U r b a n T r e k k e r

Weekly Roundup

Researchers: "Few Preventable Foreclosures"

From Manuel Adelino, Kristopher Gerardi, and Paul S. Willen writing at the Boston Fed: Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization.

Simple Ways to Cool Your Home and Save Big

One of the easiest ways to keep your cool in the summer is to use fans. In addition to moving air around, which makes us feel cooler, fans can, if properly located, purge heat from a house and draw in cool outside air.

Vancouver May Require Condos to Install Electric Vehicle Charging Stations

In its self proclaimed quest to become “the world’s greenest city” Vancouver is considering adopting legislation that would require any new multi-family dwellings (condos) to have electric vehicle charging stations. Should this pass, Vancouver would be the first city in Canada to have such a policy. Vancouver already requires one and two dwelling homes to have plug-in infrastructure.

Check out HOA finances before buying condo

Thanks to the economic downturn, condominium prices are dropping across the country. But if the homeowners association is in the red, a condo that looks like a steal can quickly become a money pit, leaving buyers on the hook for a lot more than they had bargained.

Latest news on Chinese drywall: Problem spreads nationwide, fire concern arise

Investigations into problems associated with drywall made in China are continuing and, according to this new post on the Consumer Reports Safety blog, "two fires are being investigated by the [U.S.] Consumer Product Safety Commission and the Florida State Fire Marshal's Office to see if toxic drywall contributed to the blazes."

Hip-Hop Home Improvement

Rapper 50 Cent knows a thing or two about money management. The Queens native pulled in $170 million over the past two years--more than any other hip-hop artist--thanks to sales from his G-Unit empire and a lucrative investment in VitaminWater. But 50 has at least one high-priced weakness: home improvement.

A Smart Green Living Zero Home

This is the Living Zero Home, which was commissioned by the U.S. Department of Energy and built by All American Homes.  The home was on display in Chicago last weekend and will move to about fifteen other destinations throughout the year, including Louisville, Greensboro, Atlanta, Las Vegas, Los Angeles, Dallas, Phoenix, and Denver, among other cities.

Cracked Houses, What the Boom Built

Robert and Kay Lynn lay in bed shortly after closing on their new home in the Blue Oaks subdivision in Rancho Murieta, Calif., abutting an 18-hole golf course. They were listening to the “pop, pop, pop” of what they thought were acorns falling onto the roof.

... Links from Around Washington DC Region:

• Lots of supply little demand [Fairfax Times]
  
• Herndon looks at kiss-and-ride Development [Fairfax Times]
• Northern Virginia June Housing Sales [No.Va. Housing Bubble Fallout]
• More on the Hine Development (Capitol Hill, DC) [Rebuilding Place in the Urban Space]
• A Small Town Few Want to Leave [Washington Post]
• Virginia gets $37.6M in energy stimulus funds [Washington Biz Journal]
• Trinidad Checkpoints Ruled Unconstitutional [DCist]
• County Officials Hoping to Take Control of Columbia Pike [Arlington Gazette]
• Metro to Move Forward in Upgrading Stairwell at Vienna Station [Fairfax Gazette]
• Virginia gets in line for high-speed rail funding [Richmond Times-Distpatch]

Weekly Roundup

America's Most Expensive Homes

There's been a lot of denial among luxury homeowners. In 2006, it was thought that the luxury market wouldn't suffer the same fate as the broader market.

The State of the Nation's Housing 2009 report gives U.S. market mixed grades

The nation's housing industry should remain mired in an epic slump for the rest of 2009, but the longer-term picture is not all doom and gloom, according to the "The State of the Nation's Housing 2009" report, to be presented on Monday by Harvard University's Joint Center for Housing Studies at the Ford Foundation in New York City. (We'll have more news from the event later this week.)

41 Charged as Mortgage Fraud Hits Condos and Suburbs

Federal law enforcement officials recently announced charges have brought against 41 defendants in five separate cases in Chicago. The cases involve more than $48 million in fraudulently obtained mortgages for dilapidated homes in urban areas as well as deals involving million dollar condominiums in a Chicago high-rise and sprawling homes in affluent suburbs like Wheaton and Glenview. The vice president of a title company, mortgage brokers, loan officers, appraisers, real estate investors and an attorney are among the 37 defendants charged.

What's With All the Moaning About Home Appraisals?

Lately, mortgage brokers, builders, real estate agents and others in the housing business have been moaning about appraisals. On Tuesday, it was the turn of Lawrence Yun, the chief economist of the National Association of Realtors. He lamented that May home sales were “less than expected because poor appraisals are stalling transactions. Pending home sales indicated much stronger activity, but some contracts are falling through from faulty valuations that keep buyers from getting a loan.”

10 Things Moving Companies Won't Say

The moving industry packs in nearly 55 percent of its business during the summer months, but often leaves a trail of frustrated consumers in its wake. The Department of Transportation receives up to 4,000 household moving complaints annually, mostly about loss and damage, poor service, or overcharging. The Council of Better Business Bureaus, meanwhile, reports that complaints about movers jumped from nearly 3,800 in 1997 to more than 9,200 in 2007.

Additional news from around DC region:

• Q&A: Sally Wilson on the USGBC Headquarters, LEED Fine Print, and Negotiating a Green Lease [Metropolis]
• Montgomery Approves Project Before Moratorium [Washington Post]
• Eastern Market reopens after $22M renovation [Wash Biz Journal]
• Index finds D.C. has best 'brain smarts' in U.S. [WTOP]
• Looking for a rent-free home on a lot of land [Real Estate Wonk]
• "Not Paying the Mortgage Yet Stuck with the Keys" [Hot Property]
• Prince William transfers Silver Lake to Park Authority [DC Examiner]
• Cuts Coming to Community Center Hours [Arlington Gazette]
• Experts: Investment in Green Amenities Pays Dividend [Gazette]
• DDOT Launches Real Time Circulator Mobile App [DCist]
• F.C. Council Unanimous in Bid to Convert City to 'Green Lab' [FCNP]

Straw Bale House Built with $50k

This video shows how the owner (a single mom) of this straw bale house built her own with $50,000!

There are a lot of benefits to using this natural building method. First, straw bales provide terrific insulation. They’re also an all-natural material, and it’s usually easy to find a source near you. Finally, building with straw bales can save you money because it doesn’t take a lot of training or special equipment. That means it’s possible to do most of the work yourself.

[via Mother Earth News]

Weekly Roundup

Which will hurt credit more, a bankruptcy or a foreclosure?

WASHINGTON (MarketWatch) -- Question: I am in a quandary. I don't know which will damage my credit score more, allowing my lender to foreclose on my house or declaring bankruptcy to buy myself a little more time. So my question is this: Which does more damage to a person's credit score, foreclosure or bankruptcy? And why?

Stay Cool, Naturally

Conserving energy rather than cranking up the AC will not only help cut greenhouse gas emissions but also keep your money in the bank. More than 40 percent of a typical family’s costs are spent keeping their home at a comfortable temperature.

Blight's Bargain, the Unfortunate Location

A WEEK after he moved into the circa-1800 farmhouse he had always dreamed of owning, David Evans spotted something glinting in his backyard. Within two hours, he had unearthed 19 spark plugs.   

Bill Gates Buys Historic Wyoming Ranch

Bill Gates, the world’s richest man, has reportedly purchased Irma Lake Lodge, a famous Wyoming ranch once owned by William “Buffalo Bill” Cody, who may have been one of the earliest successful entrepreneurs.

Anyone Want to Buy a Condo? Anyone?

Potential condominium buyers are facing a tough choice right now: new or used? There are deals to be had on new condos, as developers heavily discount units to move inventory. But getting a mortgage is tough.

Green Cubed Modern Eco Lux Home

This is the Green Cubed house, which was designed by Nelse Design + Build.  Located on an infill lot in the Phinney Ridge neighborhood of Seattle, the 5-star home was recently the superstar of a Green Built home tour.

HUD Offers $58M for Housing Counseling

The U.S. Department of Housing and Urban Development today announced that more than $58 million is available for a broad range of housing counseling programs to help families find and preserve housing. The funding is an increase of $11 million, or 23 percent, over last year.

The best U.S. transit systems you never knew existed

When it comes to public transit in the U.S., there are certain predictable all-stars: the Metro in Washington, D.C., is convenient, efficient, and clean. The anthropomorphically nicknamed El and BART in Chicago and San Francisco are legendary. And everyone knows it’s easier to navigate New York City without a car than with one.

Foreclosures grind on as lenders fail to modify loans

The Obama administration's $75 billion program to reduce foreclosures has been beset by backlogs and delays, leading many overstretched homeowners to complain about unreturned phone calls and inaccurate information from lenders, while others say they were denied help for reasons that weren't clear.

NEWS FROM AROUND GREATER DC REGION:

• Inner Harbor Ritz condos: 21 sold, 171 to go [Real Estate Wonk]
• Region's Economic Performance Ranks High [Washington Post]
• D.C. convention center hotel deal close [Washington Biz Journal]
• Drive in Traffic, Get Paid [We Love DC]
• Study to look at biker, walker paths near BRAC in Bethesda [Gazette.net]
• 26 Reasons to Love Washington [Washingtonian]
• Va. close to finalizing HOT deal on I-95/395 [WTOP]
• Dulles Rail focus turn to Herndon [Examiner]
• Color Primer [Washington Spaces]

2009 Virginia New Green Laws

Legislation passed by the General Assembly in 2009 in Virginia becomes law effective July 1, 2009. The same thing with the no text message bill while driving law that will become law come 7/1.

These are the new "green" laws for 2009, that includes land development, environment and taxation:

Preservation of Historical sites (SB 1416) - allows the local governments to establish areas of known historical or archaeological significance and to require development applicants to document how they will preserve such resources.

Land Preservation Credit (HB 1891/SB 986) - reduced from $100,000 to $50,000 the amount of the land preservation credit for tax years 2009 and 2010. Affected taxpayers may claim the credit for two additional years. 

Open-Space Easements (SB 907) - authorizes estate trustees to donate open-space easements to obtain estate tax exclusions.

Green Roofs (HB 1828, HB 1975/SB 1058) - allows localities to offer incentives for green roof construction.

Certification of Buildings (SB 1004) - allows architect to certify energy-efficient buildings for local taxation purposes.

Geothermal Heating (SB 1128) - requires the Board of Health to allow the construction of wells used solely for closed loop geothermal heating systems.

Clean Energy Financing (SB 1212) - allows localities to provide loans for initial acquisition and installation of clean energy improvements.

Stormwater (SB 982) - requires localities to provide full or partial waivers of charges to any person who redevelops or retrofits property to permanently reduce stormwater flow and pollutant loading. 

[via Update]

There you have it..

For more in-depth coverage of these bills, check out Virginia Legislative Information System. And to learn more about other Virginia green initiatives, go here.

Weekly Roundup

Mortgage Insurers to the Rescue?

Homeowners in trouble may find help from an unlikely source: their private mortgage insurance company. Typically, homeowners turn to nonprofit housing counseling services or even paid "mortgage fixers" (not a good idea) to help them renegotiate better, more affordable terms on their mortgage. But the credit crunch and the large numbers of folks in need of financial help have caused those avenues to clog up.

The Anytime Homebuyer Tax Credit

A new bill introduced in the House Thursday, HR  2801 or Home Ownership Moves the Economy (HOME) Act of 2009, aims to make the current $8,000 first-time home buyer tax credit available to literally anyone that purchases a primary residence through the end of 2010.

Upwardly Mobile Homes

When it comes to real estate, the trailer park gets a bad rap. But some designers think that this forsaken corner of the market is worthy of reevaluation—and even resuscitation.

Bank Repossessions Surge, More Foreclosures Hit Market

Expect more foreclosed properties to hit the market. The number of U.S. properties for which a foreclosure filing was received rose 18% in May from a year earlier, according to numbers released by RealtyTrac on Wednesday, as bank repossessions surged in several states outside the Sun Belt, which has so far borne the brunt of foreclosures.

Jon and Kate Plus Eight's Real Estate Stress

As if Jon and Kate Gosselin didn’t have enough to worry about already (rumors of marital infidelity, aggressive paparazzi, national media scrutiny, and, oh, eight kids) they can now tack on an extra stressor: the sluggish real estate market.

10 ways to turnoff a homebuyer

What a difference a couple of years makes. Back in 2007, homebuyers would beg to purchase your house. They would even bid more than the asking price for the privilege to do so.

Q&A: How can I estimate how much roofing we need?

We're planning to replace our roof later this summer and want to get some ballpark estimates from a number of pros. How can I estimate how much roofing we'll need? Knowing how much roofing material you'll need will make it easier to compare bids from contractors.

Wright for Real People: A Family Restores Frank Lloyd Wright's Famed First House

Restoring an architectural treasure is a formidable task, and Steve Sikora and Lynette Erickson-Sikora knew the challenges they would face when they bought Frank Lloyd Wright’s dilapidated 1934 Malcolm Willey House in Minneapolis in 2002.

LOCAL NEWS FROM AROUND WASHINGTON DC REGION

• National Harbor to cyclists, pedestrians: Drop dead [Greater Greater Washington]
• Secretary paints dire transportation picture [Fairfax Times]
• Virginia gets $17.5 M to rehabilitate foreclosed homes [Virginia Business]
• Hill residents hear Hine proposal [Wash Biz Journal]
• Foreclosures soar in Maryland suburbs [DC Examiner]
• Spotsy VRE service would take years [Fredericksburg.com]
• Metro receives first $17 million in stimulus money [WTOP]
• First LEED Platinum House [DC Metrocentric]
• Room and Board Finally Buys the 14th and T Building [DCist]

Indoor Air Quality

We got into this discussion of indoor air quality (IAQ) last night at my relative's house. This particular relative of mine has not opened the windows of her house - for ages.  This is so true. I would say more than 10 years! She may have opened the windows once in a blue moon. But that's about it. So, I am on a mission today to write something about IAQ.

What she didn't realize (until last night) is that poor ventilation can put her at immediate or long term health risks. The Surgeon General states that "Poor indoor air quality contributes to cancer, cardiovascular disease, asthma, and other illnesses." According to EPA, one of the three ways to improve IAQ is through improved ventilation.

Inadequate ventilation can increase indoor pollutant levels by not bringing in enough outdoor air to dilute emissions from indoor sources and by not carrying indoor air pollutants out of the home. High temperature and humidity levels can also increase concentrations of some pollutants.

The other two ways to improve the quality of indoor air is 1) to eliminate the single source of pollution or to reduce their emission, and 2) using air cleaners.

The Office of Surgeon General has issued "Call to Action to Promote Healthy Homes" on Tuesday which outline simple steps, for example, to check gas and appliances, fireplaces, chimneys, and furnaces yearly and change furnace and air conditioning filters regularly. 

Here are some resources you can check into on creating healthy homes:

• Centers for Disease Control and Prevention
• Environmental Protection Agency
• HUD Office of Healthy Homes
• American Lung Association

Or, the easiest way is to take this quick indoor air quality tour, courtesy of EPA, where you can go room-by-oom to learn the key pollutants and how to take care of them. (just click on the image below for the tour )

By the way, this is not going to be the last time (previous posts here and here)  I'm writing about this topic, because interestingly EPA cited the fact that  "five out of 10 Americans are not aware of this fact."

Weekly Roundup

The Low Down on Listing Home Inspection Costs

Question: I have been looking for a house. I was driving in an area that I like and noticed a house I had long admired had just gone up for sale. I called the listing Realtor, viewed the house and made an offer which was accepted.

Price Slashed on 23.6% of Listed Homes

Nearly one in four US homes for sale today have had at least one price reduction, as sellers come to grips with the reality of a weakening economy and a housing market still groping along toward bottom.

The Summer Home Bust

In recent years, I've approached the summer with something resembling dread. Another three months of having to explain that, no, we won't be spending much time at our place on Cape Cod, seeing as how we don't have one.

Mortgage crisis robbing seniors of golden years

Howard Weiss is 77 and scared. This year, the semiretired distributor from Phoenix ran into financial problems and stopped making his mortgage payments. He was told his home was scheduled for a foreclosure auction in May.

8 'freebies' for new-home buyers

Rhonda Duffy, owner of Duffy Realty in Atlanta, says a builder's whole career could rest on whether he or she sells one house.

The Psychology of Short Sales by Tanta, April 2008

As CR mentions in his essay on housing supply in this issue, plenty of markets are seeing very large segments of for-sale inventory coming in the form of short sale listings. Yet completed short sales remain a small segment of actual “distressed sales” or final dispositions of “worked out” loans.

Programmable thermostats are no longer part of the federal Energy Star program

The U.S. Environmental Protection Agency recently announced that it will suspend its Energy Star specification for programmable thermostats effective December 31, 2009. Any models manufactured after that date cannot bear the Energy Star label; manufacturers will have several months to update their Web sites and promotional material.

FROM AROUND THE WASHINGTON DC REGION:

• Chevy Chase to hold informational, public hearings on purple line [Gazette.net]
• Getting Closer to Confirmation of the Real World House [DCist]
• Beware: Decks Could Soon be Counted as Lot Coverage [Historic Vienna]
• Wiehle avenue development approved [Fairfax Times]
• Local Area Has Its Share of Virginia's Wealthiest [Gazette]
• Greater Washington Initiative: Region's economy to shrink in 2009 [Washington Biz Journal]
• Virginia changes mortgage regulations to fight fraud [Virginia Business]
• Is McMansion era over? [Virginia Business]
• The Cash That's Left [Washington Post]

Solar Energy in the City

This is something that any of the high rise buildings, especially the ones that have condo fee to include utilities (and there are plenty of them!) can use their rooftop to house solar panels. I could name names here. For example, Watergate at Landmark, Skyline, Pimmit Hills. To name a few. You can find many of these condos are located in Alexandria, Arlington, Falls Church, and all around DC region, incl. Maryland. They have 'unused' rooftops.

If they're unused, why not use it to house solar panels then?

There are many benefits to have installed the panels on the roof. Among others is reducing their utility bills. Some of the high rises tuck in all utilities into their monthly fee. As a result, the condo fee is so high. Depending on the square footage, a one bedroom condo fee at one of the buildings I mentioned could range anywhere from high $400 to $800 a month!

Net metering is when you send electricity back to the grid, thus, spin the meter backwards. Each jurisdiction has its own regulations. (I've written extensive posts on the this topic before, here and here.) Updated version of net metering for DC, Maryland, and Virginia.

When it comes to residential incentives, Maryland offers the most to its residents. So, why not condo owners co-op and fund solar energy for their buildings.

 Just a thought..

[Video via Talking Green]

Zoning Key to Creating Sustainable Communities

World Changing had this 3-min video, Built to Last, posted on their site. Built to Last is the winner of Congress New Urbanism video contest. Think citizens involvement is very important to zoning. With proper zoning (hmm..) we can have walkable, sustainable communities.

The outstanding 3-minute video asks the question “What’s the greatest threat to our planet?” and shows how reimagining our cities and suburbs to be sustainable and walkable will cut carbon emissions, commutes and calories. "When it comes to saving the planet, what we build is the greatest threat…or the greatest hope," say the filmmakers in Built to Last.

Our communities are not built to last according to this clip, because of urban sprawling, and cul-de-sacs make it worse! And I am so glad that Virginia DOT  finally comes to terms with "banning cul-de-sacs" (though not banned outright, at least discourage the development of new ones). Around my hood alone, there's more than 3 cul-de-sacs - in the tiny hood. Add that to the whole county collection of dead-end. Sheesh...