Existing-Home Sales Down Slightly in June

According to a late-July report from the National Association of Realtors (NAR), existing-home sales fell 2.6 percent to a seasonally adjusted annual rate of 4.86 million units in June from a pace of 4.99 million in May.

“A recent online survey of Realtors® shows nearly a quarter of potential home buyers are waiting on the sidelines,” said NAR President Richard F. Gaylord, adding there is something of a quandary in the current market. “However, timing the market can be very tricky, which is why home buyers should always have a long-term view to build wealth.”

Total housing inventory at the end of June rose 0.2 percent to 4.49 million existing homes available for sale, which represents an 11.1-month supply at the current sales pace, up from a 10.8-month supply in May.

“About four in 10 homes are purchased by first-time buyers, which frees existing owners to trade up,” said NAR Chief Economist Lawrence Yun, emphasizing the critical role first-time home buyers have on the health of the housing market. “With many potential first-time home buyers on the sidelines, a first-time buyer tax credit would have a significant positive impact on both housing and the economy. Combined with permanent increases to mortgage loan limits and enhancing the FHA loan program, the housing stimulus package working its way through Congress would go a long way toward helping consumers and boosting the overall economy.”

The national median existing-home price for all housing types was $215,100 in June, down 6.1 percent from a year ago when the median was $229,000, the report said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 6.32 percent in June from 6.04 percent in May; the rate was 6.66 percent in June 2007.

Top

Think Twice Before Co-signing a Loan

With home loans getting more difficult to obtain in many cases, you may be asked by a family member or friend to co-sign a loan. But, before you co-sign, keep these points in mind.

• Your liability for the loan may keep you from getting other credit (or loans) because creditors will consider the co-signed loan as one of your financial obligations.
• Make sure you can afford to re-pay the loan or make the payments. If you become responsible for the loan and can't make the payments, you will likely be sued and your credit will be damaged.
• Before you pledge property (real estate, RV, boat, auto) to secure the loan, make sure you understand the consequences. If the borrower defaults, you could lose the pledged property.
Try negotiating the specific terms of your obligation. For example, you may want to limit your liability to only the principal, and not include late fees or administration costs. Get it in writing.
• Get the lender to agree to notify you immediately if the borrower misses any payments. This will give you time to deal with the situation before it becomes a major problem. Once again, get it in writing.
• Check your state law for additional co-signer rights and responsibilities.
• Get copies of all documents.

Top

8 Steps to Painting/Staining Concrete

One way you can easily and economically improve the appearance of your home is to paint or stain any concrete walls, flooring, patios or other outdoor surfaces that are gray and boring. While the process is a bit more difficult than painting an interior wall, it's still fairly easy and the results can be fantastic. Here's how you do it:

1. Test the Area -- Before painting the concrete, perform a moisture test by taping a 24-inch square of plastic to the area and waiting 48 hours. If there is any discoloration or any visible signs of moisture trapped in the plastic, the cement should not be painted or stained.
2. Roughen the Surface -- Concrete should be as rough as 120 grit sandpaper; smooth concrete will not accept stains or coatings. You can roughen the surface with a wire brush and acid-based solution or use a cement etching solution found in most home improvement stores. You can also use a floor sander or shot blaster to roughen the surface.
3. Clean the Surface Thoroughly -- Use a degreaser or concrete cleaner to remove all paint, dirt, moisture, etc. The concrete must be clean and dry or the paint or stain will not work correctly. If you use a power washer, wait at least 48 hours before doing any repairs, painting or staining.
4. Repairs -- Fix any cracks or holes in the concrete with hydraulic cement.
5. Seal the Concrete -- Masonry coating works best. Let dry.
6. Primer -- Apply a coat of concrete-safe primer with a roller or sprayer. Let dry.
7. Paint/Stain -- Apply paint or stain with a roller or sprayer and let dry. Apply additional coats of paint as needed. Always dry thoroughly between coats.
8. Sealer -- Apply a coat of concrete-safe sealer.

Top

August Movie Releases

• August 1
  • The Mummy: Tomb of the Dragon Emperor
• August 6
  • The Sisterhood of the Traveling Pants 2
  • Pineapple Express
• August 8
  • Fly Me to the Moon
• August 13
  • Tropic Thunder
• August 15
  • Henry Poole Is Here o Mirrors
  • Star Wars: The Clone Wars
• August 20
  • The Rocker
• August 22
  • Death Race
  • The House Bunny
• August 29
  • Babylon A.D. o College
  • Disaster Movie

*Wide releases only. Opening dates subject to change.

Top

Cool/Free/Fun/Trendy: Windows Live SkyDrive

If you need a free, easy and secure way to backup or access your files online, check out Windows Live SkyDrive. Features include:

• 5 GB of free online storage -- available from any computer with Internet access. * Create personal, shared, and public folders -- you decide who has access to each folder.
• Compatible with any Windows or Macintosh computer with Firefox 1.5 or higher, or Internet Explorer 6 or higher.
• Use personal folders to back up important files that are only for you.
• Shared folders make it easy to collaborate with co-workers or classmates.
• You decide how much control each person has over each shared folder. Some can just read what's there; others can add and delete files.
• Everyone who is sharing uses their own Windows Live ID.
• Want to show your public files to others? Just send them a link! Each folder and file has its own web address.

If you already have a MSN Hotmail, MSN Messenger or Passport account, that is your Windows Live ID and you can simply login and start using SkyDrive. Learn more: http://skydrive.live.com/

Top