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If you fantasize about living like the Swiss Family Robinson or Tom Hanks in Cast Away, then check out this hotel suite, perched in a rainforest, overlooking a beautiful beach.

The 1965 Boeing 727 airplane, was converted into a two bedroom, two bath hotel retreat at Costa Verde Resort, located in Quepos, Costa Rica.  The views must be spectacular, as the plane is perched 50 feet above the beach, on the edge of the Manuel Antonio National Park.

In its former life the plane served passengers at South Africa Air and Avianca Airlines.

One of two master suites with separate baths.  Hand carved teak paneling and furnishings throughout.

Do you want more?  They’ve got it.  The suite has a full kitchenette, flat screen TV’s, terrace with breathtaking ocean views, indoor and outdoor, eating and gathering area’s.

Did we mention the views and gorgeous beach?  Awe…a little slice of recycled heaven.

To Read About Faulty Appraisals that are Derailing Home Sales, CLICK HERE

To Learn What You Can do if Your Appraisal is Low, CLICK HERE

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In what could be a “Here we go, again” scenario, Barney Frank (D) and Anthony Weiner (D) have ask Fannie Mae and Freddie Mac to back off on  tightening loan standards for condominum’s.

In March, Fannie and Freddie announced that they would no longer underwrite mortgages on condo’s located in buildings where less than 70 percent of the units were Sold.   Their previous policy required that 51 percent of the units be Sold, before loans were guaranteed.

In addition, the mortgage giants announced that they will not purchase mortgages in buildings that have more than a 15 percent deliquency on association dues, or those in which one owner owns more than 10 percent of the units in the complex.  

In a letter to both companies, Frank and Weiner warned that …70 percent occupancy…”may be too onerous” and the rules could have a “real chill on the ability to get these condos sold”.  The two law makers asked the two companies to “make appropriate adjustments” to their underwriting standards for condos.

Is the tail wagging the dog, yet again???  On one hand, Fannie and Freddie have done their research on past loan failures and determined that their new underwriting criteria is essential in avoiding future financial trouble.   On the other hand, Frank and Weiner fear the restrictions may stop condo sales in new developments where they are desperately needed.

Fannie and Freddie could not be reached for comment, but according to the Wall Street Journal, both are preparing a response to the lawmakers.

What do you think about relaxing the new loan standards for condo’s??  Thousands of our readers would love to know.

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Foreclosures UP.  Unemployment UP.  U.S. home prices DOWN.

Home prices in the United States dropped another 6.8 percent in April from the same period only one year earlier.   The housing crash has now erased 26 percent of the equity in the median priced home, since the peak in July 2006.  The silver lining for renters is that home affordability is at near record levels.

Economists predict that the market will continue to see more home price declines, despite $8000 tax incentives and $275 billon in funding to keep some owner’s in their homes.

Analysts at Deutsche Bank said US home prices may fall another 14 percent before they stabilize.  Like sentiment was expressed by Robert Shiller, who co-founded the respected S&P Case-Shiller Home Price Index.   Many predict the worse declines could be even worse in New York and Orange County, CA.

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Market your home to millions of home buyers each month with an MLS and Realtor.com listing.  The price is only $399.  Why pay 6 Percent??

Charles McMillan, president of the National Association of Realtors, spoke in Ft. Worth, TX and reported to attendee’s that ”The dream of homeownership is alive and well in the US.”

Mr. McMillan began his real estate career in Ft. Worth, TX in 1983, one year after the Texas real estate market crashed in 1982.  Although McMillan did not address it, Texas home prices have not recovered to pre-1982 levels over the past 27 years.

Highlights from the speech include:

1. Consumers will buy houses if two conditions are met.  The home and financing costs must be at a bargain, basement price levels.
2. Keeping interest rates low and stable are necessary to stabilize the housing market.
3. The tax credit is working.  43 percent of all property sales have been first-time buyers.
4. Thanks to distressed property price declines of up to 52 percent, sales of existing home inventory has increased in CA, NV, AZ and FL.
5. The two biggest issues facing the real estate industry going forward are appraisal issues and healthcare.  Half of all real estate agents have no insurance.

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Dear InfoTube:   My husband and I are considering the purchase of a townhome.  We found a great unit, much larger than most for the money, but the builder has filed for bankruptcy.  Also, the development is not entirely finished and it has a lot of unsold units.

We would like to take advantage of the $8000 tax credit and low interest rates, so we are in a hurry.  Should we buy this unit?  Your thoughts and expertise would be a big help. 

Dear First Time Buyer:  You don’t say where you live, but bankrupt builders are common in this market.  The fact that the builder is insolvent doesn’t mean that the construction was sub-standard.   But, it does mean you won’t have the builder backing up his work.  Keep in mind that all warranties for appliances, roofing, flooring, etc. are backed by the manufacturer, not the builder, anyway, then make sure you have a very good home inspection before moving forward.

The issue of the unsold and unfinished development should probably be of more concern to you than construction or inspection problems.   There are issues that you need to discuss before considering buying into a paritally vacant, multi-family development.

1. How much do you want to live through??  Since the development is unfinished, it could take years before the project is completed.  And, you will have to tolerate construction noise and dirt while the work is done.
2. How long do you plan to live there?  You need to be aware that prices may drop subtantially on the completed unsold units before everything is said and done.  This means that you may lose your equity and owe more than the people who buy later for less money.  Also, when the remaining new buildings are finished, you will face a lot of competition from new or newer units than the one you own.  If you decide to buy here, make sure you can stay until everything is complete and the market has stabilized.
3. What about the Homeowners Association?  Unsold and vacant units mean that the association will need to cover their expenses.  If the development is large and has ammenities such as pools, tennis courts, greenbelt area’s, etc. you may have only a few owners splitting the costs of insurance, maintenance and upkeep.  This situation can dramatically raise dues beyond what most people are willing to pay.  Verify the financial situation of the HOA and make sure you understand the by-laws before jumping into a situation with no real ceiling on future expenses.

I would offer you one piece of advise for any property you are considering, never buy a home because of tax incentives.  Although the $8000 credit is very enticing, make sure you buy a home that is located in a good neighborhood and suits your families needs.  Low interest rates, and the tax credit are strong motivators, but make sure you are buying the right home, in the right spot and at the right price.

Thank you for writing to InfoTube.net homes for sale and lease website.  I hope I have answered some of your concerns and if you need more information, please let me know.

Kudo’s and and a tip of the hat to Gigaplex Architects for their design for a unique, green home in Woodland, UT.  The home is comprised of two corrugated metal grain silo’s, providing luxury and good looks for a fraction of the cost of traditional constuction.

The home features 1800 square feet of living space with a sexy, circular interior.  The home was sited with a southern exposure to provide natural lighting and solar gains in winter.

The floors are covered with rubber tiles, finished with a shiny finish.  Simply, damp mop and go.  Rubber tile also allows solar gain into the slab, which assists the radiant heat floor mats in warming the room.

Cool bedroom for the kids or guests.

Kitchen and circular stair case.

Master Bath

Other Green Features and Benefits:

• Design fits in rural or urban settings perfectly, offering an edgy, new technology feel with a touch of the familiar.
• Exterior metal body and rubber floor tiles are made from recycled materials.
• Radiant in-floor heat mats are used to effectively heat the home, along with a propane stove for back up heat.
• The rear second story deck provides shade from the summer sun.
• The house is heated by solar power.  The builder pre-wired for extra solar panels, for possible additions to the home in the future.

InfoTube.net loves the creative design and green features of this home.  The home is innovative, sexy and smart.  In addition, it looks like something peaceful and rural while also being very modern and cutting edge.  If you want to learn more about this home, click here to visit the owner’s site.  Thank you for stopping by InfoTube.net, a homes for sale and lease FREE website!

Story from Philadelphia Inquirer:

Unoccupied, these homes would be defenseless in a storm; there will be no one to put up shutters, batten down garage doors, and otherwise secure homes. But that’s not all. Nearby homes and their residents would also be at risk from wind-propelled debris.

Lehigh Acres and other communities at the epicenter of the nation’s housing crisis are coming to realize that this year’s hurricane season, which began this month, represents yet another pitfall. Hurricanes could make hazards of thousands of foreclosed-upon houses, and their diminished value could decrease even more.

“Here’s your choice,” said Julie Rochman, president of the Tampa-based Institute for Business and Home Safety. “Spend a little bit of time and money to secure the properties to withstand wind and water, or not do the right thing and have the homes become damaged and are valued less.”

The Associated Press Economic Stress Index - a month-by-month analysis of foreclosure, bankruptcy and unemployment rates in more than 3,000 U.S. counties - confirms that some of the areas most likely to be struck by a hurricane are suffering the most in this recession.

In March, there were 281,691 homes in foreclosure in Florida and coastal counties in Alabama, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas, and Virginia.

Lee County, where Manikchand lives, is among the hardest-hit counties in the country. A 22-year-old pharmacy student, he took advantage of a dismal housing market and bought a foreclosed duplex for $36,000.

In coming months, he and millions of others along the Atlantic and Gulf coasts will dutifully track tropical weather forecasts and stockpile batteries, flashlights, and tins of tuna, hoping that hurricanes blow harmlessly out to sea.

But who will secure all the foreclosed homes if a storm does approach? No one really knows.

In some cases, a property-management company hired by the bank could do the work. Or it could be a real estate agent, a homeowners’ association, or even resourceful neighbors who clear debris from yards and board windows.

Yet no state laws mandate who prepares buildings before a hurricane; even officials from the Florida Division of Emergency Management say that securing foreclosures isn’t a concern.

“It’s not an aspect that we really deal with,” said John Cherry, the agency’s external-affairs director. “Our No. 1 concern is life safety.”

Quick evacuation, not securing vacant homes, will be the priority if a major storm looms, others say. But shutterless homes can be a major safety hazard in a hurricane. And a region full of destroyed or heavily damaged homes would depress real estate values even further.

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The worst housing market since the Great Depression is taking a huge toll on senior citizens in this country.  The crash in housing values, especially in retirement haven’s such as Nevada, Florida, California and Arizona, is robbing these long, hard working Americans of their retirement and adequate health care.

While most people believe that seniors have no mortgage on their homes, the reality is that hundreds of thousands of retiree’s owe money on their homes.  Even for those lucky enough to own their house outright, the unprecedented drop in home values means they have less equity to live on or exchange for a move to retirement housing or health care facilities.

• According to the AARP, 25.5 million people over the age of 50 have a mortgage on their home.  More than 680,000 (which represents 30 percent of all distressed property) baby boomers are deliquent on their mortgage or are in the process of foreclosure. 
• Many seniors have little saved, other than the equity in their homes.  36 percent of all retiree’s state that their savings and investment nest egg is less than $25,000, excluding home equity and benefit plans.
• Seniors banked on rising home prices and leveraged their primary asset through equity loans and reverse mortgages.   Those that leveraged assets to afford retirement owe an average of $150,000 on their houses.
• Retirement communities and long term care facilities are suffering from the housing market, too.  Seniors usually sell their homes to finance admission into senior housing facilities.   Dire market conditions often mean no sale at all, or one at substantially discounted prices.  Many people are left with no choice or options, forcing them to cancel plans to move to housing that fits their changing needs.

Although seniors and retiree’s are often overlooked in the news, the housing and stock market crash have taken a huge toll on their lives and well being.   Most have worked all their lives to build secure nest eggs for their golden years, only to discover that half a lifetime of work and savings vanished in the blink of an eye. 

Click Here to Read More from USA Today

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As if being foreclosed upon isn’t traumatic enough, one man from Minneapolis can attest that being homeless might not be the worst thing that can happen to you, if you lose your home.   

When the city of Minneapolis evicted Joe Poetsch from the home he had lived in his entire life, they actually boarded the poor owner up inside the home, then drove away.  Mr. Poetsch, like millions of other Americans, admited he made a few mistakes that caused him to lose the roof over his head.   But, talk about kicking someone when they are down…Imagine losing the only home you ever had, and then suffering the humiliation of being boarded up inside, then abandoned. 

Although hard to believe, it’s all true.  Read the story from the Star Tribune Newspaper below. 

Cane in hand, he lurched around, throwing a few things in bags, putting Kitty in the carrier. He heard the contractor outside starting to drill into the door frame.

Poetsch made his way down his narrow stairway, resigned to the end he had resisted for three years, through personal financial missteps, the false promise of a foreclosure“rescue” and a court victory that gave him short-lived hope.

He came to the door and realized that he was too late. A truck had driven away from the house, prompting those outside to think the tenants were gone. Poetsch had been boarded up inside his house.

City officials say Poetsch had ample warning that they were coming that day, but they say his brief incarceration was an unprecedented mistake. In many ways, Poetsch’s experience is emblematic of the forces that have fastened plywood over so much of the North Side and urban neighborhoods across America.

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Low home appraisals are becoming a huge obstacle for homeowners and sellers. 

After years of succumbing to pressure to inflate appraisals for greedy lenders, anxious to make loans, it seems that appraisers have done an “about face”.  Now, the biggest obstacle to selling a home or refinancing one is the appraisal.   Like with all back lashes, it seems that the recently lax appraiser has now “over corrected” the problem to the determent of the housing market.

To read more about how to address low appraisal issues, Click HERE.

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In light of a new wave of foreclosures and distressed property sales, home seller’s may need to lower their expectations about home asking prices.

Recent reports find that nearly one in every four current home sellers (not seller’s of bank owned property) have dropped asking prices an average of 10.6 percent from their original listing price.   In dollar terms, that is equal to another $27.4 BILLION, yes BILLION, slash in the equity of  US homes.  Ouch!

The good news for home seller’s is that higher interest rates and a rapidly approaching deadline for an $8000 tax credit is creating urgency among buyers.   A recent uptick in sales proves that homes priced aggressively are selling very fast.  But, homes priced above the competition continue to sit and languish on the market for months on end.  Simply put, there is great demand in the market now…at the right price.  Seller’s may need to sharpen their pencils, but buyers are actively purchasing homes.

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