Wall Street Journal: A walker’s guide to home buying
Many home buyers today not only take into consideration the neighborhood and school in which a house is located, but also which amenities, such as stores and public transportation, are within walking distance.MAKING SENSE OF THE STORY FOR CONSUMERS
- According to urban planners, changing demographics are driving this growing trend. The baby boomer generation is approaching empty-nest retirement age, while their children are buying their first homes; neither group wants large lots in remote areas with little access to big-box stores, public transportation, and entertainment. Concerns about future oil prices also are increasing the attractiveness of walkable communities, according to planners.
- Home buyers interested in finding homes in walkable communities can use myriad Web sites; one commonly used site is WalkScore.com. The site enables users to enter an address and receive a score ranging from zero to 100 (“car dependent” to “walkers paradise”) indicating the walkability of the community.
- Housing prices also are reflecting the new interest in walking distances. A study published by the nonprofit group CEOs for Cities found having more amenities in walking distance can boost home values. As measured on Walk Score, walking-distance amenities raised values by as much as $3,000 for each one-point increase in rankings.
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San Francisco Chronicle: Low mortgage rates won’t make up for tax credit
Mortgage rates fell to record lows last week, but analysts say they won’t fill the void in the housing market left by the expired federal home-buyer tax credit, which is not likely to be revived.To read the full story, please click here.
Los Angeles Times: Wells Fargo to shut subprime lending unit
Banking giant Wells Fargo & Co. is closing its 638 subprime lending offices that operated nationwide to supply higher-cost mortgages, auto loans, and credit cards to lower-income neighborhoods.To read the full story, please click here.
Los Angeles Times: 30-year mortgage rates down to new low
The average interest rate for a 30-year fixed loan in this week’s Freddie Mac survey was 4.57 percent, down from 4.58 percent a week earlier.To read the full story, please click here.
New York Times: Changes in mobile-home lending
Mobile homes last year made up nearly a quarter of all new homes sold for less than $200,000, according to an industry trade group, making them an important component of the affordable-housing sector.To read the full story, please click here.
Los Angeles Times: Home-equity loan delinquencies fall for first time in two years
The delinquency rate on home-equity loans has fallen for the first time in two years, reflecting the slowly stabilizing housing market and consumers’ efforts to clean up personal balance sheets, the American Bankers Association said Wednesday.To read the full story, please click here.
Los Angeles Times: PACE loan program makes solar energy more affordable for homeowners
For decades, the push for solar power has stalled not on public support but on cost. That might be about to change with the launch of a tax program that’s exciting some industry veterans.To read the full story, please click here.
The Los Angeles Times: Lenders’ focus turns to strategic defaults
With tougher mortgage underwriting rules a virtual certainty under Congress’ new financial reform legislation, lenders have begun confronting still another vexing issue: Can home buyers who have high credit scores really be trusted not to pull the plug – strategically default – when the economy hits a rough patch and home values tank?To read the full story, please click here.