Lesson #1 - Why the U.S. was downgraded:
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000
Let's now remove 8 zeros and pretend it's a household budget:
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385
Got it?
Lesson #2 - Here's another way to look at the Debt Ceiling:
Let's say, You come home from work and find there has been a
sewer backup in your neighborhood....and your home has
sewage all the way up to your ceilings.
What do you think you should do?
1. Raise the Ceilings, or
2. Pump out the sewage
Think about it....
Wednesday, December 14, 2011
Thursday, December 8, 2011
Library of Congress to receive entire Twitter archive
Wednesday - 12/7/2011, 12:34am ET
Bill Lefurgy, digital initiatives program manager, Library of Congress
The Library of Congress and Twitter have signed an agreement that will see an archive of every public Tweet ever sent handed over to the library's repository of historical documents.
"We have an agreement with Twitter where they have a bunch of servers with their historic archive of tweets, everything that was sent out and declared to be public," said Bill Lefurgy, the digital initiatives program manager at the library's national digital information infrastructure and preservation program. The archives don't contain tweets that users have protected, but everything else — billions and billions of tweets — are there.
Lefurgy joined the Federal Drive with Tom Temin and Amy Morris Tuesday morning to talk about the library's digital mission.
Using new technical processes it has developed, Twitter is moving a large quantity of electronic data from one electronic source to another. "They've had to do some pretty nifty experimentation and invention to develop the tools and a process to be able to move all of that data over to us," Lefurgy said.
The Library of Congress has long been the repository of important, historical documents and the Twitter library, as a whole, is something historic in itself.
"We were excited to be involved with acquiring the Twitter archives because it's a unique record of our time," Lefurgy said. "It's also a unique way of communication. It's not so much that people are going to be interested in what you or I had for lunch, which some people like to say on Twitter."
Researchers will be able to look at the Twitter archive as a complete set of data, which they could then data-mine for interesting information.
"There have been studies involved with what are the moods of the public at various times of the day in reaction to certain kinds of news events," Lefurgy said. "There's all these interesting kinds of mixing and matching that can be done using the tweets as a big set of data."
One benefit for the Library of Congress in receiving this large data set is that it's been forced to stretch itself technologically.
"It's been difficult at times," Lefurgy said. "But we firmly believe that we have to do this kind of thing because we anticipate that we'll be bringing in large data sets again into the future. We don't know specifically what, but certainly there's no sign of data getting smaller or less complicated or less interesting."
The library's Twitter partnership comes amid a renewed push by the administration and the National Archives and Records Administration for federal agencies to better archive their own social media postings and emails as potential government records.
"We're basically in the same situation as the National Archives, only on a much larger scale," Lefurgy said. "We tend to have a much larger perspective in terms of what we collect."
Federal Radio
Bill Lefurgy, digital initiatives program manager, Library of Congress
The Library of Congress and Twitter have signed an agreement that will see an archive of every public Tweet ever sent handed over to the library's repository of historical documents.
"We have an agreement with Twitter where they have a bunch of servers with their historic archive of tweets, everything that was sent out and declared to be public," said Bill Lefurgy, the digital initiatives program manager at the library's national digital information infrastructure and preservation program. The archives don't contain tweets that users have protected, but everything else — billions and billions of tweets — are there.
Lefurgy joined the Federal Drive with Tom Temin and Amy Morris Tuesday morning to talk about the library's digital mission.
Using new technical processes it has developed, Twitter is moving a large quantity of electronic data from one electronic source to another. "They've had to do some pretty nifty experimentation and invention to develop the tools and a process to be able to move all of that data over to us," Lefurgy said.
The Library of Congress has long been the repository of important, historical documents and the Twitter library, as a whole, is something historic in itself.
"We were excited to be involved with acquiring the Twitter archives because it's a unique record of our time," Lefurgy said. "It's also a unique way of communication. It's not so much that people are going to be interested in what you or I had for lunch, which some people like to say on Twitter."
Researchers will be able to look at the Twitter archive as a complete set of data, which they could then data-mine for interesting information.
"There have been studies involved with what are the moods of the public at various times of the day in reaction to certain kinds of news events," Lefurgy said. "There's all these interesting kinds of mixing and matching that can be done using the tweets as a big set of data."
One benefit for the Library of Congress in receiving this large data set is that it's been forced to stretch itself technologically.
"It's been difficult at times," Lefurgy said. "But we firmly believe that we have to do this kind of thing because we anticipate that we'll be bringing in large data sets again into the future. We don't know specifically what, but certainly there's no sign of data getting smaller or less complicated or less interesting."
The library's Twitter partnership comes amid a renewed push by the administration and the National Archives and Records Administration for federal agencies to better archive their own social media postings and emails as potential government records.
"We're basically in the same situation as the National Archives, only on a much larger scale," Lefurgy said. "We tend to have a much larger perspective in terms of what we collect."
Federal Radio
Monday, November 28, 2011
Borrowers set to receive money under RBS settlement will be notified
RBS Financial Products Inc., a subsidiary of the Royal Bank of Scotland formerly known as Greenwich Capital Financial Products Inc., will pay $52 million to settle allegations that it securitized "presumptively unfair" residential mortgages, state Attorney General Martha Coakley said today.
The settlement is part of an ongoing investigation into the financing, purchase and securitization of what Coakley calls "unfair" home loans.
Of the $52 million due from RBS, $40.2 million will be used for principal reduction for more than 700 Massachusetts subprime borrowers, Coakley's office said. The loans, primarily ARMs, were securitized by RBS in 2006 and 2007 and feature high debt-to-income and loan-to-value ratios.
Nearly $9 million will be paid to the commonwealth and more than $2.6 million will be used to compensate entities, including municipalities, that are "acutely affected by foreclosures of the RBS securitized loans," Coakley's office said.
Last year, Coakley won a $102 million settlement from Morgan Stanley. In 2009, Goldman Sachs paid $60 million in a similar case.
Borrowers set to receive money under the RBS settlement will be notified by Coakley's office.
By Matt Brown
The settlement is part of an ongoing investigation into the financing, purchase and securitization of what Coakley calls "unfair" home loans.
Of the $52 million due from RBS, $40.2 million will be used for principal reduction for more than 700 Massachusetts subprime borrowers, Coakley's office said. The loans, primarily ARMs, were securitized by RBS in 2006 and 2007 and feature high debt-to-income and loan-to-value ratios.
Nearly $9 million will be paid to the commonwealth and more than $2.6 million will be used to compensate entities, including municipalities, that are "acutely affected by foreclosures of the RBS securitized loans," Coakley's office said.
Last year, Coakley won a $102 million settlement from Morgan Stanley. In 2009, Goldman Sachs paid $60 million in a similar case.
Borrowers set to receive money under the RBS settlement will be notified by Coakley's office.
By Matt Brown
Monday, November 21, 2011
Housing Wins Higher FHA Mortgage Limits
The U.S. housing industry has scored a victory with House and Senate votes to raise the size of mortgages backed by the Federal Housing Administration to $729,750.
The measure split Republicans, many of whom supported retaining the lower limit of $625,500. As a result, efforts to restore the higher limit fell short until the Senate attached an increase to a package of spending bills that were passed yesterday by both the House and Senate.
The higher FHA limit is expected to become law after the president signs the spending measures, which he must do by the end of today to avoid a government shutdown.
“Restoring the higher loan limits for the FHA will provide homeowners and homebuyers with safe and affordable financing, while providing a much-needed boost to housing markets all around the country,” James W. Tobin, chief lobbyist for the National Association of Home Builders, wrote in a Nov. 16 letter to Speaker John Boehner, an Ohio Republican.
Lawmakers who backed higher limits said withdrawing federal support could further undermine a housing market still struggling to recover from the 2008 credit crisis.
The final compromise, which dropped a similar increase to loans backed by mortgage firms Fannie Mae and Freddie Mac, represents a mixed victory for the housing industry.
While the increase to $729,750 is expected to spur some additional homebuying, it’s not clear by how much. FHA loans make up a smaller share of the market than those purchased by Fannie Mae and Freddie Mac.
5.3 Million Homes
Still, the measure was fully embraced by trade groups for homebuilders and realtors. The National Association of Homebuilders has estimated that 5.3 million homes lost their eligibility for conforming loans when the higher limits expired on Oct. 1. Nearly 670 counties saw their loan limits decline, according to the National Association of Realtors.
On the other side were a number of interest groups that push for free-market policies and against government support to the housing market. Those groups, which include the Club for Growth and Heritage Action for America, play a large role in the House Republican conference and can influence campaign funding for the next election.
Republicans backed by the groups thought efforts to increase the loan limits had been defeated earlier this year, particularly when the White House announced support for allowing them to go back down to pre-crisis levels.
‘Completely Bizarre’
“This is completely bizarre that the Congress would be to the left of this president on housing finance,” Representative Patrick McHenry, a North Carolina Republican on the House Financial Services Committee, said in an interview.
House Republicans who opposed the provision seized on the FHA’s annual actuarial report released earlier this week, which said the agency has a 50 percent chance of needing to seek taxpayer aid to bolster its insurance fund.
The FHA, which provides liquidity by protecting lenders against borrower defaults, has increased its share of the mortgage market in the wake of the credit crisis. The agency, created in 1934 during the Great Depression, now guarantees a third of U.S. mortgages, according to the report.
The House-passed legislation, approved in a 298-121 vote, was opposed by 101 members of the House’s Republican majority, some of whom said they opposed the measure primarily because of the loan-limit increase.
Representative John Campbell, a California Republican who pushed for the increase, called the compromise on the provision “just a bad deal.” Campbell said he would have preferred that lawmakers boost the limit for Fannie Mae and Freddie Mac over raising the FHA limit.
‘Short-Term Fix’
“I’m glad something got done, but because they got it backwards, this will be a much more short-term fix than I would have hoped,” Campbell said in an interview.
=The Senate followed the House’s lead a few hours later, voting 70-30 to clear the measure for Obama’s signature. The provision was once again cited by several Republicans as a reason for their opposition.
“Raising the loan limits at FHA only, an unprecedented move, will simply drive more business into Ginnie Mae securities and put the FHA at even greater risk of losses to taxpayers,” Senator Bob Corker, a Tennessee Republican, said yesterday. “If we cannot even take this simple step, we risk crowding out the private sector for years to come.”
To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net.
To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net
The measure split Republicans, many of whom supported retaining the lower limit of $625,500. As a result, efforts to restore the higher limit fell short until the Senate attached an increase to a package of spending bills that were passed yesterday by both the House and Senate.
The higher FHA limit is expected to become law after the president signs the spending measures, which he must do by the end of today to avoid a government shutdown.
“Restoring the higher loan limits for the FHA will provide homeowners and homebuyers with safe and affordable financing, while providing a much-needed boost to housing markets all around the country,” James W. Tobin, chief lobbyist for the National Association of Home Builders, wrote in a Nov. 16 letter to Speaker John Boehner, an Ohio Republican.
Lawmakers who backed higher limits said withdrawing federal support could further undermine a housing market still struggling to recover from the 2008 credit crisis.
The final compromise, which dropped a similar increase to loans backed by mortgage firms Fannie Mae and Freddie Mac, represents a mixed victory for the housing industry.
While the increase to $729,750 is expected to spur some additional homebuying, it’s not clear by how much. FHA loans make up a smaller share of the market than those purchased by Fannie Mae and Freddie Mac.
5.3 Million Homes
Still, the measure was fully embraced by trade groups for homebuilders and realtors. The National Association of Homebuilders has estimated that 5.3 million homes lost their eligibility for conforming loans when the higher limits expired on Oct. 1. Nearly 670 counties saw their loan limits decline, according to the National Association of Realtors.
On the other side were a number of interest groups that push for free-market policies and against government support to the housing market. Those groups, which include the Club for Growth and Heritage Action for America, play a large role in the House Republican conference and can influence campaign funding for the next election.
Republicans backed by the groups thought efforts to increase the loan limits had been defeated earlier this year, particularly when the White House announced support for allowing them to go back down to pre-crisis levels.
‘Completely Bizarre’
“This is completely bizarre that the Congress would be to the left of this president on housing finance,” Representative Patrick McHenry, a North Carolina Republican on the House Financial Services Committee, said in an interview.
House Republicans who opposed the provision seized on the FHA’s annual actuarial report released earlier this week, which said the agency has a 50 percent chance of needing to seek taxpayer aid to bolster its insurance fund.
The FHA, which provides liquidity by protecting lenders against borrower defaults, has increased its share of the mortgage market in the wake of the credit crisis. The agency, created in 1934 during the Great Depression, now guarantees a third of U.S. mortgages, according to the report.
The House-passed legislation, approved in a 298-121 vote, was opposed by 101 members of the House’s Republican majority, some of whom said they opposed the measure primarily because of the loan-limit increase.
Representative John Campbell, a California Republican who pushed for the increase, called the compromise on the provision “just a bad deal.” Campbell said he would have preferred that lawmakers boost the limit for Fannie Mae and Freddie Mac over raising the FHA limit.
‘Short-Term Fix’
“I’m glad something got done, but because they got it backwards, this will be a much more short-term fix than I would have hoped,” Campbell said in an interview.
=The Senate followed the House’s lead a few hours later, voting 70-30 to clear the measure for Obama’s signature. The provision was once again cited by several Republicans as a reason for their opposition.
“Raising the loan limits at FHA only, an unprecedented move, will simply drive more business into Ginnie Mae securities and put the FHA at even greater risk of losses to taxpayers,” Senator Bob Corker, a Tennessee Republican, said yesterday. “If we cannot even take this simple step, we risk crowding out the private sector for years to come.”
To contact the reporter on this story: Phil Mattingly in Washington at pmattingly@bloomberg.net.
To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net
Thursday, November 10, 2011
15 Ways to Prepare Your Home for Winter
Convert to Gas
Nothing communicates home-loving coziness like a fire in the fireplace. Unfortunately, traditional woodburning fireplaces tend to lose more energy than they produce, pulling heated air out of the house and sending it up the chimney (and burning wood adds to air pollution). If you have natural gas or propane heating, consider having gas logs installed. A direct-vent system is best for new, air-tight homes; it pulls in air from outdoors, pushes it past the firebox, and sends the warmed air into the room. Vent-free systems require no chimney, flue, or outside exhaust. They're relatively inexpensive to operate, warm the room efficiently, and meet national standards for indoor air quality.
Call the Chimney Sweep
If gas logs aren't in your budget and you use your woodburning fireplace often during the winter, have it cleaned and inspected before winter. Burning wood releases volatile gases that cool and condense on the inside of the chimney, forming sticky, smelly, highly flammable creosote. Allow enough of it to build up, and you run a risk of a chimney fire. Also make sure the damper is working properly and that the chimney is capped with screening to keep out critters
Put the Ceiling Fan in Reverse
Check your ceiling fan for a switch that allows you to reverse the direction of blade movement to turn clockwise instead of counter-clockwise. Warm air rises, and the clockwise rotation of the blades forces the warm air down to where people benefit from it.
Wash the Windows
Yes, it's a tedious job, but washing the windows inside and out twice a year--spring and fall--rewards you with sparkling views, unobstructed light, and the opportunity to check for cracks and damaged caulking. Use a commercial window cleaner or make your own by mixing 1/4 cup of white vinegar with 1 gallon of water. Newspaper makes the best "cleaning rag" because it's absorbent and won't leave lint, but wear gloves to protect your hands from the newsprint.
Rearrange the Furniture
Changing the furniture arrangement is an easy way to give your rooms a new look and feel for the winter. Pull seating pieces close to the fireplace to create a cozier mood, and bring out soft chenille or fleece throws to ward off the chill. Set up a new display on the mantel to create a wintertime focal point--dark colors and layers of objects supply rich texture that adds increases the cozy factor. Some homeowners keep two sets of slipcovers, white for summer and a dark, warm color for winter.
Make Windows Airtight
According to the U.S. Department of Energy, 10 percent of the air that leaks out of a house exits through the windows. Caulk around window frames and apply weatherstripping between the sash and window frame to eliminate air leakage. Tension seal and magnetic types of weatherstripping are durable and effective for double-hung windows. For casement and sliding windows, apply self-adhesive V-strip weatherstripping to the side of a clean, dry sash or window jamb. Measure the length you need, cut the V-strip to fit, then peel off the paper backing while pressing the strip in place.
Put Up Storm Windows
Install storm windows to reduce air leakage year-round. You can find storm windows with vinyl, wood, or aluminum frames and glass or plastic panes. Glass is heavier but longer lasting and clearer than plastic, which scratches easily and yellows over time. Interior storm windows are generally mounted inside the window jambs or flush with the molding. They're easy to install but must be removed when you want to open the windows to let in fresh air. An exterior double-track or triple-track storm window is permanently installed on the outside of the window, and the lower half of the window moves in a separate track from the screen so you can lower or raise it to control air flow.
Clean the Gutters
Whether your gutters have become roofline planters like this one or have simply accumulated a season's worth of fallen leaves, get them cleaned out before winter rains and snows arrive. After scooping out leaves and debris, flush the gutters and downspouts with a strong stream of water from a hose. Make sure the gutters fit snugly against the house and repair any cracks or damage. Many companies offer leaf guards that claim to prevent leaves from collecting in the gutters, but most don't keep out dirt, debris, and seeds, so you'll still have to flush them out.
Check Smoke Alarms and Carbon Monoxide Detectors
Experts recommend replacing the batteries in smoke alarms twice a year, and if your smoke alarm is between 5 and 10 years old, replace it with a new one. There should be at least one smoke alarm on every level of your house and one in or near each bedroom. Safety experts recommend similar placement for carbon monoxide detectors--high on the wall, one on every level of the home, and near bedrooms. Where NOT to put them: within 15 feet of gas appliances, furnace, or fireplace because these give off small amounts of carbon monoxide when they're first turned on and would trigger false alarms.
An Easy Fix
Even though only 2 percent of air leakage is through electrical outlets and switchplates, every little bit counts, and insulating outlets is easy and inexpensive. Check a hardware store for outlet gaskets (also called insulation gaskets). To install them, turn off the electricity, remove the faceplate, pop out the perforated gasket, and press it over the outlet. Screw the faceplate back on, and you're ready to power back up. Look for UL-listed gaskets made from fire-retardant foam.
Have the Furnace Inspected
Call an HVAC professional to check the fan belt that runs the blower, vacuum out dust and debris, and oil the bearings if necessary. Buy enough filters to see you through the winter months and change them monthly--when filters become clogged with dust, the furnace doesn't operate efficiently and your energy bill goes up. Set the thermostat at 68 to save on energy costs, and consider replacing a manually controlled thermostat with a programmable one. This allows you to set the temperature at a comfortable level when you're in the house and cut it back to a cooler level when you're at work. Used properly, programmable thermostats can save up to $180 a year on heating and cooling costs.
Time to Go Tankless?
Conventional storage water heaters use energy to keep the tank full of hot water at all times; a tankless heater provides hot water only when you need it, which requires less energy thus saving you money. Whole-house tankless heaters are probably not cost effective for most homeowners--they cost more upfront than storage water heaters, and installation costs are also much higher and more complicated. Point-of-use heaters, however, are small and installed where you use them--at the kitchen sink or in the bathroom--and because they only need to furnish enough hot water for fixtures in that area, they can be efficient, cost-effective, and green. Gas-fired models deliver hot water at a faster rate than electrical models, which require upgraded wiring if they have to do much more than supply hot water to a bathroom sink.
Plug Hidden Leaks
About 30 percent of the cold air that leaks into your home comes through holes where pipes, vents, or electrical conduits run through the walls, ceiling, and floors. Check under sinks in the kitchen and bathroom and in the basement for gaps around pipes, and fill them in with an insulating foam sealant. Small gaps can be effectively sealed with caulk.
Protect Pipes from Freezing
To minimize the possibility of water freezing in your plumbing pipes causing them to burst, wrap each pipe in a blanket of foam insulation. Check hardware stores for these foam tubes, which have a slit on one side. Just cut the tube to the length you need, pull the slit open, and push the tube onto the pipe. If the slit doesn't have self-adhesive edges, use duct tape to secure it.
Add Insulation
Check the attic to see whether you need to add insulation -- experts recommend a depth of about 12 inches. Ultra Touch from Bonded Logic is an eco-friendly, formaldehyde-free insulation made from the scraps and waste left over from the manufacture of blue jeans. It's treated with a boron-based solution to prevent mold and mildew growth, discourage pests, and retard fire, and it won't irritate your skin during installation. Visit bondedlogic.com to find a retailer near you.
Better Homes http://www.bhg.com/
Call the Chimney Sweep
If gas logs aren't in your budget and you use your woodburning fireplace often during the winter, have it cleaned and inspected before winter. Burning wood releases volatile gases that cool and condense on the inside of the chimney, forming sticky, smelly, highly flammable creosote. Allow enough of it to build up, and you run a risk of a chimney fire. Also make sure the damper is working properly and that the chimney is capped with screening to keep out critters
Put the Ceiling Fan in Reverse
Check your ceiling fan for a switch that allows you to reverse the direction of blade movement to turn clockwise instead of counter-clockwise. Warm air rises, and the clockwise rotation of the blades forces the warm air down to where people benefit from it.
Wash the Windows
Yes, it's a tedious job, but washing the windows inside and out twice a year--spring and fall--rewards you with sparkling views, unobstructed light, and the opportunity to check for cracks and damaged caulking. Use a commercial window cleaner or make your own by mixing 1/4 cup of white vinegar with 1 gallon of water. Newspaper makes the best "cleaning rag" because it's absorbent and won't leave lint, but wear gloves to protect your hands from the newsprint.
Rearrange the Furniture
Changing the furniture arrangement is an easy way to give your rooms a new look and feel for the winter. Pull seating pieces close to the fireplace to create a cozier mood, and bring out soft chenille or fleece throws to ward off the chill. Set up a new display on the mantel to create a wintertime focal point--dark colors and layers of objects supply rich texture that adds increases the cozy factor. Some homeowners keep two sets of slipcovers, white for summer and a dark, warm color for winter.
Make Windows Airtight
According to the U.S. Department of Energy, 10 percent of the air that leaks out of a house exits through the windows. Caulk around window frames and apply weatherstripping between the sash and window frame to eliminate air leakage. Tension seal and magnetic types of weatherstripping are durable and effective for double-hung windows. For casement and sliding windows, apply self-adhesive V-strip weatherstripping to the side of a clean, dry sash or window jamb. Measure the length you need, cut the V-strip to fit, then peel off the paper backing while pressing the strip in place.
Put Up Storm Windows
Install storm windows to reduce air leakage year-round. You can find storm windows with vinyl, wood, or aluminum frames and glass or plastic panes. Glass is heavier but longer lasting and clearer than plastic, which scratches easily and yellows over time. Interior storm windows are generally mounted inside the window jambs or flush with the molding. They're easy to install but must be removed when you want to open the windows to let in fresh air. An exterior double-track or triple-track storm window is permanently installed on the outside of the window, and the lower half of the window moves in a separate track from the screen so you can lower or raise it to control air flow.
Clean the Gutters
Whether your gutters have become roofline planters like this one or have simply accumulated a season's worth of fallen leaves, get them cleaned out before winter rains and snows arrive. After scooping out leaves and debris, flush the gutters and downspouts with a strong stream of water from a hose. Make sure the gutters fit snugly against the house and repair any cracks or damage. Many companies offer leaf guards that claim to prevent leaves from collecting in the gutters, but most don't keep out dirt, debris, and seeds, so you'll still have to flush them out.
Check Smoke Alarms and Carbon Monoxide Detectors
Experts recommend replacing the batteries in smoke alarms twice a year, and if your smoke alarm is between 5 and 10 years old, replace it with a new one. There should be at least one smoke alarm on every level of your house and one in or near each bedroom. Safety experts recommend similar placement for carbon monoxide detectors--high on the wall, one on every level of the home, and near bedrooms. Where NOT to put them: within 15 feet of gas appliances, furnace, or fireplace because these give off small amounts of carbon monoxide when they're first turned on and would trigger false alarms.
An Easy Fix
Even though only 2 percent of air leakage is through electrical outlets and switchplates, every little bit counts, and insulating outlets is easy and inexpensive. Check a hardware store for outlet gaskets (also called insulation gaskets). To install them, turn off the electricity, remove the faceplate, pop out the perforated gasket, and press it over the outlet. Screw the faceplate back on, and you're ready to power back up. Look for UL-listed gaskets made from fire-retardant foam.
Have the Furnace Inspected
Call an HVAC professional to check the fan belt that runs the blower, vacuum out dust and debris, and oil the bearings if necessary. Buy enough filters to see you through the winter months and change them monthly--when filters become clogged with dust, the furnace doesn't operate efficiently and your energy bill goes up. Set the thermostat at 68 to save on energy costs, and consider replacing a manually controlled thermostat with a programmable one. This allows you to set the temperature at a comfortable level when you're in the house and cut it back to a cooler level when you're at work. Used properly, programmable thermostats can save up to $180 a year on heating and cooling costs.
Time to Go Tankless?
Conventional storage water heaters use energy to keep the tank full of hot water at all times; a tankless heater provides hot water only when you need it, which requires less energy thus saving you money. Whole-house tankless heaters are probably not cost effective for most homeowners--they cost more upfront than storage water heaters, and installation costs are also much higher and more complicated. Point-of-use heaters, however, are small and installed where you use them--at the kitchen sink or in the bathroom--and because they only need to furnish enough hot water for fixtures in that area, they can be efficient, cost-effective, and green. Gas-fired models deliver hot water at a faster rate than electrical models, which require upgraded wiring if they have to do much more than supply hot water to a bathroom sink.
Plug Hidden Leaks
About 30 percent of the cold air that leaks into your home comes through holes where pipes, vents, or electrical conduits run through the walls, ceiling, and floors. Check under sinks in the kitchen and bathroom and in the basement for gaps around pipes, and fill them in with an insulating foam sealant. Small gaps can be effectively sealed with caulk.
Protect Pipes from Freezing
To minimize the possibility of water freezing in your plumbing pipes causing them to burst, wrap each pipe in a blanket of foam insulation. Check hardware stores for these foam tubes, which have a slit on one side. Just cut the tube to the length you need, pull the slit open, and push the tube onto the pipe. If the slit doesn't have self-adhesive edges, use duct tape to secure it.
Add Insulation
Check the attic to see whether you need to add insulation -- experts recommend a depth of about 12 inches. Ultra Touch from Bonded Logic is an eco-friendly, formaldehyde-free insulation made from the scraps and waste left over from the manufacture of blue jeans. It's treated with a boron-based solution to prevent mold and mildew growth, discourage pests, and retard fire, and it won't irritate your skin during installation. Visit bondedlogic.com to find a retailer near you.
Better Homes http://www.bhg.com/
Tuesday, October 18, 2011
Faulty Foreclosures Can Strip Property Rights From New Owners
The Massachusetts Supreme Judicial Court ruled today that if an original foreclosure was faulty, people who buy foreclosed property might not own what they think they do.
The case, Bevilacqua vs. Rodriguez, involved a Haverhill property which had been owned by Pablo Rodriguez, who took a mortgage on it in 2005 through a lender named Finance America. The mortgage was assigned to the Mortgage Electronic Registration System (MERS), and the note was subsequently sold into a securitized trust.
In 2006, U.S. Bank, acting as trustee, foreclosed on the property. But the mortgage, which had been entered into the land records as assigned to MERS had never been transferred over to U.S. Bank. This transfer occurred only after the foreclosure sale had already been completed.
Last year, the SJC ruled in its influential Ibanez decision that such post-foreclosure transfers were illegal - banks must be assigned the mortgage prior to foreclosure in order to foreclose.
In 2006, U.S. Bank sold the property to Francis J. Bevilacqua, granting him a "quitclaim deed" affirming U.S. Bank no longer had an interest in the property. But, given the court's Ibanez ruling, in 2010 Bevilacqua elected to file a "try title" action in order to clear up any potential problems with the title.
A "try title" action is a legal method of clearing disputes over who owns a piece of property by forcing the parties with a claim on the land to appear in court and present evidence. If a party with such a claim fails to appear and defend it, or loses the case on the evidence, their claim is wiped out, making it easier for the current owner to sell.
Judge Keith Long of the Land Court, however, ruled that Bevilacqua didn't have the right to attempt to "try title." Since U.S. Bank's original foreclosure was illegal, they didn't have the right to sell the property to Bevilacqua in the first place, and he was not its legal owner.
The SJC today affirmed that decision, saying that the fact that U.S. Bank had granted a deed to Bevilacqua wasn't enough to establish his ownership.
"Recording may be necessary to place the world on notice of certain transactions. Recording is not sufficient in and of itself, however, to render an invalid document legally significant," said the court. "In light of its defective title, the intention of U.S. Bank to transfer the property to Bevilacqua is irrelevant and he cannot have become the owner of the property pursuant to the quitclaim deed."
The court does state that it might be possible for property owners in Bevilacqua's position to establish ownership by, in effect, re-foreclosing on the property.
Bevilacqua might argue that the record shows that U.S. Bank intended to transfer its interest in the property to him, and that therefore he is entitled to foreclose on the property under the terms of the original mortgage, just as U.S. Bank would have been.
However, the court says that a try title action isn't the proper legal proceeding in which to attempt such a maneuver. But they explictly leave the door open for Bevilacqua to make another attempt to establish his ownership.
By Coleen Sullivan
The case, Bevilacqua vs. Rodriguez, involved a Haverhill property which had been owned by Pablo Rodriguez, who took a mortgage on it in 2005 through a lender named Finance America. The mortgage was assigned to the Mortgage Electronic Registration System (MERS), and the note was subsequently sold into a securitized trust.
In 2006, U.S. Bank, acting as trustee, foreclosed on the property. But the mortgage, which had been entered into the land records as assigned to MERS had never been transferred over to U.S. Bank. This transfer occurred only after the foreclosure sale had already been completed.
Last year, the SJC ruled in its influential Ibanez decision that such post-foreclosure transfers were illegal - banks must be assigned the mortgage prior to foreclosure in order to foreclose.
In 2006, U.S. Bank sold the property to Francis J. Bevilacqua, granting him a "quitclaim deed" affirming U.S. Bank no longer had an interest in the property. But, given the court's Ibanez ruling, in 2010 Bevilacqua elected to file a "try title" action in order to clear up any potential problems with the title.
A "try title" action is a legal method of clearing disputes over who owns a piece of property by forcing the parties with a claim on the land to appear in court and present evidence. If a party with such a claim fails to appear and defend it, or loses the case on the evidence, their claim is wiped out, making it easier for the current owner to sell.
Judge Keith Long of the Land Court, however, ruled that Bevilacqua didn't have the right to attempt to "try title." Since U.S. Bank's original foreclosure was illegal, they didn't have the right to sell the property to Bevilacqua in the first place, and he was not its legal owner.
The SJC today affirmed that decision, saying that the fact that U.S. Bank had granted a deed to Bevilacqua wasn't enough to establish his ownership.
"Recording may be necessary to place the world on notice of certain transactions. Recording is not sufficient in and of itself, however, to render an invalid document legally significant," said the court. "In light of its defective title, the intention of U.S. Bank to transfer the property to Bevilacqua is irrelevant and he cannot have become the owner of the property pursuant to the quitclaim deed."
The court does state that it might be possible for property owners in Bevilacqua's position to establish ownership by, in effect, re-foreclosing on the property.
Bevilacqua might argue that the record shows that U.S. Bank intended to transfer its interest in the property to him, and that therefore he is entitled to foreclose on the property under the terms of the original mortgage, just as U.S. Bank would have been.
However, the court says that a try title action isn't the proper legal proceeding in which to attempt such a maneuver. But they explictly leave the door open for Bevilacqua to make another attempt to establish his ownership.
By Coleen Sullivan
Tuesday, October 4, 2011
North Shore Massachusetts Flood
Dealing with the Aftermath
If you have experienced a flood, you can file your flood insurance claim by following these three steps:
STEP ONE:
After experiencing a flood, contact your agent or insurance company to file a claim. An adjuster should contact you within a few days of filing your claim. If you do not hear from an adjuster, you can contact your insurance agent or company again. Make sure you have the following information handy:
•The name of your insurance company
•Your policy number
•A telephone and/or email address where you can be reached at all times
STEP TWO:
Separate damaged from undamaged property. Your adjuster will need evidence of the damage to your home and possessions to prepare your repair estimate.
•Take photographs of all of the damaged property, including discarded objects, structural damage, and standing floodwater levels.
•Make a list of damaged or lost items and include their date of purchase, value, and receipts, if possible.
•Officials may require disposal of damaged items so, if possible, place flooded items outside of the home.
STEP THREE:
Your adjuster will provide you a Proof of Loss form for your official claim for damages. You'll need to file this claim with your insurance company within 60 days of the flood. This document substantiates the insurance claim and is required before the National Flood Insurance Program (NFIP) or insurance company can make payment.
You'll receive your claim payment after you and the insurer agree on the amount of damages and the insurer has your complete, accurate, and signed Proof of Loss form. If major catastrophic flooding occurs, it may take longer to process claims and make payments because of the sheer number of claims submitted.
Disaster Assistance: (800) 621-FEMA, TTY (800) 462-7585
http://www.floodsmart.gov/floodsmart/
If you have experienced a flood, you can file your flood insurance claim by following these three steps:
STEP ONE:
After experiencing a flood, contact your agent or insurance company to file a claim. An adjuster should contact you within a few days of filing your claim. If you do not hear from an adjuster, you can contact your insurance agent or company again. Make sure you have the following information handy:
•The name of your insurance company
•Your policy number
•A telephone and/or email address where you can be reached at all times
STEP TWO:
Separate damaged from undamaged property. Your adjuster will need evidence of the damage to your home and possessions to prepare your repair estimate.
•Take photographs of all of the damaged property, including discarded objects, structural damage, and standing floodwater levels.
•Make a list of damaged or lost items and include their date of purchase, value, and receipts, if possible.
•Officials may require disposal of damaged items so, if possible, place flooded items outside of the home.
STEP THREE:
Your adjuster will provide you a Proof of Loss form for your official claim for damages. You'll need to file this claim with your insurance company within 60 days of the flood. This document substantiates the insurance claim and is required before the National Flood Insurance Program (NFIP) or insurance company can make payment.
You'll receive your claim payment after you and the insurer agree on the amount of damages and the insurer has your complete, accurate, and signed Proof of Loss form. If major catastrophic flooding occurs, it may take longer to process claims and make payments because of the sheer number of claims submitted.
Disaster Assistance: (800) 621-FEMA, TTY (800) 462-7585
http://www.floodsmart.gov/floodsmart/
Thursday, September 29, 2011
August Bay State Foreclosure Deeds Reach Highest Level In 2011
Over the past year, foreclosures have fluctated, reaching new highs and lows. What's next for Massachusetts? Banker & Tradesman Managing Editor Cory S. Hopkins gives his take in this podcast. More than 900 foreclosures were completed in Massachusetts in August - the highest monthly level recorded so far this year, according to The Warren Group, publisher of Banker & Tradesman.
A total of 937 foreclosure deeds were recorded in August, marking the largest amount in any month in 2011. June recorded the second highest amount at 931. Year-over-year foreclosure deeds dropped more than 22 percent from 1,207 in August 2010. A total of 5,465 foreclosure deeds have been filed so far this year, a near 45 percent decrease compared to 9,887 deeds recorded during the same period last year.
"We're seeing completed foreclosures hover around the 1,000 mark - a sign that lenders are beginning to work through the backlog and finalize the foreclosure process," said Banker & Tradesman Managing Editor Cory S. Hopkins. "Foreclosures have been delayed by robo-signing and other documentation problems. This could certainly mean a glut of foreclosed homes will be pushed through the pipeline in coming months and years."
Year-over-year petitions were down in August, dropping to 1,397 - a near 53 percent decline from 2,961 in August 2010. This is the second consecutive month petitions have exceeded 1,000 - and the fourth month so far this year. A total of 8,253 foreclosure petitions have been initiated so far this year, down 56 percent from 18,606 petitions filed the same period last year.
The number of auction announcements tracked by The Warren Group also decreased in August. Auction announcements declined 36 percent to 1,266 from 1,988 in August 2010. From January through August, 11,373 auctions have been announced, a 44 percent decline from 20,456 auctions during the same period in 2010.
A total of 937 foreclosure deeds were recorded in August, marking the largest amount in any month in 2011. June recorded the second highest amount at 931. Year-over-year foreclosure deeds dropped more than 22 percent from 1,207 in August 2010. A total of 5,465 foreclosure deeds have been filed so far this year, a near 45 percent decrease compared to 9,887 deeds recorded during the same period last year.
"We're seeing completed foreclosures hover around the 1,000 mark - a sign that lenders are beginning to work through the backlog and finalize the foreclosure process," said Banker & Tradesman Managing Editor Cory S. Hopkins. "Foreclosures have been delayed by robo-signing and other documentation problems. This could certainly mean a glut of foreclosed homes will be pushed through the pipeline in coming months and years."
Year-over-year petitions were down in August, dropping to 1,397 - a near 53 percent decline from 2,961 in August 2010. This is the second consecutive month petitions have exceeded 1,000 - and the fourth month so far this year. A total of 8,253 foreclosure petitions have been initiated so far this year, down 56 percent from 18,606 petitions filed the same period last year.
The number of auction announcements tracked by The Warren Group also decreased in August. Auction announcements declined 36 percent to 1,266 from 1,988 in August 2010. From January through August, 11,373 auctions have been announced, a 44 percent decline from 20,456 auctions during the same period in 2010.
Saturday, September 17, 2011
US Foreclosure risk on rise, analysts say
Top News
Wednesday, 24 August 2011 05:52
The Mortgage Bankers Association said yesterday that 8.4 percent of homeowners missed at least one mortgage payment in the April-June quarter.
That figure rose 0.12 percentage point from the January-March period.
In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the trade group.
Delinquent mortgages have plummeted from a record high of more than 10 percent of residential mortgages a year ago.
But the decline is due partly to delays in foreclosure filings that are backlogged in state courts, including in Florida, New Jersey, Illinois, and New York.
The end of a state and federal investigation into faulty foreclosure paperwork will probably lead to more foreclosures later this year.
Analysts say the increase is especially worrisome because it is due mainly to high unemployment, which tends to raise the number of missed payments and foreclosures over time.
Once delayed foreclosures are restarted, the economy could suffer a hit.
“The current processing delays mean this will not happen quickly, underlining our view that both the housing market and the economy will remain weak for a few years,’’ said Paul Dales, senior US economist at Capital Economics.
Wednesday, 24 August 2011 05:52
The Mortgage Bankers Association said yesterday that 8.4 percent of homeowners missed at least one mortgage payment in the April-June quarter.
That figure rose 0.12 percentage point from the January-March period.
In a normal market, the percentage of delinquent borrowers is about 1.1 percent, according to the trade group.
Delinquent mortgages have plummeted from a record high of more than 10 percent of residential mortgages a year ago.
But the decline is due partly to delays in foreclosure filings that are backlogged in state courts, including in Florida, New Jersey, Illinois, and New York.
The end of a state and federal investigation into faulty foreclosure paperwork will probably lead to more foreclosures later this year.
Analysts say the increase is especially worrisome because it is due mainly to high unemployment, which tends to raise the number of missed payments and foreclosures over time.
Once delayed foreclosures are restarted, the economy could suffer a hit.
“The current processing delays mean this will not happen quickly, underlining our view that both the housing market and the economy will remain weak for a few years,’’ said Paul Dales, senior US economist at Capital Economics.
Monday, September 5, 2011
Last Week in the News
Pending home sales, a forward-looking indicator based on signed contracts, fell 1.3% in July after a 2.4% increase in June. On a year-over-year basis, pending sales are up 14.4%.
The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 1.1% in June after a 1% increase in May. On a year-over-year basis, prices fell 4.5% compared with June 2010.
The consumer confidence index fell to 44.5 in August from 59.5 in July. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 26 fell 9.6%. Refinancing applications decreased 12.2%. Purchase volume rose 0.9%.
Factory orders rose 2.4% in July to a seasonally adjusted $453.2 billion, following a revised 0.4% decrease in June. Excluding the volatile transportation sector, orders rose 0.9% in July.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity fell to 50.6 in August after a reading of 50.9 in July. A reading above 50 signals expansion. It was the 25th straight month of expansion.
Total construction spending fell 1.3% to $789.5 billion in July, following an upwardly revised 1.6% gain in June. Economists had anticipated an increase of 0.1% in July.
Initial claims for unemployment benefits fell by 12,000 to 409,000 for the week ending August 27. Continuing claims for the week ending August 20 fell by 18,000 to 3.7 million. The monthly unemployment rate remained unchanged at 9.1% in August.
Upcoming on the economic calendar are reports on international trade on September 8 and wholesale trade on September 9.
Mario Grosser
Prospect Mortgage
Pending home sales, a forward-looking indicator based on signed contracts, fell 1.3% in July after a 2.4% increase in June. On a year-over-year basis, pending sales are up 14.4%.
The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 1.1% in June after a 1% increase in May. On a year-over-year basis, prices fell 4.5% compared with June 2010.
The consumer confidence index fell to 44.5 in August from 59.5 in July. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 26 fell 9.6%. Refinancing applications decreased 12.2%. Purchase volume rose 0.9%.
Factory orders rose 2.4% in July to a seasonally adjusted $453.2 billion, following a revised 0.4% decrease in June. Excluding the volatile transportation sector, orders rose 0.9% in July.
The Institute for Supply Management reported that the monthly composite index of manufacturing activity fell to 50.6 in August after a reading of 50.9 in July. A reading above 50 signals expansion. It was the 25th straight month of expansion.
Total construction spending fell 1.3% to $789.5 billion in July, following an upwardly revised 1.6% gain in June. Economists had anticipated an increase of 0.1% in July.
Initial claims for unemployment benefits fell by 12,000 to 409,000 for the week ending August 27. Continuing claims for the week ending August 20 fell by 18,000 to 3.7 million. The monthly unemployment rate remained unchanged at 9.1% in August.
Upcoming on the economic calendar are reports on international trade on September 8 and wholesale trade on September 9.
Mario Grosser
Prospect Mortgage
Thursday, September 1, 2011
New Oil Heating System Upgrade, Insurance Law and Asbestos Removal
8/26/2011
Homeowner Oil Heating System Upgrade and Insurance Law
Introduction
This fact sheet contains important information for those who heat their homes with oil. By September 30, 2011, you must upgrade your home heating system equipment to prevent leaks from tanks and pipes that connect to your furnace. By making a relatively small expenditure now, you can prevent a much greater expense in the future.
Massachusetts has a new law to address oil leaks from home heating systems (Chapter 453 of the Acts of 2008, as most recently amended in 2010). This law has two major provisions that require:
•the installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices; and
•insurance companies that write homeowner policies to offer coverage for leaks from heating systems that use oil.
Most homeowner policies do not currently include such coverage, leaving many to pay for costly cleanups out of their own pocket. Although it is mandatory that insurance companies make this coverage available by July 1, 2010 to homeowners whose systems are upgraded, the insurance is an optional purchase.
Who must take action?
Owners of 1- to 4-unit residences that are heated with oil must already have or install an oil safety valve or an oil supply line with a protective sleeve, as shown in the diagram above. Installation of these devices must be performed by a licensed oil burner technician. Technicians are employed by companies that deliver home heating oil or are self-employed. It is important to note that heating oil systems installed on or after January 1, 1990 most likely are already in compliance because state fire codes implemented these requirements on new installations at that time.
Who is exempt?
Homeowners are exempt from taking these leak prevention steps if:
•the oil burner is located above the oil storage tank and the entire oil supply line is connected to and above the top of the tank OR
•an oil safety valve or oil supply line with protective sleeve was installed on or after January 1, 1990, AND
•those changes are in compliance with the oil burning equipment regulations; a copy of the oil burner permit from the local fire department may be used to demonstrate compliance.
Why comply?
Not only is complying with the new law required, it makes good financial and environmental sense. Homeowners who take these preventive measures can avoid the disruption and expense that can be caused by heating oil leaks. A leak may result in exposure to petroleum vapors in your home. If the leak reaches the soil or groundwater beneath your house, then a cleanup must be performed to restore your property to state environmental standards. Leaks that affect another property or impact drinking water supply wells can complicate the cleanup and increase the expense. Each year, several hundred Massachusetts families experience some kind of leak.
What will an upgrade cost?
The typical cost of installing either an oil safety valve or oil supply line with a protective sleeve ranges from $150 - $350 (including labor, parts, and local permit fees).
What could it cost to cleanup a leak?
The cleanup cost for a "simple" leak can be as much as $15,000. In cases where the leak impacts the groundwater or is more extensive, the cleanup costs can reach $250,000 or more.
What kind of insurance is available?
To be eligible for the new insurance coverage, homeowners must ensure that their oil heating systems are in compliance with the new law. Homeowners who have been certified to be in compliance with (or exempt from) the leak prevention measures qualify to purchase insurance that:
•provides "first party coverage" of at least $50,000 for the cost of cleaning up a leak to soil, indoor air, or other environmental media from a home heating system at the residence itself and reimbursement for personal property damage, AND
•provides "third party coverage" of at least $200,000 for the cost of dealing with conditions on and off the insured's property because the leak from this system has or is likely to impact groundwater or someone else's property. The coverage also includes costs incurred for legal defense, subject to a deductible not to exceed $1,000 per claim.
What should I do next?
•Determine whether you have had an oil safety valve or new oil supply line with protective sleeve installed since January 1, 1990. If you have, your permit from the fire department for the installation can be used to document your compliance. You can request a copy from the fire department if the permit is on file, or a licensed oil burner technician can certify that status on a form.
•If you do not have an oil safety valve or oil supply line with protective sleeve in place, have one or the other installed and certified. Either contact your oil delivery company to ask if they employ a licensed oil burner technician or find a service person in your area. (A list of licensed technicians can be viewed at http://db.state.ma.us/dps/licenseelist.asp. Click on the "individuals" tab, scroll down to and then select "Oil Burner - Technical Certificate" in the "select a license type" box, type in your city or zip code, and click "select").
•Consider buying insurance coverage for the cleanup of a leak.
◦Determine whether your existing policy provides oil leak coverage.
◦If it does not, consider calling your homeowner insurance agent to amend the policy to include this coverage.
Department of Fire Services Forms
MA Department of Fire Services Forms for use by Licensed Oil Burner Technicians to document compliance of oil heating system upgrades may be found at:
OSFM Forms Web site
Asbestos
Q. I have a listing that has pipes in the basement that appear to be insulated in asbestos. The seller said he heard that his house would sell faster if it were removed, so he said he was “going to take care of it.” I’m afraid he’s going to try to remove it himself. What can I do to protect him, as well as myself?
A. Explain to your client that the worst thing he can do is try to remove it himself. Removal may very well be unnecessary and it is definitely dangerous to his family'S health, as well as his own. In fact, the state’s DEP explicitly states that if asbestos is in good condition, no state or federal law requires its removal.
There are a lot of jobs around your home where being a do-it-yourselfer can be fun and safe. Asbestos removal is most certainly not one of them. Asbestos is a potentially fatal disease that is caused by the inhalation of asbestos fibers. Disturbance of asbestos insulation by attempting its removal can cause the release of these fibers into the air in the home. You should provide your client with information about asbestos to help him understand why following your advice on this issue is essential. DEP’s information and FAQ sheet is located at the following web address: www.mass. gov/dep/air/asbguid.htm.
Massachusetts Department of Environmental Protection
Homeowner Oil Heating System Upgrade and Insurance Law
Introduction
This fact sheet contains important information for those who heat their homes with oil. By September 30, 2011, you must upgrade your home heating system equipment to prevent leaks from tanks and pipes that connect to your furnace. By making a relatively small expenditure now, you can prevent a much greater expense in the future.
Massachusetts has a new law to address oil leaks from home heating systems (Chapter 453 of the Acts of 2008, as most recently amended in 2010). This law has two major provisions that require:
•the installation of either an oil safety valve or an oil supply line with protective sleeve on systems that do not currently have these devices; and
•insurance companies that write homeowner policies to offer coverage for leaks from heating systems that use oil.
Most homeowner policies do not currently include such coverage, leaving many to pay for costly cleanups out of their own pocket. Although it is mandatory that insurance companies make this coverage available by July 1, 2010 to homeowners whose systems are upgraded, the insurance is an optional purchase.
Who must take action?
Owners of 1- to 4-unit residences that are heated with oil must already have or install an oil safety valve or an oil supply line with a protective sleeve, as shown in the diagram above. Installation of these devices must be performed by a licensed oil burner technician. Technicians are employed by companies that deliver home heating oil or are self-employed. It is important to note that heating oil systems installed on or after January 1, 1990 most likely are already in compliance because state fire codes implemented these requirements on new installations at that time.
Who is exempt?
Homeowners are exempt from taking these leak prevention steps if:
•the oil burner is located above the oil storage tank and the entire oil supply line is connected to and above the top of the tank OR
•an oil safety valve or oil supply line with protective sleeve was installed on or after January 1, 1990, AND
•those changes are in compliance with the oil burning equipment regulations; a copy of the oil burner permit from the local fire department may be used to demonstrate compliance.
Why comply?
Not only is complying with the new law required, it makes good financial and environmental sense. Homeowners who take these preventive measures can avoid the disruption and expense that can be caused by heating oil leaks. A leak may result in exposure to petroleum vapors in your home. If the leak reaches the soil or groundwater beneath your house, then a cleanup must be performed to restore your property to state environmental standards. Leaks that affect another property or impact drinking water supply wells can complicate the cleanup and increase the expense. Each year, several hundred Massachusetts families experience some kind of leak.
What will an upgrade cost?
The typical cost of installing either an oil safety valve or oil supply line with a protective sleeve ranges from $150 - $350 (including labor, parts, and local permit fees).
What could it cost to cleanup a leak?
The cleanup cost for a "simple" leak can be as much as $15,000. In cases where the leak impacts the groundwater or is more extensive, the cleanup costs can reach $250,000 or more.
What kind of insurance is available?
To be eligible for the new insurance coverage, homeowners must ensure that their oil heating systems are in compliance with the new law. Homeowners who have been certified to be in compliance with (or exempt from) the leak prevention measures qualify to purchase insurance that:
•provides "first party coverage" of at least $50,000 for the cost of cleaning up a leak to soil, indoor air, or other environmental media from a home heating system at the residence itself and reimbursement for personal property damage, AND
•provides "third party coverage" of at least $200,000 for the cost of dealing with conditions on and off the insured's property because the leak from this system has or is likely to impact groundwater or someone else's property. The coverage also includes costs incurred for legal defense, subject to a deductible not to exceed $1,000 per claim.
What should I do next?
•Determine whether you have had an oil safety valve or new oil supply line with protective sleeve installed since January 1, 1990. If you have, your permit from the fire department for the installation can be used to document your compliance. You can request a copy from the fire department if the permit is on file, or a licensed oil burner technician can certify that status on a form.
•If you do not have an oil safety valve or oil supply line with protective sleeve in place, have one or the other installed and certified. Either contact your oil delivery company to ask if they employ a licensed oil burner technician or find a service person in your area. (A list of licensed technicians can be viewed at http://db.state.ma.us/dps/licenseelist.asp. Click on the "individuals" tab, scroll down to and then select "Oil Burner - Technical Certificate" in the "select a license type" box, type in your city or zip code, and click "select").
•Consider buying insurance coverage for the cleanup of a leak.
◦Determine whether your existing policy provides oil leak coverage.
◦If it does not, consider calling your homeowner insurance agent to amend the policy to include this coverage.
Department of Fire Services Forms
MA Department of Fire Services Forms for use by Licensed Oil Burner Technicians to document compliance of oil heating system upgrades may be found at:
OSFM Forms Web site
Asbestos
Q. I have a listing that has pipes in the basement that appear to be insulated in asbestos. The seller said he heard that his house would sell faster if it were removed, so he said he was “going to take care of it.” I’m afraid he’s going to try to remove it himself. What can I do to protect him, as well as myself?
A. Explain to your client that the worst thing he can do is try to remove it himself. Removal may very well be unnecessary and it is definitely dangerous to his family'S health, as well as his own. In fact, the state’s DEP explicitly states that if asbestos is in good condition, no state or federal law requires its removal.
There are a lot of jobs around your home where being a do-it-yourselfer can be fun and safe. Asbestos removal is most certainly not one of them. Asbestos is a potentially fatal disease that is caused by the inhalation of asbestos fibers. Disturbance of asbestos insulation by attempting its removal can cause the release of these fibers into the air in the home. You should provide your client with information about asbestos to help him understand why following your advice on this issue is essential. DEP’s information and FAQ sheet is located at the following web address: www.mass. gov/dep/air/asbguid.htm.
Massachusetts Department of Environmental Protection
Friday, August 26, 2011
Hurricane Safety Checklist
Be Red Cross Ready
Hurricanes are strong storms that cause life- and property- threatening hazards such as flooding, storm surge, high winds and tornadoes.
Preparation is the best protection against the dangers of a hurricane.
Know the Difference
Hurricane Watch—Hurricane conditions are a threat within 48 hours. Review your hurricane plans, keep informed and be ready to act if a warning is issued.
Hurricane Warning—Hurricane conditions are expected within 36 hours. Complete your storm preparations and leave the area if directed to do so by authorities.
What should I do? What supplies do I need? What do I do after a hurricane?
❏ Listen to a NOAA Weather Radio for critical information from the National Weather Service (NWS).
❏ Check your disaster supplies and replace or restock as needed.
❏ Bring in anything that can be picked up by the wind (bicycles, lawn furniture).
❏ Close windows, doors and hurricane shutters. If you do not have hurricane shutters, close and board up all windows and doors with plywood.
❏ Turn the refrigerator and freezer to the coldest setting and keep them closed as much as possible so that food will last longer if the power goes out.
❏ Turn off propane tanks and unplug small appliances.
❏ Fill your car’s gas tank.
❏ Talk with members of your household and create an evacuation plan. Planning and practicing your evacuation plan minimizes confusion and fear during the event.
❏ Learn about your community’s hurricane response plan. Plan routes to local shelters, register family members with special medical needs as required and make plans for your pets to be cared for.
❏ Evacuate if advised by authorities. Be careful to avoid flooded roads and washed out bridges.
❏ Because standard homeowners insurance doesn’t cover flooding, it’s important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S. For more information on flood insurance, please visit the National Flood Insurance Program Web site at www.FloodSmart.gov.
❏ Water—at least a 3-day supply; one gallon per person per day
❏ Food—at least a 3-day supply of
non-perishable, easy-to-prepare food
❏ Flashlight
❏ Battery-powered or hand-crank radio
(NOAA Weather Radio, if possible)
❏ Extra batteries
❏ First aid kit
❏ Medications (7-day supply) and medical items (hearing aids with extra batteries, glasses, contact lenses, syringes, cane)
❏ Multi-purpose tool
❏ Sanitation and personal hygiene items
❏ Copies of personal documents (medication list and pertinent medical information, proof of address, deed/lease to home, passports, birth certificates, insurance policies)
❏ Cell phone with chargers
❏ Family and emergency contact information
❏ Extra cash
❏ Emergency blanket
❏ Map(s) of the area
❏ Baby supplies (bottles, formula, baby food, diapers)
❏ Pet supplies (collar, leash, ID, food, carrier, bowl)
❏ Tools/supplies for securing your home
❏ Extra set of car keys and house keys
❏ Extra clothing, hat and sturdy shoes
❏ Rain gear
❏ Insect repellent and sunscreen
❏ Camera for photos of damage
❏ Continue listening to a NOAA Weather Radio or the local news for the latest updates.
❏ Stay alert for extended rainfall and subsequent flooding even after the hurricane or tropical storm has ended.
❏ If you evacuated, return home only when officials say it is safe.
❏ Drive only if necessary and avoid flooded roads and washed-out bridges.
❏ Keep away from loose or dangling power lines and report them immediately to the power company.
❏ Stay out of any building that has water around it.
❏ Inspect your home for damage. Take pictures of damage, both of the building and its contents, for insurance
purposes.
❏ Use flashlights in the dark. Do NOT
use candles.
❏ Avoid drinking or preparing food with tap water until you are sure it’s not contaminated.
❏ Check refrigerated food for spoilage. If in doubt, throw it out.
❏ Wear protective clothing and be cautious when cleaning up to avoid injury.
❏ Watch animals closely and keep them under your direct control.
❏ Use the telephone only for emergency calls.
Let Your Family Know You’re Safe
If your community has experienced a hurricane, or any disaster, register on the American Red Cross Safe and Well Web site available through RedCross.org/SafeandWell to let your family and friends know about your welfare. If you don’t have Internet access, call
1-866-GET-INFO to register yourself and your family.
Hurricanes are strong storms that cause life- and property- threatening hazards such as flooding, storm surge, high winds and tornadoes.
Preparation is the best protection against the dangers of a hurricane.
Know the Difference
Hurricane Watch—Hurricane conditions are a threat within 48 hours. Review your hurricane plans, keep informed and be ready to act if a warning is issued.
Hurricane Warning—Hurricane conditions are expected within 36 hours. Complete your storm preparations and leave the area if directed to do so by authorities.
What should I do? What supplies do I need? What do I do after a hurricane?
❏ Listen to a NOAA Weather Radio for critical information from the National Weather Service (NWS).
❏ Check your disaster supplies and replace or restock as needed.
❏ Bring in anything that can be picked up by the wind (bicycles, lawn furniture).
❏ Close windows, doors and hurricane shutters. If you do not have hurricane shutters, close and board up all windows and doors with plywood.
❏ Turn the refrigerator and freezer to the coldest setting and keep them closed as much as possible so that food will last longer if the power goes out.
❏ Turn off propane tanks and unplug small appliances.
❏ Fill your car’s gas tank.
❏ Talk with members of your household and create an evacuation plan. Planning and practicing your evacuation plan minimizes confusion and fear during the event.
❏ Learn about your community’s hurricane response plan. Plan routes to local shelters, register family members with special medical needs as required and make plans for your pets to be cared for.
❏ Evacuate if advised by authorities. Be careful to avoid flooded roads and washed out bridges.
❏ Because standard homeowners insurance doesn’t cover flooding, it’s important to have protection from the floods associated with hurricanes, tropical storms, heavy rains and other conditions that impact the U.S. For more information on flood insurance, please visit the National Flood Insurance Program Web site at www.FloodSmart.gov.
❏ Water—at least a 3-day supply; one gallon per person per day
❏ Food—at least a 3-day supply of
non-perishable, easy-to-prepare food
❏ Flashlight
❏ Battery-powered or hand-crank radio
(NOAA Weather Radio, if possible)
❏ Extra batteries
❏ First aid kit
❏ Medications (7-day supply) and medical items (hearing aids with extra batteries, glasses, contact lenses, syringes, cane)
❏ Multi-purpose tool
❏ Sanitation and personal hygiene items
❏ Copies of personal documents (medication list and pertinent medical information, proof of address, deed/lease to home, passports, birth certificates, insurance policies)
❏ Cell phone with chargers
❏ Family and emergency contact information
❏ Extra cash
❏ Emergency blanket
❏ Map(s) of the area
❏ Baby supplies (bottles, formula, baby food, diapers)
❏ Pet supplies (collar, leash, ID, food, carrier, bowl)
❏ Tools/supplies for securing your home
❏ Extra set of car keys and house keys
❏ Extra clothing, hat and sturdy shoes
❏ Rain gear
❏ Insect repellent and sunscreen
❏ Camera for photos of damage
❏ Continue listening to a NOAA Weather Radio or the local news for the latest updates.
❏ Stay alert for extended rainfall and subsequent flooding even after the hurricane or tropical storm has ended.
❏ If you evacuated, return home only when officials say it is safe.
❏ Drive only if necessary and avoid flooded roads and washed-out bridges.
❏ Keep away from loose or dangling power lines and report them immediately to the power company.
❏ Stay out of any building that has water around it.
❏ Inspect your home for damage. Take pictures of damage, both of the building and its contents, for insurance
purposes.
❏ Use flashlights in the dark. Do NOT
use candles.
❏ Avoid drinking or preparing food with tap water until you are sure it’s not contaminated.
❏ Check refrigerated food for spoilage. If in doubt, throw it out.
❏ Wear protective clothing and be cautious when cleaning up to avoid injury.
❏ Watch animals closely and keep them under your direct control.
❏ Use the telephone only for emergency calls.
Let Your Family Know You’re Safe
If your community has experienced a hurricane, or any disaster, register on the American Red Cross Safe and Well Web site available through RedCross.org/SafeandWell to let your family and friends know about your welfare. If you don’t have Internet access, call
1-866-GET-INFO to register yourself and your family.
Tuesday, August 16, 2011
Foreclosure reforms may be coming to a head
Getting banks, investors and borrowers together to work out a solution that benefits them all is the most promising idea to emerge since the housing market first crashed.
We are now in the fifth year of a housing crisis in which more than 3 million Americans have lost their homes to foreclosure, with millions more still at risk.
Every initiative — government or private — to stem the tide of misery has fallen leagues short in the face of continued economic gloom and the intransigence of lenders.
So it's an odd moment to be identifying glimmers of optimism that solutions to the crisis might finally be emerging. Yet that may be the case.
Over the next few weeks, several initiatives aimed at reforming the foreclosure process, holding mortgage lenders and services accountable for their past abuses, and creating more effective mortgage workouts are coming to a head.
First, some context. The complexity of the foreclosure crisis stems from the process of bundling hundreds of thousands of mortgage loans into securities and selling them to investors.
Typically, banks and other lenders retained almost no financial interest in the mortgages they originated, other than the duty to service them — collect payments and pursue delinquent borrowers, say — for which they received a fee.
Several drawbacks to that system emerged when the housing economy crashed. Because the loans weren't going to stay on their books, the lenders hadn't been too careful about whom they lent to and on what terms.
Ownership of the repackaged loans was dispersed among investors, so it's hard to know even today who the owners are or whether their ownership is properly documented. This has led to further abuses, such as the infamous "robo-signing" outbreak, in which institutions trying to foreclose on mortgages have submitted forged documents attesting to their legal right to do so.
Perhaps the biggest problem is that although the servicers, which include huge banks such as Bank of America and Wells Fargo, are burdened with the responsibility to renegotiate mortgages to keep borrowers out of foreclosure, their authority to do so on behalf of investors is murky.
As a result, though the investor, the borrower and the economy in general benefit if a home is kept out of foreclosure, even if that means its owner makes lower payments than were required by the original mortgage, the servicing banks are leery of renegotiating too aggressively.
The most closely followed remedial effort involves the 50 state attorneys general under the leadership of Iowa Atty. Gen. Tom Miller.
Last March, the group produced a 27-page proposal for foreclosure reforms that drew fire from some consumer advocates for being too lenient — its provisions include mandates that banks comply with state law in dealing with borrowers, as if that's a novel concept — and from business interests for putting too much pressure on banks to reduce principal balances for homeowners having trouble keeping up payments on homes with values that have fallen below the mortgage balance.
But Miller's group is under pressure to issue a final proposal around Labor Day. The longer the settlement talks drag on, some observers say, the harder it becomes to keep all the participants on board.
Indeed, a key attorney general who has been skeptical of Miller's approach is pursuing his own line.
New York's Eric T. Schneiderman recently took a promising step by filing to intervene in the proposed legal settlement between Bank of America, which acquired mortgage king Countrywide Financial, and Bank of New York, which managed 530 investment trusts that bought packages of Countrywide mortgages. Schneiderman wants to block the settlement unless it's improved.
The settlement calls for BofA to pay investors in the trusts $8.5 billion and to commit to an improved mortgage servicing and modification process, including giving "individualized attention" to high-risk borrowers aimed at helping them stay in their homes.
Among the deal's flaws, according to Schneiderman's motion, is that the payment is too low and the settlement indemnifies Bank of New York against further claims for fraud in its handling of the trusts. Schneiderman says the bank, which he contends is guilty of numerous violations of state law, had a conflict of interest in cutting a deal that let itself off the hook. (The New York state judge overseeing the BofA settlement talks with Bank of New York hasn't yet ruled on Schneiderman's motion.) Several investors have also objected that the two banks made the settlement privately and secretly.
Despite its shortcomings, the proposal settlement does provide a possible framework for solving the foreclosure crisis by giving all parties something they want: Borrowers get efforts at loan modifications from their banks, in return for which the banks and investors would get the borrowers' acknowledgment that they're owed the money. Fewer foreclosures, more loan modifications and an end to robo-signing — in the housing world, that's nirvana.
Schneiderman has some pretty heavy artillery to bring to the battlefield.
Most of the trusts subject to the proposed settlement fall under the jurisdiction of New York law (the rest come under the law of Delaware, whose attorney general, Beau Biden, is working with Schneiderman). As my colleagues Nathaniel Popper and Alejandro Lazo reported last month, the standard for fraud claims under New York law is less stringent than under federal law.
A third driver of solutions to the foreclosure crisis is investigations by individual states into foreclosure abuses. California, where nearly 800,000 homes have been lost to foreclosure since 2006, according to the property information service DataQuick, and tens of thousands more might fall in the next year, is ground zero of the foreclosure crisis.
Atty. Gen. Kamala Harris has been playing both sides of the fence; she has met with Schneiderman to discuss cooperating in his investigation of securitization fraud, but is also watching the 50-state effort to see if it produces "accountability and results" for California borrowers. Read that as: a cash settlement commensurate with the pain caused to Californians by foreclosure abuses, and real reform. The louder that states like California threaten investigations, the more inclined banks may be to agree to reform.
It's still unclear how each of these initiatives will influence the others, or indeed if any of them will result in relief for strapped and defrauded homeowners. Bankers have been perfectly candid about their power to draw out the legal process indefinitely if they choose: Bank of New York has defended its proposed $8.5-billion settlement with Bank of America in court by warning that the alternative is "litigation …over the course of several years."
It warns that there might be legal questions over whether Bank of America, which acquired Countrywide in 2008, could be forced to cover judgments against the latter. Without BofA's deep pockets, it's hinted, there won't be money for anyone.
The one incontrovertible fact about the foreclosure crisis is that voluntary loan modification efforts, whether they're conducted under the sponsorship of the government's Home Affordable Modification Program or the mortgage industry, haven't helped more than a handful of affected borrowers.
Bringing the banks, investors and borrowers to the same table to work out a solution that benefits them all is the most promising idea to emerge since the housing market first crashed. Why has it taken so long to get there?
Mortgage Lending News
Monday, March 7, 2011
Massachusetts Smoke and Carbon Monoxide Alarm Regulations
Massachusetts Smoke and Carbon Monoxide Detector Laws
Whenever a home is sold in Massachusetts, it is required that the home is inspected by the local fire department for properly working smoke detectors, as well as carbon monoxide detectors. Massachusetts has had their smoke detector law in place for decades and is designed to save lives. A property can not change hands without a certificate issued by the local fire department.
One of the 1st things I always do when meeting with a perspective home seller is to educate them on all the laws they will need to know about in selling their home. The smoke and carbon monoxide detector by-laws are very important along with the Massachusetts Title V Septic law if the home does not have public sewer.
Effective April 5, 2010, a new regulation relating to the installation and maintenance of certain smoke detectors will be put in place. Staying up to speed on a change in the law like this is critical for landlords, home owners and Realtors alike.
It goes without saying that it is imperative that home owners ensure that their properties comply with these laws, both from a public safety and liability stand point. In order to know exactly how your property could be impacted it would be prudent to speak with the local fire Marshall or a lawyer that is well versed in this new amendment.
TWO TYPES OF SMOKE DETECTOR TECHNOLOGY
There are two primary detection methods used in todays smoke detectors. They can be either ionization or photoelectric.
Ionization detectors typically have a constant current running between two electrodes. When smoke hits the device, it blocks the current which causes the alarm to trip.
Ionization detectors are usually faster to go off than photoelectric detectors. The problem with ionization detectors though is that they are unable to differentiate between smoke and steam.
This makes them prone to false alarms when steam from a shower or other source interrupts the current. This is especially true when the ionization detector is placed near a kitchen or bathroom.
Photoelectric detectors send a beam of light. This beam passes in front of the detector in a straight line. When smoke crosses the path of the light beam, some light is scattered by the smoke particles causing it to trigger the alarm. Photoelectric detectors are less sensitive to false alarms from steam or cooking fumes but can take longer than ionization detectors to work.
Another major concern was that ionization detectors do not offer the best protection in smoldering fires which are some of the deadliest blazes across the country. Photoelectric smoke alarms are more sensitive to smoldering smokey fires. Most of the homes across the country have ionization detectors which are more sensitive to flames.
In 2007, WBZ News in Boston tested both types of smoke alarms. In a smoky fire the photoelectric detector sounded the warning first. While took almost 17 minutes into the fire before the ionization alarm finally went off!
The debate in Massachusetts has been whether to require property owners to replace their ionization detectors with photoelectric detectors.
Home owners have raised concerns about the cost of replacing smoke detectors that still function properly. Fire departments have suggested that the elimination of false alarms outweighs the additional expense that home owners will need to deal with.
NEW FIRE DETECTOR REGULATIONS
Since there are strengths and weaknesses of photoelectric versus ionization smoke detectors, the Board of Fire Prevention Regulation has passed a new regulation (527 CMR 32.00 et seq).
According to the new regulation, owners of certain residential buildings will be required to install and maintain both the ionization and photoelectric smoke detectors.
While the new regulation does not change the locations where smoke detectors are required, it does allow the installation of both technologies in certain locations.
Under the new regulation, an ionization detector can not be placed within 20 feet of a kitchen or a bathroom containing a shower or a tub. In these locations only a photo electronic detector is allowed.
All property owners should determine what type of smoke detectors they are currently have installed. In order to comply with the law you can either install two separate detectors that have both technologies or by installing one that utilizes both.
WHAT PROPERTIES ARE AFFECTED BY THE NEW REGULATION?
In order to determine if your property is affected by this change in the law it would be prudent to check with your local fire department or a local Real Estate attorney who up to speed on the changes in the law. According to to the new amendment the following types of properties are impacted by the new regulation:
■Residential buildings under 70 feet tall and containing less than six dwelling units.
■Residential buildings not substantially altered since January 1, 1975, and containing less than 6 residential units.
■All residential buildings sold or transferred after April 5, 2010, which are less then 70 feet tall, have less than six units, or have not been substantially altered since January 1, 1975.
For all properties in these categories, compliance is mandated by April 5, 2010. It should be noted that the law does not apply to these larger buildings or those which were substantially altered since January, 1975, as these properties already were required to upgrade their fire safety systems under other existing laws.
One other important note regarding smoke detectors: Many towns require hard wired smoke detectors and NOT battery operated. You should make certain you know what the requirement is for the town you are located in. As a general rule according to the State fire Marshall's office, the law is as follows:
1.homes built after 1975 are required upon sale or transfer to comply with the State Building Code in effect at the time of construction.
2.homes built before 1975 are required upon sale or transfer to comply with the requirements of MGL c. 148, §26E(A); and
In order to provide further clarification, homes built between 1975 and 1998 are required to have hard wired interconnected smoke detectors outside the bedrooms and one detector on each floor at the top of the stairs. The smoke detector at the top of the stairs can be the same detector that is required outside the bedroom.
For homes built after 1998, smoke detectors are required to be interconnected and have a battery backup. Smoke detectors are required in each bedroom, outside the bedroom and at the top of each flight of stairs. A single detector can satisfy multiple location requirements, if sited properly. There must also be one smoke detector on each level and one smoke detector for each 1,200 square feet of living space.
These requirements for newer construction also apply to additions and/or renovations where a bedroom is either added or substantially altered. If an addition or renovation involves adding or substantially changing a bedroom, the entire house, including existing bedrooms must be brought up to the present standard according to the Massachusetts State Building Code (780 CMR), regardless of when the original home was built.
If you are selling your home in Massachusetts one other law that you need to be aware of is what is known as Nicole's Law. As of March 2006 when a home is transferred you need to have working carbon monoxide detectors.
Carbon Monoxide detectors are required in any residence that has fossil-fuel burning equipment including, but not limited to, a furnace, boiler, water heater, fireplace or any other apparatus, appliance or device; or has enclosed parking within its structure.
Unfortunately, the law is named for 7-year-old Nicole Garofalo who died in January 2005 when a heating vent in her house was blocked by snow drifts, allowing carbon monoxide to accumulate in the home.
According to the carbon monoxide regulations, you need to have a detector on each finished level of the home. Further there must be a detector placed within ten feet of all the bedroom doors. The detectors do not need to be hard wired. A plug-in or battery operated detector meets the requirements and usually the most viable choice. Here are all the types are carbon monoxide detectors that are allowed:
• Battery powered with battery monitoring;
• Plug-in (AC powered) units
with battery backup;
• AC primary power (hard-wired
– usually involves hiring an
electrician) with battery backup;
• Low-voltage or wireless alarms
with secondary power; and
• Qualified combination smoke
detectors and CO alarms
The inspection for both the smoke and carbon detectors are done by the local fire department prior to closing. The certificate of compliance will need to be brought to the closing. The lenders attorney will most certainly ask for this document and you will not be able to close on your property without it!
Whenever a home is sold in Massachusetts, it is required that the home is inspected by the local fire department for properly working smoke detectors, as well as carbon monoxide detectors. Massachusetts has had their smoke detector law in place for decades and is designed to save lives. A property can not change hands without a certificate issued by the local fire department.
One of the 1st things I always do when meeting with a perspective home seller is to educate them on all the laws they will need to know about in selling their home. The smoke and carbon monoxide detector by-laws are very important along with the Massachusetts Title V Septic law if the home does not have public sewer.
Effective April 5, 2010, a new regulation relating to the installation and maintenance of certain smoke detectors will be put in place. Staying up to speed on a change in the law like this is critical for landlords, home owners and Realtors alike.
It goes without saying that it is imperative that home owners ensure that their properties comply with these laws, both from a public safety and liability stand point. In order to know exactly how your property could be impacted it would be prudent to speak with the local fire Marshall or a lawyer that is well versed in this new amendment.
TWO TYPES OF SMOKE DETECTOR TECHNOLOGY
There are two primary detection methods used in todays smoke detectors. They can be either ionization or photoelectric.
Ionization detectors typically have a constant current running between two electrodes. When smoke hits the device, it blocks the current which causes the alarm to trip.
Ionization detectors are usually faster to go off than photoelectric detectors. The problem with ionization detectors though is that they are unable to differentiate between smoke and steam.
This makes them prone to false alarms when steam from a shower or other source interrupts the current. This is especially true when the ionization detector is placed near a kitchen or bathroom.
Photoelectric detectors send a beam of light. This beam passes in front of the detector in a straight line. When smoke crosses the path of the light beam, some light is scattered by the smoke particles causing it to trigger the alarm. Photoelectric detectors are less sensitive to false alarms from steam or cooking fumes but can take longer than ionization detectors to work.
Another major concern was that ionization detectors do not offer the best protection in smoldering fires which are some of the deadliest blazes across the country. Photoelectric smoke alarms are more sensitive to smoldering smokey fires. Most of the homes across the country have ionization detectors which are more sensitive to flames.
In 2007, WBZ News in Boston tested both types of smoke alarms. In a smoky fire the photoelectric detector sounded the warning first. While took almost 17 minutes into the fire before the ionization alarm finally went off!
The debate in Massachusetts has been whether to require property owners to replace their ionization detectors with photoelectric detectors.
Home owners have raised concerns about the cost of replacing smoke detectors that still function properly. Fire departments have suggested that the elimination of false alarms outweighs the additional expense that home owners will need to deal with.
NEW FIRE DETECTOR REGULATIONS
Since there are strengths and weaknesses of photoelectric versus ionization smoke detectors, the Board of Fire Prevention Regulation has passed a new regulation (527 CMR 32.00 et seq).
According to the new regulation, owners of certain residential buildings will be required to install and maintain both the ionization and photoelectric smoke detectors.
While the new regulation does not change the locations where smoke detectors are required, it does allow the installation of both technologies in certain locations.
Under the new regulation, an ionization detector can not be placed within 20 feet of a kitchen or a bathroom containing a shower or a tub. In these locations only a photo electronic detector is allowed.
All property owners should determine what type of smoke detectors they are currently have installed. In order to comply with the law you can either install two separate detectors that have both technologies or by installing one that utilizes both.
WHAT PROPERTIES ARE AFFECTED BY THE NEW REGULATION?
In order to determine if your property is affected by this change in the law it would be prudent to check with your local fire department or a local Real Estate attorney who up to speed on the changes in the law. According to to the new amendment the following types of properties are impacted by the new regulation:
■Residential buildings under 70 feet tall and containing less than six dwelling units.
■Residential buildings not substantially altered since January 1, 1975, and containing less than 6 residential units.
■All residential buildings sold or transferred after April 5, 2010, which are less then 70 feet tall, have less than six units, or have not been substantially altered since January 1, 1975.
For all properties in these categories, compliance is mandated by April 5, 2010. It should be noted that the law does not apply to these larger buildings or those which were substantially altered since January, 1975, as these properties already were required to upgrade their fire safety systems under other existing laws.
One other important note regarding smoke detectors: Many towns require hard wired smoke detectors and NOT battery operated. You should make certain you know what the requirement is for the town you are located in. As a general rule according to the State fire Marshall's office, the law is as follows:
1.homes built after 1975 are required upon sale or transfer to comply with the State Building Code in effect at the time of construction.
2.homes built before 1975 are required upon sale or transfer to comply with the requirements of MGL c. 148, §26E(A); and
In order to provide further clarification, homes built between 1975 and 1998 are required to have hard wired interconnected smoke detectors outside the bedrooms and one detector on each floor at the top of the stairs. The smoke detector at the top of the stairs can be the same detector that is required outside the bedroom.
For homes built after 1998, smoke detectors are required to be interconnected and have a battery backup. Smoke detectors are required in each bedroom, outside the bedroom and at the top of each flight of stairs. A single detector can satisfy multiple location requirements, if sited properly. There must also be one smoke detector on each level and one smoke detector for each 1,200 square feet of living space.
These requirements for newer construction also apply to additions and/or renovations where a bedroom is either added or substantially altered. If an addition or renovation involves adding or substantially changing a bedroom, the entire house, including existing bedrooms must be brought up to the present standard according to the Massachusetts State Building Code (780 CMR), regardless of when the original home was built.
If you are selling your home in Massachusetts one other law that you need to be aware of is what is known as Nicole's Law. As of March 2006 when a home is transferred you need to have working carbon monoxide detectors.
Carbon Monoxide detectors are required in any residence that has fossil-fuel burning equipment including, but not limited to, a furnace, boiler, water heater, fireplace or any other apparatus, appliance or device; or has enclosed parking within its structure.
Unfortunately, the law is named for 7-year-old Nicole Garofalo who died in January 2005 when a heating vent in her house was blocked by snow drifts, allowing carbon monoxide to accumulate in the home.
According to the carbon monoxide regulations, you need to have a detector on each finished level of the home. Further there must be a detector placed within ten feet of all the bedroom doors. The detectors do not need to be hard wired. A plug-in or battery operated detector meets the requirements and usually the most viable choice. Here are all the types are carbon monoxide detectors that are allowed:
• Battery powered with battery monitoring;
• Plug-in (AC powered) units
with battery backup;
• AC primary power (hard-wired
– usually involves hiring an
electrician) with battery backup;
• Low-voltage or wireless alarms
with secondary power; and
• Qualified combination smoke
detectors and CO alarms
The inspection for both the smoke and carbon detectors are done by the local fire department prior to closing. The certificate of compliance will need to be brought to the closing. The lenders attorney will most certainly ask for this document and you will not be able to close on your property without it!
Wednesday, February 9, 2011
Most Educated Cities in America - Percentage of residents with graduate degrees
Most Educated Cities in America - Percentage of residents with graduate degrees
1 Arlington, VA 35.70%
2 Davis, CA 34.60%
3 Brookline, MA 32.50%
4 Evanston, IL 31.20%
5 Bloomington, IN 31.20%
6 Towson, MD 31.20%
7 Oak Park, IL 29.10%
8 Bethesda, MD 29.10%
9 Alexandria, VA 29.00%
10 West Hartford, CT 28.90%
11 College Station, TX 27.70%
12 Ames, IA 27.50%
13 Columbia, MO 27.50%
14 Iowa City, IA 27.40%
15 Newton, MA 26.90%
16 Cambridge, MA 26.30%
17 Corvallis, OR 25.70%
18 Palo Alto, CA 25.40%
19 Berkeley, CA 24.50%
20 Lawrence, KS 24.30%
21 Champaign, IL 24.10%
22 Irvine, CA 24.00%
23 Santa Monica, CA 23.80%
24 Catalina Foothills, AZ 23.70%
25 Gainesville, FL 23.70%
Source: US Census Bureau
1 Arlington, VA 35.70%
2 Davis, CA 34.60%
3 Brookline, MA 32.50%
4 Evanston, IL 31.20%
5 Bloomington, IN 31.20%
6 Towson, MD 31.20%
7 Oak Park, IL 29.10%
8 Bethesda, MD 29.10%
9 Alexandria, VA 29.00%
10 West Hartford, CT 28.90%
11 College Station, TX 27.70%
12 Ames, IA 27.50%
13 Columbia, MO 27.50%
14 Iowa City, IA 27.40%
15 Newton, MA 26.90%
16 Cambridge, MA 26.30%
17 Corvallis, OR 25.70%
18 Palo Alto, CA 25.40%
19 Berkeley, CA 24.50%
20 Lawrence, KS 24.30%
21 Champaign, IL 24.10%
22 Irvine, CA 24.00%
23 Santa Monica, CA 23.80%
24 Catalina Foothills, AZ 23.70%
25 Gainesville, FL 23.70%
Source: US Census Bureau
Boston Housing Market Beats Most in Declining Home Value (versión en español a continuación )
Homeowners in the Boston area don't have to worry as much as most of the country when it comes to declining home values, according to a recent report from real estate website Zillow.
The average Boston home value was reported to be $314,200 in the fourth quarter 2010, a 1.9 percent decrease from the same time in 2009. It was a 3.2 percent decline from the third quarter 2010.
The country as a whole experienced a 5.9 percent decline in home value between the fourth quarter 2009 and the fourth quarter 2010, according to Zillow's report. The end of the homebuyer tax credits contributed to the decline in home value.
"While the tax credits did not hurt the housing market, they did delay its bottom by interrupting the housing correction that was taking place," said Stan Humphries, Zillow chief economist. "Home value trends in the fourth quarter remained grim, but the good news is that these declines, while painful in the short-term, mean we're getting closer to the bottom."
Zillow
When you are looking for a property go to my website:
http://www.creatini.com/
Los propietarios de viviendas en el área de Boston no tiene que preocuparse tanto como la mayoría del resto del país cuando se trata del decenso de los valores de las casas, según un informe reciente reporte de Zillow.
El valor medio de las casas en Boston segun se informó fue de $314.200 dólares en el cuarto trimestre de 2010, una disminución de 1,9 por ciento con respecto al mismo trimestre en el 2009, y un descenso del 3,2 por ciento respecto al tercer trimestre de 2010.
El país en su conjunto experimentó una disminución del 5,9 por ciento en el valor de la vivienda entre el cuarto trimestre de 2009 y el cuarto trimestre de 2010, según el informe de Zillow. El resultado de los créditos fiscales para primeros compradores de vivienda no ha afectado el mercado de la vivienda pero si contribuyo al retraso en la corrección que estaba teniendo lugar", dijo Stan Humphries, economista jefe de Zillow.
"Las tendencias en cuanto a la valuación de la vivienda en el cuarto trimestre se manifestó sombrío, pero la buena noticia es que estos descensos, aunque dolorosos en el corto plazo, significa que nos estamos acercando al piso del mercado."
Zillow
Si esta buscando comprar una propiedad vaya a mi website:
http://www.creatini.com/
Alejandra
The average Boston home value was reported to be $314,200 in the fourth quarter 2010, a 1.9 percent decrease from the same time in 2009. It was a 3.2 percent decline from the third quarter 2010.
The country as a whole experienced a 5.9 percent decline in home value between the fourth quarter 2009 and the fourth quarter 2010, according to Zillow's report. The end of the homebuyer tax credits contributed to the decline in home value.
"While the tax credits did not hurt the housing market, they did delay its bottom by interrupting the housing correction that was taking place," said Stan Humphries, Zillow chief economist. "Home value trends in the fourth quarter remained grim, but the good news is that these declines, while painful in the short-term, mean we're getting closer to the bottom."
Zillow
When you are looking for a property go to my website:
http://www.creatini.com/
Los propietarios de viviendas en el área de Boston no tiene que preocuparse tanto como la mayoría del resto del país cuando se trata del decenso de los valores de las casas, según un informe reciente reporte de Zillow.
El valor medio de las casas en Boston segun se informó fue de $314.200 dólares en el cuarto trimestre de 2010, una disminución de 1,9 por ciento con respecto al mismo trimestre en el 2009, y un descenso del 3,2 por ciento respecto al tercer trimestre de 2010.
El país en su conjunto experimentó una disminución del 5,9 por ciento en el valor de la vivienda entre el cuarto trimestre de 2009 y el cuarto trimestre de 2010, según el informe de Zillow. El resultado de los créditos fiscales para primeros compradores de vivienda no ha afectado el mercado de la vivienda pero si contribuyo al retraso en la corrección que estaba teniendo lugar", dijo Stan Humphries, economista jefe de Zillow.
"Las tendencias en cuanto a la valuación de la vivienda en el cuarto trimestre se manifestó sombrío, pero la buena noticia es que estos descensos, aunque dolorosos en el corto plazo, significa que nos estamos acercando al piso del mercado."
Zillow
Si esta buscando comprar una propiedad vaya a mi website:
http://www.creatini.com/
Alejandra
Saturday, February 5, 2011
How Many Folks Have “Lost Their Homes” to Foreclosure/Short Sales/DILs?
How Many Folks Have “Lost Their Homes” to Foreclosure/Short Sales/DILs?
According to Hope Now estimates, completed foreclosure sales (rounded) were about as follows over the past few years.
Year Completed Foreclosure
2007 514,000
2008 914,000
2009 949,000
2010 1,070,000
While these numbers are disturbingly high, they are not nearly as large as one would have expected given the surge in seriously delinquent loans and loans in the process of foreclosure. For the latter, here is a chart based on data from the MBA’s National Delinquency Survey, which covers “over 85%” of total 1-4 family first-lien mortgages.
On one side, the “completed foreclosure sales” understates the number of homes “lost,” given that many homeowners have “lost” their homes but been able to negotiate a short sale or (much less likely) done a deed in lieu of foreclosure. While there are no official estimates of either short sales or DILs, there is no doubt that the volume of short sales increased dramatically in 2009 and 2010.
Using CoreLogic’s estimates and grossing them up to reflect its incomplete geographic coverage, one would get short sales estimates of around 78,000 for 2007, 164,000 for 2008, 278,000 for 2009, and 331,000 for 2010. However, based on data reported by lenders on short sales in the OCC/OTS mortgage metrics reports, the CoreLogic estimates of short sales look way too high for 2007 and 2008 (the 2009 estimates look OK, but the 2010 estimates – which admittedly are not available for the full year – look a tad low). Using instead my own estimates for 2008 through 2010, here’s what completed foreclosure sales plus short sales might look like (I don’t have a DIL estimate, but it appears as if the volume of DILs was pretty low).
Year Completed Foreclosure Sales Short Sales Total
2008 914,000 95,000 1,009,000
2009 949,000 263,000 1,212,000
2010 1,070,000 375,000 1,445,000
On the other hand, the above numbers could well OVERSTATE significantly the number of homeowners who lost their primary home either to foreclosure or to a short sale. A “significant” % of completed foreclosure sales has been completed foreclosures on non-owner-occupied homes, though estimates vary as to what that % has been. In addition, not all short sales have involved homeowners “involuntarily” leaving their home, but who instead wanted to (for economic or other reasons) move and who were able to negotiate a short sale with their lender.
So what is the right number for folks who lost their residence to foreclosure, a short sales, or a DIL? I don’t rightly know.
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
Year Completed Foreclosure Sales plus Short Sales Loans in Foreclosure/90+ Delinquent at end of previous year
2008 1,009,000 1,664,760
2009 1,212,000 2,859,959
2010 1,445,000 4,296,018
Note: the loans in foreclosure/90+ delinquent are derived from the MBA National Delinquency Survey, which only covers somewhere around 85-87% of the total 1-4 family first-lien mortgage market. A crude estimate of the “total” market would “gross up” the above numbers by around 1.163 (or 1/0.86).
CR Note: This was from housing economist Tom Lawler.
Posted by CalculatedRisk on 2/02/2011 05:30:00 PM Lawler: How Many Folks Have “Lost Their Homes” to Foreclosure/Short Sales/DILs?
According to Hope Now estimates, completed foreclosure sales (rounded) were about as follows over the past few years.
Year Completed Foreclosure
2007 514,000
2008 914,000
2009 949,000
2010 1,070,000
While these numbers are disturbingly high, they are not nearly as large as one would have expected given the surge in seriously delinquent loans and loans in the process of foreclosure. For the latter, here is a chart based on data from the MBA’s National Delinquency Survey, which covers “over 85%” of total 1-4 family first-lien mortgages.
On one side, the “completed foreclosure sales” understates the number of homes “lost,” given that many homeowners have “lost” their homes but been able to negotiate a short sale or (much less likely) done a deed in lieu of foreclosure. While there are no official estimates of either short sales or DILs, there is no doubt that the volume of short sales increased dramatically in 2009 and 2010.
Using CoreLogic’s estimates and grossing them up to reflect its incomplete geographic coverage, one would get short sales estimates of around 78,000 for 2007, 164,000 for 2008, 278,000 for 2009, and 331,000 for 2010. However, based on data reported by lenders on short sales in the OCC/OTS mortgage metrics reports, the CoreLogic estimates of short sales look way too high for 2007 and 2008 (the 2009 estimates look OK, but the 2010 estimates – which admittedly are not available for the full year – look a tad low). Using instead my own estimates for 2008 through 2010, here’s what completed foreclosure sales plus short sales might look like (I don’t have a DIL estimate, but it appears as if the volume of DILs was pretty low).
Year Completed Foreclosure Sales Short Sales Total
2008 914,000 95,000 1,009,000
2009 949,000 263,000 1,212,000
2010 1,070,000 375,000 1,445,000
On the other hand, the above numbers could well OVERSTATE significantly the number of homeowners who lost their primary home either to foreclosure or to a short sale. A “significant” % of completed foreclosure sales has been completed foreclosures on non-owner-occupied homes, though estimates vary as to what that % has been. In addition, not all short sales have involved homeowners “involuntarily” leaving their home, but who instead wanted to (for economic or other reasons) move and who were able to negotiate a short sale with their lender.
So what is the right number for folks who lost their residence to foreclosure, a short sales, or a DIL? I don’t rightly know.
It is pretty clear, however, that overall foreclosure moratoria, foreclosure delays, modifications, and other workout activity continued to keep the number of homeowners who “lost” their homes to foreclosure massively lower than one would have expected given the delinquency/in foreclosure numbers.
Year Completed Foreclosure Sales plus Short Sales Loans in Foreclosure/90+ Delinquent at end of previous year
2008 1,009,000 1,664,760
2009 1,212,000 2,859,959
2010 1,445,000 4,296,018
Note: the loans in foreclosure/90+ delinquent are derived from the MBA National Delinquency Survey, which only covers somewhere around 85-87% of the total 1-4 family first-lien mortgage market. A crude estimate of the “total” market would “gross up” the above numbers by around 1.163 (or 1/0.86).
CR Note: This was from housing economist Tom Lawler.
Friday, February 4, 2011
Las 25 Ciudades con más alto nivel de Ejecuciones Hipotecarias
La buena noticia es que la actividad de ejecuciones se ha reducido en las ciudades de los EE.UU. más afectadas por la crisis del mercado de la vivienda. La mala noticia? Las ejecuciones hipotecarias en general han aumentado en un 72% en las otras ciudades importantes de todo el país que no fueron afectadas previamente.
"Estamos siguiendo los hogares que recibieron al menos un aviso de ejecución hipotecaria y que podrían haber estado en cualquier etapa del proceso, o bien al inicio o al final, explica Rick Sharga, vicepresidente senior de RealtyTrac. "Así habrá de extenderse a los hogares en 2011."
Al igual que 2009, Las Vegas fue la peor con 88.198 documentos que fueron presentados el año pasado, con uno de cada nueve propietarios de viviendas en apuros. Permítanme poner estos números de otra manera: si usted vive en Las Vegas y tiene una cena con sus ocho amigos más cercanos, uno de ellos probablemente estará en el proceso de perder su casa.
La crisis hipotecaria de Las Vegas, al igual que en las peores ciudades afectadas, está mostrando signos de desaceleración.
Nevada, Florida, Arizona y California han sido líderes en la crisis de ejecuciones hipotecarias del país desde hace varios años, gracias a los préstamos incobrables y a los severamente depreciados mercados de la vivienda. Su recuperacion esta siendo dificil porque sus economías se han basado en gran medida en industrias relacionadas con la propiedad, como la construcción.
La presencia de varios de los recién llegados a la lista (ver más abajo) significa un cambio de las ejecuciones hipotecarias causadas por las hipotecas sub-prime, con respecto a los propietarios de bajos niveles de calificación de las ejecuciones hipotecarias causadas por el desempleo. Estamos presenciando un cambio de la primera ola de ejecuciones, a la segunda ola.
"El valor atípico en esta lista es la ciudad de Boise [Idaho]," dice Sharga. "Boise es representante de la segunda ola de actividad en las ejecuciones hipotecarias que estamos viendo en este momento. Donde la causa esta impulsada en gran medida por el desempleo y la recesión económica" En 2010, Boise fue la ciudad top 20 para la actividad de ejecuciones, con 11.289 hogares. Uno de cada 21 propietarios de viviendas Boise perdió o está perdiendo sus propiedades.
Sharga explica que Boise no tienen muchos préstamos tóxicos o denominados exóticos, que son los que hundieron el mercado de la vivienda en la primera ola de ejecuciones hipotecarias. Más bien, la capital del estado de Idaho está experimentando ejecuciones hipotecarias casi exclusivamente sobre la base de su economía débil y un 9,9% en la tasa de desempleo.
"Es probablemente la vanguardia que veremos en el resto del país", afirma Sharga. En efecto, mientras que las ciudades en Florida, California, Las Vegas, Arizona están mostrando señales de desaceleración de ejecución hipotecaria, un preocupante 72% de todo el resto de las otras ciudades en los EE.UU. están mostrando signos de aumento en la actividad.
Entonces, ¿qué significa todo esto para el 2011? "Estamos viendo otro año récord de ejecuciones hipotecarias y otro año récord de embargos bancarios", afirma Sharga. "Hay una segunda oleada de préstamos tóxicos - que será la tercera ola del ciclo de ejecución hipotecaria - debido a las propiedades que están perdiendo 30-50% de sus valores. Por lo que podría causar problemas este año también. "
A continuación está la lista de RealtyTrac de las 25 peores ciudades para las ejecuciones hipotecarias el año pasado:
1. Las Vegas, NV: 1 de cada 9 los propietarios de viviendas
2. Cape Coral-Fort Meyers, FL: 1 de cada 12 propietarios de viviendas
3. Modesto, CA: 1 de cada 14 propietarios de viviendas
4.Phoenix, AZ: 1 de cada 14 propietarios de viviendas
5. Miami-Fort Lauderdale, FL: 1 de cada 14 propietarios de viviendas
6. Riverside, CA: 1 de cada 14 propietarios de viviendas
7. Stockton, CA: 1 de cada 14 propietarios de viviendas
8. Merced, CA: 1 de cada 14 propietarios de viviendas
9. Orlando, FL: 1 de cada 15 propietarios de viviendas
10.Vallejo-Fairfield, CA: 1 de cada 16 propietarios de viviendas
11.Reno, NV: 1 de cada 16 propietarios de viviendas
12. Bakersfield, CA: 1 de cada 17 propietarios de viviendas
13. Deltona, Daytona Beach, FL: 1 de cada 17 propietarios de viviendas
14. Naples, FL: 1 de cada 18 propietarios de viviendas
15. Sacramento, CA: 1 de cada 19 propietarios de viviendas
16. Port St. Lucie, FL: 1 de cada 19 propietarios de viviendas
17. Tampa-St. Petersburg, FL: 1 de cada 20 propietarios de viviendas
18. Lakeland, FL: 1 de cada 21 propietarios de viviendas
19. Sarasota, FL: 1 de cada 19 propietarios de viviendas
20. Boise, ID: 1 de cada dueño de la casa 19
21. Greeley, CO: 1 de cada 19 propietarios de viviendas
22. Palm Bay, FL: 1 de cada 19 propietarios de viviendas
23. Visalia-Porterville, FL: 1 de cada 22 propietarios de viviendas
24. Fresno, CA: 1 de cada 22 propietarios de viviendas
25. Atlanta, GA: 1 de cada 23 propietarios de viviendas
"Estamos siguiendo los hogares que recibieron al menos un aviso de ejecución hipotecaria y que podrían haber estado en cualquier etapa del proceso, o bien al inicio o al final, explica Rick Sharga, vicepresidente senior de RealtyTrac. "Así habrá de extenderse a los hogares en 2011."
Al igual que 2009, Las Vegas fue la peor con 88.198 documentos que fueron presentados el año pasado, con uno de cada nueve propietarios de viviendas en apuros. Permítanme poner estos números de otra manera: si usted vive en Las Vegas y tiene una cena con sus ocho amigos más cercanos, uno de ellos probablemente estará en el proceso de perder su casa.
La crisis hipotecaria de Las Vegas, al igual que en las peores ciudades afectadas, está mostrando signos de desaceleración.
Nevada, Florida, Arizona y California han sido líderes en la crisis de ejecuciones hipotecarias del país desde hace varios años, gracias a los préstamos incobrables y a los severamente depreciados mercados de la vivienda. Su recuperacion esta siendo dificil porque sus economías se han basado en gran medida en industrias relacionadas con la propiedad, como la construcción.
La presencia de varios de los recién llegados a la lista (ver más abajo) significa un cambio de las ejecuciones hipotecarias causadas por las hipotecas sub-prime, con respecto a los propietarios de bajos niveles de calificación de las ejecuciones hipotecarias causadas por el desempleo. Estamos presenciando un cambio de la primera ola de ejecuciones, a la segunda ola.
"El valor atípico en esta lista es la ciudad de Boise [Idaho]," dice Sharga. "Boise es representante de la segunda ola de actividad en las ejecuciones hipotecarias que estamos viendo en este momento. Donde la causa esta impulsada en gran medida por el desempleo y la recesión económica" En 2010, Boise fue la ciudad top 20 para la actividad de ejecuciones, con 11.289 hogares. Uno de cada 21 propietarios de viviendas Boise perdió o está perdiendo sus propiedades.
Sharga explica que Boise no tienen muchos préstamos tóxicos o denominados exóticos, que son los que hundieron el mercado de la vivienda en la primera ola de ejecuciones hipotecarias. Más bien, la capital del estado de Idaho está experimentando ejecuciones hipotecarias casi exclusivamente sobre la base de su economía débil y un 9,9% en la tasa de desempleo.
"Es probablemente la vanguardia que veremos en el resto del país", afirma Sharga. En efecto, mientras que las ciudades en Florida, California, Las Vegas, Arizona están mostrando señales de desaceleración de ejecución hipotecaria, un preocupante 72% de todo el resto de las otras ciudades en los EE.UU. están mostrando signos de aumento en la actividad.
Entonces, ¿qué significa todo esto para el 2011? "Estamos viendo otro año récord de ejecuciones hipotecarias y otro año récord de embargos bancarios", afirma Sharga. "Hay una segunda oleada de préstamos tóxicos - que será la tercera ola del ciclo de ejecución hipotecaria - debido a las propiedades que están perdiendo 30-50% de sus valores. Por lo que podría causar problemas este año también. "
A continuación está la lista de RealtyTrac de las 25 peores ciudades para las ejecuciones hipotecarias el año pasado:
1. Las Vegas, NV: 1 de cada 9 los propietarios de viviendas
2. Cape Coral-Fort Meyers, FL: 1 de cada 12 propietarios de viviendas
3. Modesto, CA: 1 de cada 14 propietarios de viviendas
4.Phoenix, AZ: 1 de cada 14 propietarios de viviendas
5. Miami-Fort Lauderdale, FL: 1 de cada 14 propietarios de viviendas
6. Riverside, CA: 1 de cada 14 propietarios de viviendas
7. Stockton, CA: 1 de cada 14 propietarios de viviendas
8. Merced, CA: 1 de cada 14 propietarios de viviendas
9. Orlando, FL: 1 de cada 15 propietarios de viviendas
10.Vallejo-Fairfield, CA: 1 de cada 16 propietarios de viviendas
11.Reno, NV: 1 de cada 16 propietarios de viviendas
12. Bakersfield, CA: 1 de cada 17 propietarios de viviendas
13. Deltona, Daytona Beach, FL: 1 de cada 17 propietarios de viviendas
14. Naples, FL: 1 de cada 18 propietarios de viviendas
15. Sacramento, CA: 1 de cada 19 propietarios de viviendas
16. Port St. Lucie, FL: 1 de cada 19 propietarios de viviendas
17. Tampa-St. Petersburg, FL: 1 de cada 20 propietarios de viviendas
18. Lakeland, FL: 1 de cada 21 propietarios de viviendas
19. Sarasota, FL: 1 de cada 19 propietarios de viviendas
20. Boise, ID: 1 de cada dueño de la casa 19
21. Greeley, CO: 1 de cada 19 propietarios de viviendas
22. Palm Bay, FL: 1 de cada 19 propietarios de viviendas
23. Visalia-Porterville, FL: 1 de cada 22 propietarios de viviendas
24. Fresno, CA: 1 de cada 22 propietarios de viviendas
25. Atlanta, GA: 1 de cada 23 propietarios de viviendas
Monday, January 31, 2011
HOUSE DETOX Common indoor plants to fight indoor air pollution
Common indoor plants may provide a valuable weapon in the fight against rising levels of indoor air pollution. Those plants in your office or home are not only decorative, but NASA scientists are finding them to be surprisingly useful in absorbing potentially harmful gases and cleaning the air inside modern buildings.
NASA and the Associated Landscape Contractors of America (ALCA) have announced the findings of a 2-year study that suggest a sophisticated pollution-absorbing device: the common indoor plant may provide a natural way of helping combat “SICK BUILDING SYNDROME”.
“Combining nature with technology can increase the effectiveness of plants in removing air pollutants,” he said. “A living air cleaner is created by combining activated carbon and a fan with a potted plant. The roots of the plant grow right in the carbon and slowly degrade the chemicals absorbed there,” Wolverton explains.
For this reason, the Plants For Clean Air Council (PCAC) recommends 1 potted plant per 100 square feet (~10m2). . For homes under 2,000 square feet (~185m2) , the study recommended at least 15 houseplants.
Plants most effective in removing
Formaldehyde, Benzene, and Carbon Monoxide from the air
Bamboo Palm – Chamaedorea Seifritzii
Chinese Evergreen - Aglaonema Modestum
English Ivy Hedera Helix
Gerbera Daisy Gerbera Jamesonii
Janet Craig - Dracaena deremensis “Janet Craig”\
Marginata - Dracaena Marginata
Mass cane/Corn Plant - Dracaena Massangeana, fragrans
Snake Plant, Mother-in-Law’s Tongue Sansevieria Laurentii
Pot Mum – Chrysantheium morifolium
Peace Lily - Spathiphyllum
Warneckii - Dracaena “Warneckii”
Epipiremnum aureum, golden photos
Ficus benjamina, weeping fig
Chemicals Used
Trichloroethylene (TCE) is a commercial product found in a wide variety of industrial uses. Over 90 percent of the TCE produced is used in the metal degreasing and dry cleaning industries. In addition, it is used in printing inks, paints, lacquers, varnishes, and adhesives. In 1975 the National Cancer Institute reported that an unusually high incidence of hepatocellular carcinomas was observed in mice given TCE by gastric intubation and now considers this chemical a potent liver carcinogen.
Benzene is a very commonly used solvent and is also present in many common items including gasoline, inks, oils, paints, plastics, and rubber. In addition it is used in the manufacture of detergents, explosives, pharmaceuticals, and dyes.
Benzene has long been known to irritate the skin and eyes. In addition, it has been shown to be mutagenic to bacterial cell culture and has shown embryotoxic activity and carcinogenicity in some tests. Evidence also exists that benzene may be a contributing factor in chromosomal aberrations and leukemia in humans. Repeated skin contact with benzene will cause drying, inflammation, blistering and dermatitis.
Acute inhalation of high levels of benzene has been reported to cause dizziness, weakness, euphoria, headache, nausea, blurred vision, respiratory diseases, tremors, irregular heartbeat, liver and kidney damage, paralysis and unconsciousness. In animal tests inhalation of benzene led to cataract formation and diseases of the blood and lymphatic systems. Chronic exposure to even relatively low levels causes headaches, loss of appetite, drowsiness, nervousness, psychological disturbances and diseases of the blood system, including anemia and bone marrow diseases.
Formaldehyde is a ubiquitous chemical found in virtually all indoor environments. The major sources which have been reported and publicized include urea-formaldehyde foam insulation (UFFI) and particle board or pressed wood products used in manufacturing of the office furniture bought today. It is used in consumer paper products which have been treated with UF resins, including grocery bags, waxed papers, facial tissues and paper towels. Many common household cleaning agents contain formaldehyde. UF resins are used as stiffeners, wrinkle resisters, water repellents, fire retardants and adhesive binders in floor coverings, carpet backings and permanent-press clothes. Other sources of formaldehyde include heating and cooking fuels like natural gas, kerosene, and cigarette smoke.
Formaldehyde irritates the mucous membranes of the eyes, nose and throat. It is also a highly reactive chemical which combines with protein and can cause allergic contact dermatitis. The most widely reported symptoms from exposure to high levels of this chemical include irritation of the eyes and headaches. Until recently, the most serious of the diseases attributed to formaldehyde exposure was asthma. However, the Environmental Protection Agency (EPA) has recently conducted research which has caused formaldehyde to be strongly suspected of causing a rare type of throat cancer in long-term occupants of mobile homes.
Best recommended plants: Golden Photo, Peace lily
Green lifestyle Magazine
NASA and the Associated Landscape Contractors of America (ALCA) have announced the findings of a 2-year study that suggest a sophisticated pollution-absorbing device: the common indoor plant may provide a natural way of helping combat “SICK BUILDING SYNDROME”.
“Combining nature with technology can increase the effectiveness of plants in removing air pollutants,” he said. “A living air cleaner is created by combining activated carbon and a fan with a potted plant. The roots of the plant grow right in the carbon and slowly degrade the chemicals absorbed there,” Wolverton explains.
For this reason, the Plants For Clean Air Council (PCAC) recommends 1 potted plant per 100 square feet (~10m2). . For homes under 2,000 square feet (~185m2) , the study recommended at least 15 houseplants.
Plants most effective in removing
Formaldehyde, Benzene, and Carbon Monoxide from the air
Bamboo Palm – Chamaedorea Seifritzii
Chinese Evergreen - Aglaonema Modestum
English Ivy Hedera Helix
Janet Craig - Dracaena deremensis “Janet Craig”\
Marginata - Dracaena Marginata
Mass cane/Corn Plant - Dracaena Massangeana, fragrans
Snake Plant, Mother-in-Law’s Tongue Sansevieria Laurentii
Pot Mum – Chrysantheium morifolium
Peace Lily - Spathiphyllum
Warneckii - Dracaena “Warneckii”
Chemicals Used
Trichloroethylene (TCE) is a commercial product found in a wide variety of industrial uses. Over 90 percent of the TCE produced is used in the metal degreasing and dry cleaning industries. In addition, it is used in printing inks, paints, lacquers, varnishes, and adhesives. In 1975 the National Cancer Institute reported that an unusually high incidence of hepatocellular carcinomas was observed in mice given TCE by gastric intubation and now considers this chemical a potent liver carcinogen.
Benzene is a very commonly used solvent and is also present in many common items including gasoline, inks, oils, paints, plastics, and rubber. In addition it is used in the manufacture of detergents, explosives, pharmaceuticals, and dyes.
Benzene has long been known to irritate the skin and eyes. In addition, it has been shown to be mutagenic to bacterial cell culture and has shown embryotoxic activity and carcinogenicity in some tests. Evidence also exists that benzene may be a contributing factor in chromosomal aberrations and leukemia in humans. Repeated skin contact with benzene will cause drying, inflammation, blistering and dermatitis.
Acute inhalation of high levels of benzene has been reported to cause dizziness, weakness, euphoria, headache, nausea, blurred vision, respiratory diseases, tremors, irregular heartbeat, liver and kidney damage, paralysis and unconsciousness. In animal tests inhalation of benzene led to cataract formation and diseases of the blood and lymphatic systems. Chronic exposure to even relatively low levels causes headaches, loss of appetite, drowsiness, nervousness, psychological disturbances and diseases of the blood system, including anemia and bone marrow diseases.
Formaldehyde is a ubiquitous chemical found in virtually all indoor environments. The major sources which have been reported and publicized include urea-formaldehyde foam insulation (UFFI) and particle board or pressed wood products used in manufacturing of the office furniture bought today. It is used in consumer paper products which have been treated with UF resins, including grocery bags, waxed papers, facial tissues and paper towels. Many common household cleaning agents contain formaldehyde. UF resins are used as stiffeners, wrinkle resisters, water repellents, fire retardants and adhesive binders in floor coverings, carpet backings and permanent-press clothes. Other sources of formaldehyde include heating and cooking fuels like natural gas, kerosene, and cigarette smoke.
Formaldehyde irritates the mucous membranes of the eyes, nose and throat. It is also a highly reactive chemical which combines with protein and can cause allergic contact dermatitis. The most widely reported symptoms from exposure to high levels of this chemical include irritation of the eyes and headaches. Until recently, the most serious of the diseases attributed to formaldehyde exposure was asthma. However, the Environmental Protection Agency (EPA) has recently conducted research which has caused formaldehyde to be strongly suspected of causing a rare type of throat cancer in long-term occupants of mobile homes.
Best recommended plants: Golden Photo, Peace lily
Green lifestyle Magazine
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