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Apache is functioning normally

July 3, 2023 by Brett Tams

The median sales price of a Southern California home rose year-over-year for the first time since the summer of 2007, according to DataQuick.

Last month, the median price paid for a SoCal home or condo was $289,000, up 1.4 percent from November and four percent from the $278,000 price tag seen a year earlier.

However, it remains 42.8 percent below the peak Southland median of $505,000 seen in early and mid-2007, leaving scores of homeowners underwater.

“Several forces have pulled the region’s median sale price out of its nose dive and given it lift,” said John Walsh, MDA DataQuick president, in a release. “We’ve seen the re-selling of foreclosed homes fall off its peak in newer lower-cost inland areas, while at the same time sales have started to pick up in some of the more established expensive areas.”

Foreclosure resales accounted for 39.6 percent of sales last month, down from 53.5 percent in December 2008.

“That simple shift in what’s selling, and what’s not selling, puts upward pressure on the median. That’s statistical. But we’ve also seen price floors, however temporary, form in many areas recently as the foreclosure inventory dwindled and buyers took advantage of lower prices, lower mortgage rates and tax credits. A meaningful comeback in the jumbo loan market would provide another big boost to the pricier areas.”

Jumbo financing was tied to 16.7 percent of all home purchase loans last month, the highest level since January 2008, but nowhere close to the near-40 percent share seen before the mortgage crisis got underway.

FHA loans grabbed a 39.6 percent share, while cash-buying accounted for 24.9 percent of December sales.

A total of 22,328 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month, up 16.4 percent from November and 12.1 percent from the 19,926 sold in December 2008.

Source: thetruthaboutmortgage.com

Apache is functioning normally

July 3, 2023 by Brett Tams

The FHA has taken a number steps to address risk and strengthen its balance sheet, including requiring larger down payments and higher mortgage insurance premiums.

The upfront mortgage insurance premium (MIP) will be raised from 1.75 percent to 2.25 percent to “build up capital reserves and bring back private lending.”

The FHA will also request legislative authority to increase the maximum annual MIP so it can shift some of the cost, as annual premiums are paid over time, proving to be less of a barrier for prospective buyers.

New FHA borrowers will also be required to come in with a 10 percent down payment if their Fico score is below 580; those with scores of 580 and above can still qualify for the 3.5 percent minimum payment.

In other words, if you have terrible credit, you can still get a mortgage with just 3.5 percent down.

Finally, the FHA will reduce allowable seller concessions from six percent to three percent, in line with industry standards.

The current level essentially exposes the FHA to excess risk by creating incentives to inflate appraised values.

The proposed changes will go into effect in either spring or summer, giving lenders time to speed applications through the system under the current rules.

The FHA said it will continue to increase enforcement on FHA mortgage lenders, while publicly reporting lender performance rankings.

“When combined with the risk management measures announced in September of last year, these changes are among the most significant steps to address risk in the agency’s history,” said Commissioner David Stevens, in a statement.

Check out this chart from the FHA’s 2009 fiscal year detailing Fico score distribution (it doesn’t look like the new down payment requirement will have any impact, given very few borrowers have scores below 620, let alone 580):

(top photo: davidreece)

Source: thetruthaboutmortgage.com

Apache is functioning normally

July 3, 2023 by Brett Tams

It appears the pesky down payment hurdle to homeownership is finally being swept aside.

This week, Fifth Third Bank out of Cincinnati, Ohio announced the availability of a mortgage with absolutely no down payment requirement.

Put simply, that means you no longer need to save up to buy a home, whether that’s actually a good thing or a bad thing.

This seems to have been borne out of necessity, not preference, especially as home prices reach new heights nationwide.

Fifth Third’s Down Payment Assistance Program

If you’re light on down payment money
You may want to check out Fifth Third’s DPA program
Which offers up to $3,600 in down payment assistance
Combined with Freddie Mac’s Home Possible Advantage mortgage to create a zero down home loan option

The so-called “Down Payment Assistance Program” from Fifth Third relies upon Freddie Mac’s Home Possible Advantage, which allows for loan-to-value ratios as high as 97%.

The remaining three percent of the home purchase price is covered by Fifth Third via down payment assistance.

Fifth Third will allow up to $3,600 in down payment assistance, meaning the property price can’t exceed $120,000.

That $3,600 doesn’t need to be paid back, and it can used toward the down payment or closing costs depending on product type.

So the loan program is clearly geared toward those with low or moderate income, not just anyone looking to forego the usual down payment requirement.

The property must also be located in the following states: MI, IN, IL, KY, TN, OH, WV, NC, GA, FL.

To qualify, the property must either be located in a Low Income Census Tract or the borrower must meet the low income limit threshold based on figures from the Federal Financial Institutions Examination Council (FFIEC) website.

Prospective home buyers can also utilize local and state housing programs to “take advantage of free money for their down payments.”

Fifth Third does note that the down payment assistance might be treated as taxable income and reported to the IRS, so keep that in mind when pursuing this type of loan.

You don’t need to be a first-time home buyer to take advantage of this program, and if it aligns with Freddie Mac’s guidelines, the minimum FICO score is just 620.

It turns out Fifth Third accepts credit scores as low as 600, which is pretty amazing when coupled with a no down payment loan program.

However, if you are a first-timer, you probably have to complete some form of homeowner education.

The property must be a single-unit, primary residence, though I believe both single-family homes and condos/townhouses qualify.

Loan options are probably restricted to fixed-rate offerings, with the 30-year fixed the most likely candidate for home buyers with limited means.

No Money in the Bank Might Not Be a Problem

Aside from not needing a down payment
You might be able to qualify without reverses as well
So having no money in the bank isn’t necessarily a roadblock here
You can also enjoy reduced mortgage insurance premiums

The Freddie Mac program doesn’t require asset reserves so qualifying homeowners may be able to purchase a home with absolutely no money in the bank.

Additionally, it comes with reduced mortgage insurance premiums, making monthly payments more affordable to those with limited income.

Fifth Third is the latest bank to offer a low or no-down payment mortgage option.

A couple weeks ago, Guaranteed Rate launched a 1% down mortgage that relies upon a forgivable grant as high as 7% of the purchase price.

Quicken Loans, the largest nonbank mortgage lender in the nation, also has a 1% down payment mortgage that isn’t widely publicized.

Interestingly, all of these new mortgages rely on conforming loan programs and noticeably snub government lending such as FHA, which fell out of favor recently after a number of lawsuits.

While it’s great to have another flexible mortgage option, keep in mind that it may be more difficult to get your offer accepted if you are putting little to nothing down.

Home sellers aren’t particularly keen on seemingly high-risk buyers because chances of lender fallout are higher.

Read more: 3 ways a low down payment raises your monthly mortgage payment.

Source: thetruthaboutmortgage.com

Apache is functioning normally

July 3, 2023 by Brett Tams

Even investors who understand that the stock market is volatile did not feel good about the losses stocks posted during 2022. The Standard & Poor’s 500 Index dropped by nearly 20% and the average workplace retirement plan balance fell from $144,280 at the start of that year to $111,210 by year’s end. Here’s a breakdown of how much money retirement savers lost from these defined contribution plans.

A financial advisor can help you create a financial plan to protect your retirement nest egg.

Alight’s 2023 Universe Benchmarks Report looked at data from almost three million eligible participants spread across 100 retirement plans. The median plan balance fell to $23,818 — the lowest in a decade. The median annual return was -14.7% during 2022.

Other findings from the study were similarly downbeat: The average participation rate in workplace savings plans dropped slightly, from 84% in 2021 to 83% in 2022, while the average contribution rate slipped from 8.6% to 8.3%.

When considering former employees, the rate of those who kept their money invested in the workplace plan dropped from 61% in 2021 to 55% in 2022. Such withdrawals may indicate workers rolled money from their previous employer’s plan to that of a new employer, or into an individual retirement account; it also can include workers cashing out their accounts to keep money on the sidelines, or used it to meet financial obligations.

Despite Challenges, Workers Focused on Long-Term Savings

Still, most workers saving in 401(k)s and other employer-sponsored plans stayed the course, despite being hit by increased living expenses that resulted from high inflation.

“Most people did not make drastic, knee-jerk reactions to their investments,” Rob Austin, head of research at Alight Solutions, said in a statement. “Only 3% of people stopped contributing, and the number of people who increased contribution rates was more than twice the number who decreased their savings.”

And, the percentage of workers eligible for workplace plans with fewer than two years of service increased by 30% during 2022 – an indication that automatic enrollment plans seem to be getting more workers to save for retirement

So far for 2023, markets have been more encouraging, with the broad S&P 500 index up more than 14% by the end of June. Similarly, balances for defined contribution plans, such as 401(k)s, are up for the year, according to the Investment Company Institute, which reported that plan assets were $9.8 trillion at the end of the first quarter, up 5% percent from the end of 2022.

Bottom Line

A tough year for the stock market was difficult for participants in workplace retirement accounts such as 401(k)s, where they contribute money toward retirement. Because of the long time horizon most workers have before retirement, plan participants tend to invest much or all of their contributions in stocks to achieve long-term growth after inflation. But that means they also have to weather the inevitable downturns in the market.

Retirement Planning Tips

A financial advisor can help protect your retirement savings. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Knowing how much you will need to pay for retirement is crucial to make your plan sustainable. Our retirement calculator can help you get an estimate for how much you will be able to save over time.

Photo credit: ©iStock.com/fizkes, ©iStock.com/Inside Creative House, ©iStock.com/Nikola Ilic

Source: smartasset.com

Apache is functioning normally

July 3, 2023 by Brett Tams

Other than possible lender-imposed waiting periods after a mortgage loan closes, you can generally refinance your home as many times as you like. But you’ll want to do the math first.

Homeowners choose to refinance for a number of reasons: to lower monthly payments, take advantage of lower interest rates, get better terms, pay the loan off more quickly, or eliminate private mortgage insurance.

Refinancing involves paying off the current mortgage with a second loan that has (hopefully) better terms. Borrowers don’t have to stay with the same lender—it’s possible to shop around for the best deals.

Mortgage rates seem to be constantly in flux, moving mostly in parallel with the federal interest rate. In 2021, the average rate of a 30-year fixed mortgage was 2.96%. In 2022, as the Federal Reserve raised interest rates to try to tame inflation, mortgage rates began to rise and jumped to more than 7%. By mid-June 2023, the average rate of a 30-year fixed mortgage was 6.69%.

So is now the right time for you to refinance? Here are some things to consider before taking the plunge.

The Basics of Mortgage Refinancing

Because a homeowner who chooses to refinance is essentially taking out a new loan, the cost of acquiring the new loan must be compared with potential savings. It could take years to recoup the cost of refinancing.

As with the initial mortgage loan, a refinance requires a number of steps, including credit checks, underwriting, and possibly an appraisal.

Typically, however, many homeowners start with an online search for the rates they qualify for. (A lower average mortgage rate doesn’t necessarily translate to an individual offer—creditworthiness, debt-to-income ratio, income, and other factors similar to what’s required for an initial mortgage will matter.)

The secret sauce that makes up a mortgage refinance rate might seem like a mystery, but there are some common factors that can affect your offer:

•  Credit score: As a general rule, higher credit scores translate to lower interest rates. A number of financial institutions and credit card companies will give account holders access to their credit scores for free, and a number of independent sites offer a free peek, too.
•  Loan term/type: Is the loan a 30-year fixed? A 15-year? Variable rate? The selected loan repayment terms are likely to affect the interest rate.
•  Down payment: A refinance doesn’t typically require cash upfront, as a first-time mortgage usually does, but any cash that can be put toward the value of a loan can help reduce payments.
•  Home value vs. loan amount: If a home loan is extra large (or extra small), interest rates could be higher. But generally speaking, the less the mortgage amount is compared with the value of the home, the lower the interest rates may be.
•  Points: Some refinance offers come with the option to take “points” in exchange for a lower interest rate. In simplest terms, points are discounts in the form of a fee that’s paid upfront in exchange for a lower interest rate.
•  Location, location, location: Where the property is physically located matters not only in its value but in the interest rate you might receive.

What Types of Refinance Loans Are Out There?

As with first-time home loans, consumers have a number of refinance mortgage options available to them. The two most common types involve either changing the terms of the original loan or taking out cash based on the home’s equity.

A rate-and-term refinance changes the interest rate, repayment term, or sometimes both at once. Homeowners might seek out this type of refinance loan when there’s a drop in interest rates, and it could save them money for both the short term and the life of the loan.

A cash-out refinance can also change the terms or interest rate, but it includes cash back to the homeowner based on the home’s equity.

Within those two basic types of refinance options, conventional mortgages from traditional lenders are the most common. But refinancing can also happen through a number of government programs.

Some, like USDA-backed loans , require the initial mortgage to be a part of the program as well, but others, such as the VA, have a VA-to-VA refinance loan called an interest rate reduction refinance loan and a non-VA loan to a VA-backed refinance , so it’s important to shop around to find the best option.

How Early Can I Refinance My Home?

If a home purchase comes with immediate equity—it was purchased as a foreclosure or short sale, for example—the temptation to cash out immediately with a refinance may be strong. The same could be true if interest rates fall dramatically soon after the ink is dry on a mortgage. Especially for conventional loans, it may be possible to refinance right away. Others may require a waiting period.

For example, there can be a six-month waiting period for a cash-out refinance. Or, refinancing via government programs like the FHA streamline refinance or VA’s interest rate reduction refinance loan can require waiting periods of 210 days.

Lenders can require a waiting period (also called a “seasoning period”) until they refinance their own loans for a number of reasons, including assurance insurance that the original loan is in good standing.

For a cash-out refinance, some lenders may also require that the home has at least 20% equity.

Questions to Ask Before You Refinance

Just because you can refinance doesn’t necessarily mean you should. First, ask yourself these questions.

What Is the Goal?

Identifying the endgame of a mortgage refinance can help determine whether now is the right time. If a lower monthly payment is the goal, it can be wise to play around with a refinance calculator to see just how much a lower interest rate will help.

For years, it has been a general rule that a refinance should lower the interest rate by at least 2 percentage points to be worth it. Some lenders believe 1 percentage point is still beneficial (each percentage point amounts to roughly $100 a month in payment reduction), but anything less than that and the savings could be eaten up by closing costs.

What Is the Total Repayment Amount?

It’s important to remember that a lower monthly payment—even if it’s significantly less—doesn’t necessarily equal savings in the long run.

If a mortgage with 20 years remaining is refinanced to lower the monthly payment, for example, the most affordable option could be a 30-year mortgage. But is the lower monthly payment worth it if you’ll be paying it off for 10 additional years?

Will I Need Cash to Close?

One of the biggest differences between a first-time mortgage and a refinance is the amount it costs to close the loan. Many times, closing costs for a refinance can be rolled into the loan, requiring no cash at the outset.

Closing costs typically come in at 2% to 5% of the loan amount, and although they can be rolled into the loan and paid off over time, that could mean the new monthly payment isn’t as low as planned.

One way to make sure the investment is worth the cost is to consider how long it would take you to reach the break-even point, which is when you recoup the costs of refinancing. For instance, if it takes you 24 months to reach the break-even point, and you plan on living in your home for at least that long, refinancing may make sense for you.

Considering refinancing your home? SoFi offers mortgage refinance loans with competitive interest rates.

Whenever you’re ready to refinance, SoFi is here to help.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

Apache is functioning normally

July 3, 2023 by Brett Tams

April 3, 2018
by Carter Wessman

Mortgage rates are moving up a little this morning as we march toward the big market moving event of the week: the monthly jobs report on Friday.

Long-term rates are still expected to increase so our recommendation remains for borrowers to lock on a purchase or refinance right now. Read on for more details.

Where are mortgage rates going?

Rates rise after moving lower yesterday

Mortgage rates are moving a little higher today. Yesterday, we saw the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, move down to its lowest level since late January.

Mortgage rates typically move in the same direction as the 10-year yield so rates improved slightly to start the week. Today, we’ve seen a bit of a reversal in the market with investors moving back into stocks, pushing Treasury yields and mortgage rates higher.

Rate/Float Recommendation

Lock now while rates are lower

Mortgage rates are on track to stay relatively flat this week. This is good news for anyone looking to buy a home or refinance their current mortgage. Rates are on track to move higher as the year unfolds so most borrowers will be better off locking in a rate soon.

Learn what you can do to get the best interest rate possible.

Today’s economic data:

Fedspeak

Minneapolis Fed President Neel Kashkari at 9:30am

Notable events this week:

Monday:

PMI Manufacturing Index
ISM Manufacturing Index
Construction Spending
Fedspeak

Tuesday:

Wednesday:

ADP Employment Report
Fedspeak
PMI Services Index
Factory Orders
FOMC Minutes
ISM Non-Mfg Index
EIA Petroleum Status Report

Thursday:

Jobless Claims
International Trade
Fedspeak

Friday:

Monthly Jobs Report

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Filed Under: general, homeowner-tips, how-to-2, real-estate

Source: totalmortgage.com

Apache is functioning normally

July 3, 2023 by Brett Tams

Any renter knows that a new apartment comes with a new lease agreement. It’s just a part of the apartment rental process. Once you find the perfect apartment, you’ll sit down to finalize the paperwork, including the lease. Once you finalize this step, the apartment is yours!

Before you get too excited about moving in and decorating though, it’s important to understand the lease before you sign on the dotted line. This is your ultimate guide to lease lengths for your next apartment rental.

What is a lease?

Let’s start with the basics. A lease is a legally binding contract between a tenant and a property owner. Tenants agree to pay rent in exchange for leasing an apartment unit for a certain period of time. The lease defines everything from the rent rate to the move-in date.

Leases outline exactly how much money you’ll owe for each month’s rent and it also states how much you need to pay for a security deposit and other apartment application fees. Paying rent and security deposits are some of the rules agreed upon when you sign the lease and before you move in.

All apartment complexes and property managers will require tenants to sign a lease. Landlords want to rent to people who can pay the cost of the property each month and are willing to agree to the legally binding lease.

How long is a lease for an apartment

Now that you understand leases at a high level, let’s talk about lease lengths. The length of the lease can vary, depending on the landlord or property owner. Before signing, you need to understand how long you’re signing for as you’re legally bound to the lease terms.

Leases range from short-term leases to long-term leases. Some landlords allow you to rent on a month-to-month basis while others require an annual commitment. Term leases will be in the lease document and will designate how long you’re required to stay in the lease. You can break a lease, but you’ll often see hefty fees involved in terminating your lease early.

Depending on where you are in life and what you’re looking for when it comes to renting, you’ll want to decide what lease terms are right for you. Once you know your living situation, you can sign the lease agreement that is right for you.

How long do most apartment leases last?

Most apartments will offer a term lease that is at least a year. Property managers want tenants to sign a year-long lease because it guarantees they’ll have a tenant renting the unit and paying rent for 12 months. The property manager is responsible for filling units so a longer lease is appealing to them.

However, you can find a variety of lease lengths, depending on the apartment complex and the landlord. You can also negotiate your lease terms when it comes time to renew the lease agreement.

What is the shortest time you can lease an apartment?

Lease terms vary but short-term leases are anything shorter than one year. Anything more than one year is a long-term lease. Regardless of the lease term, you’ll still pay a security deposit and monthly rent for all rentals.

You can find a short-term lease that ranges anywhere from 30 days to three months to six months. Short-term rentals will outline the lease term in the many pages of the agreement itself.

A six-month lease is short term but the shortest of all is a month-to-month lease or a 30-day lease agreement.

What is a month-to-month lease?

Month-to-month leases allow the new tenant to decide each month if they want to renew and keep renting. Though this agreement provides flexibility to the renter, it will typically cost more. Landlords have to continually find new renters for the open apartments so a month-to-month lease is a riskier option for them.

Usually, with a short-term lease, you’ll need to give the landlord 30-days’ notice before you vacate the apartment. For month-to-month leases, this means you need to know if you’re staying into the next month when you sign the short-term lease.

Basically, you’ll need to plan 60 days out when you want to move in and move out before signing anything. Otherwise, you might owe fees for breaking the lease early.

With other short-term leases, you’ll still need to give the landlord a heads-up before you plan to move out. Remember, the lease is a legally binding contract so make sure you understand the fine print before signing it.

Reasons to choose a short-term lease

So, why would people choose a short-term lease? Here are a few pros and cons.

Pros of a short-term lease

You can try a new city — Short-term leases are great if you’re considering moving to a different city. You can sign a month-to-month lease without having to commit to an extended time in that location. If you like the city, great! You can consider signing a long-term lease after your first month is up. Or, if you don’t love where you live, you can find a different city or apartment.
You can move out into your first apartment with low risk — Your first time moving out is a big, intimidating decision so avoiding a long-term lease is a good idea if you’re unsure about living on your own. By signing a shorter lease agreement, you can test if you like living on your own or not.
You can rent furnished apartments — If you travel a lot for work or are a digital nomad, then a short-term lease with furnishings included are a great option. You can move from place to place fairly easily without having too many objects or commitments tying you down.

Cons of a short-term lease

They cost more — Because short-term rentals are riskier for a landlord, they typically cost more. You might see a ding in your bank account because the fees, like rent and the security deposit, are higher.
You’ll need to plan your next move frequently — A short lease term means you need to have the next move already planned out. Thirty, 60 or 90 days will come and go quickly, so you need to think ahead about if you’ll stay or go. This is stressful for some people who don’t like constantly planning the next move.

What is the longest lease term for an apartment?

If a short-term lease is anything under 12 months, then a long-term lease is 12 months or more. The lease term will vary, but you can find leases for 12 months, 15 months or even 24. It’s up to the landlord to determine the exact lease term.

Reasons to choose a long-term lease

A long-term lease is a good option for renters who know they want to stay in one place for a longer period of time. These lease agreements provide:

Stability — When you stay at one apartment for a while, you have more stability because you’re able to plant roots and know you won’t have to move frequently.
Guaranteed place to live — Unless you’re evicted, you have an equal housing opportunity to find a place and stay there through the length of your lease.
Ability to budget — Knowing that you’ll be in the same place for a set amount of time, you can budget how much you’ll spend in rent for the length of the lease. This can help ease financial stress.
Building a relationship with the landlord – As you stay in one place because of a long-term lease, you’ll build rapport with your landlord, which is a nice benefit for when you move in the future to have a landlord reference on-hand.

What you need to know about monthly rent and an apartment lease

When you’re apartment hunting, you need to consider everything from location to the cost of rent to lease length. Regardless of the lease duration, you need to know that state laws view leases as legally binding contracts. So, don’t sign anything before you fully comprehend the ins and outs of the lease.

Do you understand the lease terms so you know what you’re getting yourself into? Before you dot your “i’s” and cross your “t’s”, ask yourself these questions:

How much can I spend in monthly rent?
Can I afford the security deposit and other fees?
How long do I want to live in one place?
Do I want a month-to-month lease or a year-long lease?

Truthfully answering these questions for yourself will help the process move smoothly and ensure you’re moving into the place of your dreams and signing the terms you are comfortable with.

Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.

Source: rent.com

Apache is functioning normally

July 3, 2023 by Brett Tams

Fresh ideas on how to store magazines are always exciting. If you’re anything like us, they tend to pile up very very quickly. Yes, stacking them on the floor or on a chair with objects and art on top of course has been the super cool style for like…a year, last year to be exact! We’re loving the fresh idea of making use of all those ugly wire hangers you have lying around.

As you should know by now, they should never be used to actually hang up your clothes, but when placed on an industrial rack, they can neatly and cleanly display all of those magazines that we just can not get rid of!

We’re obsessed with everything about how easy and modern this look is. Feel free to break up the structured vibe by adding your fave blouse or dress, hang up a killer mirror, or add a hanging wire light. Oh, and a hot Lenny Kravitz poster does not hurt. Nope, it does not hurt one bit!

What do you think? Are you as in love with this organization idea as much as we are?! We just need to find space for a clothes rack and we are finally getting those mags off of the floor!

Also, on another note, why is Lenny Kravitz still SO hot? Has this man not aged in two decades?! He just came out with his new album, “Strut”! Have you listened to it yet?? So good.

Find more amazing Ideas to Steal HERE

images 1-3 via Funk Sjonelt // 4 via C Magazine

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Source: apartment34.com

Apache is functioning normally

July 3, 2023 by Brett Tams

It’s been a particularly bad twister season this year—and not just for those living in “Tornado Alley.”

The preliminary count of twisters between January and March, when tornado season began ramping up, means 2023 will be one of the most active first quarters on record, according to the National Oceanic and Atmospheric Administration. And it could end up being the worst ever seen.

This all has us wondering about tornado risks for homeowners across the country and how much climate change is affecting the frequency, severity, and locations of these unstoppable storms that remind us of how small we are. So we analyzed climate risk data from CoreLogic, a real estate data supplier, to figure out how much tornado damages are likely to cost homeowners each year, depending on where they live—and what sort of bills they could be facing in the future as tornadoes become more dangerous.

While tornadoes mostly affect the Eastern swath of the country, this year places not normally associated with tornado risk have been touched by them. A 140-mph tornado struck Delaware (measured as the widest on record for the state) on April 1, the same day an “outbreak” of tornadoes touched down in New Jersey, Maryland, and Pennsylvania. That followed a tornado that hit Los Angeles on March 22 and where a set of “twin tornadoes” hit again on May 4.

For a homeowner living in an area where tornadoes are a possibility, this is a reminder that although the chance a tornado affects you is small, it can still happen. But the science on how a changing climate affects tornadoes is far from settled.

“There’s no agreement, and there’s good reason for that,” says Howard Bluestein, a professor of meteorology at the University of Oklahoma.

Bluestein says there are far too many factors to predict with accuracy the changes in tornado frequency or intensity, from wind shears to soil moisture.

“We don’t understand why some supercell storms produce tornadoes and others don’t,” he adds.

CoreLogic’s predictions, which rely on widely used greenhouse gas modeling, show that damage costs resulting from severe convective storms—the kind that causes tornadoes and also other damaging wind, rain, and hail—could rise by more than 10% by 2040 and more than 25% by 2050, depending on the location, and that’s without adjusting for whatever future inflation occurs.

One caveat: The possibility exists of observation bias, where the count of tornadoes might have increased in part because the tools we use to observe these storms have gotten better. In addition, as more homes go up and areas become more populated, damages are likely to become more widespread. That’s not because there are more tornadoes, necessarily, only that there are more homes in their way.

According to CoreLogic’s data, in a place like Tarrant County, TX, severe convective storms currently cause around $411 million in residential damage in any given year. That translates into a risk of about $690 per homeowner each year. That, in turn, is worked into insurance premiums.

But by 2040, CoreLogic expects those costs to rise by 10%, to about $436 million across the county, or about $729 per homeowner, using the most extreme model (RCP85, which is based on increasing fossil fuel use). By 2050, those costs could rise by almost 20%, to about $522 million, or about $872 per homeowner—and that’s before accounting for inflation or the effects of population growth.

That’s where the science hits homeowners’ wallets. As the risks increase, homeowners are likely to spend more on their insurance premiums.

We plotted CoreLogic’s data on a map, to show where in the country tornado damage costs are expected to increase, and by how much.

For each of the 2,610 counties where there’s enough past tornado data to make predictions about the future (about three-quarters of all counties), CoreLogic’s data shows the current estimated average annual cost to a homeowner from severe convective storms, as well as the amount that figure is expected to rise under the RCP85 scenario. You can explore the data using the map below.

Though predictions about the effects of climate change are still not an exact science, says Harold Brooks, a senior research scientist at the NOAA’s severe storms laboratory, improvements in home construction techniques can be used to help mitigate these risks.

“The bottom line is we aren’t completely sure what climate change will do,” he says. “But we know enough to know the bounds of what climate change might do.”

And that’s enough to prompt him to take measures in his own home, where Brooks recently had an in-residence tornado bunker installed.

“It’s a walk-in closet, with 6-inch concrete walls and a steel-reinforced door. FEMA has plans online for these,” he says. “The guy who poured the concrete said it was relatively simple, and when he was done, he asked if he could come over if there’s a bad storm.”

The tornado fortification doesn’t stop there, though.

“Historically, roofs have been nailed on, but really held in place by gravity,” Brooks says. “What happens in most home failures in a tornado is the roof gets lifted off. You have pressure on the walls, there’s no place for it to go, you get upward pressure, and the roof goes.”

But builders are now using hurricane clips to protect against severe weather events that threaten to tear roofs from buildings. These clips secure roof rafters to the walls with inexpensive metal fittings.

“The buzzword in the community is ‘continuous load path,’” Brooks says. “These can add an order of magnitude to the pressure the roof can take.”

Bolts that more securely hold walls to a structure’s foundation are another of the “relatively inexpensive things that can reduce the risk for this kind of damage,” Brooks adds.

Source: realtor.com

Apache is functioning normally

July 3, 2023 by Brett Tams

President Donald Trump’s proposal to reform the National Environmental Policy Act has won the backing of the National Association of Realtors.

NAR President Vince Malta (pictured) said the proposed changes should help to modernize environmental standards while also helping to alleviate housing shortages.

The NEPA changes would be the first serious amendment to the Act in more than 40 years.

The
White House said the Act needs to be reformed in order to streamline
the approval of new infrastructure and housing projects, as well as
highways and energy pipelines. The proposed changes are still subject
to public hearings before being approved, but Malta said they should
help to reduce regulatory burdens will still retaining strong
environmental quality standards.

“The
NAR has long advocated for common-sense reforms to promote
infrastructure development and streamline review processes without
compromising on critical environmental protections,” Malta said in
a statement. “Since NEPA was last updated nearly four decades ago,
the housing industry has seen countless infrastructure modernization
projects paralyzed by arbitrary delays and unreasonable cost
increases.”

The
NAR has in recent months intensified its calls for major reforms of
the nation’s infrastructure.

“The
National Association of Realtors is confident that the reforms will
remove the barriers standing in the way of infrastructure
improvements that stimulate economic growth and create jobs,” Malta
said. “We look forward to partnering with the White House as it
works to implement these changes in the most responsible and
effective way possible.”

The
NAR’s sentiments were echoed by other housing groups, including the
National Association of Home Builders, which said the NEPA reforms
could help spur new-home construction.

“This
proposal to modernize and reform the NEPA review process will
streamline the permitting process and reduce unnecessary costs and
delays for vital infrastructure projects that are needed to support
residential land development projects,” said NAHB CEO Jerry Howard.
“For the housing industry, those uncertainties and delays create
challenges for communities, businesses, and builders, and further
exacerbate the current housing affordability crisis. We welcome the
latest action by the administration to remove regulatory barriers
that hinder housing and economic growth.”

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]