Energy Star Rating Having Slight Modification Due to Continued Criticism

The EPA and the Department of Energy program commonly called Energy Star has taken criticism over the year so now a  new label termed "most efficient" has been added to recognize the best-of-the-lot products in terms of energy efficiency. This new addition is meant to help improve upon the program by labeling the top 5% in energy use for appliances.

The Energy Star Most Efficient program, which will operate on a pilot basis through 2011, has established top-performance standards for a limited number of appliance categories, including clothes washers, heating and cooling systems, televisions and refrigerator-freezers. >> More

Banks Agree to More Short Sales

Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.

“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”>> More

More Home Owners Add Second Units to Existing Homes

Creating second units for additional rental income or for combining generations is becoming more and more popular.  Spurring second units... is the "growing awareness of smart growth" and the environmental benefits of urban density and smaller homes. "It's a way of absorbing more people and growth without changing the nature of the neighborhood" and adding to sprawl, says Kaid Benfield of the Natural Resources Defense Council, an environmental group. >> More

10 Home Improvements That Pay You Back

If you're planning to sell your house any time soon, home improvements that build property value should be on your to-do list. It's a buyer's market, and between tighter purse strings and plenty of properties to choose from, shoppers want homes that are move-in ready and free of the need for home improvement projects that will add to their own bottom lines.

The following article provides ten areas that can seriously impress buyers.  They can also increase your sales price! >> More

New Bill Offers $20,000 Subsidy to Foreclosure Buyers

Rep. Gary Ackerman (D-N.Y.) plans to introduce a bill after the August recess that would give homebuyers up to $20,000 for down payment assistance on a previously foreclosed property. >> More

Buying is Cheaper Than Renting in Most U.S. Cities

According to real estate web site Trulia, buying was cheaper than renting in 74% of the country's 50 largest cities in July. In just 12% of the cities, including New York, Seattle and San Francisco, renting was cheaper. In the remaining 14% of cities, renting was less expensive but close to the cost of buying.

In addition to a continuing decline in home prices, rock-bottom interest rates have added a lot of weight to the buy side of the scale. The overnight average rate for a 30-year fixed was just 4.19% on Monday, according to Bankrate.com. A 15-year fixed averaged just 3.43%.

>> More

Houston July Home Sales Increases and Up 17% From Same Time Last Year

The average price of a single-family home rose 0.7 percent from July 2010 to $224,110, an all-time high for a July in Houston and the second highest average price of 2011. The July single-family home median price—the figure at which half of the homes sold for more and half sold for less—increased 0.3 percent year-over-year to $160,000. That is unchanged from June and remains the highest that the median price has been this year. >> More

5 Quick and Easy Low Cost Renovations and Remedies

Learn how to earn tidy profits or at minimum increase your chances of selling your home or investment property quickly with these quick renovation and maintenance tips.

Color - Still living in sterile white walls? Does a boring beige and brown exterior greet potential buyers? Eliminate the institutional look and give your home a brand new appearance inside and out with a quality paint job. Just remember dark colors or extremely vibrante colors are not what prospective buyers are seeking.

Clean Air - The sense of smell is a powerful tool especially when it comes to selling a home. Pet odors, smoking or other unpleasant smells can dramatically alter the impression of the home. Deep clean carpet, air vents, upholstery, and drapes plus any other absorbent surface that collects odors. Make it a priority to change the air filter and consider using an enzymatic treatment for deep-set odors. Marketing companies use smell to sell everything from new cars to clothing; put the same tips to work when renovating by using fragrance to create the impression of quality, comfort, and cleanliness. Candles can help but are temporary fixes, plus potential buyers sometimes wonder if you are hiding something.

Clear Clutter -Visually a few well placed large objects of contrasting colors are more attractive than numerous small items. Use this knowledge to tackle objectionable areas and transform them into the center of attention both inside and outside the home. Expand small rooms by adding a window that draws the eye outward or coordinate colors to give the impression of uniformity instead of clutter to make a small kitchen or bathroom look larger.

Carpet Fixes - Before spending big dollars on new carpets, consult with a specialist capable of repairing and restoring the rugs throughout the home. It is often possible to blend or repair burns, snags and stains to make the carpet look nearly as good as new.

Conserve - Invest in low-maintenance lawns, water-saving devices and energy efficient appliances that will appeal to tenants and potential buyers alike. Green is in.

Mortgage Applications Jump 21.7% on Refinancing Activity

Mortgage applications jumped 21.7% this past week as market volatility pushed mortgage rates lower, spurring a 30% rise in refinancing applications, an industry trade group said.

The Mortgage Bankers Association noted the market composite index – a measure of mortgage loan application volume – shot up 21.7% over the previous week as refinancing levels hit their highest point yet for 2011.>> More

Foreclosures Reach Lowest Level Since 2007

Foreclosure filings dropped again in July, marking the 10th straight month for year-over-year declines and reaching their lowest level since November 2007, RealtyTrac reports. But analysts are still mostly attributing the drop to banks’ processing delays as they take more time to take action against delinquent home owners. >> More

Debt Rating Dropped Yet Investors Flock to Long Term Treasuries!

"Treasurys are up because they are still the flight to quality instrument despite what S&P says," said Thomas Roth, executive director in the U.S. government bond trading group at Mitsubishi UFJ Securities (USA) Inc in New York, according to a report by WSJ. "All that has occurred is more uncertainty which drives money out of risk assets." >> More

Since mortgage rates are typically linked to the 10-year treasury note they most likely will continue to drop further.  The 15-year fixed is already at historical lows.

Home Inventories Fall Sharply!! Very Good News!!

About 2.34 million homes were listed for sale on the multiple-listing service by the end of June, the lowest level for that time of year since at least 2007, according to Realtor.com. What’s more, some inventory levels even reached their lowest levels since the housing crisis began five years ago, which has prompted some markets to even say their facing a shortage of homes on the market.  >> More

15-Year Fixed Mortgage Rates Hits All Time Low.

The 30-year fixed-rate mortgage has declined to its lowest level for 2011, while both the 15-year fixed and 5-year adjustable-rate mortgage (ARM) set new historical record lows. Of the four loan types the GSE assesses, only the 1-year ARM failed to post a decline this week. >> More

Israelis Are No. 2 Foreign Buyers of Real Estate in US

 A survey by Bregman Baraz Real Estate commissioned by Globes found that Israelis were the second-largest foreign buyers of US income-producing real estate in the period from July 2010 to June 2011, after Canadians.

Foreign investment accounted for 7.5 percent of total investment in US income-producing real estate in this period, with Israelis accounting for one-tenth of the foreign investment, or 0.75% of total investment in the sector.

Israelis invested $1.15 billion to buy 36 income-producing properties in the United States over the past 12 months. >> More

Cutbacks and Layoffs at NASA Beginning to Negatively Impact Houston Real Estate

The thousands of layoffs associated with the end of NASA's space shuttle program are putting added pressure on an already stressed housing market.

Homes in the Clear Lake area have been staying on the market longer and more are going up for sale, according to people who live in the area and real estate agents who work there.>> More

Economist Ray Perryman Expects Houston Economy to Grow

Over the next century economist Ray Perryman expects the Greater Houston Economy and surrounding regions to more than double.  That is a fairly large growth over such a short period.  There is more information on the levels compared to pre-recession highs. >> More

Goldie Hawn and Kurt Russell Malibu Home For Sale or Rent

Considering $14.5 million is a bit steep you could always rent out the unit for $80,000 a month. It is a four bedroom beach house and without a doubt beautiful! >> More

Mortgage Rates Mainly Flat Even with Debt Ceiling Scare

Fixed mortgage rates were mostly unchanged this week as credit markets showed little reaction to Washington's impasse over raising the federal government's borrowing limit.

Freddie Mac says the average rate on the 30-year fixed loan ticked up to 4.55 percent from 4.52 percent a week ago. That's slightly above this year's low of 4.49 percent.

The average rate on the 15-year fixed loan was unchanged at 3.66 percent, just above the yearly low of 3.65 percent. >> More.