|
January 2008
"Youth is a perpetual intoxication; it is a fever of the mind."
- Franois Duc de la Rochefoucauld
Featured In This Issue
back to top
Home Prices to Recover in 2008
The latest economic forecast by the NATIONAL ASSOCIATION OF REALTORS shows home prices recovering in 2008 as housing inventory falls from current levels.
Buyers now have an overwhelming advantage given the wide selection of homes available in many markets, says Lawrence Yun, NAR senior economist. But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.
NAR says existing-home sales will begin picking up late this year, rising to a total of 6.11 million for 2007 and 6.37 million in 2008. Those numbers are both lower than last year's 6.48 million.
Meanwhile, new-home sales are projected to reach 865,000 in 2007 and rise to 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.8 million last year.
Prices Expected to Rise for New, Existing Homes
Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800.
The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to $240,100.
Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008, Yun says. Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.
Other Predictions: Mortgage Rates, Jobs, GDP
The 30-year fixed-rate mortgage is estimated to average 6.7 percent during the second half of this year, and fluctuate around 6.6 percent in 2008.
Growth in the U.S. gross domestic product (GDP) will probably be 2 percent in 2007, compared with a 3.3 percent growth rate last year; GDP is forecast to grow 2.8 percent in 2008.
The unemployment rate is likely to average 4.6 percent in 2007, unchanged from last year. Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year. Inflation-adjusted disposable personal income should rise 3 percent this year, up from a 2.6 percent gain in 2006.
Reprinted from REALTOR Magazine [March, 2006] with permission of the NATIONAL ASSOCIATION OF REALTORS. Copyright 2006. All rights reserved.
back to top
How to Make Memories into Art
Personalize Your Home; Put Vacation Memories on Display
Now that summer is going out like the tides, gather your favorite vacation photos and souvenirs to display throughout your home. Scrapbooking is one way to display your memories but why not take them out of the album and put them on your walls?
People shouldnt shove their memories into a box and put them away. By framing them and turning them into art, not only are they personalizing their home, but they are preserving memories, says nationally recognized interior design consultant Barbara Schmidt, whose work has been featured on television and in countless publications including Architectural Digest, InStyle, Elle Dcor and Metropolitan Home. The key to showcasing memorabilia is keeping it sleek. People are focusing more on color and graphics when framing their precious memories to keep the presentation fresh and unique, says Schmidt.
Here are a few great ideas to consider when framing precious memories:
1. Pick an event like a favorite vacation to frame.
2. Choose a unique variety of memorable items from each event. For instance, ticket stubs from your favorite attractions, unique postcards, souvenirs and pictures are a great place to start.
3. Pick between one to three mat board colors that complement the pieces when they are pulled together.
4. Visit a professional custom framer to determine the right layout and frame. People remember things for different reasons, Schmidt said. By taking the time to save them instead of packing those items away, it will help the memories live on forever.
Jay Goltz, owner of Artists Frame Service in Chicago -- the largest custom framing facility in the country -- recommends using preservation quality mat board for conserving memorabilia like the RagMat brand by Crescent. I love RagMat because its pure, says Goltz, referring to the fact that its made out of pure cotton and is naturally acid and lignin free. RagMat mat board is the only mat board guaranteed safe next to any artwork and is preferred by museums and preservationists, which says a lot.
For more information about RagMat and custom framing, visit www.crescentcardboard.com or contact a professional framer in your area.
Courtesy of ARA Content
back to top
Cooking Corner
Frozen Strawberry Cheesecake
Courtesy FoodNetwork.com
1/2 gallon good-quality strawberry ice cream
1 1/2 cups fine graham cracker crumbs
6 tablespoons melted butter
1/4 cup plus 2 tablespoons sugar
1 store-bought cheesecake (8 or 9 inch), room temperature
1 pint strawberries, hulled and cut into pieces
1/2 lemon, juiced
Set the ice cream out at room temperature to soften for about 30 minutes. Meanwhile, use a fork to mix together the graham cracker crumbs, butter, and 1/4 cup sugar in a bowl. Press this mixture over the bottom and sides of a 9-inch springform pan with your fingers; then press all over with the flat bottom of a glass to get the crust really well pressed together and compact. Set aside.
When the ice cream has softened, cream it in a mixer with a paddle attachment (or by hand in a bowl with a wooden spoon) until soft and creamy, but not melted. Break the cheesecake into pieces and beat or fold it into the ice cream. Pour the mixture into the prepared springform pan and smooth the top. Put that in the freezer to set.
Now combine the strawberries, the remaining 2 tablespoons sugar, and the lemon juice in non-reactive saucepan and warm over medium heat just until the strawberries begin to break down and give off their juice, 3 to 5 minutes. Stick that into the refrigerator to chill.
When you're ready to serve, remove the sides of the springform pan and put the frozen cheesecake on a cake plate. Spoon the strawberries over the top and serve.
back to top
Hope you've enjoyed JAnuary's Newsletter. Please call or send an e-mail if you have any questions about buying, selling, or investing in real estate.
|
