Bank loan officers are now required to add their names and fingerprints to a national database so it will be easier to identify unethical lenders.

Federal regulators approved these requirements Wednesday and the registry is expected to begin operating next January. Banks will have 180 days to comply.

A similar registry already exists for mortgage brokers.

Source: Associated Press, Alan Zibel (07/28/2010)

A newly released Census survey indicates that the recession has eroded housing conditions significantly in just two years.

The Census survey of 60,000 units, 45,000 of them occupied, shows:

• 3.1 million households, or 18 percent, of those who moved in the last year say their new home is in worse condition and/or in a worse neighborhood.

• Households that moved in the past year because they were evicted rose 127 percent to 191,000.

• The number of households that had additional people move in rose 10 percent to 6 million.

Source: USA Today, Haya El Nasser (07/26/2010)

The homeownership rate fell to 66.9 percent in the second quarter, down from 67.1 percent in the first quarter, according to the U.S. Census Bureau. This was the lowest level since 1999.

The homeownership rate reached a record high of 69.2 percent in the second and fourth quarters of 2004.

Rising foreclosures are driving the decline. A record 4.6 percent of U.S. mortgages were in foreclosure in the first three months of 2010, the Mortgage Bankers Association reported in May.

Source: Bloomberg, Kathleen M. Howley (07/27/2010)

A new Pike Research report states that if all the commercial buildings in the United States that currently exist were retrofitted to be more energy efficient, the country as a whole would save over $41.1 billion a year in energy bills.

Titled "Energy Efficiency Retrofits for Commercial and Public Buildings," the study estimates that property owners would collectively have to spend about $22.5 billion a year in upgrades over the next decade in order for that savings to be achieved. That would entail energy-retrofitting roughly 79 billion square feet of commercial real estate.

"The current financial crisis has had a significant dampening effect on property owners' investments in their properties. Financing for such projects is scarce, and the limited investment in building efficiency is not keeping pace with the growing national demand for energy," says Pike Research's managing director Clint Wheelock.

While some major companies have invested in green updates for their properties it's yet to really catch on. Pike Research believes this is about to change and that energy retrofitting for commercial properties will become a strong growth market through 2014 and beyond.

"In addition to cost savings, energy retrofits are attractive for purposes of greenhouse gas reductions, energy independence, green branding, property valuation, and productivity," according to the Pike Research report.

Source: CNet, Candace Lombardi (07/22/10)

Size does matter when it comes to the perception of space in a home. That’s why it’s important to make sure you show off every square foot of your listing so that buyers can visualize enough room for all of their belongings.

However, home owners often crowd spaces with oversized furniture, bulky accessories, and piles of clutter that wind up making a room look much smaller than what it really is, says staging pro Jennie Norris, president of the International Association of Home Staging Professionals.

So how can you show off that space in your listings? Besides the obvious of removing clutter, try these simple ideas from Norris.

1. Scale down the furniture: By having too many large pieces of furniture in a small room, a space can feel more cramped, Norris says. Select smaller-scale furniture over large, chunky options. A good choice: furniture with wooden legs or unskirted chairs, so that you can see through the furniture to the floor underneath to open up a room.

2. Beware of overly busy patterns: Too many bold patterns in a room with fabrics and accent pieces can make a room feel smaller, Norris says. Big prints, bold plaids, and large floral patterns can be too busy for a small space. Stick to solids and use texture in fabrics to add interest.

3. Lighten Up: Dark colors absorb the light making small rooms look even smaller. “The general color rule for small spaces is lighter is better,” Norris says. Lighter colors on walls — such as creams, light blues, light greens, tan, and soft yellows — help expand the room. Plus, softer, cooler tones are soothing and relaxing, she adds. 

4. Add height: Bring in anything that is tall to show off the height of the space. Whether it’s a piece of furniture such as a bookcase or an object like a tall tree, the height of the object will draw the eye upwards. Also in a house where you want to show off the height, hang the curtains above the normal window top level, Norris says. To widen the window, tie the curtains back with a rope tieback to show off the windows.

5. Use the reflection: Hang mirrors on walls to help add visual space. “When the room is reflected in the mirror, it can make us feel like there is more space as we see ‘another room’ in the mirror,” Norris says. “Mirrors can also reflect light and views, which will help lighten up the room and make it feel open and airy.”

http://www.realtor.org/rmohome_and_design/Articles/2010/1007_home_smallspacebigger

Lynda Lyday—carpenter, professional contractor, and a featured expert on the DIY cable network—provides dozens of simple fixes for common household problems in The Homeowner’s Manual (Que Publishing, 2006).

While it’s always best to bring in an expert to correct big problems, Lyday provides these tips for capable home owners who want to try their own hand at a solution.

Problem: Oil Stains on Garage Floor

Lyday’s solution: "You can remove most of a stubborn stain with a bit of elbow grease and scrubbing. First, remove the surface oil by sprinkling some cat litter on it to soak it up. Then clear away the cat litter and focus on the stain.

Make a paste of hot water and dry dish or laundry detergent. Use a stiff bristle scrub brush to scrub the area with the paste. Hose the area and let it dry. Another method is to use a product such as Spray ’n Wash on the stain for 10 minutes, along with a dry detergent.

Your last option is to spray on some oven cleaner. Use this sparingly, wash it down thoroughly, and keep children and pets away from it."

Problem: Leaky Faucets

Lyday’s solution: "Most faucet leaks can easily be fixed with a rubber washer, an O-ring, or seals—depending on what type of faucet it is. By fixing the problem yourself, you can save a good bit of money since plumbers can be expensive and will charge you a standard fee even if it takes only 10 minutes to fix the problem."

Problem: Nail Pops

Lyday’s solution: "Nail pops are a problem across the country. The term comes from the nails that hold the drywall to the studs actually popping out through the face of the drywall. This is from either a house settling or the wood studs drying out over time, squeezing the nail out of the wood and pushing it through the drywall.

The fix for this isn’t terribly hard, but it’s tedious because there are up to 32 nails in a 4-foot by 8-foot sheet of drywall. My suggestion is to pound the nail through the drywall to the stud. Then, just above it, place a drywall screw to hold the drywall to the stud, and finish it off with a few coats of spackle or joint compound. Finally, seal and paint it.

Most home-improvement stores also sell nail pop kits that can make this job easier."

Problem: Squeaky Stairs

Lyday’s solution: "The most common problems that occur in a staircase are the treads (horizontal surface of the steps) coming loose, which causes squeaking. Also common are the spindles or balusters coming loose. If you can get underneath the staircase, fixing the treads is easy.

You will need to attach an L bracket from the underside of the tread to the stringer (the long piece of wood that connects the treads and runs diagonally up the wall). If you can’t get underneath the staircase, you’ll have to make the repair from above.

Squeaky stair kits are available that allow you to make this fix even through carpet. Otherwise, you can secure the tread to the stringer with a trim screw."

Adapted from The Homeowner’s Manual (Que Publishing, 2006), By Lynda Lyday, ISBN 0-7897-3451-6

To prevent homelessness among veterans, especially those returning from Iraq and Afghanistan, the Department of Housing and Urban Development and the Department of Veterans Affairs will jointly invest $15 million for housing assistance in five communities near military installations.

These installations will each receive $2 million: MacDill Air Force Base in Tampa; Camp Pendleton in San Diego; Fort Hood in Killeen, Texas; Fort Drum in Watertown, N.Y.; and Joint Base Lewis-McChord near Tacoma, Wash. In addition, VA medical centers in the following areas will each receive $1 million: Tampa, San Diego, Dallas, Syracuse, N.Y., and American Lake in Washington.

HUD will provide rental assistance, including security deposits, utility payments, and case management. The VA will offer healthcare.

Source: HUD and VA Offices of Public Affairs (07/22/2010)

The number of home owners in California entering foreclosure in the second quarter dropped to a three-year low, according to research firm MDA DataQuick.

Default notices, the first step in the foreclosure process, fell 43.8 percent in the second quarter compared to the same period last year.

Analysts say the decline is due to banks pushing loan-modification programs and short sales. Also, fewer homes are underwater thanks to a recovery in home prices, so a smaller number of home owners are walking away.

Ironically, regions of the state where homes are cheapest are most likely to see the highest number of default notices. According to DataQuick, neighborhoods with a median sales price of less than $300,000 experienced 10.6 default notices for every 1,000 homes, while neighborhoods with prices above $800,000 accounted for 2.9 notices for every 1,000 homes.

Source: Los Angeles Times, Alejandro Lazo (07/22/2010)