New Home Sales Skid 6.6%

Real estate and home building markets took another major blow as a recently released government reading showed a bigger than expected drop in new home sales. 

New homes sold at an annual pace of 834,000 in June, down 6.6 percent from the revised 893,000 rate in May.  That left sales down 22.3 percent from year-ago levels.

The nation's top builders have been hammered by not only weak sales, but also falling prices.  The median price of a new home fell to $237,900 in June, down 2.2 percent from $243,200 a year earlier.

Part of the pricing problem is rising mortgage rates and problems in the subprime mortgage market, both of which are raising the cost of borrowing for potential buyers and limiting how much they can afford to borrow. 

But a glut of new homes on the market has also pushed prices down.  There were 537,000 new houses for sale at the end of June, unchanged from May despite builders putting a break on new home construction.  That represents a 7.8-month supply of homes.

Rent-to-Own Real Estate Deals - Beware!

Rent-to-own contracts that substitute for mortgages and conventional home loans are enjoying a surge in popularity in several regions of the country. The slumping real estate markets in parts of the U.S. fuels these deals, where homes can sit on the selling block for months at a time.

Add to this the recent tightening of rules and regulations for bad credit loans and a near perfect storm has been created for rent-to-own scenarios. It sounds like a great way for home sellers to speed up the sale of their home.

While the benefits of rent-to-own arrangements may seem strong, both the buyer and seller need to be aware of problems that can result from poor planning.  Get the complete story here:

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Housing Slump Could Last Til Year's End

 

The U.S. housing market will continue to slump for the remainder of 2007, with home sales falling further and price growth continuing to slow.  This word from a leading industry economist, David Berson, vice-president and chief economist at Fannie Mae, said 2006 and 2007 combined will show the biggest drop in sales since the housing downturn of 1989-91.

 

An increase in mortgage rates over the past few months, particularly in the past month, will soon have an additional negative impact on housing demand, according to Berson.

 

He expects new and existing home sales to decline by 10.2 percent in 2007 to the lowest level since 2002. Single-family starts are expected to fall 21.7 percent.

 

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Four Easy Home Improvements

If your house needs a makeover, but remodeling is beyond your reach, try these four simple fixes:

Touch-up exteriors. Repainting the trim and front door of your house can significantly boost its curb appeal. This kind of retouching work is easy on the budget and can be done in just a couple of hours.

Replace your floors. The widespread availability of affordable "floating floors" (flooring options that can be installed on top of existing boards or linoleum) makes updating the floors in your rec room or pantry a cinch.  You'll probably save a minimum $500 to $600 dollars by doing it yourself.

Update your hardware. Switching out old light fixtures and faucets is a simple, affordable way to modernize your home. While you're at it, equip your house with fixtures that support halogen light bulbs to save money on your electricity bill.

Transform your yard. Landscaping doesn't have to break the bank.  Replacing overgrown shrubs and bushes and adding some flowers for color is an economical way to add value to your home.

Many home repairs can be easily mastered by determined do-it-yourselfers, but there are still some things best left to the experts. If you need to re-floor your entire house, contact a flooring service, and call in the electricians whenever you're dealing with circuit boards or wiring in the walls.

Bad Credit? Insurers Will Make You Pay

 

By now you know that you need to keep tabs on your credit history to make a good impression on lenders, landlords and employers.  But did you know that your home insurer is also looking?

 

In most states they're allowed to use your credit information to formulate premiums - and in June the U.S. Supreme Court decided that your carrier doesn't need to tell you if your credit has caused you to pay more.

 

How insurance premiums are determined is a recipe long kept secret from consumers.  Some 90 percent of homeowner insurance carriers use a score based on credit data as part of that recipe, according to risk-assessment firm Fair Isaac, known for its FICO credit score.

 

However the scores are tabulated from your insurance company, here are a few tips that should help you get a better rate on your homeowner's insurance the next time your insurer takes a peek at your credit report:

• Pay bills on time: Late payments show up for seven years.
• Keep revolving balances low: Insurance companies look at how much debt you have relative to available credit.
• Keep your oldest credit card: Insurers like folks with well-established lines of credit. Five years is good, 10 ideal.
• Don't apply for lots of credit at once: Your score might drop. (You're not penalized for shopping, however; multiple auto or mortgage inquiries within 45 days are considered as one.)
• Get rid of miscellaneous cards you don't use: Having too many can hurt your score.

 

No matter who devises your score, the original data comes from credit bureaus.  So check your credit reports for accuracy.

 

Get a free copy from each of the three bureaus annually at annualcreditreport.com.