Tips for coping when care for parents, children means delaying retirement
SAN FRANCISCO (MarketWatch) -- The good news is baby boomers aren't as selfish as the "Me Generation" label attributed to them might suggest. The bad news is their generosity might force them to work well into their retirement years, according to a new survey of working Americans.
About one in five workers 45 and older provide financial support to a parent, according to the survey of about 5,400 adults conducted by Brightwork Partners for Putnam Investments.
And a fair portion of boomers are supporting their adult children: Almost one-third of working Americans 45 and older with a grown child over age 25 pay rent or provide housing for that child, the survey found. Meanwhile, 45% of middle-age workers with grown children provide financial support of about $2,500 a year on average.
Monday, January 29, 2007
Tougher loan guidelines wise for borrowers
Perspective: Better underwriting offers benefits to consumers
The federal government has stepped into a battle between banks and borrowers and for once, the government is on the right track: New stricter loan guidelines should be applied not just to interest-only and payment-option adjustable-rate mortgages, but also to an entire category of esoteric and extremely complicated loan products.
read more: http://www.inman.com/hstory.aspx?ID=61762
The federal government has stepped into a battle between banks and borrowers and for once, the government is on the right track: New stricter loan guidelines should be applied not just to interest-only and payment-option adjustable-rate mortgages, but also to an entire category of esoteric and extremely complicated loan products.
read more: http://www.inman.com/hstory.aspx?ID=61762
Friday, January 26, 2007
New Boca development may open doors to affordable housing
A new development of homes on Broken Sound Boulevard in Boca Raton will offer the city something no other plat has done before.
The developer of the 172-unit residential complex, Stiles Development Corp. of Fort Lauderdale, will be the first to put some cash – specifically, $3 million -- into the city’s Affordable Housing Land Trust fund.City officials have been working long and hard for at least three years to come up with a method of providing affordable housing to middle income residents. To date, an ordinance is in the works, but it has never seen the light of a public hearing.Since 2004, the Greater Boca Raton Chamber of Commerce has been pushing for an affordable housing ordinance – and has even drafted a model for the city to adopt. The planning staff is currently reviewing it.A land trust, combined with an ordinance explaining how it can be used, could solve Boca’s problem of finding an equitable solution to the affordable housing issue
The developer of the 172-unit residential complex, Stiles Development Corp. of Fort Lauderdale, will be the first to put some cash – specifically, $3 million -- into the city’s Affordable Housing Land Trust fund.City officials have been working long and hard for at least three years to come up with a method of providing affordable housing to middle income residents. To date, an ordinance is in the works, but it has never seen the light of a public hearing.Since 2004, the Greater Boca Raton Chamber of Commerce has been pushing for an affordable housing ordinance – and has even drafted a model for the city to adopt. The planning staff is currently reviewing it.A land trust, combined with an ordinance explaining how it can be used, could solve Boca’s problem of finding an equitable solution to the affordable housing issue
Twelve Tempting Locations For Vacation-Home Buys
The recent softening in the U.S. real-estate market after years of double-digit percentage growth in home prices may make it scarier than ever to buy a vacation home.
Some regions are scary because, even with the recent dip, they seem prohibitively expensive. Elsewhere, buyers may have understandable fears that places that seem affordable will only become more so as prices continue to fall.
The editors at RealEstateJournal.com set out to identify potential vacation-home deals that would assuage the most nervous Nellies. We looked for appealing locales across the U.S. where prices rose at a rate well below the national average of 84.3% between the second quarter of 1996 and the second quarter of 2006, and have above-average employment outlooks according to data from Economy.com.
read more: http://www.realestatejournal.com/buysell/regionalnews/20061109-kim.html
Some regions are scary because, even with the recent dip, they seem prohibitively expensive. Elsewhere, buyers may have understandable fears that places that seem affordable will only become more so as prices continue to fall.
The editors at RealEstateJournal.com set out to identify potential vacation-home deals that would assuage the most nervous Nellies. We looked for appealing locales across the U.S. where prices rose at a rate well below the national average of 84.3% between the second quarter of 1996 and the second quarter of 2006, and have above-average employment outlooks according to data from Economy.com.
read more: http://www.realestatejournal.com/buysell/regionalnews/20061109-kim.html
Facing foreclosure? Beware of 'rescue firms' offering to help you
To a financially strapped homeowner terrified by the prospect of foreclosure, it sounds like an escape plan:
Temporarily transfer title of the property to a foreclosure rescue firm, which pays the mortgage and allows you to rent the house. The company promises that after six months or a year you can regain ownership.
But it's not always that simple. Terms of these deals are difficult for struggling homeowners to meet. And real estate experts say savvy firms often prey on elderly or low-income owners who are not sophisticated in financial matters.
read more: http://www.sun-sentinel.com/business/realestate/sfl-sbforeclose25jan25,0,7678449.story?coll=sfla-busrealestate-headlines
Temporarily transfer title of the property to a foreclosure rescue firm, which pays the mortgage and allows you to rent the house. The company promises that after six months or a year you can regain ownership.
But it's not always that simple. Terms of these deals are difficult for struggling homeowners to meet. And real estate experts say savvy firms often prey on elderly or low-income owners who are not sophisticated in financial matters.
read more: http://www.sun-sentinel.com/business/realestate/sfl-sbforeclose25jan25,0,7678449.story?coll=sfla-busrealestate-headlines
If you moved in 2006, you might get tax savings
NEW YORK (MarketWatch) -- Were you one of the 25 million tax-paying Americans who changed homes in 2006? If so, you might be due big tax savings. According to real estate attorney and columnist Bob Bruss, your household moving expenses can be deducted as an adjustment to gross income.
Deductible expenses include any direct household moving costs, such as hiring a moving van, shipping expenses, moving insurance, and airline, train or bus fare to your new city. If you drive yourself, you can deduct gasoline and oil bills. The cost of lodging en route (but not meals) is also deductible.
read more: http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BFBA6FCE9%2D71D8%2D455F%2DB45B%2D5B9B496B9A79%7D&siteid=mktw&dist=nwhreal
Deductible expenses include any direct household moving costs, such as hiring a moving van, shipping expenses, moving insurance, and airline, train or bus fare to your new city. If you drive yourself, you can deduct gasoline and oil bills. The cost of lodging en route (but not meals) is also deductible.
read more: http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BFBA6FCE9%2D71D8%2D455F%2DB45B%2D5B9B496B9A79%7D&siteid=mktw&dist=nwhreal
Officials Seek to Rein In Insurers As Home-Insurance Premiums Rise
A backlash against insurers is building in several coastal states where homeowner premiums have increased sharply despite several years of rising industry profits and an uneventful hurricane season in the East.
In Florida, where back-to-back hurricanes have helped some rates more than double since 2004, the state legislature yesterday approved a measure aimed at reducing homeowner premiums offered by private insurance companies by 5% to 25% or more. The legislature has been meeting since last week in a special session specifically aimed at addressing the state's insurance crisis. The measure now goes to Republican Gov. Charlie Crist, who has made insurance-rate cuts a top priority since taking office this month.
read more:http://www.realestatejournal.com/buysell/taxesandinsurance/20070124-mcqueen.html?rejpartner=mktw
In Florida, where back-to-back hurricanes have helped some rates more than double since 2004, the state legislature yesterday approved a measure aimed at reducing homeowner premiums offered by private insurance companies by 5% to 25% or more. The legislature has been meeting since last week in a special session specifically aimed at addressing the state's insurance crisis. The measure now goes to Republican Gov. Charlie Crist, who has made insurance-rate cuts a top priority since taking office this month.
read more:http://www.realestatejournal.com/buysell/taxesandinsurance/20070124-mcqueen.html?rejpartner=mktw
Monday, January 15, 2007
Blueprint for home sale: Price it right
(My broker has been saying this for the last quater of 2006.)
The current market value of your home may be more than, less than or the same as it was last year depending on where you live and what you have to sell. Nationally, the median sale price of homes sold in October 2006 dipped 3.5 percent from October 2005, which was an exceptionally strong month. But there are still pockets of the market, such as Portland, Ore., where prices are still going up.
The current market value of your home may be more than, less than or the same as it was last year depending on where you live and what you have to sell. Nationally, the median sale price of homes sold in October 2006 dipped 3.5 percent from October 2005, which was an exceptionally strong month. But there are still pockets of the market, such as Portland, Ore., where prices are still going up.
Saturday, January 13, 2007
Consumers see their insurance rates, risks rising
Insurers post record profits as companies hike rates and shift more risk to customers, a consumer group says.
Although the insurance industry has posted record profits in the past three years, home insurers have been overpricing policies and shifting risks to consumers, a new study released Monday by the Consumer Federation of America found.
Insurers have been systematically overcharging for insurance and shifting costs to consumers, the report found. Profits in the past three years have risen to record levels despite the increased hurricane activity of 2004 and 2005.
Although the insurance industry has posted record profits in the past three years, home insurers have been overpricing policies and shifting risks to consumers, a new study released Monday by the Consumer Federation of America found.
Insurers have been systematically overcharging for insurance and shifting costs to consumers, the report found. Profits in the past three years have risen to record levels despite the increased hurricane activity of 2004 and 2005.
Florida exodus? Statistics show residents starting to leave for less costly locales
For the first time in 30 years, United Van Lines Inc. says it moved more people out of Florida than in, and analysts see that as a sign that consumers are looking elsewhere for a cheaper slice of life.
Wednesday, January 10, 2007
Upscale garages 'in,' buyer incentives 'out' for '07
When home sales softened late in 2005, many sellers decided to take their homes off the market and wait until the spring flowers surfaced -- along with the traditional housing season -- to lure potential home buyers. While sellers enjoyed modest appreciation in many areas of the country early in 2006, the second half was a totally different matter.
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