House Painting Tips - 7/20 Money Pit e-Newsletter

Home Remodeling Repair & Improve Ideas & Solutions Radio & Podcasts Contact Us Community Presented by: The Welcome Mat Projects can go a lot quicker if you've got three things: a game plan, the right tools and some rockin' tunes to power you through. In this edition, you'll find step-by-step instructions for painting a house, an overview of project-site radios and a chance to win some top-notch tools. You can do-it-yourself, but you don't have to do it alone. This Issue Time is Running Out to Enter the Weekend Warrior Giveaway! Want to win some super cool Black & Decker painting tools to help with your next weekend warrior home improvement project? Like our Facebook page and enter to win one of six products, including the Black & Decker 2-Speed Paint Sprayer. With these tools, you’ll be able to get your painting projects done up to 5 times faster! read more VIDEO: These Radios Are Tough Enough for Your Project Site Want to whistle while you work? Check out this video overview of project site radios that will keep rocking even if they roll, and also come with features such as power strips, remote controls, mp3 player compatibility and the ability to charge batteries. They also come in a range of sizes, from small enough to stash in your toolbox to big enough wash a large site in sound. read more Exterior Home Painting Tips Painting the exterior of your home is one of the most important types of home maintenance. And while many homeowners choose to hire a painting contractor, this is one project you may be able to tackle yourself, especially if you have the time and you're the least bit handy. read more Ask a Featured Expert: Is it Mold? "We have a recurring problem in our central hallway. At one end, dark soot-looking stains continuously form on the ceiling and upper walls. On a couple of occasions I have partially removed these using a household cleaning agent and water. Then they form again! We've considered that this may be mold, except it doesn't look like any I'm familiar with. Any ideas?" read more ON THE AIR: Transform Your Bathroom Without Ripping Out Plumbing Learn how you can save time and money on a bathroom remodel. Find out a solution to the problem of waste after a remodeling project. Learn how a well-positioned and sturdy wall can dramatically improve your yard. Plus get answers to your home improvement questions about floor joists, painting concrete walls, and more. read more Share This Information With A Friend! Simply forward this Email. And invite friends to register to receive this E-newsletter each week. If you would like to unsubscribe from our weekly newsletter, please refer to the unsubscribe directions at the bottom of this newsletter. You are currently subscribed to moneypit_e-newsletter as: dabeisner@yahoo.com To unsubscribe: click here or write to Squeaky Door Productions, Inc., 57 S. Main Street #133, Neptune, New Jersey 07753

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Good news on homes

Negative Equity – July, 2012 Core logic is the utmost authority on “Neg-Eq” values and I have followed this report for more than 2 years. Please enjoy… According to a new report by Core logic, as of (DATE), 11.4 million (or 23.7%) of all U.S. mortgaged residential properties are in “Negative Equity” (when a borrower owes more on their mortgage than their property is worth). These figures are down from 25.2% in Q4, 2011. The Negative Equity share is at its lowest in nearly three years. Here are some details from the report. This is good news, slight as it may be, but good news! • Negative Equity declined to $691 billion in Q1, 2012, down from $742 billion in Q4, 2011. • More than 700,000 households returned to positive equity in Q1, 2012. • 2.3 million borrowers had less than 5% equity, i.e. near Negative Equity in the Q1, 2012. • Negative Equity and near Negative Equity mortgages accounted for 28.5% of all residential properties in Q1, 2012. This is down from 30.1% in Q4, 2011. • Nevada had the highest Negative Equity percentage with 61% of all mortgaged properties underwater. Decline in home values or an increase in mortgage debt is the cause of increase in Negative Equity. Negative Equity improved, in large part, due to improvements in home price levels. Additionally, sell through of existing inventory is fast and furious as we enter mid-summer.

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C.A.R. reports California's housing market continued to improve in June

LOS ANGELES (July 15) – California’s housing market continued to show signs of improvement in June, as home sales experienced solid gains annually and home prices reached their highest level since August 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

“Although home sales throughout the state continued to improve compared with a year earlier, we did see a modest dip compared with May,” said C.A.R. President LeFrancis Arnold. “Potential home buyers are frustrated by limited number of homes on the market for sale and growing discouraged by signs that the economy is slowing.”

Closed escrow sales of existing, single-family detached homes in California declined 8.6 percent from May’s revised 567,330 to a seasonally adjusted annualized rate of 518,460 in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. June sales rose 8.5 percent from June 2011’s revised 478,040 pace. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the June pace throughout the year and is adjusted to account for seasonal factors that typically influence home sales.

Home prices continued to improve, with the median home price posting both month-over-month and year-over-year gains for the fourth consecutive month. The statewide median price of an existing, single-family detached home was $320,540 in June.

June’s price rose 1.3 percent from a revised $316,410 in May and 8.1 percent from a revised $296,410 recorded in June 2011. The June 2012 figure was 30.7 percent higher than the cyclical bottom of $245,230 reached in February 2009. The median price has posted above the $300,000 level for the third straight month after remaining below that mark for 15 months.

California’s housing inventory remained flat in June, with the Unsold Inventory Index for existing, single-family detached homes remaining at 3.5 months in June, consistent with the inventory level reported in May. June’s housing inventory was down from a revised 5.1 months in June 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A 7-month supply is considered normal.

“The lack of inventory continued to impact California’s housing market this month. Tight supply is putting upward pressure on home prices, but it also is restraining sales demand, especially in lower-price segments” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “In June, sales below $300,000 declined 4.1 percent from the previous month, while sales of homes priced higher than $500,000 increased 2.3 percent.”

Interest rates continued their downward trend in June, with 30-year fixed-mortgage interest rates averaging 3.68 percent, down from 3.80 percent in May and 4.51 percent in June 2011, according to Freddie Mac. Adjustable-mortgage interest rates averaged 2.76 percent in June, up from 2.74 percent in May but lower than the 3-percent average rate reported in June 2011.

For full details and chart click here: http://www.car.org/newsstand/newsreleases/2012releases/668441/

“You control your future, your destiny. What you think about comes about. By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be.”

- Mark Victor Hansen

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The housing market has turned-at last.

The housing market has turned—at last.

The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming. The numbers are now convincing.

Nearly seven years after the housing bubble burst, most indexes of house prices are bending up. "We finally saw some rising home prices," S&P's David Blitzer said a few weeks ago as he reported the first monthly increase in the slow-moving S&P/Case-Shiller house-price data after seven months of declines.

Nearly 10% more existing homes were sold in May than in the same month a year earlier, many purchased by investors who plan to rent them for now and sell them later, an important sign of an inflection point. In something of a surprise, the inventory of existing homes for sale has fallen close to the normal level of six months' worth despite all the foreclosed homes that lenders own. The fraction of homes that are vacant is at its lowest level since 2006.

The reduced inventory of unsold homes is key, says Mark Fleming, chief economist at CoreLogic, a housing data-analysis firm. For the past couple of years, house prices have risen in the spring and then slumped; the declining supply of houses for sale is reason to believe that won't happen again this year, he says.

Economists aren't always right, but on this at least they agree: A new Wall Street Journal survey of forecasters found 44 believe the housing market has reached its bottom; only three don't. (The full results of the Journal's July survey will be released at 2pm ET)

Housing is still far from healthy despite the Federal Reserve's efforts to resuscitate it by helping to push mortgage rates to extraordinary lows: 3.62% for a 30-year loan, according to Freddie Mac's latest survey. Single-family housing starts, though up, remain 60% below the 2002 pre-bubble pace. Americans' equity in homes is $2 trillion, or 25%, less than it was in 2002 and half what it was at the peak. More than one in every four mortgage borrowers still has a loan bigger than the value of the house, though rising home prices are reducing that fraction slowly.

Click here for more information and some charts.

http://online.wsj.com/article/SB10001424052702303644004577520414196790098.htm...

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O.C. distressed homes sell 3 times as fast

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O.C. distressed homes sell 3 times as fast                      July 9th, 2012, by Jon Lansner, OC Register Why is it hard to find a distressed propert to buy? Because while they’re 17% of Orange County homes listed for sale, they equal 40% of the residences recently put into escrow. That’s why Steve Thomas of ReportsOnHousing.com figures that distressed homes currently sell 3.3 times faster than non-distressed homes. Thomas publishes every two weeks a report on the supply of local homes for sale and the share of that inventory that’s distressed properties — foreclosures and short sales. His latest report — as of July 5 — says … Thus far in 2012, the distressed inventory has shed 2,244 homes, and now totals 927 total foreclosures and short sales. In the past two weeks, the foreclosure inventory decreased by 14 homes, totaling 183, and has an expected market time of 22 days. The short sale inventory decreased by 51 homes in the past two weeks and now totals 744. The expected market time is 20 days and for the first time during the downturn, short sales have a lower expected market time in comparison to the foreclosure inventory. Yes, short sales may take a very long time and should be coined “long sales.” They are a bit more convoluted with the coordination of the lender(s) approval, the removal of HOA and/or tax liens, and bringing property taxes current. But, with so few homes on the market, buyers are willing to wait. Some of the details … 927 distressed Orange County properties were listed for sale — 17% of the 5,478 listed overall. 1,392 new escrows were opened to buy distressed Orange County properties in the past 30 days. That is 40% of the 3,482 new pending sales countywide. Thomas calculated “market time” — cross of supply and new escrows showing how long, theoretically, it would take to sell inventory. Using that “market time” math, there’s 0.67 months worth of distressed properties on the market vs. 2.18 months worth of non-distressed homes. 27% of the distressed listings were foreclosures being sold by banks; 73% were short sales. 42% of the distressed listings were attached homes; 58% were detached homes. 34% of distressed Orange County listings were in ocean-close communities. Pricey? 62 of the listed distressed homes were price above $1 million — 7% of all distressed listings. Cheap? 618 of the listed distressed homes were priced $500,000 or less — 67% of all distressed listings. Chart summarizes trends in Thomas’ report, distressed counts and share of all listings (plus, pending sales and market time — demand divided by inventory.) Highlights … All O.C. Distressed All Pct. Distress Total 927 5,478 16.9% By type of distress Pendings Listed Time (months) O.C. foreclosures 254 183 0.72 O.C. short sales 1,138 744 0.65 By home type Distressed All Pct. Distress Attached homes 386 1,741 22.2% Detached 532 3,729 14.3% By price slice Distressed All Pct. Distress O.C. $0-$250k 206 733 28.1% O.C. $250-$500k 412 1,336 30.8% O.C. $500k-$750k 181 1,205 15.0% O.C. $750k-$1m 65 702 9.3% O.C. $1m-$1.5m 31 541 5.7% O.C. $1.5m-$2m 12 296 4.1% O.C. $2m-4m 14 463 3.0% O.C. $4m+ 5 265 1.9% By city/High share Distressed All Pct. Distress Stanton 10 19 52.6% Rancho Santa Marg. 22 47 46.8% Buena Park 30 66 45.5% By city/Low share Distressed All Pct. Distress Dove Canyon 0 14 0.0% Corona Del Mar 2 100 2.0% Newport Beach 25 400 6.3%

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May pending and distressed sales

California pending home sales rise on annual basis, post double-digit year-over-year gains in last nine of 10 months

C.A.R.’s Pending Home Sales Index (PHSI)* was unchanged in May from a revised 128.8 in April, based on signed contracts. The index was up from the 115.8 index recorded in May 2011. May marked the thirteenth straight month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

• The share of equity sales – or non-distressed property sales – compared with total sales improved further in May. The share of equity sales rose to 59.3 percent in May, up from 55.8 percent in April. Equity sales made up 51 percent of all sales in May 2011.

• Likewise, shares of REOs and short sales sold statewide decreased in May, with the share of REO sales dropping the most markedly from a year ago. The combined share of all distressed property sales fell to 40.7 percent in May, down from April’s 44.2 percent and from 49 percent in May 2011.

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale	May 2011	April 2012	May 2012
Equity Sales	51.0%	55.8%	59.3%
Total Distressed Sales	49.0%	44.2%	40.7%
REOs	28.4%	23.2%	21.0%
Short Sales	20.3%	20.6%	19.4%
Other Distressed Sales (Not Specified)	0.3%	0.4%	0.3%
All Sales	100.0%	100.0%	100.0%

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