Get Your Hot Beef Sundae!

With eleven-days of fabulous fun, the Nebraska State Fair is one of the biggest events in Nebraska. In fact, the fun is so huge, immense, and vast; you can’t fit it all in one day. So plan to visit often and stay all day.

Animal Displays & Exhibits
Want to see the animals? Find out which steer took the blue ribbon? Watch draft horses compete? Every kind of animal that you see on a Nebraska farm and ranch that moos, neighs, clucks or whinnies is here at the Nebraska State Fair. Come see the livestock exhibits and even take in a competition show.

Carnival & Rides
Step right up! Take a twirl on the Mighty Bluegrass rides, win a giant stuffed animal, and have lots of fun on the midway.

Concerts & Shows
See popular performers, family favorites, blasts from the past, hometown favorites and exciting up-and-comers entertain on the various entertainment stages.

Contests
Watch, participate, or compete in contests! The Nebraska State Fair offers all kinds of contests, tournaments, championships, and games that are open to the general public.

Displays & Exhibits
Discover our great indoors. The State Fair’s indoor exhibits showcase home arts, fine arts, photography, garden and more! Plus, don’t forget to check out the many exhibits outside too!

Entertainment & Attractions
Enjoy an exciting range of grounds entertainment, mobile tours, strolling acts, and attractions that are designed to delight minds young and old.

Festivals & Special Events
Come one or bring the family for one of the numerous daily festivals or special events offered at the Nebraska State Fair. Special music, performances, and activities are planned on each special day.

Grandstand Events
Experience the thrills and chills of the grandstand and coliseum entertainment.

Interactive Education
Discover and be challenged at the interactive education activities that will teach through hands-on experiences.

Kidz Zone
Visit the Kidz Zone and enjoy family fun for kids of all ages. Great games, creative crafts, amazing prizes, marvelous entertainment, and fun for the entire family! There is something for everyone in the Kidz Zone.

Parades & Marching Bands
Enjoy the daily parades and the best high school marching bands perform daily! Hoot, cheer, clap, and celebrate Nebraska’s talent.

Presentations, Demonstrations & Sampling
Be prepared to be amazed, educated, and challenged with the numerous learning demonstrations and presentations. Learn a new recipe. Find out why your tree is turning a weird color. Discover new ways to arrange plants. Who needs home or personal improvement television shows when you experience it first-hand?

Don't miss Bill's Favorite: The Hot Beef Sundae!!!

For a full schedule of events visit: http://www.statefair.org/fair/

Thinking of selling? Is the security of your property worth fifty bucks to your agent?

Is protecting the security of my clients worth the extra expense of an electronic lockbox? In my book, of course it is but there are still many agents in town that almost exclusively utilize the push button or combo lockboxes.

Think about this scenario: when an agent calls to make an appointment and the house has a combination lockbox, where do you think the agent will write down the code? They write it on the agent printout of the house of course. How hard do you think it would be for an unscrupulous ‘buyer’ to peer over the shoulder of the agent to see what the code is? Not too difficult. I once saw an MLS property printout tossed into a gas station garbage can WITH the code scribbled right on top.

One of the push-button styles has 10 buttons on it, 1-9 and 0. An odd fact about that particular lockbox is that it doesn’t matter which order you punch in your numbers, it’s a simple depressed button mechanism that releases the lock. If your code is 4231; the box could be opened with 1234, 1243, etc. It reminds me of a funny story. Several years ago, I had an appointment to see a house and was not notified that it had a coded box on it. Here we are on the porch, it was cold out, after office hours, and the agent didn’t answer her phone. I left a message for ‘Minnie’ that I needed the code to get into her listing.

She didn’t call back right away so I decided to try to figure out the code myself. (Now I try guessing these codes as a warped ‘hobby’) I tried the address of the house, that didn’t work. I looked at her companies sign and the last four digits of the phone number were 9512. I tried that and the box opened. I remember thinking to myself that was a pretty big security risk but we went on in (the house was vacant).

She did return my call as we were standing in the living room and I told her thanks anyway, we were already in the house, I got the code on my second guess. There was a long silence on the other end of the line until finally she timidly asked “How did you know I was born in 1952?” I laughed and told her it was a somewhat superhero-like ability I tapped into once in awhile when agents didn’t answer their phones. She then said something like: “You scare me” and hung up! I still laugh to this day about what she must have thought.

Same scenario a couple years later, on another porch except this house had a dial type lockbox on it needing three letters to open it. He didn’t answer his phone either but this time I got it on my first guess. I won’t say how because it truly is so ridiculously simple (and moronically stupid of that agent) it shouldn’t be put on a public blog. That agent also called me when I was in the house already and felt pretty stupid when I told him how I figured it out. Oh, also, if you use these particular lockboxes, please learn how to change the code from the default. I’ll bet half of these that are in use have the same three letter code. Really, that’s like keeping the photos that come with the wallet…

To be fair, there are a number of good agents who utilize these types of lockboxes strictly for their bank repo properties so the direct safety and security of a homeowner and their belongings are not at risk. They use these so that repairmen can have access as well as their client’s representatives can periodically gain access to the house. But I still believe that even vacant houses have valuable stuff inside that some ‘less than savory’ characters may want to take. We had a case a couple years ago of a woman who moved herself and kids into the basement of a spec home and stayed for a couple weeks! Yikes!

Conversely, the electronic eKey lockboxes that are available are about as secure as can be. The listing agent gets notified when it’s opened via the internet, sometimes mere minutes after the box is opened, and access is denied from 10PM to 6AM. (Sorry to my sellers but no, I can’t come and let you in your house if you’ve locked yourself out after a night out on the town anymore…)

To read another humorous story of a coded lock box ordeal, check out the “Phoenix Real Estate Guy”. Funny stuff!

I would certainly be in favor of mandatory electronic lockboxes but I don’t believe that will ever happen. At the very least, we agents would like something on our ‘agent print outs’ at least indicating that there is a code needed for entry. Please don’t input the showing instructions as simply: ‘vacant, show anytime’ with no mention of a coded box!

Oh, and one other thing: For you agents that are writing the code on your MLS printout, at least transpose a few digits that you alone will know… oh, and don’t throw it away at the gas station!
Bottom line: If you are thinking about listing your property for sale, whether occupied or vacant, don’t you owe it to yourself to use an agent who thinks enough of the security of your property to spend the extra fifty bucks on a proper lockbox?

Bill Swanson is an agent with over 20 years experience with CBSHome Real Estate, a subsidiary of Berkshire Hathaway. For a no-obligation market analysis of your home, even a quick and easy online evaluation, along with other aspects of Bill’s marketing plan, call or email Bill today!

A Home is not an Island

The surrounding neighborhood is just as important because it can have a big impact on your lifestyle -- safety, available amenities, and convenience all play their part, according to the National Association of Realtors (NAR).

NAR also says you can keep your home value buoyed if you find the right neighborhood.

And you can find the right neighborhood by getting information direct from the best sources -- rather than from second hand and often incomplete data bases professing to offer you one stop shopping for all your neighborhood checking needs.

• Make a list of the activities -- movies, health clubs, churches -- you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engage in your most common activities.

• Check out the school district. The education department in your town can provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. Even if you don’t have children, a house in a good school district will be easier to sell in the future.

• Check crime. Ask the police department for neighborhood crime statistics -- not only the level of crime, but also the type -- burglaries, armed robberies -- any trends of increasing or decreasing crime and the location of crime.

• Look for economic stability. Your local city or county economic development office can tell you if income and property values in a neighborhood are stable, rising or falling, the percentage of homes to apartments. Apartments don’t necessarily diminish value, but they can indicate transient populations. Check for vacant or blighted businesses or homes.

• Consider resale value. A local real estate agent or trade association can give you information about price trends, inventories, selling times and other information that can indicate how well your home's value will hold up.

• Hit the streets. Narrow your focus to several neighborhoods and do a "walk-through" of each. Pick a warm day when people are out and available for chatting. Look for tidy, well maintained homes, quiet streets and other indicators of neighborhood stability.

For more information about neighborhoods and homes in your area email bill.swanson@cbshome.com.

Worlds Skinniest House!

It's 9 1/2 feet wide and 42 feet long and is billed as the narrowest house in New York City. But there's nothing small about its asking price: $2.7 million.

Located at 75 1/2 Bedford St. in Greenwich Village, the red brick building was built in 1873, sandwiched in a narrow space that used to be an alley between homes at 75 and 77 Bedford.
The narrow house is considered a curiosity and is one of the neighborhood's most photographed homes. A small plaque on the house notes that poet Edna St. Vincent Millay once lived there; so did anthropologist Margaret Mead.

The residential interiors are a tight squeeze even by New York standards, measuring just 8 1/2 feet wide and 42 feet long on each of its three floors.
Due to the narrowness of the house, I think you have to be very clever in how you decorate.

The current owners bought the house for $1.6 million in 2000.
The broker's Web site describes it as a vertical suite, with a kitchen, dining room and parlor on the first floor, a double living room on the second floor and a top-floor master bedroom suite. A trapdoor in the kitchen floor leads to a finished basement.

Large windows in the front and back of the house and a garret skylight, plus a small backyard garden, give it an airiness, a sense of light and charm.

The agent predicted the property will fetch its listed price due to its uniqueness, history and location in one of the city's most famous preserved neighborhoods.

New Appraisal Rules are Causing Problems

Like politics, all real estate is local. You hardly ever see a report about state or national real estate trends without the cautionary caveat that "local markets are all different." So how, then, does it make any sense for real estate appraisals to be conducted by out-of-the-area appraisers who lack specific local-market knowledge?

Well, it doesn't, of course; but the practice has become commonplace thanks to the recent adoption of the Home Valuation Code of Conduct (HVCC). Its aim was to put an end to corrupt practices in the business of appraising residential properties. Perhaps, to some degree, it has achieved its aim; but what we know for sure is that it has caused a lot of problems so far.

The major emphasis of the HVCC has to do with the selection of appraisers. Believing that much of the abuse of appraisal practices resulted from quid-pro-quo selection practices, and good-old-boy networks, the Code seeks to insure that the selection of an appraiser will be an arms-length transaction. Hence, for example, under the HVCC neither a mortgage broker nor a real estate agent may be the person who selects the appraiser. A lender may select the appraiser, but the person who does the selecting can have nothing to do with the "loan production" staff.

The institutional response to this, following the path of least resistance, has been to employ a third-party Appraisal Management Company (AMC) to select the appraiser. An AMC is a middleman. It receives an appraisal request from a lender and then it assigns an appraiser from its list of approved appraisers who have agreed to take assignments.

The use of AMCs has a great appeal in theory. But, on the basis of outcries from around the country, in practice it is not working out very well.

The primary complaint about AMC appraiser selection processes is that too often appraisers are given assignments that take them out of their geographical area of familiarity and expertise.
Moreover, unlike earlier days, it is turning out to be much more difficult for an agent (the one who is likely to know the neighborhood and relevant comparables) to provide helpful information to the appraiser. Actually, the HVCC does not prohibit real estate agents and appraisers from talking to each other; but everyone is so uptight about the new regulations they have been interpreted to mean that no one can have a substantive discussion with the appraiser. The over-zealous attempts to avoid even the appearance of trying to exert undue influence have resulted in a diminished quality of the reports.

National Association of Realtors® (NAR) President, Charles McMillan, recently met with both the New York State Attorney General and with the head of the Federal Housing Finance Agency – the overseer of Fannie Mae and Freddie Mac – to convey industry concerns. Representatives Travis Childers (D-MS) and Gary Miller (R-CA) have co-sponsored HR 3044 that would impose an 18-month moratorium on the use of the HVCC. It would seem a good time to pause and reassess.

For more information on housing in your area email bill.swanson@cbshome.com.

Remember To Say "OPA!"

Come out to the Omaha's Original Greek Festival put on by Omaha’s very own, St John the Baptist Greek Orthodox Church.

Includes Live, Authentic Greek Music, authentic Greek folk dancing in full Greek dress, delicious Greek cuisine, kids games, a Greek boutique, tantalizing pastries and much, much more!

The festivall will be held Friday, August 21st, 5-11, Saturaday, August 22nd, 11 - 11, Sunday, August 23rd, 12 - 7 at Lewis & Clark Landing.

Download: Free Ticket

Lobbyists Working to Extend the $8,000 Home Buyer Tax Credit

The House and Senate may have left Capitol Hill for their August break, but housing lobbyists are busy at work gearing up a major campaign to extend the $8,000 home buyer tax credit.

The credit for first-time purchasers is scheduled to expire November 30.
The National Association of Home Builders and the National Association of Realtors want to persuade Congress to nail down an extension of the credit, and maybe even broaden its coverage, as soon as possible.

The home builders are mounting an aggressive campaign during the congressional recess. The association is sending out local teams of members to meet with congressmen and senators in their home districts, urging not only a one year extension of the credit, but an expansion of the concept to cover all home buyers next year, not just first-timers.

Though the endorsement may, or may not, have been connected with the home builders' campaign, one of the most politically powerful Democrats has already signaled that he favors a one year extension.

In the House, two bills have been introduced to extend and expand the credit for either six months or 12 months. The National Association of Realtors is strongly supporting the extension efforts, and is sending its own delegations to lobby key members of the House Ways and Means committee and the Senate Finance committee.

So with all this going on, is it a sure thing that the tax credit will be available in some form for home buyers next year? Should consumers who can't quite make the November 30 deadline breathe easier?

Absolutely not. There is no sure thing on Capitol Hill whenever legislation looks like it's got a clear path to passage. That's when opponents hijack the bill or filibuster it in the Senate.

Nonetheless, extension of the credit looks like it has growing bipartisan support. Mary Trupo, legislative spokesperson for the National Association of Realtors, told Realty Times last week that “we feel Congress is receptive” to the message that the housing tax credit helps create jobs, and stimulates the economy.

If you would like more information about the tax credit and receive the most up to date information email bill.swanson@cbshome.com.

3 Tips for a Smooth Move

The moving industry is complicated. It uses a lot of lingo that most consumers don’t understand: You get your estimates as ‘binding’ or ‘non-binding’; movers use a ‘tariff’ to determine rates; when the mover ships your goods, you receive a ‘bill of lading.’

However, there are three basic moving rules that if followed can help make your moving experience free of surprises.

1. Get an in-home estimate.

Have them come to your home to see exactly what you need moved; otherwise, you could be in for a nasty surprise on moving day if they claim you have more belongings than you indicated on your inventory.

Don’t give an inventory over the phone or complete one online. You will have a hard time putting together an accurate inventory on your own, and it also gives unscrupulous moving companies the opportunity to claim that your inventory was incorrect and void the estimate – on moving day, no less.

2. Choose a mover with a local presence.

There are many reasons for this.

First, it’s a good idea to visit the moving company offices to ensure they’re a legitimate mover and not just a broker that’s going to give your move to someone else.

Second, it will put your mind at ease to see the moving company’s facilities, its names on the trucks, etcetera.

Third, logistically, it’s just easier. If you're moving from Texas to Seattle, how can a moving company in Ohio do your move? Will that moving company REALLY be handling your move?

Finally, if you must follow up with the moving company for a damage claim or something else after the move, having them nearby makes that process much easier.

3. Don’t go with a low-ball bid.

Beware of an offer that sounds too good to be true. You will almost certainly pay for it in some other way.

True, some companies might offer a lower price, but make sure it’s a reasonable discount. First, you should get at least three moving quotes for your move. If two of the movers are priced around the same level, and the third comes in with a price that’s 30 percent less, you need to be skeptical.

All moving companies face the same costs, so if someone is telling you they can do your move for a lot less, it’s probably because they will make up the difference by larding on a bunch of ridiculous charges later, such as excess packing charges, or claims that you added stuff to be moved after you got your estimate.

Packing up and moving – whether across town or across the country – is always a nerve-racking experience. The thought of dealing with a potentially disreputable moving company adds another layer of unnecessary complexity. By following these three simple guidelines, you will increase your chances of having an easier, less stressful moving experience, and move on to enjoying your new home.

For more information on buying or selling a home email bill.swanson@cbshome.com.

Do you have a zombie escape plan?

Austin drivers making their morning commute were in for a surprise when two road signs on a busy stretch of road were taken over by hackers. The signs near the intersection of Lamar and Martin Luther King Blvds usually warn drivers about upcoming construction, but Monday morning they warned of "zombies ahead."

"I thought it was pretty funny," said University of Texas sophomore Jane Shin, who saw the signs while driving down Lamar Bouelvard with friends Sunday night. "We wondered who did it."

The City of Austin does not own the signs, but they are responsible for the message. The contractor on the construction project owns the signs. A city spokesperson said the hacked messages were only up for a few hours, until the construction project manager saw them during his morning commute and immediately ordered them to be changed back.

"Even though this may seem amusing to a lot of people, this is really serious, and it is a crime," said Austin Public Works spokesperson Sara Hartley. "And you can be indicted for it, and we want to make sure our traffic on the roadways stays safe."

Hartley said though it was a locked sign, the padlock for it was cut. Signs such as these have a computer inside that is password-protected. "And so they had to break in and hack into the computer to do it, so they were pretty determined," said Hartley.

This crime is a class C misdemeanor in Texas, and Hartley said it endangers the public.
"The big problem is public safety," said Hartley. "Those signs are out there to help our traffic on the roadway to stay safe and to know what's coming up."

News cameras caught many drivers slowing down to read the signs as they approached. Some read, "Zombies ahead! Run for your lives!"

Up, Up & Away!

Join us for an Evening Featuring Unique Entertainment & Showcase of Some of the Best Wines Available at the Scenic Elk Ridge Village on the Lake.

Friday & Saturday
August 14 - 15
5 PM to 11 PM

Balloons launch Friday and Saturday Evening 7 PM

Gates open at 5:00 pm to give spectators an early glimpse at the hot air balloons as pilots assemble them for their flights.

First, the pilot and crew spread the colorful canopy out across the grass and connect the balloon envelope (canopy) to the gondola. Balloons are inflated with giant fans. Then the pilot ignites the burner forcing hot blasts of air into the balloon canopy, which causes it to rise. Remember your early science lessons - "Hot Air Rises." Part of the romance in ballooning, is not knowing exactly where the air currents take you. Balloon pilots navigate by ascending and descending the balloons into different air currents, but they are incapable of actually "steering" the balloon into a precise location and can land miles from their launch site. Chase crews follow the balloons to their destinations as the balloons rarely land where they launch.

Balloon Glow Friday and Saturday Night 9 PM

It's without a doubt the festive part planned for the Nebraska Balloon and Wine Festival. As the sun sets on Friday and Saturday, the crowd gathers to enjoy one of Omaha’s Favorite bands at the Main Stage with a party atmosphere in anticipation of the spectacular Balloon Glow where pilots make their hot air balloons dance to a musical beat. At approximately 8:30 pm, several colorful hot air balloons begin to inflate and balloonists vie for their chance to be the stars of a most spectacular part of the evening - the Balloon Glow.

For more information visit: http://www.showofficeonline.com/NebraskaWineBalloonFestival.html

How Long Should It Last?

Average life expectancy in years of a thermostat and a compactor, respectively the longest-lived and shortest-lived appliances in the American home, according to the National Association of Home Builders/Bank of America Home Equity Study of Life Expectancy of Home Components.

Here is a list of the life expectancy (years) of some everyday appliances:

Air Conditioners (room)10

Air Conditioners (central)15

Boilers (electric)13

Boilers (gas)21

Compactors6

Dehumidifiers8

Dishwashers9

Dryers (electric and gas)13

Freezers11

Furnaces (electric warm air)15

Furnaces (gas warm air)18

Furnaces (oil warm air)20

Garbage Disposers12

Humidifiers8

Microwave Ovens9

Range/Oven Hoods14

Ranges (electric)13

Ranges (gas)15

Refrigerators13

Refrigerators (compact)9

Thermostats35

Washing Machines10

Water Heaters (electric)11

Water Heaters (gas)10

Water Heaters (tankless)20+

Keep in mind that the life expectancy listed here is just a general guideline—depending on the model and brand of appliances you buy and how well you treat them, your gear might last longer or might need replacing even sooner.

For more information about housing in the Omaha area email bill.swanson@cbshome.com.

Nebraska Football Annual Fan Day This Saturday!

Nebraska football fans can mark their calendars for Saturday, Aug. 8 when the Huskers will open the gates to Memorial Stadium for the annual Fan Day.

Fan Day is the best opportunity for Husker fans of all ages to meet their favorite Husker players and coaches. All players and coaches will be seated in Memorial Stadium for 90 minutes and available to sign autographs and pose for pictures with Nebraska fans.

Fan Day festivities will run from 9:30-11 a.m. on Aug. 8. In addition to the opportunity to meet the 2009 Huskers, fans can also pick up 2009 posters and media guides at Huskers Authentic, just across the street from Memorial Stadium. Huskers Authentic recently re-opened and features the newest Husker apparel and hundreds of outstanding items.

The day will be a busy one for Husker players as they will open fall practice later that afternoon.

More information regarding Fan Day, including entrance and exit information will be available on www.huskers.com.

In addition to being a Cornhusker, Bill Swanson is an agent with over 20 years experience at CBSHome Real Estate, an affiliate of Berkshire Hathaway, in Omaha, Nebraska. For any and all of your real estate needs, email Bill at Bill.Swanson@cbshome.com or visit http://www.billswanson.com/ today.

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BUY VS RENT?

We as Realtors, are often quick to answer Buy, but often many times the answer is much more complicated than that. In fact, we aren't always the best people to ask. The buyer's tax accountant or financial planner would be best qualified to help any buyer with such a question. But when we are asked....

Here's a quick calculation you can do before buying. This information comes from an article in the July 16, 2008 issue of Money Magazine, where the author, Amanda Gengler, was interviewing several experts on the real estate market. This suggestion was offered by economist Patrick Newport. Start with the price of home your buyer is considering. Next, call around to see what it would cost to rent such a property, in the same neighborhood. Property management firms are good sources of information.

Now compared the cost of the home to what the annual rent would be. For example, if a home's cost was $270,000 and your annual rental expense was $18,000, than you would have a cost-to-rent ratio of 15. Generally, buying starts to be option when the P/R ratio is around 15 or lower. (the current national average 12.5 in the middle of summer.) As you see the P/R ratio, in your market, starts to fall, you should see a corresponding increase in sales.

Be aware, that 15 is just a ball park number and will vary in different markets. For a more accurate number, see how your market's current P/R stacks up to the market P/R, you had at the beginning of the decade. You'll most likely need to contact property management companies or rental agencies to get these numbers.

Bottom line, none of us have crystal ball and the final decision should still be the buyers.

For more information about housing in your area email bill.swanson@cbshome.com.

One is the loneliest number...

FORT MYERS, Fla. – The Vangelakos' southwest Florida condominium has marble floors, a large pool overlooking a river and modern furnishings that speak of affluence and luxury. What they don't have in the 32-story building is a single neighbor.

The New Jersey family of five purchased their unit four years ago, when Fort Myers was in the midst of a housing boom and any hints of an impending financial crisis were buried in lofty dreams of expansion and development. They made a $10,000 down payment and eagerly watched as builders transformed an empty lot into an opulent high rise, one that now symbolizes the foreclosure crisis.

"The future was going to be southwest Florida," said Victor Vangelakos, 45, a fire captain who planned to eventually retire and live permanently in the condo.

Most of the other tenants in the 200-unit condo didn't close on their contracts, and the few that did have transferred to an adjacent building owned by the same company because more people live there.

The Vangelakos' mortgage lender will not allow them to do the same.

That leaves them as the sole residents of the Oasis Tower One.

"It's a beautiful building," said their attorney, John Ewing, who is representing 27 others who made deposits on units. "The problem is, it's a very lonely building."

When the Vangelakos' travel from Weehawken, N.J., to spend a week or a few days in their Florida home, they have exclusive use of the pool, game room and gym, but they miss having a few tenants around.

"Being from the city, it's very eerie," Vangelakos said. "It's almost like a scary movie."

A large, circular fountain in front of the building is dry. The automatic glass doors that lead to the front lobby are locked. On the front desk is a guest sign-in sheet. The last entry: Feb. 13, 2009.

"It's like time froze here six months ago," Ewing said.

Vangelakos said they closed on the apartment in the fall, unaware the other tenants had failed to follow through. When they visited around Christmas, they didn't think much of the emptiness. They were just happy to be there.

"We wanted to believe," Cathy Vangelakos said. "We were looking for what we were offered."

On subsequent visits, however, the building grew more deserted.

The lights on the pool and palm trees were off. Their garbage shoot was sealed, a trash bin placed in front of their unit instead.

Despite the empty units, they faithfully parked in their assigned spot on the second story of the parking garage. Then those lights went off, too.

Then there were security concerns. One night, someone pounded on their door at 11 p.m. They called the front desk at the next door building, which contacted police. A search turned up no one, though a pool entrance was open.

Another morning they awoke to find lounge chairs in the pool.

The parents and their children sleep with their cell phones by their beds.

"I'm not a chicken, but this is a big building," Cathy Vangelakos said.

Betsy McCoy, vice president and associated general counsel with The Related Group, which sold the family their unit, said they have tried to help find a solution — even offering them a unit in the building next door, free of cost, while the situation is resolved.

"They haven't wanted to take us up on that," McCoy said Friday. "They frankly rejected every solution and offer and proposal that we've come up with."

McCoy said some of the interested buyers who put down deposits lost their jobs, others were unable to get mortgages and some were just nervous when the financial collapse came.

The Cape Coral-Fort Myers metropolitan area in Lee County has some of the worst economic stress — a combination of foreclosures, unemployment and bankruptcies — in the country, according to The Associated Press' monthly analysis of more than 3,100 U.S. counties.

The latest AP Economic Stress Index, which assigns each county a score from 1 to 100 with higher numbers reflecting the greatest stress from the recession, found Lee County had a score of more than 20. Anything above 11 is considered stressed.

Victor Vangelakos said they don't want to move to the tower next door because they would still be paying the mortgage and maintenance costs on the condo they own. They paid $430,000 for the unit and took out a $336,000 mortgage — essentially spending their life savings.

He'd like for The Related Group to buy them out.

"They want us to be refugees in Tower II," Victor Vangelakos said. "That's not how I expected us to live here."

The family's attorney said he has filed two lawsuits on behalf of would-be tenants because the building wasn't finished as promised. He said they expected a clubhouse, marina, private cinema and restaurants.

McCoy said those amenities could be developed, but were never promised.

On Friday evening, the pool area was dark, most of the doors locked. Cathy Vangelakos and her 19-year-old daughter, Amanda, stepped into an elevator to head up to their unit. "Going up," an automated voice chimed.

"Going up," Cathy Vangelakos said. "That's all we hear."

The Housing and Economic Recovery Act (HERA) Has Gone Into Effect

Today's big news is the new federal regulations regarding real estate mortgage closings.

The fours key elements you need to know:

1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact and will dictate the closing date.

2. Upfront fees cannot be collected by the lender (except for credit report fee) until initial disclosures are received.

3. The homebuyer must be provided with a copy of their appraisal a minimum of 3 business days prior to closing.

4. An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with their loan choice.

Potential impacts to the APR:

• Unlocked Rate
• Change in loan amount
• Product change
• Rate re-lock due to market improvement
• Change in closing date
• Changes to fees, inclusive of settlement agent fees


The combination of these items will make anything less than 30 days closing very difficult and 45 days is a more likely scenario. Now more than ever the buyer, lender, real estate agent and title agent will need to communicate and cooperate to ensure a successful and timely closing.

For a more detailed handout outlining the new mortgage process and timeline email bill.swanson@cbshome.com.

Positive Growth in the Real Estate Market

There was an important piece of economic news last week that has HUGE significance for real estate and housing, but it got minimal coverage on TV and in print.

The Conference Board's Index of Leading Economic Indicators, widely acknowledged as the most accurate predictor of future activity and output in the U.S. economy, rose by almost a point in June.

That was the third straight month of positive growth. But more importantly, it was the first time since 2004 that the index has increased for three consecutive months.

That's crucial for real estate because housing sales, production and prices are closely tied to movements in the overall economy: jobs, manufacturing, exports, household incomes and the like.

There's no way we're going to see a sizable housing recovery until the economy pulls itself out of recession and starts to grow again.

The index of leading indicators is clearly telling us that that process is well underway -- and that's a very encouraging message.

Federal Reserve Chairman Ben Bernanke, in testimony before Congress last week, pretty much said the same: A modest recovery is not far off, he said, though it will take a long time to get unemployment levels back down to pre-recession levels.

Meanwhile, residential real estate continues to put up impressive numbers on the tote board:

New single family housing starts in June rose by 14.4 percent -- the fourth straight month of increasing activity by home builders, who'd previously shut down construction because they hadn't sold off their inventories. And they were afraid consumers wouldn't pay the prices they need to charge.

Those worries are over. Total starts in New England were up by 29 percent and in the Midwest by 33 percent. Builders report seeing much more traffic at their subdivision showrooms, far lower fallout on contracts, and rising sales.

Sales of existing homes were up in many areas for the month as well - rising by 3.6 percent nationwide in June, according to the National Association of Realtors. Lawrence Yun, chief economist for the association, commented that "we expect (this) gradual uptrend in sales to continue" thanks to the $8,000 home buyer credit, favorable mortgage rates and low prices.

New mortgage applications to buy houses continued to increase last week, according to the Mortgage Bankers Association, even though rates edged slightly higher. Thirty-year fixed rates averaged 5.3 percent and 15-year rates averaged 4.8 percent for the week, both up by two-tenths of a percentage point.

Bill Swanson is an agent with over 20 years experience at CBSHome Real Estate, an affiliate of Berkshire Hathaway, in Omaha, Nebraska. For any and all of your real estate needs, email Bill at Bill.Swanson@cbshome.com or visit www.billswanson.com.