Distracted Driving the Top Reason Drivers Feel Unsafe on the Road
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RISMEDIA, July 29, 2009-Thirty-five percent of drivers said they feel less safe than they did five years ago, according to the second-annual 2009 Traffic Safety Culture Index released by the AAA Foundation for Traffic Safety. Overall, the majority of American motorists report that they feel no safer now than they did five years ago.
In an effort to spark the dialogue about improving our safety culture and working toward the goal of zero deaths on our nation’s highways, the AAA Foundation launched its second-annual survey of the driving public on a wide variety of issues.
“Over the past twenty-five years, motor vehicle crashes have, prematurely, violently and tragically ended the lives of one million Americans- killing more of our children, teens and young adults than any other single cause,” said AAA Foundation president and CEO Peter Kissinger. “That’s one death every 13 minutes.”
Distracted driving was top-of-mind for motorists, with 80% of motorists rating distracted driving as a very serious threat to their safety. Even those who admitted to distracted driving acknowledged they were putting themselves in danger. For example, more than half of those who admitted to reading or sending text messages or e-mails while driving indicated they were much more likely to have an accident.
“As mobile technology evolves at a breakneck pace, more and more people rightly fear that distracted driving- phone calls, e-mails and texting- is a growing threat on the highways. The 2009 Traffic Safety Culture Index shows that people today fear distracted drivers almost as much as drunk drivers,” said Kissinger.
Following are highlights from the 2009 Traffic Safety Culture Index:
-90% of respondents said people driving after drinking alcohol was a very serious threat to their safety; 87% said the same about text messaging or e-mailing while driving
-80% of motorists rated distracted driving as a very serious threat to their safety, yet many admitted performing distracted behaviors like talking on the cell phone or texting or e-mailing while driving within the last month
-Over two-thirds admitted to talking on a cell phone and 21% admitted to reading or sending a text message or e-mail while driving in the past month
-Nearly 90% said that texting or e-mailing while driving was a very serious threat to safety, yet 18% of those same people admitted texting in the past month
-58% said that talking on a cell phone while driving was a very serious threat to their safety, yet 55% of those same people self-reported talking on cell phones while driving in the past month
-Nine out of 10 people considered running a red light unacceptable, yet 26% of those same people admitted to running a red light
-Nine out of 10 people considered tailgating unacceptable, yet 24% of those same people admitted to tailgating in the past 30 days
-63% considered speeding 15 mph or more on the highway unacceptable, yet 28% of those same people admitted doing so in the past month. Fully 95% of people rated speeding 15 mph or more over the speed limit on residential streets unacceptable, yet 21% of those same people admitted doing so in the past month.
A previous AAA Foundation survey found two out of three drivers mistakenly believe using a hands-free cell phone is safer than talking on a hand-held device. In this survey, the use of a hands-free cell phone was the only behavior that more than half of all drivers rated as acceptable, yet numerous other studies have shown it is equally as dangerous as talking on a hand-held phone- both quadruple your risk of being in a crash.
“There are many motorists who would never consider drinking and driving, yet they think it’s somehow okay to text or e-mail while driving. We need to stigmatize distracted driving to the same degree as drunk driving in our culture, because both behaviors are deadly,” said Kissinger. “This survey shines the light on drivers behaving badly; it also raises some dangerous public misconceptions. We’d like to end the belief that ‘it’s the other guy’s problem’ and end the false sense of security that ‘if I chat on a hands-free cell phone I’m somehow safer.’”
For more information, visit www.AAAFoundation.org.
Read more: http://rismedia.com/2009-07-28/distracted-driving-the-top-reason-drivers-feel-unsafe-on-the-road/#ixzz0MgWDftIf
Print Article
RISMEDIA, July 29, 2009-Thirty-five percent of drivers said they feel less safe than they did five years ago, according to the second-annual 2009 Traffic Safety Culture Index released by the AAA Foundation for Traffic Safety. Overall, the majority of American motorists report that they feel no safer now than they did five years ago.
In an effort to spark the dialogue about improving our safety culture and working toward the goal of zero deaths on our nation’s highways, the AAA Foundation launched its second-annual survey of the driving public on a wide variety of issues.
“Over the past twenty-five years, motor vehicle crashes have, prematurely, violently and tragically ended the lives of one million Americans- killing more of our children, teens and young adults than any other single cause,” said AAA Foundation president and CEO Peter Kissinger. “That’s one death every 13 minutes.”
Distracted driving was top-of-mind for motorists, with 80% of motorists rating distracted driving as a very serious threat to their safety. Even those who admitted to distracted driving acknowledged they were putting themselves in danger. For example, more than half of those who admitted to reading or sending text messages or e-mails while driving indicated they were much more likely to have an accident.
“As mobile technology evolves at a breakneck pace, more and more people rightly fear that distracted driving- phone calls, e-mails and texting- is a growing threat on the highways. The 2009 Traffic Safety Culture Index shows that people today fear distracted drivers almost as much as drunk drivers,” said Kissinger.
Following are highlights from the 2009 Traffic Safety Culture Index:
-90% of respondents said people driving after drinking alcohol was a very serious threat to their safety; 87% said the same about text messaging or e-mailing while driving
-80% of motorists rated distracted driving as a very serious threat to their safety, yet many admitted performing distracted behaviors like talking on the cell phone or texting or e-mailing while driving within the last month
-Over two-thirds admitted to talking on a cell phone and 21% admitted to reading or sending a text message or e-mail while driving in the past month
-Nearly 90% said that texting or e-mailing while driving was a very serious threat to safety, yet 18% of those same people admitted texting in the past month
-58% said that talking on a cell phone while driving was a very serious threat to their safety, yet 55% of those same people self-reported talking on cell phones while driving in the past month
-Nine out of 10 people considered running a red light unacceptable, yet 26% of those same people admitted to running a red light
-Nine out of 10 people considered tailgating unacceptable, yet 24% of those same people admitted to tailgating in the past 30 days
-63% considered speeding 15 mph or more on the highway unacceptable, yet 28% of those same people admitted doing so in the past month. Fully 95% of people rated speeding 15 mph or more over the speed limit on residential streets unacceptable, yet 21% of those same people admitted doing so in the past month.
A previous AAA Foundation survey found two out of three drivers mistakenly believe using a hands-free cell phone is safer than talking on a hand-held device. In this survey, the use of a hands-free cell phone was the only behavior that more than half of all drivers rated as acceptable, yet numerous other studies have shown it is equally as dangerous as talking on a hand-held phone- both quadruple your risk of being in a crash.
“There are many motorists who would never consider drinking and driving, yet they think it’s somehow okay to text or e-mail while driving. We need to stigmatize distracted driving to the same degree as drunk driving in our culture, because both behaviors are deadly,” said Kissinger. “This survey shines the light on drivers behaving badly; it also raises some dangerous public misconceptions. We’d like to end the belief that ‘it’s the other guy’s problem’ and end the false sense of security that ‘if I chat on a hands-free cell phone I’m somehow safer.’”
For more information, visit www.AAAFoundation.org.
Read more: http://rismedia.com/2009-07-28/distracted-driving-the-top-reason-drivers-feel-unsafe-on-the-road/#ixzz0MgWDftIf
Trending Upward? U.S. Home Prices Improve for Fourth Consecutive Month
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RISMEDIA, July 29, 2009-Data through May 2009, released by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, one of the leading measures of U.S. home prices, show that, although still negative, the annual rate of decline of the 10-City and 20-City Composites improved for the fourth consecutive month in 2009.
The 10-City and 20-City Composites declined 16.8% and 17.1%, respectively, in May compared to the same month last year. These values are improvements over April’s data, which show annual declines of 18.0% and 18.1%, respectively. After 16 consecutive months of record annual declines, beginning in October 2007 and ending in January 2009, the indices have now shown four consecutive months of improvement in annual returns.
“The pace of descent in home price values appears to be slowing,” says David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “There is a clear inflection point in the year-over-year data, due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005. In addition to the 10-City and 20-City Composites, 17 of the 20 metro areas also saw improvement in their annual returns compared to those of April. Looking at the monthly data, 13 of the 20 metro areas reported positive returns; and the 10-City and 20-City Composites reported positive returns for the first time since the summer of 2006. To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing.”
“While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation,” Blitzer added.
As of May 2009, average home prices across the United States are at similar levels to where they were in the middle of 2003, indicating that the three years of appreciation that occurred from 2003-2006 were all given back in the following three years. From the peak in the second quarter of 2006, the 10-City Composite is down 33.3% and the 20-City Composite is down 32.3%.
In terms of annual declines, the numbers remain relatively somber with all metro areas and the two composites in negative territory, and 16 out of the 20 metro areas are reporting double digit declines. Las Vegas, Los Angeles, Miami, Phoenix, Seattle and Tampa posted their lowest index levels in May since their respective peaks. From peak to trough Phoenix and Las Vegas are the worst off, down 54.5% and 53.4%, respectively. More upbeat news is seen in the monthly data; Dallas and Denver have reported three consecutive months of positive returns. Atlanta, Boston, Cleveland, San Francisco and Washington D.C. each reported two consecutive months of positive returns. Eight of the 13 MSAs reporting positive monthly returns for May were greater than +1.0%.
For more information, visit www.standardandpoors.com.
Read more: http://rismedia.com/2009-07-28/trending-upward-us-home-prices-improve-for-fourth-consecutive-month/#ixzz0MgV0qIMo
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RISMEDIA, July 29, 2009-Data through May 2009, released by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, one of the leading measures of U.S. home prices, show that, although still negative, the annual rate of decline of the 10-City and 20-City Composites improved for the fourth consecutive month in 2009.
The 10-City and 20-City Composites declined 16.8% and 17.1%, respectively, in May compared to the same month last year. These values are improvements over April’s data, which show annual declines of 18.0% and 18.1%, respectively. After 16 consecutive months of record annual declines, beginning in October 2007 and ending in January 2009, the indices have now shown four consecutive months of improvement in annual returns.
“The pace of descent in home price values appears to be slowing,” says David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “There is a clear inflection point in the year-over-year data, due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005. In addition to the 10-City and 20-City Composites, 17 of the 20 metro areas also saw improvement in their annual returns compared to those of April. Looking at the monthly data, 13 of the 20 metro areas reported positive returns; and the 10-City and 20-City Composites reported positive returns for the first time since the summer of 2006. To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing.”
“While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation,” Blitzer added.
As of May 2009, average home prices across the United States are at similar levels to where they were in the middle of 2003, indicating that the three years of appreciation that occurred from 2003-2006 were all given back in the following three years. From the peak in the second quarter of 2006, the 10-City Composite is down 33.3% and the 20-City Composite is down 32.3%.
In terms of annual declines, the numbers remain relatively somber with all metro areas and the two composites in negative territory, and 16 out of the 20 metro areas are reporting double digit declines. Las Vegas, Los Angeles, Miami, Phoenix, Seattle and Tampa posted their lowest index levels in May since their respective peaks. From peak to trough Phoenix and Las Vegas are the worst off, down 54.5% and 53.4%, respectively. More upbeat news is seen in the monthly data; Dallas and Denver have reported three consecutive months of positive returns. Atlanta, Boston, Cleveland, San Francisco and Washington D.C. each reported two consecutive months of positive returns. Eight of the 13 MSAs reporting positive monthly returns for May were greater than +1.0%.
For more information, visit www.standardandpoors.com.
Read more: http://rismedia.com/2009-07-28/trending-upward-us-home-prices-improve-for-fourth-consecutive-month/#ixzz0MgV0qIMo
First-Time Homebuyers Have Unique Advantage in Mortgage Market
By George W. Mantor Print Article
RISMEDIA, July 28, 2009-(MCT)-First-time homebuyers and those thinking about refinancing are in a great place.
Mortgage rates just fell for the third straight week, according to mortgage finance firm Freddie Mac.
“The credit markets are still tight, but they have loosened up significantly from 90 days ago,” said Scott Norman, vice president of the Texas Mortgage Bankers Association.
So is this a good time to enter a mortgage transaction? It might be, if you can qualify. “The two biggest issues are going to be credit and down payment,” Norman said. “Those are really going to trigger your ability to get a mortgage in a decent amount of time.”
Here’s what you’re up against in specific mortgage situations and what you can do to increase your chances of getting a deal done.
If you’re buying a home
Get ready for paperwork. Have your bank statements, W-2 wage and tax statement and pay stubs organized.
“Overdocumentation is the name of the game right now,” said Linda Davidson, senior loan officer at Service First Mortgage in Garland, Texas.
Having all the documents upfront will speed the application process.
Check your credit score. The most widely used score is the FICO, which ranges from 300 to 850. Your score, based on information in your credit report, helps lenders predict how likely you are to make your payments on time. The higher the number, the better the chance you’ll be approved for a loan at a low interest rate. “Clean up your credit score,” Norman said. Catch up on any late payments and pay off or pay down your debt.
First-time buyers have a sweetener in the form of an $8,000 credit on federal income taxes for homes purchased before Dec. 1.
It’s critical that you have a down payment because lenders want to see that you have skin in the game. Mortgages insured by the Federal Housing Administration require a 3.5% down payment, which can come from a family member, employer or charitable organization as a gift. For a non-FHA-insured loan, lenders are requiring a 10% down payment, said real estate agent Brenda Rogers of Coldwell Banker Apex, Realtors in Plano, Texas.
If you’re refinancing
“Have plenty of equity,” Rogers said. Equity represents the ownership value you’ve accumulated over time by making payments, and lenders want you to have a financial stake in the refinancing. “The lender doesn’t want to lend 100 percent of the value of the property,” said Norman, of the Texas Mortgage Bankers Association.
Another reason to build equity is that you don’t want to owe more on your home than it’s worth, a situation some homeowners face today.
Also, consider how long you plan to remain in your home, because you need to stay long enough to recoup closing costs associated with refinancing. Those costs typically will total $3,000 to $5,000, said Davidson, of Service First Mortgage. “If you’re going to move out of your home in five years or less, then typically it’s not going to be worth your doing,” she said. “If you plan on staying longer than that, then we need to look at the costs vs. the monthly savings to see how long it will take to recoup that cost.”
Sometimes things outside your control can affect your attempt to refinance.
Rachel Kelley of Plano said she’s been trying to refinance with Bank of America, which last year acquired her original lender, Countrywide Financial Corp. Kelley, a medical writer, ran into financial trouble after her work was cut to part time. “I cannot afford my house payment anymore,” she said. She said her repeated attempts to get more information from Bank of America on how to refinance her home through the Obama administration’s Making Home Affordable refinancing program have been unsuccessful. “I spoke to several people, trying to get information about the program and what I needed to do to refinance,” Kelley said. “It is very likely I will be behind on my payments in the near future due to their inability to get me the proper information on time in order to refinance.”
Loan modifications
A loan modification is when a lender changes the terms of your loan so you can afford your payments.
That can be done by lengthening the term of your loan, lowering your interest rate or allowing you to skip payments and adding those to the end of your loan.
The Obama administration is prodding mortgage-servicing companies to bolster their efforts to modify troubled loans. The servicer is the company that collects and processes your mortgage payment. It may or may not be your original lender.
If you’re having trouble making your payment, contact your servicer immediately and ask about a loan modification.
(c) 2009, The Dallas Morning News.
Distributed by McClatchy-Tribune Information Services.
Read more: http://rismedia.com/2009-07-27/first-time-homebuyers-have-unique-advantage-in-mortgage-market/#ixzz0MYWJjDPX
By George W. Mantor Print Article
RISMEDIA, July 28, 2009-(MCT)-First-time homebuyers and those thinking about refinancing are in a great place.
Mortgage rates just fell for the third straight week, according to mortgage finance firm Freddie Mac.
“The credit markets are still tight, but they have loosened up significantly from 90 days ago,” said Scott Norman, vice president of the Texas Mortgage Bankers Association.
So is this a good time to enter a mortgage transaction? It might be, if you can qualify. “The two biggest issues are going to be credit and down payment,” Norman said. “Those are really going to trigger your ability to get a mortgage in a decent amount of time.”
Here’s what you’re up against in specific mortgage situations and what you can do to increase your chances of getting a deal done.
If you’re buying a home
Get ready for paperwork. Have your bank statements, W-2 wage and tax statement and pay stubs organized.
“Overdocumentation is the name of the game right now,” said Linda Davidson, senior loan officer at Service First Mortgage in Garland, Texas.
Having all the documents upfront will speed the application process.
Check your credit score. The most widely used score is the FICO, which ranges from 300 to 850. Your score, based on information in your credit report, helps lenders predict how likely you are to make your payments on time. The higher the number, the better the chance you’ll be approved for a loan at a low interest rate. “Clean up your credit score,” Norman said. Catch up on any late payments and pay off or pay down your debt.
First-time buyers have a sweetener in the form of an $8,000 credit on federal income taxes for homes purchased before Dec. 1.
It’s critical that you have a down payment because lenders want to see that you have skin in the game. Mortgages insured by the Federal Housing Administration require a 3.5% down payment, which can come from a family member, employer or charitable organization as a gift. For a non-FHA-insured loan, lenders are requiring a 10% down payment, said real estate agent Brenda Rogers of Coldwell Banker Apex, Realtors in Plano, Texas.
If you’re refinancing
“Have plenty of equity,” Rogers said. Equity represents the ownership value you’ve accumulated over time by making payments, and lenders want you to have a financial stake in the refinancing. “The lender doesn’t want to lend 100 percent of the value of the property,” said Norman, of the Texas Mortgage Bankers Association.
Another reason to build equity is that you don’t want to owe more on your home than it’s worth, a situation some homeowners face today.
Also, consider how long you plan to remain in your home, because you need to stay long enough to recoup closing costs associated with refinancing. Those costs typically will total $3,000 to $5,000, said Davidson, of Service First Mortgage. “If you’re going to move out of your home in five years or less, then typically it’s not going to be worth your doing,” she said. “If you plan on staying longer than that, then we need to look at the costs vs. the monthly savings to see how long it will take to recoup that cost.”
Sometimes things outside your control can affect your attempt to refinance.
Rachel Kelley of Plano said she’s been trying to refinance with Bank of America, which last year acquired her original lender, Countrywide Financial Corp. Kelley, a medical writer, ran into financial trouble after her work was cut to part time. “I cannot afford my house payment anymore,” she said. She said her repeated attempts to get more information from Bank of America on how to refinance her home through the Obama administration’s Making Home Affordable refinancing program have been unsuccessful. “I spoke to several people, trying to get information about the program and what I needed to do to refinance,” Kelley said. “It is very likely I will be behind on my payments in the near future due to their inability to get me the proper information on time in order to refinance.”
Loan modifications
A loan modification is when a lender changes the terms of your loan so you can afford your payments.
That can be done by lengthening the term of your loan, lowering your interest rate or allowing you to skip payments and adding those to the end of your loan.
The Obama administration is prodding mortgage-servicing companies to bolster their efforts to modify troubled loans. The servicer is the company that collects and processes your mortgage payment. It may or may not be your original lender.
If you’re having trouble making your payment, contact your servicer immediately and ask about a loan modification.
(c) 2009, The Dallas Morning News.
Distributed by McClatchy-Tribune Information Services.
Read more: http://rismedia.com/2009-07-27/first-time-homebuyers-have-unique-advantage-in-mortgage-market/#ixzz0MYWJjDPX
Smart Money Tips for This Year’s Summer Vacations
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RISMEDIA, June 15, 2009-While recent polls show fewer Americans plan to vacation this summer, those who do are more likely to come back relaxed and rejuvenated if they make simple financial preparations in advance, says the American Financial Services Association Education Foundation (AFSAEF).
“It all starts with choosing a vacation that’s affordable,” said Susie Irvine, president and CEO of AFSAEF. “Depending upon your current situation, this could mean a “stay-cation,” a long weekend getaway or several day trips to local places of interest.”
In addition, the foundation offers these recommendations:
Set a budget - and stick to it - so you don’t come home to bills you’re unable to pay.
Pay any pending bills or schedule online payments. That way, you won’t think about them while you’re lying by the pool - plus you will avoid late payment fees.
Limit the credit cards that you carry to only those you plan to use. The fewer cards you bring, the fewer you have to keep track of.
Check the spending limits on your credit cards, as they may have changed recently.
Notify credit card issuers of your travel plans - particularly if you’ll be traveling abroad or through multiple states - to avoid your purchases being flagged or declined.
Avoid carrying large sums of cash to reduce the worry of theft. Don’t let financial statements pile up in your mailbox while you’re away. To deter identity thieves, stop delivery of your mail or ask someone you trust to collect it for you.
“With a little planning, it’s still possible to have an enjoyable summer break that doesn’t create additional financial stress,” said Irvine.
http://rismedia.com/2009-06-14/smart-money-tips-for-this-years-summer-vacations/#ixzz0IUzyBLQ9&D
Print Article
RISMEDIA, June 15, 2009-While recent polls show fewer Americans plan to vacation this summer, those who do are more likely to come back relaxed and rejuvenated if they make simple financial preparations in advance, says the American Financial Services Association Education Foundation (AFSAEF).
“It all starts with choosing a vacation that’s affordable,” said Susie Irvine, president and CEO of AFSAEF. “Depending upon your current situation, this could mean a “stay-cation,” a long weekend getaway or several day trips to local places of interest.”
In addition, the foundation offers these recommendations:
Set a budget - and stick to it - so you don’t come home to bills you’re unable to pay.
Pay any pending bills or schedule online payments. That way, you won’t think about them while you’re lying by the pool - plus you will avoid late payment fees.
Limit the credit cards that you carry to only those you plan to use. The fewer cards you bring, the fewer you have to keep track of.
Check the spending limits on your credit cards, as they may have changed recently.
Notify credit card issuers of your travel plans - particularly if you’ll be traveling abroad or through multiple states - to avoid your purchases being flagged or declined.
Avoid carrying large sums of cash to reduce the worry of theft. Don’t let financial statements pile up in your mailbox while you’re away. To deter identity thieves, stop delivery of your mail or ask someone you trust to collect it for you.
“With a little planning, it’s still possible to have an enjoyable summer break that doesn’t create additional financial stress,” said Irvine.
http://rismedia.com/2009-06-14/smart-money-tips-for-this-years-summer-vacations/#ixzz0IUzyBLQ9&D
The Perfect Summer Party: How to Make the Most of Your Outdoor Get-together
By Susan M. Selasky Print Article
RISMEDIA, June 13, 2009-(MCT)-Get out your biggest serving bowls. Stock up on sturdy plastic dinner plates and serving trays.
If you are doing the summer outdoor party scene this year, taking a “staycation” is all the buzz as more people stay home to save money.
Whether you’re planning a graduation party, holiday cookout, block party or a party just because you’re glad it’s summer, you’ll need a plan.
We’ve got the goods on making yummy, cost- and time-efficient foods that will impress your guests, plus the recipes to get you started.
According to Mary Rembelski of Canape Cart Catering in Ferndale, Michigan, the current party trend is to keep portions and presentation on the small side.
“We do a lot of sliders, as they are still popular with parties,” she says. “Any big burger you can make small and put on a small bun.”
Rembelski thinks outside the bun and offers sliders with beef and caramelized onions, tuna burgers with wasabi glaze, and a vegetarian option with mushrooms.
Ethnic cuisine also is popular, Rembelski says, and Asian food is especially popular for graduation parties.
“Kids are into sushi or sesame noodles, ” says Rembelski. “And it’s also anything you can pick up and move with.”
So, let’s party on.
Party Recommendations:
Here are ideas from the Free Press Test Kitchen and Canape Cart Catering’s Mary Rembelski.
The plan:
- Decide whether the party will be indoors or outdoors. Have a rain plan in mind if you don’t want the expense of a tent.
- Determine the number of guests and age groups. Count how many teenagers are coming because they can be big eaters. How many children?
- Set up the food inside and the seating outside. This helps with bugs.
- Be adventuresome and use your good china outside.
- Use cloth napkins if you have them; they won’t blow away if it’s windy.
- Canape Cart uses biodegradable cutlery and plates from Michigan Green Safe Products in Detroit. The flatware is made from potatoes, the plastic cups from corn and the plates from sugar cane, all renewable sources.
The dish:
- If you’re serving sliders, allow two per person, maybe three if you’re going to have a lot of teenagers.
- For chicken as a main dish, allow two pieces per person. For appetizers and chicken or meat side dishes, figure three or four bites per serving.
- Serve whatever dinner rolls or mini rolls you like.
- Instead of beef tenderloin, which can be pricey, Rembelski uses flat iron steak. It’s simple, inexpensive and easy to grill.
- Serve shots of gazpacho in sake cups.
© 2009, Detroit Free Press.
Distributed by McClatchy-Tribune Information Services.
http://rismedia.com/2009-06-13/the-perfect-summer-party-how-to-make-the-most-of-your-outdoor-get-together/#ixzz0IJRci0OY&D
By Susan M. Selasky Print Article
RISMEDIA, June 13, 2009-(MCT)-Get out your biggest serving bowls. Stock up on sturdy plastic dinner plates and serving trays.
If you are doing the summer outdoor party scene this year, taking a “staycation” is all the buzz as more people stay home to save money.
Whether you’re planning a graduation party, holiday cookout, block party or a party just because you’re glad it’s summer, you’ll need a plan.
We’ve got the goods on making yummy, cost- and time-efficient foods that will impress your guests, plus the recipes to get you started.
According to Mary Rembelski of Canape Cart Catering in Ferndale, Michigan, the current party trend is to keep portions and presentation on the small side.
“We do a lot of sliders, as they are still popular with parties,” she says. “Any big burger you can make small and put on a small bun.”
Rembelski thinks outside the bun and offers sliders with beef and caramelized onions, tuna burgers with wasabi glaze, and a vegetarian option with mushrooms.
Ethnic cuisine also is popular, Rembelski says, and Asian food is especially popular for graduation parties.
“Kids are into sushi or sesame noodles, ” says Rembelski. “And it’s also anything you can pick up and move with.”
So, let’s party on.
Party Recommendations:
Here are ideas from the Free Press Test Kitchen and Canape Cart Catering’s Mary Rembelski.
The plan:
- Decide whether the party will be indoors or outdoors. Have a rain plan in mind if you don’t want the expense of a tent.
- Determine the number of guests and age groups. Count how many teenagers are coming because they can be big eaters. How many children?
- Set up the food inside and the seating outside. This helps with bugs.
- Be adventuresome and use your good china outside.
- Use cloth napkins if you have them; they won’t blow away if it’s windy.
- Canape Cart uses biodegradable cutlery and plates from Michigan Green Safe Products in Detroit. The flatware is made from potatoes, the plastic cups from corn and the plates from sugar cane, all renewable sources.
The dish:
- If you’re serving sliders, allow two per person, maybe three if you’re going to have a lot of teenagers.
- For chicken as a main dish, allow two pieces per person. For appetizers and chicken or meat side dishes, figure three or four bites per serving.
- Serve whatever dinner rolls or mini rolls you like.
- Instead of beef tenderloin, which can be pricey, Rembelski uses flat iron steak. It’s simple, inexpensive and easy to grill.
- Serve shots of gazpacho in sake cups.
© 2009, Detroit Free Press.
Distributed by McClatchy-Tribune Information Services.
http://rismedia.com/2009-06-13/the-perfect-summer-party-how-to-make-the-most-of-your-outdoor-get-together/#ixzz0IJRci0OY&D
My Credit Score Dropped 87 Points Because of Me
Market Issues by Jeff Mandel and Marlin Brandt Print Article
RISMEDIA, June 10, 2009-Everyone has become more concerned about their credit scores these days, especially when a better score can result in lower credit interest rates and payments saving thousands of dollars from interest. With this in mind, many consumers are paying more attention to their credit and, unfortunately, in the process of trying to make it better, they are harming their credit score.
Take a recent client we will call “Rachel.” Rachel was reviewing her credit and decided to close her eight-year-old VISA credit card with a credit line of $18,000. She didn’t use the card but once or twice a month and had two other major bank cards that provided “rewards points.” So to keep her credit record “clean” she decided to cancel the card. The next month she found out that this one decision cost her 87 points on her credit score, dropping it from 752 to 665.
This story happens way too often and is typical for how most people manage their credit by trial and error. Over a lifetime, many people eventually build up some decent credit, however, that same level of credit could have been achieved so much earlier in life with guidance and help.
A consumer credit score is made up of five key components:
- Payment History - 35% Types of accounts (credit card, mortgage, etc.), accounts paid as agreed, number of past due accounts, etc.
- Amounts Owed - 30% Balances of current loans, debt-to-credit ratio, proportion of installments still owed, etc.
- Length of Credit History - 15% Time since accounts opened, last activity, etc.
- New Credit - 10% Recent inquiries, new accounts, etc.
- Types of Credit Used - 10% Mortgages, credit, retail, etc.
In Rachel’s case, the major bank credit card she canceled was paid on time every month for eight years. She didn’t use credit a lot, and this particular credit card represented the best contribution to the amounts owed and length of credit history category. Although Rachel had two other major bank credit cards that offered rewards points, they were only months old and had only been used intermittently, giving them much less value on her credit score. Next to her mortgage loan, the eight-year-old VISA credit card was her strongest piece of credit. Consequently, the other newer cards also had higher interest rates and yearly fees than her VISA card.
Contrary to popular belief, credit scores do not penalize you for having too much available credit. With this in mind, it’s better to preserve your credit score with 15 years of established credit history and old accounts in good standing than to have fewer and newer open accounts. Major bank credit cards have more impact on your credit than, say, a department store card.
Closing a credit card can greatly affect your credit scores; however, sometimes you may have no choice. Credit cards that are unused or rarely used can have their credit line reduced or may even be closed without your approval by the credit card company. This can affect your credit score just as much as canceling the card yourself.
Jeff Mandel is president and Marlin Brandt is COO of ApprovalGUARD.
For more information, please visit www.ApprovalGUARD.com.
Read more: http://rismedia.com/2009-06-09/my-credit-score-dropped-87-points-because-of-me/#ixzz0I1kqEdN7&C
Market Issues by Jeff Mandel and Marlin Brandt Print Article
RISMEDIA, June 10, 2009-Everyone has become more concerned about their credit scores these days, especially when a better score can result in lower credit interest rates and payments saving thousands of dollars from interest. With this in mind, many consumers are paying more attention to their credit and, unfortunately, in the process of trying to make it better, they are harming their credit score.
Take a recent client we will call “Rachel.” Rachel was reviewing her credit and decided to close her eight-year-old VISA credit card with a credit line of $18,000. She didn’t use the card but once or twice a month and had two other major bank cards that provided “rewards points.” So to keep her credit record “clean” she decided to cancel the card. The next month she found out that this one decision cost her 87 points on her credit score, dropping it from 752 to 665.
This story happens way too often and is typical for how most people manage their credit by trial and error. Over a lifetime, many people eventually build up some decent credit, however, that same level of credit could have been achieved so much earlier in life with guidance and help.
A consumer credit score is made up of five key components:
- Payment History - 35% Types of accounts (credit card, mortgage, etc.), accounts paid as agreed, number of past due accounts, etc.
- Amounts Owed - 30% Balances of current loans, debt-to-credit ratio, proportion of installments still owed, etc.
- Length of Credit History - 15% Time since accounts opened, last activity, etc.
- New Credit - 10% Recent inquiries, new accounts, etc.
- Types of Credit Used - 10% Mortgages, credit, retail, etc.
In Rachel’s case, the major bank credit card she canceled was paid on time every month for eight years. She didn’t use credit a lot, and this particular credit card represented the best contribution to the amounts owed and length of credit history category. Although Rachel had two other major bank credit cards that offered rewards points, they were only months old and had only been used intermittently, giving them much less value on her credit score. Next to her mortgage loan, the eight-year-old VISA credit card was her strongest piece of credit. Consequently, the other newer cards also had higher interest rates and yearly fees than her VISA card.
Contrary to popular belief, credit scores do not penalize you for having too much available credit. With this in mind, it’s better to preserve your credit score with 15 years of established credit history and old accounts in good standing than to have fewer and newer open accounts. Major bank credit cards have more impact on your credit than, say, a department store card.
Closing a credit card can greatly affect your credit scores; however, sometimes you may have no choice. Credit cards that are unused or rarely used can have their credit line reduced or may even be closed without your approval by the credit card company. This can affect your credit score just as much as canceling the card yourself.
Jeff Mandel is president and Marlin Brandt is COO of ApprovalGUARD.
For more information, please visit www.ApprovalGUARD.com.
Read more: http://rismedia.com/2009-06-09/my-credit-score-dropped-87-points-because-of-me/#ixzz0I1kqEdN7&C
Slightly More Americans Saying They Will Eat Out and Spend on Entertainment
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RISMEDIA, June 8, 2009-While majorities are still inclined to decrease spending on eating out and entertainment, the numbers are better than they had been two months ago. In March, three-quarters of Americans said they were decreasing spending on eating out (74%) and entertainment (74%). Now, two-thirds say they are reducing eating out at restaurants (66%) and 64% say they have reduced spending on entertainment.
These are some of the results from The Harris Poll®, a new study of 2,681 U.S. adults surveyed online between May 11 and 18, 2009 by Harris Interactive®.
Americans are cutting back on their spending over the next six months.
Specifically:
- Similar to last month, two-thirds of Americans (64%) say it is not likely they will take a vacation away from home lasting longer than a week while 36% say it is likely they will vacation away from home. In March, 35% of Americans said they would be likely to take a trip;
- Large purchases continue to suffer as more than three-quarters of Americans say it is not likely they will buy a new computer (79%), move to a different residence (81%), buy or lease a new car, truck or van (88%), purchase a house or condo (91%), start a new business (92%) or buy a boat or recreational vehicle (95%). These numbers are all very similar to March so people are still not ready to spend on the big-ticket items;
- One quarter of Americans (26%) say it is likely they will have more money to spend the way they want in the next six months which is up from 21% in March; and,
- People are slightly more likely to say that they are going to be saving or investing more money. Just over half of Americans (53%) say they are likely to save or invest more money while 47% are not likely to do so. In March, Americans were split on this as 50% said they were likely to save or invest and 50% said they were not likely to do so.
So What?
As people get ready for summer vacations, it seems as if the trips may be getting shorter and closer to home - more “daycations” and “staycations”. But, even if summer vacations may be changing this year, there are small signs that things may be getting better, at least in terms of spending. More people are eating out and spending money on entertainment, something that the studios for the big summer blockbusters will be happy to hear, but the big ticket items are still not seeing any type of rebound. Those may take a little longer to see the slight recovery that the smaller expenses are seeing.
For more information, visit www.harrisinteractive.com.
Read more: http://rismedia.com/2009-06-07/slightly-more-americans-saying-they-will-eat-out-and-spend-on-entertainment/#ixzz0HqqS1hNk&C
Print Article
RISMEDIA, June 8, 2009-While majorities are still inclined to decrease spending on eating out and entertainment, the numbers are better than they had been two months ago. In March, three-quarters of Americans said they were decreasing spending on eating out (74%) and entertainment (74%). Now, two-thirds say they are reducing eating out at restaurants (66%) and 64% say they have reduced spending on entertainment.
These are some of the results from The Harris Poll®, a new study of 2,681 U.S. adults surveyed online between May 11 and 18, 2009 by Harris Interactive®.
Americans are cutting back on their spending over the next six months.
Specifically:
- Similar to last month, two-thirds of Americans (64%) say it is not likely they will take a vacation away from home lasting longer than a week while 36% say it is likely they will vacation away from home. In March, 35% of Americans said they would be likely to take a trip;
- Large purchases continue to suffer as more than three-quarters of Americans say it is not likely they will buy a new computer (79%), move to a different residence (81%), buy or lease a new car, truck or van (88%), purchase a house or condo (91%), start a new business (92%) or buy a boat or recreational vehicle (95%). These numbers are all very similar to March so people are still not ready to spend on the big-ticket items;
- One quarter of Americans (26%) say it is likely they will have more money to spend the way they want in the next six months which is up from 21% in March; and,
- People are slightly more likely to say that they are going to be saving or investing more money. Just over half of Americans (53%) say they are likely to save or invest more money while 47% are not likely to do so. In March, Americans were split on this as 50% said they were likely to save or invest and 50% said they were not likely to do so.
So What?
As people get ready for summer vacations, it seems as if the trips may be getting shorter and closer to home - more “daycations” and “staycations”. But, even if summer vacations may be changing this year, there are small signs that things may be getting better, at least in terms of spending. More people are eating out and spending money on entertainment, something that the studios for the big summer blockbusters will be happy to hear, but the big ticket items are still not seeing any type of rebound. Those may take a little longer to see the slight recovery that the smaller expenses are seeing.
For more information, visit www.harrisinteractive.com.
Read more: http://rismedia.com/2009-06-07/slightly-more-americans-saying-they-will-eat-out-and-spend-on-entertainment/#ixzz0HqqS1hNk&C
Playing House for the First Time - Priorities for New Homeowners
By Nancy A. Herrick Print Article
RISMEDIA, June 8, 2009-(MCT)-Home prices have moderated, interest rates are reasonable, supply is abundant-and then there’s that $8,000 tax credit. Yes, it’s a great time to buy your first house.
If you do, you’ll have to furnish it, and that can be a challenge, especially if you have put much of your disposable income into a down payment. But you’re a grown-up now, and your first real home is no place for that grungy old futon or bookcases constructed with bricks and boards. It deserves better.
So what’s the best way to go about furnishing your new home? We’ve asked a variety of experts for their ideas on what to do after your offer has been accepted. Here are their ideas:
“Before you get carried away, take some time to determine what you have, what you need and what you want,” says Milwaukee-area interior designer Susan Michalek of Desumi Design Inc. “Deal with what you need first. That should be your highest priority.”
Wanda M. Colon, a designer who can be seen as host of TLC’s “Home Made Simple” and HGTV’s “24-Hour Design,” suggests that any assessment should include the amount of money you have to spend.
“It’s easy to overspend or make impulse purchases if you don’t have a budget,” she says. If you watch what you spend and stay within your limits, “as a bonus you might have money left over to purchase some extra goodies.”
Evaluate each room, says interior designer Jane Klein of Fox Point, Wis., and figure out how you plan to live in the house, considering: “Where you will spend most of your time, what you will do in each room? Will you want a table in the family room for work space, for example, or a comfortable chair and good lighting in the bedroom for relaxing and reading?
“Also think about the size of each room and the appropriate scale for the furniture,” Klein says. “You might fall in love with a sectional, but the reality is that it might not fit in a small room.”
Gary Steinhafel, president of Steinhafels Furniture, with six locations in Wisconsin, agrees.
“Not long ago, manufacturers were producing furniture designed to fill oversize great rooms,” he says. “Now many manufacturers are offering furniture on a smaller scale than ever for smaller homes and for people who are downsizing. Be aware that there are choices and figure out what works best for your home.”
Go Shopping, But Leave the Plastic Behind
Your early shopping trips should be a way to gather ideas, not furniture. As you walk up and down the store aisles and view furniture groupings, pay attention to colors, furniture styles, wood choices and more.
If you’re shopping with your significant other, have some discussions about what you like and don’t like, and what you think works well together and with the style of your home.
“You don’t have to choose strictly contemporary or strictly traditional,” Steinhafel says. “More likely the choice will be made based on whether you are going for a casual or more formal look.”
But remember that while an “eclectic” look works, that doesn’t mean anything goes. There should be some continuity or unifying elements so that the result isn’t a hodgepodge.
Colon suggests that you visit a variety of stores to see what’s available.
“Don’t buy everything in one place,” she says. “This allows you to compare styles and prices.”
It also gives you the opportunity to ask questions and to learn what goes into a quality piece of furniture.
As you peruse what’s available, take pictures of what you like, Klein says. “If you think it might work, take a picture, at stores, consignment shops, wherever you go. Then look at the pictures when you get home to remind you of the choices and to see which pieces work together.”
Get to Work
It’s easier to paint a house when it’s empty and to refinish or replace flooring or knock down walls when you’re not living there. So if there’s work to be done, allow time for that after closing but before you move in.
“The biggest change you can make for a minimal amount of money is with color on the walls,” Michalek says. “Buy good quality paint with no VOCs (volatile organic compounds), and if you do the job right you won’t have to paint again for a while.”
The colors you choose should coordinate with what you plan to buy and what you already have, of course, so take along strips of paint samples from the paint store or home center. Often furniture stores will allow you to take a fabric sample or sleeve cap home to help match colors. Make sure to look at them in a variety of lighting situations and at different times of the day to get a true idea of how well the colors coordinate.
Make Major Purchases
At minimum you will need: a good mattress and box spring and a bed or headboard to give the room a polished look; a quality sofa and chairs; a console unit for the television; and a table and chairs for dining (either for the kitchen or dining room).
Bette Kahn, spokeswoman for Crate & Barrel and CB2 stores, says microfibers are a good fabric choice for sofas because they’re so durable.
“They take cleaning or washing well and never show wear,” she says. “If you’re getting another fabric, make sure it’s fabric-protected. Solid colors are classic, but not as interesting as tweeds with small touches of color.”
She suggests going with neutrals for big pieces, “but if that’s too basic, they can always be made more interesting with pops of color through pillows, which can be changed.”
Steinhafel is a fan of leather for sofas.
“It wears three times longer, and prices have come down significantly because the tanning process is more sophisticated,” he says. “There’s a ton of variety in color, but shades of brown are very popular. It’s the new neutral and works well with other colors and with wood floors.”
“Make sure the frame of your sofa or chairs is high quality,” says Kahn, adding that if the piece wears out or looks outdated, it can be slip-covered or reupholstered if necessary.
If you buy high-quality pieces, you can build a room around them for years to come.
Fill in Creatively
After you’ve found the big pieces that serve as the foundation for a room, it’s time to fill in with smaller pieces. This is where you can have some fun, save money and add a touch of personal style.
Consignment stores, estate sales, resale shops and even Grandma’s attic are great places to find furniture, especially if you’re willing to fix it up.
For example, if you’ve purchased a bed but need a dresser or two, you might be able to find used pieces with similar lines. You can refinish or paint the dressers to match (assuming they aren’t valuable antiques, in which case the original finish should be preserved) and change the hardware for a coordinated look.
In the dining room, a horizontal dresser also can work as a server; the drawers can hold flatware and table linens. Antique chairs, even if they’re mismatched, add interest around a dining room table.
An odd-shaped table can find a new home in the corner of a living room or a foyer; add an oversize vase for visual interest. Don’t be afraid to rough up the surface and paint it so that it coordinates with the colors you’ve chosen in the room.
“America tends to be wasteful and often will replace a perfectly good piece with something that’s new,” Michalek says. “But you can find all kinds of new uses for older pieces of furniture that are built well.”
Area rugs, artwork and accent pieces are fun to shop for and also add personality to a room.
“Sometimes people spend a lot of time shopping for the big pieces but don’t do much to make the space their own,” Klein says. “A piece of art can do that, or an art furniture piece. They don’t have to be expensive but can wind up being a special focal point for a room.”
Be Patient
It probably took awhile to find the right house. It stands to reason it won’t be furnished in a week, a month or perhaps even a year.
“Many purchases can be put off, especially the decorative pieces,” Kahn says. “Besides, you’ll have more fun collecting those as you go through life.”
Colon warns first-time homeowners to take their time. “Don’t impulse-buy and end up feeling stuck because you acted too hastily,” she says.
Klein says: “Give yourself a little time. When you make a decision, use your head and your heart. Look at different options, ask lots of questions.
“When you see it, you’ll know when it is right.”
©2009, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.
Read more: http://rismedia.com/2009-06-07/playing-house-for-the-first-time-priorities-for-new-homeowners/#ixzz0HqpfyUOC&C
By Nancy A. Herrick Print Article
RISMEDIA, June 8, 2009-(MCT)-Home prices have moderated, interest rates are reasonable, supply is abundant-and then there’s that $8,000 tax credit. Yes, it’s a great time to buy your first house.
If you do, you’ll have to furnish it, and that can be a challenge, especially if you have put much of your disposable income into a down payment. But you’re a grown-up now, and your first real home is no place for that grungy old futon or bookcases constructed with bricks and boards. It deserves better.
So what’s the best way to go about furnishing your new home? We’ve asked a variety of experts for their ideas on what to do after your offer has been accepted. Here are their ideas:
“Before you get carried away, take some time to determine what you have, what you need and what you want,” says Milwaukee-area interior designer Susan Michalek of Desumi Design Inc. “Deal with what you need first. That should be your highest priority.”
Wanda M. Colon, a designer who can be seen as host of TLC’s “Home Made Simple” and HGTV’s “24-Hour Design,” suggests that any assessment should include the amount of money you have to spend.
“It’s easy to overspend or make impulse purchases if you don’t have a budget,” she says. If you watch what you spend and stay within your limits, “as a bonus you might have money left over to purchase some extra goodies.”
Evaluate each room, says interior designer Jane Klein of Fox Point, Wis., and figure out how you plan to live in the house, considering: “Where you will spend most of your time, what you will do in each room? Will you want a table in the family room for work space, for example, or a comfortable chair and good lighting in the bedroom for relaxing and reading?
“Also think about the size of each room and the appropriate scale for the furniture,” Klein says. “You might fall in love with a sectional, but the reality is that it might not fit in a small room.”
Gary Steinhafel, president of Steinhafels Furniture, with six locations in Wisconsin, agrees.
“Not long ago, manufacturers were producing furniture designed to fill oversize great rooms,” he says. “Now many manufacturers are offering furniture on a smaller scale than ever for smaller homes and for people who are downsizing. Be aware that there are choices and figure out what works best for your home.”
Go Shopping, But Leave the Plastic Behind
Your early shopping trips should be a way to gather ideas, not furniture. As you walk up and down the store aisles and view furniture groupings, pay attention to colors, furniture styles, wood choices and more.
If you’re shopping with your significant other, have some discussions about what you like and don’t like, and what you think works well together and with the style of your home.
“You don’t have to choose strictly contemporary or strictly traditional,” Steinhafel says. “More likely the choice will be made based on whether you are going for a casual or more formal look.”
But remember that while an “eclectic” look works, that doesn’t mean anything goes. There should be some continuity or unifying elements so that the result isn’t a hodgepodge.
Colon suggests that you visit a variety of stores to see what’s available.
“Don’t buy everything in one place,” she says. “This allows you to compare styles and prices.”
It also gives you the opportunity to ask questions and to learn what goes into a quality piece of furniture.
As you peruse what’s available, take pictures of what you like, Klein says. “If you think it might work, take a picture, at stores, consignment shops, wherever you go. Then look at the pictures when you get home to remind you of the choices and to see which pieces work together.”
Get to Work
It’s easier to paint a house when it’s empty and to refinish or replace flooring or knock down walls when you’re not living there. So if there’s work to be done, allow time for that after closing but before you move in.
“The biggest change you can make for a minimal amount of money is with color on the walls,” Michalek says. “Buy good quality paint with no VOCs (volatile organic compounds), and if you do the job right you won’t have to paint again for a while.”
The colors you choose should coordinate with what you plan to buy and what you already have, of course, so take along strips of paint samples from the paint store or home center. Often furniture stores will allow you to take a fabric sample or sleeve cap home to help match colors. Make sure to look at them in a variety of lighting situations and at different times of the day to get a true idea of how well the colors coordinate.
Make Major Purchases
At minimum you will need: a good mattress and box spring and a bed or headboard to give the room a polished look; a quality sofa and chairs; a console unit for the television; and a table and chairs for dining (either for the kitchen or dining room).
Bette Kahn, spokeswoman for Crate & Barrel and CB2 stores, says microfibers are a good fabric choice for sofas because they’re so durable.
“They take cleaning or washing well and never show wear,” she says. “If you’re getting another fabric, make sure it’s fabric-protected. Solid colors are classic, but not as interesting as tweeds with small touches of color.”
She suggests going with neutrals for big pieces, “but if that’s too basic, they can always be made more interesting with pops of color through pillows, which can be changed.”
Steinhafel is a fan of leather for sofas.
“It wears three times longer, and prices have come down significantly because the tanning process is more sophisticated,” he says. “There’s a ton of variety in color, but shades of brown are very popular. It’s the new neutral and works well with other colors and with wood floors.”
“Make sure the frame of your sofa or chairs is high quality,” says Kahn, adding that if the piece wears out or looks outdated, it can be slip-covered or reupholstered if necessary.
If you buy high-quality pieces, you can build a room around them for years to come.
Fill in Creatively
After you’ve found the big pieces that serve as the foundation for a room, it’s time to fill in with smaller pieces. This is where you can have some fun, save money and add a touch of personal style.
Consignment stores, estate sales, resale shops and even Grandma’s attic are great places to find furniture, especially if you’re willing to fix it up.
For example, if you’ve purchased a bed but need a dresser or two, you might be able to find used pieces with similar lines. You can refinish or paint the dressers to match (assuming they aren’t valuable antiques, in which case the original finish should be preserved) and change the hardware for a coordinated look.
In the dining room, a horizontal dresser also can work as a server; the drawers can hold flatware and table linens. Antique chairs, even if they’re mismatched, add interest around a dining room table.
An odd-shaped table can find a new home in the corner of a living room or a foyer; add an oversize vase for visual interest. Don’t be afraid to rough up the surface and paint it so that it coordinates with the colors you’ve chosen in the room.
“America tends to be wasteful and often will replace a perfectly good piece with something that’s new,” Michalek says. “But you can find all kinds of new uses for older pieces of furniture that are built well.”
Area rugs, artwork and accent pieces are fun to shop for and also add personality to a room.
“Sometimes people spend a lot of time shopping for the big pieces but don’t do much to make the space their own,” Klein says. “A piece of art can do that, or an art furniture piece. They don’t have to be expensive but can wind up being a special focal point for a room.”
Be Patient
It probably took awhile to find the right house. It stands to reason it won’t be furnished in a week, a month or perhaps even a year.
“Many purchases can be put off, especially the decorative pieces,” Kahn says. “Besides, you’ll have more fun collecting those as you go through life.”
Colon warns first-time homeowners to take their time. “Don’t impulse-buy and end up feeling stuck because you acted too hastily,” she says.
Klein says: “Give yourself a little time. When you make a decision, use your head and your heart. Look at different options, ask lots of questions.
“When you see it, you’ll know when it is right.”
©2009, Milwaukee Journal Sentinel.
Distributed by McClatchy-Tribune Information Services.
Read more: http://rismedia.com/2009-06-07/playing-house-for-the-first-time-priorities-for-new-homeowners/#ixzz0HqpfyUOC&C
Pending Home Sales Up for Three Months in a Row
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RISMEDIA, June 2, 2009-Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
The Pending Home Sales Index in the Northeast shot up 32.6% to 78.9 in April and is 0.8% above a year ago. In the Midwest the index rose 9.8% to 90.4 and is 11.1% above April 2008. The index in the South slipped 0.2% to 93.0 in April but is 3.5% higher than a year ago. In the West the index rose 1.8% to 94.8 but is 2.9% below April 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger downpayment. Buyers who are wondering about their options should contact a Realtor®, who can advise consumers on the housing assistance programs and resources available in a given area.”
NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.
For more information, visit http://www.realtor.org.
Read more: "Pending Home Sales Up for Three Months in a Row | RISMedia" - http://rismedia.com/2009-06-02/pending-home-sales-up-for-three-months-in-a-row/#ixzz0HSrOVmE9&A
Print Article
RISMEDIA, June 2, 2009-Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
The Pending Home Sales Index in the Northeast shot up 32.6% to 78.9 in April and is 0.8% above a year ago. In the Midwest the index rose 9.8% to 90.4 and is 11.1% above April 2008. The index in the South slipped 0.2% to 93.0 in April but is 3.5% higher than a year ago. In the West the index rose 1.8% to 94.8 but is 2.9% below April 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger downpayment. Buyers who are wondering about their options should contact a Realtor®, who can advise consumers on the housing assistance programs and resources available in a given area.”
NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.
A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.
Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability. “In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he said. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”
The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun said.
For more information, visit http://www.realtor.org.
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Tax Credit, Low Interest, and Big Inventory Lure Rookies into Housing Market
By Steve Campbell Print Article
RISMEDIA, June 2, 2009-(MCT)-Even in a sputtering economy, one segment of the U.S. housing market is feeling a bounce. First-time home buyers-loaded for bear with a new $8,000 tax credit, historically low interest rates and a big inventory to choose from-are happily diving into domestic life, according to real estate agents, economists and mortgage lenders.
Craig Brown, a 26-year-old marketing developer for an online sales company, feels as if he were getting a free, federally funded fresh start.
“The tax credit was what brought me into the house hunt. I could pay off my debt and get an extremely low loan rate. I couldn’t pass it up,” he said.
The $8,000 tax credit for first-time buyers, passed by Congress as part of its plan to jump-start the slumping U.S. housing market, has new graduates, newlyweds and young professionals alike scrambling to get their financial houses in order-sometimes with the help of their parents-to purchase a home by the program’s Dec. 1 deadline.
The tax credit does not have to be repaid by buyers who live in the home for at least three years.
The tax credit got even more attractive Friday, when Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration will allow first-time buyers to apply the credit toward the purchase costs of an FHA-insured home.
That move allows state housing finance agencies and some nonprofits to “monetize” the tax credit so buyers can apply it toward their down payments, according to a HUD news release.
The National Association of Home Builders estimates that the tax credit will stimulate 160,000 home sales nationwide-101,000 of which will be by first-time buyers. Fifty-nine thousand homeowners will then be able to buy another house because a first-time buyer purchased theirs.
“It’s really a big deal,” said Linda Davidson of Service First Mortgage Co. in Garland, Texas. “The $8,000 tax credit is making things crazy. In almost every conversation we have with borrowers, it comes up. Even if they are not first-time buyers, they ask about it. Everybody wants it.”
But not everyone can get it.
The program is open only to people who have not owned a principal residence for three years before the purchase, Davidson said.
There are also income limitations, but they are fairly generous: Single taxpayers with incomes of up to $75,000 and married couples with incomes of up to $150,000 qualify for the full tax credit. Singles with incomes below $95,000 and married couples with incomes below $170,000 can be eligible for a partial credit.
‘Surgical impact’
The tax credit is “driving interest” nationwide, said Lawrence Yun, senior economist for the National Association of Realtors.
“In our most recent data from a month ago, we found that roughly half of all home buyers were first-time buyers. That is much higher than the usual one-third to 40% of first-time buyers in a normal market,” Yun said.
He said qualitative data suggest that the tax credit is also increasing foot traffic at open houses and phone inquiries to brokerage agencies.
“This is one program coming out of Washington that is apparently having a surgical impact on getting first-time buyers back in the market,” he said.
“That’s definitely one factor that has improved our market,” said Ruth Story, a broker associate at Keller Williams Realty. “This is the busiest second quarter I’ve seen in 25 years. It’s a combination of things: The low interest rates are very attractive, the tax credit combined with that and the fact that buyers still view our market as being affordable.”
Peer demographic
It’s a nice niche market for a young real estate agent like Grace Taylor, a 26-year-old agent at Helen Painter Group Realtors who is working with four first-time buyers ages 25 to 30.
“They all know it’s a great time to buy and that interest rates are low. But when someone is giving you free money, it pushes them over the edge,” Taylor said.
Nathan McDaniel, a 23-year-old loan officer at Cendera Funding, is also tapping his peer demographic. He says his age helps him connect with younger buyers, who make up a large part of his business. And all of them are interested in snagging the tax credit, he said.
“It really seems anyone who was thinking about getting a place is moving up their timetable so they can get it,” McDaniel said. “Even people who don’t have the down payment, they are getting gift funds from relatives so they can take advantage of it.”
He has made several loans to recent college graduates who were initially holding off “to see if they were going to get married.” Two of them bought a home, McDaniel said. “The tax credit has speeded up the timeline of age and lifestyle,” he said.
Prabhath Boya, a 28-year-old Fort Worth attorney, shopped for a house last year but didn’t find what he wanted. After a “hard” 3 1/2 -week hunt, however, he now has a house near TCU under contract.
“I’ve been living in an apartment for almost two years and looking at interest rates and opportunities,” Boya said. “This is as good a time as anyone can imagine, rates-wise and pricing-wise.”
‘Weeded out’
The national housing meltdown has spurred tougher lending restrictions, culling the herd of would-be first-timers with less-than-stellar credit.
When the tax credit was announced in February, Davidson said her office was flooded with people who wanted to pre-qualify for loans. Unfortunately, most of them are still renters.
“It was overwhelming. Our pre-qualifies were double what we see in a normal month-but 70% of them didn’t qualify,” she said.
Now that the bad applicants have been “weeded out,” Davidson said she’s qualifying people who have done their homework and have their finances in order.
Story is seeing the same thing.
“It’s a different kind of first-time buyer,” she said. “The credit restrictions are so tight, so we are seeing real quality buyers. The profile of the first-time buyers has changed. They have been waiting, watching and saving. And they are ready when the right house comes along.”
Michael and Ambra Cole fit that profile. After living in Switzerland for five years, they moved to Fort Worth in July 2007 when Michael, 36, went to work as a management professor at the Neeley School of Business at TCU. Ambra, 34, works as an account manager for an employment agency.
The couple spent nearly two years saving, watching the market and scouting locations. They scoured Internet listings and then viewed about 25 houses over four months before the right home popped up in the Berkeley Place neighborhood near TCU.
They were the first house hunters to see the home, and they quickly cut a deal. Location and resale value were the prime attractions, Michael Cole said.
“We really tried to do our homework in advance rather than falling in love with the first house we saw,” he said. “The low interest rates, the right house in the right neighborhood — it all came together.”
Within budget
Yun says first-time buyers nationwide seem to have adapted to a more realistic view of real estate.
“We are seeing more lower-price home transactions,” he said. “The lower price point sales indicate to me that many homeowners are trying to stay within their budgets.
“The old-fashioned American way was that one starts in a starter home and after a few years people build equity and trade up,” Yun said. “That is the old-fashioned way to accumulate wealth without stretching themselves. I think we are moving back into that stage, and that’s healthy.”
Craig Brown, the young house hunter, is a model for that new long-run reality.
“The reason that I didn’t buy before was that I would have been stretching myself too thin,” he said. “I didn’t want to be in a position of having no room for error.”
He’s already looking ahead even as he searches for a home in the $130,000 to $140,000 range in Carrollton and north Dallas. And flipping that first house isn’t part of the equation.
“I’m thinking about finding a couple of roommates, and that can pay my mortgage,” he said. “And whenever I get married, I can use this property as a rental property.”
The $8,000 tax credit - key elements of the 2009 First-Time Home Buyer Tax Credit:
Who qualifies?
- First-time home buyers who have bought or will buy between Jan. 1 and Dec. 1. The IRS defines a first-time home buyer as someone who has not owned a principal residence during the last three years.
- The credit does not have to be repaid if the buyer occupies the home for at least three years.
- The credit is 10% of the home’s purchase price, up to $8,000.
- The credit may be applied to primary residences, including single-family homes, condos, town homes and co-ops.
Copyright © 2009, Fort Worth Star-Telegram, Texas
Distributed by McClatchy-Tribune Information Services.
Read more: "Tax Credit, Low Interest, and Big Inventory Lure Rookies into Housing Market | RISMedia" - http://rismedia.com/2009-06-01/tax-credit-low-interest-and-big-inventory-lure-rookies-into-housing-market/#ixzz0HMjmBYR5&A
By Steve Campbell Print Article
RISMEDIA, June 2, 2009-(MCT)-Even in a sputtering economy, one segment of the U.S. housing market is feeling a bounce. First-time home buyers-loaded for bear with a new $8,000 tax credit, historically low interest rates and a big inventory to choose from-are happily diving into domestic life, according to real estate agents, economists and mortgage lenders.
Craig Brown, a 26-year-old marketing developer for an online sales company, feels as if he were getting a free, federally funded fresh start.
“The tax credit was what brought me into the house hunt. I could pay off my debt and get an extremely low loan rate. I couldn’t pass it up,” he said.
The $8,000 tax credit for first-time buyers, passed by Congress as part of its plan to jump-start the slumping U.S. housing market, has new graduates, newlyweds and young professionals alike scrambling to get their financial houses in order-sometimes with the help of their parents-to purchase a home by the program’s Dec. 1 deadline.
The tax credit does not have to be repaid by buyers who live in the home for at least three years.
The tax credit got even more attractive Friday, when Housing and Urban Development Secretary Shaun Donovan announced that the Federal Housing Administration will allow first-time buyers to apply the credit toward the purchase costs of an FHA-insured home.
That move allows state housing finance agencies and some nonprofits to “monetize” the tax credit so buyers can apply it toward their down payments, according to a HUD news release.
The National Association of Home Builders estimates that the tax credit will stimulate 160,000 home sales nationwide-101,000 of which will be by first-time buyers. Fifty-nine thousand homeowners will then be able to buy another house because a first-time buyer purchased theirs.
“It’s really a big deal,” said Linda Davidson of Service First Mortgage Co. in Garland, Texas. “The $8,000 tax credit is making things crazy. In almost every conversation we have with borrowers, it comes up. Even if they are not first-time buyers, they ask about it. Everybody wants it.”
But not everyone can get it.
The program is open only to people who have not owned a principal residence for three years before the purchase, Davidson said.
There are also income limitations, but they are fairly generous: Single taxpayers with incomes of up to $75,000 and married couples with incomes of up to $150,000 qualify for the full tax credit. Singles with incomes below $95,000 and married couples with incomes below $170,000 can be eligible for a partial credit.
‘Surgical impact’
The tax credit is “driving interest” nationwide, said Lawrence Yun, senior economist for the National Association of Realtors.
“In our most recent data from a month ago, we found that roughly half of all home buyers were first-time buyers. That is much higher than the usual one-third to 40% of first-time buyers in a normal market,” Yun said.
He said qualitative data suggest that the tax credit is also increasing foot traffic at open houses and phone inquiries to brokerage agencies.
“This is one program coming out of Washington that is apparently having a surgical impact on getting first-time buyers back in the market,” he said.
“That’s definitely one factor that has improved our market,” said Ruth Story, a broker associate at Keller Williams Realty. “This is the busiest second quarter I’ve seen in 25 years. It’s a combination of things: The low interest rates are very attractive, the tax credit combined with that and the fact that buyers still view our market as being affordable.”
Peer demographic
It’s a nice niche market for a young real estate agent like Grace Taylor, a 26-year-old agent at Helen Painter Group Realtors who is working with four first-time buyers ages 25 to 30.
“They all know it’s a great time to buy and that interest rates are low. But when someone is giving you free money, it pushes them over the edge,” Taylor said.
Nathan McDaniel, a 23-year-old loan officer at Cendera Funding, is also tapping his peer demographic. He says his age helps him connect with younger buyers, who make up a large part of his business. And all of them are interested in snagging the tax credit, he said.
“It really seems anyone who was thinking about getting a place is moving up their timetable so they can get it,” McDaniel said. “Even people who don’t have the down payment, they are getting gift funds from relatives so they can take advantage of it.”
He has made several loans to recent college graduates who were initially holding off “to see if they were going to get married.” Two of them bought a home, McDaniel said. “The tax credit has speeded up the timeline of age and lifestyle,” he said.
Prabhath Boya, a 28-year-old Fort Worth attorney, shopped for a house last year but didn’t find what he wanted. After a “hard” 3 1/2 -week hunt, however, he now has a house near TCU under contract.
“I’ve been living in an apartment for almost two years and looking at interest rates and opportunities,” Boya said. “This is as good a time as anyone can imagine, rates-wise and pricing-wise.”
‘Weeded out’
The national housing meltdown has spurred tougher lending restrictions, culling the herd of would-be first-timers with less-than-stellar credit.
When the tax credit was announced in February, Davidson said her office was flooded with people who wanted to pre-qualify for loans. Unfortunately, most of them are still renters.
“It was overwhelming. Our pre-qualifies were double what we see in a normal month-but 70% of them didn’t qualify,” she said.
Now that the bad applicants have been “weeded out,” Davidson said she’s qualifying people who have done their homework and have their finances in order.
Story is seeing the same thing.
“It’s a different kind of first-time buyer,” she said. “The credit restrictions are so tight, so we are seeing real quality buyers. The profile of the first-time buyers has changed. They have been waiting, watching and saving. And they are ready when the right house comes along.”
Michael and Ambra Cole fit that profile. After living in Switzerland for five years, they moved to Fort Worth in July 2007 when Michael, 36, went to work as a management professor at the Neeley School of Business at TCU. Ambra, 34, works as an account manager for an employment agency.
The couple spent nearly two years saving, watching the market and scouting locations. They scoured Internet listings and then viewed about 25 houses over four months before the right home popped up in the Berkeley Place neighborhood near TCU.
They were the first house hunters to see the home, and they quickly cut a deal. Location and resale value were the prime attractions, Michael Cole said.
“We really tried to do our homework in advance rather than falling in love with the first house we saw,” he said. “The low interest rates, the right house in the right neighborhood — it all came together.”
Within budget
Yun says first-time buyers nationwide seem to have adapted to a more realistic view of real estate.
“We are seeing more lower-price home transactions,” he said. “The lower price point sales indicate to me that many homeowners are trying to stay within their budgets.
“The old-fashioned American way was that one starts in a starter home and after a few years people build equity and trade up,” Yun said. “That is the old-fashioned way to accumulate wealth without stretching themselves. I think we are moving back into that stage, and that’s healthy.”
Craig Brown, the young house hunter, is a model for that new long-run reality.
“The reason that I didn’t buy before was that I would have been stretching myself too thin,” he said. “I didn’t want to be in a position of having no room for error.”
He’s already looking ahead even as he searches for a home in the $130,000 to $140,000 range in Carrollton and north Dallas. And flipping that first house isn’t part of the equation.
“I’m thinking about finding a couple of roommates, and that can pay my mortgage,” he said. “And whenever I get married, I can use this property as a rental property.”
The $8,000 tax credit - key elements of the 2009 First-Time Home Buyer Tax Credit:
Who qualifies?
- First-time home buyers who have bought or will buy between Jan. 1 and Dec. 1. The IRS defines a first-time home buyer as someone who has not owned a principal residence during the last three years.
- The credit does not have to be repaid if the buyer occupies the home for at least three years.
- The credit is 10% of the home’s purchase price, up to $8,000.
- The credit may be applied to primary residences, including single-family homes, condos, town homes and co-ops.
Copyright © 2009, Fort Worth Star-Telegram, Texas
Distributed by McClatchy-Tribune Information Services.
Read more: "Tax Credit, Low Interest, and Big Inventory Lure Rookies into Housing Market | RISMedia" - http://rismedia.com/2009-06-01/tax-credit-low-interest-and-big-inventory-lure-rookies-into-housing-market/#ixzz0HMjmBYR5&A
