Alternatives to Having a Lawn
It's common knowledge that the first thing prospective buyers see when they arrive at your home may be the most important factor in determining whether they even bother walking in the door. It's known as curb appeal.
It's also common knowledge that a big part of good curb appeal is a well-manicured, lush green lawn.
You don't necessarily need to go out and buy all kinds of fertilizers, pesticides and "anti everything-that-grows-naturally" products, to have a beautiful front lawn. In fact, you may not need a lawn at all. With water prices skyrocketing across the country, you might consider environmentally friendly alternatives to a lawn that require little or no watering.
Read more about these Environmentally Friendly Alternatives here…
Home Kits Test for Mold
It's mold season again — for some homeowners, a time of fretting over whether fungus may be secretly growing behind the wallpaper or other places. Companies that sell do-it-yourself mold tests say their simple and inexpensive sampling methods can find a mold problem. Scientists say some tests are useful while others are a waste of money.
You have reason to suspect mold is in your house if there's been a flood or other moisture source; if there's a musty smell; or if you see something growing. To grow, mold needs moisture, oxygen and an organic surface. Common areas include sheetrock walls, wallpaper, carpeting and wood.
To learn more about Home Kits that test for growing mold, how they work and what they promise to do, read the full article here:
Have you had any experience with home kits that test for mold? If so, we'd love to hear your opinion and feedback. Leave your comment below by clicking on the 'comment" link.
Mortgages: Lenders Tighten Standards
Mortgage lenders are beginning to scrutinize borrowers more closely, causing some loan applicants, even those with good credit, to face higher costs and more hassles.
As the number of delinquent mortgages climbs, lenders have tightened their standards for issuing loans, including such well-publicized moves as raising minimum credit scores and cutting back on 100% financing and low-documentation loans. Now, some lenders are probing more intently would-be borrowers' finances. They are taking a tougher look at how much the property a borrower wants to buy is worth. They are peering further into clients' pasts for credit problems and requiring more in-depth reviews of borrowers who say they are self-employed.
Mortgage lenders say they are tightening standards in response to pressure from mortgage insurers, investment banks and investors who buy mortgage-backed securities. Spooked by rising delinquencies, Wall Street is now pushing lenders to beef up their underwriting. Looser standards weren't much of a problem when home prices were climbing. But as the housing market has cooled, more borrowers are winding up in trouble.
Lenders are also delving deeper into borrowers' employment and credit histories. In recent years lenders would often look back just 12 months at a borrower's mortgage payment history. Now, many lenders are looking at two years' of mortgage payments and reviewing information on credit card payments and installment loans.
Are you considering a mortgage? Does news of tougher standards make you think twice about applying? We'd love to hear your thoughts and comments about this. Just click the "Comment" link below and tell us what you think.
Housing Market Still Under Pressure
The pace of existing home sales slowed in the first quarter by almost 7 percent compared to a year ago according to the National Association of Realtors.
In the latest indication of the housing market's slowdown, the NAR said home sales reached a 6.4 million annual rate compared to 6.9 million in the same quarter of 2006. Home prices are also still falling. The national median existing single-family home price in the first quarter was $212,300, down 1.8 percent from a year ago when the median price was $216,100, according to the NAR's quarterly survey of housing market conditions. The median is a typical market price where half the homes sold for more and half the homes sold for less.
There are some signs of hope in the housing market.
Existing home sales rose at a 2.4 percent higher annual rate than in the final quarter of 2006. Fourteen states and the District of Columbia showed an increase in the rate of home sales last quarter compared with only six states showing gains a quarter earlier, the NAR said.
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Home Builders' Confidence Falls
Home builder confidence fell for the third straight month in May and executives in the battered sector now believe they'll have to wait until next year for even a sluggish recovery to begin.
According to a survey by the National Association of Home Builders, the confidence index sank to 30 in May from 33 in April, matching the September reading that had been a 15-year low at that time. The subindex measuring builders' view of current market conditions fell to the lowest level since February 1991, while their view of the market six months from now and their perception of buyer demand both dropped to match the 15-year lows hit in late 2006.
The association is now projecting that home sales and housing production will not begin improving untl late this year, and they are expecting the early stages of the subsequent recovery to be sluggish.
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