LISTING OF THE WEEK
Two stories, corner lot The Listing of the Week is a large, two-story, one-owner Dallas-style home with a pool, hot tub and cabana on a corner lot near NW 39 Expressway and Portland Avenue.
HOUSE PLAN
Expect admirers Admiring glances are a given with the Etheridge. The home’s full spectrum of Craftsman detailing guarantees it. PAGE 5F
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REAL ESTATE
Mi-Ling Stone Poole
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THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 14, 2010
PUBLIC INSURANCE ADJUSTERS HELP PROTECT HOMEOWNERS’ INTERESTS
ASK MI-LING
Prevent paint spill The best possible solution for a paint spill is an ounce of prevention. Use painter-grade drop cloths and tape around baseboards. Prepping is the key. PAGE 3F
IN BRIEF
ALARM MAKES TRAVEL SAFER
Harvey Lewis of Lewis & Associates Public Insurance Adjusters inspects a hail-bombed tile roof on a home in Nichols Hills. Lewis & Associates is one of just a few public adjusters in Oklahoma and the only one headquartered in Oklahoma City. PHOTO BY SARAH PHIPPS, THE OKLAHOMAN
BY RICHARD MIZE Real Estate Editor richardmize@opubco.com
NICHOLS HILLS — David Johnson’s house on Dorchester Drive, like virtually every house in Nichols Hills, was in the line of fire when the May 16 hailstorm left that community and much of north Oklahoma City looking as if someone had attacked with small artillery. Windows, siding and roofs — composite shingles as well as much hardier tiles probably as old as Nichols Hills itself — withered and crumbled under the on-
slaught. Shingles on Johnson’s have been totaled, but the adjuster house looked as if they’d been shot saw it differently. It was just Johnthrough by a big gun son’s second claim on at close range. his homeowners inJohnson, as did surance in 31 years tens of thousands of with the same insurothers in Oklahoma ance company. He City, dutifully called said the first time, in his insurance compa1998, when another ny, which dutifully storm damaged his sent out a claims adhouse, left him feeljuster, who dutifully ing as exposed as his inspected Johnson’s roof. house, left, and turnJohnson, a certified ed in a report. public accountant, David Johnson What the adjuster was grumbling about left was Johnson, dissatisfied — his situation to a fellow CPA, Walagain. He thought his roof should ter Gillispie, and Gillispie recom-
mended Johnson call Lewis & Associates, public insurance adjusters. Public insurance adjusters? “The vital link between you and your insurance company” is the way founder Harvey Lewis puts it. And Johnson learned the way most people do — word-ofmouth — that a homeowner making a claim on homeowners insurance is not totally at the mercy of the insurance company’s hiredgun adjuster. So this time, unlike in 1998, Johnson didn’t just take it when SEE ROOF, PAGE 2F
Unlikely allies opposing property transfer fees WASHINGTON — Can you name a housing controversy that pulls Iraq and Afghanistan veterans, consumer advocates, labor unions representing transport workers and government employees, the title insurance industry, the National Council of La Raza, libertarian and property rights groups and the National Association of Realtors all together into a protest coalition demanding quick action from the Obama administration? A more unlikely collection of real estate bedfellows is hard to imagine. Yet at the end of July, 11 groups with widely divergent agendas and memberships formed something called the Coalition to Stop Wall Street Home Resale Fees. The target of their protest: private transfer fees being attached as liens on homes and requiring successions of property owners to pay a fee every time the house or lot resells during the coming 99 years. Though proponents say the concept helps real estate developers raise capital for projects by bringing in Wall Street investors, critics contend the liens amount to a perpetu-
Kenneth Harney THE NATION’S HOUSING
al money machine that lowers equity values for unsuspecting consumers and complicates real estate sales. Here’s how the plan works. Say you buy a $300,000 house in a subdivision where the developer is participating in a private transfer fee program and has recorded liens on every lot. What the developer may not have disclosed to you, however, is that when you later sell the property, you will be required to pay a fee of 1percent of the price you receive. The money must be disbursed out of the closing proceeds and sent to a trustee representing investors. Those investors fronted cash to the developer in exchange for the right to receive streams of payments for decades as individual houses sell and resell. To illustrate: If you buy a
house this year for $300,000 and resell it for $325,000 a few years from now, you will owe $3,250 at closing. Even if the house drops in value, you will still owe the 1 percent fee. And if you refuse to pay it, the deal will not close because a lien has been recorded that runs with the title to the property and mandates that every seller pay. Your purchaser might not like the fee requirement, either, and might demand a lower price as compensation. When your purchaser later goes to sell, the same rules will kick in. And so on, through successions of sales until 2109, when the covenant recorded in 2010 disappears. Along the way, assuming modest appreciation in real estate values, investors and their estates stand to reap huge amounts of cash. In the words of Kurt Pfotenhauer, chief executive of the American Land Title Association, “It’s a pretty slick way to make money, but it’s bad public policy and bad for consumers.” Pfotenhauer’s group and the National Association of Realtors
First Alert has a new carbon monoxide alarm designed to offer peace of mind when you’re on the road. The travel alarm is a compact device that’s described as offering full-size power and protection against carbon monoxide poisoning. It operates with a 9-volt battery. The alarm has a suggested retail price of $34.99 and is available at Target stores and in the Tools & Home Improvement section of Amazon.com.
have spearheaded drives directed at state legislatures to ban or restrict private transfer fees. But now the focus has shifted to the federal level, where the 11member coalition wants the Obama administration to prohibit transfer fees on all mortgages purchased or backed by Fannie Mae, Freddie Mac and the Federal Housing Administration. The FHA has already indicated that the fees violate its rules, said the coalition in a July 29 letter to Treasury Secretary Timothy Geithner. If Fannie Mae and Freddie Mac, which both operate under federal conservatorship, follow suit, the underlying mortgage-financing fuel supply powering transferfee programs effectively will be shut off. Along with the FHA, Fannie and Freddie now account for an estimated 95 percent of all mortgage financings. The principal advocate for the private transfer fee concept, Freehold Capital Partners of New York, did not respond to repeated requests to comment for this column. In an e-mail sent to me earlier this year, Curtis Campbell, a
spokesman for Freehold, said that “private transfer fees represent an adaptation in how to pay for development costs” incurred by builders “at a time when funding is not available” to them on “reasonable terms.” On its website, Freehold claims that major real estate development firms controlling “hundreds of billions of dollars in real estate projects nationwide,” including some of the “largest, most well respected,” have participated in the program. However, the company has declined to identify any of them. Members of the new anti-fee coalition said they have very specific reasons for joining. For example, Jon Soltz, co-founder and chairman of VoteVets.org, said military families generally move every three years and have been disproportionately hard hit by the real estate bust. Because of their frequent moves, “these fees hurt the military more than anyone,” he said, and “take advantage of unsuspecting homeowners and buyers.” Ken Harney’s e-mail address is kenharney@earthlink.net. WASHINGTON POST WRITERS GROUP
TIPS OFFERED FOR PLANT ART Botanical illustration combines accuracy with artistry to create works that are both realistic and appealing. Wendy Hollender teaches the techniques involved in “Botanical Drawing in Color: A Basic Guide to Mastering Realistic Form and Naturalistic Color.” Hollender, coordinator of botanical art and illustration at the New York Botanical Garden, takes a workbook approach in guiding her readers through the learning process. Readers start with such basics as gathering materials and mastering coloredpencil techniques and work up to advanced drawing and composition. “Botanical Drawing in Color” is published by Watson-Guptill and sells for $24.99 in softcover. FROM WIRE REPORTS
INDEX Smart Permits Handy
4F 7F 10F
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REAL ESTATE
SATURDAY, AUGUST 14, 2010
THE OKLAHOMAN | NEWSOK.COM
Roof: Public adjusters gaining popularity in Oklahoma FROM PAGE 1F
the adjuster sent out by USAA Insurance left him feeling ill-treated. “Little ol’ me, I don’t know the fine print of insurance policies. If we’re not satisfied with the adjuster, what recourse do we have?” he said, recalling his thinking before learning of public insurance adjusters and Lewis & Associates. Lewis said the few public insurance adjusters in Oklahoma work for claimants, for a small percentage of a settlement, rather than for insurance companies. His firm, with offices at 6116 NW 63, spells it out on its Web page, www.lewisandassociates.com: “We specialize in obtaining the absolute maximum amount available from your residential or commercial property insurance claims. Insurance companies spend millions of dollars every year to convince you of their credibility and fairness. At the same time, they are training their adjusters to pay you as little as possible when a loss occurs. ... Because most policies are difficult to interpret and hard to understand, you have been at the mercy of ‘what they think is fair’ in the settlement of your insurance claim. It is our job to see that you receive the MAXIMUM amount payable under your policy.” Public insurance adjusters are bonded and licensed by the Oklahoma Insurance Department. Just 18 firms do business in Oklahoma, according to the National Association of Public Insurance Adjusters, and all but one, Lewis & Associates, are headquartered out of state. Brown-O’Haver, based in Mesa, Ariz., has an office in Moore. “It’s fairly new in Oklahoma. There’s been public adjusters on the East and West coasts for generations,” Lewis said as he inspected a hail-bombed and expensive-to-replace red tile roof at a doctor’s house on W Wilshire Boulevard. The tile, already crumbled, fell to pieces under his feet. “He’s got this tile roof,” Lewis said of the doctor. “Hail doesn’t usually bother tile. He hired us to make sure he got treated properly.” Lewis started Lewis & Associates in 1989 and worked for several insurance companies before that. Why do so few public adjusters hang out their shingle, so to speak, in Oklahoma, especially with the state’s regular severe weather? “You have to have quite a few clients to make a living,” he said. “We get most of our income from fire losses, frankly.” When a storm such as the widespread barrage of huge hail on May 16 occurs, the out-of-state adjusters start showing up alongside the roofers, said Jane Lewis, his wife and business partner. “Many out-of-town adjusters often come in and simply ‘skim off the cream’ and leave the property owner trying to work the loose ends of the claim. Insurance companies bring in company adjusters from other parts of the United States who don’t know storm damage like we have in Oklahoma, since many have worked only hurricane claims,” she said. “Tornado, wind and hail are a completely different type of damage than they are familiar with and many times fail to pay properly on the claim. “We work the claim completely until all money has been paid to the insured from their insurance company. We charge a small fee ... and we take the stress off of the owner of the property, and they can rest knowing we are looking out for their best interest.”
Above: Harvey Lewis, a public insurance adjuster, inspects David Johnson’s hail-damaged roof on Dorchester Drive in Nichols Hills.
Left: Lewis shows damaged shingles from David Johnson’s roof in Nichols Hills. PHOTOS BY SARAH PHIPPS, THE OKLAHOMAN
ALSO DOING BUSINESS
Public insurance adjusters These companies are licensed to do business in Oklahoma but don’t have offices in the state: Adjusters International Corp., Dallas. Alex N. Sill Co., Cleveland, Ohio. Baldwin Co. Inc., Charlotte, N.C. Beneke/Adjusters International, Austin, Texas. Claims International Inc., Voorhees, N.J. Clarke & Cohen Inc., Bala Cynwyd, Pa. Continental Adjusters Inc., Dallas. Globe Midwest/Adjusters International, Southfield, Mich. Greenspan Adjusters International, Los Angeles. Jansen International, Houston. Kubala & Co., Houston. Matrix Business Consulting, Denver. National Fire Adjustment Co. Inc., Amherst, N.Y. Quality Claims Management Corp., San Diego. RHI Claims Specialist, The Woodlands, Texas. Risk & Insurance Services Co., Louisville, Ky.
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SOURCE: NATIONAL ASSOCIATION OF PUBLIC INSURANCE ADJUSTERS.
Workers replace a roof in Nichols Hills. Widespread repairs are still under way in Nichols Hills and across north Oklahoma City three months after the May 16 hailstorm raked the metro area. PHOTO BY SARAH PHIPPS, THE OKLAHOMAN
Yukon realty firm changes affiliation FROM STAFF REPORTS
YUKON — The real estate firm formerly known as Coldwell Banker Twin Rivers is now affiliated with RE/MAX and is known as RE/MAX Twin Rivers Realty. Brian Woodward, broker and co-owner, has been in the real estate business for 14 years, 12 with the previous franchiser. He said “RE/MAX’s leadership, vision and resources” fueled his decision to make the switch. “The decision to join RE/MAX was a no-brainer,” he said. “My wife, Su-
san, and I knew that RE/ MAX was a company run by Realtors. It’s an organization that understands what we face every day in the marketplace.” The Woodwards bring more than 30 sales associates to RE/MAX. “There’s a buzz of excitement in the office,” said Woodward, whose office closed $65.5 million in total volume and 437 transactions in 2009. “During a recent in-office RE/MAX LeadStreet training, our associates were getting leads before we even finished the course. That’s powerful.”
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 14, 2010
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Sometimes it’s best to keep paint spills under rug DEAR MI-LING: I really don’t have a decorating question, as I have already decorated my daughter’s room for high school, but we had a little accident with turquoise paint: a spill. How do I get dried paint off of very light carpet? What a nightmare! Robin W. DEAR ROBIN: Been
Mi-Ling Stone Poole ASK MI-LING there done that! I painted my office Ralph Lauren Red and I spilled red on the cream carpet. I never
could get it out. But there are lots of remedies for latex paint, although none worked for me either. The stain is still there; I covered it with a rug for now. I plan on installing hardwood floors in that room in the near future. The best possible solution is an ounce of prevention. Use paintergrade drop cloths and tape around the base-
Homebuilder posts $50.5M in third-quarter profits BY THE ASSOCIATED PRESS
LOS ANGELES — Homebuilder D.R. Horton Inc. said it reversed a year-ago loss in its fiscal third quarter as homebuyers raced to close on purchases before the end of June to qualify for federal tax credits. New home orders fell 3 percent in the absence of the government incentives, which expired at the end of April. However, after dropping sharply from April to May, orders improved modestly in June and again in July, management said. “Clearly, the two tax credits pulled forward demand, and now as we see in July, we’re getting back to a more normalized demand,” said Donald Tomnitz, D.R. Horton’s president and chief executive. Still, Tomnitz noted that it will be difficult for the company to improve
on its prior-year sales totals in the next three quarters because the tax credits are over. He also predicted next year and 2012 would be “tough years” for homebuilders. “While we remain focused on gaining market share, for us to see significant, sustainable sales growth, we need to see improvement in the overall economy, the jobs landscape, and consumer confidence,” he said. D.R. Horton, which is based in Fort Worth, Texas, has operations in 26 states, including the Oklahoma City metro area, and primarily targets firsttime homebuyers with homes selling as low as $90,000. Still enjoying a boost from the tax credits, D.R. Horton reported net income of $50.5 million, or 16 cents a share, in the three months ended June
30. That compares with a net loss of $143.8 million, or 45 cents a share, in the prior-year period. Revenue jumped 51 percent to $1.38 billion, with the number of closed sales jumping 60 percent to 6,805 homes.
boards. Prepping is key to a successful project and can cut down on accidents although sometimes they can’t be avoided. I’ve heard everything. Some people have tried mineral spirits, glass cleaner, Pledge and nail polish remover, dish soap and just blotting the spot with a damp cloth. However, I can’t recommend
any of these remedies. Consider pulling up the carpet to see if the stain soaked into the pad. You might have to replace the pad as well. Sometimes the pad will hold the stain. If you have any extra carpet, you can cut a piece and see if it will blend in. If that doesn’t work, contact your carpet dealer and ask for his
suggestions. If all else fails, find a nice rug for now and deal with replacing it later on down the road. 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.” If you have a decorating dilemma, contact her through her website, www.Mi-Ling.com.
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REAL ESTATE
SATURDAY, AUGUST 14, 2010
THE OKLAHOMAN | NEWSOK.COM
Americans’ homeownership dream lives on Are Americans disenchanted with the idea of homeownership, as some in the media have said recently? Not according to those who work with wannabe homebuyers. Despite what you may hear on TV and radio talk shows, “the dream of buying a first home is alive and well,” said Tom Early, former president of the National Association of Exclusive Buyer Agents (www.naeba.org). While some commentators suggest that people have soured on the longcherished dream of owning a place of their own and argue that the foreclosure wave and the volatile housing value situation of the past few years have caused a change in attitudes, Early has a more nuanced view. “Granted, banks have tightened the screws on mortgage borrowers. They now look very closely at credit ratings and debtto-income ratios. It’s a lot harder to get a mortgage.
Ellen James Martin SMART MOVES But that hasn’t caused people to stop hankering for a house,” he said. No matter the economic phase, Early said those most eager to acquire a first home are people in their late 20s and early 30s who have stable jobs and wish to settle down. Arlen Olberding, a financial planner affiliated with Garrett Planning Network (www.garrett planningnetwork.com), said he is advising several young clients “who want that sense of place and permanency that comes with a house.” While he thinks the desire for first-time homeownership is as strong as ever, he allows that it’s now more difficult for prospective
Two face charges in first-of-its-kind credit fraud case BY THE ASSOCIATED PRESS
KANSAS CITY, Mo. — Federal prosecutors have charged a California woman and Florida man with helping at least three people build false credit histories that allowed them to obtain millions of dollars in mortgage loans. U.S. Attorney Beth Phillips said it’s the first time the Department of Justice has charged people with supplying customers with false credit histories. “Credit history fraud poses a significant threat to our financial institutions and undermines our economy,” Phillips said at a news conference. “Using a false Social Security card or in any way misrepresenting your financial history is a crime. It is a significant crime with significant penalties.” Karen Washam-Hawkins, 48, of Carson, Calif., and Gerald William Bartlett, 38, of Tampa, Fla., were charged with conspiracy to defraud the U.S. government and interstate transportation of funds obtained through fraud. Washam-Hawkins also faces two wire fraud counts. According to the indictment, Washam-Hawkins sold false Social Security numbers to Shade Jerome Howard, of Anaheim, Calif., in late 2004 or early 2005. Howard bought numbers for himself and helped at least two Kansas City-area men, Daryle Edwards of Overland Park, Kan., and Ron Brown, of Gladstone, Mo., obtain others. Prosecutors said Bartlett increased the credit scores attached to the Social Security numbers by using his companies, South Florida Management Group and Consumer Financial Group, to report false account and payment information to credit bureaus. Howard, Edwards and Brown used the false numbers and credit information to buy six new homes worth more than $2.7 million, prosecutors said. All three were sentenced earlier this year for their roles in a $12.6-million mortgage scheme in the Kansas City suburb of Lee’s Summit. They were among 18 people who have pleaded guilty to participating in the scheme, which involved 25 upscale homes. “Local FBI agents dug deeper into a mortgage fraud scheme that resulted in a multimillion-dollar loss in the Lee’s Summit area,” Phillips said. “By digging deeper into that mortgage fraud scheme, investigators uncovered a
Beth Phillips, attorney for the Western District of Missouri, announces that two people have been indicted for their roles in a credit history fraud contributing to $2.7 million in mortgage fraud, in Lee’s Summit, Mo. AP PHOTO
second scheme, a credit history fraud scheme that was operating in the shadows of the mortgage fraud scheme.” The Associated Press reported earlier that federal agents have discovered a proliferation of companies that sell stolen Social Security numbers disguised as credit repair tools called credit profile numbers, also known as credit privacy numbers, or CPNs. Investigators say children are prime targets because most won’t use their Social Security numbers to get credit for several years, which means fraudsters can use their numbers for long periods of time undetected.
homeowners to reach their goal than it was just a few years ago. Here are a few pointers:
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Select your starter home carefully. “A lot of young buyers are very shortsighted when they screen properties. If you can afford it, seek a home that would work for you even after your household size expands, or your small kids become teenagers,” said Sid Davis, a real estate broker and author of “A Survival Guide for Buying a Home.” “Don’t break your budget,” he said, “but try to buy ahead for your future needs, as well as eventual resale.” Choose a home that would sell well when it’s your turn. While many baby boomers are beginning to downsize, younger families still want a house spacious enough to raise small children, possibly one with several bedrooms.
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Assuming you pick a strong neighborhood, this kind of house can usually be expected to gain value sooner than a one- or two-bedroom house, Early said. To enhance your future resale prospects, also look for multiple bathrooms, a feature people of all ages tend to appreciate. Make sure the neighborhood you pick has good public schools. Given the resources on the Internet, it’s now easy to compare schools based on students’ test scores. That’s because most school systems freely disseminate test results on their websites. Also, you can get more information on the quality of schools in a neighborhood you’ve targeted by buying a report from an educational research service such as SchoolMatch (www.school match.com). But Davis contends the best information on school quality typically comes from word-of-
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mouth sources. For a quick (though unscientific) survey of school quality, he encourages you to go door-to-door in the neighborhood of your choice to poll residents on their views. Consider financing your home with a government-backed home loan. Nowadays, most lenders want substantial down payments for their conventional mortgage programs. But amassing a large down payment is an especially high hurdle for many young adults, particularly those still carrying student loans or credit card debt.
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However, Early said, many first-time home purchasers are eligible for low-down-payment mortgages through the Federal Housing Administration of the U.S. Department of Housing and Urban Development. To find lenders near you who make FHA loans, go online to this website: www.hud.gov. To contact Ellen James Martin, e-mail her at ellenjamesmartin@gmail.com. UNIVERSAL UCLICK
THE OKLAHOMAN | NEWSOK.COM
REAL ESTATE
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Beazer Homes posts loss
HOUSE PLAN
BY THE ASSOCIATED PRESS
ATLANTA — Beazer Homes USA Inc. posted a loss in its fiscal third quarter, as Americans rushed to buy homes as federal tax credits expired in April but held back in later months. The company said it lost $27.8 million, or 41 cents per share in the three months ended June 30. That compares with a loss of $28 million, or 72 cents a share, in the prior-year period. The period included several one-time items, including a $5.1 million inventory impairment charge, a $12.5 million impairment charge related to two joint
Craftsman detailing marks Etheridge Admiring glances are a given with the Etheridge. The home’s full spectrum of Craftsman detailing guarantees it. Each of the numerous windows has Craftsman-style multipane window uppers, and a slender row of them caps each garage door. Shake-textured siding fills the gable fronts, while tapered columns support and highlight the front porch as well as the covered patio at the rear. Bold and handsome king posts crown the porch entry. Entering via the vaulted porch, you step into a high-ceiling foyer. A wide opening on the right leads into a living room with a fireplace, shelving and a computer desk. The smaller opening on the left brings you into an alcove with two doors. One opens a coat closet and the other goes to a powder room. Large and naturally bright, the family room is at the heart of this home. Decorative drop beams run front to back, drawing eyes to the stone-lined woodstove alcove at the rear and the transomcrowned atrium doors that flank it. This
SATURDAY, AUGUST 14, 2010
spacious area then flows into the nook and kitchen. Built-in seating lines the nook’s rectangular window bay. Cabinets and built-in appliances line the kitchen on three sides, while counters run along two. A raised conversation bar rims a work island with a prep sink, and a roomy walk-in pantry fills one corner. Laundry appliances are nearby, in a spacious, well-appointed utility room with links to both the garage and a passthrough mudroom with backyard access. The Etheridge’s vaulted owners’ suite is a secluded retreat. It boasts a fireplace, a luxurious bathroom, and two deep walkin closets. Two more bedrooms and bathrooms are upstairs, along with a skylit bonus room and an attic-style storage room. 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 Etheridge 30-716 and include a return address when ordering. For more information, call (800) 6340123.
ventures, a $9 million loss on debt extinguishment and a $28.4 million benefit from income taxes. The number of shares outstanding rose 76 percent during the quarter to 68.3 million from 38.8 million in the prior year. New orders fell 33 percent to 1,037 homes, “substantially impacted” by federal tax credits expiring in April, the company said. Beazer’s cancellation rate rose to 28.9 percent from 23 percent in the prior year. The average home selling price fell 12 percent to $206,200 from $235,100 last year, as home sales shifted to areas with lower home prices and to a higher number of first-time buyers.
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REAL ESTATE
SATURDAY, AUGUST 14, 2010
LISTING OF THE WEEK
PulteGroup reverses slide, posts a quarterly profit BY THE ASSOCIATED PRESS
BLOOMFIELD HILLS, Mich. — PulteGroup Inc., the na-
The Listing of the Week is at 4208 N Bush Blvd.
PHOTO PROVIDED
House has butler’s pantry, 7 bathrooms, pool, hot tub The Listing of the Week is a large, twostory, one-owner Dallas-style home with a pool, hot tub and cabana on a corner lot in the Bush Hills neighborhood near NW 39 Expressway and Portland. The 6,483-square-foot home has five bedrooms, seven baths, two half-baths, four living rooms, three dining areas and an attached three-car garage. The formal living room has a fireplace and built-in bookcase. The family room has a fireplace and cathedral ceiling. The study has a fireplace. The kitchen has a work island, butler’s pantry and breakfast bar. The
master bedroom has a his-and-her bath with whirlpool tub and walk-in closet. The home has a cedar closet, covered patio, open patio, central vacuum system, security system and underground sprinkler system. The home, built in 1987, is listed for $699,900 with Ed Collins of ChurchillBrown & Associates Realtors. For more information, call 203-3747 or 330-0031. 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.
Pending U.S. home sales sink in June MARKET | ANALYSTS THINK PRICES WILL SLIP THIS FALL BY THE ASSOCIATED PRESS
WASHINGTON — The number of buyers who signed contracts to purchase homes dropped in June, as the weak economy and tight lending standards kept consumers away from the housing market. The National Association of Realtors said that its seasonally adjusted index of sales agreements for previously occupied homes dipped 2.6 percent to a reading of 75.7. That was the lowest on records dating to 2001 and down nearly 19 percent from the same month a year earlier. The index has fallen more than 40 percent from its peak in April 2005. May’s reading was revised slightly downward to 77.7. High unemployment, weak job growth and tight credit have hurt the housing market. Sales picked up in the spring when the government was offering tax credits of up to $8,000. However, once the tax credits expired on April 30, sales plunged. Economists say the government incentives prompted many buyers who might have signed contracts during May and June to move their purchases up. That’s one reason for the sharp decline. But they also point to the growing inventory of unsold homes on the market. It has risen to almost 4 million. That’s nearly a nine-month supply at the current sales pace, the highest level since August. It compares with a healthy level of about six months. And that doesn’t include millions of foreclosed homes that have yet to go onto the market. Many analysts believe the number of homes for sale or headed for foreclosure is so high that prices will slip this fall and hit the bottom by early next year. “There’s too much supply for the demand that’s there,” said Michael Feder, chief executive of Radar Logic Inc., which tracks the housing market. “That’s not a dynamic in which values go up.” The index provides an early measure of sales ac-
THE OKLAHOMAN | NEWSOK.COM
tivity because there is usually a one- to twomonth lag between a sales contract and a completed deal. The sales report was driven by a more than 12 percent drop in the Northeast and a 9.5 percent decline in the Midwest. Sales were down only 0.2 percent in the West and rose by nearly 4 percent in the South. Though mortgage rates have been at or near the
lowest level in decades, the economy remains weak. Plus, many buyers have been scared away by the prospect that home prices could start to turn downward again. Because housing is such an important engine of the economy, lower prices could dim the recovery. When home values fall and people have less equity in their homes, they tend to cut back on spending.
tion’s largest homebuilder, said it returned to a quarterly profit for the first time in more than three years, boosted by its acquisition of Centex Corp. and as Americans bought homes ahead of the expiration of federal tax credits. Net income for the second quarter ended June 30 totaled $76.3 million, or 20 cents per share. That compares with a loss of $189.5 million, or 74 cents a share, in the prior-year period. Analysts polled by Thomson Reuters, on average, expected the firm to break even on a per share basis on revenue of $1.24 billion. Results were helped by the company’s acquisition of Centex, which closed in August 2009 and made the company the largest U.S. homebuilder. Prior-year results are not adjusted for the deal. The quarterly results also include about $45 million in land and mortgage charges, plus an $82 million benefit from income taxes. Revenue rose 92 percent to $1.31 billion from $678.6 million last year. Revenue benefited from the addition of Centex, which helped double closing volumes. New home orders rose 25 percent from the prior year. Quarter-end backlog rose 44 percent to 5,644 homes. CEO Richard J. Dugas Jr. said recent buyer demand has been “stable, albeit at very low levels,” after the
federal tax credit expired at the end of April. “While reasonable to expect a modest seasonal pickup in the second half of 2010, long term we believe that any significant housing recovery will require a stronger economy, higher employment and greater
overall consumer confidence,” he said. High unemployment, slow job growth and tight credit have kept people from buying homes. Sales of new U.S. homes jumped in June, but it was the second-weakest month on record.
THE OKLAHOMAN | NEWSOK.COM
Permits Oklahoma City Van Hoose Construction Co., 7200 W Interstate 40, automotive sales, erect, $8,000,000. Don Chesser Homes Inc., 11415 Hillsdale Drive, residence, erect, $1,200,000. Redbud Contractors LLC, 17716 Prairie Sky Way, residence, erect, $530,000. Mayse & Associates, 6201 N May Ave., restaurant, erect, $500,000. Hobby Lobby Stores Inc., 2201NW 138, retail sales, remodel, $450,000. Neal McGee Homes Inc., 3225 NW 177, residence, erect, $332,276. D.R. Horton, 8728 Pikes Peak Road, residence, erect, $308,900. Crossing Community Church, Michael Stephens, 14600 N Portland Ave., parking, install, $300,000. Rice Custom Homes
LLC, 19200 Blossom Court, residence, erect, $300,000. D.R. Horton, 2312 NW 154, residence, erect, $279,500. Avalon Homes & Properties LLC, 5715 Redear Drive, residence, erect, $270,000. Renaissance Custom Homes LLC, 15401 SE 71, residence, erect, $270,000. Rice Custom Homes LLC, 19516 Crest Ridge Drive, residence, erect, $260,000. Aaron Dickenson, 4801 NE 122, retail sales, remodel, $250,000. Oklahoma Foundation for the Disabled, 8401 N Walker Ave., day care center, erect, $250,000. Bitter Creek Homes LLC, 13140 Cottingham Road, residence, erect, $230,000. Vintage Custom Homes LLC, 13117 NW 7, residence, erect, $230,000. Neal McGee Homes Inc., 2404 NW 151, residence, erect, $229,900. D.R. Horton, 7704 Meadow Lake Drive, residence, erect, $229,700.
REAL ESTATE Mike Davidson & Co. LLC, 8801 S Dobbs Road, residence, erect, $214,000. ATL Enterprises Inc., 7124 S Interstate 35 Service Road, business, remodel, $200,000. Hollingsworth Enterprises LLC, 5100 Horizon Blvd., residence, erect, $200,000. Kirk Brown Homes, 5813 NW 117 Terrace, residence, erect, $200,000. Taber Built Homes LLC, 5000 NW 153, residence, erect, $195,000. Ron Walters Homes LLC, 600 N Kelham Ave., residence, erect, $192,000. R&R Homes LLC, 505 Land Run Lane, residence, erect, $190,000. Timber Craft Homes LLC, 8305 Heather Glen Drive, residence, erect, $189,500. Avalon Homes & Properties LLC, 13800 SE 126, residence, erect, $185,000. Ryan Richardson, 14701 SE 119, residence, erect, $175,000. Stone Creek Homes Ltd., 7312 SW 118, residence,
erect, $160,000. Mashburn Faires Homes LLC, 3104 SW 139, residence, erect, $153,500. Jasoslav Stavek, 4408 SE 55, residence, erect, $150,000. Cutter Homes, 11732 SW 18, residence, erect, $140,000. SWM & Sons Inc., 9233 S Anderson Road, residence, erect, $130,760. Mashburn Faires Homes LLC, 2705 SW 96 Court, residence, erect, $129,000. Monarch Properties LLC, 15504 Maple Ridge Lane, residence, erect, $125,000. McAlister Construction Inc., 9717 Crooked Creek Lane, residence, erect, $120,000. Monarch Construction Co. LLC, 3029 Canton Trail, residence, erect, $120,000. Neighborhood Housing Services of Oklahoma City Inc., 1209 SW 18, residence, erect, $110,000. Rausch Coleman Homes LLC, 11821 NW 133, residence, erect, $109,000.
SATURDAY, AUGUST 14, 2010 Foster Design & Construction LLC, 15713 Sky Run Drive, residence, erect, $100,000. LRC Construction, 1240 Davinbrook Drive, residence-attached, add-on, $100,000. Neighborhood Housing Services of Oklahoma City Inc., 1213 SW 18, residence, erect, $95,000. Home Creations, 7008 NW 157, residence, erect, $93,000. Ideal Homes Of Norman LP, 13317 SW 3, residence, erect, $91,000. Ideal Homes Of Norman LP, 1621 NW 143, residence, erect, $72,000. Ideal Homes Of Norman LP, 9516 SW 26, residence, erect, $70,000. Hobby Lobby Stores Inc., 7707 SW 44, office-warehouse, remodel, $65,000. Pinion Design & Contracting Inc., 1700 E Wilshire Blvd., storage, erect, $60,000. Top Gun Construction, 4724 N Willard Ave., residence, fire restoration,
7F
$60,000. Willard Rogers, 2501 W Memorial Road, restaurant, remodel, $60,000. B.E. Silsby, 4200 Margaret Ave., residence, erect, $55,000. Castor Strategic, 1107 NW 23 , retail sales, remodel, $50,000. Grace Contracting LLC, 1 Remington Place, restaurant, remodel, $50,000. Sanders Development Corp., 3009 Red Rock Circle, residence, remodel, $50,000. Thomas Carpenter, 16601 Indian Hills Road, manufactured home, move-on, $45,500. D.H. French Construction Co. Inc., 6805 N Classen Blvd., office, remodel, $45,000. William C. Larkins, 15508 Elizabeth Drive, residence, add-on, $40,000. Better Living Patio Rooms & More of OKC LLC, 5308 SE 86, residence, add-on, $39,000. SEE PERMITS, PAGE 8F
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SATURDAY, AUGUST 14, 2010
Permits FROM PAGE 7F
David Tomlison, 15330 SE 39, accessory, erect, $35,000. Covenant Renovations Inc., 1241 Glenbrook Drive, residence, remodel, $30,000. Stephen and Ruth Ann Gunter, 3413 Pioneer Ave., residence, remodel, $30,000. Kelly Robbins, 10920 SE 89, storage, erect, $29,000. Wilson Chacko Custom Homes, 14625 Remington Way, residence, add-on, $28,000. Wave Development LLC, 6901 Country Lane, accessory, erect, $24,000. Emmanuel Tebernacle Church, 9700 N Western Ave., parking, install, $20,000. We Buy Houses, 7208 NW 7, residence, fire restoration, $20,000. Quick Roofing, 3720 NW
58 Terrace, residence, addon, $16,000. JAH Realty LP, 7316 N Western Ave., business, remodel, $15,000. Benjamin J. Lawton, 6900 SE 162, accessory, erect, $15,000. Gibraltar Construction Co., 3017 Drakestone Ave., residence, erect, $13,500. Bobby Gothard, 9621 S Anderson Road, accessory, erect, $12,000. Roman Castillo, 2728 Texoma Drive, residence, remodel, $12,000. Doc Poulin Construction, 10106 Shadowview Drive, residence, remodel, $10,210. Covenant Renovations Inc., 3112 N Bartell Road, residence, fire restoration, $10,000. Hyrdo Pools, 13116 NW 6 Circle, residence, add-on, $10,000. Saeed Ahadizadeh, 1624 SW 29, automotive sales, remodel, $10,000. Phillip Freeman, 6617 Cherokee Grove Court, accessory, erect, $9,000.
REAL ESTATE Ramon Perez, 1536 SW 24, residence, remodel, $7,000. Pillar Contracting, 218 SW 23, temporary building, move-on, $5,000. Jaime Esparza, 2533 SW 35, residence, add-on, $5,000. Terry Crocker, 9277 N May Ave., retail sales, move-on, $5,000. City of Oklahoma CityPolice Department, 718 W Main, storage, move-on, $3,699. Dennis W. Phelps, 3244 SW 47, residence, remodel, $3,500. Miriam Wiley, 2008 NW 36, storage, erect, $3,400. Lucila Esparza de Delorea, 11625 NE 54, accessory, erect, $3,000. Western Portable Buildings, 10712 Sundance Drive, storage, erect, $2,900. Smartsafe Enterprises, 3521 SW 123 Place, storm shelter, install-storm shelter, $2,800. Tom Swyden, 11824 Bellhurst Ave., storm shelter, install-storm shelter,
$2,600. Steel Built Structures, 11912 Blue Haven Court, residence, remodel, $2,500. Alloy Building Co., 2616 NW 58, canopy-carport, erect, $2,000. Van Hoose Construction Co., 5201 N Lincoln Blvd., temporary building, moveon, $2,000. Wilson Chacko Custom Homes, 14625 Remington Way, storage, erect, $2,000. Cynthia Akin, 4633 E Wilshire Blvd., supplement, add-on, $2,000. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel,
THE OKLAHOMAN | NEWSOK.COM $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Pope Construction, 1444 NE 36, apartment, remodel, $1,500. Cathee Gilbert, 3200 Highland Park Drive, manufactured home, move-onmobile home park, $1,500. J.L. Walker Construction Inc., 7800 S Kentucky Ave., temporary building, moveon, $1,200. Jasoslav Stavek, 4408 SE 55, storage, erect, $1,000.
Demolitions Ken Ford, 3024 NW 14, garage. Kendall Concrete, 3341 NE 12, residence. M&M Concrete & Wrecking Inc., 2705 North-
west Expressway, vacant. Midwest Wrecking, 625 SE 34, residence. Kelly Robbins, 10920 SE 89, storage. K&M Dirt Services LLC, 6615 N May Ave., restaurant. L&S Demolition, 3001 NE 23, hair salon. M&M Concrete & Wrecking Inc., 820 NW 7, vacant. M&M Concrete & Wrecking Inc., 824 NW 7, residence. M&M Wrecking, 215 N Walnut Ave., office. Midwest Wrecking, 6201 N May Ave., restaurant. Wave Development LLC, 6901 Country Lane, residence. Richard Yarber, 1404 NE 15, storage. Ceasar Davis, 729 NE 79 Place, house. Bobby Gothard, 9621 S Anderson Road, workshop. Miriam Wiley, 2008 NW 36, residence. Shawmarce James, 7701 Jesse Trail, house.
REAL ESTATE
THE OKLAHOMAN | NEWSOK.COM
SATURDAY, AUGUST 14, 2010
Millions stay put, await foreclosure or help BY SUE MCALLISTER AND EVE MITCHELL San Jose Mercury News
SAN JOSE, Calif. — Millions of homeowners are trapped in a bizarre real estate limbo, living in houses but no longer paying for them, waiting and wondering if someone will help them — or throw them out. Some are victims of their own economic circumstances, unable to afford their mortgage and expecting to lose their homes if they can’t get a break from their bank. Others are opportunists, choosing not to spend on a house worth less than they owe. Instead, they can live rent-free until their lender makes a move. The limbo phenomenon is a radical departure from previous real estate crashes, when there were far fewer troubled loans and banks moved speedily on those who fell behind on payments. Now many lenders simply can’t keep up, and others appear reluctant to flood a weakened market with foreclosed homes. It all adds up to lingering instability for the housing market, as lenders slowly work through the backlog while homeowners endure uncertainty that could last months or even years. “It’s bad all the way around, for the neighbor, the community, the city, state, nation,” said Chris George, founder and CEO of CMG Mortgage, based in San Ramon, Calif. “It’s a continued indication that there are a lot of people in trouble, particularly with their job situations.”
‘A lot of stress’ Some homeowners say ignoring the mortgage is the only option they have. “I stopped paying payments about 12 months ago,” said Jeff Dunkin, 25, who has twice sought to modify the loan on his San Jose condo, and twice has been denied. The construction worker has been employed only sporadically since early 2009, and the unemployment checks he’s collected are less than half what he used to make. He knows some people may think living mortgage-free sounds like a cushy
Edmond
314
4/2/3 $185,000, 2048 sf Storm shelter, sprinkler system. See photos at owners.com/DAD0343. 405.476.8207
Moore
318
7+ acres. Come build your dream home or land can be subdivided. $125,000 Call for details Fidelity 692-1661
Mustang Acreage For Sale
302
ACREAGE HOME SITES AVAILABLE » The Ranches at Olde Tuscany 1+Ac Moore Schls » Olde Tuscany III 5-10 ac Moore Schools » The Timbers 5 ac Moore Schools » Montecito 1+ ac Norman Schools » Belleau Wood 1+ ac Edmond Schools » Stillbrook Glen 2.5-10 ac Bridgecreek Schools Call Mike 317.0582 landmarkfinehomes.com Visit one of our fully furnished model homes today! *We build on your lot or ours* 1N to 10A, E. of OKC, pay out dn. before 1st pmt. starts, many are M/H ready over 400 choices, lg trees, some with ponds, TERMS Milburn o/a 275-1695 paulmilburnacreages.com BUILDING SITES PIEDMONT 3/4 and 1 Acre Lots, Close In-Good Streets Leon 373-4820 Overland Ex Realty 5.5 Acres in 131 NE 63rd, cleared, fenced & sodded 40 acres 2 tracks will separate. Hughes Co. 405-880-5641, 582-2057 1-28 acres » All Areas Owner Financing Woodlake Properties 405-273-5777 www.property4sale.com » South of Enid-3 bed, 2 bath house on 2 acres, large shed, barn, paved road. 580-541-3979 5 acres, corner lot w/small pond, Moore schools, SE 164th & Air Depot $59,900 Fidelity 692-1661 410-4300 Guthrie, family compound, (2) 3 bed, 2 bath, 5 acres, 850-0532. 6A Mustang Owner carry or cash • 417-2176 www.homesofokcinc.com 30 Acres MOL Jones area. Call 405-771-5716 3.5A 4/3/2 Like new Wash. sch. 417-2176 www.homesofokcinc.com
Condominiums, Townhouses For Sale 304 Crossing in Edmond, 3bd, 2ba, new roof & carpet, pool, clubhouse 348-4823
RE for sale Choctaw
312
Real Estate Auction Sat, Aug 14th, 9:30 AM 2240 N Henney Road, Choctaw, OK RC May & Assoc 341-9202 www.auctiondays.com
319
1233 W Churchill Way FSBO.com ID# 142158 3bd, 2ba, built in 2005 Open House Sun 2-5p. 414-7938, $139,900.
Norman
322
BANK OWNED 3/2, 2 liv, blt 96, 1944sf, 2+ acres $149.9k Arlene CB 414-8753
OKC Northwest
324
PC OPEN HOUSE Open 2-4, 4/2/2, 1703 sf, granite countertop, hardwood and ceramic tile floors $144,900 5008 N. Vermont (between Tulsa /Meridian, S. from NW 50th). Beautiful home. Seller will help w/ buyer closing costs. Real Estate Solutions 949-7777 Sharp Spacious 4bed 2-story home, great area, large dry basement (can double for storm cellar), new carpet, fresh paint ch/a Seller will pay all of buyer's closing costs $99,750. Fidelity RE 692-1661, 417-1963 Great Opportunity for Buyer, 4 bedroom, office, 3 bath, Wonderful PCN school. Seller will help with Buyer's closing costs, new carpet and paint throughout. Debbie Naifeh, 659-9439
3 bed, 1. 5 bath, newly redecorated. Close to Everything! $102,000 782-0933 5942 NW 28 St Open House 2-4 2237 NW 52nd $109,900 1233 sf, 3bd/1ba/1car Get directions & photos at www.MLScomps.com Open House 2-4 6704 Elk Canyon $124,900 1602 sf, 3bd/2ba/2car Get directions & photos at www.MLScomps.com OPEN SUN 2-4 3121 NW 12th 2bed 1bath $57,500. Christina 639-1919, Brightwell Brokerage. $45,500 3br as-is/GREAT potential; 1 blk schls /univ. Kay Sweeney.... Metro First, 590-3649 2551 NW 18th, Historic 2 bedroom $99,900 Jackson Assoc. 424-3922
Piedmont
Part of the reason homeowners wind up staying in their homes so long lies with the lending industry, Stein said. Many companies are overloaded with people who are behind in payments, and financial institutions are hesitant to process thousands of foreclosures at once, because dumping all those properties on the market would lower prices even more. Khater said many lenders are moving slowly because they hope the government will eventually step up to help cover their losses. They also may be hoping an economic recovery will allow many borrowers to catch up with their payments, but “they’re going to be waiting a while,” he said. MCCLATCHY-TRIBUNE INFORMATION SERVICES
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329
Rural Blanchard - 1920's 2-story, 4 bed, 4 ba, 1.7 ac, barn, $275K 485-3200
Village/ Nichols Hills 329.5 Nic. Hills Lease/purchase 2762 sf. Beautiful 4 bed 3 bath $249K 409-7877
Open Houses 334.2 PIEDMONT Open Sun 2-5 Go fishing at your lakefront Dream Home 5ac. 2516 Morgan Road NE 405-664-2100 /664-1963 mls#428335 Onr/Agent Yukon, Sat & Sun, 1-5, 1913 Norwich Cir, 73099, 3/2/2, ch&a, huge yard.
336
40 acres Sale or lease 40 acres hunting deer turkey near Featherston, Ok mountain top. 918-452-3203
Mobile Homes, Manufactured Houses 339 Huge Inventory home sale! Own Land or have Family Land use land to purchase new home! Need Land? Land/Home I-20 acres available. 3, 4, 5 bedrm Manufactured & Modular homes. Turn Key, we do it all! 1000 furniture package with purchase 888-878-2971 405-204-4163 Price Reduced! New 3bd/2ba Mobile Homes already on land located in Shawnee, Prague, Cromwell & Harrah Owner Financing Woodlake Properties 405-273-5777 www.property4sale.com First Time Homebuyer. New & repo homes available. Move to your land or to community. Trade in homes are welcomed. 888-878-2971 405-602-4526 FREE 1976 MOBILE HOME near Noble. You Move. Needs Work. 580-256-2193, 580-2164077 or 580-216-6015 3 bed dbl. w/fireplace, huge glamour bath, walkin closet island kit. $389mo wac 470-1330 1996 Champion to move 70x28, 3 bd, 2 ba, extra family room with gas Fireplace. 405-663-2415. 4 bd 2 ba on 1.5 acres close to Waterloo & I-35 820-8330 bannerhomesok.com
1449 NW 99 3/1.5/1 Renov, Nice 475-2176 www.homesofokcinc.com
'06 16x64, 2 bed, 2 bath, completely furnished, total elec. To Be Moved. 630-9844 or 386-2902
OKC Southwest
1997 2 bd, 2 ba, 16X80, car port, gas & elec, W. OKC, $24,950, 470-2886.
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2317 SW 48, $39,900, Nu +grade carpet/paint Cent H&A/Huge Util Rm SuzyQ, 301-4618/642-4116 3 bed, 2 bath, Moore Schools, ch&a, $99,970, 1421 SW 84th, 636-1873.
MCCLATCHY-TRIBUNE PHOTO
Falling on hard times
6708 EVERY AVE NW 5 AC 4Bd, 2K Ba, 2 Liv, 1 Din, 2 Car, Horse Barn, 4 Stall + Wash Rack Leon 373-4820 Overland Ex Realty Inc
Industrial Property
Some homeowners say ignoring the mortgage is the only option they have. “I stopped paying payments about 12 months ago,” says Jeff Dunkin, who has twice sought to modify the loan on his California condo, and twice been denied.
deal. But that’s not how it feels to him. “It’s a lot of anxiety, a lot of stress,” Dunkin said. Dunkin has plenty of company. An estimated 40,283 homeowners across a seven-county region in the San Francisco Bay Area area were at least three months behind on their mortgages but not yet in foreclosure as of April, according to CoreLogic, which tracks mortgage performance data. That’s about 4.5 percent of total mortgages in that area and a drastic increase from 0.25 percent in January 2007. Nationwide, “roughly 3.5 million loans are in this limbo land, and are not proceeding through very quickly. It could take years,” said Sam Khater, an economist with CoreLogic, which tracks mortgage performance. “I have a feeling it’s going to follow the path of unemployment and have a long tail.” “We have all these people who are really kind of on the edge,” said Kevin Stein, associate director of the California Reinvestment Coalition, which fights for homeowners seeking loan modifications. “They’re anxious because they know they’re behind, and they know all these foreclosures are happening, and they know they could be next.”
COUNTRY ESTATE 6735 Mustang Rd NE 3 Bd, 4 Ba, Office + Game Rm, 3 Car 30x50 Shop on 7+ Ac, Trees and Small Pond $675K Leon 373-4820 Overland Exp Rlty
Tuttle/ Newcastle
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Land/Home Repo’s Many locations around OK. E-Z Qualifying405-787-5004 3bd 2ba DW on acreage w/pond. Less than $500 mo, WAC 631-3609 4/2 bath set up with 2.5 acres 405-631-7600
Mobile Homes, Manufactured Houses 339 3/2 bath set up quiet park Call for details405-631-7600
Oklahoma Property For Sale 340 80 Acres W of Piedmont Easy access, aprx. 1/2 mi S. of Waterloo Rd, 7 mi W. of Piedmont . Great pastures, good fences, pond, plenty of building sites & lots of wildlife. Deer, Turkey, Bobcats, Coyotes & Quail! Protected land surrounded by wheat fields. $300,000. Serious inquiries only please. 405-517-9989. EUFAULA LAKE / S.E. Oklahoma / 8 Lake Front Fully Furnished Cabins Investment Opportunity w/ Income 3 docks. Package deal or priced seperate. www.LakeEufaula. net $875,000 Karen @ ERA Real Estate 918617-3901 or 452-3900 Owner/Assoc
Real Estate Notices
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DO NOT Call Unless… Foreclosure/Behind Paymt Overleveraged/Repairs Call/Web 800-Sell-Now.com Need Repairs/Moving Foreclosure/behind paymt Problems dont just go away CALL TODAY 464-1175 I BUY HOUSES Any condition. No cost to U 495-5100
417-2176 Real Estate Wanted
346
Heard of a SHORT SALE? SELL YOUR HOUSE TODAY! Foreclosure/behind Pymts 340-9879/HouseKings.com
CASH
FAST CLOSE 405-568-9695
Investment Property For Sale 355
OKC Downtown 429.5
BANK OWNED 3/2/2 duplex brk, blt 05, 2750 sf, ch/a. $124.9k Arlene CB 414-8753
Walford Apts 518 NW 12 MIDTOWN District Amazing! All electric, 1bd 1ba, ch/a. Corner Studio $550mo $450dp Efficiency $475mo $375dp 409-7989 no sec 8
Office Space For Sale
356
SPACE FOR SALE 7908 NW 23RD, 11,060 SQ FT, 300K, Putnam City Schools 495-5200
OKC Northwest
431
Special Industrial Property Spring LARGE TOWNHOMES & APARTMENTS For Rent 361 Warehouse/Office I-40 & Meridian, 2200-4819sf, 946-2516
Office Space For Rent
363
GREAT Space OFFICE Convenient NW Locations: I-40 & Meridian NW Expressway & May Britton/Lake Hefner Parkway 200-6000sf 946-2516
Edmond Office Spaces 1400 S. Fretz Ave. 625sf, $835; 275sf, $400; or both $1200. All inclusive. 359-7100, 641-0468 »»»»»»»»»»»» 1-6 room office suites Starting $6.50/sq ft, Also Furn office spaces »» 6 4 0 - 8 2 0 6 »» 1, 2 & 3-Room Suites $150 & up ¡ 50th & N. Santa Fe area 235-8080 10307 Greenbriar Pkwy S OKC 2 suites 1,107sf each »» 405-364-5300
Warehouse Space For Rent 363.5 OVERHEAD DOORS 525-6671 3029 SE 4422 700sf $3850 3410 SW 29th 1,080sf $390 3414 SW 29th 1,200sf $390 3426 SW 29th 1,080sf $390 3518 Newcastle 1,200sf$390 3520 Newcastle 1280sf $390
I BUY & SELL HOUSES 27 YRS EXP 650-7667 HOMESOFOKCINC.COM
• Washer, Dryers, pools • PC Schools, fireplaces
Williamsburg 7301 NW 23rd
787-1620 Briargate 1718 N Indiana K Off Move in Special! 800sf 1bd 1ba, cha, all elec, wood floor, $450mo, $200 dep. No sec 8 409-7989 WOW! $149 1st Month 1 Bed-2bed available »» ALL BILLS PAID»» POOL. 405-946-0588 DREXEL ON THE PARK The Plaza 1740 NW 17th K Off Special 1bd, 1ba 750sf, wood floors, all elec, $450 mo, $200dp. No sec8 409-7989 Midtown studio-Florence Apt, 429 NW 11th, 1bd 1ba, granite countertops Amazing! Free laundry $600mo $400dp 409-7989 Beautiful 2bd TH lrg prvt patio. Reasonable rent. Call for Special Willow Walk, 789-2692 2528 NW 12th 1bd 1ba 900sf $400mo $200dp Garage apt 600sf $325mo $175dp 409-7989 no sec8
MAYFAIR GARDENS Historic Area! Secure, wash /dry hardwd flrs 947-5665
Commercial RE
800 N. Meridian: 1bd, all bills paid & weekly rates available. 946-9506 1bd $340 mo; 2bd 1ba $420 mo. Stove, fridge 1441 NW 92nd 227-8202
1bd lake cabin, 60 min from OKC appls fish swim $425 405-210-7022
Established Business For Sale
Edmond
Laundromat. Must sell ASAP. Make an offer. Bethany, 405-205-3635
Investment Property For Sale 355 Bank owned 18 Units $350K, 16 Units Near OCU $550K, 22 Units Paseo area $775K, Project Partners wanted $100K – Earn 8% - 20%. Seabrooke Realty 405-409-7779
400.5
Apartments 422
TOP LOCATION! Pd. wtr/garb. Near malls. Try Plaza East•341-4813 SENIOR LIVING 55+ 1 BED APTS. 348-4065
MWC
424
$200 OFF RENT 1 & 2 bedrooms. Spring Tree Apartments. 405-737-8172. 1 & 2 BEDROOMS, QUIET! Covered Parking Great Schools! 732-1122
$99 Move In Special!!! Lg 1 and 2 Bdr, $325 to $395 mo. 632-9849 $305 & Up per month Furnished 1bd & Efficiency 2820 S Robinson 232-1549 2123 SW 46th, 1 bed, 1 ba, washer/dryer hkup, $379 + $150, 550-8066. Furn 1BD most bills Paid + EMSA, no sec 8 and no pets, 524-2730
Condominiums, Townhouses For Rent 441 Large 1 Bed, 1.5 Bath TH large closets, fp, double carport, $595 mo, $150 dep, 8044 NW 10th. Thousand Oaks Condominiums. 405-789-2434 OPEN Woodcreek in Edmond 2001 Three Stars Move-In large, clean 3bd, 2K ba, gar entry, on golf course, w/d, frig $1100 348-5473, 816-5473 Available Now Gated, NANTUCKET, 2B/1.5B flat (no stairs) appls, fp, $650 728-8476 2 & 3 bedroom. $550mo, $300 deposit, $650, $350 deposit. 582-2057 MWC 2 bed, 2 bath, 2 car gar FP, fenced bkyd, NW OKC. Cynthia 623-8190
Duplexes
$99 Move-In Special 1bd 1ba $295-350, stove, fridge, very clean 625-5200
Acreage For Rent
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818
Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818
Lake Texoma, Buncom Creek, 1 ac in Exclusive area on pond view. Reduced! $39,500 520-6393
4000 sqft Zone Commercial plus home, storm cellar, extra large walk in attic, good neighborhood, new construction all around. W. of Downtown Air Park close to I-40, 1801 S. McKinley, OKC. Make offer. 670-1875, 632-6976
$99 SPECIAL Lg 1bdr, stove, refrig., clean, walk to shops. $325 mo. 632-9849
3245 NW 50th #244 2 bed 2 bath $550 mo TMS Prop 348-0720
$199 MOVE IN SPECIAL 2BED Townhomes $599 Windsor Village 943-9665
Commercial Property For Sale
433
3400 N Robinson Large 1bd 1bath 800sf. Free laundry, all elec $450 mo, $200dp. No Sec8 409-7989
Bills pd clean quiet furn eff/1bd $100/wk&up 10& Penn 751-7238/640-9413
Vacation Property For Sale 347
OKC Southwest
Quiet Casady!
Low rents $440 751-8088 •ABC• Affordable, Bug free, Clean » 787-7212»
OKC Southeast
432
343 SE 44th, 1 bed furn, quiet, $325/150 dep +elec, Refs req, 321-4773
OKC Southwest
433
$201 Total Move-In Cost Energy Eff., $301 move in/1 bd, $401 move in/2 bd. $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
Edmond
444
2 bd, 1 ba, ch&a, K blk from UCO, all appls, $600 824-8954 or 348-9405.
OKC Northwest
453
3615 NW 51st Amazing Duplex close to Baptist/ Deaconess, 1300sf 2bd 2bth 2car gar fireplace $900mo $900dp. Must see! 409-7989 no sec 8 New Luxury Duplex 13516 Brandon Place 3/2/2, fp, Deer Creek Schls, near Mercy. Model open 10-4 842-7300 2 beds, 2 full baths, 1200 sf, 2 car garage, small backyard, $750 month + deposit. 417-3416 11705 N. Francis 2/1.5/2. No pets $625 TMS Prop 348-0720
OKC Southwest
455
1016 SW 58, $550, 2 bd, Wash/Dry-Ref/Range S-8 OK/No pets, smoking 405-301-4618/642-4116 1222 77th Terr. 2/2/1, hdwd floors, $630 +dep. 285-0305 or 823-6550.
Village/ Nichols Hills 459.5 » New » 6517 Avondale • 2bd, 2ba, 2car 1755sf • Appls • Sprinkler system • Fireplace • Fenced yard 495-6870
Yukon
460
Brand new duplexes, 3 bd 2 ba, 2 car, gated comm, call Rick, 405-830-3789.
Garage Apartments
461
Near Wilshire & May 1 bed apartment, kitchenette, bills paid, $550. 823-6161
Hotels/Motels 462 Furnished/Unfurnished Bills Paid » Wkly/Monthly Wes Chase Apts, Elk Horn Apts, Hillcrest 943-1818
RE for rent Del City
465.5
Section 8, 3805 SE 26th, 3 bed, 1 bath, extra nice, storage shed, 414-7450 . 1604 Elm Dr, 3/1.5, sec 8 okay, $650 rent, $550 dep, ch&a, 408-6361.
Edmond
466
HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434 15805DarlngtnCt3/2/2 $1495 2013NW176 Tr 3/2/2 $1125 2348WellingtnWy4/3/3 Call Express Realty 844-6101 www.expressrealtyok.com Executive Edmond Home 737 Martina Ln, 4bd 2.5ba 3car, $1500 mo $1500dep 2000sf 409-7989 www.okcrentalhomes.com
Mustang
470
HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434
Nicoma Park 472 3bd, 2ba, hdwd flrs, 1300 sqft, ch&a, CH/NP schls, $750+$500 dep 417-7720
OKC Northwest
475
2064 NW 48th 2/2 $1450 12721BrandonPl3/2/2 $995 8300 NW 10 3/1.5/1 $700 4805 N Pate 3/2/1 $875 Express Realty 844-6101 www.expressrealtyok.com Rent Specials All Areas 4 Beds from $595 to $1295 3 Beds from $495 to $995 2 Beds from $395 to $495 Free List 605-5477 Section 8 OK, 3 bed, 336 NW 85th. 5 bed, 504 NW 91st. 3 bed, 3716 W Park. 942-3552. 7405 Kings Manor Ct 2bd/2bth, 2car, CH/A, FP, No Pets, no smoking $750+dep. Call 568-9112 Open Sun 1-3pm, 6431 N Peniel, 2/2/2 duplex, fp, ch&a, $700mo 627-4244 Immaculate 3/2/2, appr. 1400 sf, by Lake Hefner, $950 + dep, 863-2999. Remodeled 2bd, 1ba, new kit & bath $525; 1bd gar apt $375 326-3370 3508 NW 11th 2 bed, 1 bath $475/mo 408-5836
1928 NW 173rd 4bd $1299 2712SummersetTr3bd $999 OK Home Rentals, gpando@juno.com
8408 Surrey Pl. 2391 sf, 3 bd, 2 ba, 2 car, large yd $1200/mo. 627-2097 M-F
3 bd, 2 ba, 2 car, 1700 sf, ch&a, $1250 mo + $1250 dep. 824-8954/348-9405
616 NW 92nd 3bd 1bath new carpet $550 681-7272
4 bed, 2 bath, ch&a, 617 Belle Air Ave, near Edm Mem HS $1000, 921-2480
904 NW 109th, 3bd 2ba 2car 1300sf $850mo $800dp 409-7989 no sec8
MWC
1418 NW 49th, 2 bed, 1 bath, 1 car, appls, w/d hookup, ch&a 570-5865
468
Rent Specials All Areas 4 Beds from $595 to $1295 3 Beds from $495 to $995 2 Beds from $395 to $495 Free List 605-5477 V-Nice, 1 mi E of Tinker, 3/1 ch&a, util rm, $525 +$300, no pets, 732-4351
5321 N Miller, 3/1/1, $650 + $500, ch&a, brick, sec 8 okay, 408-6361. 2412 NW 111th. 4 bd, dbl car gar, 2 LR. $900/mo. $900 dep. 409-0468
Small Trailer furnished » close in » $400mo » »» 405-732-9911 »»
4207 NW 19 3bed 1bath 1car garage. $875mo $750deposit. 816-9873
214 Michael, 2bd 1ba 1car garage, ch/a, $550 mo, Fidelity RE 692-1661
7405 Kings Manor Ct 2 bd 2 ba 2 c, no pets, no smoking $750 568-9112
8324 Anderson3/1 5ac $675 5604 SE 81st 3/2/2 $1050 Home&RanchRlty 794-7777
OKC Southeast
9100 Jennifer Pl 3bd 1ba 1car $525 mo, $350 dep 681-7272
476
OKC Southwest
477
2509 Texoma Dr 3/1/1 ch/a $650 633 SW 33rd 2/1 $350 2401 SW 43rd #7 1bd apt, total elect, water paid $325 681-7272 New Rivendell Exec Home 408-4168 Luxury indoor pool & spa Fully equip'd media & wrkout rooms $5500/mo Openhouseok.com Rent Specials All Areas 4 Beds from $595 to $1295 3 Beds from $495 to $995 2 Beds from $395 to $495 Free List 605-5477 SW 68 & Penn area 2BD/1BA, C/H/A, 2GAR, CELLAR, NO SMOKING, NO PETS $700MO, $500DEP 694-9611 3912 S Harvey, 2bd 1-car, basement, fresh paint, clean, $495 Fidelity RE 692-1661 2125 SW 35th, 1BR., $400/mo, $300 dep. 405-210-0961 Sec 8 ONLY - New Home 5bdr/2bth $1000/m sep util, large lot 759-6828 2 bed, washer dryer hkup, $500mo, $250 deposit 631-8039
Village/ Nichols Hills 481.5 1207 Tedford Way 3/2, formal dining $1600 TMS Prop 348-0720
Norman
473
HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434
Yukon
482
HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434 Avail. 8/15, nearly new carpet & paint, 3/1.5/2, fenced yrd, 1 blk to elem. schl, $850 month, no pets, 354-6418 907 Richmond, sharp 3bd, 1 3/4 bath, 2 car, CHA, Firepl, fresh paint, clean, fncd, $800/mo Fidelity RE 692-1661
Mobile Home Rentals 483
HOMES FOR LEASE www.executivehome rentalsokc.com 3-4BRs $1000-$3000 Welcome Home 877-884-7434
WHY RENT WHEN YOU CAN OWN? Easy financing with no credit needed. Yukon schls
2112 SE 8 3/2/2 $1295 10012Shdwview3/2/2 $1200 2401 Renwick 4/3/3$1995 Express Realty 844-6101 www.expressrealtyok.com
Rent Specials All Areas 4 Beds from $595 to $1295 3 Beds from $495 to $995 2 Beds from $395 to $495 Free List 605-5477
$ FREE RENT 1ST MO $ 2BR $395+, 3BR $495+, MWC NO PETS 427-0627
2817 Nottingham, 3bd 2ba, garage converted to living $625 681-7272
Beautiful 3bd, 2ba, 2car garage, 4912 Creekwood Terr. $750mo 749-0603
Lease or Option to Purch Beaut. 3/2/2, avail now $1075 +deposit 361-4885
29 SE 33rd, 1bd, water & gas paid $350 681-7272
2428 SW 90 3/2/2 fp $850 621 Madeline 3/2/3 $1100 Home&RanchRlty 794-7777
2 bed ch&a built in stove, fenced. $400 mo $250 deposit . 681-6056
Moore
469
405-815-7245
Rental Services
487
MANAGEMENT LEASING SALES SINCE 1982 Spectrum Management 848-9400 usespectrum.com
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REAL ESTATE
SATURDAY, AUGUST 14, 2010
THE OKLAHOMAN | NEWSOK.COM
True grit: the right sandpaper for your project Sanding is part of many cles crack and break off, home improvement prowhich means that sharp jects, from woodworking new points are constantly Paul to paint preparation. But if Bianchina being exposed. This helps you’ve ever looked through the aluminum oxide sandthe sandpaper section at paper to last longer than the home center or the other types of sandpaper. Garnet: Garnet sandpaint store, you might be HANDY @ HOME paper is a good choice for confused about all the different grits, abrasives and other terminol- woodworking. The particles don’t crack ogy you’ve run into. Here are a few tips to off the way aluminum oxide does, which means that the sandpaper dulls as you use help clear up some of the mystery. it. So while garnet paper wears out faster, Abrasives it tends to create a smoother surface on The material that does the actual sand- wood than aluminum oxide paper of the ing work is known as an abrasive. The same grit. This can be a definite advantage abrasive is bonded to a backing, typically for the final finishing of woodworking paper. So when we think of sandpaper, we projects. Silicon carbide: Sandpaper with a typically think of tiny particles of sand that are adhered to a paper backing, which silicone carbide abrasive is very hard, harder than aluminum oxide or garnet. This is obviously where it gets its name. But there are actually thousands of dif- hardness makes it a great choice for sandferent combinations of abrasive materials, ing metal, for paint removal and for use on backing materials and bonding materials plastic and fiberglass. Usually not the best to hold the two together. Luckily, for choice for wood. Ceramic: Ceramic particles are very home improvement use, you’ll need to concern yourself only with a few of them: hard but not overly sharp, and are also on aluminum oxide, garnet, silicon carbide the expensive side. They work especially well for the fast removal of material, parand ceramic. Aluminum oxide: Aluminum oxide is ticularly in woodworking. They’re most one of the most common abrasives and commonly found on the belts used for belt works well for sanding wood and metal. and drum sanders, and some types of disk As you sand, the aluminum oxide parti- sanders.
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Grit Besides the type of abrasive material you’ll be using, the next thing to concern yourself with is the grit. The grit of the sandpaper refers to how fine or how coarse it is. In one of those oddities of construction, the lower the grit number is, the rougher the sandpaper is, and the higher the number is, the finer the sandpaper is. Coarse: Coarse paper is generally considered to be in the 40- to 60-grit range. This grit would be used for the initial surfacing of rough wood, for rough shaping and for paint removal. Medium: Medium sandpapers fall within the 80- to 120-grit range. They’re typically used for the next step in smoothing wood surfaces. Fine: Fine sandpapers have grits of 150 to 200, and are usually the final paper used before painting or staining. Very Fine: Very fine sandpaper is usually in the 220- to 240-grit range. This is commonly used to remove imperfections or to roughen a surface between coats of finish. You always want to begin with a grit that’s just coarse enough to begin removing material from the surface you’re sanding. In other words, don’t use a paper that’s any coarser than it needs to be, since you’ll be introducing additional grooves into the surface that you’ll just
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have to sand out later. On the other hand, using 150-grit paper to try to remove paint will be a waste of time, since the paper will clog almost immediately. Work your way up through progressively finer and finer papers until you achieve a surface that’s smooth enough for what you need. You might need to use just two different grits, or you might have to work through four or even five.
Open-coat, closed-coat These are a couple of other terms you might run into at the home center. Closed-coat sandpaper has abrasive that covers the entire surface of the paper. That additional abrasive means that you’ll be able to remove material faster, but it also means that the paper will tend to clog more quickly. With open-coat sandpaper, the abrasive covers about 60 percent to 70 percent of the surface of the paper, with more open space in between the particles. This makes the paper less aggressive to sand with, but also makes it more flexible and less likely to clog up. Open-coat sandpapers are a good choice for sanding wood, and especially for paint removal. Remodeling and repair questions? E-mail Paul at paul bianchina@inman.com. All product reviews are based on the author’s actual testing of free review samples provided by the manufacturers. INMAN NEWS
Habitat for Humanity going strong in Florida HOUSING | NONPROFIT RANKS AMONG TOP 5 HOMEBUILDERS IN MIAMI-DADE MARKET AS OTHER BUILDERS WAIT OUT RECESSION BY TOLUSE OLORUNNIPA McClatchy-Tribune Information Services
MIAMI, Fla. — The cranes that once soared atop South Florida’s skyline and the heavy machinery that hummed along below are mostly gone, but for at least one builder, the hammers have kept pounding through the depths of the recession. Habitat for Humanity of Greater Miami, one of the few builders that hasn’t cut back production, now
ranks among the top five homebuilders in MiamiDade, a statistic that reflects just how drastic the drop in private-sector home construction has been since the recession began. “There’s pretty much always a need for this type of housing,” said Joseph McDaniels, spokesman for Miami-Dade’s Habitat operation. The Miami branch of the Christian-based organization — which relies on volunteer builders and do-
Habitat has been shielded from many of the market pressures that have confounded for-profit builders. nations to build new homes for low-income families — constructed and sold 79 single-family homes in the 12-month period ending in June, ranking fourth in the
county. Despite a decrease in cash donations — gifts were down about 9 percent nationally in 2009 to $171 million — Habitat was able to increase its production by about 50 percent
last year. Closings by developers declined sharply in the past 12 months. “It’s a fraction of the closings that were going on during the boom,” said Brad Hunter, chief economist for Metrostudy, which normally does not include nonprofits in its rankings. “I’d say it’s the first time I’m aware of that Habitat for Humanity has been in the top five.” Habitat has been shielded from many of the market pressures that have
confounded for-profit builders. With a steady supply of no-wage volunteers, a donation-based operating model and a niche market of carefully screened low-income homebuyers, the nonprofit has been able to weather the housing industry’s downturn. Since its main aim is to keep homeowners in their homes, not to make a profit, Habitat is able to modify loans and help homeowners reshape their budgets, McDaniels said.