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Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.

But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter’s foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.

A “foreclosure filing” is defined as a default notice, scheduled auction, or bank repossession.

On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.

The RealtyTrac report features other interesting figures, too:

• California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures
• Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL
• Foreclosure activity dropped 1 percent from Q3 2009 in the nation’s 20 most-populated cities

And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation — 1 for every 8,003 households.  The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.

Foreclosures, like everything in real estate, are local. And buying them is “different” from buying a typical home resale. If you’re planning to buy a foreclosed home, speak with a real estate agent with specific experience with homes in foreclosure. Professional advice is helpful, and our team at CENTURY 21 Advantage Gold is trained to help you in that area. After 22 years of selling REO properties, we can help you through the process painlessly. Look for foreclosure listings here.

According to the Commerce Department, the number of single-family Housing Starts increased to 452,000 units in September, a 19,000 improvement over August.

A “housing start” is a new home on which construction has started.

Housing Starts data is surveyed and broken-down by housing type:

1. Single-Family Housing Starts
2. Multi-Unit Housing Starts (2-4 Units)
3. Apartment Building Housing Starts (5 or more units)

The government logs each type separately, but also lumps them into a single, comprehensive figure within its reports. For this reason, headlines surrounding the story seem contradictory.

For example:

• Marketwatch : Housing starts rise for 3rd straight month, up 0.3%
• CNN : Housing starts jump to 5-month high

It’s single-family homes that most Americans purchase, though, and that’s why single-family starts are the numbers worth watching. As 75% of the market, it’s more relevant than the joint numbers most commonly reported by the press.

In September, single-family starts did move to a 5-month high but buyers and sellers in Palmyra should keep the figures in perspective. Just because starts are rising doesn’t mean the housing sector has turned around for good.

The first reason why is because, in September, starts were 75 percent less as compared to 5 years ago at the peak of housing. And if you feel that’s an unfair comparison, even as compared to the last 12 months, September’s data was tens of thousands below average.

Second, September’s Margin of Error happened to exceed its actual measurement. This means that the 4 percent in starts may actually turn out to be a loss of 4 percent (or more!) once the data is collected in full.

If there’s a reason to think the New Homes market is coming back, though, it’s that home builder confidence is also at a 5-month high. Foot traffic is rising and builders are optimistic about the next six months.  This could mean higher sales prices and less chance for negotiation.

Buyers in search of new homes may find it tougher to make a deal the closer we get to 2011.

Consistent with the most recent Case-Shiller Index, the government’s Home Price Index said home prices rose between July and August.

The Federal Home Finance Agency’s data showed values up 0.4 percent nationwide, on average. Region-by-region, however, the results were scattered. Coastal states tended to perform poorly. Plains states tended to perform well.

A brief look at the regional disparity:

• West South Central : +1.5%
• East North Central : +1.2%
• Pacific : -0.2%
• South Atlantic : -0.2%

Breakdowns like this are important because they highlight the fundamental problem with national real estate data and that’s that home buyers in Philadelphia don’t buy real estate in a national market, or even a regional one.

Buyers buy local.

When we look at national figures like the Home Price Index, it’s important to remember that real estate is a collection of tiny markets which, when lumped together, form small markets which, in turn, lump together into larger markets and so forth.

To illustrate this point, a deeper look at August’s Home Price Index data shows that, within the aforementioned Pacific Region, in which home values fell 0.2%, the state of California posted a 2.9% increase. You can be sure that within the state of California, there are cities that performed better than the 2.9 percent, and within those cities, there are neighborhoods that did the same.

Real estate is most definitely local.

That said, we can’t discount the national report entirely. Broader housing statistics like the Home Price Index reflect on the economy and are often used to help shape policy in the nation’s capital. When you need to know what’s happening in your hometown, though, your best source of data is a knowledgeable real estate professional.

In home design, the exterior is as important as the interior. The exterior are your home’s first impression while performing the double-duty of protecting living space from damage and Mother Nature.

And, occasionally, you may want to make upgrades.

For some people, visualizing changes to a home’s exterior is easy. For others, though, there’s the Better Homes and Gardens Color-a-Home tool.

Color-a-Home is a website via which homeowners can test different exterior home designs and color combinations.  Using a series of drop-down menus and mix-and-match swatch colors, homeowners can build home exterior mock-ups featuring:

• New roofing
• New siding
• New windows
• New shutters and doors

Better than a mental picture of your home — get an actual picture.

The Better Homes and Gardens site requires basic site registration to use its Color This! product suite. Color This! is also available for home interiors and window treatments.

Despite tougher mortgage guidelines and better loan disclosures for consumers, mortgage fraud is on the rise, according to the FBI.

Fraud has many varieties and it’s estimated cost to the nation is between $4-6 billion annually.  Today, common mortgage fraud scams target homeowners behind in their mortgage payments and/or facing foreclosure. And, despite the hordes of legitimate organizations that dedicate themselves to helping consumers, mortgage fraudsters proliferate.

In this 3-minute piece from NBC’s The Today Show, you’ll learn to spot common frauds, and to avoid them.

Some of the frauds highlighted include:

1. The Rent-to-Buy arrangement
2. The Bait-and-Switch
3. The “Phantom fees”

Should you find yourself behind in your mortgage payments or facing some difficulty in making your payments, it may pay to consult with  REALTOR to see what options may be available to you. They may also be able to provide a referral to a good and trustworthy mortgage lender.

With respect to mortgage paperwork, it’s always wise to read what you’re signing, and to take time to understand what it means. If you’re uncomfortable reading mortgage documents, ask for an attorney’s help. And don’t worry if you don’t have the budget — many states offer free or discounted help via advocacy groups.

The number of foreclosure filings rose 3 percent in September, according to foreclosure-tracking firm RealtyTrac. The term “foreclosure filing” is a catch-all word for housing, comprising default notices, scheduled auctions, and bank repossessions.

September marked the 19th straight month that the number of filings topped 300,000, and the first month in which 100,000 repossessions were logged.

As usual, a small number of states dominated the national foreclosure figures, accounting for more than half of all repossessions.

1. California : 17% of all repossessions
2. Florida : 13% of all repossessions
3. Michigan : 7% of all repossessions
4. Arizona : 7% of all repossessions
5. Texas : 5% of all repossessions
6. Georgia : 5% of all repossessions

Thankfully for home sellers, mortgage servicers appear to be metering the pace at these newly bank-owned homes are made available to the public. RealtyTrac notes that, in doing so, servicers prevent “the further erosion of home prices”.

That said, distressed properties still sell at a steep discount.

In the second quarter of 2010, the average sale price of homes in the foreclosure process was 26 percent lower than the average sale price of homes not in the foreclosure process. It’s no surprise, therefore, that, based on RealtyTrac’s preliminary data, 31 percent of all homes sold in September were “distressed”.

There’s lot of good deals out there, in other words, but they come with certain risks.

Buying a foreclosed home is not the same as buying a non-foreclosed home. Specifically, you’re buying from a corporation and not from a “person”. Contracts may vary, and so may terms.

Therefore, Mount Holly home buyers — even experienced ones — should talk with a real estate agent before making an offer. It’s important to understand the foreclosure-buying process. At CENTURY 21 Advantage Gold, since we represent national lenders, our agents are familiar with the intricacies of the foreclosure purchase process, which makes for a smoother transaction for you.

People love lists. And in October, what better list could there be than the  20 best cities to trick or treat in. Zillow, an online real estate website listed Philadelphia as one of the best places in the United States for children on October 31.

Last year Zillow created their first list of the top 5 cities in the country, and expanded it this year to a top 20 , thereby placing Philadelphia in this hallowed company (or Halloween company?)

According to the original post on Zillow’s blog

the Zillow Trick-or-Treat Housing Index was calculated using four equally weighted data variables: Zillow Home Value Index, population density, Walk Score and local crime data from Relocation Essentials.

As one of childhood’s favorite memory makers approaches, its nice to know that our children are making their memories safely.

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings climbed 4 percent in August from the month prior. A foreclosure filing is defined as default notice, scheduled auction, or bank repossession.

Despite the number of filings surpassing 300,000 for the 18th straight month, RealtyTrac’s report shows some bright spots for housing.

1. The number of default notices served per month fell for the 7th time this year
2. Foreclosure activity in Nevada, the nation’s leading foreclosure state, is down 25% from last August
3. Foreclosure activity has not materially increased since early-2009, pointing to a stabilization

In addition, each of the 10 leading metro areas for foreclosures posted year-over-year declines for the second month in a row.

But, perhaps, most important, is that mortgage lenders and servicers appear to be managing their REO more effectively, making properties available for sale at a measured pace as opposed to flooding markets with new homes.  As noted by RealtyTrac, the probable reason is “to prevent further erosion of home prices”.

For home sellers, it’s a welcome development.

Foreclosures have had a hand in falling home values in Pennsylvania and across the country. And, although it’s self-serving for banks to meter the release of homes under ownership, everyday homeowners benefit, too.  Fewer homes on the market helps to provide a floor for Palmyra housing values.

Though there are a number of services which provide lists of foreclosed properties,often these lists are collected from various sources , some of whom are not as current as an informed buyer would prefer. I have received calls from consumers inquiring about properties that sold as much as 12 months earlier.

If you have an interest in buying foreclosed homes, be sure to talk with a real estate agent first. The process of buying a home from a bank is different from buying from “a person”. Having the help of a professional should work to your benefit. At our firm, sales associates are familiar with the properties that are currently available, and can help expedite your search.

The value of a home is based on the basic economic principle of Supply and Demand. When the number of buyers exceeds the number of sellers, home prices rise. Conversely, when sellers outnumber buyers, home prices fall.

There’s always a opening price point for negotiation and that figure often factors in specifics like square footage, number of rooms, and finishes and amenities. Location matters, too.

On a ZIP code-by-ZIP code basis, prices can vary wildly and it’s tiny, tony 91008 — located in Duarte, California — that tops the 2010 Forbes list of America’s Most Expensive ZIP Codes. Home to fewer than 1,400 residents of Los Angeles County, the ZIP code’s median home cost is $4,276,462.

By contrast, the median home cost across all of Duarte’s ZIP codes is just $358,454.

As listed by Forbes, America’s 10 most expensive ZIP codes are:

1. Duarte, CA (91008) : $4,276,462
2. Atherton, CA (94027) : $4,010,200
3. Rolling Hills, CA (92074) : $3,892,456
4. Alpine, NJ (07620) : $3,814,885
5. New York, NY (10014) : $3,785,445
6. Beverly Hills, CA (90210) : $3,684,150
7. New York, NY (10065) : $3,626,001
8. Belvedere (94920) : $3,283,269
9. New York, NY (10012) : $3,221,371
10. Santa Barbara (93108) : $3,151,220

The real estate market is a local one, as evidenced by the Forbes list. Even within large cities like New York, there are areas that stand out from the pack in terms of cost and affordability and the same is true for all cities. Our marketplace is one of the most affordable in the country, and as a result buyers in our marketplace receive the benefits of not only our city, but proximity to New York and the amenities featrued in that much more expensivve venue.

Therefore, when you need local market data for Huntingdon Valley or Southampton , or any of Philadelphia’s terrific suburban areas,  look past the “national statistics”.  Talk to a real estate agent with local market knowledge instead. It’s the most reliable way to get data that matters.

Supermarket aisles in the Philadelphia area are filled with specialty cleansers — some for the kitchen, some for the bathroom, some for the carpets. Loaded with chemicals, these cleansers can be tough on the environment and costly, too.

If you’re in search of an alternative, consider white distilled vinegar.  It’s inexpensive, safe to store, and highly effective as a household cleanser.

White vinegar’s strength comes from its acidity, roughly 8%. It’s acidity kills most mold, germs, and bacteria, and can remove minerals deposits from coffee makers and glass surfaces.

Some uses for white distilled vinegar include:

• Cleaning the garbage disposal : 1/2 cup hot white distilled vinegar + 1/2 cup baking soda. Pour down drain and let sit for 5 minutes. Run hot water to flush it.
• Removing lunch box odors : Soak bread slice in white distilled vinegar. Place it in lunch box overnight.
• Remove dark spots on aluminum pots : Mix 1 cup white distilled vinegar + 1 cup hot water.  Boil in pot.
• Brighten carpets : Mix solution of 1 cup white distilled vinegar + 1 gallon water. Test on inconspicuous area first.
• Remove water rings from wood : Mix solution of 1/4 cup white distilled vinegar + 1/4 cup vegetable oil. Rub with the grain.

White distilled vinegar is extremely versatile, but it can strip finish from counter-tops and floors if left to soak. Be sure to exercise care, therefore, when using vinegar at home.