Happy Thanksgiving!

Just a quick note to wish you all a happy and safe Thanksgiving!

I am actively working on improving all my blogs sites and other internet feeds to provide you the best and most pertinent information. Please pardon the dust! I expect to be back on with a routine blog next week!

Obama's Plans for Housing & HUD Info to Prevent Foreclosures - Weekly Digest, 11/2/2008

HUD Guide to Prevent Foreclosure - The guide provides consumers with information such as how to contact a housing counselor; when and how to talk to their lender, how to find foreclosure resources, tips on avoiding foreclosure and foreclosure scams, as well as information for consumers who cannot keep their home. The guide to preventing foreclosure can be accessed by visiting http://www.hud.gov/foreclosure/. (CAR, 11/6)

In the continuing revamp of my blog sites, I will be adding more original articles and FAQ answers to my weekly digest. Next week I'll spotlight "Hope For Homeowners" in detail, due to many questions I have received regarding people "wanting to refinance" their current property. Everything I know.

Obama Will Support Housing - President-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan, says the National Association of REALTORS. Obama has long made housing a priority, said Illinois Association of REALTORS® CEO Gary Clayton, who knows the president-elect from his days as a state senator. Clayton said with a chuckle that he now regrets not joining Obama's weekly poker game. In Illinois, Obama advocated tax credits for property owners and fought to end predatory lending, Clayton said. As a U.S. senator, he's advocated for a stronger FHA and voted for the NAR-backed economic stimulus bill, which increased loan limits in high-cost areas. http://changhomes.blogspot.com/2008/11/obama-will-support-housing-says-nar.html

Housing Moves Independently from the Economy - National Association of REALTORS Chief Economist Lawrence Yun releases an economic outlook in the same article. "We are in a recession," Yun said. "In the next six months, we may lose up to 1 million jobs. But the good news is, historically housing moves independently from the economy. We are seeing a 20 percent improvement in home sales in states like California, Florida, and Virginia. The economy will not improve without a housing recovery." See Last Week's Blog regarding September home sales - http://changhomesnews.blogspot.com/2008/11/new-home-sales-mortgage-rates-up-in.html

Finding an area with appreciation potential - Some real estate experts believe that home buyers who purchase a house during the current market will gain equity if they stay in the house for at least five years and purchase in a desirable neighborhood. (Chicago Tribune 10/31)

· Neighborhoods with strong employment bases, such as hospitals, universities, and government, tend to be recession-proof. People desire to live near their jobs, so housing that is in close proximity to these types of industries are generally in higher demand than those in other areas.

· High gas prices and roadway congestion have led many people to seek "walkable" communities - neighborhoods that offer both daily needs such as grocery stores and coffee shops to more specialty items like hair salons, all within walking distance. Walkable communities also provide public transportation, which is becoming more desirable to many home buyers and is increasing demand for housing in these areas. One Web site, walkscore.com, calculates the walkability of a community by locating stores, restaurants, schools, parks, and other attractions that are within walking distance. The scores are based on a 100-point scale with 100 points being a "walker's paradise."

· Home buyers who seek a new or nearly-new home should search in areas where the homebuilder is known for honoring warranties and building high-quality homes that are structurally sound. Homes in these areas are more likely to weather well and gain value in the future than homes in areas where the homebuilder is unknown.

· Homes in neighborhoods with sales momentum generally appreciate at a faster pace than areas where sales are flat. Some real estate industry consultants advise clients to pay close attention to the "list to sale" numbers, which reflect the difference between the asking price and the final closing price. Usually, if the gap in list-to-sale numbers is narrow, then the real estate market in that area is improving. (CAR, 11/6)

Meltdown 101: How we'll know we're in a recession - Recent economic reports and many news stories have led some Americans to believe the country is in a recession. Although unemployment is high and incomes have failed to keep pace with inflation, the country is not yet in a recession, which must be declared by the National Bureau of Economic Research (NBER). (Washington Post, 10/31)

· The National Bureau of Economic Research (NBER) is the entity that officially declares the country is in a recession. Founded in 1920, NBER consists of more than 1,000 university professors and researchers who study the economy. The Business Cycle Dating Committee within NBER makes the call on recessions. Often times NBER doesn't declare a recession until after it is over.

· Contrary to popular belief, a recession is not defined as two consecutive quarters of negative gross domestic product growth. NBER defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months. This is usually based on reports such as the gross domestic product - a measure of the value of all goods and services produced within the United States; real income, employment, industrial production, and wholesale and retail trade.

· A recession's start and end dates are based on the high and low points within the nation's "business cycle" - periods of economic growth and contraction. A recession begins when the economy peaks at the top of an expansion period. It continues as the economy contracts until it hits the "trough," the lowest point in the downward cycle. After that, the economy begins to recover. The "peak" date is the beginning of a recession and the "trough" date is its end. The last official recession began in March 2001 and lasted eight months before ending in November 2001. (CAR, 11/6)

'Green' improvements can add to a home's appeal - Many home buyers are seeking 'green' homes to offset their carbon footprints and pocketbooks. Although most green homes are new houses, owners of existing homes for sale can make "green" adjustments to be more competitive in the market. (Los Angeles Times, 11/2)

· C.A.R. recently launched a new Green Web site, "At home with green™," which provides information to consumers and REALTORS® about how to find and sell green homes; how to make green home improvements; and other tactics for greening their homes, offices and lives. To visit "At home with green™," please go to http://green.car.org.

· Consumers can work with their local utility company to conduct an energy audit to determine how green a home is and to get pointers on how to further green the home. Although the changes could be costly and the homeowner likely will not recoup all the money spent making the green upgrades, the home could sell faster with the improvements. Some home buyers may make an offer on the home as is, but might request a credit towards making the green improvements. Often times the credit will be nearly twice the amount that it would have cost had the homeowner made the improvements prior to listing the home.

· Homeowners can make green improvements in their homes by making simple changes, such as replacing regular light bulbs with compact fluorescent bulbs (CFLs), which use only one-fifth the energy of regular bulbs and last almost 12 times longer, or more substantial improvements like replacing appliances with ENERGY STAR-rated ones, which can use as little as one-quarter the energy of older models. (CAR, 11/6)

New Home Sales, Mortgage Rates Up in Past Week - Weekly Digest, 11/2/2008

Beginning November 1, I have slightly changed the format for my weekly blogs. The weekly blog has become longer and longer, so I have moved the full story and articles to a sister site, http://changhomes.blogspot.com/.

This blog, which continues to be emailed to all subscribers, will summarize newsworthy housing, economic, and real estate events of the week, and will have links to the full story at the sister site.

During the month of November, I will continue to make improvements to interconnect the blog with distribution methods and the website. As always, I look forward to your comments and feedback. Just send me an email at changhomes@gmail.com. Thank you for your continued interest and support!

New Home Sales Up in September - Often considered a precursor to home sales in general, sales of newly built single-family homes posted a slight increase in September, rising 2.7 percent to a seasonally adjusted annual rate of 464,000 units, according to a U.S. Dept. of Commerce report released Monday. The report also indicated that builders are making substantial progress depleting the supply of unsold units on the market. http://changhomes.blogspot.com/2008/11/new-home-sales-rise-27-percent-in.html (CAR, 10/29)

New statistics have been released from the Southland Association of REALTORS(R), but I am unable to retrieve that tonight as I write this. Please view the link above to the article repository. As soon as I can retrieve it, the statistics for San Fernando and Santa Clarita Valleys will be posted there.

Mortgage Rates Inch Up - News Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.46 percent during the week ended Oct. 30 from 6.04 percent the prior week, as long-term mortgages rates moved in line with long-term Treasury bonds. The 15-year fixed mortgage rate rose as well, climbing to 6.19 percent from 5.72 percent. Meanwhile, the five-year hybrid adjustable mortgage rate moved up to 6.36 percent from 6.06 percent; and the one-year ARM increased to 5.38 percent from 5.23 percent. Freddie Mac chief economist Frank Nothaft expects short-term rates to remain low due to the Federal Reserve’s recent cut in the discount and federal-funds rates, and he notes that falling home prices have jump-started residential sales in some markets by making properties more affordable. http://changhomes.blogspot.com/2008/11/mortgage-rates-inch-up-this-week.html (WSJ, 10/31, via Real Estate Daily News)

Bargain Hunters are out! I was representing clients at a home auction this weekend, and it's incredible the deals you can get. Homes as low as $40,000. Are you a bargain hunter? Call me and lets start shopping!

Plan your Winter with these Santa Clarita Events! -

• Fine Craft Show (November 15-16) - Join us at Old Orchard Park for a relaxed and enjoyable weekend of shopping featuring fine handcrafted items, specialty foods, coffees and jazz music. You will find many one-of-a-kind gifts including intricate and colorful handcrafted jewelry, pottery, woodwork, ceramics, floral arrangements, and much more. For more information, please visit www.santa-clarita.com/crafts.
• Veterans Day (November 11) The Veterans Day Ceremony is held annually on November 11th at the Veterans Memorial in Old Town Newhall. The event is a partnership between the City of Santa Clarita and the Veterans’ Historical Committee, the SCV Chapter 91 Blue Star Moms, Blue Star Moms of the Canyons Chapter 82, Prayer Angels for the Military, and the Knights of Columbus. The Ceremony honors Veterans and individuals serving in the military and their families. For more information, please call (661) 286-4018.
• Paint the Town (December 5) In celebration of the holiday season, and to create a joyful holiday setting in Old Town Newhall, the City of Santa Clarita presents a ‘Holiday Window Painting Contest.’ For more information, please visit www.santa-clarita.com/arts.
• Literacy and Arts Festival (December 6) On Saturday, December 6, celebrate the holidays with the second annual Literacy and Arts Festival, presented by the Santa Clarita Valley Education Foundation and the City of Santa Clarita. For more information, please visit www.scveducationfoundation.org.
• Old Town Newhall Holiday Parade (December 6, 2008) All Santa Clarita Valley children are encouraged to participate by walking in the parade and dressing up according to their family’s holiday traditions. For more information, please visit www.santa-clarita.com/arts.
• Disney’s High School Musical: The Ice Tour (December 27) Celebrate the holidays with the gang from the High School Musical located at the Honda Center in Anaheim. This trip includes transportation by bus and reserved seats in the lower level at the Honda Center. For more information, email trips&tours@santa-clarita.com.
• Tournament of Roses Parade 2009 (January 1) Pasadena’s 120th annual Tournament of Roses Parade, “Hat’s Off to Entertainment” will be making its way down Colorado Boulevard and we have reserved a seat just for you! For more information, email trips&tours@santa-clarita.com.
• Glacier Slide Polar Bear Swim (January 1) Join the official Santa Clarita Polar Bear Club by taking a chilly plunge in the Aquatic Center’s waterslide pool on New Year’s Day. For more information, please contact (661) 250-3766.
• Santa Clarita Valley Film Festival (January 8-11) The 4th Annual SCV Film Festival provides local filmmakers with opportunities to show their work and to come together with an audience to enjoy quality independent films. For more information, please visit www.scvfilmfestival.com.

During the Week, look for the following articles to be posted on the Sister Site -

• Home sales statistics for Santa Clarita and San Fernando Valleys
• Foreclosure: When Must I Move Out?
• Don't Wait Until Selling to Make Repairs
• Will Shopping Multiple Lenders Hurt Credit?
• When It Makes Sense to Overpay for House
• Buy Now, Sell Later?

Already in the Repository -

• NAR Makes Big Push for ‘Four-Point Plan’
• New Laws Protect Tenants from Foreclosures
• Why the Foreclosure Crisis is Hard to Fix
• Survey of Real Estate Articles, Thursday, October ...
• Home Staging is an Essential Step in Selling a Hom...
• CAR Fast Facts, October 29, 2008
• LOAN FORBEARANCE AGREEMENTS MUST BE IN WRITING
• COMMERCIAL REAL ESTATE MARKET TO HIT BOTTOM NEXT Y...
• FED CUTS KEY INTEREST RATE TO 1 PERCENT
• CAR Update on Ongoing Economic Situation

Search these articles and more at - http://changhomes.blogspot.com/.

Sources: CAR, NAR, Wall Street Journal, Real Estate Daily News, USA Today, City of Santa Clarita.