New Home Sales Rise: A Welcomed Sign for Housing
The sale of newly constructed homes in the month of July rose 2.4%, according to a report issued recently by the United States Census Bureau. This follows another report issued by the National Association of Realtors indicating that July sales of previously owned homes hit a 5-month high.
Although reports such as these are welcome news for the housing markets, possibly indicating that pent up demand for housing is beginning to express itself, no one seems to be signaling a housing recovery at this point either, as the overlying issues of tight credit guidelines and a substantial inventory of unsold homes continue to plague many market areas.
Real Estate News - September 2008
Our September 2008 Newsletter is now up…
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Tankless Water Heaters: Are They Right For You?
If you're in the market to replace a water heater, now may be a good time to consider a tankless variety.
After getting over the initial phobia of not having hot water sitting in a tank waiting for you to use (and wasting a lot of electricity at the same time) here are some of the things you need to know about tankless water heaters:
- Tankless water heaters don't require a lot of room. With traditional water heaters there are different sizes and shapes but when you are using one of these for your entire home you can be sure these water heaters will be a lot larger than the tankless heaters. The gas tankless water heaters are approximately the size of a suitcase and the electric tankless heaters are the size of a briefcase. So, obviously these heaters are going to take less room than the traditional water heaters.
- Tankless water heaters last longer than traditional water heaters. These days, traditional heaters last about 8 to 12 years. Tankless water heaters don't have water storage like the traditional heaters do so they last longer. The gas ones will last about 15 to 20 years and the electric ones will last 30 to 40 years.
- Tankless water heaters will save you money. To get a tankless water heater will be more expensive than traditional water heaters. The tankless heaters will save you money because they cost less to operate. With these water heaters you can save 40 to 50 percent on your water heating bill every month. Over time this will save you a lot of money.
- Do you ever run out of hot water when there is more than one person taking a shower? The tankless water heater will take care of this problem because these water heaters will make sure you always have hot water. Tankless heaters heat the water as it moves through so you will never run out of hot water.
So if your old water is due to be replaced, take the time to check out tankless water heaters so you can decide if this would be a good thing to have in your home. If you have to buy a new water heater, why not get one that has so many benefits to you?
If you have any experience with a tankless water heater, we'd love to hear about it, pro or con. Just click the comment link below and tell us about your tankless water heater experience. We'd love to hear from you. Don't worry, even though your email address is required to post a comment, it will never show up here when your comment does.
FHA Secure Helping More Homeowners
Last year, the FHA rolled out FHASecure, a loan program designed to help homeowners with adjusting ARMs (adjustable rate mortgages) get a fixed rate. Last month, FHA re-launched FHA Secure with some fresh new guidelines aimed at helping even more homeowners.
You can even qualify for FHA Secure if you missed up to 3 mortgage payments in the last 12 months. If you are not current on your mortgage payment, your missed payments must be the result of an adjustable rate mortgage (ARM) that reset or an “extenuating circumstance.” Extenuating circumstances, as defined by the FHA, include:
- Income loss by an event beyond control of the homeowner
- Job loss
- Non-covered medical bills
If you are current on your mortgage, but have an ARM that will be adjusting or have a mortgage which is more than the current value of your home, FHA Secure may also be an option for you.
When you owe more on your mortgage than what your home is worth, you may be at the mercy of your current lender when transitioning into FHA Secure.
It may be worth your while to speak with a mortgage banker who is approved by FHA and able to offer FHA Secure to find out if you qualify. While the guidelines of FHA Secure may seem daunting, having a new mortgage you can afford is something everyone can get their heads around.
Retirement in Your 50s
Over the next few weeks, we're going to explore some of the things you need to be doing to get your finances in shape for eventual retirement. Today, we look at what you should be doing if you're in your 50's, and hoping to retire some day with any kind of lifestyle like you enjoy now.
Money Talks editor Stacy Johnson explains… (video runs 1:37)
Over the next month or so, we'll examine what you should be doing to prepare for retirement if you're in your 40s, 30s, and 20s. Keep reading (and watching).
