No one will forget the day, August 29, 2005, when Hurricane Katrina hit southeastern Louisiana and the levees failed, flooding neighborhoods in and around New Orleans.  Nor will we forget the devastation and the tragic events that followed.  More than two-million people in the Gulf region lost their homes, and over 1,500 people lost their lives in Louisiana alone.  The media and society-at-large voiced outrage that the government response at all levels was slow and insufficient.  The clean-up and rebuilding process still continues, but there are some positive indications that the New Orleans metro is recovering. 

After the hurricane, the population of Louisiana decreased by over 4% from 4,468,976 (2000 census estimates) to 4,287,768 in 2006; many residents displaced when Katrina forced the closing of New Orleans chose to seek refuge in other states.  It is difficult to assess how many residents have returned to the New Orleans area (the last census numbers are pre-Katrina), but some estimates indicate that as much as 60% of the population, or 273,000 of the city’s pre-flood population of 454,865, have returned.  Population estimates for Greater New Orleans show a stronger rebound, with 1.2 million of the 1.4 million people now residing in the area, which implies that many who may have left the city may still be in the metro area.
Louisiana Real Estate Markets
Louisiana real estate markets are gaining strength, with building permits for new homes increasing significantly during the second quarter of 2007, totaling 6,742 compared to 6,141 for Q2 2006.  Housing prices, which gained ground as well, were 6.6% higher in June 2007 over June 2006.  In …

Austin is the most eclectic city in the state of Texas - and maybe the entire Southwest.  This capital city that attracts career-minded singles, creative entrepreneurs, corporate CEO’s, aspiring musicians, family-focused professionals and college students, is the fourth largest city in Texas and one of the fastest growing metros in the country. Currently home to 709,893 residents, the Austin metropolitan area experienced over 41% growth in population between 1996 and 2006.  With a median age of 31.2 years, Austin’s younger population and the city’s draw as the “Live Music Capital of the World,” are part of what makes it a fun place to be.  Yet, Austin is not just for the single set; the great schools (and the University of Texas), city amenities, arts and culture, recreational opportunities, and plenty of family-friendly activities make Austin a good place to relocate the family too.

Google “Austin” and you’ll find that this city consistently tops many publications’ “Best of” lists for what seems like just about everything.  Okay, that might be a slight exaggeration, but Austin pops up more than enough to catch the attention of anyone entertaining a move to a new job market in another city.  
Austin Economy, Job Market and Real Estate Market
Economic Growth in Austin
Austin has been lauded as the best place for business in the U.S. by Moody’s Economy.com Inc.; the independent economic research firm gave Austin top spot over nearly 400 other metropolitan areas in its latest index, published in August 2007.  The index examines current economic conditions, trends and risks and evaluates factors such as job growth, household income, productivity, net migration, industrial …

Is a new home warranty right for you? You should consider a new home warranty to help ease your mind about what could go wrong with your new home after the closing. Weigh the costs and benefits of purchasing a new home warranty before you agree to it.

A new home warranty is not right for everyone in every situation and determining whether or not you should buy a new home warranty is just as important as what kind of flooring or cabinets you choose in your new kitchen.
Deciding on a New Home Warranty
A new home warranty — sometimes also known as a new home protection plan — is a kind of elective insurance that you can purchase when you buy a new home. The new home warranty is a contract that typically covers major systems and major appliances within the new home for a specified period of time (usually for one year, but sometimes warranties can run for longer terms or be extended to include longer periods).

If any of those systems covered under the warranty malfunction or the appliances break down during the coverage period, the new owners only need pay a nominal service fee (in most cases) to get everything right, including repair or replacement (if necessary) of the broken system or appliance.
Who Offers a New Home Warranty?
Depending on the circumstances of the sale of your new home, the seller or builder may offer and pay for a new home warranty as an enticement to the buyer. Or the buyer may request the new …

There are many favorable reasons to buy a new home in lieu of renting. Most homeowners will agree that receiving tax advantages is high on the list. Tax benefits will vary widely depending on the circumstances of the individual home buyer, but the main tax breaks are the ability to deduct property taxes and mortgage interest from your income, thus reducing the amount of tax you”ll owe to the IRS at the end of the year.
Mortgage Interest Deductions
One of the most important deductions homeowners can take is on mortgage interest. If you itemize deductions on Schedule A of your federal income tax return, you can generally deduct the qualified interest that you pay on the mortgage of your principal residence. Up to $1 million of acquisition mortgage debt ($500,000 if you’re married and file separately) will qualify for interest deduction. If your mortgage is over $1 million, some of the interest paid on the loan will not be deductible.
Property Tax Deductions
As well as mortgage interest, homeowners can take a deduction on the real estate taxes that were paid on their property in the same year they were paid to the tax authority. Only the actual property owner can deduct the property taxes. Prepaid property taxes can be deducted in the year same year they were prepaid. Funds placed in an escrow account allocated for real estate taxes, but not yet paid to the tax authority, are generally not deductible.
Total Monthly House Payment Calculation Including Tax Deductions
Use the formula below to factor in homeownership tax benefits in your total monthly house payment. You’ll be able to see how much you can actually afford to spend …

The saying goes, “everything’s bigger in Texas.”  That certainly goes for the size of the Lone Star state and its growing population.  Texas is home to 23,507,783 people living in an area of 261,797 square miles, making it the second-largest state in the U.S. in both population and land area; and it’s the only state in the country that has three cities with over 1-million residents: Houston, San Antonio and Dallas - 3 of the 10 largest cities in the U.S.  Austin, El Paso and Fort Worth (ranking 16, 19 and 21 in size respectively) are all home to more than 500,000 residents. 

The state’s current slogan says “It’s Like Another Country.” Texas does have seven, distinctively different regions that could be countries unto themselves, and with the exception of Dallas and Fort Worth, the state’s largest cities are all located in a different region.  So if you’re looking into Texas new homes, you’ll want to explore what each region of the state has to offer.
Choosing a Texas New Home Destination
Big Bend Country
The majority of Big Bend Country is covered by the Chihuahuan Desert - a rugged landscape of arid, sandy plains dotted with scrub brush, cacti and rolling tumbleweeds.  But the diverse terrain also includes mountains, valleys and a variety of climates.  This region pays homage to the days of the open frontier and life in the Old West, with its saloons, face-offs and gunfights, and stagecoach and bank robberies.  Near the Mexican border is the large city of …

Though it’s located just thirty miles east of Los Angeles, the residential community of Claremont, California is a far cry from life in the big city.  Situated in the Pomona Valley at the base of the San Gabriel Mountains, this close-knit town, known for its tree-lined streets and prestigious group of colleges, is home to 35,900 residents.  With high marks for the city’s top-notch schools and community environment, Claremont placed #5 on Money magazine’s Top 100 Best Places to Live.
Claremont Nurtures Trees and Ph.D.’s
The consensus of Claremont’s founders was that the city should be quaint and charming with the character of an East Coast college town.  With this is mind, they named streets after prestigious East Coast schools and planted over 250 trees common to the eastern states to shade its streets and sidewalks.  Claremont has continued to nurture, protect and preserve its community forest and has earned the National Arbor Day Foundation’s Tree City USA award for the past 19 years running.

Established in 1887, Pomona College is the founding member of The Claremont Colleges, a prestigious consortium of seven independent schools of higher education located in the city.  Besides Pomona, the consortium includes Claremont McKenna College, Scripps College, Harvey Mudd College, Pitzer College, Keck Graduate Institute and Claremont Graduate University.  Several of the colleges are consistently rated among the best in the nation, and the schools draw students from across the country and around the world.

Its large number of trees and the high percentage of residents with doctorate degrees have earned Claremont its nickname - the City of Trees and Ph.D.s!

Though the city …

If you are in the market for a new home, you may want to look into the energy efficiency mortgage program, also known as EEM. This type of home loan program helps borrowers qualify for loans to purchase homes with specific energy-efficiency improvements. A lender can offer conventional, FHA or VA energy efficiency mortgages.

Any buyer that qualifies for a mortgage can also qualify for the EEM. The Home Energy Rating System, commonly referred to as HERS is used to determine what benefits the homeowner will receive. The purpose of EEM is to give borrowers additional benefits on top of their usual mortgage deal. EEMs can be done on most homes with conventional (Fannie Mae or Freddie Mac), portfolio or jumbo loans (availability not limited to location or price of the home).
Home Energy System Rating (HERS)

The lender determines the benefits received by the borrower by utilizing an HERS report which is prepared by a trained energy rater. Appliance efficiencies, insullation, window types, utility rates and local climates are factors used to evaluate and rate individual homes and calculate energy costs. It’s best to have the HERS Rating done as early in the loan process as possible. While other aspects of the loan are being processed, the HERS report can be completed so there are no delays in closing. The HERS report will include the following:

Overall Rating Score (ORS) of the house as-is
Recommended cost-effective energy upgrades
Estimates of the cost, annual saving and useful life of upgrades
Improved Rating Score (IRS) after installation of recommended upgrades
Estimated annual total cost for …

Since 1848, back when James W. Marshall discovered gold at Sutter’s Mill and launched the Gold Rush, people have been settling in California in large numbers.  In 1964, California surpassed New York as the most populous state in the country; 2006 census estimates put the state’s current population at over 36,457,000 residents.  Located on the Pacific coast, California is comprised of 58 counties and contains four cities ranked in the top 15 in the country in population: Los Angeles, San Diego, San Jose and San Francisco.  The state capital of Sacramento, located in the north-central portion of the state, is the 37th largest city in the U.S. with a population of 456,411.
Find California New Homes in Cities Rated Best Places to Live
If life in the big city is not what you have in mind, consider searching for new homes in some of California’s smaller-sized cities and towns that are better suited for raising a family.  Notably, California is home to more small cities that made Money magazine’s 2007 list of the Top 100 Best Places to Live than any other state: Claremont, Clayton, Coronado, El Dorado Hills, Grand Terrace, Granite Bay, La Mirada, La Palma, and Moorpark.

To help new home buyers find the best places to look for new homes for sale, Money honed in on cities and towns with populations between 7,500 and 50,000 people, and screened out retirement communities, towns with no diversity in population (over 95% white), …

It’s Halloween Week, when seemingly everything around us is scary. Recent news reports have portrayed the housing market as scarier than a busload of zombies, arousing primal fears, but the real truth is that home buyers — that is, people who are actually serious about buying a home and not just those who are “looking” — have almost nothing to fear, despite all the recent doom and gloom in the news.  There is a surplus of houses for sale in virtually every area of the country and an ongoing market correction of new home values has rendered most residential real estate more affordable than it has been in several years.
Reduced Prices on New Homes for Sale
Home sellers have reluctantly realized that the housing boom is over. Regardless of what they may have paid for a property, it may now be worth less, especially if they bought their property within the past two or three years. In many areas across the U.S., home prices have fallen below the levels of 2005.
Supply and Demand
While this is bad news for home sellers, it means that home buyers can currently reap the best deals in years. Home prices are subject to some of the same economic factors as gasoline prices — which we all know have varied widely in recent years and can change rapidly depending on market conditions. Simple supply-and-demand economics tells us that when a commodity is hot, as real estate was a few years ago, people will line up around the block and outbid each other — often …

When a home-owner decides to borrow more money on built-up home equity as a second loan rather than refinancing the original loan, it’s referred to as second mortgage. The original mortgage taken out on the property is the primary lien until it’s paid off. A second mortgage can be obtained after a home-owner has built up enough qualifying equity in the property.
Getting a Second Mortgage
Obtaining a second mortgage follows similar steps as getting a first mortgage. The borrower is really acquiring new loan. As with the first mortgage, the borrower will be required to provide the lender with all the necessary personal documentation to determine whether the loan can be financed. And like the first mortgage, there will be appraisal fees, loan origination fees and closing costs.

It’s not uncommon for a second mortgage to be more difficult to get than a primary mortgage. The reason is that the first mortgage will always take precedence over a second or subordinate mortgage. With the second mortgage, the lender knows that if the first mortgage forecloses on the property, the original loan will be paid first and only what money is left will get paid towards the second mortgage, along with any other subsequent mortgages taken on the property.
Interest Rates on Second Mortgages
The current lending market is highly competitive, making mortgage rates affordable and in many cases, interest payable is below the prime lending rate. If a borrower has a fixed rate loan, the interest rate is set for the life of the mortgage.
Adjustable-Rate Second Mortgages
Many lenders also offer adjustable rate mortgages, also know as ARMs. If a borrower decides to go with an ARM, the adjustable rate parameters of the loan should be spelled out by the …