), Michigan (-36.5 percent) and California (-35.4 percent).
• Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, only 16 are showing year-over-year declines in November, two fewer than in November.

For more information, visit www.corelogic.com

Janet & Graham Ford

Phone: (918) 798-4428

4105 S. Rockford Ave

Tulsa, OK 74105

www.janetford.com

info@janetford.com

Single Story For Sale in Jefferson Terrace

Janet & Graham Ford — Thu, 07 Feb 2013 14:05:00 GMT

Updated & Hardwoods

• 1 bath, 2 bdrm single story - MLS $98,000

Jefferson Terrace, Tulsa - Updated, super, ready for move in! Modern with the vintage feel retained in the home. Lots of tasteful cabinetry in kitchen, great counter space, additional window for light. Spacious dining, living & bedrooms and separate inside laundry. Great bath-tub. Wonderful refinished hardwood floors.

Property information

FHA Takes Additional Steps to Bolster Capital Reserves

Janet & Graham Ford — Tue, 05 Feb 2013 12:08:00 GMT

FHA Takes Additional Steps to Bolster Capital Reserves

As part of a broad effort to strengthen the Federal Housing Administration's
(FHA) Mutual Mortgage Insurance Fund (MMI Fund), FHA Commissioner Carol Galante
announced a series of changes to be issued this week that will allow the agency
to better manage risk and further strengthen the health of the MMI Fund.

"These are essential and appropriate measures to manage and protect FHA's single-family
insurance programs" said Galante. "In addition to protecting the MMI Fund,
these changes will encourage the return of private capital to the housing
market, and make sure FHA remains a vital source of affordable and sustainable
mortgage financing for future generations of American homebuyers."

Home Equity Conversion Mortgage Consolidation

As discussed in its Annual Report to Congress, FHA will consolidate its
Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate
HECM pricing options. This change will be effective for FHA case numbers
assigned on or after April 1, 2013. The Fixed Rate Standard HECM pricing option
currently represents a large majority of the loans insured through FHA's HECM
program and is responsible for placing significant stress on the MMI Fund. To
help sustain the program as a viable financial resource for aging homeowners,
the HECM Fixed Rate Saver will be the only pricing option available to
borrowers who seek a fixed interest rate mortgage. Using the HECM Fixed Rate
Saver for fixed rate mortgages will significantly lower the borrower's upfront
closing costs while permitting a smaller pay out than the HECM Fixed Rate
Standard product, thereby reducing risks to the Mutual Mortgage Insurance Fund.
Read FHA's new HECM Mortgagee Letter.

In addition to the HECM consolidation announced today, FHA will announce the
following changes in the coming days:

Changes to Mortgage Insurance Premiums

FHA will increase its annual mortgage insurance premium (MIP) for most new
mortgages by 10 basis points or by 0.10 percent. FHA will increase premiums on
jumbo mortgages ($625,500 or larger) by 5 basis points or 0.05 percent, to the
maximum authorized annual mortgage insurance premium. These premium increases
exclude certain streamline refinance transactions.

FHA will also require most FHA borrowers to continue paying annual premiums for
the life of their mortgage loan. Commencing in 2001, FHA cancelled required MIP
on loans when the outstanding principal balance reached 78 percent of the
original principal balance. However, FHA remains responsible for insuring 100
percent of the outstanding loan balance throughout the entire life of the loan,
a term which often extends far beyond the cessation of these MIP payments.
FHA's Office of Risk Management and Regulatory Affairs estimates that the MMI
Fund has foregone billions of dollars in premium revenue on mortgages endorsed
from 2010 through 2012 because of this automatic cancellation policy.
Therefore, FHA will once again collect premiums based upon the unpaid principal
balance for the entire period for which FHA is entitled. This will permit FHA
to retain significant revenue that is currently being forfeited prematurely.
Read FHA's new MIP Mortgagee Letter.

Requiring Manual Underwriting on Loans with Decision Credit Scores below 620
& DTI Ratios over 43 Percent

FHA will require lenders to manually underwrite loans for which borrowers have
a decision credit score below 620 and a total debt-to-income (DTI) ratio
greater than 43 percent. Lenders will be required to document compensating
factors that support the underwriting decision to approve loans where these
parameters are exceeded, using FHA manual underwriting and compensating factor
guidelines. Read FHA's new DTI Mortgage Letter.

Raising Down Payment on Loans above $625,500

Through a Federal Register Notice to be published in the next several days, FHA
will announce a proposed increased down payment requirement for mortgages with
original principal balances above $625,500. The minimum down payment for these
mortgages will increase from 3.5 to 5 percent. This change, coupled with the
statutory maximum premiums charged for these loans, will help protect FHA and
further facilitate its efforts to encourage higher levels of private market participation
in the housing finance market.

Access to FHA after Foreclosure

FHA will step up its enforcement efforts for FHA-approved lenders with regard
to aggressive marketing to borrowers with previous foreclosures and remind
lenders of their duty to fully underwrite loan applications. New loans must
meet all FHA guidelines.

Borrowers are currently able to access FHA-insured financing no sooner than
three years after they have experienced a foreclosure, but only if they have
re-established good credit and qualify for an FHA loan in accordance with FHA's
fully documented underwriting requirements. It has come to FHA's attention that
a few lenders are inappropriately advertising and soliciting borrowers with the
false pretense that they can somehow "automatically" qualify for an FHA-insured
mortgage three years after their foreclosure. This is simply not true and such
misleading advertising will not be tolerated.

Moreover, FHA will work with other federal agencies to address such false
advertising by non-FHA-approved entities. Finally, as discussed in its Annual
Report to Congress, FHA is also committed to structuring a new housing
counseling initiative that would apply to a number of borrower classifications,
including borrowers with previous foreclosures.

Continuing Effort to Improve Risk Management

The changes announced this week will further contribute to the efforts made
throughout the Obama Administration's tenure to improve risk management at FHA
and protect the Mutual Mortgage Insurance Fund. Because of these commitments,
the changes made at FHA over the past four years have already added more than
$20 billion in value to the MMI Fund.

For more information, visit www.hud.gov.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Steps to Simplify House Hunting

Janet & Graham Ford — Wed, 30 Jan 2013 06:02:00 GMT

7 Steps to Simplify House Hunting

House hunting is a complicated process. From finding the right home, to locking
down a mortgage rate you can afford, it is a process that requires an attention
to detail and a well-thought-out plan. Below are seven steps to take as you
begin house hunting to ensure you stay focused and on budget.

1. Establish your goal. Searching for your dream house? Upgrading your
current digs or looking to downsize? Whatever the goal is behind your impending
home purchase, be sure you understand it clearly before beginning your house
hunt. This will eliminate wasted time spent viewing homes that don't meet your
top priority.

2. Create a wish list. Once your primary objective is in place, it's
time to list all of the additional features and amenities you expect from the
property you eventually buy. Do you want a swimming pool in the backyard, a
balcony off of your master bedroom or crown molding throughout? Brainstorming
must-haves and also-nice-to-haves helps to further narrow down your search
field.

3. Hire a real estate agent. No one understands the intricacies of a local
housing market like a real estate agent with years of experience helping others
buy and sell property within it. Save yourself time and headache and hire a
highly rated agent to see you through the process.

4. Get pre-approved. Knowing exactly how much you can afford to spend
ahead of time helps the house hunting process goes much smoother, not to
mention, eliminates the disappointment of learning you don't have enough saved
for the home you've had your eye on all this time. Getting pre-approved for a mortgage
will set your budget straight off.

5. Ask questions and take notes. This is probably the biggest purchase
you'll ever make, so don't hold back if you have questions or concerns. Ensure
you have no lingering questions about the property, mortgage financing terms or
anything else that could lead to regret down the line. And don't forget to
write down important notes as you view house after house - things that seem
important in the moment are easily forgotten after five open houses.

6. Do some recon work. Spend time hanging around the house you have your
eye on, and during different times of the day. Does it get noisy? Is the
traffic a nightmare? What are the neighbors up to? The worst thing would be to
lock into your mortgage, only to find that while you love your house, you hate
the neighborhood around it.

7. Look out for hidden expenses. Finally, it's important to investigate
more than just the house itself to find out if there are potential money traps
within. For example, find out when the home's appliances, water heater, roof,
etc. were last replaced so that you aren't surprised with a big expense shortly
after moving in.

Source: GoBankingRates.com

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Transition to "Normal"?

Janet & Graham Ford — Wed, 30 Jan 2013 05:52:00 GMT

2013: Transition to "Normal"?

By Pete Bakel

The trend of gradual but below-potential economic growth seen in 2012 is expected to carry over through 2013 and into 2014. This modest growth path combined with the real GDP growth rate during the recovery from 2009 to this point of 2.2 percent annualized give credence to claims that the recovery’s slow pace has become the “new normal,” according to Fannie Mae’s Economic & Strategic Research Group. The fiscal cliff and ongoing debt ceiling debate, which are likely to suppress consumer spending in the first half of 2013, continue to present potentially strong headwinds to meaningful growth activity. Overall, a 2 percent growth rate is forecasted for 2013, similar to the subdued pace of 2012.

This is despite the fact that the housing sector, which has become a bright spot in the economy since home prices began to rebound in 2012, is expected to provide a rising contribution to GDP in 2013 and in coming years. Recent data indicate that the housing recovery has transitioned to a faster upward track, boosted by an improving labor market and low mortgage rates. Overall, home sales, home prices, and home building activity as well as homebuilder confidence appear to be on the upswing, having risen to multi-year highs.

“What we view as sub-par economic growth may actually continue to be par for the course for the near term,” says Fannie Mae Chief Economist Doug Duncan. “We expect the fiscal policy climate to act as a drag on growth this year with possible implications on the direction of the economy in the long term. As fiscal policy debates subside later in the spring, we expect to see some upward trend in economic activity, with growth accelerating moderately in the second half of the year. That momentum will find support in the form of continued, albeit slow, improvement in the housing sector. In the longer term, the gradual return of manufacturing to the U.S. and increasing domestic energy production will work together to accelerate economic growth. However, we anticipate overall growth in 2013 will remain below its potential, extending what has been a slow recovery.”

For an audio synopsis of the January 2013 Economic Outlook, listen to the podcast on the Economic & Strategic Research site at www.fanniemae.com. Visit the site to read the full January 2013 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary.

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

For more information, visit www.fanniemae.com.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Maintaining Your Home Investment

Janet & Graham Ford — Mon, 14 Jan 2013 10:11:00 GMT

Maintaining Your Home Investment

(BPT) - Home ownership is an important investment that can create both a sense of pride and a place in the world that is all your own. While the investment in purchasing or building your own home is sizeable, letting your home fall into disrepair can be even more costly. However, home maintenance doesn't have to be a daunting task. By following a few simple steps and making maintenance a regular activity, you'll not only preserve the quality of your home, but you'll likely save money over the long term.

Keep a regular maintenance schedule
Whether you've just moved in or have lived in your home for decades, it's important to establish a regular routine to maintain your home. Some tasks should be checked off the list regularly, while others are more seasonal. Start a list or put reminders on your calendar for these important to-dos:

Regularly test fire extinguishers, smoke alarms and carbon monoxide detectors.

Replace air filters for heating and cooling systems according to owner's manuals.

Schedule regular furnace and water heater maintenance.

Check electrical outlets to ensure proper function.

Weatherproof doors and windows according to the season.

Don't underestimate regular cleaning to keep your home in top shape.

Invest in items that protect your investments:
Regular home maintenance is worth your while and certain investments can ensure your home remains in top shape for years to come. There are many different products designed to help you maintain your home investment by making it easier to clean, protect, update and more. For example, if pets are part of your family, investing in a great vacuum can help keep your house pet hair free, while a home security system will help ensure your home and possessions are protected at all times.

If you're building a new home or remodeling, consider products designed to maintain your investments. For example, KraftMaid's CoreGuard sink base, an engineered polymer cabinet interior, is designed to protect from leaks and spills that commonly occur under the sink. Available through dealers, Lowe's or The Home Depot, CoreGuard offers a simple solution to protect cabinetry for the long term.

What's on the outside counts too.
While you may experience the benefits of interior maintenance more regularly, outdoor maintenance is just as important in taking care of your home. Tasks like making sure gutters are clear and siding is clean and damage-free help ensure that the exterior of your home stays beautiful. Strategic landscaping can help with heating or cooling costs by allowing light in or providing shade where needed. It can also help by diverting water away from the house to avoid leaks or damage. Additionally, an investment in the exterior of your house can enhance the curb appeal and make it a joy to come home to every day.

Stainless Steel & Top Kitchen Trends For 2013

Janet & Graham Ford — Mon, 14 Jan 2013 09:55:00 GMT

Kitchen and Beyond: Stainless Steel & Top Kitchen Trends For 2013

By John Voket

As I begin the first few tentative steps into my own 'kitchen and beyond' remodeling project, we'll be sharing with you a number of ideas and tips learned along the way. One of the early resources for ideas about kitchen remodeling was Stanton Homes (stantonhomes.com) in Apex, NC.

Many of the latest homes that company is designing locate kitchens directly off, or open to the home's large great rooms. These Stanton kitchen now looks less "kitcheny" and more often like an inviting place to gather and entertain, with decorative elements that are strong right now include natural finishes like wood and stone complimented by glass, shiny metallics, special attention to lighting details, and even crystal.

Andrea Enns, Stanton Homes' Interior Design expert also reaffirmed that it is quite a "safe" to invest in stainless steel appliances and finishes. Enns says since stainless steel has been used in the best kitchens for over a century due to its universal appeal, its ability to provide a sterile surface, its shiny appearance, as well as its association with luxury.

On another front, the Consumer's Voice for Kitchen and Bath Remodeling (myconsumersvoice.com) is promoting three new kitchen trends for 2013, including:

Soft Contemporary – A simpler approach of the modern kitchen, a soft contemporary design doesn’t have as many harsh lines, but more soft accents throughout the space. This look can be achieved through modern accents in a more traditional space such as contemporary bar stools or lighting.

New Traditional – Instead of the “transitional” kitchen name, new traditional is much like transitional but has more emphasis on classic touches. Instead of the large, overbearing feel of a traditional kitchen, the new traditional design feels much lighter.

Eclectic – This design trend is less of one style as it is a mixture of many. We see a lot of spaces putting together different finishes, patterns and textures to create a space that is truly one of a kind.

We will focus on other remodeling and historic restoration projects as our 'Kitchen and Beyond...' series continues.

Janet & Graham Ford
Phone: (918) 798-4428
4105 S. Rockford Ave
Tulsa, OK 74105
www.janetford.com
info@janetford.com

Fiscal Cliff Avoided: What It Means for Housing and Home Builders

Janet & Graham Ford — Sun, 06 Jan 2013 03:53:00 GMT

Fiscal Cliff Avoided: What It Means for Housing and Home Builders

The fiscal cliff, an economically damaging set of tax hikes and spending reductions scheduled to begin in 2013, has been avoided (for now) and that is good news for housing in the short-run.

The enactment of H.R. 8, the American Taxpayer Relief Act of 2012, will extend permanently most, but not all, of the 2001/2003 tax cuts. The legislation prevents a fiscal drag of approximately $600 billion in 2013, which would have been large enough to push the current weak economy into recession. That in turn would have reduced demand for both owner-occupied and renter housing and threatened the ongoing recovery for home building.

That outcome has been prevented, although future fiscal policy debates loom on the horizon. For example, a legislative fight over the debt ceiling and the delayed sequester will take place in February. And 2013 may be a year in which comprehensive tax reform is under legislative consideration.
But for now, the following items in H.R. 8 are of interest to housing stakeholders and home builders:

Business Tax Items
• Permanently extends the 2001/2003 tax rates for adjusted gross income levels under $450,000 ($400,000 single); good for small business and home builders, 80% of whom are pass-thru entities who pay taxes on the individual side of the code
• Permanently extends the Alternative Minimum patch; again, good for small business owners who are frequently at risk of paying AMT
• Permanently sets the parameters of the estate tax; positive for family-owned construction firms; codifies the 2010 $5 million exemption amount (indexed to inflation) and a 40 percent estate tax rate
• Extends present law section 179 small business expensing through the end of 2013; offers cash flow and administrative cost benefits for small firms
• Extends the section 45L new energy-efficient home tax credit through the end of 2013; allows a $2,000 tax credit for the construction of for sale and for-lease energy-efficient homes in buildings with fewer than three floors above grade

Homeowner Tax Items
• Extends through the end of 2013 mortgage debt tax relief; important rule that prevents tax liability from many short sales or mitigation workouts involving forgiven, deferred or canceled mortgage debt
• Deduction for mortgage insurance extended through the end of 2013; reduces the cost of buying a home when paying PMI or insurance for an FHA or VA- insured mortgage; $110,000 AGI phaseout remains
• Extends the section 25C energy-efficient tax credit for existing homes through the end of 2013; important remodeling market incentive, although the lifetime cap remains at $500.
• Reinstates the Pease/PEP phaseouts for deductions; for married taxpayers with AGI above $300,000 ($250,000 single), the Pease limitation reduces total itemized deductions by 3 percent for the dollar amount of AGI above the thresholds. This is a negative change for some high cost areas, but should only have small impacts. Example, a married household with $350,000 AGI would be $50,000 above the limit and must reduce their Schedule A total by $1,500 raising their taxes by about $500. Only a share of that would be due to the MID.

Multifamily Tax Items
• Extends the 9percent LIHTC credit rate for allocations through the end of 2013; absent the credit fix, the LIHTC program would suffer a loss of equity investment for affordable housing projects
• Extension through the end of 2013 of base housing allowance rules for affordable housing
Also noteworthy are items that are not in H.R. 8, including an itemized deduction cap or a defined fast-track tax reform process. Nonetheless, the return of the Pease rules suggests that items like the mortgage interest deduction will be under debate in 2013.

The resolution of the fiscal cliff now gives way to a series of mini-cliffs due to the need to raise the debt ceiling, establishing government spending levels and deal with the sequester. Over the long run, the future of housing demand, and interest rates in particular, will be affected by how Congress and the President solve the nation’s long-run deficit challenges.

View this original post on the NAHB blog, Eye on Housing.