Love finding people jobs and homes!

Very fortunate to be working with some fantastic ERP and business process silver professionals now in coming up with an exciting new service offering. Stay tuned and..Ride the "silver wave"
http://ping.fm/1Yy6M

Looking forward to speaking for the Executive network group of Chicago on Employment 2.0.. the catalyst of change..tomorrow Thursday@ Schaumburg library. Come join @9am and check out what the "silver wave" is all about!
http://engchgo.org/

Looking forward to speaking for the Executive network group of Chicago on Employment 2.0.. tomorrow Thursday@ Schaumburg library. Come join @9am and check out what the "silver wave" is all about!

http://engchgo.org/

It's Time to Buy that House

U.S. house prices have plunged by nearly a third since 2006, and homeownership rates are falling at the fastest pace since the Great Depression.
The good news? Two key measures now suggest it's an excellent time to buy a house, either to live in for the long term or for investment income (but not for a quick flip). First, the nation's ratio of house prices to yearly rents is nearly restored to its prebubble average. Second, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades.
Two of the silliest mantras during the real-estate bubble were that a house is the best investment you will ever make and that a renter "throws money down the drain." Whether buying is a better deal than renting isn't a stagnant fact but a changing condition that depends on the relationship between prices and rents, the cost of financing and other factors.

But the math is turning in buyers' favor. Stock-oriented folks can think of a house's price/rent ratio as akin to a stock's price/earnings ratio, in that it compares the cost of an asset with the money the asset is capable of generating. For investors, a lower ratio suggests more income for the price. For prospective homeowners, a lower ratio makes owning more attractive than renting, all else equal.
Nationwide, the ratio of home prices to yearly rents is 11.3, down from 18.5 at the peak of the bubble, according to Moody's Analytics. The average from 1989 to 2003 was about 10, so valuations aren't quite back to normal.
But for most home buyers, mortgage rates are a key determinant of their total costs. Rates are so low now that houses in many markets look like bargains, even if price/rent ratios aren't hitting new lows. The 30-year mortgage rate rose to 4.12% this week from a record low of 3.94% last week, Freddie Mac said Thursday. (The rates assume 0.8% in prepaid interest, or "points.") The latest rate is still less than half the average since 1971.

Real Estate Tools at SmartMoney

• Mortgage Calculator
• Should You Refinance?
• How Much Can You Afford

As a result, house payments are more affordable than they have been in decades. The National Association of Realtors Housing Affordability Index hit 183.7 in August, near its record high in data going back to 1970. The index's historic average is roughly 120. A reading of 100 would mean that a median-income family with a 20% down payment can afford a mortgage on a median-price home. So today's buyers can afford handsome houses—but prudent ones might opt for moderate houses with skimpy payments.
For example, the median home in the greater Phoenix market, including houses, condos and co-ops, costs $121,700, according to Zillow.com. With a 20% down payment and a 4.12% mortgage rate, a buyer's monthly payment would be about $470. Rent for a comparable house would be more than $1,100 a month, according to data provided by Zillow.com.
Of course, all of this assumes mortgages are available—no given now that lending standards have tightened. But long-term data on down payments and credit scores suggest conditions are more normal than many buyers think, according to Stan Humphries, chief economist at Zillow. "If you have good credit, a job and a down payment, you can get a mortgage," Mr. Humphries says. "There's more paperwork and scrutiny than five years ago, but things are pretty much like they were in the '80s and '90s."
Not all housing markets are bargains. Mr. Humphries says Zillow has developed a new price/rent ratio that uses estimates for each individual property rather than city medians, to better reflect the choices facing typical buyers. A fresh look at the numbers suggests Detroit and Miami are plenty cheap for buyers, with price/rent ratios of 5.6 and 7.7, respectively. New York and San Francisco are more expensive, with ratios of 17.6 and 17.2, respectively. The median ratio for 169 markets is 10.7.
For investors seeking income, one back-of-the-envelope way of seeing how these numbers stack up against yields for other assets is to divide 1 by the price/rent ratio, resulting in a rent "yield." The median market's rent yield is 9.3% and Detroit's is 17.9%.
Investors would then subtract for taxes, insurance, upkeep and other expenses—costs that vary widely. But suppose total costs were 4% of the purchase price. That would still leave a 5.3% rent yield in the typical market. With the 10-year Treasury yield at 2.2% and the Standard & Poor's 500-stock index carrying a dividend yield of 2.1%, rents for residential housing in many markets look attractive.
A few caveats are in order. First, not all transactions are average ones. Even in low-priced markets, buyers should shop carefully. Second, prices could fall further. Celia Chen, a senior director at Moody's Analytics, expects prices to drop 3% before bottoming early next year and rising slowly thereafter. "If the economy slips back into recession, however, we could easily see a 10% drop," Ms. Chen says.
And property "flipping" can be dangerous even when prices are rising. That is because, absent a real-estate boom, house price gains simply aren't that exciting. Research by Yale economist Robert Shiller suggests houses more or less track the rate of inflation over long time periods.
Houses aren't the magic wealth creators they were made out to be during the bubble. But when prices are low, loans are cheap and plump investment yields are scarce, buyers should jump.

Chicago ideas week!!

Very psyched! Silver Professionals just got interviewed to be on CBS evening news in October. " Ride the Silver Wave"

There are only a few things in life that will catch your eye, but only a few will catch your heart. PURSUE THESE...

Investment Package of 27 multifamily units in Bridgeport offered @great cap..Bettter inv. than stock mkt!

 3 bldgs(27 units) in Bridgeport.3225 S. May 3157 S. Racine and 3247 S. May. All within a block of each other(12 units/5 units/10 units). Most of the units have been upgraded in the last 5 years. In addition, new windows/roofs and w/d….Asking price is $2.625 but also sold individually.. Cap rate based on actual numbers@ ask price is 8%..(Cant do that in the stock mkt!).  Email rgoldstein@rubloff.com for more info and package 

Very Proud to be part of an organization that even during rough econ. times can step up!
http://ping.fm/fOFsW

3 new Silver Professionals Service Offerings: Seasonal Accounting, Corporate Sustainability and Home Health Care. See how unique Employment 2.0 can be!
http://ping.fm/enT49

Carpe Diem...October 2011 Real Estate Update
http://ping.fm/9duWm

Carpe Diem...Real Estate Update - October, 2011

Carpe Diem...Real Estate Update

General Real Estate News & Views SEVEN IN 10 RENTERS SAY OWNING A HOME IS TOP PRIORITY Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. MORE 10 TAX TIPS FOR INDIVIDUALS SELLING THEIR HOME If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home. MORE EXPERTS' FORECAST FOR 2011 PRICES IMPROVES The home price picture for this year is shaping up to be a little better than it looked June, according to the September 2011 home price expectations survey of 111 leading housing economists and experts sponsored by MacroMarkets LLC. MORE As more foreclosures come to the market at discounted prices, there will be greater downward pressure on all housing values. BUYER 6 Steps to Home Ownership SELLER 38 Tips to Increase Value AT HOME Productive Space Ron Goldstein MBA, EcoBroker, QSC phone: (312)264-5846 mobile: (312)771-7190 listing update Featured Properties 3247 South May Street 3225 South May Street 3157 South Racine Avenue 4953 Oakton Street FOR AROUND-THE-HOUSE PROJECTS, I'D RATHER: DO IT MYSELF HIRE A PROFESSIONAL BARTER WITH SOMEONE I KNOW IGNORE IT AND MAYBE IT WILL GO AWAY Featured Videos How to Buy a Home Cozy Family Room Start Composting

Silver Professionals** NEW.Sustainability service offering..Ride the "silver wave" Check out how unique Employment 2.0 can be

http://ping.fm/t25PV

http://ping.fm/JW82r

SEVEN IN 10 RENTERS SAY OWNING A HOME IS TOP PRIORITY

SEVEN IN 10 RENTERS SAY OWNING A HOME IS TOP PRIORITY

 

Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors®, 72% of renters surveyed said owning a home is a top priority for their future, up from 63% in 2010.
Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77%) said they would be less likely to buy a home if they were required to put down a 20% down payment on the home, and a strong majority (71%) believe a 20% down payment requirement could have a negative impact on the housing market.
“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20% down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why Realtors® are strongly urging regulators to go back to the drawing board on the proposed rule.”
Defining the QRM rule is important because it will determine the types of mortgages that will generally be available to borrowers in the future. As currently proposed, borrowers with less than 20% down will have to choose between higher fees and rates today – up to 3 percentage points more – or a 9-14 year delay while they save up the necessary down payment.
Over half – 51% – of self-described “working class” home owners as well as younger non-college graduates (51%), African Americans (57%) and Hispanics (50%) who currently own their homes reported that a 20% down payment would have prevented them from becoming home owners.
Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. Eighty-two percent of respondents cited these as the top obstacle, followed by having confidence in one’s job security.
The survey also found respondents were adamantly against eliminating the mortgage interest deduction. Two-thirds of Americans oppose eliminating the tax benefit, while 73% believe eliminating the MID will have a negative impact on the housing market as well as the overall economy.
“The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working American families,” said Phipps. “Home ownership offers not only social benefits, but also long-term value for families, communities and the nation’s economy. We need to make sure that any changes to current programs or incentives don’t jeopardize our collective futures.”
When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns. Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a problem in their area.
The 2011 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey polled 1,250 adults nationwide, with an oversample of interviews of those living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.