August 29, 2007 by Mimi Miller.

A Cut-off of Mortgage Interest Deduction for Big Houses?

By Kenneth R. Harney, Realty Times columnist
An influential committee leader in the House of Representatives is planning a post-summer surprise for millions of Americans whose houses contain 3,000 square feet or more of interior space: a proposal to take away their mortgage interest deductions.

Calling homes of that size “McMansions,” Rep. John D. Dingell (D-Mich.), the 15-term veteran at the helm of the House Energy and Commerce Committee, is now drafting “carbon tax” legislation that would deny owners their mortgage writeoffs.

Though details of the proposal won’t be available until the draft is completed next month, say aides, the bill is also expected to call for higher federal gasoline taxes and a variety of other provisions designed to discourage carbon emissions into the atmosphere. The goal, said Dingell in talking points prepared for town hall meetings in Michigan, is to reduce total carbon emissions into the atmosphere in the U.S. by 60 to 80 percent by 2050.

Big houses, say environmental critics, consume outsized amounts of energy for electricity, heating, air conditioning, and construction materials. Subdivisions of new houses also contribute to so-called greenhouse emissions by stimulating far-flung subdivisions, urban sprawl, long commute times, and traffic congestion. In his talking points, Dingell said his forthcoming legislative proposals will “impose a stiff tax on carbon, increase the tax on gasoline, and remove the mortgage interest deduction on ‘McMansions,’ - homes over 3,000 square feet.”

“In order to address the issues of climate change,” according to Dingell, “we must address the issue of consumption - we do that by making consumption more expensive.”

Dingell’s plans aren’t going over well among real estate and housing groups. Bill Killmer, an advocacy official for the National Association of Home Builders, said his group takes “any proposal by Chairman Dingell seriously because of his impressive record of legislative accomplishments” over the past three decades. However, penalizing square footage - rather than actual energy usage - is “wrongheaded,” said Killmer.

Top staff members at the National Association of Realtors challenged the idea that all houses above 3,000 square feet constitute “McMansions,” and warned that withdrawing tax benefits would lead to property value declines across the market spectrum. Lawrence Yun, NAR senior economist, estimated that Dingell’s plan would cause average price declines of 4 percent at every level, from large, high-cost houses to small starter homes.

Yun estimates that roughly 10.4 million single-family houses in the U.S. contain 3,000 square feet or more, and represent 27 percent of the total valuation of single family owner-occupied units. Yun said ending the interest deduction could make houses less affordable and even lead to higher rates of foreclosure - possibly adding another 280,000 foreclosures to current high totals.

Linda Goold, tax counsel for NAR, questioned the practicality of raising taxes for homes based on square footage and an arbitrary cut-off point of 3,000 square feet. “Who is going to do the measurements?” she asked, noting that most MLS listings refer to “approximate” square footage because different people may measure the same house differently.

The mortgage interest deduction is deeply ingrained in the housing market, and represents a major federal tax benefit designed to encourage homeownership. According to estimates from the Congressional Joint Committee on Taxation, upwards of $403 billion in foregone revenues to the federal Treasury from fiscal 2006 through fiscal 2010 will be attributable to mortgage interest deductions by homeowners.

When Dingell’s tax plans are unveiled after the congressional summer recess, they will need to be referred - at least in part - to a committee where Dingell’s clout on energy and commerce matters does not necessarily extend: the House Ways and Means committee, chaired by another veteran Democrat, New York’s Rep. Charles Rangel. Rangel has not yet commented on the Dingell plan, but is generally believed to be a supporter of continuing homeownership tax benefits in their current form.

Copyright © 2007 Realty Times. All rights reserved. 8/28/07
Used by permission.

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August 24, 2007 by Mimi Miller.

Housing woes hit high end too
The subprime mortgage collapse isn’t just threatening the market for low-end homes; it’s also afflicting luxury homes, reports Fortune’s Jon Birger.
By Jon Birger, Fortune senior writer
August 23 2007: 12:22 PM EDT

(Fortune Magazine) — What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the wealthy New York City suburb of Larchmont?

Not much, you would think. After all, the people who live in Larchmont tend to be lawyers, doctors, and Wall Streeters. Generally speaking, they aren’t the credit-challenged borrowers who must resort to subprime mortgages to finance their homes.

Reduced: The asking price for this house in affluent Larchmont, N.Y., was recently reduced from $2.5 million to $1.99 million.

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And yet talk to the Stiers about the tepid demand for their home — a lovely Tudor on a tree-canopied cul-de-sac near the local elementary school — and it’s clear that what’s happening in the subprime market is reverberating all the way up the real estate food chain.

Not only has the collapse driven up rates on many kinds of mortgages, but fear of a stock crash — one perhaps sparked by the bursting of the credit bubble — has for now prompted many high-end homebuyers to either trim their offers or stop shopping altogether.

“It’s the hysteria on Wall Street,” Jeffrey Stier says. “It’s frightening people.”

Fed cut easier on home borrowers
The timing has been unfortunate for the Stiers. Their house, which they’ve owned for 30 years, boasts a stylish outdoor pool, a modern kitchen, and a nicely renovated master bathroom.

Given its location and amenities, it probably would have sparked a bidding war had it been put up for sale a year ago. But today, six months after the Stiers first listed it for sale at $2.5 million — a price only slightly above what comparable homes had been selling for — the house remains unsold. Tired of waiting, the Stiers finally capitulated and recently dropped their asking price to $1.99 million.

The market’s psychology has changed more than the fundamentals, argues Phyllis Radding, a veteran Coldwell Banker agent who is selling the Stiers’ home. “All the negative articles in the press have made buyers more cautious,” she asserts.

Psychology does seem to be darkening the high-end market. But it’s more than just fear. A recent spike in rates on so-called jumbo mortgages is raising the cost of buying an expensive home. The combined effect of psychology and higher rates is simple but brutal: A theoretical buyer is likely to offer you less — maybe 10% to 15% less — than he might have just one month ago.

The smart money speaks
The jumbos are probably a bigger impediment than fear. The term refers to home loans in excess of $417,000. By rule, they cannot be guaranteed by the government-sponsored mortgage finance companies Fannie Mae and Freddie Mac. Of late, if Fannie or Freddie aren’t vouching for your loan, there’s trouble.

As with most mortgages, jumbos are typically bundled together by lenders and then resold to investors (often mutual or pension funds) as mortgage-backed securities. The problem: The rising number of defaults on subprime mortgages — particularly among borrowers who took out interest-only or other exotic loans — has laid bare the, um, less than diligent practices of many lenders.

That has spooked investors and dried up the secondary market for mortgages — even those of sterling quality — that aren’t guaranteed by Fannie or Freddie.

Unable to resell their jumbo mortgages on Wall Street, lenders are now making far fewer mega-loans, and those they are making charge much more onerous interest.

For years jumbo rates were only 0.25 of a percentage point above those of “conforming” loans — those below the cutoff (now $417,000). In recent weeks that spread has exploded to 0.75 of a percentage point or more. BankRate.com reports that the average tariff on jumbo loans soared to 7.35% nationally in August, and many mortgage brokers are reporting figures that exceed 8%.

Increased rates on big home loans translate to a substantial decline in buying power. Two years ago a $6,000 monthly payment would support a $1 million, 30-year mortgage at 6%. Today that same $6,000 payment covers only an $870,000 mortgage at 7.35%.

Prices drop for fourth straight quarter
In other words, higher rates have trimmed the buying power of luxury-home buyers by 10% to 15%. Throw in the fact that some buyers can’t get a mortgage at any rate right now, and you’ve got all the makings for a national price correction for luxury homes.

“Eventually it’s going to take its toll on the higher end of the market,” says Karl Case, a Wellesley College economics professor and a co-founder of real estate consulting firm Fiserv CSW.

The only question is whether sellers will hold out — which they’re prone to do when the economy is strong. For example, the Stiers, who are empty nesters looking to downsize, say they’d rather stay put than go below their revised asking price.

Those inflated numbers on oversized home loans may be here to stay for at least a year. One top mortgage fund manager says he’s sworn off investing in jumbos because he doesn’t trust the rating agencies to distinguish the good credit from the bad.

“I just don’t see the light at the end of the tunnel,” the fund manager says.

The jumbo mortgage woes will probably have a national effect on real estate. Up to now, the slowdown has been quite localized. Areas like metropolitan New York had been exempt, while parts of California and Florida were notoriously affected.

Will the pain spread? Tell us what you think
According to the second-quarter survey of the National Association of Realtors, home prices are now falling in many once-hot areas such as Sacramento (6% year-to-year decline) and Tampa-St. Petersburg (down 4%). The Las Vegas market, once more scorching than the desert sun, has cooled.

Those regional slowdowns are a byproduct of the oversupply created during the bubble years — basically too many speculators looking to make a quick buck and too many developers and lenders willing to help them try.

It’s a story that has been told endlessly, yet contrary to popular belief, rampant speculation was never a national phenomenon. The same can be said about the fallout from that speculation. The NAR data show second-quarter home price increases in 97 of the 149 metropolitan areas surveyed. Some of the better markets include Salt Lake City (up 22%), Seattle (up 9%), and Charlotte (up 8%).

California cities fill top 10 foreclosure list
Until now sellers like the Stiers could take comfort in the fact that what was happening in Vegas was staying in Vegas. And there is little precedent for a real estate downturn occurring in the absence of an economic one. But the woes of the mortgage market are now threatening to metastasize, and the segment most at risk is luxury homes.

The shakeout has already begun, maintains Diane Saatchi, a real estate agent who specializes in multimillion-dollar vacation homes. The head of the East Hampton, N.Y., office of the Corcoran Group, Saatchi says it’s no coincidence that several of her sellers agreed to lop hundreds of thousands of dollars off their asking prices the same week that jumbo rates pushed past 7%.

She’s now predicting a 20% price decline for all but the most expensive Hamptons homes (the superrich don’t care about mortgages). Says Saatchi: “More and more, this feels like a correction.”

Feedback: Do you think we’re headed for correction? Or is the worst over?

Fortune’s Allan Sloan: Welcome to Bailout City
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August 22, 2007 by Mimi Miller.

Quarterly Newsletter – August, 2007 www.seniorsrealestate.com

Shared meals. Walkable communities. Arts and fitness amenities. Caring neighbors. Multi-generational demographics.

These are just some of the attributes of a typical co-housing community, a concept in which like-minded people come together to create their own community. Such communities are created with mutual values and interests in mind. Co-housing properties include shared space—a common house for dining and hobbies, for example—and green space. Residents also participate in activities that benefit the whole community, such as gardening and communal meal preparation.

When you’re working with a REALTOR® to sell your primary residence or you’re considering downsizing, ask your REALTOR® about co-housing. Some practitioners, such as Neshama Abraham Paiss, a broker-associate with Keller Williams Front Range Properties and co-founder of Elder Co-housing Network, Boulder, Colorado, are starting to include co-housing as specialties and can help you find an existing community or introduce you to others working to develop one. “We’re also able to help groups find land and we refer interested parties to experienced brokers in other parts of the country,” she says.

For many Seniors and Boomers, co-housing is more appealing than other living options, such as seniors-only buildings or nursing homes, because residents live in safe, nurturing environments, where neighbors care for one another. Neshama believes “A co-housing community is a vivid, spontaneous, vibrant setting—just the opposite of most care facilities.”

Usually, a group of like-minded people join forces to develop a co-housing community. That includes defining a mission, choosing a site, determining the
physical components, deciding on shared duties (landscaping, cooking, and so forth), and working with experts, such as REALTORS® and builders, to locate and buy sites (land or existing buildings) and
build or renovate the facilities. Another option is to buy into an existing community.

Abraham Paiss emphasizes that co-housing is not a commune. “There’s no shared income, and people pay monthly homeownership dues to maintain the property. No guru, leader, or religious person directs people’s thinking or activities. Everyone is independent and free,” she explains.

Though each person or family owns a unit (a house or condo, for instance), residents benefit from access to shared amenities, such as a common house, communal kitchens, art studios, guest rooms for visitors, and space for exercise and lectures. Residents have as much privacy as they wish, but can always find companionship and social events within the neighborhood. In addition, newer communities are being designed to accommodate aging-in-place, by designing common areas with no steps, for instance, and creating gardens that are wheelchair-accessible.

One co-housing approach is a multigenerational model, with families, young and old singles, and married couples. Often, one-third of residents are over 50, which is a model that works well, according to Abraham Paiss.

For those with tenuous connections to faraway grandchildren, Seniors frequently become surrogate grandparents to the community’s kids. In Abraham Paiss’ community, for instance, one man hosts a weekly story hour for neighborhood children. Moreover, Boomers and Seniors see and communicate with the kids and other families at shared meals, which occur two to three times per week in most co-housing communities. Residents take turns preparing such meals.

For those who don’t want to live among children, another option is creating a community that groups people of similar ages—say 50+ residents—all together.

Abraham Paiss says the co-housing model is especially beneficial to Boomers and Seniors. If you’ve created and lived in a community starting in your 50s, for instance, and people come to know and care about you, then when something happens to you in your 80s or 90s, you’re surrounded by people who look after you. “As you age, you’re treated as a human being, not as a condition,” comments Abraham Paiss.

Another benefit is that the cost of living in co-housing is lower than in other housing options. People can downsize and not feel they’re doing without. Common houses, for example, often include guest rooms so that residents can still host relatives and friends for overnight stays without maintaining a guest room in their own home. Moreover, houses are typically built to very energy efficient standards, resulting in lower utility bills. And costs are spread among many. As an example, Abraham Paiss says one co-housing community has monthly dues of $200 and that fee covers water, common house maintenance, Internet connections, and trash removal.

Co-housing works in urban, suburban, and rural locations. Communities exist in areas such as Virginia, urban Washington, D.C., and Davis, California, just outside Sacramento. Some have units priced at $400,000 and others include affordable rental and ownership opportunities.

According to the Elder Co-housing Network:
• Medical research has found there is a direct link between good health and living in community.
• People with strong social ties recover faster from illness and live longer.
• People who live in community have lower healthcare costs.

Visit their website below to read several studies linking community and health, including the Harvard and Yale researchers’ The Roseto Effect.

Neshama Abraham Paiss believes co-housing is an ideal housing option for Boomers and Seniors. “Especially for shy people, it’s an easy way to connect and build a social life. Outgoing people tend to be the organizers,” she observes. “Co-housing also is an antidote to loneliness and isolation; there are always people around if you want them,” Neshama adds.

Additional Resources:
-Elder Co-housing Network—
www.eldercohousing.org
-The Co-housing Association of the United States– http://www.cohousing.org/default.aspx

Real Estate Matters: News & Issues for the Mature Market
Mimi Miller

GRI, SRES, CRS, ABR
900 South Main Street
Longmont, Co. 80501

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August 21, 2007 by Mimi Miller.

What Is The Fed’s “Discount” Rate And Does It Affect Housing?
by Blanche Evans

The Federal Reserve rate cut of last Friday failed to stop the bleeding in the U.S. stock market. That’s because the Fed cut the “discount” rate, not the federal funds interest rate. What’s the difference and how will housing be impacted?

You won’t find the answer on financial news sites. They talk in jargon. Either that, or the journalists themselves don’t know what the differences mean.

So if they don’t know, you probably don’t know either.

So here’s a little lesson in American federal money flow management.

The Federal Reserve is the bank of the federal government and the guardian of the U.S. economy, and as such, regulates monetary and credit policies such as buying and selling securities, setting the cost of credit (interest rates,) how much money is available to banks for borrowing, and how fast and at what rates the money has to be repaid. The idea behind the Federal Reserve is to keep things running smoothly, so banks that are members of the Fed are federally insured, which is reassuring to depositors like you and me.

To accomplish the flow of money, The Fed operates 12 regional banks, who monitor the economy and loan money to “member” depository banks — (member FDIC.)

There are two ways banks can borrow money using Fed-insured funds. They can borrow money directly from the Fed using the “discount” rate, or they can borrow from each other using the “federal funds” interest rate. Both are short-term or overnight rates.

The discount rate is designed to improve liquidity for the banks themselves. The federal funds interest rate is designed to improve or limit liquidity or access to credit for consumers.

Because the Fed can’t dictate what happens in the open market or between banks, the Fed will issue a “target” rate for federal funds, which most banks stick close to. They can then charge consumers whatever they feel they can get away with in the form of credit card interest rates, mortgage interest rates, car loans and so on.

If the economy is sluggish and consumers aren’t spending, the Fed will lower target rates to encourage banks to lower the cost of borrowing. If the economy is heating up more than about three percent of annualized growth, inflation is a danger, and Fed will make credit more expensive to slow things down.

This past Friday, the Fed cut its discount rate by 50 basis points, from 6.25% to 5.75%. Since the discount rate is used by banks for their own liquidity, it’s considered a “secondary” rate because it doesn’t impact consumers directly. The lowering of the discount rate is viewed by many in the economy as a largely symbolic gesture that the Fed is acknowledging that the economy might be slowing to the point that it will consider a cut in the federal funds rate so that consumers can benefit.

The Federal Reserve can decide at any time to raise or lower the cost of the discount rate to banks, but raising or lowering federal funds rates is done by the Federal Open Market Committee, composed of the Board of Governors and the 12 Reserve Bank presidents, although only five of those can vote at any single meeting. The Committee meets eight times annually to whether or not to raise key interest rates - the discount and federal funds rates.

Last week, the FOMC had just met and decided not to raise or lower federal funds rate, leaving the 5.25% funds rate in place for the ninth meeting in a row. But after the Fed cut discount rates, many pundits believe that the next time the Fed meets, in September, the FOMC will vote to lower key interest rates by 25 to 50 basis points.

Meanwhile, what housing consumers can look forward to is a general calming of the markets with less panic than has been shown lately.

Mortgage interest rates, in the face of expanding liquidity, are likely to drift downward, which will make buying a home more affordable in the short-term.

Published: August 21, 2007

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August 21, 2007 by Mimi Miller.

High Home Values Mean High Consumer Debt
Owners of rapidly appreciating homes feel wealthier and therefore are more likely to take on debt, according to research to be released today by the Federal Reserve.

The research paper by Donald L. Kohn, the second-highest ranking Fed official after Ben Bernanke, with assistance by Fed economist Karen E. Kynan, blames the rapid rise in housing prices for soaring consumer debt.

But the authors predict that the increase in debt isn’t likely to be repeated, unless home prices rise as rapidly as they have in the recent past and mortgages continue to be easy to get.

The authors note that the average household owes more money than it makes in annual income. In the early 1980s, the debt-to-income ratio was below 60 percent.

Source: The Wall Street Journal, David Leonhardt (08/20/2007)

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August 20, 2007 by Mimi Miller.

Over the past several years, many loans were made to homeowners with somewhat non-traditional or “non-conforming” situations, be it a poor credit history, inability to document income, or any number of factors that do not fit within the traditional “box” for home loans. These loans are often called “Sub-Prime”, or “Alt-A”, meaning that they were somewhat riskier in nature than A credit, prime, or traditional loans. Another type of “non-conforming” home loan is one where the credit and income might be perfectly fine, but the loan amount is higher than $417K, which is the current maximum loan that can be done using pools of money from mortgage giants Fannie Mae (FNMA) and Freddie Mac (FHLMC). If the loan amount is higher, it can certainly be done - it’s called a “jumbo loan” - but the end money comes from private institutions, not from the large government sponsored entities of Fannie and Freddie.

Most non-conforming loan product rates popped significantly higher in the last week. Here’s the scoop.

The end investor for Subprime or Alt-A loans will charge a premium for taking on a pool of these loans, because they know that traditionally, they might have a higher rate of default and delinquent payments within that risky pool. But lately, default and foreclosure has been on the rise - partly due to the fact that with credit tightening and a soft real estate market, many troubled homeowners are unable to refinance or sell in order to get out of trouble. So now, these end institutions are demanding a much higher “risk premium” for taking on these pools of loans, as they see the rates of default are climbing higher.

But since these institutions are purchasing these pools of loans sometimes months after the borrower has actually closed at a given rate, this increase to the risk premium means that instead of paying $101K for a $100K loan that will bear interest, they may only be willing to pay $95K for that $100K mortgage to account for the risk. Multiply that times thousands upon thousands of loans…and you have millions upon millions of dollars in loss for the company trying to sell the pool at a much lower price than they were expecting. This is called a “liquidity crisis”, and is exactly what happened to American Home Mortgage - there was no mismanagement, but they simply got caught holding too many “hot potato” loans, forced to sell them at massive losses…and eventually they had to make the decision to close the doors and stop the bleeding.

Further, even when a lender is able to take some losses, they may be subject to a “margin call”. This means that as their losses and risk premiums increase, the value of their loan portfolio decreases. As the value decreases, the credit lines that are secured by those portfolios begin to issue margin calls as the value of the asset that they are secured on is now diminished. This is exactly like margin calls in the Stock market. If you have a loan against a Stock that is losing value, you will get a “margin call” and need to pay down the loan, as the underlying Stock is losing too much value to be considered adequate collateral any longer. So for the big lenders, as their portfolio is losing value due to increased risk premiums and losses…the margin calls start coming in, and they are required to pay down their balances. In turn, this means that they have less availability to fund their new loans, which then exacerbates the problem.

In response to seeing this situation play out in the demise of American Home Mortgage, lenders of other non-conforming loan products increased their interest rates dramatically almost overnight to be better prepared - and likely over-prepared - for increased risk premiums down the road. Even though loans above $417K are not presently suffering from increased delinquencies like the Subprime and Alt-A loans are, these rates popped higher as well, because they are being purchased by smaller private entities that can’t afford to take on any margin of risk.

What happens next, and what should you do now?

The present situation will likely settle out over the coming year, and the rates on products that have moved so significantly higher now should trend lower down the road as delinquency rates stabilize. But here are a few important things to do right now.

First, even if you are not presently in the market for a home loan of any type, call me to make sure that your credit standing is as solid as possible. Many people I talk to about home loans didn’t expect they would have a need, and didn’t plan in advance to ensure their credit would qualify them for the best possible financing. With no immediate need for a home loan, time is on your side…why don’t we take a few minutes together and just make sure you are prepared, should a need arise down the road?

Next, if you are in the market for a home loan, or know someone who is - know that now is time to be working with a real qualified professional who can keep you informed of changes in the market and get your loan funded quickly. Now is NOT the time to be playing the risky game of trying to scour the entire nation to find someone who promises to save you a paltry amount on costs, or deliver a rate that seems too good to be true. Your home and your financing are just too important, and times have changed. I am here to help and advise during these volatile times - and would welcome calls from you, your friends, family, neighbors or coworkers

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August 20, 2007 by Mimi Miller.

Dear Mimi,
My crawlspace smells really musty a lot of the time. I laid black plastic down but when it rains the smell gets worse. Is the plastic not working or do I have a bigger problem?

~Smells in Superior
Dear Smells,
Every crawlspace eventually gets water in it or through it. The real issues are: 1) how long the water stays in the crawlspace; 2) what the water might get wet when it passes through the crawlspace and, in your case; 3) how effectively the black plastic is installed. Here are some additional thoughts. Many crawlspaces also need an effective sump pump that is able to run 24 hours a day. The pump comes on automatically when water goes into the sump pit and goes off automatically when the water in the pit drops below the float. If there is anything in the crawlspace that gets and stays wet, that will give off an odor. If the material is organic - cardboard, wood, paper and the like - it will smell and could create a mold problem for you. Most every crawlspace could benefit by installing a good “vapor barrier”. This is a heavy plastic that covers the entire floor of the crawlspace and goes up and is attached to the foundation walls. If your vapor barrier is not installed properly then, for all practical purposes, you are doing more harm than good.

Mimi

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August 20, 2007 by Mimi Miller.

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August 20, 2007 by Mimi Miller.

The mortgage crisis could develop into a bigger problem for small business! Here is a Denver Post article about what might happen!the-denver-post-small-businesses-stung-by-mortgage-crisis.htm

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August 20, 2007 by Mimi Miller.

I thought you might enjoy this article.

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