HBA Newswatch
April 8, 2008
LOOKING AHEAD AT REVERSE MORTGAGES
CONSUMER REPORTS
Anyone who’s at least 62, has significant equity in a home and has a mortgage that’s nearly paid up probably knows by now that they’re eligible for a reverse mortgage, thanks to mail solicitations and TV ads that tout their potential advantages.
But reverse mortgages are complex and expensive, according to the editors of Consumer Reports Money Adviser. For some eligible homeowners, the loans are a costly means of tapping cash that could be accessed more prudently some other way. For others -- especially financially distressed homeowners in their 60s -- a reverse mortgage will ease their money troubles in the short run but could leave them in even worse shape when the cash runs out. And some reverse-mortgage providers are using hard-sell or deceptive techniques to pressure seniors into taking out loans they don’t need.
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PENDING SALES OF EXISTING HOMES IN US FALL TO NEW LOW IN FEBRUARY
WASHINGTON (AP) --- An industry group said Tuesday pending U.S. home sales fell in February to the lowest reading since the index began, signaling the housing market distress is not yet over.
The National Association of Realtors' seasonally adjusted index of pending sales for existing homes fell to 84.6 from January's upwardly revised reading of 86.2. The index stood at 107.6 in February 2007.
Wall Street economists surveyed by Thomson/IFR had predicted the index would inch up to a reading of 86.3.
A reading of 100 is equal to the average level of sales activity in 2001, when the index started. The previous low was August's reading of 85.8, recorded at the height of the credit crunch.
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MEDIA PLANNERS SEEM OKAY WITH ADDITION TO BILL BATTEY BUILDING
Unanmious Without A Quorum
By Susan L. Serbin
The Media Planning Commission did not have a quorum at the April 1 meeting, but the four commissioners present gave unanimous support to an addition to a borough institution. The lone land development application came from architect Bob Linn who showed plans for a second floor on the west side of 1 W. Front St., known to many as Bill Battey Sporting Goods. The building has been purchased by local residents Fran and Donna Shields. They appeared with Linn, saying they were committed to preserving the structure thought to be from about 1895. Linn said he had been approached by another party interested in the property, but who indicated the intent to demolish the building.
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Delaware County
BETHEL REVISES FEE SCHEDULE
Supervisors unanimously adopted a resolution revising the township’s general permit fee schedule. The resolution permits the township to determine the necessity for a special building plan review, which, if needed, will result in the reimbursement to the township of costs incurred.
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