Housing Recovery Slows in Wake of Subprime Fallout
Tighter lending criteria and fallout from the subprime loan debacle will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, but higher loan standards will slow the housing recovery, according to NAR's latest forecast. David Lereah, NAR’s chief economist, said the changes are necessary for the long-term health of the housing market. "We want to people to be able to stay in their homes with mortgage terms they understand and can handle," he said. "Simply stated, a loan with the lowest monthly payment probably isn’t in your best interests – borrowers need to understand worst-case scenarios. If you’re in a mortgage you aren’t comfortable with, now is an excellent time to refinance, if you can, with historically low rates on safer conventional loans."See the numbers> Read the news release>
By Paul Owers South Florida Sun-Sentinel Posted April 30 2007
Broward County real estate agent Marisa DiLenge will schedule an open house to showcase a property, but only if the seller insists."If they get cranky, OK, I'll do one," DiLenge said, adding that the staged event usually attracts more neighborhood gawkers than serious buyers. "I just don't think they're effective." Some of her peers across South Florida still preach the importance of an open house but concede the once popular weekend ritual has lost ground to the Internet as a way to corral potential buyers.Many people are used to searching for properties while sitting at their computer keyboards, but the recent growth in online videos and virtual home tours has ramped up real estate marketing on the Web during a housing downturn that has dragged into a second year."There's no denying the power of the Internet," said Jeff Levine, of Illustrated Properties in Wellington.Open houses became popular in the 1970s, when it was common for families to drive through neighborhoods after church Sunday mornings. Cookies and punch kept the kids occupied long enough for the parents to tour the homes, ask questions and consider making offers. Read Entire Story, click here
Las Olas Wine & Food Festival 2007Thursday, May 10th - 7pm to 9pmTickets available online or call 1-800-LUNGUSAGet your tickets now for the 2007 Las Olas Wine and Food Festival being held Thursday, May 10th on Las Olas Boulevard, Fort Lauderdale. This festival is by far the leading wine and food festival that is held in Broward County. Presented by Premier Beverage Co., one of the largest distributors of fine wines and spirits in Florida, the event will transform part of the city’s most charming and fashionable thoroughfare into four blocks of exceptional wines, world-class cuisine with over 45 restaurants and live entertainment. Proceeds from the event will benefit the American Lung Association of Florida-South Area.
3rd Annual Fort Lauderdale Super Boat Grand PrixFriday, May 4th - Sunday May 6thLocation: Las Olas Boulevard at A1A / Fort Lauderdale BeachThis event will be run as part of the McDonalds Air & Sea ShowFull details at www.superboat.com
More homeowners extend their living space to the backyard
It's one of her favorite rooms in the house, where Katherine Whiteside often cooks and entertains. Half inside and half outside, the gardening writer's outdoor room is outfitted with appliances and her cherished barbecue. Patio heaters in the arts-and-crafts style complement her circa-1920 home, while an L-shaped couch provides seating for guests. The room may be expected in warm-weather states, where outdoor living is commonly a year-round experience. Whiteside's house, however, is located in upstate New York. See full story.
This week's Real Estate stories
By MarketWatchLast Update: 2:35 PM ET Apr 20, 2007
Much has been said about the trend of cocooning, the tendency for homeowners to spend more time at home. The trend has homebodies across the country enhancing their living spaces -- and not only the ones under the main roof.
Outdoor rooms are gaining in popularity as places to cook, entertain and relax. And these rooms aren't only for temperate climates. Warming elements allow rooms to be used three and four seasons out of the year in colder parts of the country.
According to 2005 research from the Propane Education & Research Council, 35% of homeowners had a finished outdoor room and 34% planned to design and purchase one by the following spring. Last year was a big year for sales of grills, one of the centerpieces of an outdoor room: More than 17 million grills were shipped in 2006, a 15% increase compared with 2005. There were more grills shipped in 2006 than any year since 1985.
Read more about the trend of outdoor living in this week's real estate pages. Also read about the increasing popularity of sustainable landscaping and see if your city made the top 10 list of most popular places to live in Relocate-America.com's annual survey.
If you're one of the lucky ones with a nicely furnished outdoor room - and if the weekend forecast for your area looks as good as Chicago's does -- make sure you don't stay glued to your computer for too long. Unless you're a laptop user, that is.
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