ORLANDO, Fla., July 2, 2008 — Today eppraisal.com (http://www.eppraisal.com) released their National Market Analysis Report for the three months ending May 2008. Of the 188 market areas tracked across the U.S., 46.8 percent show a decline in home values, which is down from 65.8 percent from the previous three months.

California and Florida continue to lead the decline. In both states over 60 percent of the areas tracked by eppraisal.com saw a decrease in home values. Merced, CA, continues to lead the list with a double-digit decline to $183,000, which is a 17.8 percent decline. Cape Coral-Fort Myers, FL, was at the bottom of Florida’s list with a 7.5 percent decline in home values to $185,000.

There is a bright side for Florida and California. For the first time this year, none of the areas tracked in Florida saw a double digit decline. Furthermore, certain areas within California and Florida continue to see increases. Gainesville, FL, for example increased by 14.5 percent to a median home value of $186,000. In California, El Centro had a 13.2 percent increase to $240,000.

Other states showing reasonable gains in home values include Ohio, Colorado, and the Carolinas. In Ohio, both Springfield and Dayton saw double digit increases in median values. Akron increased to $112,750 from $109,000 and Dayton to $98,800 from $90,600. In Boulder, CO, home values increased by 6.9 percent to $342,000, and Colorado Springs saw an increase of 5.1 percent to a median value of $209,145. In the Carolinas, Fayetteville, NC, increased by 6.4 percent to $133,000, and Spartanburg, SC, saw a 10.3 percent increase in home values to $91,425.

Michigan commands five of the top 10 positions with Muskegon-Norton Shores showing a 35 percent increase. Modesto, Salinas, and Merced, California command the bottom three positions with home value decreases of 15.4, 16.5, and 17.8 percent respectively.

The eppraisal.com National Market Analysis Report is attached. It shows the median sales price of existing single-family home sales in the three months ending May of 2008 along with the percent change from the prior three months ending February of 2008.

See a complete list of national rankings.

If you are like me, the Fourth of July can never come soon or often enough. The holiday brings back so many fond childhood memories of cookouts and friendly competitive firework displays with the neighbors. With a weakening economy this year, many cities are making the unfortunate decision to not host Fourth of July Firework displays. Fireworks

If you plan on going it alone this year and are hosting your own fireworks display, there are a few safety precautions you want to take to protect those items most precious to you - your family and home. Below are the safety tips recommended by the National Council on Fireworks Safety. Have a happy and safe Fourth of July!

• Use fireworks outdoors only and never near houses.
• Obey local laws. If fireworks are not legal where you live, do not use them!
• Always have water handy (a hose or buckets of water).
• Don’t try to alter them or combine them.
• Never re-light a “dud” firework (wait 20 minutes and then soak it in a bucket of water).
• Use common sense when using fireworks. Spectators should keep a safe distance from the shooter, and the shooter should wear safety glasses.
• Alcohol and fireworks do not mix. Have a “designated” shooter.
• Only persons over age 12 should be allowed to handle sparklers of any type.
• Do not ever use homemade fireworks or illegal explosives.

My glass tends to be half full. As such, I can’t help seeing the positive in the current energy crisis. While there is much hardship in the foreseeable future, the current state of things will lead us to smarter, healthier, more cost-effective and environmentally-friendly lifestyles in the long run.

Maybe it’s not realistic to move closer to work to save on gas, or to take public transportation, or to make home improvements that decrease your energy bill and your carbon footprint. Yet, there are some habits around the house that are easy to change and will absolutely have an impact on your budget and ultimately on the environment. Here are a few tips collected from the Natural Resources Defense Council, the Alliance to Save Energy, and the U.S. Department of Energy:

• Unplug seldom used appliances.
• Unplug chargers when not actively charging your phone and other mobile devices.
• Use power strips to switch off TVs, stereos, and home theater equipment to avoid energy consumption from standby mode.
• Enable the sleep mode feature on your computer. This uses less power during periods of inactivity.
• Configure your computer to hibernate after 30 minutes or so.
• Set summer thermostats to 78 degrees or more, using ceiling or floor fans to help cool things down (but only when you’re in the room).
• Replace your A/C filters regularly.
• Close shades, blinds, or curtains during peak sunlight hours.
• Turn the hot water temperature down to 120 degrees Fahrenheit.
• Set your refrigerator to 38 to 42 degrees Fahrenheit; your freezer to 0 to 5 degrees Fahrenheit.
• Wash only full loads in dishwasher, using short cycles.
• Wash clothes in cold water when practical, and set the appropriate water level.
• Clean the lint filter in your dryer after each use.
• Turn out the lights when you leave a room.

It’s time to start considering a re-entry into the real estate market. After all, simple supply and demand dictates it is a buyer’s — and investor’s — market.

Many savvy real estate investors have made excellent returns by moving against the trend with careful market timing. The thought process is simple: When everybody is buying, it’s time to sell. And, when everyone is selling, it’s time to consider buying.

Here are five market conditions that have investors thinking today just might be the perfect time to buy real estate.

No. 1 – Low prices

Prices are down in most real estate markets across the country. In fact, the national median existing home price for all housing types was down 7.7 percent from a year ago, to $200,700 in March from $217,400 during the same month last year, according to the National Association of Realtors^® (NAR). In many markets, the drop is even more substantial, especially when you compare with 2006 prices.

Greed is one of the biggest culprits keeping buyers on the sidelines. They are hesitant to buy now because prices may continue to drop. No one wants to buy a $210,000 home and see its value drop to $190,000 in six to 12 months.

Though this is a valid concern, it can be minimized with careful research of a specific market. You can further ensure your investment will hold value by making an offer that is 10 percent to 15 percent below the current market value.

The days of bidding wars and escalation clauses are gone. Homes are no longer selling for more than market value, and sellers are lucky to get the list price. Now is the time to invest in a real bargain.

No. 2 – Great selection

The housing inventory is on the rise, meaning there are more homes available for sale. According to NAR, it will take more than nine months to sell the national inventory of homes at the current sales pace. In some markets, such as South Florida, there is more than a 16-month supply of homes.

In addition to lower prices, this large inventory means a greater selection for buyers. As an investor, you can look for a home with the features, amenities, and favorable location you desire. By getting in the market now, you can afford to be particular and take your time finding exactly what you want.

No. 3 – Motivated sellers

When faced with the possibility that their house could sit on the market for a year or more, sellers become motivated to work with prospective buyers. Not to mention the fact that the already sodden market is being further deluged with an increase in foreclosures, short sales, and bank-owned properties, providing sellers even more motivation to be flexible so they can sell their properties.

Seller motivation extends far beyond accepting a lower offer. Sellers today will consider owner financing, where the buyer makes payments to the seller over time for all or a portion of the purchase price. Sellers are also more likely to agree to repairs or improvements requested by a buyer or recommended by a property inspector.

No longer in the driver’s seat, sellers are now agreeable to covering a portion of closing costs, buying down the rate, accepting a trade for the down payment, or throwing in new appliances and even furniture in the sale. In short, sellers will now negotiate.

No. 4 – Favorable interest rates

Interest rates are down, making housing more affordable. With the national average rate for a 30-year conventional fixed-rate mortgage at around 6 percent, a buyer can save thousands over time. For example, a $200,000 loan amortized over 30 years at 5.9 percent interest will carry a monthly principal and interest payment of $1,186.27.

Let’s say you’re waiting for the price to drop, however, and you buy the property for $190,000. Sure, you’ve saved $10,000 initially, but in the meantime the interest rate climbs to 7 percent, and your monthly payment increases to $1,264.07. By missing out on the lower interest rate today, you pay an extra $28,008 over the 30-year life of the loan.

In case it bears repeating, now is the time to obtain a fixed-rate amortized loan. There is no reason to take on the risk of an adjustable rate mortgage when interest rates are at historical lows. Also keep in mind that lenders are going back to more traditional underwriting requirements in light of increased delinquencies. This means tougher restrictions on the amount of the down payment, proof of income, and credit scores will make obtaining a loan more difficult. Federal Housing Administration (FHA) loans, seller financing, and lease options are on the increase as alternative financing options to conventional loans.

No. 5 – Rental opportunities

As overblown real estate prices begin to deflate, investors will find they can begin collecting rents that cover all their monthly expenses. It was difficult to find and purchase a rental property that would cash flow at the previously over-inflated prices, but today’s bargains can make a cash-flowing rental realistic once again.

Further, tenant demand for rental properties is on the rise. And with foreclosure filings up 57 percent and bank repossessions up 129 percent over last year, according to RealtyTrac, the rental demand is likely to increase further as people who have lost their homes to foreclosure look for alternative places to live.

And most people who find themselves in this situation will be forced to rent for five to seven years before they can qualify for bank financing to purchase their own home again.

Making the decision

Although there are compelling reasons to consider buying real estate now, it is always important to weigh the pros against the cons.

To help alleviate indecision, follow these rules:

1. Look at values in the local area to see if they’ve stabilized or if they still appear to be in a downward spiral. Only buy in stable areas.

2. If you’re buying a personal home, be sure to plan on living in the house for at least the next three to five years.

3. When buying real estate as an investment, be certain the property cash flows, with rental income exceeding expenses such as the mortgage, taxes, insurance, and other costs.

4. Finally, analyze your economic stability and only buy what you can comfortably afford. Keep at least three months of living expenses in reserve in preparation for that fabled rainy day.

With a little common sense and thorough homework, you’ll likely find that now is a great time to consider buying real estate. Markets are cyclical, and the current combination of low prices, high inventory, low rates, motivated sellers, and increasing rental demand make it a buyer’s market for bargain shoppers.

Source: Growing Wealth

So have you purchased a new home?  Or are you thinking you need to change things around little in your current one? How do you make the decision upon what decor will best suit your personality? I guess this can be harder for some then it is for others, especially if the husband and wife are total opposites when it comes to style.

Enter MyDeco, a pretty slick site that helps you identify your style. You simply answer a few questions by selecting images that you best identify with for each question. Once complete, a report is returned outlining your style as well as recommended products for your home. Maybe after discovering that you and your spouse are total opposites, you can split the house down the middle, each taking half. Mostly likely, though, you will just end up getting bullied by your spouse and have no say in the decorating process. Just kidding…

The team at eppraisal.com is proud to announce the beta launch of hoodeo™. Hoodeo plays neighborhood matchmaker, giving consumers up to 10 neighborhoods that best match their needs.

So, you may be asking yourself, how does it work? Well, it’s easy! First, create your hoodeo profile by answering a few questions about your lifestyle, desired property type and price range. Then, let hoodeo work its matchmaking magic then show you your best places to live. Hoodeo goes one step further and shows you homes that are for sale that match your criteria in your best places.

These are my top 10 places:

1. Pittsford, NY 14534
2. Greensboro, NC 27410
3. Pearland, TX 77581
4. Richmond, TX 77469
5. Hesperia, CA 92344
6. Pewaukee, WI 53072
7. Charlotte, NC 28211
8. Cypress, TX 77429
9. Kathleen, GA 31047
10. Houston, TX 77070

What are yours? http://www.hoodeo.com. Post a comment here and let us know what your best places are… oh and don’t forget to share them with your friends… that way they know where to find you when you find your perfect home!

Okay, I admit it. I’m a Disney fan. I grew up in Orlando after all. One of my favorite classic rides was “The Carousel of Progress,” which took you through a progression of home conveniences starting with the late 19^th century. Disneyland in California had a home of the future, but I suspect it closed because it couldn’t keep up with emerging technologies. It looks like Disney has done it again with their new Innovations Dream Home at Disneyland, which allows guests to walk through this high tech home of the future … or maybe today. Innovations include a kitchen that makes a grocery list for you, an interactive dining room table that displays the family’s pictures from the day - downloaded from their mobile devices, a family room that converts to a home theater at the click of a button, and plenty of flat screen monitors and internet connectivity.

Take the dream home tour here.

Memorial Day marks the official start of the summer grilling season for most Americans. One of the single biggest enjoyments I get is grilling in the hot sun out back while the kids splash around in the pool.

To enhance my outdoor grilling experience, I’ve recently been inspired to start a new deck/patio project out by the pool. The source of my inspiration was a show on HGTV, showcasing the 10 hottest outdoor kitchens. You can read an article about the show with pictures here.

Building the outdoor deck is just step one for me in converting the backyard into an “outdoor kitchen”. Building a deck or patio is not just a fun hobby.  It can also enhance the value and appeal of your house while optimizing your current living space. The National Association of Home Builders estimates that outdoor kitchens can add as much as 130% of their cost to the purchase price of the home. Unlike other home improvement projects, which could include plumbing and wiring, decks are fairly simple to build.

Below are a few tips I can share with you if you are looking to start your own outdoor kitchen with the creation of a deck or patio area.

• Stake out the area to contain the deck or patio. If you are like me, I need to visualize placement of items that might be added to the deck such as benching and cooking areas.
• Measure obsessively. Nothing can ruin the space more than an ill-fitting, unusable or uncomfortable design.
• Make sure you take into account the forces of nature such as sun, wind, and rain. You want to make sure you get the maximum enjoyable use out of the area, so consider installing rain or sun protection for both the area and the people who wish to enjoy it.

Be sure to let us know of your experiences or tips in creating your own outdoor kitchen.

Summer is the perfect time to combine a green thumb with a green lifestyle. By following these simple tips, homeowners can save time and money, and improve the health and appearance of their lawn and garden.

• Mow regularly and leave the clippings on the lawn – the clippings will recycle into “free fertilizer.”
• Water deeply, but infrequently, to prevent lawn disease and save water.
• Mulch flower and vegetable beds with compost or grass clippings to conserve water and control weeds.
• Identify bugs before you spray, squash or stomp – most bugs are good bugs, not pests.
• Consider planting native trees and plants, especially ones with berries, fruits and flowers to invite birds, butterflies, and other wildlife into your yard.

For more information on greenscaping, check out EPA’s GreenScapes Web site. It includes a seasonal tips calendar on landscape maintenance and a pamphlet that provides cost-efficient and environmentally friendly solutions for large-scale landscapers and homeowners.

by Jennifer LeClaire

What if you could pay off the mortgage on your home or investment property in half the time, save thousands of dollars in interest, and not make a single lifestyle change? You can, with a mortgage acceleration plan. The question is whether you should.

Mortgage acceleration is just another name for making extra principal payments on your mortgage so you can pay the loan off quickly and save on interest costs. Mortgage acceleration has been around as long as there have been mortgages, but formal “programs” didn’t became common until the 1990s.

And in today’s environment of rising foreclosure rates and mortgage defaults, they’re getting a lot of play.

“Put simply, by paying the mortgage down right away versus holding it in a low-yielding savings account, you pay less interest, because your average daily balance is lower,” says Jay Dacey, a mortgage planner in Plymouth, Minn.

Choosing your mortgage acceleration plan

There are three basic avenues for accelerating your mortgage.

NO. 1

The biweekly mortgage. Instead of making one payment each month, you make a payment every two weeks equal to half the monthly payment. However, there are two catches, according to Marc Louargand, president of the American Real Estate Society
and chief investment strategist at Cornerstone Real Estate Advisers in Hartford, Conn.

“The lender is unlikely to accept a partial payment, so the biweekly payments need to be assembled into a monthly payment,” Louargand explains. “The bigger catch here is that there are only 12 months in a year but there are 26 two-week periods. In effect, the plan calls for making 13 full payments each year. By making that one extra payment, you can retire your mortgage two or three years early.”

NO. 2

Pay down principal early. Real estate investors and other homeowners can make extra principal payments at the beginning of the mortgage to shorten the amortization period and save on total interest payments. For example, if you own a rental property and you’re cash flowing more than your mortgage payment, you could put the extra income toward principal.

There are a number of variations on this theme, Louargand notes, but there’s no reason for anyone to pay a fee for this type of advice. A call to your mortgage servicer to confirm its acceptance of additional principal payments is sufficient.

NO. 3

Use a line of credit. This last approach is more complex and active. It goes by various names, but Louargand describes it as a cash flow management program. Typically, you buy a piece of software that manages the relationship between your existing or new mortgage, a new home equity line of credit, and your regular transaction balances.

The basic concept is that your monthly income or cash inflow is deposited as principal payment against your mortgage. Meanwhile, you use the line of credit to pay your regular monthly transactions, such as buying gasoline and groceries. These transactions are effected with a single credit card.

Though the line of credit will likely have a higher interest rate than the primary mortgage, it’s actually cheaper to maintain because of the way the interest is calculated.

“The purported benefit is due to the ‘float’ that comes from using the credit card and the arbitrage between daily interest charges against the credit line and the monthly interest assessment by the mortgage lender,” Louargand says. “This idea requires a fairly high level of discipline on the part of the borrower. It also presumes that the homeowner’s equity is sufficient to make the scheme work. And, in the end, it actually encourages a heavier reliance on credit.”

Source: Growing Wealth