Fast fixes for foreclosed homes

(ARA) - The high volume of foreclosed homes on the market is allowing some astute buyers to turn eyesores into eye-catching properties with only minimal investment. While not every property can be fixed up affordably, there are some common projects that dramatically improve a foreclosed home's appeal and value.



"Many people are finding huge opportunities in fixing up foreclosures," says Tom Sullivan, founder of Lumber Liquidators, the nation's largest specialty retailer of hardwood flooring. "Most of these houses can be completely transformed with just a few improvements. Often, the fixes are easy enough to be do-it-yourself projects."



Here are some popular cost-effective options for breathing new life into a home in need.



Add new countertops.

The kitchen is one of the most important rooms in any home, since it is a space where people spend a lot of time - from cooking dinner to entertaining friends. One of the most dramatic changes that can be made to a kitchen is adding new countertops. It alters the appearance of the space by changing the color scheme, depth and texture of the whole room.



Countertops range in price depending on room size, type of material and mode of installation. In an average kitchen, a new laminate countertop starts at around $1,000, with granite or quartz ranging from $3,000 to $6,000. Butcher-block countertops are another attractive, yet cost-effective option. Williamsburg Butcher Block Company offers options in both maple and American cherry starting around $310.



Replace the bathtub.

Foreclosed houses frequently come with water stains left by standing water in sinks, toilets and bathtubs. Updating a bathroom by installing a new bathtub not only removes the problem, but, because the tub is a core item, it creates a more pleasant feeling in the room. Bathtubs are available in many different styles and sizes, so there is likely to be one that suits any taste, from traditional to contemporary. Bathtubs start at around $300, depending on the size and style.



Trade carpeting for new wood flooring.

Foreclosed houses are frequently abandoned with soiled carpet that continues to gather buildup over time. Mold is also common in homes that have been left bare for extended periods. To get rid of hidden odors, allergens, irritants and mold, replace carpet with wood, particularly in high-traffic areas such as living rooms and great rooms.



In addition to reviving these common areas, swapping carpet for wood adds style and creates a more spacious feel. The choice of wood can also make a big difference. Light wood colors can make a room appear larger, medium-toned woods can make a room appear more traditional and dark flooring can make a room appear warmer.



"The introduction of so many new species, colors and types of wood flooring in recent years gives homeowners a lot of options when renovating a room at different price points," says Sullivan.



Laminate flooring can deliver the appearance of solid hardwoods, but costs less than $1 per square foot at places like Lumber Liquidators. This allows budget do-it-yourselfers the ability to transform a 400-square-foot area for as little as $750.



In addition to making a foreclosed home look new again, completing these easy and affordable updates can go a long way in restoring the value of the property when it comes time to sell.



Courtesy of ARAcontent

Color trends for 2010

2010 color decor and design trends: influenced by life's richness



(ARA) - Indicators are implying that the U.S. economy is finally showing some signs of improvement. The markets are rising, and overall consumer confidence goes up every day. To the relief of people across the country, one area that is at last seeing some light at the end of the tunnel is the housing market.



As the economy stabilizes, homeowners are expected to begin investing more money into their homes, particularly the aesthetics of their homes. But the recession did have a profound impact on the manner in which people approach design and decor.



In economically prosperous times, design and color trends tend to be heavily influenced by tangible, worldly items that are created or manufactured by people and businesses. These items represent the more affluent lifestyles we enjoy during those times.



Correspondingly, during more difficult time periods, design influence returns to holistic, spiritual and simplistic elements that represent the richness of life that abounds in nature, relationships and spirituality.



This year's color trends are rooted in that richness, says Dutch Boy Color Marketing and Design Manager Donna Schroeder.



"Colors that provide hope and affirmation that the greater economic market will continue to improve are at the forefront of decor for 2010," Schroeder says. "People are much more introspective about color this year and will be painting in a way that not only is aesthetically pleasing, but also 'saturates the senses' and is reflective of a society eager to reconnect with education, nature, spirituality and world culture."



According to Schroeder, Dutch Boy's 2010 design trends have been categorized into four different "personalities." These "personality" palettes are composed of colors that embody a homeowner's personal style and taste. Each of the trend personalities, along with images of the paint colors, can be found at www.DutchBoy.com.



Purist

This trend reflects the elements of nature: colors of branches, grasses and dark earth underneath the feet. It's a soothing relief. A retreat from the hectic. It's terra firma ... brought indoors. Purists are concerned about their impact on the world and care deeply about finding balance. Purist colors are natural shades of herbal teas, the stones in the river as the water rushes over them, and the yellow-green of buds as they push up through the springtime earth.



Colors in the Purist palette include: Urban Nature, Naturalist Stone, Lemon Balm, Gingered Root, Catalyst Steel, Natural Canvas, Repurposed and Budding Fern.



Seeker

Seeker goes beyond the ordinary to showcase shades brought forth by history and architecture. Rich, complex hues give this color personality rooms that have a carefully curated, beautifully symbolic touch. What matters to a Seeker is creating meaning, spirituality and beauty in life. Colorful objects made of precise, hexagonal tiles to stylized, architectural furniture are quintessential to the Seeker.



Colors in the Seeker palette include: Antique Rosewood, Medieval Cloverleaf, Olde Stone, Soul-Quenching, Alabaster Frame, Kimono Red, Crossing Midnight and Cathedral Gray.



Muse

Muse is a palette that's all about feeling and experiencing. These are colors that swaddle and soothe the soul. It's a color style that reflects the need for sanctuary. Attention to design detail and just the right sensory colors bring Muse to life. This palette is infused with, and inspires, rich details, fine fabrics and soft twilight shades of blush pinks, rosy peach and lilac.



Colors in the Muse palette include: Quiet Drizzle, Aroma Garden, Melodious Peach, Silken Raspberry, Blossomed Lilac, Composed Bloom, Nightingale's Song and Meadow Pear.



Storyteller

The Storyteller collection shows off color that reflects a life well-lived through traveling and varied interests. Furniture and colors from afar add a vibrant touch to the home and bring life to tales from foreign lands. Everything a Storyteller sees in her travels inspires her home design and color choices. The Storyteller is an experiential explorer.



Colors in the Storyteller palette include: Grecian Sea, Edge of Time, Narrative Cream, Clementine Tart, Journey's End, Treaded Grapes, Wide Open Sky and Spanish Door.



Though these four trend personalities will certainly be prolific this year, many people will combine the four palettes and blend them all into distinctive personalities. Recognizing this, Dutch Boy has collected a "Blend" palette.  What colors are in this palette? All of them.



Blend is exciting, eclectic and adventurous. Blend is, appropriately, a blending combination of two or more of the previous four trends. A person with a Blend personality has a home that is a reflection of the owner's many moods and styles. An airy, light-filled room might be held to earth by chunky furniture or given flight with watercolor prints. Blend personalities could have a Muse kitchen, Storyteller family room, and a combined Purist and Seeker dining room. Coexistence is at the heart of the Blend personality.







Courtesy of ARAcontent

Getting a Mortgage in 2010: Things you should know

More than three years into a painful housing crash, the real estate market has sent recent--albeit tentative--signs of stabilization. Home sales have increased, inventory levels are down, and price declines have become less precipitous. Along with more affordable home prices and a tax perk from Uncle Sam, attractive mortgage rates--which remained below 5 percent as of late November--have been a driving force behind this development. The availability of low mortgage rates will play a decisive role in the performance of the 2010 housing market as well. To help consumers better understand the requirements and costs they will face as they shop for a home loan next year, U.S. News spoke with a handful of housing market experts and compiled a list of 10 things to know about getting a mortgage in 2010.

1. Still tight: The steep run-up in home prices during the first half of the decade was fueled in large part by breezy lending standards. Some bankers handed out loans without down payments or documentation requirements. But when the housing bubble popped and those loans became massive losses, banks began raising lending standards for borrowers of all stripes. And with the labor market continuing to erode--the unemployment rate hit 10.2 percent in October--and mortgage delinquency rates setting new records, there is no reason to expect credit requirements to loosen in 2010. "Lending standards have tightened dramatically between 2007 and 2009," says Scott Stern, CEO of Lenders One, a cooperative of independent mortgage bankers. "I think there will be a little more belt-tightening in 2010."


2. Down payments: This tight credit environment affects consumers in several ways. First, down payment requirements will be higher than they were just a few years ago. Loans backed by the Federal Housing Administration are at the low end of the spectrum and come with minimum down payments of 3.5 percent. (More on FHA loans below.) Down payments on loans outside of the FHA will vary depending on the market, the borrower, and the property type. "Generally, to get the best rate around, you need at least 20 percent for a down payment," says Guy Cecala, publisher of Inside Mortgage Finance. "That doesn't mean you can't get a mortgage if you have less of a down payment . . . it just means that you are not going to get the best interest rates." Could lenders ease up on down payment requirements in 2010? Possibly. If lenders become convinced that home prices are improving, they may allow borrowers to put slightly less down. But don't expect that to occur until the end of the year--if at all.


3. Credit scores: Cecala says that borrowers will need a FICO score of at least 730 to get the best mortgage rates. They also will need to fully document their income and assets. To ensure that your credit score is as strong as possible, borrowers should access their credit reports. The Fair and Accurate Credit Transactions Act entitles consumers to one free credit report from all three major credit reporting bureaus--TransUnion, Equifax, and Experian--each year. (The free reports can be obtained at annualcreditreport.com.) Consumers should examine each report to make sure it doesn't include any errors. "[Consumers] ought to know what their credit score is; they ought to know what's on their credit report; they ought to make sure that what's on their credit report is in fact theirs," says Rick Allen, director of strategic initiatives for Mortgage Marvel, an online mortgage shopping website. "That's a must do for everybody."


4. FHA: Borrowers who can't meet these tighter lending requirements can turn to the FHA, a federal agency that insures mortgage loans against default. Standards for FHA loans are typically less onerous than those for private lenders. The average credit score for FHA borrowers is about 690, and the minimum down payment is 3.5 percent, Cecala says. "If you can't make the 730 [credit score] or you can't make the 20 percent down [payment], the next best thing is FHA," Cecala says. The downside is that FHA loans come with additional costs. Borrowers must pay an insurance premium as well as a slightly higher interest rate, Cecala says.


5. FHA increase? With so many borrowers unable to meet today's stricter lending requirements, FHA-backed loans have become increasingly popular. Today, the FHA guarantees nearly 3 of every 10 new home mortgages. That's a stunning increase from 2006, when the agency backed roughly 3 percent of new home loans. Meanwhile, the agency's finances have deteriorated considerably. The seasonally adjusted delinquency rate for FHA loans increased from about 13 percent in the third quarter of last year to 14.36 percent in this year's third quarter. At the same time, the agency's capital reserve ratio dipped below the level that Congress mandates. In the face of mounting political pressure, the Obama administration has announced new steps that may make it more difficult for some borrowers to obtain mortgages backed by the agency. The steps include raising the minimum FICO score, increasing up-front cash requirements, and possibly charging higher insurance premiums. "We want to ensure that we are able to continue to support the housing market in the short term and provide access to homeownership over the long-term, while minimizing the risk to the American taxpayer," Housing and Urban Development Secretary Shaun Donovan told a congressional committee in written testimony.

Read the full story with additional things to know here: http://news.yahoo.com/s/usnews/20091203/ts_usnews/gettingamortgagein201010thingstoknow

Courtesy of U.S.NEWS