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Over 70% Of US Metro Market Housing Markets Improve In February

February 14, 2013 by Jeff Cost

Improving Market Index The National Association of Homebuilders recently released its Improving Markets Index for the month of February.

The report attempts to identify U.S. metropolitan areas in which the economy is improving, demonstrating “measurable and sustained growth”.

259 U.S. markets are qualified as “improving” this month, a 17-market jump from the month prior and includes participants from all 50 states as well as the District of Columbia.

Experts point to improving market conditions in at least one market in all 50 states as a strong indication that the housing recovery is gaining substantial momentum.

This increasing momentum may suggest that now may be a very good time to purchase a home.

Compared to September 2011, when there were just 12 improving metro market areas, the widespread positive movement indicates how conditions are steadily improving nationwide.

So what qualifies a market as “improving”? The NAHB uses strict criteria.

First, the group gathers data from the three separate, independent sources :

Employment growth from the Bureau of Labor Statistics
Housing price appreciation from Freddie Mac
Single-family housing permits growth from the U.S. Census Bureau.

Next, for each of the above data sets, the National Association of Homebuilders separates for local data in each U.S. major metropolitan area.

And, lastly, armed with data, the NAHB looks for areas in which growth has occurred for all three data points for six consecutive months; and for which the most recent “bottom” is at least six months in the past.

In this way, the Improving Market Index doesn’t just measure housing market strength — it measures general economic strength.

Of the 22 markets added to the Improving Market Index in November, the following cities were included : Chico, California; Columbus, Georgia; Fort Wayne, Indiana; Topeka, Kansas; and Wenatchee, Washington.

Several markets dropped off the list, too, including Champaign, Illinois; Lebanon, Pennsylvania; and Amarillo, Texas.

The complete list of 259 metropolitan areas on February’s IMI, plus breakouts of the metropolitan areas newly added and dropped is available online at http://www.nahb.org/imi.

5 Power Saving Ideas That Can Lower Your Energy Bill

February 13, 2013 by Jeff Cost

How to Save Money on Energy Costs in Your Home

Many communities in OH and around the US are seeing their energy costs increase; sometimes dramatically.

Whether you are energy conscious or just trying to save money, there are many steps you can take to lower your Cincinnati home bills while helping the environment at the same time.

Below are several energy-saving measures to help you save money either in your current house or future residence.

Heating and cooling

Keeping your home at a comfortable temperature uses more energy than anything else.

To save energy, install a programmable thermostat to adjust the inside temperature when you are not there for long periods of time.

Seal windows and doors to prevent air leaks, and close doors and air vents to rooms that are not often used.

Changing filters in your heating system monthly can also help it run more efficiently, with the added bonus of increasing the air quality in your home.

Water heaters

Heating water is usually the second highest energy expense. To cut costs, set the hot water heater at 120 degrees Fahrenheit or lower. Wrap older hot water heaters with an insulation jacket and insulate the piping leaving the water heater to prevent heat loss.

Appliances

Invest in appliances with the ENERGY STAR® rating. These appliances use less energy to run and will save money.

Cleaning the coils on the back of your refrigerator will help it run more efficiently.

Washing full loads of clothes on cooler settings and keeping your dryer vent clean will also save on energy costs.

Lighting

Besides turning lights out when leaving a room, use compact fluorescent light bulbs (CFLs). These bulbs use less energy and can last 10 times longer than incandescent bulbs.

Insulation

Improperly insulated houses mean high energy costs. If the attic is easily accessible, check and replace insufficient insulation to keep your living space at a more comfortable temperature.

By making energy-efficient choices you can save electricity without giving up the comforts of home. Plus, with a little extra effort these simple tips might add more money to your month as well!

Clever Tips for Paying Off Your Home Mortgage Faster

February 12, 2013 by Jeff Cost

Pay Off Mortgage Faster Paying off the mortgage on your Louisville home faster not only means that you’ll be able to enjoy the peace of mind that comes with completely owning your property sooner, but you may also save thousands of dollars in mortgage interest payments over time.

Below are seven clever tips to help you get your mortgage payments on the fast track.

Save for a large down payment
Make as large of a down payment as you can reasonably afford. The more cash you can put down, the less you’ll have to borrow from the bank. This will reduce your monthly mortgage obligation.

Read the fine print
When you are choosing a mortgage, ask your lender if there are restrictions related to paying extra principal monthly. Some lenders will charge you for making extra or early payments.

Prepay early in the life of the mortgage
The early years of a mortgage are interest-heavy. On a 30-year mortgage, throughout the first five to seven years, you payments are mostly interest. Request an amortization schedule of your mortgage to get a clear picture of how this works.

Be smart with unexpected fortune
If you get an unexpected chunk of cash, such as a gift, prize, work bonus, inheritance, tax refund or other windfall, consider applying it directly toward paying down the principal on your mortgage.

Double-check your records
When you make extra payments, ensure that they are processed correctly. Sometimes when the lender receives a payment that is outside of the monthly cycle, they may not know what to do with it. Make a special note and keep track of the payments yourself, so you can make sure they’ve been applied to your principal.

Increase your payment
Even increasing your monthly mortgage payment by a small amount may take years off the length of your mortgage. Consider how much additional you can afford to pay every month rather than just the minimum required payment amount.

Think about a bi-weekly payment
Many lenders offer accelerated, bi-weekly mortgage payment programs which can reduce your loan term by several years, saving mortgage interest over the life of the loan.

These are just a few techniques you can use to pay off your mortgage more quickly. Remember, the fewer years you pay on your home loan, the less mortgage interest you will pay over time.

Over 70% Of US Metro Market Housing Markets Improve In February

5 Power Saving Ideas That Can Lower Your Energy Bill

Clever Tips for Paying Off Your Home Mortgage Faster

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