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San Diego – Down payment Assistance Plans are available for some

Posted on June 28, 2016 | Leave a comment

Assistance plans are available in National City and Chula Vista. The San Diego Housing Commission, San Diego County and San Marcos have similar programs for other parts of the county but all three are out of funds until probably this summer.

National City recently resumed its program that gives borrowers up to $70,000 toward a down payment.

To qualify, borrowers must be first-time home buyers, qualify for a first mortgage, and buy in National City. They also must have an annual household income below 80 percent of the area median income, which is $51,850 for a family of two, $58,350 for three and $64,800 for four.

The loan does not need to be paid back for 30 years. However, it does need to be paid if the home is sold or the owner decides to rent it out.

It has a 3 percent simple interest rate that does not compound. For a $70,000 loan, that would be $2,100 added to the principal balance each year.

National City gets money for the program from the Home Investment Partnerships Program, administered by the U.S Department of Housing and Urban Development.

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US homes sell at strongest pace since ’07

Posted on June 27, 2016 | Leave a comment

WASHINGTON – Americans snapped up houses in May almost as soon as properties were listed, fueling the strongest sales rate in nearly a decade.

The sales gains have failed to convince more current homeowners to list their properties. Many are still recovering equity lost during the crash. For some of them, a sale would fail to generate enough of a profit to cover the expense of buying a new home. The number of listings has fallen 5.7 per cent from a year ago, meaning homebuyers have fewer and fewer options.

Sales of existing homes rose 1.8 per cent last month to a seasonally adjusted annual rate of 5.53 million, the highest level since February 2007, the National Association of Realtors said Wednesday.

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People remain intent on buying homes, despite the low inventory of properties on the market that has caused prices to rise. The elevated demand likely stems from low mortgage rates and a relatively healthy jobs picture with unemployment at 4.7 per cent, even with a recent slowdown in hiring.

“May’s existing home sales numbers suggest that healthy demand continues to support a recovering housing market, but that inventory woes are preventing a full recovery to pre-recession levels,” said Ralph McLaughlin, chief economist at online real estate firm Trulia.

Homes sold in May after just 32 days on the market, the fastest pace ever measured by the Realtors since they began tracking the figure in 2011. Homes stayed on the market on average for 40 days a year ago.

Sales rose in the Northeast, South and West last month but fell in the Midwest where real estate is generally considered more affordable.

The median home sales price was $239,700 in April, a 4.7 per cent increase over the past 12 months.

http://www.lillooetnews.net/us-homes-sell-at-strongest-pace-since-2007-1.2284392

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Decorating Trends that are OUT

Posted on June 27, 2016 | Leave a comment

Hexagon tile

“2015 was a fun year, we used the hexagon tile,” says Nathan Ruttner, Interior Designer at Techne Architecture and Interior Design in Melbourne.

“This tile, acting as a feature, allowed us to break our rules stepping away from mainly using the square and rectangle tile. But as fast as it has come in, the overuse of it has really given the hex a dated look.”

Feature lighting and feature walls

“Putting lights over benches, over vanities in bathrooms and over dining tables is an overused idea,” says architect Jesse Linardi, design director at DKO Architecture in Melbourne. “It’s not so much that the idea has no merit, rather that lighting fixtures tend to date very quickly.” The same applies for feature walls using fake stone or wallpaper, he adds. “Simple classic and natural finishes tend not to date.”

Vertical garden

“The idea of the feature wall has given birth to the vertical garden,” says Ruttner. “Indoor plants themselves are a great way to liven a space especially when they are in beautiful ceramics pots. Although vertical gardens add a nice touch of ‘greenery’ to the space it does feel like a done idea, usually done wrong.”

Metallic finish

Warm metallic finishes – gold, rose gold and brass – are “overused, overrated and far from timeless. I don’t see any of these lasting,” says head of interior design Narelle Cuthbert from Plus Architecture in Melbourne. “Instead we will see a trend where lighting and key pieces will remain in these tones contrasted by other finishes and textures.”