July 28: TODAY’s Ann Curry talks to Angela Logan about how her cake, known as the “Mortgage Apple Cake,” helped her keep her home.  Click here to watch the video.

Angela Logan was in imminent danger of losing this home before her Mortgage Apple Cake helped her bake her way out of foreclosure.

Angela Logan was able to bake her Mortgage Apple Cakes outside her home with the help of the Hilton Hotel in Hasbrouck Heights, N.J., and Bake Me A Wish, a not-for-profit bakery that helps fund charitable causes.

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NEW YORK (CNNMoney.com) — The value of U.S. homes grew on a monthly basis in May for the first time in nearly three years, according to 20-city index released Tuesday.

The month-over-month increase was 0.5%, according to the report from financial data company Standard & Poor’s and economists Case-Shiller. It was the first increase in the monthly index since July 2006.

On an annual basis, home prices in the 20 cities fell 17.1%, but it was the second straight month that the year-over-year decline lessened.

“This could be an indication that home price declines are finally stabilizing,” said David Blitzer, chairman of the index committee S&P, in a prepared statement.

Read more…

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With energy costs climbing annually, keeping your house cool in summer can be a wallet-emptying exercise.

Here are 8 practical ways to keep cool and save money.

1. Plant deciduous trees on the south and west sides of your house where you receive the most sunlight. Their leaves will provide cooling shade in the summer, and, when they shed in the winter, allow the sun to help warm your home. According to the USDA Forest Service, trees properly placed around buildings can reduce air conditioning needs by 30 percent and can save 20 to 50 percent of the energy used for heating.
2. Use trees or shrubs to shade your air conditioning unit, windows or the sides of the house receiving direct sunlight.
3. Open your windows at night when it’s coolest and shut them during the day to keep the cool air in and the hot air out.
4. Place a fan at the open basement door to bring cool basement air onto your main living level. Likewise, ceiling fans set to blow down provide exceptional cooling. Oscillating fans will also mimic tropical breezes, and, combined with some Hawaiian music and a cool fruit drink help remind you of why you waited all winter for summer heat.
5. Install white (reflective) window shades, blinds, or curtains and keep them closed during the days to keep the heat out.
6. Check out the latest green “air cooler,” such as mini eco-ice coolers and ice air coolers. They use up to 75 percent less energy than air conditioners and can cool up to 150 square feet.
7. Realize that up to 60 percent of the heat entering your home comes through the ceiling and walls. If your attic insulation isn’t up to snuff, upgrade it. Moving from three inches of insulation to 12 inches can cut cooling costs by 10 percent.
8. Finally, check into the feasibility of outdoor awnings over windows, and window tinting such as 3M Scotchtint™ which reflects up to 79 percent of the heat that would come through windows. Strategic investments today can pay for themselves in months and make summer much more enjoyable. Also, any upgrades you make to lower cooling costs will be beneficial when listing your home.

Orignial article by Better Homes & Garden Real Estate

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As part of its support for President Obama’s Making Home Affordable program, Freddie Mac announced an agreement with Home Retention Services, Inc., a wholly owned subsidiary of Stewart Lender Services, Inc., to help several regional servicers process thousands of additional applications for Home Affordable Modifications.

Specifically, Home Retention Services will assess the eligibility of delinquent borrowers with Freddie Mac-owned mortgages for Home Affordable Modifications or other possible workouts and process borrower financial information for the servicers’ review and approval.

“By using Home Retention Services’ staff and resources we can ease some of the pressures on our servicers’ staff while helping more borrowers pursue a mortgage workout,” said Ingrid Beckles, senior vice president of default asset management at Freddie Mac. “This announcement builds on Freddie Mac’s strategy to improve the borrower experience when seeking a mortgage workout and our commitment to the Making Home Affordable program’s success.”

While the new initiative will supplement the capacity of participating servicers to process loan modifications, Beckles emphasized that “borrowers should continue to call their servicers first to determine the best solution for their situation.”

“We are pleased to be working with Freddie Mac and their servicers to bring additional capacity to the Making Home Affordable program process,” said Jason Nadeau, president and CEO of Stewart Lender Services. “Home Retention Services specializes in supplementing servicers’ efforts to preserve home ownership for their borrowers,” Nadeau added.

Potentially eligible borrowers identified by a participating Freddie Mac servicer will receive a letter from Freddie Mac asking them to call Home Retention Services using a proprietary toll-free number. The letters will be specially formatted and include unique borrower PIN numbers to protect borrowers from counterfeits produced by fraud artists.

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New Jersey resident,  Angela Logan — baker of the apple cake known ’round the world — will be able to make her mortgage payment.

The Record reported last Friday how the Teaneck actress and divorced mother of three resorted to a bake sale to save her home from foreclosure. Her goal was to sell 100 homemade “mortgage apple cakes” at $40 each.

Angela Logan had started out baking the “mortgage apple cake” in her kitchen.

As of Tuesday, Logan had received more than 500 orders, including one from Hong Kong. And she no longer is baking in her home.

After reading about Logan’s financial bind, the Hilton Hotel in Hasbrouck Heights invited her to bake in a corner of its kitchen. Logan spent 12 hours there Saturday, turning out more than 20 cakes using a commercial mixer and convection oven. The hotel is letting Logan use the kitchen at least through this weekend, when the first of three $2,559.94 payments to Bank of America — required as part of the modification of her mortgage — is due.

Logan said Tuesday that the initial payment won’t be a problem. For now, she’s focused on filling orders that began pouring in after the story was picked up by the New York and national media. Logan can turn out 10 cakes at a time at the hotel, as opposed to two at a time at home.

“I won’t stop baking until people stop ordering,” she said. “It’s been an outpouring of people wanting to help, and I want them to get their cakes. It’ll be awhile, and I’m asking everyone to be patient.”

Al Hamdi, the Hilton’s general manager, said hotel officials were moved by Logan’s plight.

“It touched all of us — we thought maybe we should buy some of her cakes,” he said.

LESLIE BARBARO / STAFF PHOTOGRAPHER

Al Hamdi, the Hilton’s general manager, said hotel officials were moved by Logan’s plight.

They decided instead to offer kitchen space.

“It’s a good cause, and it’s inspiring,” Hamdi said. “All businesses should try to participate in helping in their community. We’re part of this community, and we do not want to see anyone lose their home because of the economic situation.”

Hamdi said he tasted Logan’s richly frosted apple cake for the first time Tuesday morning.

“It’s a bit on the sweet side, but I like sweet,” he said, adding that the hotel might consider offering the cake on its menu as a “local specialty.”

While Logan was chopping gala and red delicious apples and mixing batter at the Hilton on Tuesday morning, Teaneck officials were visiting her house — not to order a cake but to deliver a cease-and-desist letter.

“It’s a state law that you cannot use your house as a commercial kitchen,” said Wayne Fisher, Teaneck’s health officer.

For Logan to continue baking in her home, she would have needed a separate kitchen, a license from the township and food-handler training, Fisher said.

“We were going to offer her some options, such as using someone else’s commercial kitchen,” he said. “Almost all of our churches and temples have approved kitchens. We were certainly going to be helpful, but we needed to tell her she could not do commercial baking in the house.”

Fisher said township officials received more than 15 calls and e-mails from people upset that Logan was baking and selling cakes from her home.

“They couldn’t understand how the township was allowing it, but we weren’t allowing it,” he said. “We just found out about it [Monday]. We even learned she has a Web site.”

Fisher said Logan could have faced up to $1,000 in fines.

“We did not fine her,” he said. “That is not our intention. We are happy for her now, and we wish her well.”

Logan said Tuesday that she is almost in a daze.

“It’s kind of like being in a dream,” she said. “It’s a gleeful, joyful feeling, but it’s frightening. I can’t sleep because I have to get those cakes baked.”

Original article posted on NewJersey.com. Written by Jay Levin.

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Every year REALTOR® Magazine features 30 rising young stars in the real estate industry who are under 30 years of age. Read about the honorees.

Our Class of 2009 is focused, energetic, and upbeat. Its members are driven by youthful optimism, no doubt. But they’re also embracing innovation and seeking out knowledge when they don’t know the answer. If there’s one thing this year’s honorees share, it’s an ability to adapt quickly to the fast-changing real estate environment without losing an ounce of passion for what they do. In any generation, that’s a true gift.

Go to “30 Under 30″ 2009 Class Roster

Check out the behind the scenes video

Original article by: Wendy Cole, G.M. Filisko, Wilma Gonzalez, Kristine Hansen, Karen Springen, Robert Sharoff, and Katherine Tarbox

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RISMEDIA, July 24, 2009-Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.

Existing-home sales-including single-family, townhomes, condominiums and co-ops-increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2% lower than the 4.90 million-unit level in June 2008.

Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”

A June survey of NAR members shows 3% experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85% report a perceived reduction in appraisal quality.

“Clearly the process needs to be revised, but the most logical approach is to use appraisers with local expertise, industry designations and access to local data, who make a physical examination of the property and use apples-to-apples comparisons with nearby home sales,” Yun said. “In many cases, normal homes are being compared with distressed homes sold at a discount, which often are in subpar condition-this is causing real harm to both buyers and sellers.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.42% in June from 4.86% in May; the rate was 6.32% in June 2008. Mortgage interest rates have trended lower in recent weeks.

Total housing inventory at the end of June fell 0.7% to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, down from a 9.8-month supply in May. Raw inventory totals are 14.9% below a year ago.

“This is another hopeful sign-if we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” Yun said.
An NAR practitioner survey in June showed first-time buyers accounted for 29% of transactions, unchanged from May, and that the number of buyers looking at homes is up nearly 12 percentage points from June 2008.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are very good opportunities. “Despite some of the challenges, the housing market continues to demonstrate signs of recovery,” he said. “The temporary first-time buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact, but since it’s taking longer to close transactions, many would-be beneficiaries may not be able to take advantage of the credit before the December 1 expiration date. As a consequence, consumers need the expertise of Realtors more than ever to navigate both the obstacles and opportunities in today’s market.”

The national median existing-home price for all housing types was $181,800 in June, which is 15.4% below June 2008. Distressed properties, which accounted for 31% of sales in June, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Single-family home sales rose 2.4% to a seasonally adjusted annual rate of 4.32 million in June from a level of 4.22 million in May, and are 0.2% higher than the 4.31 million-unit pace a year ago. The median existing single-family home price was $181,600 in June, which is 15.0% below June 2008.

Existing condominium and co-op sales jumped 14.0% to a seasonally adjusted annual rate of 570,000 units in June from 500,000 in May, but are 3.1% below the 588,000-unit level in June 2008. The median existing condo price was $183,300 in June, down 18.9% from a year ago.

Northeast
Regionally, existing-home sales in the Northeast rose 2.5% to an annual pace of 820,000 in June, but are 4.7% below a year ago. The median price in the Northeast was $249,400, down 5.9% from June 2008.

Midwest
Existing-home sales in the Midwest increased 0.9% in June to a level of 1.10 million but are 1.8% lower than June 2008. The median price in the Midwest was $157,000, which is 9.1% below a year ago.

South
In the South, existing-home sales rose 4.0% to an annual pace of 1.81 million in June but are 3.7% below a year ago. The median price in the South was $163,200, down 11.9% from June 2008.

West
Existing-home sales in the West improved by 6.4% to an annual rate of 1.16 million in June, and are 11.5% higher than June 2008. The median price in the West was $214,800, which is 24.9% below a year ago.

For more information, visit www.realtor.org.

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According to ENERGY STAR, as much as 20 percent of a home’s energy use comes from light bulbs. Using a compact fluorescent light bulb (CFL) requires about 75 percent less energy than incandescent, but lights that are turned off save the most energy of all.

Tip #2 – Wash clothes in cold water (and honestly, the new cold-water detergents do the job just fine)

According to the US Department of Energy, a washing machine uses up to 90 percent of its energy to simply heat the water in a laundry load, and the higher the temperature, the greater the cost to you and the environment. Keeping your cool will save energy and make your clothes last longer, by using cold water.

Tip #3 – Clean the lint filter in your gas or electric clothes dryer, to realize big savings.

Tests have shown that keeping the lint trap clean may provide savings of up to $34 in energy costs each year (ENERGY STAR).

Tip #4 – Better yet, use a clothesline or clothes ‘tree’ and keep the dryer shut off.

An outdoor clothesline costs only a few dollars. You might also want to consider buying an indoor drying rack, so you can keep up your energy efficient ways even when it’s raining.

Tip #5 – Some local utilities now have low-impact hydro-electric windmills and solar farms contributing ‘green energy’ to their grid.

Find out if your local utility has such a program and ask if they give a discount for purchasing power from these ‘green’ generators. Tied with this is doing your laundry and other energy-intensive activity in mid-day or late evening, when demands on the grid are less.

Tip #6 – Isolate your fridge, for its own good

If your fridge is beside a vent, stove or dishwasher (which give off a lot of heat) your fridge will have to work hard and use more energy to keep its cool. If possible, keep the fridge isolated and reap the financial rewards.

Tip #7 – Forego cleaning products for plain old hot water and white vinegar – the ultimate green living product. If you need something more powerful, most department stores now carry lines of easily identifiable environmentally friendly cleaning products that are less toxic and come in recyclable packaging.

Tip #8 – Make the green grass of home a hardy perennial

Perennial ryegrass and drought-tolerant fescue are grass types that need less watering and chemical care. Use a healthy layer of mulch to reduce weed growth, retain moisture in the soil and keep roots cool, which again lessens the strain on the community’s water supplies. And don’t mind the beneficial bugs, birds, frogs and toads that might make your backyard their home as a result.

Tip #9 – Buy biodegradable pots for your home and garden

Buying plants already potted in bridgeable materials, like bamboo, coconut, rice or wheat fiber, rather than plastic, will eliminate another step in the recycling process.

Tip #10 – Whether it’s bedding, furniture, flooring or wall and window coverings, shop green and leave the plastics behind

Draperies, window blinds, and shades are all now available in natural fibers such as cotton, hemp, linen, wood, reeds, silk or bamboo. Upholstered furniture containing silk, wool, latex or natural rubber are emerging, as are sofas and chairs stuffed with a foam product made from soybeans. In this manner, we can eliminate the need for petroleum-based foam stuffing in our houses, saving thousands of barrels of crude oil in the process.

Additionally, ask for ‘reclaimed wood’ in new flooring or furniture. Reclaimed and recycled wood from salvaged timbers found in old barns, homes, bridges and even sunk at the bottom of our creeks and rivers can also be used to reduce chemically-treated wood for floors, furniture and construction supports.

Original article by Better Homes and Garden Real Estate.

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Since the 1970s, computer nerds have been automating home control with gizmos based on the X-10 radio standard. A lot’s changed since X-10 was cutting edge, and a few proprietary systems have come along with improvements, but none became industry standards.

Now a startup named iControl Networks is seeking to drag home automation into 2010. The Palo Alto-based company just closed $23 million of funding according to VentureBeat, bringing their total capitalization to around $45 million. iControl will allow customers to use iPhone apps and PC interfaces to control their ADT security systems, heating, cooling, lighting and so on. They’ll even be able to tap into security cameras on their property in real-time via iPhone. Cool stuff.

iControl, which markets its advantage mostly in terms of security, will also give homeowners granular control of their energy use. The company won’t sell directly to consumers–just to broadband providers, who will in turn package the products into their service suites. But once these services start rolling out, count on some of the energy cost savings to offset the monthly subscription price.

Original article by Chris Dannen

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Former Putnam Investments executive Charles “Ed” Haldeman will take over as chief executive officer of Freddie Mac in August, the company said, ending a months-long search for a replacement for David Moffett.

Moffett, who reportedly left the job in March in part because government regulators must sign off on major decisions, returned as a consultant a month later in the aftermath of the suicide of Freddie Mac’s acting chief financial officer, David Kellermann. Moffett assisted interim CEO Josh Koskinen in directing the finance division and overseeing the release of financial statements (see story).

Koskinen will resume his previous position as non-executive chairman of the board, the company said in a press release.

Haldeman served as the chairman of Putnam Investment Management LLC from July 2008 through the end of June, and previously served as president and CEO of Putnam Investments, leading the company in the aftermath of a 2003 market timing scandal.

Haldeman led an internal investigation into the practices of fund managers, which led to the company agreeing pay at least $193.5 million to settle regulators’ claims and reimburse shareholders, Bloomberg reported.

Throughout his career, Haldeman “has demonstrated the ability to resolve significant regulatory issues and establish strong operational and risk controls, skills that will translate well to the current needs at Freddie Mac,” said Federal Housing Finance Agency Director James Lockhart, in a statement.

By Inman News, Wednesday, July 22, 2009

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When I used to do training in corporate America, there was always a curriculum that would instruct people to make their goals “real and achievable.”  I don’t subscribe to this way of thinking.  I don’t believe in goal setting; I believe in intention setting.  Take goals out of the equation, and then set your intention for your wildest dreams, your greatest fantasy.

Visualize: If  you could have every single thing you want and you could be the person you choose to be, what would that look like?  Then work backward.

Create the entire visualization - write out your life, including every desire.  Then keep that as your focal point, seeing the intention clear and strong.  This will release your limitations and replace them with everything you want or desire.

Opportunities open up… I’ve used this process many times in my life.  It works.

[caption id=”attachment_18″ align=”alignnone” width=”128″ caption=”Peak Vitality (Elite Books 2008)”][/caption]

-Tonja Demoff, founder of Backyard Wealth - excerpt from Peak Vitality - Raising the Threshold of Abundance in Our Material, Spiritual, and Emotional Lives.  An anthogy of uplifting and inspiring words from experts and leaders in their fields, including, Dr. Oz, Deepak Chopra, Dr. John Gray, Marianne Williamson, Eckhart Tolle, Wayne Dyer, Michael Beckwith and Tonja Demoff.  More information about the book.

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DETROIT–(BUSINESS WIRE)– Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, today released a list dispelling the top five myths about loan modification. Intended to better educate homeowners facing the prospect of losing their home in foreclosure, the following list demystifies the most common misconceptions surrounding the loan modification process.

MYTH #1: My bank wants me out of my house. My bank wants my home. Banks and other lending institutions do not want to foreclose. They earn more money if you can make your payments. When they foreclose, they not only lose your monthly payments, but they also have the expense of foreclosing (attorney fees), rehabbing the home, and then selling it (agent commissions). In today’s market, there’s a good chance they’ll have to sell the home at a loss. This is all good news for you – it means the bank is highly motivated to make a deal with you.

MYTH #2: My credit score is bad so I won’t qualify. Unlike the option of refinancing out of trouble, which requires you to apply for a new loan, loan modification simply adjusts the terms and perhaps reduces the balance of a loan you already have. Your credit score is much less of a factor in determining whether you qualify for a loan modification. In addition, a successful loan modification can actually improve your credit score over time, especially if it prevents you from ending up in foreclosure or bankruptcy.

MYTH #3: I am not late on my mortgage payments so I won’t qualify. I have to miss a payment to be eligible. Early on, this was true. In fact, some early eligibility requirements stated that you had to be 61 days delinquent in order to qualify. In other words, you would have had to have missed two full payments. The truth is that the eligibility requirements are constantly changing and differ among lenders. Many lenders are now working out loan modifications with borrowers who are up to date on their payments. It’s difficult to determine whether you qualify until you actually discuss your situation with the lender or with an attorney who is knowledgeable and experienced in loan modifications.

MYTH #4: I would be better off walking away or declaring bankruptcy than modifying my loan. Walking away from the home and filing for bankruptcy are certainly two options, but they are rarely the best options when you are facing foreclosure. If you simply walk away, the lender is unlikely to pursue legal action against you, but in some jurisdictions, the lender can pursue a deficiency judgment against you to collect the difference between what the lender receives for your home at auction and what you currently owe on the balance of the mortgage. Filing for bankruptcy may be better than just walking away, but it can leave a blemish on your credit history that makes it difficult to borrow money in the future. A successful loan modification is almost always a more prudent choice.

MYTH #5: It’s too late. I have already received a foreclosure notice. As long as you still reside in the home – that is, you didn’t voluntarily abandon it, and the home hasn’t been sold at a foreclosure auction – you may still have time to work out a loan modification with your lender. The sooner you take action, the more options you have available and the more time you have to pursue the best option, but you can still negotiate late into the process. By contacting the lender or, better yet, having your attorney contact the lender on your behalf, you demonstrate a good faith effort to work out a solution and can often buy yourself extra time to negotiate a loan modification.

Original article written by: Ralph R. Roberts, CRS, GRI

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McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.14 percent with an average 0.7 point for the week ending July 16, 2009, down from last week when it averaged 5.20 percent. Last year at this time, the 30-year FRM averaged 6.26 percent.

The 15-year FRM this week averaged 4.63 percent with an average 0.7 point, down from last week when it averaged 4.69 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.83 percent this week, with an average 0.7 point, up slightly from last week when it averaged 4.82 percent. A year ago, the 5-year ARM averaged 5.80 percent.

Read more…

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As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

See More Questions and Answers…

Tax Credit Can Be Used on Closing Costs too.

Share with people you know who could use this tax credit:

-Tonja Demoff, founder and author of The Casual Millionaire-Wealth by Intention

Visit www.CasualMillionaire.com for more information.