Mortgage Reform Unlikely in 2007

Homeowners unable to pay monthly mortgage bills and facing foreclosure shouldn't count on help from Washington this year.  Regulators and lawmakers seem to be taking a wait-and-see approach as they confront the fallout from several years of lenders making too many home loans to people with inadequate credit.

The foreclosure rate nationwide is rising at an annual rate double that of two years ago.  Nearly 2 million adjustable-rate mortgages are forecast to reset at higher rates over the next two years, suggesting the foreclosure rate has not peaked.

Federal lawmakers and regulators say they are balancing how to make sure high-risk borrowers can still get loans against efforts to rein in abusive lending practices.

We'll keep you posted here on anything new that might help if you're struggling with, or facing, possible foreclosure.

100 Years

The year is 1907.

One hundred years ago.

What a difference a century makes!

Here are some of the U.S. Statistics for the Year 1907:

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The average life expectancy in the U.S. was 47 years old.

Only 14 percent of the homes in the U.S. had a bathtub.

Only 8 percent of the homes had a telephone.

A three-minute call from Denver to New York City cost eleven dollars.

There were only 8,000 cars in the U.S., and only 144 miles of paved roads.

The maximum speed limit in most cities was 10 mph.

Alabama, Mississippi, Iowa, and Tennessee were each more heavily populated than California.

With a mere 1.4 million people, California was only the 21st most populous state in the Union.

The tallest structure in the world was the Eiffel Tower!

The average wage in the U.S. was 22 cents per hour.

The average U.S. Worker made between $200 and $400  per year.

A competent accountant could expect to earn $2000 per year, a dentist made $2,500 per year, a veterinarian $1,500 per year,  and a mechanical engineer about $5,000 per year.

More than 95 percent of all births in the U.S. Took place at HOME.

Ninety percent of all U.S. Doctors had NO COLLEGE EDUCATION!  Instead, they attended so-called medical schools, many of which were condemned in the press AND the government as "substandard."

Sugar cost four cents a pound.

Eggs were fourteen cents a dozen.

Coffee was fifteen cents a pound.

Most women only washed their hair once a month, and used Borax or egg yolks for shampoo.

Canada passed a law that prohibited poor people from entering into their country for any reason.

Five leading causes of death in the U.S. Were:
1. Pneumonia and influenza
2. Tuberculosis
3. Diarrhea
4. Heart disease
5. Stroke

The American flag had 45 stars - Arizona, Oklahoma, New Mexico, Hawaii, and Alaska hadn't been admitted to the Union yet.

The population of Las Vegas, Nevada, was only 30!!!!

Crossword puzzles, canned beer, and ice tea hadn't been invented yet.

There was no Mother's Day or Father's Day.

Two out of every 10 U.S. Adults couldn't read or write.

Only 6 percent of all Americans had graduated from high school.

Marijuana, heroin, and morphine were all available over the counter at the local corner drugstores.  Back then pharmacists said, "Heroin clears the complexion, gives buoyancy to the mind, regulates the stomach and bowels, and is, in fact, a perfect guardian of health." 

There were about 230 reported Murders in the ENTIRE  U.S.A.!!!

Just Try to imagine…..

What it may be like …. 

In another 100 years !!!!!!!

IT STAGGERS THE MIND!!

Making Room for Parents

The emotional and financial advantages of opening your home to a parent can be great. You won't have to stress about whether they are taking proper care of themselves - you'll be able to see for yourself and help as needed. And if your mom or dad becomes frail or chronically ill, neither one of you will have to pay the $30,000 or so a year that the average assisted-living facility costs.

The preparation steps range from minor remodeling projects (such as installing handrails or brighter lighting) to major renovations (like building a separate apartment), with costs from a few hundred dollars to much more than a hundred thousand.

If done right, these changes can even help, or at least not harm, your home's value. And there's a bonus: You'll end up with a space that not only is comfortable for your mom or dad now but may also make it possible for you to continue living independently in your home as you age.

First, figure out what you'll need.  Then, decide how you'll pay for the renovation.  If the renovation costs seem shocking, bear in mind that there may be resources available to help you pay.  You may be able to use the proceeds from the sale of your parents' current home to finance a remodel.  Whatever you do, don't use the funds from your retirement stash.  Take care of your own finances first, so your kids won't be picking up the tab for you someday.

Put a premium on safety. Falls are the No. 1 cause of injury among the elderly, and most of them occur in the bathroom.  The best solution is to spend $50 to $300 to install grab bars in the bath and shower.  Check that the label says they meet the Americans with Disabilities Act guidelines for safety.

Use adhesive safety strips on the bottom of the tub or shower floor instead of plastic mats, which can slide easily, and use nylon mats with nonskid backing on the floors.

Poorly lit hallways are another danger area, so spend $250 to have an electrician install a light at each end of any hallway that runs 15 feet or more. You'll also want to get rid of throw rugs and replace plush wall-to-wall carpeting, which can become a tripping hazard, with flat and tightly woven material.

Eliminate entryway barriers.  At the very least, you'll need to get rid of steps and curbs that can be especially troublesome in winter weather.  You'll pay $1,500 each to make doorways wide enough to fit a wheelchair or walker.  Look into installing doors with swing-clear hinges, which cost about $75 and can add an extra inch or two of space.

Consider the comfort factor.  Under-the-cabinet kitchen lighting is a godsend for aging eyes.  Custom jobs can run in the hundreds, but stick-on lamps that plug into an outlet sell for as little as $50.

You can install lever door handles, which are easier for arthritis-riddled hands to use than traditional doorknobs, for about $20 to $30 each.  In the end, knowing your parent is safe under your roof can be worth the extra cost and aggravation of revamping your home.

Landscape Tips for Home Sellers

If prospective buyers looked at your house today, what would they see outside?   By spending $500 to $3,000 on plants and materials and a few hours of time, you can achieve a well-landscaped look without shelling out for professional help.  Besides the personal enjoyment you'll get from a prettier yard, landscaping adds more value than almost any other home renovation.

Edge the beds Cutting fresh edges where grass meets mulch makes the lawn look well kept.  Also, if your foundation plants are overgrown, widening the beds by two feet will make the shrubs seem smaller.

For truly lush turf, ideally you should start regular fertilizer treatments a year before listing the house. But you can green up the lawn with just a single application.  Expect each monthly application to cost about $20 (for straight fertilizer) to $30 (with weed killer).

For about $1 a plant, you can blanket your yard with petunias, impatiens and other small annuals that will flower throughout the current growing season.  Also invest a few hundred dollars in some larger perennials and in shrubs that stand at least four feet high.

A distinctive yard will make your home more appealing to buyers, so replace plants that don't flower, or provide interesting foliage with eye-catching alternatives, like a patch of blackeyed Susans, a flowering crabapple or a cutleaf Japanese maple.

If you're planning to stay put, you don't need to spend hundreds of dollars for big plants. You'll save 50 percent or more by buying small ones and waiting a few seasons to get the full visual impact (when planting, make sure to space them based on the mature size listed on the label, not how they look now).

Just a few hours and a little planning, and your home can be transformed into an eye-catcher, rather than an eye-sore.

House Hunting Strategies

There are many factors to consider when looking to purchase a home - from what neighborhood to which floor plan and much more.  Let's review 4 things you should keep in mind when looking for a home.

1. Location, location, location.

A house needs to be near what's important to you and your lifestyle. How important is it to you that your home is close to your office? Is it more important to you that you're close to a good medical center or a convenient grocery store?

2. The house.

Does the floor plan meet your needs? Does it have enough room for your family to grow if future growth is in your plans? Think of buying for the long term and consider whether the house meets your needs, not just now, but any future needs you can anticipate. And don't discount your gut feeling. If this home doesn't feel like home to you, then move on.

3. Affordability. 

Getting pre-qualified for a mortgage before you begin visiting homes is the best way to know what you can afford.  Often people fall into the trap of looking first, and falling in love with a home that's well out of their price range.  Only look in whatever price range you can pre-qualify for.

4. Resale. 

As much as you like the idea of seeing you and your family growing old and gray in your new home, chances are you won't.  Most people don't live in their house even for the full term of their mortgage.  When home shopping, keep in mind that at some point you will probably want to put your home on the market, so don't compromise.  If you decide a house has some aspect that you can overlook, you need to be aware that someone else may not feel the same way.  When home shopping, choose a house that is not only appealing to you, but is also likely going to appeal to others down the road.