The Oklahoman Real Estate

LISTING OF THE WEEK

HOUSE PLAN

Lots of room available

Designed for narrow lot

This week’s Listing of the Week is a traditional house with a pool, spa and cabana on a 1.2-acre corner lot in northwest Oklahoma City.

The Bellaire is a large yet compact family home, designed for construction on a narrow lot.

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REAL ESTATE

Mi-Ling Stone Poole

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THE OKLAHOMAN | NEWSOK.COM

SATURDAY, JUNE 26, 2010

NEW SCHOOL AMONG REASONS FAMILIES LIKE TALAVERA HOMES

ASK MI-LING

Vote on Oprah challenge See my “Challenge to Oprah,” and vote for me on www.

Oprah.com until July 3.

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BRIEFS

EPA LEAD RULE SEES DELAY

Jason and Nikki Henderson’s home is at 16925 Marbella in the Talavera addition, developed by Paul B. Odom III near SW 169 and Santa Fe. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

HOMES | ARCHITECTURE, CONVENIENCE HELP DRAW BUYERS TO SOUTH OKLAHOMA CITY NEIGHBORHOOD

BY TIM FALL Special Correspondent trfall@gmail.com

It’s easy for Jason and Nikki Henderson to reel off their reasons for selecting Talavera three years ago when they moved to the Oklahoma City area from McKinney, Texas.

The south Oklahoma City neighborhood’s distinctive architectural style was one reason, its convenient location was another, and they loved Talavera’s natural surroundings.

But now there’s a whole new reason.

“We had no idea how great the school was,” Nikki Henderson said.

In anticipation of their son Gavin, 5, starting kindergarten, Henderson has been serving in the parent-teacher association of the Moore school district’s nearby Oakridge Elementary — the new school opening this fall that will serve Talavera residents such as

Gavin and eventually his little sister Stella, 3.

Talavera, a 200-acre addition near SW 169 and Santa Fe Avenue, just opened its third phase.

“We started phase three in January, and the response has been fantastic,” developer Paul B. Odom III said.

Four invitation-only builders are developing lots both as custom builds and as models. Harbor Homes, Mashburn-Faires Homes, Baer-Hall Homes and Aaron Tatum Custom Homes are building on the 111 lots in Phase 3.

Sheryl Broom, community sales manager for Harbor Homes, said the company has eight homes available immediately at prices ranging from $200,000 to $215,000. Broom said Harbor Homes also has a 1,400-squarefoot model for “less than $150,000.”

An 1,828-square-foot show house at 17220 Picasso serves as Harbor Homes’ on-site headquarters. The “Ventura” plan fea-

Jason and Nikki Henderson and their children Gavin, 5, and Stella, 3, are in their kitchen in the Talavera neighborhood.

PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

tures three bedrooms, two bathrooms and a study. The kitchen opens across a granite countertop to the living room, which has 10foot ceilings and a brick fireplace.

The master suite features a lux-

urious master bath and walk-in closets.

Talavera’s style echoes that of historic neighborhoods such as SEE TALAVERA, PAGE 2F

Market demands homes in top condition Facing health problems, a widower in his 70s was ready to put the ranchstyle house he’d inhabited for more than 25 years on the market immediately, take his profit, and move away to live with relatives.

But the man’s real estate broker, Donna Clark, told him that trying to sell the house in “as is” condition could be a huge financial mistake. The place was riddled with problems, which Clark detailed during a walk-through with the owner.

“In a buyer’s market, the only people willing to consider a house in poor condition are ‘bottom fishers.’

And they’ll pay nothing for your place,” said Clark, who’s affiliated with the Council of Residential Specialists.

Though the widower was oblivious to his home’s flaws, Clark saw them clearly: The exterior desperately needed re-

Ellen James Martin SMART MOVES

painting. Frayed carpeting and worn ceramic tile had to be replaced. The kitchen cried out for a cosmetic makeover, along with a new dishwasher. And the whole house needed a topto-bottom scrubbing.

“It took more than two months and $6,000 to get that house ready for market. But if the owner hadn’t agreed to the improvements, he would have lost a lot more time and money to do his sale before moving on,” Clark said.

The widower’s story illustrates a harsh reality of the present real estate market. In most areas, on-

ly homes in excellent condition now fetch their full asking price. The others either sell for a sacrificial price or sit unsold for a prolonged period, said Mark Nash, a real estate broker and author of “1001 Tips for Buying and Selling a Home.”

“Throwing a home on the market in poor condition is like advertising to the world ‘take advantage of me.’ It’s a huge red flag for attracting lowball bidders,” he said.

Here are pointers for the sellers of a home that needs extensive work: Search for a real estate agent willing to coordinate your projects.

Homeowners facing financial hardship, such as a potential foreclosure, often lack the time and money for needed property fixes. But those with the resources to make the needed changes should do so and often benefit from the

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help of a listing agent, as Clark did for the widower.

Eric Tyson, a personal finance expert and co-author of “House Selling for Dummies,” said an agent willing to guide a fix-up plan can offer invaluable help to home sellers.

“The agent can screen contractors, secure proposals and help ensure the work is done right. They can also make sure that the house is kept locked up and secure in your absence,” he said.

Of course, not every listing agent is willing to coordinate presale improvements. Understandably, some agents believe their expertise should be focused solely on marketing a property. But others will enthusiastically assist, realizing that they, too, would benefit from a successful sale.

Look for an assistant to help with your de-cluttering chores.

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It’s no secret that prospective buyers are turned off at the sight of a cluttered home, yet Nash said most home sellers find the presale process of culling through their belongings both taxing and emotionally overwhelming.

So, to reach their finish line faster, Nash encouraged sellers to place a classified ad offering $7 to $15 an hour for help sorting through their possessions.

Chances are your ad will attract neighbors, including teenagers, who are seeking part-time work for extra spending money.

“What you’re looking for is a person with lots of energy who will not only help you evaluate your possessions. They’ll also help you with some of the heavy lifting, such as packing and carrying boxes,” Nash said.

E-mail Ellen James Martin at ellenjamesmartin@gmail.com.

UNIVERSAL UCLICK

The Environmental Protection Agency’s decision to delay enforcement of new lead-based paint rules provides time to get more remodelers and other contractors trained and for the EPA to tell consumers the importance of hiring a certified remodeler, the National Association of Home Builders says. The EPA acknowledged that remodelers in many parts of the country have been unable to obtain training to comply with the rule.

Remodelers, electricians, heating and air-conditioning technicians and other contractors must follow leadsafe work practices.

The EPA will not take enforcement action against firms that have been unable to obtain certification until Oct. 1.

REALTY RULE APPLIES TO WEB LISTINGS The Oklahoma Association of Realtors reminds real estate license holders using social networking to market listings or for any other licensed activity that they must indicate their license status and their broker’s reference as required under advertising rules effective Thursday, the Oklahoma Real Estate Commission says.

Sales associates with their own Web sites must include their broker’s reference on every individual frame, and licensees must provide a license number on all purchase or lease contracts.

For other rules going into effect in July, go to the Oklahoma Association of Realtors’ website, www. oklahomarealtors. com/ORECRules. asp.

FROM STAFF REPORTS

INDEX Handy Permits Harney Carter

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REAL ESTATE

SATURDAY, JUNE 26, 2010

THE OKLAHOMAN | NEWSOK.COM

Talavera: Natural look kept FROM PAGE 1F

Crown Heights and Edgemere.

Odom said floor plans in Talavera range from 1,400 square feet to 3,700 square feet, with most falling between 1,600 and 2,200 square feet. Lots are priced from $30,000 to the low $50,000s.

As in his other developments, Odom stressed that in Talavera, “I try to be a good steward of the land.”

To protect against erosion and loss of the land’s rich, natural topsoil, Odom said, “We require builders to strip (it) off ... reserve it, then return it to the lot when construction is complete.”

Landscaping covenants — including lawn, shrubbery and tree-planting requirements — further guarantee the beauty of finished homes and the protection and maintenance of the soil.

Jason Henderson took the covenant and ran with it. A landscaping hobbyist, Henderson admitted that his lawn is “almost a fulltime job.”

But Henderson, a marketing development manager for PepsiCo, said he loves it.

“This is my peace of mind,” he said.

While surveying Phase 3 of Talavera and adjacent acres of grassland and thickets that will be devel-

This home at 404 SW 171 is part of Phase 3 of P.B. Odom III’s Talavera addition in south Oklahoma City.

PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

This is the stairway of the Hendersons’ home at 16925 Marbella Drive.

PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

oped “when the time is right,” Odom stopped his vehicle to help a box turtle off the road. He admired it

for a moment, then placed it in the grass within view of a pond, safe from house-hunter traffic and

This view shows Jason and Nikki Henderson’s kitchen.

The living rookm of Harbor Homes’ model at 17220 Picasso Drive.

Historical accents in Jason and Nikki Henderson’s dining room fit the theme of the Talavera neighborhood, where architecture is meant to echo that of Oklahoma City’s historic neighborhoods.

PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

construction vehicles.

The creature may yet find its own new home, as a classroom pet at Oakridge Elementary.

PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN

REAL ESTATE

THE OKLAHOMAN | NEWSOK.COM

SATURDAY, JUNE 26, 2010

Poorly executed additions can subtract from value If you’re happy with your home and your neighborhood but are craving a little more space, maybe adding on is a better alternative to moving.

Room additions can be a terrific alternative for many homes, adding space for a growing family and adding resale value at the same time.

But be forewarned. A good room addition involves a whole lot more than just slapping on some additional square footage.

Here are some important rules to keep in mind as your planning gets under way: Know why you’re adding on: This is the first rule, and it happens before you lift a hammer. Why do you need to add on — and no fair cheating and saying, “I need more space!”

The only way the addition will meet your needs is to know what those needs are in the first place.

Good additions never look like additions: This is the other top rule of room addition planning. When you’re done, the addition — no matter what its size or where it’s located — should never look like an addition. The architectural styles of new and existing need to blend. The exterior materials need to blend as well, or at least

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Paul Bianchina HANDY @ HOME complement one another other.

Out, up, down or a combination: The how and the where of a room addition is always a fun and exciting challenge for everyone involved. Some homes are situated on larger lots and lend themselves nicely to adding out. Others seem best suited to adding up, by building on a second or even a partial third floor. Some houses are even laid out in such a way that it’s possible to excavate under them, and add new living space in the form of a daylight basement. Or it could be that a combination of two or even all three of these options makes the most sense for your particular home.

Don’t let the interior become an afterthought: I’ve seen a surprising number of additions that look great from the outside but seem to have no thought put into them on the inside. Flooring doesn’t match. Trim doesn’t match. Sometimes even the interior floor heights don’t match.

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Remember that how the interior of your addition looks and flows on the inside is just as important as how it looks and flows on the outside.

Use the same materials, or the same style of materials. Match up ceiling, floor, and wall levels.

Here again, no matter how you view the addition, inside or out, it should never look like an addition.

Create convenient access: This is another afterthought in a lot of additions. Let’s say you have a three-bedroom, onebathroom house and you want to add a second bathroom. Typically, that’s an addition that’s going to have a good payback. But then you build the addition so that the only access to the second bathroom is through the kitchen. You now have a three-bedroom, two-bath house, but since the layout is lousy, you’ve actually gone backward in terms of desirability and resale value. Are you going to create a beautiful secondfloor master suite that can be accessed only by a tiny spiral staircase from the family room? When planning your addition, never lose sight of how you’re going to access the new spaces, and make sure that access is both convenient and inviting.

Don’t overwhelm

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your lot: Granted, room additions are expensive. So when you’re doing one, and all those workers are on-site, there’s a temptation to get as much square footage as you can.

But don’t cram your lot full of house. Remember that open space is important as well, both to you and your family and, later on, to potential buyers.

This is a good time to go back to Rule No. 1, and reconsider the “why” part of your room addition.

Don’t add space just to add it — stay focused on your overall goals.

Understand the legalities: There are lots of rules and regulations that come into play regarding room additions. These include property line setbacks, zoning restrictions and restrictions imposed by homeowner associations and architectural review committees. In some historic areas, your addition may have to comply with certain historic guidelines. In other areas, there may even be solar shading restrictions that limit the height or the orientation of your roof line. Be sure you check into all of this before you get too far along with your planning.

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Remodeling and repair questions?

E-mail Paul at paulbianchina@ inman.com.

INMAN NEWS

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Realtor joins Keller Williams Abby Mathew has joined Keller Williams Realty in the Northwest Oklahoma City Market Center at 5629 N Classen Blvd.

Mathew, 48, has been a Realtor for 25 years, 23 of them with RE/MAX. In 2007, he received the Oklahoma City Metro Association of Realtors’ Board of Director’s award for outstanding service.

He has been vice president of the board and chairman Abby Mathew of several committees.

He is a state director of the Oklahoma Association of Realtors. He has the Certified Residential Specialist, Seller Representative Specialist and Certified New Home Specialist professional designations.

Peterson transfers to office Laurie Peterson has moved to Paradigm AdvantEdge’s new east office at 5601 SE 67.

She is a lifetime resident of the metro area and has been selling real estate for the past 15 years. She has the Certified Residential Specialist professional designation.

She has a degree in marketing and previously worked in retail sales and owned a plumbing business.

Laurie Peterson

Janish joins Prudential

Keisha Janish

MIDWEST CITY — Keisha Janish has joined Prudential Alliance Realty, 1212 S Air Depot Blvd., Suite 11, as a residential real estate sales associate.

The Ponca City native previously was a real estate investor, purchasing and remodeling homes for resale.

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SATURDAY, JUNE 26, 2010

REAL ESTATE

THE OKLAHOMAN | NEWSOK.COM

Ideal Homes earns EPA award FROM STAFF REPORTS

NORMAN — The Environmental Protection Agency has awarded Ideal Homes a 2010 Energy Star Leadership in Housing Award for the company’s work in promoting energy-efficient construction and helping to protect the environment through its partnership with Energy Star.

Despite the downturn in the housing market,

Women volunteers from several organizations frame walls for a house in the Hope Crossing addition developed by Central Oklahoma Habitat for Humanity.

PHOTOS BY PAUL HELLSTERN, THE OKLAHOMAN

Women help raise walls HABITAT | PROJECT IS HELPING PEOPLE BUILD A FUTURE FROM STAFF REPORTS

A construction crew of women volunteers raised the walls and did other work on a new Central Oklahoma Habitat for Humanity home on June 11 as part of Habitat’s Women Build program.

Oklahoma City Councilwoman Meg Salyer was honorary Women Build project chairman.

Lowe’s donated $25,000 toward construction of the home at 637 NE 85 in the Hope Crossing addition developed by Central Oklahoma Habitat.

Homebuyer Khalilah Sparks participated with volunteers from the Central Oklahoma Home Builders Women’s Council, Lowe’s, Salvation Army Auxiliary, Oklahoma City Republican Women’s Club, Wild Wood Church and Oklahoma County Court Clerk Patricia Presley’s office.

Heather Mead secures two walls together during the Habitat for Humanity Women Build.

Women raise a framed wall during the Habitat for Humanity Women Build event in the Hope Crossing addition.

homebuilders and buyers continue to invest in highperforming homes, according to the EPA. Nearly 20 percent of all singlefamily homes, about 80,000, built nationally in 2009 earned EPA’s Energy Star label, up from 17 percent in 2008.

Ideal Homes in 1997 became the first builder to designate an entire line of homes less than $150,000 as Energy Star.

“Energy-efficient building saves homeowners a lot of money on heating and cooling costs,” said Vernon McKown, owner and president of sales for Ideal Homes. “All our homes exceed Energy Star standards, with every home saving its owners between $50 and $80 a month over a home built to code. In the last five years, we’ve saved our owners more than $3.6 million.”

Mayberry joins Prudential

Mruwat joins realty office

Prudential Alliance Realty, 1500 SW 104, has added Ryan Mayberry as a residential real estate sales associate.

The Pauls Valley native has lived in the metro area for the past five years. He is a graduate of UniversiRyan Mayberry ty of Science and Arts in Chickasha and has a degree in communications. Previously, he worked in television and motion pictures industry and still teaches film and video.

Micah Mruwat has joined Paradigm AdvantEdge Real Estate, 16301 N May Ave., as a residential real estate sales associate.

The 2005 graduate of Deer Creek High School has a bachelor’s degree in broadMicah Mruwat casting with a minor in theater arts from University of Central Oklahoma, where she was an executive producer, anchor and reporter for the campus TV station.

THE OKLAHOMAN | NEWSOK.COM

REAL ESTATE

SATURDAY, JUNE 26, 2010

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Building managers offer luxury pet perks

BY LYNN UNDERWOOD Star Tribune

MINNEAPOLIS — At Blue, dogs are king.

The upscale Minneapolis apartment building allows pets in the mod coppercovered lobby, the elevators and even the tiki bar.

But where the canines really rule is in their private outdoor dog park on the alley side of the complex. Dog owners step off an elevator and into an enclosed courtyard where their bulldogs and Great Danes can romp off-leash across the artificial green turf.

“It’s really great in the winter when it’s cold and the sidewalks are icy and you don’t want to go on a walk,” said Christina Ridolfi, owner of Rumble the rat terrier.

Ridolfi chose Blue for its location and pets-allowed policy when she moved from Milwaukee. “The puppy park is also a great place to mingle with neighbors.”

The park for pooches is just one of many Blue amenities — it also has a pool, gym and yoga studio — but it’s what sold Kim Naumann, who has lived there since it opened in 2008.

“Zima’s safety was the most important to us,” she said about her 15-year-old deaf cocker spaniel. “A fenced-in area for her was a big deal.”

Renters and buyers at urban condo and apartment buildings are taking pet perks into consideration in growing numbers.

Many of them want maintenance-free city living yet don’t want to give up their beloved Scooter or Mimi. Or they’re

Kate Heitzman and her dog, Rocco, left, head out the door as Christina Ridolfi walks her dog, Rumble, and Kim Naumann and her dog, Zima, play on the grass at the pet-friendly Blue apartments in Minneapolis.

MCCLATCHY-TRIBUNE PHOTO

young couples who want pets before they start a family.

The Twin Cities increasingly has be-

Feds settle loan-assistance fraud charges

BY THE ASSOCIATED PRESS

WASHINGTON — Federal officials said they have reached settlements with several companies charged with falsely advertising to help troubled homeowners.

The Federal Trade Commission said the settlements will ban the companies from the foreclosure relief business. A total of 16 companies and individuals were accused of hitting customers with hefty fees and making false promises.

The agency also filed an $11.4 million contempt order against Bryan D’Antonio, the operator of three of the companies. He was charged with not obeying a 2001 court order that stemmed from an earlier fraud scheme.

Many of the companies used names that led borrowers into believing they were participating in the Obama administration’s $75 billion mortgage modification effort, known as “Making Home Affordable.” Among the companies settling charges were: Federal Loan Modification Law Center LLP, Apply2Save Inc., New Hope Modifications and Fedmortgage loans.com.

The government also accused six people of creating websites that were designed to impersonate the Treasury Department’s official site for the mortgage modification program. Troubled borrowers trying to reach the government site instead ended up on private loan modification sites.

come a market with multiunit housing that caters to dogs rather than banning them, said local real estate agents. Pet

owners will find enclosed dog runs, convenient dog-washing stations and handy pet waste receptacles at rental or owneroccupied complexes in downtown Minneapolis and St. Paul.

It’s a shift from years ago when buildings typically had a “no pet” policy or only allowed cats. Today, most newer luxury high rises or converted warehouse buildings in urban areas have an “eight-leg pet policy,” said Susan Lindstrom, an Edina Realty agent who specializes in downtown Minneapolis condos. Most allow up to two pets, but may have weight or breed restrictions.

“More pet owners are moving to the city, and they’re looking for a workout area for their pets and for them,” she said.

Agents said more of their clients are requesting units where pets are allowed — and one with a dog park or enclosed run is a bonus.

“Clients tell me, ‘I want two bedrooms, two bathrooms, underground parking — and my dog has to come with,’ ” said Joe Grunnet, president of Downtown Resource Group and a real estate agent who sells condos at Skyscape and Herschel Lofts in Minneapolis.

Skyscape, a 250-unit luxury condo high-rise, offers a long, enclosed dog run.

The North Loop off-leash dog park is right behind Herschel Lofts, a 47-unit warehouse conversion.

“It’s a must for newer buildings to be pet-friendly, and that concept is here to stay,” Grunnet said.

MCCLATCHY-TRIBUNE INFORMATION SERVICES

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REAL ESTATE

SATURDAY, JUNE 26, 2010

HOUSE PLAN

THE OKLAHOMAN | NEWSOK.COM

Gene Autry estate goes on the market HOME | SINGING COWBOY’S PROPERTY LISTED AT $6.9 MILLION

BY MCCLATCHY-TRIBUNE INFORMATION SERVICES

LOS ANGELES — The Gene Autry estate, built in 1949 in Studio City, Calif., by the cowboy singer-actor, has come on the market at $6.9 million.

Owned by his widow, Jacqueline Autry, the forested property’s 3.5-plus acres center on a two-story Spanish-style house of about 8,000 square feet.

The main house has pegged hardwood floors, a family room with a wet bar, a library-media room with vintage walnut paneling, a breakfast room, five bedrooms and seven bathrooms.

Balconies overlook the acreage, which has winding paths and flower gardens. There is a guesthouse, a swimming pool and an outdoor entertainment area with a fireplace.

The furnishings may be purchased for an additional $200,000.

Gene Autry’s signature song was “Back in the

Bellaire suits narrow lot, has Mediterranean flare FROM STAFF REPORTS

The Bellaire is a large yet compact family home, designed for construction on a narrow lot. Arched windows, tile roof, and a stucco exterior give the plan a contemporary Mediterranean flavor.

Outside, hanging plants drape the upper edges of the balcony, making the stately stucco entry more welcoming. Inside the entry, sidelights flank the door, transom windows rim its top and the ceiling stretches two stories up. More light spills in from a narrow arched window on the upper level. A built-in bench here comes in handy when shedding dirty shoes.

Graceful archways mark the entrances to the generous living and dining rooms, ideal for entertaining and family events.

But for everyday life, family members gravitate to the spacious and relaxed family room-kitchen at the back. Bay windows expand the nook and family room, creating an open atmosphere, filled with light.

Amenities in the comfortable kitchen

include a walk-in pantry, built-in oven, microwave and dishwasher, plus a long work island with vegetable sink and range.

Utilities, along with a sink and a counter for folding clothes, are just a few steps away.

The utility room is also accessible from the garage. The long screened porch is large enough for outdoor dining and lounging.

In the Bellaire’s luxurious owners’ suite, the sleeping area has a large bay window. A spa tub is nestled into a smaller bay with glass block walls. And yet another bay creates a bright sitting area. Flames from the see-through fireplace can be enjoyed from anywhere in the suite, and an L-shaped walk-in closet offers ample storage space for the most extensive wardrobe.

For a review plan, including scaled floor plans, elevations, section and artist’s conception, send $25 to Associated Designs, 1100 Jacobs Drive, Eugene, OR, 97402.

Please specify the Bellaire 11-050 and include a return address when ordering. For more information, call (800) 634-0123.

LISTING OF THE WEEK

The Listing of the Week is at 9601 Castle Road.

PHOTO PROVIDED

Home on corner acre has plenty of amenities The Listing of the Week is a traditional house with a pool, spa and cabana on a 1.2-acre corner lot in northwest Oklahoma City.

The 3,337-square-foot house has four bedrooms, 3½ baths, two living rooms, two dining areas and an attached threecar garage. The formal living room has a built-in bookcase, ceiling fan and fireplace. The study has a built-in bookcase and ceiling fan. The formal dining room has a hutch. The remodeled kitchen has a pantry, work island and granite counters.

The house has a covered patio, open deck, volleyball court, basketball court and a

children’s playground with equipment as well as a security system and underground sprinkler system.

Built in 1971and remodeled in 2003, it is listed for $350,000 with Phyliss Bennett of RE/MAX Preferred Properties. Open house is from 2 to 4 p.m. Sunday. From Hefner Road and Rockwell Avenue, go south to Castle Road and east to the house. For more information, call 7514848.

Nominations for Listing of the Week are welcome. Send information on single-family homes to The Oklahoman, Richard Mize, P.O. Box 25125, Oklahoma City, OK 73125.

Nominations may be faxed to 475-3996.

Singing cowboy star Gene Autry doffs his hat to address a crowd on a visit to Oklahoma City in 1941.

THE OKLAHOMAN ARCHIVES

Saddle Again,” but his biggest hit was “Rudolph the Red-Nosed Reindeer.” He died in 1998 at age 91. The town of Berwyn in southern Oklahoma was renamed Gene Autry in 1941.

The Autrys, who married in 1981, owned the

team now known as the Los Angeles Angels of Anaheim from 1961to 1997.

Jacqueline Autry, 68, has retained the honorary position of president of Major League Baseball’s American League since 1999.

REAL ESTATE

THE OKLAHOMAN | NEWSOK.COM

SATURDAY, JUNE 26, 2010

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Mortgage aid often eludes homeowners GETTING NEWS SERVICE INVOLVED PROVIDED LONG-SOUGHT RELIEF FOR ONE WOMAN

BY STELLA M. HOPKINS McClatchy News Service

CHARLOTTE, N.C. — Allison Rinehart’s best hope for saving her home isn’t the massive federal effort to stem foreclosures.

She’s been denied, possibly in error, for that plan, so she’s banking on an alternative mortgage modification to keep her Charlotte town house.

“This is the only thing my daughter and I have,” said Rinehart, 45. “I am a single parent, no child support, working as many jobs as I can take on.”

The taxpayer-funded Home Affordable Modification Program, or HAMP, is the centerpiece of the nation’s foreclosure prevention effort.

But for many people, it doesn’t work.

Rinehart’s budget was tight in late 2004 when she paid about $136,000 for her Charlotte town house.

She put $4,000 down on the home and took a 30-year mortgage at nearly 9 percent. Her monthly payments were $1,111. Rinehart and her daughter, Sydnea, now 15, got by on the roughly $30,000 a year Rinehart made as a longtime, self-employed hair-

Allison Rinehart holds the paperwork from nearly a year of trying to get mortgage help. Her daughter, Sydnea, offered her mother the money she got as holiday gifts to help pay bills. On a job application, the teen said she wants to work to help her mother keep their home in Pineville, N.C., from going into foreclosure.

MCCLATCHY-TRIBUNE PHOTO

dresser and middle-school coach.

A year ago in spring, she noticed business dropping off more sharply as her clientele struggled in the downturn.

In July, she asked for a

modification from Select Portfolio Servicing, SPS, the Utah firm handling her mortgage. She received an unusually speedy offer of a trial plan, which is supposed to last three months.

Rinehart was told to

Many find no help in home loan modification program

BY STELLA M. HOPKINS McClatchy News Service

CHARLOTTE, N.C — There are many rea-

sons property owners can’t qualify for the federal Home Affordable Modification Program.

For example, they might have refinanced or bought after HAMP’s Jan. 1, 2009, cutoff. They might not meet income or debt requirements. HAMP modifications, subsidized by taxpayer dollars, also aren’t available for investment property, vacation homes and high-end homes.

In April, Bank of America finalized more than 23,000 HAMP modifications and had more than 210,000 in the pipeline. The bank also has been averaging about 13,000 alternative modifications a month this year, said spokesman Dan Frahm. Most are for customers with mortgages issued after the cutoff or above the HAMP limit or on properties that aren’t their principal residence.

“HAMP is at the center of our modification efforts at Bank of America,” Frahm said. “It’s also important to recognize that no one solution or program can address the ... issues facing homeowners, who are experiencing hardship as a result of prolonged recessionary impacts.”

President Barack Obama announced the HAMP program in February 2009, well into the financial crisis. Before that, lenders and mortgage servicers were already doing modifications so it’s natural there are more of those. Many HAMP applicants also are still working through the slow, cumbersome process.

Servicers participating in HAMP must first consider homeowners for loan aid under that program. If that doesn’t work for customers, servicers can consider them for their own programs.

Tom Goyda, a Wells Fargo spokesman,

said Wells is doing alternative modifications for about 60 percent of customers who reach HAMP’s trial phase but don’t ultimately qualify. About 10 percent find other solutions, and the balance are probably headed for foreclosure.

Of HAMP, he said: “It’s only one part of our overall efforts to help customers find affordability.”

Consumer advocates, while sharply critical of mortgage servicers for poor modification service, generally endorse HAMP’s intent and its standardized approach.

“It’s a useful template,” said Julia Gordon, senior policy counsel with the Center for Responsible Lending in Washington. “It’s by no means some kind of gold standard.”

For example, a recent HAMP change eliminates unemployment benefits as a qualifying source of income for modifications.

“That’s just crazy,” she said.

Gordon cautiously welcomes alternative plans because they can potentially help more people. She’s concerned homeowners won’t have a consistent way to know what’s available and how to qualify. She and others have seen instances where payments are actually higher under non-HAMP plans — not a workable solution for a struggling borrower.

She also frets about the lack of federal oversight for in-house plans. The U.S. Treasury oversees HAMP but has been criticized for not penalizing servicers for mistakes.

Gordon urges people to review any modification offer carefully. What’s the new payment? Has the principal been reduced if the loan balance exceeds the value of the house? How long does the modification last?

“It is conceivable you could have a proprietary product that’s better,” she said.

make the first payment on Sept. 1 at her original amount. Subsequent trial payments were cut to $685. She made those payments through March, when she received a letter saying she was denied a HAMP modification.

Soon after, she contacted McClatchy News Service.

“This has caused me sleepless nights, depression and anxiety,” said Rinehart, who also works in her church’s office and has been a nanny. “My 15year-old doesn’t know whether or not she will have her home the next day or not because of this.”

SPS offered another trial, with monthly payments at an even lower $456. Rinehart started the payments in April but worried it was a delaying tactic and she’d be denied again.

Meanwhile, she received notices from SPS saying that to keep her house she had to repay the thousands of dollars that hadn’t been paid during the trials.

“It really scared me,” she said. And angered her. If she had the money, she wouldn’t have asked for help. “It was a slap in the face.”

Bank sees problems for delinquent customers

BY MCCLATCHY-TRIBUNE INFORMATION SERVICES

Bank of America estimated in April that more than half its 1.44 million delinquent mortgage customers weren’t eligible for the Home Affordable Modification Program.

Wells Fargo said about 80 percent of its roughly 500,000 modifications are non-HAMP. Combined, the two banks serve nearly 40 percent of U.S. mortgages.

HAMP has seen a surge in homeowners failing the three-month trial period, and a decline in new trial enrollments.

Critics blame servicers for the declines, saying they’re doing a poor job and unfairly bouncing people from the program.

Servicers acknowledge there were problems, especially early on. They also say homeowners aren’t complying with payment agreements or document requirements.

Whatever the reason, the problem isn’t going away.

The number of struggling homeowners nationwide is expected to remain high because job growth remains sluggish and millions of people are out of work.

Home starts dip as tax credit ends

BY MCCLATCHY-TRIBUNE INFORMATION SERVICES

Construction of new homes took a 10 percent dive in May after the expiration of a popular federal tax credit for buyers.

It was the first drop in housing starts since February, when activity by builders began to pick up

in anticipation of a busy spring fueled by the government incentives.

Those credits of up to $8,000 for first-time buyers and $6,500 for some current homeowners expired April 30.

The May slump in starts is an indication that housing is likely to weaken in coming months without

the government stimulus — even though interest rates remain low, economists said.

“The plunge in housing starts in May underlines that a sustained housing rebound has yet to get under way,” said Nigel Gault, U.S. chief economist for the consultant firm IHS Global Insight. “Now

(that) the credit is gone, it’s time for the payback.”

Builders began construction on housing units at a seasonally adjusted annual rate of 593,000, the Commerce Department said.

That was 10 percent below the April rate but 7.8 percent above the May 2009 pace.

Mortgage applications rise nearly 18 percent

BY THE ASSOCIATED PRESS

WASHINGTON — The number of customers applying for mortgages jumped last week, a sign that the market could be stabilizing after dropping off sharply last month.

Overall applications were up nearly 18 percent from a week earlier, the Mortgage Bankers Association said.

Applications to refinance home loans were up 21 percent to the highest

level since May 2009.

That’s because buyers have been taking advantage of near-record-low mortgage rates.

Refinances made up nearly 75 percent of all mortgage activity.

That’s up from 72 percent a week earlier.

Encouraging sign New mortgages taken out to purchase homes increased for the first time in six weeks, rising 7 percent.

That’s an encouraging

sign for the housing market, as applications had dropped off sharply when federal tax credits expired.

First-time buyers were eligible for a tax credit of up to $8,000.

Current owners who bought and moved into another home could qualify for a credit of up to $6,500.

Buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

Since the tax credit ex-

pired, “We’ve flattened out, but I would not expect a real robust rebound,” said Michael Fratantoni, vice president of research and economics at the Mortgage Bankers Association.

He said he expects home sales to fall about 10 percent from the second quarter to the third.

He forecast that buyers will purchase about 5.2 million previously occupied homes this year, up slightly from a year earlier.

In May, McClatchy News Service began contacting SPS, asking about Rinehart’s case.

After several weeks of messages and e-mails, the company said it would send Rinehart a response.

In that letter, SPS said Rinehart didn’t qualify for HAMP because she failed to send documents by a certain date. Rinehart said that’s not true, that she has copies and certified mail receipts proving she sent everything requested, on time.

The May 27 letter, which Rinehart provided the news service, confirmed Rinehart made the first two trial payments. The letter said once she made the third payment, due last week, “SPS will complete

the modification process, and you will receive the final modification agreement which requires your signature.

“Once this is received, SPS will permanently modify the terms of your note and bring your account current.”

Her June payment cleared her bank shortly after the first of the month. On June 10, she arrived home to find the promised paperwork. She believes that happened only because she went public.

Last week, she was reviewing the papers and reflecting on what sustained her.

“I relied on my faith,” she said.

8F

SATURDAY, JUNE 26, 2010

Permits Oklahoma City Boynton Williams & Associates, 7721 Melrose Lane, school, erect, $13.5 million.

Case Development Corp., 301 Pointe Parkway Blvd., apartment, erect, $946,800.

Riggs (Clyde) Construction, 9000 S Sunnylane Road, office, add-on, $710,000.

Clayburn Construction, 3300 W Memorial Road, retail sales, remodel, $500,000.

Titus Construction, 15300 N May Ave., medical clinic-office, erect, $469,578.

D.R. Horton, 16220 Wynchase Drive, residence, erect, $372,200.

D.R. Horton, 11228 NW 98, residence, erect, $340,400.

Design Build By Jill, 3417 Stone Brook Court, residence, erect, $340,000.

D.R. Horton, 16221 Wynchase Drive, residence, erect, $320,500.

D.R. Horton, 6016 NW 162, residence, erect, $302,800.

Jason Powers Homes, 12108 SW 53, residence, erect, $300,000.

Eric Cheatham Construction Co., 12509 Olivine Terrace, residence, erect, $284,000.

Jim Campbell Homes Inc., 3930 Huntington Parkway, residence, erect, $273,000.

Davenport Homes LLC, 1309 NW 192 Terrace, residence, erect, $264,500.

D.R. Horton, 3424 NW 176, residence, erect, $264,000.

D.R. Horton, 6116 NW 162, residence, erect, $262,300.

Onpoint Construction, 7801 SW 85 Circle, residence, erect, $255,000.

Jeff Moore Homes LLC, 14220 SE 76 Place, residence, erect, $250,000.

4 Corners Construction LLC, 15009 SE 59 Terrace, residence, erect, $230,000.

Taber Built Homes LLC, 4804 SW 126 Terrace, residence, erect, $225,000.

Taber Built Homes LLC, 3209 Orchard Ave., residence, erect, $220,000.

Remington Builders Inc., 13321 Ambleside Drive, residence, erect, $217,000.

D.R. Horton, 17716 Morning Sky Lane, residence, erect, $213,900.

Remington Builders Inc., 9320 NW 134 Terrace, residence, erect, $208,000.

D.R. Horton, 7704 Meadow Lake Drive, residence, erect, $207,500.

Authentic Custom Homes LLC, 2817 NW 173, residence, erect, $185,000.

Caston Construction, 801 NW 50, concession, erect, $175,000.

Caston Construction, 5850 N Classen Blvd., retail sales, remodel, $175,000.

Bradbury Homes Inc., 3108 Canton Trail, residence, erect, $170,000.

Gary Owens Carpet & Construction Inc., 2100 Wheatfield Ave., residence, erect, $170,000.

Bradbury Homes Inc., 3104 Brookstone Lakes Drive, residence, erect, $163,000.

Gary Owens Carpet & Construction Inc., 2104 Wheatfield Ave., residence, erect, $160,000.

Jeff Click Homes LLC, 2209 NW 174, residence, erect, $156,000.

Miller-Tippens Construction Co., 9000 W Memorial Road, equipment, erect, $150,000.

Troy Downing-RBA Architects, 1919 E Memorial Road, medical clinic-office, remodel, $150,000.

King Ballard Construction

Co., 7108 NW 7, residence, erect, $140,000.

Jerry Lemmon, 15700 SE 44, residence, erect, $135,000.

Rice Custom Homes LLC, 3033 NW 191, residence, erect, $130,000.

Rice Custom Homes LLC, 19128 Summer Grove Ave., residence, erect, $130,000.

Rice Custom Homes LLC, 3000 NW 191, residence, erect, $130,000.

Monarch Properties LLC, 6017 NW 154, residence, erect, $125,000.

Monarch Properties LLC, 15520 Wood Creek Lane, residence, erect, $125,000.

Oklahoma Heart Hospital, 5701 SE 74, medical clinic-office, remodel, $125,000.

Ideal Homes of Norman LP, 18217 Allora Drive, residence, erect, $123,000.

HSE Architects, 2219 W Interstate 240 Service Road, business, remodel, $120,000.

McDermott Construction Co. LLC, 9228 NW 77, residence, erect, $120,000.

Sunset Homes LLC, 10929 SW 30 Terrace, residence, erect, $120,000.

Sunset Homes LLC, 10925 SW 30 Terrace, residence, erect, $120,000.

Ideal Homes of Norman LP, 13308 SW 4, residence, erect, $100,000.

Ideal Homes of Norman LP, 18628 Agua Drive, residence, erect, $96,000.

JJ&R Roofing & Construction, 10600 NW 17, residence, erect, $90,000.

JJ&R Roofing & Construction, 1800 Alexander Way, residence, erect, $90,000.

Price Edwards & Co., 2219 W Interstate 240 Service Road, business, remodel, $90,000.

Home Creations, 19805 Allergando Lane, residence, erect, $88,900.

Home Creations, 19713 Adagio Lane, residence, erect, $86,000.

Ideal Homes of Norman LP, 18528 Rastro Drive, residence, erect, $80,000.

Structural Systems of Oklahoma, 8901 NW 10, warehouse, erect, $80,000.

Ideal Homes of Norman LP, 2605 Fawn Lily Road, residence, erect, $78,000.

UHS Oklahoma, 6501 NE 50, rehabilitation center, remodel, $72,000.

Copper Construction Two, 2610 SW 57 Place, residence, add-on, $67,000.

First Oklahoma Construction, 10712 SW 32, residence, erect, $60,000.

First Oklahoma Construction, 10717 SW 31 Court, resi-

REAL ESTATE dence, erect, $60,000.

Jim Campbell Homes Inc., 7705 Dripping Springs Lane, residence, remodel, $53,175.

Susan Rivera, 2400 S MacArthur Blvd., manufactured home, move-on-mobile home park, $50,000.

Jim Whipple, 3401 S Mustang Road, residence, remodel, $50,000.

Vista General LLC, 9801 Broadway Extension, business, remodel, $44,000.

Caliber Construction Inc., 14112 SE 75, residence, remodel, $40,000.

Sonny Indrawan, 11804 S May Ave., remodel, remodel, $40,000.

Gloria Kirkes, 11801 SW 44, manufactured home, moveon, $40,000.

Charles Levendusky, 12600 Rempe Farm Road, barn, erect, $36,650.

Chris Ryan Homes LLC, 3105 SW 128, residence, remodel, $35,000.

Turnage Construction Inc., 3225 Melcat Drive, storage, erect, $35,000.

Akins Natural Foods, 2924 NW 63, retail sales, remodel, $30,000.

Daddy Ernie LLC, doing business as Semco Homes, 5804 N Barnes Ave., residence, add-on, $30,000.

Luis Q. Hernandez, 215 S Miller Place, automotive repair-wash, add-on, $30,000.

Judy Maxwell, 9009 NW 10, manufactured home, moveon-mobile home park, $30,000.

Associated Builders Group Inc., 6712 NW 12, residence, erect, $29,772.

Allen Carson, 4000 NW 28, residence, fire restoration, $28,000.

Clayburn Construction, 3300 W Memorial Road, retail sales, remodel, $25,000.

Clayburn Construction, 3300 W Memorial Road, retail sales, remodel, $25,000.

Clayburn Construction, 3300 W Memorial Road, retail sales, remodel, $25,000.

Clayburn Construction, 3300 W Memorial Road, retail sales, remodel, $25,000.

Crandall & Associates, 13419 N Pennsylvania Ave., business, remodel, $25,000.

Gallian Masonry, 1336 NE 9, accessory, erect, $25,000.

Jeff Moore Homes LLC, 14220 SE 76 Place, residence, erect, $25,000.

Maguire O’Hara Construction Inc., 4704 N Willard Ave., residence, fire restoration, $25,000.

Alliance Property Development, 6514 Northwest Ex-

pressway, retail sales, remodel, $20,000.

Mary E. Bumstead, 14900 SE 147, manufactured home, move-on, $20,000.

Michael B. Dolan, 2601 W Country Club Drive, residence, add-on, $20,000.

Graham Construction & Development LLC, 1131 Enterprise Ave., office-warehouse, remodel, $19,338.

JDF Grace Construction Inc., 5708 NW 160, residence, add-on, $17,000.

J&M Concrete Contractors, 1716 NW 16, parking, install, $16,000.

Hallman Properties, 100 NW 142, office-warehouse, remodel, $15,000.

The D Group LLC, 3420 Treadwell Drive, residence, remodel, $15,000.

Cleary Building Corp., 9600 S Anderson Road, storage, erect, $13,000.

Scott’s Construction Inc., 13517 Mamosa Drive, residence, add-on, $12,500.

Hallman Properties, 100 NW 142, office-warehouse, remodel, $10,000.

Phillip Dalton, 1165 NW 56, residence, add-on, $10,000.

Vickie Kyser, 421 SE 55, residence, remodel, $10,000.

Erick Johnson, 1520 SW 131, residence, remodel, $10,000.

Cleary Building Corp., 9600 S Anderson Road, accessory, erect, $8,000.

Sooner Traditions LLC, 1530 SW 119, office, remodel, $8,000.

Mendez Construction, 1416 S Sulzberger, canopy-carport, add-on, $6,000.

Marion Kitchens, 829 SW 67, storage, erect, $6,000.

ARC, 2001 S MacArthur Blvd., manufactured home, move-on-mobile home park, $5,000.

PLM Service, 9717 NW 10, manufactured home, moveon-mobile home park, $5,000.

PLM Service, 1428 Windsurf Way, manufactured home, move-on-mobile home park, $5,000.

PLM Service, 1313 Whitecap Lane, manufactured home, move-on-mobile home park, $5,000.

PLM Service, 2001 S MacA-

THE OKLAHOMAN | NEWSOK.COM rthur Blvd., manufactured home, move-on-mobile home park, $5,000.

PLM Service, 9717 NW 10, manufactured home, moveon-mobile home park, $5,000.

Ground Zero Shelters Inc., 7312 NW 121, storm shelter, install-storm shelter, $4,000.

David Logan, 6308 NE 104 Place, accessory, erect, $4,000.

Elizabeth Tonnemacher, 2144 Pinnacle Point, residence, remodel, $4,000.

John Hornback, 3704 NW 65, residence, add-on, $3,500.

Flat Safe Tornado Shelters LLC, 2640 NW 153, storm shelter, install-storm shelter, $3,300.

Smartsafe Enterprises, 3118 SW 127, storm shelter, installstorm shelter, $3,295.

Flat Safe Tornado Shelters, 11020 NW 104 Terrace, storm shelter, install-storm shelter, $3,250.

Mark Girten, 4724 Doe Run Drive, storm shelter, installstorm shelter, $3,250.

Loren Skodak, 12421 SW 6, residence, add-on, $3,000.

Ryan Bowden, 525 SW 162, storm shelter, install-storm shelter, $2,950.

Ground Zero, 2233 SW 137 Place, storm shelter, installstorm shelter, $2,800.

Smartsafe Enterprises, 8717 Lakehurst Drive, storm shelter, install-storm shelter, $2,800.

Smartsafe Enterprises, 19521 Green Meadow Lane, storm shelter, install-storm shelter, $2,800.

Smartsafe Enterprises, 5013 SE 58, storm shelter, installstorm shelter, $2,800.

Smartsafe Enterprises, 5116 SE 80, storm shelter, installstorm shelter, $2,800.

Gurjeet Haur, 2725 NW 155, storm shelter, install-storm shelter, $2,800.

Juan Martinez, 1604 SW 61, storm shelter, install-storm shelter, $2,800.

Teresa Miller, 8300 Curtis Terrace, storm shelter, installstorm shelter, $2,800.

Monica J. Burris, 2404 SW 141 Terrace, storm shelter, install-storm shelter, $2,800.

Curtis Craig, 2217 SW 118, storm shelter, install-storm

shelter, $2,800.

Cheri Caraway, 18504 Rastro Drive, storm shelter, installstorm shelter, $2,700.

Rebecc Mayberry, 15500 Elizabeth Drive, storm shelter, install-storm shelter, $2,575.

JAH Realty, 7314 N Western Ave., remodel, remodel, $2,500.

Trevor Bruner, 2700 NW 57, accessory, add-on, $2,500.

Jack Jennings, 8601 Lyman Road, storm shelter, installstorm shelter, $2,350.

Red Dirt Septic, 8801 Lyman Road, storm shelter, installstorm shelter, $2,350.

Red Dirt Septic, 8701 Lyman Road, storm shelter, installstorm shelter, $2,350.

Randall Kingsbury, 10681 NW 107, storm shelter, installstorm shelter, $2,325.

Bruce Monroe, 20201 Dunn Road, storm shelter, installstorm shelter, $2,325.

Santiago Preciado, 1329 SW 31, residence, remodel, $2,000.

William Hollis Jr., 2220 N Kate Ave., accessory, remodel, $2,000.

Judy Barwick, 12405 Rockgate Drive, canopy-carport, add-on, $1,500.

Ronald Guttery, 2132 SW 67, canopy-carport, erect, $1,200.

Steel Built Structures, 12020 Skyway Ave., residence, remodel, $1,200.

Demolitions Carl Gallian, 1336 NE 9, garage.

Midwest Wrecking, 15416 SE 71, residence.

Midwest Wrecking, 15308 SE 71, residence.

Kendall Concrete, 1811 N Kelham Ave., garage.

William Reeves, 2909 SW 10, residence.

Jeff Moore Homes LLC, 14220 SE 76 Place, residence.

Midwest Wrecking, 2621 Drakestone Ave., garage.

Midwest Wrecking, 7625 Valley Creek Drive, house.

Midwest Wrecking, 15409 SE 71, house.

Midwest Wrecking, 5506 Permian Drive, house.

Gabriel Friedman, 814 NW 31, residential.

THE OKLAHOMAN

NEWSOK.COM

SATURDAY, JUNE 26, 2010

9F

10F

SATURDAY, JUNE 26, 2010

REAL ESTATE

THE OKLAHOMAN | NEWSOK.COM

FHA tightens rules on reverse mortgages WASHINGTON — Here’s a sobering mess- ability in an era of low home-appreciation age for anyone who has a federally insured rates. The agency has asked Congress for reverse mortgage or plans to $250 million, but so far it apply for one: If you don’t has not been funded. pay your local property taxMortgage giant Fannie es or hazard insurance preMae also has begun inKenneth structing the companies miums, you should know Harney that the risk of losing your that service its large porthouse to foreclosure is folio of FHA reverse mortabout to increase. gages to toughen up their Although the Federal THE NATION’S HOUSING handling of tax and insurHousing Administration, ance delinquencies, movwhich runs the dominant ing to initiate foreclosure reverse mortgage program, often had been proceedings when borrowers have not paid lenient and forgiving in past years about bills for extended periods. tax and insurance delinquencies by senior In the words of David Certner, legislaborrowers, it’s likely to take a more disci- tive policy director for AARP, the national plined approach when it issues new guide- group representing seniors, “There is golines this summer. ing to be more risk for people” who take FHA’s reverse mortgage program suf- out reverse mortgages but who don’t have fered a $798 million estimated budget the capacity to make tax and insurance shortfall in the last fiscal year — its first- payments on time. In the past, Certner ever loss — in part because of widespread said, Fannie Mae and the FHA were “a lot declines in the values of the homes that se- more forbearing” when senior borrowers cure its insured loans. It has cut maximum fell behind or stopped paying. “They borrowing amounts available to seniors by didn’t want bad headlines” suggesting that 10 percent already, and is looking for other they had foreclosed on forgetful old folks. ways to bring the program back into profitBut now they don’t have the financial

wiggle room to look the other way. Though neither FHA nor Fannie could provide statistics, mortgage industry experts say tax and insurance defaults are rising — in part because of the recession, and possibly in part because some seniors are not adequately counseled that foreclosure could be an endgame.

“This is definitely a growing problem” with reverse mortgages, said Joseph J. Kelly, a partner with New View Advisors, a New York consulting firm. “A lot of this is the economy, (but) the program design itself is a contributing factor.”

Unlike standard mortgages, reverse mortgages require no monthly payments from the borrower and have no escrow accounts to cover property tax bills and insurance. Without escrows, some seniors may not keep track of property tax notices they receive — thereby exposing their houses to tax liens that take legal precedence over the mortgage lien.

They may also neglect to pay their hazard insurance premiums, leaving investors in their reverse mortgages with no coverage in the event of a fire or other major destructive event. Kelly and others believe

that FHA needs to build in some sort of escrow or set-aside feature — a concept federal officials say they are examining.

The reverse mortgage program, which is limited to those 62 and older, also has no rigorous upfront underwriting requirements other than sufficient borrower equity in the home. Unlike standard loans, minimal or no attention is given to the applicants’ incomes or credit scores. Borrowers receive mandatory counseling before going to closing, but some critics say FHA needs to look more seriously at borrowers’ assets, income and long-term financial ability to pay the associated costs of keeping up the property.

Both FHA and Fannie Mae say they are working on solutions that will not only flag defaults on seniors’ tax and insurance payments earlier, but also create a mandatory, step-by-step system to contact borrowers who are delinquent, determine the reason for the default, and if necessary refer them to charitable groups who can assist them and prevent foreclosure.

E-mail Ken Harney at kenharney@earthlink.net.

WASHINGTON POST WRITERS GROUP

REAL ESTATE

THE OKLAHOMAN | NEWSOK.COM

SATURDAY, JUNE 26, 2010

11F

Television talk show is decorator’s dream Do you want your own she was searching for the talk show? I do. My big Mi-Ling next TV star to compete in dream has always been to her new reality show on the Stone host my own talk show.

OWN network, I was excitPoole I actually did host a show ed about the possibilities. called “Consumer Update” The winner will get his or in Kansas City, right after I her OWN talk show, which ASK MI-LING graduated from college. will air on Winfrey’s netThat was back in the day work in January 2011. when cable television was two chairs and a Thousands of people across the country table. But my passion now is to focus on already have submitted their videos and design and help people create a comfort are traveling to areas such as New Jersey, zone in their home.

Dallas, Atlanta and California for a shot at It all started when I was a young girl. I their dream. would watch Barbara Walters on the nightSo, I packed my bags and headed for ly news and then run to my room and in- Texas with my 16-page application. On terview myself in the mirror, with my ma- June 12, I arrived at the Kohl’s store in Plakeshift microphone (a hairbrush). no, ready for the challenge. After standing So when Oprah Winfrey announced that in line for an hour, I received a wristband

and proceeded to a group interview with 11 other hopefuls from across the country.

Our task was to deliver a 30-second presentation that would show that we had charisma or the “it” factor.

Of course, my show was all about the comfort zone. First and foremost it’s about solving decorating and lifestyle dilemmas with realistic solutions. My passion has always been decorating and helping people to create a space in their home that brings them comfort. For the past seven years, I’ve done this with my television segments, columns, book and radio show.

But the key for me, especially in this economy, is to provide cost-saving design tips, as well as exposing new and innovative products that make life more comfortable and efficient. Pair that with celebrity

interviews, health, fitness and cooking tips and, of course, great music, and my dream talk show would be complete.

The second part of the competition was to upload a video telling Oprah why you deserve your own show and what kind of show you want to host. You can see my “Challenge to Oprah” and vote for me on www.Oprah.com until July 3. Just click on “Your own show,” then go to “browse” and “vote” and type in Mi-Ling. You can vote as often as you like. Please leave me a comment.

Now go out and create your own unique comfort zone!

Mi-Ling Stone Poole is the author of “Ask Mi-Ling! When You Want the Truth About Decorating.” You can listen to her radio show, “Mi-Ling’s Comfort Zone,” from noon to 1 p.m. Sundays on KTOK-AM 1000. If you have a decorating dilemma, e-mail her at www.Mi-Ling.com.

Feds announce arrests in mortgage fraud crackdown

BY THE ASSOCIATED PRESS

LAS VEGAS — Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst.

“I heard this many times,” said Scott Hunter, a Las Vegas FBI agent who has interviewed hundreds of so-called “straw buyers” lured into buying homes by

unscrupulous real estate agents, brokers and loan officers. “They said, ‘Don’t let your good credit go to waste. You can purchase these properties. This is how you acquire wealth.’

“What happened here was, when the party stopped and they were not able to keep inflating the prices on these houses, the whole thing collapsed.”

Nevada’s U.S. attorney, Daniel Bogden, counted 123 defendants charged, convicted or sentenced in the Silver State since March 1as

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OKC Downtown 322.5

AUCTION

$5,000 Opening Bid Mon June 28th, 6:30 pm 2208 Glen Ellyn St, OKC Open Houses June 19th & 27th 2 bedroom, 1 bath East of Capital on NE 23rd St. to Glen Ellyn, & S to property www.20bid30.com 918/639-7653 Grand American Keller Williams Realty

OKC Northeast

323

3 bed, 1 bath, large backyard, 1st buyer with $16,000 cash.

Brick, large 2 bed, nice condition, $19,500 cash.

301-6495 Owner fin. 2212 NE 26 2/1/1 Like New 417-2176 www.homesofokcinc.com

OKC Northwest

324

Open Sun 2-4 4821 NW 26 (at Ann Arbor) Beautiful duplex 2729 sf, 2 bed, 2 bath up, 2 bed, 1 bath down, many updates, price reduced! Call Jen, Kelley & Co. 246-5672

Newly remodeled 2 bed, 2 bath, 1122 NW 42nd. all new appliances, $109,000. 405-760-2706 Owner/Realtor.

Financing» Lease Purchase » Rent to Own 2, 3 & 4bd houses in all areas. buyahouseinoklahoma.com 562-0000 or 973-4322

FORECLOSURES 165, 1-4 bdrm homes in NW OKC start @ $21,500 Patrick@Allied 740-6146

S. QUAIL: 6100 SF, POOL 3 CAR GARAGE, 4 BED, 4 BATH 850-0532

OKC Southwest

326

OWNER FINANCING $2000 down No Credit Ck 2516 Murray 2/1 $49,000 1221 SE 23tr 4/2 $56,000 3216 SW 40 4/2 $56,000 596-4599, 410-8840 Financing» Lease Purchase » Rent to Own 2, 3 & 4bd houses in all areas. buyahouseinoklahoma.com 562-0000 or 973-4322 Workshop 24x24 XL 3/1.5/1 w/updates near .25 acres $59.9K Arlene 414-8753 BANK OWNED, Moore Sch, 3/2/2 1826sf, blt 99, 1.25ac $118,600 Arlene 414-8753 Owner fin 3600 SW 38 3/2 Big lot • 417-2176 www.homesofokcinc.com

326

FSBO, 1531 SW 52, OKC Brick, 2-1-1. ch&a, move in ready. 405-826-7156

Piedmont

327

Two Homes Just Listed.

Both feature 3bd 2ba 2car Close to schl, library & churches. Lrg city lots.

Listed @ $139,900 ea.

Cindy Cheatwood Cleaton & Assoc 373-2494 PRICE REDUCED 736 CYPRESS-WINDMILL PARK 4 Bd, 3 Ba, 1 Liv, 2 Din, $261.9K Leon 373-4820 Overland Exp Rlty 5215 HART DR//5 Ac 5Bd, 3K Ba, 2 Liv, 2 Din Pipe & Cable Fence $375K • Leon 373-4820 Overland Ex Realty, Inc

Tuttle/ Newcastle

329

OPEN HOUSE Sunday 2-4pm. 608 NW 34th, in Newcastle. New 2416 Sq Ft, 4 bed, shop on 1 Acre, 405-306-5137

Suburban, NE

(Luther, McLoud, Meeker, Wellston, 331 etc.)

HOME & 37.5 ACRES PRAGUE 3 bd/1.75 ba north of Prague. Updated throughout. 2 ponds, barn (405) 637-6233 $141,500.

Suburban, SE

part of a national crackdown dubbed Operation Stolen Dreams. Bogden put losses in Nevada alone at almost $250 million.

In Washington, the Justice Department linked nearly 500 arrests nationwide to the crackdown.

U.S. Attorney General Eric Holder called the push the largest collective enforcement effort aimed at confronting mortgage fraud.

Holder said 1,215 criminal defendants had been netted in cases that uncovered more than $2.3 billion in

Mobile Homes, Manufactured Houses 339

Vacation Property For Sale 347 PART INSIDE

TIME SALES

OPUBCO Communications Group is looking for an inside salesperson to be part of a classified advertising team that gets results for our customers by advising copy and scheduling packages for print and online.

New 3bd/2ba Mobile Homes already on land located in Shawnee, Prague, Cromwell & Harrah (price reduced) Owner Financing Woodlake Properties 405-273-5777 www.property4sale.com ATTN LANDOWNERS!!

Own land or have family land, a deed is all you need for new home! Turn key program, We do all improvements. 1000 furniture package w/purchase 888-878-2971 405-204-4163 Huge Sale/Save $1000’s All display home must go!

FREE delivery & set in OK. Some w/FREE furniture FREE 10% rebate 787-5004 Home buyers purchase hotline! 4/2 bath move to your land or ours!! Turn key package! We do it all.

888-878-2971 405-635-4338 DBL Wide Dealer Repo!!

3bd & 2ba $488mo w/ lot Ready to live in 405-787-5004 wac.

Land/Home Repo SAVE $$$$! Many locations around OK. Easy financing w/ dn payment 470-1330 4 Bed/2 Bath Move in ready. Owner may carry.

405-631-3200 3/2 bath set up in quiet park. Ready to move 888-878-2971 405-602-4526 Doublewide on acreage w/ pond. Possibly owner carry w/$20k down 405-631-3600 3.5A 4/3/2 Like new Wash. sch • 417-2176 www.homesofokcinc.com

This 24 hour work week Wednesday through Friday position is responsible for incoming sales calls, as well as outbound sales responsibilities.

Applicants should communicate sales and customer service experience.

Call center and previous performancedriven selling by telephone experiences are pluses.

The successful candidate will have enthusiasm, good typing skills and skillful knowledge of MS Word and Outlook.

We offer a professional, casual environment.

No evenings or weekends.

Covered parking with onsite 24/7 Health Club, breakfast and lunch Cafe and Credit Union.

Competitive pay plan includes performancebased incentive paid monthly and recognition program.

Medical and 401(k) plans available.

Apply online at www.opubco.com OR text OPUBCOJOBS to 65360.

To complete an online application in person, you may visit the OPUBCO Communications Group Human Resources department, 9000 N. Broadway Extension, between the hours of 8:30 11:30 AM and 1:30-4:30 PM Monday through Friday.

EOE.

Tenkiller log home, rustic elegance, 6 bed, 4K bath, gameroom, walk to water, $425,000, owner/broker, 918-776-7700.

TENKILLER lake lots for sale. Call 918-640-8556 or see our web site: pinecreekestates.net

Commercial RE Franchise Opportunity

353

Franchisegrowth.com Master & Single units available 405-887-5222

Investment Property For Sale 355 REDUCED TO SELL! Cash Flow Rental Prop.

Handyman Special.

Owner financing avail.

1224 NE 19th $28,000 107 SE 41st $40,000 2118 N Prospect $28,000 740 NE 36th $28,500 Price Negotiable Kruger Inv. Call Jim 235-9332/812-1657 Wholesale Property 104 Units $995K » 20 Units $499K » 16 Units $400K » Development Projects 10%-15% R.O.I. from $100K Seabrooke Realty 405-409-7779

Business Property For Rent 360 Shawnee, Oklahoma Restaurant for lease, 3900 sq ft, great location Hwy 177 & Acme Road, 3 miles south of I-40, serious inquiries only, »» 405-275-4533 »»

(Tecumseh, Shawnee, Noble, Purcell, Etc.) 333

FOR SALE: 3 bd 2 ba Dbl Wide on acreage, Harrah Schools 405-412-6236

Homes in need of an "Extreme Makeover" located in Shawnee, Luther & Paden Cash Purchase Only call for more information Woodlake Properties 405-273-5777 www.property4sale.com

Repo 16x80 3x2, new paint $21,900 301-2454/517-5000

Office Space For Rent

Oklahoma Property For Sale 340

GREAT Space OFFICE

Open Houses 334.2 OKC NW Open Sun. 2-4 Historic Edgemere Park Desirable view of park 241 NW 34th St. OKC 3 bedroom, 2K bath, 3 living areas, 2350 sf, June '09 yard of the month, new air conditioner & furnace.

Must See! $309,900.

8508 Placker Place, 3 bed 2 bath $138,000 Homes With A Heart Real Estate, 237-1030 Spencer Sun 2-4, 8000 John St, 3 bed, 2.2 acres, 800-279-7027, ext 1004.

Industrial Property

336

PRIME HUNTING and Minerals - 80 acres wooded wildlife area w/creek for sale @ auction June 30, 10:00am, Dewey County.

Berny Sander 580-922-4951 or 1478 sanderauctions.com

Lots For Sale 337 2 Building Lots, 80'x150', One has a greenhouse frame, $25,000/ea. »» 405-769-2406 »» 1-2K acre lots, $10,000+ SE of Tuttle, Tuttle Schools, 405-381-2617

Mobile Home Parks Community /Acreages 338 48x28 double wide in park, 3 bed, 2 bath, large enclosed deck, 2 car carport, 3 storage buildings. $20,000 cashier check only.

681-6788 2412 SE 59th Lot 205

Repo triplewide $45,900 301-2454/517-5000

8 LAKE FRONT CABINS / #9 LANDING AREA LAKE EUFAULA, OK Investment opportunity w/ income. 8 lake front fully furnished cabins.

3 docks. PACKAGE DEAL. $875,000 Karen @ ERA Real Estate 918-6173901 or 918-452-3900 Owner/Assoc.

Real Estate Auctions

342

AUCTION 210 A, 17 mi W of McAlester, Exc pasture, only 2 mi. from Army Base, A-Frame cabin, Very private, Exc Hunting & about 85% Good grass.

July 2, 2010, 10 AM at Jr. Kelley Real Estate Office at A & Choctaw St 918-423-7823 918-424-2977 Kelley Real Estate & Auction

Real Estate Notices

363

Convenient NW Locations: I-40 & Meridian NW Expressway & May Britton/Lake Hefner Parkway 200-6000sf 946-2516

The Merryfield Center in Mustang has office/warehouse space, $675 month. Executive office space for lease, $800 mo. Another small office for $350 mo.

(405)-376-4238 »»»»»»»»»»»» 1-6 room office suites Starting $6.50/sq ft, Also Furn office spaces »» 6 4 0 - 8 2 0 6 »»

417-2176 Real Estate Wanted

346

Heard of a SHORT SALE? SELL YOUR HOUSE TODAY! Foreclosure/behind Pymts 340-9879/HouseKings.com

424

1 & 2 BEDROOMS, QUIET! Covered Parking Great Schools! 732-1122

Moore

425

112K SE 1st. Spacious 1bd garage apt, excellent cond, clean $375. No pets Fidelity RE 692-1661

OKC Downtown 429.5 Walford Apts 518 NW 12 MIDTOWN District Amazing! All electric, wood floors, giant 1bd 1ba, cha, dishwasher, washer/dryer conn 1200sf $750mo $650dp Studio $550mo $450dp Efficiency $425mo $325dp 409-7989 no sec 8 SUMMER SPECIAL $149 1st mo. 525-1177 Near OU Med Center MOMENTUM PROP MGMT

OKC Northwest

431

MOVE IN SPECIAL!!!

$250 Gift Card

1 Month Free Rent!

LARGE 1, 2, 3 Beds w/ 2 Bath. From $375 a month. Courtesy Patrol, Pool, Childrens Playground. Limited Number Of Units Available. HURRY!!!

MacArthur Apartments 5001 NW 10th St.

405-942-5500

Spring Special

LARGE TOWNHOMES & APARTMENTS • Washer, Dryers, pools • PC Schools, fireplaces

Williamsburg 7301 NW 23rd

787-1620 $99 Special

1 & 2 BD & Townhouses •City bus route/Shopping •Washer/Dryer hookups

Valencia Apts 2221 N. Meridian

946-6548

No credit check!

Foxcroft Apartments »»» 787-6655 »»» Briargate 1718 N Indiana 800sf 1bd 1ba, cha, all elec, wood floor, $475mo, $200 dep. No sec 8 409-7989 The Florence Apts 425 NW 11, Midtown Studio, 1bd 1ba, $450mo $300dep 409-7989No sec8 The Plaza 1740 NW 17th 1bd, 1ba 750sf, wood floors, all elec, $450 mo, $200dp. No sec8 409-7989 LIMITED TIME SPECIAL renovated, 1bd, gated, new appliances 525-1177 MOMENTUM PROP MGMT

FREE RENT Gated, 1bed, all new appliances & tile. 525-1177 MOMENTUM PROP MGMT 1507 NW 17th 1bd 1ba, 1200sf $550mo $300dep. Free laundry 409-7989 no sec 8

DO NOT Call Unless…

Foreclosure/Behind Paymt Overleveraged/Repairs Call/Web 800-Sell-Now.com

I BUY HOUSES Any condition. No cost to U 495-5100

MWC

IT'S SUMMER VACATION At Drexel on The Park-$139 1ST MO- 1BED 946-0588 »» ALL BILLS PAID »»

345

WE BUY HOUSES 1-800-SELL-FAST www.1800sellfast.com

losses, and said the Justice Department also engaged in civil enforcement actions to recover more than $147 million in the operation.

FBI Director Robert Mueller called mortgage fraud “a risk to our economic stability” as a nation.

More than lending institutions were victimized, said Michael Gibson, a Los Angeles-based federal Housing and Urban Development inspector who has been investigating cases in Las Vegas.

Apartments Edmond

422

LARGE EFFICIENCY APT W/KITCHENETTE - ALL BILLS PAID - WALK TO UCO»» 921-6897.

VERY, VERY QUIET! Near mall, schls, hosp, Try Plaza East•341-4813

MWC

424

Oakwood Apts 5824 NW 34 K off Special 800sf, 1bd 1ba, $350/mo $175/dep 409-7989 NO SEC 8 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818 1bd duplex, $350 mo, sm deposit, 3rd & Virginia, Ready now 722-0787 MAYFAIR GARDENS Historic Area! Secure, wash /dry hardwd flrs 947-5665 800 N. Meridian: 1bd, all bills paid & weekly rates available.

946-9506 » MOVE IN SPECIAL » LARGE 1, 2 & 3 BEDS Rockwell Arms, 787-1423

Homeowners, taxpayers, reputable real estate industry officials and the Federal Housing Administration also were hurt, Gibson said.

“They’re all victims in this.

Every time you have a bad loan that’s FHA-insured, the federal government pays that claim amount.”

Real estate analyst Rick Sharga, of Irvine, Calif.based RealtyTrac Inc., said places with the most foreclosures today were the most fertile places for mortgage scams during the housing boom.

OKC Northwest

431

No Deposit, No App Fee. Large 2, 3, 4bds, PC Schls, W/D hk, A/C 722-0787 Putnam Heights Plaza 1 & 2bd, ch/a, Dishwasher 1830 NW 39th 524-5907 3400 N Robinson 700sf 1bd 1ba $400 mo, $300 dep 409-7989 no sec 8

BANK ON IT!

Only $440 Casady751-8088 1 & 2 beds 946-0830 arborglenapts.com

OKC Northwest

453

Upstairs Duplex $450mo 2212K N. Lee, 1 bd, W/D hook-up. 1300 sf, Historical district. 227-3151 3615 NW 51st St 1300sf 2bd 2ba 2 car. Near Baptist/ Deaconess $900 mo, $900 dep 409-7989 no sec 8 Town House, 2/1K /1, PC schls, appls, w/d, fp, sec sys, $600 + dep 210-3903 7712 NW 113th Pl. 2/2/1 ch&a, all appl, fncd, newly remod $725 301-4695

•ABC• Affordable, Bug free, Clean » 787-7212»

11705 N. Francis 2/1.5/2. No pets $625 TMS Prop 348-0720

OKC Southwest

905 NW 94th, 1 bed, water paid, newly decorated, 843-1408

433

$201 Total Move-In Cost Energy Efficient $1 First Week Rent Weekly Avail: Effic $115 1bd $125, 2bd $165 Disability & Social Security recipients welcome 616 SW 59th, between Western&Walker634-4798 Drug free environment Not all bills paid

$199 Move In Special Se Habla Espanol Carriage Square Apts 634-6380 $99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $325 mo. 632-9849 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818 $300-345/month Furnished 1bd & Efficiency 2820 S Robinson 232-1549 $99 Move In Special!!!

Lg 1 and 2 Bdr, $325 to $395 mo. 632-9849 $300-345/month Furnished 1bd & Efficiency 2820 S Robinson 232-1549 Nice 1 & 2 bedrm, furn, 3317 SW 44th, & SW 9th & Penn, 290-7663.

Furn 1BD most bills Paid + EMSA, no sec 8 and no pets, 524-2730

Condominiums, Townhouses For Rent 441 2 Bedroom Townhomes in NW OKC - Gated .

All major appliances.

1 Covered parking included. Starting at $770 mo. » 1 MONTH FREE! » 751-9390 NW OKC, Quiet 2bd, 2.5 ba, all appls, most bills pd, fp, PC Schls 720-1419 NW OKC, Quiet 2bd, 2.5 ba, all appls, most bills pd, fp, PC Schls 720-1419 1 bedroom + loft townhouse, fireplace, patio, $675 + deposit. 640-7209 2 bed Condos Available $600-$850 Call today 831-4183

443.5

4704 Love Dr, 3/2, newly remodeled, close to Tinker, $675, Ross 370-6188

MWC

446

1 bedroom duplex with carport & fireplace, $445, 8741 St George Way, 219-1000

Moore

Yukon

460

Large 2-3 bed, 2 bath, 2 car garage, TH, all appls, gated, pool.

Yukon Schools from $800/mo. 789-3705

447

608 Williams, 2 bed, 2 bath, 2 car, new paint & carpet, $500 dep, $750 mo, 1 yr lease, 245-1282.

608 Williams, 2 bed, 2 bath, 2 car, new paint & carpet, $500 dep, $825 mo, 1 yr lease, 245-1282.

Local investor will buy any house for cash, avoid hassle of banks 822-1018

ALL UTILITIES PAID! ONE BEDROOMS FOR $530 A MONTH! $100 OFF SECOND MONTH'S RENT! 732-6668 MIDWEST MANOR

$99 Move-In Special 1bd 1ba $295-350, stove, fridge, very clean 625-5200

OKC Northeast

I BUY & SELL HOUSES 27 YRS EXP 650-7667 HOMESOFOKCINC.COM

$200 OFF RENT 1 & 2 bedrooms. Spring Tree Apartments. 405-737-8172.

Bills pd clean quiet furn eff/1bd $100/wk&up 10& Penn 751-7238/640-9413

432 NE 115th 2bd 1ba 2 car no pets $525 TMS Prop 348-0720

452

Moore

469

Ready Now 505 NE 20th, 3/1.5/2, ch/a, no pets, $800mo $500dp426-0028

Mustang

470

HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434 616 E Hillcrest 1800sf 4bd 2ba 2car $1300mo $1200 dep 409-7989 no sec 8

465.5

3809 SE 24th, 3/1, ch/a, wd hk-up, $600/m + $450/d 701-1722

Edmond

466

Amazing Executive Home 2055 Long Trail Ct, 3bd 2ba 2.5car 2 living 2 dining 2002 sf, covered patio $2000 month, $2000 dep Deer Creek Schls 409-7989 HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434 1019Washington3/2/2 $895 516 Mary Lee Ln 2/2/2 $825 17909ChesntOak3/2/2 $1195 1710 OldeSchPt3/2/2 $1175 Express Realty 844-6101 www.expressrealtyok.com 900 N. Fretz #84, 3bd 1K ba mobile home $475 681-7272 Executive Home, 3bd 2ba 2car, 1600sf, $1300 mo $1300dp 409-7989No sec8

‘ Several Properties ‘ ‘‘ For Rent ‘‘ ‘‘ 412-8083 ‘‘ 3 HOUSES 2 & 3 beds, must see $450-$550mo +dep 348-8391 aft 6 2301 N. Hood, 3 bed 1 bath $525/month 408-5836

475

2064 NW 48th 2/2 $2100 10604 Sunrise 3/2/2 $1195 2016 NW 15 3/1 $650 Express Realty 844-6101 www.expressrealtyok.com 1624 Grey Fox Run, near I-35, Doctor's home, 3 bed, 2 bath, fp, library, Edmond schools, $1450 month, Cathy 850-5862.

Section 8 Okay 429 NW 88 3/1.5/1 $695 332 NW 91st 3/1.5, gar converted to living $695 681-7272 Rent Specials 605-5477 2, 3 & 4bd Houses All Areas $395-1295 buyahouseinoklahoma.com 6612 Laurel Rd 3bd 2ba 2car, ch/a $850 1701 NW 34th 3/1 $525 681-7272 Ann Arbor Ave/16th 1421 N Libby big living area $800 per month 405-831-6045 3 bed, 1 ba 2535 W. Hefner 2/2/2 Fenced $795 TMS Prop 348-0720 640 NW 109th, 3bd 2ba 2car 1300sf $875mo $800dp 409-7989 no sec8 2/1/1 $550, $100 off 1st month's rent, MG Realty ¡ 831-0207

1109 Northgate Terrace 3bd, 2ba, 2car $850 mo + $850 dep. 206-5859

2 bed, 1 bath, ch&a, 2529 NW 40th, $550/mo $500 deposit 603-6439.

MWC

3928 NW 25th St. 2 bed, 1 bath, 1 car, CH&A, $550 month 755-1316

468

1301 Parkwoods Ter, 3bd 1ba 1-car, ch/a $625 421 N Key Blvd, 2bd 1ba, detached garage $495 681-7272

4 bed, 1 1/2 bath, new carpet, ch&a fenced yard 1305 Parkwoods Court. $695+deposit. 769-8800 3104 N Holman Ct, 3/1/1 no smoke, no pets, nice, clean, $600 mo, 596-5570 V-Nice, 1 mi E of Tinker, 3/1/2 ch&a, util rm, $575 +$300, no pets, 732-4351 9304 NE 14, Nice 3/1.5 1 car $550 mo 732-3411

Moore

469

13125 Mocassin Spacious 3bd 2ba 2car ch/a large den w/fireplace, large park lot, backyard w/ wood deck, Westmoore Schools $995 mo Fidelity RE 692-1661 Rent Specials 605-5477 2, 3 & 4bd Houses All Areas $395-1295 buyahouseinoklahoma.com 2bd 1.5ba duplex $650 3bd 2ba 2-car 1500sf, fireplace $950 Home&RanchRlty 794-7777

New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5500/mo Openhouseok.com

Remodeled 3 bedroom homes, CH/A, Oklahoma City, $595/month.

Moore, $700/month.

691-5479

» MAYFAIR AREA » 50th & May, 2bed 1 bath, 2 liv, completely remodeled, hdwd flrs, fireplace.

BILLS PAID! $895mo, $500dep »» 848-9894

Del City

HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434

1120 NE 19th, 3bd 2ba, detached gar. Sec 8 ok $650 2300 N. Prospect large 2bd 1ba $395 681-7272

Hotels/Motels 462

RE for rent

477

474

OKC Northwest

Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818

OKC Southwest

3513 SW 36th, 3 bed, 2 bath, washer/dryer hk-up, 1 car garage, w/ appliances 405-570-5865

OKC Northeast

Brand new duplexes, 3 bd 2 ba, 2 car, gated comm, call Rick, 405-830-3789.

513 E. Boeing 2 bed 1 bath, fncd. bkyd w/d hook-up with appliances.

405-570-5865

Duplexes Del City

906 N Gardner 3 bed, 1.75 baths, fireplace $525/month 408-5836

“The states that had the highest fallout in foreclosure and price depreciation certainly didn’t have markets built on sound business practices,” Sharga said.

“The running gag was, you’d put a home on the market at breakfast and have three offers for twice the asking price by lunch.

We’re seeing the consequences of that now. As soon as prices stopped going up, the whole house of cards came down.”

Lovely 3/2/2 brick home, koi pond $1075 603-7665

OKC Southeast

476

HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434

Extra Nice- 2 bd, corner lot, good neighborhood.

1623 SW 41st. $600 + $400 dep. Non-smoking.

D-631-1386, N-799-3111 9113 SW 27th West Brooke Estates 4bed, 3ba, 3 Car Garage, 3384sf 1FP, $2000/mo 405-250-4289 Rent Specials 605-5477 2, 3 & 4bd Houses All Areas $395-1295 buyahouseinoklahoma.com 2BR/1BA/1, $550/mo + $400 dep. 2745 SW 45th 381-4841 or 990-4869 Sec 8 OK - New Home 5bdr/2bth $1200/m sep util, large lot 759-6828 5305 S Drexel 3bd/1ba 1car, ch&a, fncd $650+ $500 Avail now 413-4252 1240 SW 31st, 3/1/1, stv frig, no sec 8, no pets, $550 + dep, 681-9865.

Piedmont

478

Large fenced lot 3 bed, 1 bath, newly remodeled, exc cond, 373-2685

Village/ Nichols Hills 481.5 »»»»»»»»»»»» 4 bed, 2 bath, 2 living, 1 story, 2752 W. County Club Dr. $900. 842-2425 »»»»»»»»»»»»

Yukon

482

2444 SQ. FT located on Kingston Drive!

4bed, 2.5ba, 1.5 Car Garage, 3-story Split-Level Home, $1250/Mo Call Diana (580) 747-3476 or Call Cindy (479)689-4728 Recently built house with 4 bed, 2.5 bath, plus office, lots of upgrades, Mustang schools $1650 mo + dep. 405-818-1702 2 bed, 2 bath 1 car, 12503 SW 2nd St. $690mo 205-2343 Best Realty

Mobile Home Rentals 483 WHY RENT WHEN YOU CAN OWN? Easy financing with no credit needed. Yukon schls Diane 789-4499/388-3491

5312 Bodine, 3/1/2, newly redone, Sec 8 ok $725 2605 SE 50th 3bd 1.5ba 2car, 2 living $675 681-7272

$ FREE RENT 1ST MO $ 2BR $350+, 3BR $495+, MWC NO PETS 427-0627

Rent Specials 605-5477 2, 3 & 4bd Houses All Areas $395-1295 buyahouseinoklahoma.com

Rental Services

4812 Cinderella, 3bd 2ba 2car, fireplace, ch/a $650 Fidelity RE 692-1661 5205 Creekwood Terr.

5529 Dimple Dr. $650mo 317-6411 or 413-6204

OKC Southwest

477

2100 SW 78 3/1.5/2 $825 629 SW 49th 2 or 3bd (gar. converted) 1ba$550 633 SW 33rd 2/1 $350 2401 SW 43rd #7 1bd apt, total elect, water paid $325 681-7272

487

Rental Helper

Current Home Rental Listings •Only $39 •Homes and Duplexes •Rent starting at $149 •1,2 and 3 bedrooms Mon.-Sat. 10am to 5pm 1112 NW 23rd, Suite 111B in the Gold Dome 405-605-5551 PROFESSIONAL PROPERTY MANAGEMENT SINCE 1982 Spectrum Management 848-9400 usespectrum.com

12F

SATURDAY, JUNE 26, 2010

REAL ESTATE

FINANCIAL REGULATION DISCUSSED

Residential market stays in recession

Economics debate has been skewed

CONSTRUCTION | HOMEBUILDERS SAY GOVERNMENT INCENTIVES HELPED SALES

BY THE ASSOCIATED PRESS

WASHINGTON — Homebuilders nationally are sending a message: They won’t be able to contribute much to the economic recovery now that government home-buying incentives have vanished.

Home construction and applications for building permits sank in May, overshadowing favorable reports on manufacturing and wholesale inflation.

Construction fuels a broad swath of industries across the economy. Yet double-digit unemployment is a key reason people have passed on buying new homes. Even with low mortgage rates, the industry is struggling.

“The economy is grow-

ing, and the housing market is still in recession,” said Eugenio Aleman, senior economist with Wells Fargo Securities. “It’s not going to contribute to growth, but it is not going to pull the economy back down.”

New home and apartment construction fell 10 percent in May to a seasonally adjusted annual rate of 593,000, the Commerce Department said. April’s figure was revised downward to 659,000. Applications for new building permits — a sign of future activity — sank 5.9 percent to an annual rate of 574,000, the lowest level in a year.

The number of new single-family homes tumbled 17 percent, the largest monthly drop since January 1991.

Q. After the financial crisis and the recession, which seemed to start with the housing market crash, everyone talks about the pros and cons of financial regulation. The Republicans don’t want regulation, and the Democrats say more regulation is needed. What do you think in regards to the arguments being made?

Dustin Murphy, Oklahoma City

A for-sale sign is posted in a lot next to a new home under construction in Cincinnati. Home construction plunged last month to the lowest level since December as builders scaled back their starts after the federal tax credit for buyers expired.

AP PHOTO

Housing starts not boosting economy

BY THE ASSOCIATED PRESS

In a typical economic recovery, the construction sector provides much of the fuel. But that hasn’t happened this time.

Developers are trying to sell a glut of homes built during the boom years.

And they must compete against foreclosed homes selling at deep discounts.

As a result, new home sales made up about 7 percent of the housing market

last year, down from about 15 percent before the bust.

Each new home built creates the equivalent of three jobs for a year and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders. The impact is felt across multiple industries, from makers of faucets and dishwashers to lumber yards, but it has weakened in recent years.

THE OKLAHOMAN | NEWSOK.COM

Spending on residential construction and remodeling made up only about 2.4 percent of the nation’s economic activity in the first quarter of the year.

That’s down from a peak of more than 6 percent during the housing market’s boom years.

Homebuilders are feeling less confident in the recovery now that government incentives for buyers have expired. The National Association of Home

Builders said its housing market index fell in June after two straight months of increases.

New homes sales rose nearly 15 percent in April.

That followed a nearly 30 percent surge in March, the biggest monthly increase in 47 years.

The tax credits expired on April 30. Buyers who signed contracts before the deadline have until June 30 to complete their sales and qualify for incentives.

A. Much of the talk today is based on a false dichotomy. Let me explain.

Present-day conservatives like to link themselves with Friedrich Von Hayek and refer to themselves as followers of the “Austrian school” of economists.

This, they believe, shows opposition to Paul Krugman and modern-day liberal economists and opposition to the teachings of John Maynard Keynes.

Keynes is credited with founding the basis of macroeconomics by which governments use fiscal and monetary measures to minimize harsh effects of business cycles.

Both Von Hayek and Krugman received Nobel Prizes in economics, in 1974 and 2009 respectively, while Keynes, having died before these prizes were first awarded in 1968, was awarded a title by the King of England for accomplishments during his lifetime. All three men are

Charles Carter REAL ESTATE Q&A

truly great economists.

Here’s what the pundits say: Keynes and Krugman want regulation and governmental control, while Von Hayek and the Austrian school want free markets rather than regulation.

The phenomenon Von Hayek didn’t like and didn’t want was central planning. Central planning is indeed very different from and detrimental to free-market capitalism.

What Krugman is worried about are the forces that can make for monopoly or oligopoly instead of competition, also different from and detrimental to free-market capitalism.

To say that Krugman and Keynes want central planning, not a “level playing field” where businesses can thrive and compete of their own initiative, is a gross misstatement.

Charles Carter, Ph.D., specializes in real estate analysis after years of experience as a professor, real estate lawyer and appraiser. He is a consultant at Haint Blue Realty in Mount Pleasant, S.C. Readers may send questions to cccarter2010@yahoo.com.

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