August 31, 2011 4:43 pm
By Keith Loria
People looking at houses almost always want space, so when you have a home on the market with a little living room or tiny bedroom or even a small kitchen, it could be seen as a negative. Luckily, there are some tricks of the trade that can help maximize the look and feel of small spaces.
“Just because a room is small, doesn’t mean that it can’t be attractive and eye-catching to a prospective buyer,” says Julia Snyder, a home stager in Kentucky. “There are a number of things you can do to ‘create’ space and give the appearance that it is bigger than it really is.”
An important thing to keep in mind is to create a focal point in the room, such as hanging one large painting rather than a group of small ones. If there’s too much going on, clamoring for attention, it can make a room feel busy and crowded.
Choose furniture that will draw the eye. In the dining room, the focal point should be the table, in the bedroom, the bed. Arrange the furniture so that focus is drawn to that area, and keep the décor in the rest of the room to a minimum.
Snyder recommends using natural light in small rooms to its greatest potential, as it often helps a room look bigger than it really is.
“To take advantage of light from the window, consider using complimentary curtains. Blinds are often heavy, but curtains add a frame to your natural picture,” she says. “For non natural light, really have fun with your lamp designs. Consider modern chandelier fixtures, retro shades and sleek and modern recessed lighting.”
Also good in diminutive rooms is the use of bright colors. Cream colors and icy blues are believed to be the best color combinations that can open up a tiny room into a bigger living area. Meanwhile, heavy, dark colors absorb light and can make a small space seem even smaller.
“It is all about illusion,” Snyder says. “Light colors make your room look bigger and brighter. Light and brightly colored walls are more reflective, making a space feel open and airy, which will help.”
Consider adding mirrors or glass to a room to also help with size. Mirrors are popular additions to furniture these days and can really give the impression that a room is larger than it really is.
When it comes to a small kitchen, keep things organized in cabinets and not laying around on the counters. Smaller chairs or stools are also better, as is a round table instead of a square one. Again, focus on natural light and color.
Clutter is especially important to avoid in small rooms, as things will look messy much quicker in tiny spaces.
A small space doesn’t have to be a bad thing. With the right design, furniture and color, you can make a small room leave a big impression.
August 31, 2011 4:43 pm
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates moving higher from the previous week's record lows as Treasury bond yields moved higher and other housing data showed improvement. However, the five-year ARM did decline to 3.07% thereby setting a new all-time record low.
Data shows that the 30-year fixed-rate mortgage (FRM) averaged 4.22% with an average 0.7 point for the week ending August 25, 2011, up from last week when it averaged 4.15%. Last year at this time, the 30-year FRM averaged 4.36%.
Additionally, 15-year FRM this week averaged 3.44% with an average 0.6 point, up from last week when it averaged 3.36%. A year ago at this time, the 15-year FRM averaged 3.86%.
Five year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07% this week, with an average 0.5 point, down from last week when it averaged 3.08%. A year ago, the 5-year ARM averaged 3.56%.
The numbers show that the 1-year Treasury-indexed ARM averaged 2.93% this week with an average 0.5 point, up from last week when it averaged 2.86%. At this time last year, the 1-year ARM averaged 3.52%.
"Fixed mortgage rates followed Treasury bond yields higher this week while data reports suggest an improvement in the housing market,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “The Federal Housing Finance Agency national House Price Index rose for the third straight month in June bolstered by a 3.3% gain in the East North Central Census Division. In addition, the Mortgage Bankers Association reported that the serious delinquency rate (90 days or more plus foreclosures) on mortgages outstanding fell for the sixth consecutive quarter at the end of June to 7.85%."
For more information, visit www.FreddieMac.com.
August 31, 2011 4:43 pm
By John Voket
When it comes to fire safety, I make it top priority. It’s always a good time to touch upon important safety features homeowners might consider—whether building from the foundation up, or retrofitting an existing home.
As someone who ‘got the message’ about the advantages of in-home sprinklers almost 20 years ago, and had them installed in key locations throughout the house, it is an important consideration for homeowners.
According to data from the U.S. Fire Administration (USFA), in 2007, 414,000 residential fires resulted in 2,895 deaths, 14,000 injuries, and caused $7.5 billion in property damage.
Shortly after that report was issued, the Institute for Business and Home Safety (www.disastersafety.org) noted the IBHS Building Code Committee, which is comprised of represen¬tatives from a number of IBHS member insurance companies, unanimously recommended the inclusion of fire sprinkler requirements in residential building codes.
An IBHS investigation on the subject affirms that while the life safety benefits of sprinklers are undisputed, con¬cerns continue to be raised about cost, maintenance and poten¬tial losses to property caused by failures or inadvertent activa¬tion of sprinklers.
It is primarily the cost increase that has motivated some groups, mostly home builders, to actively oppose implementation of the new International Code Coun¬cil (ICC) requirements regarding in home sprinklers. And since this is the lead agency supporting such code changes, it is unclear whether or not we will ever see any requirements mandating this inclusion.
So the decision falls on the homeowner. When weighing the option, perhaps a lesson can be taken from Prince George’s County, Maryland, which enacted an ordinance man¬dating the installation of automatic fire sprinkler systems in new one- and two-family structures in 1992.
A study of the impact of the Prince George’s ordinance by the Home Fire Sprinkler Coalition found from 1992-2007 that there were 13,494 fires involv¬ing single-family homes and town houses resulting in 101 fire-related deaths and 328 injuries in cases where fire sprinklers were not installed. However, no fire deaths and only six injuries occurred in fires involving these same types of residences where fire sprinklers were in place.
August 31, 2011 4:43 pm
Some spenders may view their credit as a maximum spending limit they can achieve before being penalized or declined. What most don’t know is that credit scores place a large emphasis on the credit utilization ratio, that is, how much of your credit is used every month. Your credit score takes a plunge whenever that number climbs high.
Credit scores do not distinguish between balances you are paying off, it only looks at the new charges you are racking up. If you want to keep your credit score high, it is of dire importance that you keep those balances low.
To calculate your utilization ratio, add up last month’s balances and divide that by the total of all your credit limits on open accounts. The two-digit number after the decimal point is your utilization rate. Do the same for each individual card as well—FICO scoring looks at how much of your total limit you’re using, along with each card individually, says Bankrate. Utilization is a significant portion of your scoring—30%. It is recommended that you try to achieve the lowest score possible. Those with the highest credit scores, 760 or above, usually have a utilization of approximately 7%.
Know the Difference between Charge Cards and Credit Cards
The main difference between charge cards is that they require you to pay the balance in full every month. They also aren’t included in your utilization rate, according to the most recent versions of the FICO scoring system. If you have a card and are unsure if it’s a charge card or credit card, call the issuer or check your latest credit report. Notations indicating “revolving” mean it’s a credit card; notations stating “open” means it’s a charge card.
Experts say that worrying about utilization rates or credit scores is unnecessary, but it can pay off to look more closely if you are a year or less away from purchasing a home or car, have unexplained card problems such as declining credit scores, or if you have a new card and want to see its impact on your credit score.
Understanding your credit can be extremely important, especially in situations when you need to rely on a good, solid credit score. By keeping your balances low and properly managing your credit card usage, you will hopefully never be financially limited by a poor credit score.
August 31, 2011 4:43 pm
Sales of newly built, single-family homes held virtually unchanged in July with a 0.7% dip from the previous month to a seasonally adjusted annual rate of 298,000 units, according to newly released data from the U.S. Commerce Department.
"The fact that new-home sales fell by less than one percent in July is an indication of how little conditions have changed in the housing market," says Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "While new-home inventories are exceptionally thin, home builders are still competing with large numbers of foreclosed and distressed homes on the market and a climate of uncertainty in which consumers are reluctant to go forward with a major purchase for fear of what economic news tomorrow might bring."
"The sales pace of newly built, single-family homes in July was in line with what it has been over the last year, and this is in keeping with our forecast," says NAHB Chief Economist David Crowe. "While we expect to see some marginal gains in sales activity through the rest of 2011, we do not foresee any major advances until economic growth helps boost home buyers' confidence."
Regionally, new-home sales recorded declines of 7.4% in the South and 5.9% in the West, but rose 2.4% in the Midwest and actually doubled (100% increase) in the Northeast from a record low number in the previous month.
The inventory of new homes for sale in July fell to a 48-year record low of just 165,000 units, which represents a 6.6-month supply at the current sales pace. Putting this situation into perspective, says Crowe, "The current nationwide inventory of completed new homes ready for occupancy–at 61,000 units–is in keeping with what a single major metropolitan area such as Atlanta might sell in a typical year."
For more information visit www.nahb.org.
August 31, 2011 4:43 pm
According to the Environmental Protection Agency (EPA) and the Department of Energy (DOE), a new label is being produced for appliances deemed "most efficient." The EPA and DOE jointly run Energy Star. These latest efforts are being made with hopes of differentiating the many products that already have the Energy Star logo attached to them.
The Most Efficient program will begin on a trial basis throughout the rest of the year. The top five percent of energy-efficient products will be the only ones to receive the "Most Efficient" status. These products must “demonstrate efficiency performance that is truly exceptional, inspirational or leading-edge—consistent with the interests of environmentally motivated consumers and early adopters," according to the EPA.
Consumers can look for the newly designated appliances starting now, most of which will include clothes washers, heating and cooling systems, televisions, and refrigerator-freezers.
For a list of appliances that are currently available, visit energystar.gov/mostefficient.
August 31, 2011 4:43 pm
Further proving the staying power of social networks such as Facebook, Twittter and LinkedIn, 50% of Americans are now reported to be members of various social media sites, according to a survey by the Pew Research Center.
This statistic is not just those who say they are online, rather, 50% of all Americans. In a study conducted nearly six years ago by the Pew Research Center, only five percent of all adults said they used social media.
The survey also found that the rates of participation are higher as well among adults who are online: 65%, up from last year's 61%.
This new data is a true sign of how pervasive social media has become in our society, transforming the way companies sell their products, how governments run, and more importantly, how people communicate.
These results are not to say that social media isn't more popular among younger people: 83% of those surveyed between the ages of 18-29 say they use social networking sites, compared to 51% of those in the 50-64 age bracket. Younger Americans are twice as likely to use these sites every day.
In addition, women 18-29 have been described as "the power users" of social media, with 89% using social networking sites, and 69% of them using them every day.
For more information, visit http://pewinternet.org/Reports/2011/Social-Networking-Sites.aspx or www.nytimes.com.
August 31, 2011 4:43 pm
Builder confidence in the market for newly built, single-family homes held unchanged at a low level of 15 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August.
"Builders continue to confront the same major challenges they have seen over the past year, including competition from the large inventory of distressed homes on the market, inaccurate appraisal values, and issues with their buyers not being able to sell an existing home or qualify for favorable mortgage rates because of overly tight underwriting requirements," says Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. He noted that 41% of respondents to a special questions section of the HMI indicated they had lost sales contracts due to buyers' inability to sell their current homes.
"The uncertain economic climate and concerns about job security are discouraging many potential buyers from exploring a home purchase at this time," says NAHB Chief Economist David Crowe. "While buying conditions are very favorable in terms of prices, interest rates and selection, consumers are worried about what the future will bring, and builders are echoing those sentiments in their responses to the HMI survey."
Derived from a monthly survey that NAHB has been conducting for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Two out of three of the HMI's component indexes posted marginal gains in August. The component gauging current sales conditions gained one point to 16 —its highest level since March of this year—and the component gauging traffic of prospect buyers rose one point to 13 following two consecutive months at 12. However, the component gauging sales expectations for the next six months declined two points to 19, partially offsetting a six-point gain from the last month's revised number.
For more information, visit www.nahb.org.
August 30, 2011 10:43 pm
Fall signals the beginning of a new school year and sports season, prompting many parents to schedule a mandatory medical exam for their budding football players, soccer stars and cross country athletes. However, most annual medical exams don’t include a routine hearing test, putting children at risk for undetected hearing loss.
Many children may head back to school with a hearing problem that could hinder their performance in the classroom and on the playing field. Parents are urged to request a routine hearing test for their child during this fall’s back-to-school medical exam and get hearing loss treatment if necessary.
It is estimated that at least 1.4 million children age 18 or younger have hearing problems, and ear infections are the most common cause of hearing loss in young children. It is especially important for young children to have their hearing checked before each school year, as many ear infections crop up during the summer months when kids are spending more time at the pool or beach.
Here is a list of common signs of hearing loss in children, including:
• Saying “huh?” or “what?” frequently
• Increasing the volume on a television or stereo to very loud levels, or sitting very close to the TV
• Switching ears frequently when using the telephone
• Having difficulty understanding what is being said in a noisy environment
Teachers and parents should also watch for other signs of hearing loss in children and teens:
• Delayed speech or language development
• Attention deficit or behavior problems
• Poor academic performance
Hearing is critical to speech and language development, communication and learning. Professionals agree that when a child has hearing loss, early intervention is critical. Even a few months can be a major delay in the rapidly changing brain of a child. Studies show that early intervention helps improve language development, increase academic success and increase lifetime opportunities for a child with hearing loss.
For more information, visit Hearing-Aid.com.
August 30, 2011 10:43 pm
Smartphone users are at risk of personal information theft as hackers target mobile devices and online banking mobile apps. Users are being warned to take precautions to prevent identity theft, a threat that can jeopardize the financial stability of their assets.
A new virus that records and saves a user’s private conversation has recently emerged. The recorded conversation is uploaded to a remote server, where it becomes available to thieves and hackers. These tactics are being directed at smartphone users who are unaware of the increased malware attempts to steal important personal information.
The Federal Trade Commission estimates that around nine million U.S. residents have their identities stolen each year. Thieves gain personal information to obtain credit cards, open telephone accounts and even rent properties. Information can also be used to apply for federal benefits such as Social Security payments.
These preventative measures are recommended for smartphone users to ensure the safety of their personal information and financial assets:
1. Lock Your Phone. If your phone gets lost or stolen, it can easily fall into the wrong hands. Even if the phone is not returned to you, the thief would have to restore everything to its factory settings if she/he wanted to use it. All personal information would be wiped-out.
2. Use a Secure Network. Transactions with personal information should always be used on a secure network. Avoid places with free Wi-Fi connections to ensure your data isn’t being transmitted openly, especially if you’re making money transfers.
3. Only Install Trusted Apps. Only applications from trusted companies should be installed. Always read through reviews of the app and consider the rating before downloading it.
4. Log Out. Never keep your log-in information stored on any application. Remember to log out each time you finish your online banking to terminate the username and password to your accounts.
5. Get Mobile Security Software. There are security apps available in certain mobile marketplaces that will act as a virus protection program. Packages from anti-virus companies such as McAfee or Norton can also be purchased.
6. Keep the default. Devices are on factory settings to give consumers the best type of protection – unless he/she changes it. Jail-breaking or unlocking a phone immediately voids the original software settings within a phone, which makes it much more susceptible to third-party manufacturers.
7. Beware of unknown texts. Just like emails, viruses can be attached to text messages, and if opened, the virus can infiltrate a mobile device. If you get a text from an unknown number, especially one that doesn’t look like a real phone number (e.g., 013284823157 or 82047), simply delete it.
Source: Consolidated Credit Counseling Services, Inc.