in this issue Nations Real Estate Stays Strong with Improving Economy Home mortgages becoming a nearly endless supply of choices What else is bustin' out all over? See Today's Mortgage Rates Newly built homes far from perfect, study says Today's Real Estate News Realtors Click Here - Close on Time Assessor Records and Maps Find a Home in the MLS

The strongest year-to-year increase was in Nevada, where the first quarter resale pace jumped 44.3 percent compared with the first quarter of 2003. Alaska rose 30.5 percent from a year ago, while Alabama posted the third highest increase, up 28.6 percent from last year's first quarter rate.

Nations Real Estate Stays Strong with Improving Economy

(May 13, 2004) -- WASHINGTON - An improving economy, low mortgage interest rates and a large underlying demand for housing kept total state existing- home sales near record levels in the first quarter. Forty- two states and the District of Columbia experienced sales increases in comparison with the first quarter of 2003, according to the NATIONAL ASSOCIATION OF REALTORS®.

NAR's latest report on sales of previously owned single- family homes, condominiums and co-operatives showed that total sales rose by double-digit rates in 22 states and the District of Columbia in the first quarter of this year compared to the same quarter in 2003. Seven states reported generally modest declines in the annual rate of sales activity from a year ago, while complete data for one state, Vermont, was not available.

Nationwide, the seasonally adjusted annual rate of total existing home sales reached 7.14 million units in the first quarter, the third highest on record, up 7.2 percent from a pace of 6.66 million units in the first quarter of 2003. The record was a rate of 7.36 million units in the third quarter of 2003, followed by 7.24 million in the fourth quarter of last year. NAR started tracking the total state resale series in 1981.

David Lereah, NAR's chief economist, said the housing market has reached a new plateau. "Over the last few years, it's become apparent that the level of home sales will generally remain at higher levels than what was common in the mid-1990s," he said. "The fundamental change is a growing population with a rising number of households entering the age in which people typically buy their first home. In short, we have the need, desire and ability for people to buy homes."

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	Home mortgages becoming a nearly endless supply of choices
Homebuyers are flexing their option muscles in San Diego County when it comes to taking out loans, as a growing number of borrowers trend out of the traditional 30-year, fixed-rate mortgage and choose from a variety of shorter-term financing packages. Many of them are first-time homebuyers eager to get into the market while interest rates are still relatively low, according to those working in the mortgage industry. One of the more popular loans today is the interest- only loan because of the lower monthly payments, said Lori Martin, home mortgage manager for loan officers with McMillin Mortgage. Interest-only payments are tax deductible. As an example, monthly payments would be $1,833 on an interest-only, $400,000 loan at a 5.5 percent rate, she said. With fully amortized principal, the payments on the same loan would be $2,271. The difference is more than $400 a month. See Full Story.... »

	What else is bustin' out all over?
With spring finally bursting forth this month, it's time to check what else might be bursting with the tulips -- like the so-called housing bubble. What's spurred a lot of the "bubble talk" in recent weeks has been the spike in mortgage interest rates. Rates hit historic lows (5.23 percent for a 30-year fixed rate) about a year ago, then surged up for several months before sliding down again through the first quarter of the year. Today 30-year fixed rates are up again to more than 6 percent and many experts predict rates will reach 6.6 percent in the coming months -- but perhaps, they say somewhat cynically, not until after the fall elections. Almost everyone agrees that low interest rates have helped bolster the demand for housing, spurring many first-time buyers to jump into the market. But low rates also have contributed to inflated prices, many experts say, by allowing buyers to afford higher mortgages. See Full Story..... »

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	Newly built homes far from perfect, study says
CHICAGO (CBS.MW) -- Most people buy a newly built home because they want everything to be just right. But too often that is not that case. The fact that new homes need substantial work doesn't surprise the inspectors at Criterium Engineers. The company, which performs 25,000 home inspections a year from 70 North American offices, said its review of new-home records shows a sizable portion have problems. Among the biggest trouble spots: window and door installations and roofing. Portland, Maine-based Criterium said nearly one-quarter of new homes showed deficiencies in those two areas. "Skill and workmanship are frequent causes of faulty construction. Material selection is the next most common cause," Criterium pointed out in its most recent "Your Home" newsletter. "Finally, inadequate or superficial design and/or preparation is responsible for a significant portion of the quality compromises." See Full Story... »

	Today's Real Estate News
Understanding real estate agency Who really represents the home buyer? Second-floor additions make real estate sense Learn how to build strong, legal living space 'Overhyped' building products likely to disappoint Plastic gutters should not be on anyone's home improvement lists Fannie Mae reverse mortgages help seniors buy real estate No payments required while living in home See these Real Estate News stories and more.... »

	Realtors Click Here - Close on Time
You need to Close your Transactions on Time and often You need constant communication with your lender, being able to speak to a live person getting the updates in real time. You want to work with an experienced yet flexible company who will adapt to your clients unique requirements. You expect that a full service Lender has the ability to handle a wide spectrum of issues including a wide range of loan programs, appraisals, Title, Escrow, Documentation, and Transaction coordination. You are looking for experts to work in partnership with you, to supplement your skills and abilities, and to extend the amount of discretionary time you have available. You recognize that a Mortgage team that leverages both technology and human interaction will be the most effective in meeting your needs. You expect results Get the Reults you Require »

	Assessor Records and Maps
The Clark County Assessor's Office makes every effort to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use, or its interpretation. The assessed values are subject to change before being finalized for ad valorem tax purposes. The Assessor parcel maps are for assessment use only and do NOT represent a survey. The Assessor parcel maps are compiled from official records, including surveys and deeds, but only contain the information required for assessment. See the recorded documents for more detailed legal information. ASSESSOR RECORDS AND MAPS »

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