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Top 5 States for Underwater Mortgages

March 16, 2011 in Featured Posts, Home Buying, Home Selling, Mortgage and Finance, Real Estate Investing, Real Estate Market, RealtyJoin by Ilyce Glink

A new data set published last week by CoreLogic, a provider of real estate information and analytics, indicates that the real estate market still faces a number of substantial problems – and not all of them contain the word “foreclosure.”

U.S. homeowners who are regularly making mortgage payments, and have no current desire to buy or sell, may still have a home equity crisis on the horizon. That could spell big trouble for anyone who used their home as a piggy bank, expecting future home value appreciation would make things right.

According to CoreLogic’s data, a full 23 percent of borrowers are considered to be “underwater” in their homes. How much underwater?

CoreLogic says U.S. homeowners have a whopping $750 billion in negative equity.

If you live in Florida, Michigan or the Southwest, the situation is much more dire. Here are the top five states that, according to CoreLogic,  average the most underwater properties.

Top 5 States for Underwater Mortgages

  1. Nevada: 65 percent of homeowners are underwater
  2. Arizona: 51 percent of homeowners are underwater
  3. Florida: 47 percent of homeowners are underwater
  4. Michigan: 36 percent of homeowners are underwater
  5. California: 32 percent of homeowners are underwater

The numbers are awful, but it seems we haven’t hit bottom yet. CoreLogic’s report mirrors an industry consensus that home prices will fall an additional 5 percent to 10 percent in 2011, with a similar rise in negative equity averages.

It’s tough to swallow the fact that two-thirds of Nevada’s borrowers, who may have never been in trouble with their mortgages, still have less than nothing to show for their investment – and would have a doozy of a time selling their property.

If you sold your house today, would you turn a profit?

To view the full CoreLogic report, click here.

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The Top 10 Kitchen and Bath Trends for 2011

March 16, 2011 in Featured Posts, Free, Home Improvement, Real Estate Market, RealtyJoin by Claire Young

In case you missed it, the National Kitchen and Bath Association released its 2011 Kitchen and Bath Study and predicted trends for this year’s renovations.

Some of our RJ-ers are involved in the remodeling process and I’d love to hear which trends they think will bring in business in 2011.

Here’s the list of what the NKBA thinks will be big in the coming months:

1. The Case for Space. If you recall, opening rooms was also one of the National Association of the Remodeling Industry’s predicted trends for 2011. It seems that today’s chefs don’t want to be stuck in a stodgy room. And for those who are more frugal, simply knocking down a wall may be enough: “Knocking down a few walls costs a lot less than adding square footage. If you’re a do-it-yourselfer, though, make sure you’re not destroying load-bearing walls.”


2. Tough Counter to Crack. Quartz is back in a big way. People are going for the hard mineral because it is the “perfect alternative to granite and marble for low maintenance and high durability” in both the kitchen and the bathroom. In fact, 85 percent of NKBA bathroom designers incorporate quartz into their designs.


3. Going Green. While it is important to be eco-friendly, this year people are quite literally going green, especially in bathrooms. The calming, earthier tone saw a rise in popularity late last year; at the beginning of 2010 only about 1 in 7 people requested green in their remodel, but by December 1 in 4 wanted the color.



4. Shake It Up. Shaker-style kitchens – an organized, wood-paneled, cabinet-centric approach design – are having a major comeback. While people are still leaning towards traditional models, the Shaker utilitarian approach has been used by 55% of kitchen remodelers last year.



5. Dark Times. Dark natural and deep reddish-brown maple finishes are in this year for cabinetry and even floors. With more people turning to the dark side, medium natural, white, and glazed finishes have fallen by the wayside.


6. Relax in Style. People are turning up the volume on in-home luxury; maybe because of the economy, people are finding ways to pamper themselves at home. From spa-like bathrooms to a rise in unchilled, wine cabinets being installed, homeowners are creating spaces in their homes to simply relax. For those on a budget, MSN Real Estate suggests “adding multiple shower heads to a shower typically costs just a few hundred dollars, making it one of the most economical ways to add a spa feel. Also, try to avoid moving fixtures, since that can add enormously to a project’s cost.”



7. Kitchen 3.0. Most people love new tech toys, so why should the kitchen be any different? From French-doored refrigerators with customizable freezers to an 8% rise in requests for induction stove tops, the future kitchen is here. Surprisingly, as people are integrating more high-tech gadgetry in the kitchen, they are leaning towards more traditional and functional designs (see #4).



8. Going Green…The Other Way. Some choose to paint to be green, but homeowners are also becoming – not surprisingly – more eco-aware in their choices. From bamboo flooring to installing LED lighting, remodeling is taking a turn for the sustainable. NKBA members even said that 89% of the kitchens they designed included some consideration for pull-out trash and recycling bins, and a distinct rise in both garbage disposals and trash compactors.


9. You’re so vain. Piggy-backing on the spa bathrooms, vanities are getting a redemption. Remodels are taking a turn from the super-industrial look with finished metal to vessel sinks and integrated sink tops, which have a warmer, more classic feel. The bathroom vanity is also seeing double-dual sinks are now a “given” in master baths.


10. Hit the (Hardwood) Floor. While carpeting may have never been the best choice for the kitchen or bathroom, this year it is being panned for the entire house. Hardwood and tile remain a staple, but bamboo flooring is also gaining popularity. Liz Pulliam Weston of MSN Real Estate adds, “high-end linoleum – which sounds like an oxymoron, but isn’t – is being used in more fashionable homes.”

What kitchen and bath trends would you like to see become popular?

Which trends do you wish would just go away already?

Quick Guide to the New RealtyJoin Features

March 1, 2011 in Featured Posts, Free, RealtyJoin, Technology and Tools by Claire Young

New Ways to Communicate

Your Own RealtyJoin Blog

Every RealtyJoin member now has the opportunity to create a personal blog. The blogs are supported by WordPress and allow members to produce custom content about their business or real estate interests on a professional platform. Please visit this tutorial if you need help with the WordPress platform. Create your RealtyJoin personal blog today!


Comments

Users can give feedback and show appreciation for blogs and information by leaving comments. Once you’re logged into RealtyJoin, users can comment on blogs, other comments and status updates. Blog posts with the most comments will become featured posts, allowing the best information on RealtyJoin to reach the most members.


Forums

Discuss everything and anything in the RealtyJoin forums. Forums allow RealtyJoin members to interact with each other, answer technical questions, have business discussions, debate the latest real estate trends and discover new contacts.  Visit the forum by clicking here.

New Ways to Promote Your Business

Your RealtyJoin Profile

Your personal profile includes your photo, your business logo, a place to link to your website and any other contact information you want to include. RealtyJoin profiles are a safe and easy way to share your business information with potential partners, clients and contacts.


Advertising

RealtyJoin offers several ways for users to advertise on the site. We also offer custom-made advertising. If you are interested in either opportunity, or wish to discuss other business opportunities, please contact us via the Advertising Page, located on the bottom of any RJ page on the site.


Media

Executive level members can upload photos and videos of your recent projects to the RealtyJoin media gallery and let clients see the kind of work your business does. (link to membership descriptions?)

New Ways to Navigate

Search

Users can search the entire RealtyJoin site for a real estate investing topic. Type in a word or topic in the new search portal at the top of the navigation bar to see who’s talking about it on the site and what they’re saying. Within the search, select from members, groups, blogs, or the forum to see how your topic comes up in those site features.


Pull Down Menu

The new pull down menu offers users a quick way to mange their account, all in one place. Login to RealtyJoin by clicking the “login” button on the top navigation menu; it will expand into the pull down menu—the control panel for your account. You can write blog posts, add friends and update your status, all from the pull down menu without navigating away from the page you’re viewing on the site.


Site Activity Feed

All of the latest activity on RealtyJoin is at your fingertips. If you want to see what’s currently being talked about, check out the site activity feed, located under the “My Profile” tab. Site activity can be broken down to include just the activity of your friends or groups.

New Perks

Featured Blogs

Get featured! The more you interact with other RJ members the better your chances to be highlighted as a featured member. The most popular blogs will be featured for the whole site to see.

Affiliate Program

Affiliate programs are available on individual and company levels. Both levels reward users for recruiting additional members to the site. To learn more about either opportunity, visit our Affiliate Program Page.

Winterizing Your Home Checklist

January 19, 2011 in Home Improvement, RealtyJoin by Claire Young

Looking to cut back on rising heating costs this winter? The weather outside is frightful, and it feels like you might as well be burning actual dollar bills to heat your home, but there are some things you can do yourself to help with those heating costs that make you shiver.
The Better Business Bureau (BBB) released their winterizing your home checklist and it has some tips to help with high heating costs during these frigid winter months.

In their press release, the BBB says home heating costs this winter are expected to rise by four-percent for homes relying on natural gas and eight-percent for homes heated by propane or electricity according to the Energy Information Administration. That’s quite the hike! Luckily, homeowners can fend off some of the rising energy costs by winterizing their home.

“High heating costs are a problem each winter for cash-strapped consumers making it especially important to winterize their homes,” said Steve J. Bernas, president & CEO of the Better Business Bureau serving Chicago and Northern Illinois. “It makes good economic sense because a small up-front investment can pay dividends for months by increasing the energy efficiency of a house and reducing overall heating costs.”

The following is a BBB home winterizing checklist:

  • Caulking and Weather Stripping. To prevent air leaks, homeowners should inspect the caulking around windows and doors and check for cracking and peeling. In addition, ensure that doors and windows shut tightly and no cold air is coming in due to worn down weather stripping.
  • Ceiling fans. By reversing the direction of your ceiling fan so the blades turn clockwise, you push warm air down and force it around the room.
  • Furnace. Furnaces older than 15 years might be due for a replacement. For newer furnaces, make sure the filter is clean and the thermostat is working properly.
  • Heating ducts. Ducts should be cleaned once every two years. Homeowners should also consider adding insulation to any exposed ductwork in order to prevent losing heated air.
  • Emergency kit. When a winter storm strikes, an emergency kit should have all essential materials in one handy place. An emergency kit should include flashlights, candles and matches, a first aid kit, bottled water, non-perishable food and a battery-powered radio. Create the same emergency kit for the car as well, including a couple blankets.
  • Smoke alarm and carbon monoxide detectors. Test smoke alarms and carbon monoxide detectors and installing fresh batteries. Homeowners should consider replacing smoke alarms older than 10 years.
  • Gutters and ridge vents. Gutters should have been cleaned to prevent any clogs that would cause rainwater to back up and freeze, making the gutters expand and crack. The ridge vents need to be cleaned as well in order to help prevent stagnate air.
  • Windows. Window screens should be taken down and replaced with storm windows; they provide an extra layer of protection and keep the house warmer. Investing in a window insulator kit is an inexpensive option to keep out drafts as well.

For more BBB tips on home maintenance and saving money this winter, visit BBB online at www.bbb.org