Smart Real Estate Investing

Home sales in North Carolina during July posted strong growth from a year ago, while sales slowed across Virginia and Massachusetts, according to Realtor associations in those states.

In North Carolina, existing-home sales jumped 12 percent from a year ago, with Realtors reporting 13,674 closed transactions last month, compared with 12,263 in July 2004, according to the North Carolina Association of Realtors.

The average existing-home sales price in North Carolina was up 6 percent to $212,600, compared with $200,314 in July 2004.

More than 74,600 units have been sold on a year-to-date basis, an increase of 15 percent from year-to-date sales posted during the first seven months of 2004. The average sales price increased 7 percent over the same time period to $205,676.

All regions of the state continue to post positive growth, with Brunswick County (65 percent) and Goldsboro (60 percent) posting the strongest year-to-date increase in total sales dollars. The strongest price appreciation on a year-to-date basis was along the coast where the average sales price increased 22 percent in Wilmington and 18 percent in Brunswick County.

In Virginia, home sales slipped 0.4 percent in July from their year-ago level, according to the Virginia Association of Realtors. Realtors reported 14,077 sales last month, compared with 14,139 in July 2004. Areas showing the greatest increases were Charlottesville, the Eastern Shore, Lexington/Buena Vista, New River Valley, and Northern Neck.

Virginia's year-to-date home sales continue to exceed last year's numbers, with 81,379 transactions closed so far this year, 5.5 percent ahead of last year's 77,142, the association reported.

In areas where sales are off – particularly the Northern Virginia, Dulles Area, and Prince William areas – we continue to see an inventory shortage, according to VAR Presidentl. There simply aren't enough homes on the market to fill the demand in this area of the state.

Virginia's median existing-home price for July was $200,125, up 19.5 percent compared with $167,500 for July 2004. The median is a typical market price where half of the homes sold for more and half sold for less. In Massachusetts, sales of detached single-family homes totaled 5,328 last month, down 7.4 percent from 5,756 sales posted in July 2004, the Massachusetts Association of Realtors reported. Sales of condominiums were up 12.4 percent from a year ago, with Realtors reporting 2,395 closings in July compared with 2,131 in July 2004.

The median price of a single-family home in the Bay State last month was $375,000, up 7.1 percent from $350,000 a year ago. The median condo price rose 7.4 percent during the same period, from $268,000 in July 2004 to $287,900 in July 2005.

Real estate loans

The National Association of Realtors trade group and the Center for Responsible Lending are trying to drive home a message of caution about some types of specialty mortgages ( real estate loans ) in a new brochure titled, "Shopping for a Mortgage? Do Your Homework First," a new brochure to inform home buyers about the risks and advantages of specialty mortgage products.

The publication is part of a new NAR consumer education campaign addressing specialty loans and abusive lending practices. The brochure helps consumers understand conventional loans such as fixed-rate and adjustable-rate mortgages, and more exotic loan programs such as interest-only mortgages, 40-year fixed-rate mortgages, negative-amortization mortgages, and option payment adjustable-rate mortgages.

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.

The growth of the specialty mortgage market has helped many borrowers finance the American dream of home ownership, but these mortgages come with risks, according to NAR President. Consumers are susceptible to loans with monthly payments that can spike dramatically, or that actually increase the amount they owe on their home. Home buyers should consult with a Realtor to learn about different financing options and their implications over time.

Mike Calhoun, general counsel of the Center for Responsible Lending, said, "We're warning home buyers to approach these new mortgages carefully. They should be cautious about accepting a mortgage they can't afford. These mortgages can be devastating for families who are stretching their budget to buy a home."

NAR's chief economist, said, Consumers particularly need to understand the risks inherent in specialty loans when financing a home purchase. The National Association of Realtors is committed to giving our Realtor members the tools and knowledge essential for their customers' success.

NAR is making the brochure available online to all of its roughly 1.2 million members at http://www.realtor.org/. Buyers can ask their Realtors for a copy or can access the brochure at http://www.realtor.com/. The brochure also is available through the Center for Responsible Lending at http://www.responsiblelending.org/.

The State of the Nation's Housing 2005, a report issued by The Joint Center for Housing Studies of Harvard University, cites information from Loan Performance indicating that one in four home loans in 2004 was financed with an interest-only mortgage. Three years ago, these mortgages comprised a few percentage points of the total mortgage market.

In testimony before the U.S. House of Representatives Committee on Financial Services on July 20, Federal Reserve Board Chairman Alan Greenspan expressed concern about the "increase in the prevalence of interest-only loans and the introduction of more exotic forms of adjustable-rate mortgages. He suggested that some home buyers may be using these loans to buy houses that they might not otherwise afford, and warned that lenders should fully appreciate the risk that some households may have trouble meeting monthly payments as interest rates and the macroeconomic climate change.

In May, NAR's board of directors approved the launch of a new consumer education campaign through its membership to help consumers steer clear of predatory lending practices that can lead potential home buyers into credit problems and even foreclosure. The campaign aims to develop standards that balance the need to keep credit available for borrowers with less than perfect credit while avoiding abusive lending practices that put home buyers at unnecessary risk, the association reported.

Houston Real Estate

The Houston real estate market made a comeback in July, as sales and median prices rose to all-time highs, the Houston Association of Realtors reported.

Particular strength was seen in the $400,000-plus home market, with a 29.2 percent increase in sales for those higher-end properties when compared to last year, the association reported.

Total Houston property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 7,680 in July, which was a 10 percent increase over July 2004 and a new high.

Existing single-family home sales totaled 5,680 last month, which was an 11.8 percent increase from July 2004.

Houston's real estate market continues to exhibit the steady price appreciation and increased sales activity levels that are needed to keep the market in equilibrium, according to the HAR chair and a division vice president for Coldwell Banker United, Realtors.

The overall median price of single-family homes in Houston reached $145,500 in July, which was an increase of 6.6 percent compared to a year ago and an all-time monthly record. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. The median sales price in July for existing homes in the Houston area was $139,900, an increase of 7.6 percent compared to the same period last year.

San Francisco Real Estate

San Francisco Bay Area home sales sank in July from a year earlier, according to DataQuick Information Systems, a real estate information service, and home prices dropped from June to July. After reaching a new record in Bay Area median home prices in June 2005, at $610,000, the median price slipped to $606,000 in July, DataQuick reported. But home-price increases were still in double digits from July 2004 to July 2005 in all of the Bay Area counties tracked by DataQuick.

Home sales were down 10.8 percent from July 2004 to July 2005 for the entire Bay Area, and dropped 21 percent in San Francisco County, 18.3 percent in San Mateo County, 15.4 percent in Marin County and 13.3 percent in Alameda County. Solano County, meanwhile, was the only Bay Area county tracked by DataQuick that had a sales increase in that time – sales there edged up 2.3 percent there from July 2004 to July 2005.

Meanwhile, median home prices climbed 17.9 percent in the Bay Area from July 2004 to July 2005, and were up 23.3 percent in Contra Costa County, 21.6 percent in Solano County, 19.6 percent in Santa Clara County and 19.4 percent in Sonoma and San Francisco counties. Prices increased least in Marin County, at 11 percent. The median price for a San Francisco Bay Area home was $606,000 in July 2005, DataQuick reported. Marin County had the highest median price for a Bay Area home, at $806,000, while Solano County had the lowest median price at $450,000.

The San Francisco Bay Area real estate market took a breather last month as sales and prices took a baby step back from the record territory of recent months, a real estate information service reported.

A total of 11,470 new and resale houses and condos were sold in the nine-county region last month. That was down 11.9 percent from 13,014 for June, and down 10.8 percent from 12,862 for July last year, according to DataQuick. The July 2004 sales count was the strongest for that calendar month in DataQuick's statistics, which go back to 1988. Last June's sales count was the second-strongest June.

No records were set last month. Does that mean the market is turning? Probably not. Sure, July was the first month this year that Bay Area home prices didn't reach a new peak. But more important than reaching new highs every month is how stable and sustainable the market is. Right now, things are looking pretty good, according to the president of DataQuick.

The median price paid for a San Francisco Bay Area home was $606,000. That was down 0.7 percent from $610,000 in June, and up 17.9 percent from $514,000 for July a year ago. The typical monthly mortgage payment that San Francisco Bay Area buyers committed themselves to paying was $2,652 in July. That was up one dollar from $2,651 in June. A year ago it was $2,361. Indicators of market distress are still largely absent: Foreclosure rates are low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported.

US Real Estate

Total existing-home sales, which include single-family and condominiums, set a new record in the second quarter, with 42 states showing higher sales than in second-quarter 2004, the National Association of Realtors trade group reported today.

In the latest report on total existing-home sales, the national seasonally adjusted annual rate was 7.22 million units in the second quarter, up 4.6 percent from the previous record of 6.9 million in second-quarter 2004. Total home sales include single family, town homes, condominiums and co-operative housing.

The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters, the association noted. NAR began tracking the state sales series in 1981. Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally is higher in the summer and relatively light in winter, primarily because of differences in the weather and household buying patterns.

The strongest sales increase was in West Virginia, where the second-quarter level of sales activity rose 21.7 percent from second-quarter 2004 to second-quarter 2005. Washington existing-home sales increased 19.8 percent from a year earlier, and Vermont was up by 19.6 percent. At the same time, seven other states recorded double-digit increases. Five states and Washington, D.C., posted declines but remained historically strong, one was unchanged and complete data was not available for two states, the association reported.

Sales in Washington, D.C., dropped 9.2 percent from second-quarter 2004 to second-quarter 2005, and sales in Alaska dropped 5.3 percent in that time. Maine, Michigan, Minnesota and New Jersey saw home sales drop less than 1 percent.

According to NAR's chief economist record home sales are creating high demand for related goods and services, and they're creating new jobs. In fact, the overall housing sector accounts for about a quarter of total economic activity. In addition, the growth in housing wealth is feeding into consumer spending, which is helping other segments of the economy. Freddie Mac informed that the national average commitment rate on a 30-year conventional fixed-rate mortgage was 5.72 percent in the second quarter, down from 5.76 percent in the first quarter. It was 6.13 percent in the second quarter of 2004.

Regionally, the Northeast reported the strongest annual increase, where the second-quarter existing-home sales rate of 1.21 million units rose 7.5 percent from the second quarter of 2004. After Vermont, Connecticut experienced the strongest increase in the region with sales activity 14.7 percent above a year ago, while New York resales increased 6.8 percent. The South recorded an existing-home sales pace of 2.73 million units in the second quarter, up 6.3 percent from a year earlier. After West Virginia, the strongest increase in the South was in Arkansas, up 15.8 percent from the second quarter of 2004, followed by South Carolina, where existing-home sales rose 14.4 percent, and Alabama, which increased 14 percent.

In the West, existing home sales rose 1.8 percent to 1.66 million units in the second quarter from the same period in 2004. After Washington, the next highest spike in the region was in Montana, where total existing-home sales rose 13.9 percent compared with a year earlier; Wyoming sales activity was up by 13.7 percent, while Utah increased 9.7 percent. In the Midwest, total existing-home sales in the second quarter increased 1.6 percent to a 1.62 million-unit annual pace in comparison with a year ago. North Dakota led the region, up 7.5 percent from the second quarter of last year, followed by Iowa, posting a 6.2 percent gain, and Indiana, with an increase of 6.1 percent.

Real Estate California

The percentage of households in California able to afford a median-priced home sank to 16 percent in June, a 2 percentage-point decrease compared to the same period a year ago, according to a report released by the California Association of Realtors.

The June housing affordability index was unchanged from May, when it also stood at 16 percent.

The minimum household income needed to purchase a median-priced home at $542,720 in California in June was $125,870, based on an average effective mortgage interest rate of 5.71 percent and assuming a 20 percent down payment. This income figure was up from $111,420 in June 2004, when the median price of a home was $468,050 and the prevailing interest rate was 6.01 percent.

In contrast, the minimum household income needed to purchase a median-priced home at $219,000 in the United States in June was $50,790.

At 32 percent, the High Desert region was the most affordable in the state, followed by the Sacramento region at 21 percent. The Santa Barbara and Northern Wine Country regions were the least affordable in the state at 7 percent.

California Association of Realtors is a state trade real estate association with 160,000+ members.

by Jim Evans

There’s a missing component of return in real estate profits that very few investors have ever tapped – but could readily tap into if they knew about it and how to do it. Real estate Guru, Jim Evans, explained that most real estate professionals calculate their return on investment by adding up their traditional four real estate components and dividing by the down payment (or equity in succeeding years).

The four traditional components are: appreciation (if the real estate goes up in value), cash flow (gross income less expenses and debt service), principal payoff (each time you pay the mortgage part is principal payoff), and tax savings (multiply your depreciation by your tax level and you get a tax savings in dollars). The down payment includes the cash down and the non-financed closing costs due at closing.

Let’s take a residential income property to make these components more concrete. Let’s say you buy a duplex for $200,000. Assume that you bought it under appraisal, which is $240,000, and you could sell it within a reasonable time for $240,000. Suppose you put down 20% or $40,000 and the closing costs were $10,000.

The principal payoff would be about $400. The tax savings for an investor in the 15% tax level might be around $1,200 in actual dollars. Let’s say the cash flow is 5% or $10,000. If the property goes up in value 2% then it would be worth 102% of $240,000 or $4,800 in added value for the coming year.

The traditional components total $16,400 (400 + 1,200 + 10,000 + 4,800). If we divide that by the total down of $50,000 then we get 32.8% rate of return (16,400 divided by 50,000).

This is great and will beat stocks all day long and any bank! But it just scratches the surface for what is really possible!!

Mr. Evans explains that the fifth component is usually the greatest profit component for real estate return. This is Equity Discount. Look at the above example where the investor bought the property for $200,000 but it was worth $240,000 and could be sold for that price within a reasonable time. This means that the investor would realize another $40,000 in benefits for buying the property.

Add this $40,000 to the traditional components of $16,400 and you get $56,400. Divide that by the down payment and non-financed closing costs of $50,000 and you get a whopping 112.8% return. This is really exciting.

Most investors that buy foreclosures and “flip” the properties instinctively know that they must buy the property at lower than appraisal price but they don’t know how to accurately compute their return. It is a known factor, though. Many gurus say that you make money “when you buy the property.” Jim says you make money in real estate “when you buy AND when you sell.”

Combining all of these five components is what Jim calls the single profit system. In other words, you have one property and you make five components of profit on that one property.

What if you could make multiple, simultaneous transactions, with multiple profit systems? What if you could reduce the down payment, closing costs, and need to obtain a mortgage in the first place? What if you could cut out or reduce rehabilitation costs, loss of rents while rehabbing, and other costs?

That would truly be exciting! Not only very exciting but very profitable.

This is the essence of the multiple-profit real estate investment system. You use several properties to create multiple profits. Here’s an example.

Let’s say that you arrange to buy the property outlined above but you add one feature – you arrange for a trade on that property. If you found another property that you could buy for $200,000 and was worth $240,000 and you arranged for them to be exchanged simultaneous you would make another $40,000. And you wouldn’t be responsible to obtain mortgages, pay closing costs, rehabilitation, loss rent, or anything! You just show up at the closing and collect the profit!

If you did just that, you’d make another $40,000 added to the $40,000 (a whopping $80,000) from the other property (you wouldn’t get the tax benefits, cash flow, principal payoff, or appreciation – just the double Equity Discounts). Your down payment would be zero or perhaps $100 in closing costs. The owners would pay the title insurance, etc. Thus, in this case, for a double-profit scenario, your return would be just about infinite. In reality, you wouldn’t need to qualify for a mortgage and you’d be anxious to do as many of these as you could.

Now, what would happen if you could find three properties and do a simultaneous three-way exchange? If they were all discounted $40,000, then you’d make $120,000!

Reality says that very few investors can do this because they don’t know how to structure the transaction, find the properties, write it up on a binding contract, and actually go through the problems s/he will have to close it. It can be done, though. Each transaction is difficult, but doable. Even if the investor had to try on multiple transactions until one went down, he would be far ahead and be able to do this regardless of his credit or down payment ability.

Suppose further that the investor couldn’t buy the properties simultaneous but he could buy the first property. Let’s say then that he took the first property, with the $40,000 discount, and then traded it for another property, with an additional discount, in a month or so. S/he’d have $80,000 in profits in the new property.
Let’s further complicate it - say that the investor wanted to do this but couldn’t qualify for the mortgage and didn’t have the down payment. There are several solutions to those problems. First, the investor can typically buy the property for 100% hard money financing if s/he can find the right property. Second, the investor can most assuredly find a co-investor that will put up the down payment and qualify for the loan – if the right property can be found.

So, assuming that can be covered, all the investor has to do is find the right property. Most people will look in foreclosures, rehab properties, and the like. They may be missing many bargains that are theirs for the asking if they just asked. They should check pre-foreclosures, people that want to trade, or owners that just hate their property.

Jim did his first double-profit in 1974. He’d found a nice 15-unit apartment in Salt Lake City, Utah, that could be discounted for cash. He also found a nice 4-unit apartment that wanted to trade up.

Jim paid $100 to a nationally recognized exchange expert to help write up the deal. He has used that same formula for tens and hundreds of millions of deals. It was well worth it.

Basically, he wrote an agreement to purchase the 15-unit apartment, and then had the owner of the 4-unit trade for his interest, simultaneously. The result was that Jim walked away with the 4-unit apartment, with no down, no closing costs, and heavily discounted. Jim actually got cash at the closing to buy the property for no down!

A few weeks later Jim refinanced the 4-unit apartment and put some additional tax-free cash in his pocket. It was a sweet deal!

He has done many similar transactions, and some with three-profit deals. One was some land for a 4-unit, the 4-unit took an 8-unit apartment, and the 8-unit apartment took the land. Jim walked away with cash profits on all three at the closing. No closing costs, no mortgages, no rehab, no lost rent, and no risk!

In one of the three-profit transactions, Jim put the transaction together and walked away with a property free and clear, for his profit. This cannot be done in any other way! You cannot buy foreclosures for nothing and even tax sales require some cash. When you walk away with a free and clear property, with cash to boot, you know you are doing the ultimate transactions.

In addition, an investor can add trust deeds, cars and boats, barter credits, or anything else of value to these transactions. Everything else is just your creativity after you learn the basic formula and how to write up the agreements.

Doing single-profit deals with no down, no closing costs, and not even paying the earnest money are quite common with his system. One of Jim’s clients, Robert, in Orem, Utah, just closed on a $107,000 home for $66,500. Before he closed, he had written offers for almost $20,000 more. Robert is now looking at higher single-profits and possible double-profit situations.

By Jim Evans

About : Jim is the co-owner of Property Exchange, LLC, and PropertyExchangeUSA.com web site. He has written Equity Recycling Key to Real Estate Wealth and gives his Master Guide to Modern Exchanging Seminars and also the new Multiple-Profits Real Estate Investment Seminars. His rate of return, option, and rehab formulas will soon be available on In-Hand.Com software for the Palm and on Microsoft applications. Jim has taught real estate principles for two colleges, for three real estate schools, adult education classes, and is featured in national magazines, television, radio, and other net articles. He can be reached at 801 (685 2711) or trader@trademls.com. Investors may request a free information kit on his programs.

Jim Evans, Catalytic Exchange Counselor (CEC)
Author of Equity Recycling the Key to Real Estate Wealth Presenter, Creator, Master Guide to Modern Exchanging Seminar Main Website:
http://www.propertyexchangeusa.com
The most comprehensive real estate site on the net!

Free Foreclosure Assistance in Detroit

Foreclosure assistance is now just a phone call away in the city of Detroit, which has been plagued by an increase in foreclosures frequently triggered by fraud and abusive lending tactics.

In a partnership with local mortgage lenders, banks and non-profit agencies, Detroit recently created the Detroit-Home Ownership Preservation Enterprise (Detroit-HOPE) to provide counseling through the Credit Counseling Resource Center.

Detroit home owners who have begun to default, or are in danger of defaulting on their mortgage can call 888-995-HOPE (4673) 24-hours a day, everyday, and receive confidential mortgage foreclosure prevention counseling. The program is not an alternative to working with the lender holding the loan, but an adjunct to services lenders also offer. The counseling services focus on private mortgage foreclosure and not tax-related foreclosure.

In recent years, redevelopment has attracted swarms of fraudulent activity among criminals looking to cash in on the city's about-face in the urban housing sector. Detroit-area home prices have risen nearly 26 percent in the last five years, according to the Office of Federal Housing Enterprse Oversight, and crooks are looking to cash in on the higher values, boosted, in part, by the city's redevelopment efforts. It's not uncommon in older, deteriorated neighborhoods on the rebound, to find the practice of "property flipping" -- buying and then quickly reselling properties after their values have been over inflated. Mortgage fraud, appraisal fixing and other questionable activities often leave the home owner holding the bag, and a notice of foreclosure.

With a $50,000 donation from a Detroit-HOPE partner, the Homeownership Preservation Foundation, the goal is to reduce foreclosures by working with home owners as early in the process as possible. Residents who call for assistance will receive a free counseling session to address their immediate needs. After the initial counseling session, the home owner will receive a written action plan discussed during the session. In addition, the foreclosure prevention counseling service will coordinate or facilitate communication between the home owner and his or her mortgage lender or servicer.

The national median existing house price for all housing types is forecast to rise 10.5 percent in 2005 to $204,600 – the strongest rate of price growth in 25 years – while the median new-home price should increase 5.2 percent to $232,400, the National Association of Realtors reported today in its latest forecast for the year.

Existing home sales are forecast to increase 2.9 percent to 6.98 million for 2005, while new-home sales are seen to rise 4.8 percent to 1.26 million this year, the association also announced today.

Total housing starts – single-family and multifamily – should grow by 3.2 percent to 2.02 million units in 2005, the highest since 1978; and single-family starts are projected to set a record of 1.67 million, the association announced.

NAR’s chief economist, said, The housing market is probably close to a peak right now in terms of sales activity, but there is tremendous momentum. Sales are expected to coast at historically high levels into next year, but they will trend slightly downward.

According to NAR President, of Salt Lake City, due to a tight supply of homes available for sale, we’re now projecting the national median existing-home price this year to rise at a double-digit rate. It’s a great time to sell, but it may be a better time to buy about a year from now when the market should come closer to balance. However, postponing a purchase for another year would mean higher borrowing costs, so there are advantages to getting in now – it all gets down to a buyer’s needs, resources and time horizons.

The association expects the 30-year fixed-rate mortgage to rise slowly to 6.2 percent in the fourth quarter, reaching 6.6 percent by the end of 2006.

Real Estate Florida

Coldwell Banker Residential Real Estate in Florida announced that it has acquired the assets of Home Team Realty East in Hollywood, Florida.

Home Team Realty East is located at 4935 Sheridan St., just a short distance from Coldwell Banker's office at 3319 Sheridan St. The two offices will merge and operate from the 3319 Sheridan St. location under the banner of Coldwell Banker Residential Real Estate Inc.

Home Team Realty East's 30 sales associates were responsible for more than $52 million in total closed sales volume during the last 12 months, according to a press statement. With this announcement, Coldwell Banker Residential Real Estate Inc. has more than 7,500 sales associates operating in 167 offices in Florida, accounting for a combined total closed sales volume of nearly $22 billion over the past year.

Ed and Georgette Bannan operated the company from its Sheridan St. location for the past eight years. "We felt that now was the right time to join forces with the market leader in Florida. We really wanted to make sure our agents are well positioned for continued success, and Coldwell Banker Residential Real Estate offers world-class resources that we believe will ensure a positive move for everyone. In fact, Georgette and I are counting on it because we are joining the Coldwell Banker Residential Real Estate sales team," said Ed Bannan.

Apartments Online

There is a new place to hunt for rental housing online. ApartmentTime.com, which launched recently, offers Internet listings for apartments, college housing, corporate housing, senior housing, military housing and HUD housing.

The HUD properties area of the site is devoted to low-income, tax credit, Section 8 and Housing and Urban Development Department properties.

Growing up in New York’s South Bronx, and living in Section 8 communities, I know first hand what one has to go through to find affordable housing. Our HUD Housing channel will help those in need through those hurdles, according to the site's founder, Darren Rogers.

Apartmentime.com will become the only service where anyone searching for a new residential community can come and find a place to live. Whether its luxury apartments, single-family homes, military housing, senior housing, college housing, corporate housing or HUD-funded communities, they'll all be listed, Rogers said in the announcement. He also stated that he plans to translate some property listings into Spanish and Chinese.

The site also includes information about online rent-payment systems, and there are plans to add information about entertainment opportunities in various cities.

ApartmenTime is not an apartment finder or relocation service, we're an apartment listing service and there's never a fee, according to an online description. You don't have to register. Just enter your city and state and let your search begin.

The median-income family had more than enough income to purchase a median-priced existing home in the second quarter of the year, according to an index produced by the National Association of Realtors trade group. But affordability dropped about 12 percent from the first quarter to the second quarter.

The association's Housing Affordability Index found that the median-income family had 120.8 percent of the income needed to purchase a median-priced existing home, which was $208,500 in the second quarter. The typical family, earning $56,917, could afford a home costing $251,900 in the second quarter. That compares to an index of 133.2 in the first quarter, and an index of 132.3 in second-quarter 2004.

A higher median home price and an increase in the average effective mortgage interest rate negated an increase in family income, the association reported. The index measures affordability factors for all homebuyers making a 20 percent down payment, with an index of 100 defined as the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home.

NAR's chief economist, said the median home price in the second quarter was 13.6 percent higher than a year earlier. The strong rate of home-price appreciation caused some erosion in affordability conditions, yet it hasn't dampened the market because the second quarter was a record for existing-home sales. Since mortgage interest rates are still so low, housing affordability conditions remain historically favorable – there's still headroom in this market.

NAR President, of Salt Lake City, said the national index masks widely varying conditions around the country. We find excellent housing affordability conditions in most of the Midwest and South, but there are challenges in high-cost areas – concentrated in parts of the Northeast and West. Even so, the fact that we continue to set sales records demonstrates the strength of home ownership as a priority and as an investment.

According to the Federal Housing Finance Board, the average effective mortgage interest rate for existing homes was 5.83 percent during the second quarter, up from 5.77 percent in the first quarter; the rate was 5.73 percent in the second quarter of 2004. This is a weighted average interest rate between fixed and adjustable loans, including the cost of points, and represents the bottom-line mortgage cost. Affordability for first-time home buyers also declined in the second quarter, falling to an index 70.1 from a reading of 76.8 in the first quarter – it was 7 points below second-quarter 2004. According to the association's First-Time Homebuyer Affordability Index, a typical first-time buyer household, 25 to 44, with an income of $32,433, had 70.1 percent of the income needed to purchase a typical starter home in the second quarter with a 10 percent down payment. The median starter home price was $177,200 during the second quarter, and the typical first-time buyer could afford a home that cost $124,200.

Refinancing

Cash-out refinancing activity up : A full 74 percent of Freddie Mac-owned loans that were refinanced in this year's second quarter resulted in new mortgages with loan amounts at least 5 percent higher than the original mortgage balances, the mortgage giant reported today.

Lower than expected interest rates in this year's second quarter spurred the spate of cash-out refinancings. This is in contrast to the first quarter of 2005, when 64 percent of refinanced loans had higher new loan amounts, and was the highest since the fourth quarter of 2000, according to Freddie Mac.

Interest rates on 30-year, fixed-rate mortgages dipped lower in the second quarter, spurring refinance activity higher, according to FM's VPchief economist. Mortgage borrowers took advantage of these low rates by cashing out some home equity before rates go up as they are expected to in coming quarters.

Freddie Mac expects home sales to hit a new record again in 2005 as low fixed mortgage rates combined with teaser discounts on adjustable-rate mortgages maintain affordability, even as home prices rise. The Fed's statements regarding expectations of a continued measured pace of increase in the federal funds rate (a key short-term interest rate), while signaling the Fed's vigilance on inflation containment, means that rising mortgage rates should start to dampen enthusiasm in the housing market later this year.

Freddie Mac expects 30-year fixed mortgage rates to rise through the end of the year, ending with a fourth quarter average near 6 percent, approximately a quarter of a percentage point higher than the second-quarter average.

Applications for refinance fell in the second quarter of 2005 to 42 percent, down from the first quarter average of 45 percent. The second-quarter cash-out refinance volume reflects, in part, borrowers responding to the fact that they may not be able to obtain such favorable rates in the future to fund home improvements or other big purchases. The strong cash-out activity was due to both borrowers who were going to do a cash-out refinance regardless of interest rate incentives and those who were primarily attracted by the low rates but decided to convert some equity into cash while they were at it.

Ohio real estate

The pace of home sales throughout Ohio reached record levels in June and during the first six months of the year, reports the Ohio Association of Realtors.

Sales in June 2005 posted a record-breaking mark, reaching 15,315, a 3.3 percent increase from the previous record of 14,821 sales posted during the month a year ago.

With the June sales tally the market has now reached eight consecutive record-setting months of activity, dating back to November 2004. Additionally, the market has posted record sales in 13 of the last 14 months.

The month's average sales price of $164,567 is a 0.8 percent increase over the June 2004 average sales price of $163,246. Statewide sales of new and existing homes this year (January-June) totaled 69,031, a 4.8 percent increase from the 65,888 sales posted during the six-month period in 2004, which previously served as the best-ever mark.

The state's average sale price (January-June) of $153,734 marks a 2.9 percent increase from the $149,408 average posted during the period in 2004. The Buckeye State has now achieved nine consecutive record-setting quarters in total sales activity, dating back to the second quarter of 2003.

Real Estate Property Information

Fidelity National Financial's LSI Market Intelligence division is now offering a Natural Disaster Condition Report to real estate lenders nationwide, the company said today

The inspection report is compiled using the company's national network of nearly 30,000 real estate professionals, and includes detailed information regarding the condition of a specified property in the aftermath of a natural disaster.

For lenders with transactions pending mortgage funding in an area affected by a natural disaster, report helps them determine the existence and exterior condition of subject properties. Exterior structure features inspected for this report often include roof, siding, structural stability, garage, doors, windows and more.

In addition to stating whether damage to specific exterior features has occurred, the report provides percentage ranges that indicate the degree of that damage and a photograph to support those findings.

The Natural Disaster Condition Report was created as a result of client requests to have a tool that would enable them to make informed decisions prior to distributing mortgage funding for potentially damaged properties. Previously, this report was only available to the clients involved in the initial requests for the solution.

The report previously was introduced on a small scale and now is available nationwide.