House rental in USA
Private villas and holiday rentals USA. Rental property, villas in USA for rent. Property rating: Best buy Highly recommended Recommended New listing Unrated Property features: Instant booking Wheelchair friendly Suitable for elderly Suitable for children Suitable for babies Pets allowed Private pool Communal pool Any pool Balcony Garden Cots available Air conditioning Central heating Smoking allowed Location features: Beach Golf Fishing Watersports Skiing Themepark Shopping Good views Available discounts: Last minute deals Early bird deals Long stay deals Sort results by: Default Customer rating Villarenters index Lowest price Highest price Quick Availability Search For Villas & Apartments View rental properties in: All Countries , USA . Click here for a destination guide to USA . To narrow down your search for villas to rent in USA, you can use the following sub regions Alabama Florida Great Lakes Hawaii New York Oregon Washington Here are the available villas for rental in USA. Villa vacation rental in Florida, USA Lake Berkley Resort Villa (Ref: 7885) self-catering villa in Orlando, United States Price Range: £875 to £1302.21 (GBP) Sleeps: 16 No of Reviews: (8) Relax in the sunshine at this luxury 7 bedroom villa The villa is ideally located within 10 min to Disney behind Medieval Times ...more Private pool, wheelchair friendly. On site: fishing. Less than 15 mins to: golf, horse riding. Click for details... Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Lake Berkley House rental in USA Dorchester Court Vacation Villa (Ref: 2202) self-catering house in Kissimmee, United States Price Range: £295 to £400 (GBP) Sleeps: 10 No of Reviews: (9) Luxury 4 Bedroomed 2 Bathrooms Florida bungalow with Private Heated Swimming Pool, situated within leisurely drive of Walt Disney World Maimgate ...more Private pool, wheelchair friendly. Less than 15 mins to: horse riding, sailing, fishing. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Poinciana Holiday villa in Florida, USA Chris and Annie's luxury home (Ref: 2686) self-catering villa in davenport, United States Price Range: £395 to £700 (GBP) Sleeps: 8 No of Reviews: (9) Beautiful, 4 bedroom 3 bathroom luxury villa, with private, oversize south facing pool and spa, close to all attractions and golf courses ...more Private pool, wheelchair friendly. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Westridge Villa to rent in Florida, USA Pine Valley Court (Ref: 2973) self-catering villa in Rotonda West, United States Price Range: £519 to £625 (GBP) Sleeps: 6 No of Reviews: (4) Lovely single storey villa, which backs on to a lake in the quiet residential area of Rotonda West, Englewood. Near to golf and Gulf beaches. ...more Private pool, wheelchair friendly. On site: golf, fishing. Less than 15 mins to: beach, sailing, mountain biking. Click for details... Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Gulf/West Coast / Tampa/Sarasota Villa holiday accomodation in Florida, USA Wonderland Villa, Westridge (Ref: 3309) self-catering villa in Orlando, United States Price Range: £450 to £645 (GBP) Sleeps: 10 No of Reviews: (12) Luxury 4 bed/3 bath villa with Games Room.Two Master en-suites. two living/dining areas. Oversized 15x30 pool & lanai. FREE International phone calls ...more Private pool, wheelchair friendly. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Westridge House rent in Florida, USA "La Dolce Vita" (Ref: 3384) self-catering house in Kissimmee, United States Price Range: $770 to $945 (USD) Sleeps: 10 No of Reviews: (6) Large 4 Bed villa - Only 12 minutes to Disney! FREE electric pool heat, high speed internet & international phone calls. Private 28ft pool. ...more Private pool. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Montego Bay Villa to rent in Davenport, Florida, USA Dream Disney Home (Ref: 3503) self-catering villa in Orlando, United States Price Range: £560 to £650 (GBP) Sleeps: 12 No of Reviews: (14) Beautiful 5 bedroom villa located on an exclusive gated community, 10 mins from Disney with stunning south facing pool and lake views ...more Private pool, wheelchair friendly. Less than 15 mins to: golf, horse riding, fishing. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Davenport Villa rental in Florida, USA Lutz (Ref: 3570) self-catering villa in Lutz (Tampa), United States Price Range: £500 to £550 (GBP) Sleeps: 8 No of Reviews: (13) Beautiful, single story villa, 20 minutes from Gulf coast and 5 minutes to golf and tennis. Features all including heated pool, 4 bedrooms, baths. ...more Private pool, wheelchair friendly. On site: golf. Less than 15 mins to: beach, sailing, fishing. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Gulf/West Coast / Tampa/Sarasota Villa vacation rental in Florida, USA Cala Lily Cove (Ref: 3615) self-catering villa in Kissimmee, United States Price Range: £475 to £725 (GBP) Sleeps: 10 No of Reviews: (12) Superb New Villa nr Disney; 4/5 bed (optional playroom/bed). Overlooks lake; two lounges; heated 30ft pool and spa; online access;dvd's;ps2. ...more Private pool, wheelchair friendly. Less than 15 mins to: golf, horse riding, fishing. Click for details... Last Minute Discounts, Long Stay Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Crescent Lakes Villa rent in Florida, USA VILLA CLOUD NINE (Ref: 3794) self-catering villa in Kissimmee, United States Price Range: £400 to £550 (GBP) Sleeps: 10 No of Reviews: (14) 4 Bedroom 3 bathroom Luxury Villa with pool & spa overlooking a beautiful lake in the gated community of Aster Cove. 15 minutes from Disneyworld. ...more Private pool, wheelchair friendly. On site: fishing. Less than 15 mins to: golf, horse riding, sailing. Click for details... Last Minute Discounts, Long Stay Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / Crescent Lakes Holiday villa in Florida, USA Luxury Executive Villa Haymark (Ref: 5746) self-catering villa in Orlando, United States Price Range: £475 to £750 (GBP) Sleeps: 12 No of Reviews: (12) Brand New Luxury Executive Villa 2 Master Suites 4 Bed/4 Bath Oversize Private Screened Pool with 7ft Jacuzzi. 1 Mile Championsgate 7 Miles Disney ...more Private pool, wheelchair friendly. Less than 15 mins to: golf. Click for details... Last Minute Discounts, Long Stay Discounts, Early Bird Discounts Available Location for rental: All Countries / USA / Florida / Central Florida / Orlando/Kissimmee / The Manor at Westhaven Page: 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50 , 51 , 52 , 53 View rental properties in: All Countries , USA . Click here for a destination guide to USA . back to top Can't find what you want? Click here to let us find it for you! Conditions Of Website Use | Privacy Statement © myvillarenters. com 2005 New Listing - This property has recently been added to our website. Click for more information... Recommended - This property has at least one good review. Click for more information... Highly Recommended - This property has several good reviews. Click for more information... Best Buy - This property has many excellent reviews. Click for more information... The Villarenters Index evaluates the activity of the owner/manager. Essentially the more bookings that we process for the property, the more confidently we can recommend a property, plus, the more likely the calendar will be up-to-date and accurate. Click for more information... Instant Confirmation - This property can be booked instantly and therefore the availability is completely accurate. If your booking is last minute this is ideal. The property is yours if you want it! Click for more information...
real estate broker, you
California Department of Real Estate: Using the Services of a MortgageBroker Using the Services of aMortgage Broker (Revised by DRE January2002) Introduction A home loan is a transaction inwhich you promise to repay money you have borrowed and also give the lender amortgage on your home to secure repayment. In California, your promise to repayordinarily is in the form of a promissory note and the mortgage is ordinarily inthe form of a deed of trust. You need to make certain that you understand theterms of the loan before you become obligated. Whether you obtain a loan througha mortgage broker, a financial institution or some other lender, you should askquestions about the loan process and paperwork so that you understand the formof the transaction and the terms of the loan before you agree to them. The purpose of this brochure isto provide basic information about using the services of a mortgage broker whichmay assist you in making an informed decision when seeking a home loan. Using the Services of aMortgage Broker A mortgage broker helps youobtain a home loan. A mortgage broker may be licensed by either the CaliforniaDepartment of Corporations or the California Department of Real Estate. Mortgagebrokers make or arrange first mortgages and junior mortgages. A junior mortgagesecures a loan which is secondary or junior to one or more other loans on theproperty. Some home loans arranged through brokers are very similar to a homeloan you might obtain independently from a bank, savings and loan association(S&L), credit union, finance company, or other type of lender. Some brokersoffer shorter loan terms and/or different repayment plans. Prior to using the services ofa mortgage broker ensure that you check to make sure they are properly licensedby checking with the California Department of Corporations at http://www.corp.ca.gov or 1-800-347-6995 and/or the California Departmentof Real Estate at http://www.dre.ca.gov or (916) 227-0931. You may also wish to check with the Better BusinessBureau at http://www.bbb.org to see if the company is a member and if any complaints have been filed againstthe company. The Role of the Mortgage Broker The mortgage broker is usuallyan agent for the purpose of arranging the home loan transaction. Thisrelationship imposes a legal duty on the broker to disclose to you the material(important) facts you need to know about the loan. The broker has a duty offairness and honesty to both you and the lender. These legal duties can beimportant in resolving disputes which arise after the loan is made, but the bestway to avoid problems and disputes is to ask questions and be sure youunderstand the terms of the loan and each of the loan documents before you sign. When acting as an agent, thebroker speaks for you in submitting your loan application to a lender. Make surethat you give the broker full and accurate information, and that any loanapplication or other document the broker prepares for your signature is accurateand complete before you sign it. Make sure you understand the terms of the loanbefore you agree to it. Mortgage Broker Commissions andLender Fees Mortgage broker commissions andlender fees are not usually set by law. Mortgage Brokers are paid eitherdirectly by you or by the lender who funds the loan. You may choose to pay themortgage brokers commission with: Cash (out of pocket) or Proceeds from the loan (this will increase your loan balance) or A lenders rebate or service release premium (see definition of lenders rebate and service release premium below). Compare fees charged by severallenders and mortgage brokers. You may be able to do this with a few phone calls.Ask about the amount of the fees and costs to be paid by you in cash before theloan is funded, the amount of the fees and costs to be paid from the loanproceeds or lender rebates, and the amount of fees and costs to be financed. Definitions Points - The term "points"customarily refers to the commission, or origination fee, charged by themortgage broker or the loan fee charged by the lender when the loan is made.Each point is 1% of the loan amount. On a $100,000 loan, 1 point is $1,000 and10 points is a charge of $10,000. The amount of points charged is not usuallyset by law. You may wish to shop for a mortgage broker or lender who chargesfewer points. You may be able to negotiate for lower points. Asking about pointsbefore you choose a mortgage broker or lender may save you money. You should beaware, however, that a "no points" or "zero points" loan mayhave a higher interest rate than a loan for which points must be paid.Therefore, it is important to compare the points, costs and interest rates inorder to decide which loan is best for you. And remember, there is no such thingas a "no cost loan." Points can also be paid by the borrower to obtaina lower interest rate loan. These are referred to as "DiscountPoints". Rate Sheet - A term used to describe how lenderscommunicate (via computer or fax) the interest rates, terms and costs of loanproducts available to mortgage brokers. Interest rates can change several timesa day. Each lender provides its approved mortgage brokers with the current ratesheet for its loan products. Par Loan - The interest rate at which theborrower pays no discount points and the lender pays no rebate to the broker fordelivering the loan to the lender. Yield Spread Premium (also know as a lender rebate) Therate at which a mortgage broker is compensated for the difference between theinterest rate on a par loan and the interest rate on an above par loan, which abroker can deliver to the lender. This is expressed in the number of points paidto a broker. A broker receives payment of the premium, the lender obtains ahigher than par loan, and the borrower pays for the premium over the entire lifeof the loan. For example, if the interest rate on a par loan is 7% and themortgage broker can deliver a 7.5% loan to the lender, the lender may beoffering to pay the mortgage broker a rebate of 2 points or 2% of the loanvalue. For a $100,000 loan, the broker would be paid a $2,000 Yield SpreadPremium by the lender and the borrower would have to pay a higher interest rateover the life of the loan. Always ask your broker if rebate pricing is involvedon your loan; a broker must disclose any rebate they are to receive inconnection with your loan to you. Service Release Premium This is another form of compensationthat a lender may pay to a broker for delivering a loan. Each loan comes with"servicing rights", which are the rights to collect the mortgagepayments. Servicing rights can be sold independently of the actual mortgage.Some lenders pay mortgage brokers a "Service Release Premium",expressed as points, when the mortgage broker delivers the lender a loan. Alwaysask your broker if a Service Release Premium is involved on your loan, a broker must disclose any Service Release Premium they are to receive in connection with yourloan to you. Loan Pre-Approval Mortgage Brokers will obtainpre-approval for a loan based on preliminary information supplied by theborrowers. THIS IS NOT A LOAN APPROVAL . Loan Approval only takes placeafter all required information has been reviewed and approved by the lendersunderwriter. Loan approvals may also contain conditions that the borrower mustmeet prior to funding of the loan. Loan Lock A request for the interest rate onyour loan can either be locked or floating. If you choose to obtain a loan lockthe mortgage broker will "lock-in" the agreed upon interest rate atthe time you request the lock. This lock is for a given period of time. Alwaysask your broker for the length of the lock and if there is any lender charge forlocking the interest rate of your loan. Always ask for a written lock-inagreement, signed by the mortgage broker, detailing the exact terms of thelock-in. You may choose to float theinterest rate on your loan. This means that the loans interest rate will beset at the prevailing interest rate for your loan program on the day of closing. Remember interest rates canchange daily and sometimes more than once in a day. You need to talk with yourbroker to determine the best course of action for you. Annual Percentage Rate (APR) - The annual percentage rate (APR) ofinterest includes both the simple interest rate and certain fees, commissions,costs, and expenses. By contrast, the simple interest rate, or note rate, doesnot include these costs and fees. If a broker or lender quotes an interest rateto you, be sure to ask if that rate is the simple rate or the APR. Use the APRto compare loans which have different simple interest rates, points and otherloan charges. The loan with the higher APR may cost you more over the term ofthe loan. What Other Fees Should I AskAbout? The mortgage broker may chargeyou loan application processing fees. You may incur appraisal and credit inquiryexpenses. However, if the mortgage broker asks for payment in advance forany service other than an appraisal or credit inquiry, call the DRE to see ifthe broker has approval to do so. Closing costs may include charges for documentpreparation, escrow services, title insurance, notary services, and recordingfees. You may also be charged for fire or homeowners insurance coverage,optional credit life or disability insurance, or beneficiary statements. You do not have to buy creditlife or disability insurance. Credit life and disability insurance benefits makeyour mortgage payments if you die or become disabled. Many credit life anddisability policies have limitations, called exclusions, that excuse the insurerfrom paying under a variety of circumstances. Make certain you understand theterms of the policy and what it excludes. You can also secure financialprotection from disability or death through standard term life insurance ordisability insurance. Before you buy credit life or disability insurance,compare the cost with the cost of a term life or disability policy. Do My Costs Increase if IBorrow More Money? Many loan costs and fees arebased on the amount of the loan. Usually, the more you borrow, the higher thecosts and fees. Also, your costs and fees are limited by law on first mortgagesunder $30,000 and junior mortgages under $20,000 which are arranged through abroker, licensed by the Department of Real Estate. An Overview Of The Loan Process Selecting a mortgage broker orlender As statedearlier, brokers usually act as your agent with the lender. You can also dealdirectly with some lenders, without using a mortgage broker. Whichever youchoose, ensure that you have checked out the company. Try to use companies thatpeople you know have used and can tell you the level of service provided. Ratesshould be competitive with other companies. Remember that if the deal sounds togood to be true, it probably is. The Loan Application You will have to provide acompleted loan application. Some brokers will come out to your home to take theapplication, you can fill one out yourself, or some brokers have Web sites thatallow you to submit the application on-line. You will probably be asked to payfor a credit report and appraisal fee up front. If a broker tells you the creditreport and appraisal costs are not being charged to you, make sure to get it inwriting. Also verify that you will not pay for these items at the close ofescrow out of your loan proceeds or that the broker will not demand payment forthe fees, if you do not close the loan. The broker will also require that yousubmit the required documents that the lender requires in relationship to theloan program you are trying to obtain. Both the broker and lender will provideyou with required disclosures regarding the terms of the loan. It is importantthat you review these disclosures and ensure that the terms meet with yourapproval. Processing the Loan This is the process were the brokerobtains the required information and submits it to the lenders underwriterfor loan approval. This is a critical stage in obtaining your loan. Ensure thatyou respond to all requests for information in a timely manner. This willincrease your chances of getting the loan or learning why you dont qualify.This is also the time you may want to lock in an interest rate. Remember to keepin contact with the broker and to monitor the loan process, ensuring that thebroker is meeting the agreed upon time frames. Closing the Loan This is the final stage of the loanprocess. The closing can take place at a title company, escrow company, or thebrokers office. The broker may use a signing service that will bring thedocuments to you for signing. No matter where the signing takes place, this isthe time to ensure the loan terms and costs are what you asked for. Read alldocuments. Do not let yourself be rushed. If you have questions, ask them andmake sure you understand the answers. If the terms and conditions are not whatwas agreed upon, do not sign the loan documents. Request that the documents beredrawn stating the correct terms. Debt Consolidation: BorrowingMoney on My Home to Pay My Bills Be careful about using a homeloan to consolidate debts into a single monthly payment. A home loan isdifferent from other consumer debts. If you cant pay most consumer debts, youmight receive a bad credit rating, be sued, or even be forced into bankruptcy.But if you cant pay your home loan, you could lose your home. Many consumer debts such asbills for credit cards or medical services are unsecured. Other consumer debtslike car payments or furniture payments may be secured by an interest in thegoods but not by an interest in your home. If you cant repay consumer debts,the creditor may be able to take back the goods and sue you for the amount ofthe debt not repaid by the resale of the goods. But on a consumer debt, thecreditor cannot simply foreclose on your home. If you pay off consumer debtslike car, medical or credit card bills with a home loan, the new debt is securedby your home. This creates the risk that you could lose your home if you cantmake the payments. CONSUMER CHECKLIST Questions to Ask About Debt Consolidation Are your debts unsecured (such as medical bills and credit card bills) or secured only by an interest in personal property (such as a car or furniture payments)? Can you work out a payment schedule with your creditors to repay existing debts? How will you pay off a new home loan if you cant pay your current bills? Paying Off a Balloon PaymentLoan A balloon payment loan is notfully paid off through the monthly payments. A loan without a balloon payment isrepaid a little bit each month. With these loans, each months payment appliesto both interest and principal. They are called fully amortized loans becauseyou pay off (amortize) the loan with your monthly payments. By contrast, aninterest-only loan or a partially amortizing loan will include one or moreballoon payments: i.e., payments that are twice or more the size of the regularpayment. Partially amortizing andinterest-only loans have lower monthly payments than fully amortizing loans forthe same amount. In an interest-only loan, the monthly payments do not pay anyof the loan principal. The payments cover only interest. The unpaid principalmust be paid by one or more balloon payments. For example, if you obtain a$15,000 interest-only loan at 15% interest for 5 years, you must make monthlyinterest payments of $187.50. At the end of the 5 year term, however, you wouldstill owe the entire $15,000 principal and it would be due in one balloonpayment. (If you had made payments of $356.85 instead, the loan would have beenamortized/paid off by the end of the 5 year loan term. If your loan was for 10years, monthly payments of $242 per month would fully amortize it.) A balloonpayment results when your monthly payments pay only interest (a non-amortizingloan) or when they pay only part of your loan principal (a partially amortizingloan). An example of each could looklike this: $15,000 Loan 15% 5 Yrs Monthly Payment Balloon (Due After 5 Yrs) Fully Amortized $356.85 0 Partially Amortized $280.00 $7,000.00 Interest Only $187.50 $15,000.00 With interest-only andpartially amortizing loans, if you do not have the financial means to repay thebalance of the loan principal as a balloon payment at the end of the loan term,your choices could include: selling your home to make the balloon payment; taking out another loan typically incurring more fees and costs to pay off the balloon payment; or losing your home to foreclosure if you fail to make the balloon payment. If you refinance the loan topay the balloon payment, you typically must pay new loan fees and closing costs.This could increase your debt. If the debt becomes too large in comparison withthe amount of equity in your home, you may not be able to further refinance.Then, if you are not able to satisfy the debt, you could lose your home inforeclosure or be forced to sell it to pay off the loan. Refinancing My Existing FullyAmortizing Mortgage Sometimes borrowers replace anexisting mortgage with a new, larger first mortgage. Some things to consider indeciding whether to refinance an existing mortgage are: refinancing may replace a fully amortizing loan with a loan requiring a balloon payment. refinancing may shorten the amount of time you have to repay by replacing a long term loan with a short term loan. a new junior mortgage in a smaller amount may cost less, in points and fees, than refinancing the existing first mortgage. CONSUMER CHECKLIST Interest-Only and Partially Amortizing Loans How much will you owe (balloon payment) after you make all the monthly payments? How much would the monthly payments be to fully amortize the loan and avoid any balloon payment? Could you afford the monthly payments on a fully amortizing loan if you borrowed less money or obtained a longer loan term? Where will you obtain the money to make the balloon payment? Remember that you risk losing your home if you cant pay the balloon payment. How Do I Decide About theLength of Loan Term? The term of the loan is thenumber of years you have to repay it. First mortgages usually have terms of 15,30, or even 40 years. Junior mortgages typically have terms of 1, 3, 5, orperhaps 10 or more years. With a fully amortized loan, the longer the loan term,the lower your monthly payments. With an interest-only or partially amortizingloan, a longer loan term means you have more time before you have to pay theballoon payment. In any event, the longer the loan term the more total interestyou will pay, assuming you do not prepay the principal of the loan. How Do I Choose a MortgageBroker and a Loan? Call lenders and mortgagebrokers and ask about interest rates and fees for the size loan you need. Besure to ask: What types of loans are available? What is the approximate amount you will have to borrow to receive the amount of cash you want? (That is, what amount of fees will be financed and deducted from your loan proceeds?) Does the lender or mortgage broker offer loans in the dollar amount you need? How much is the lenders fee or brokers commission on this size loan? What other fees or costs will you be charged and what is the estimated amount of each? Will you have to pay any fees if the loan is denied? Will you have to pay any fees if you apply, but then change your mind? What is the amount of the monthly payments, and the amount of any balloon payment? Will the loan be fully amortized/paid off by the regular monthly payments? What is the length of the repayment period/term of the loan? (The more time you have to repay, the lower your payments will be on a fully amortizing loan.) What is the simple interest rate? Is the interest rate fixed or does it vary over the term of the loan? What is the Annual Percentage Rate? On an adjustable rate mortgage(ARM), the interest rate and your monthly payment may increase with anincrease in the index used in your mortgage. In an ARM, the current interestrate is calculated by adding a fixed margin (such as 2%) to an index such as theCost of Funds Index published by the Federal Home Loan Bank Board. INDEX RATE +MARGIN = MORTGAGE RATE. For adjustable rate loans, askthe lender or broker: How long is the initial interest rate guaranteed? How often can the interest rate change? What is the largest monthly payment you could face? How often can the payments change? Can the amount you owe increase through negative amortization? (This can happen if your monthly payment is less than monthly interest costs.) What is the formula that will be used to set the rate? What would the rate be today if it were set by that formula? What are the caps on how high/low the interest rate can go? Is there a cap on how high or low a payment can be adjusted when the interest rate adjusts? A good way to determine howmuch the fees and costs will be on a loan is to ask each lender or broker twoquestions: 1) "Approximately how much do I have to pay in cash before theloan is funded?" and 2) "What is the approximate amount of money Iwill have to borrow to end up with a certain amount of cash?" By comparingthe answers you can find out how much you would have to borrow from each sourceto end up with the same amount of cash paid to you. What Do I Need to Know Aboutthe Loan Application? You will usually be asked tofill out a loan application describing your income, assets, debts and expenses,and the real property which is to secure the loan. Before you sign theapplication, make sure that it truthfully states your income, assets, debts andexpenses. Never sign a blank application. Do not stretch the truth on your loanapplication. Dont exaggerate your income or understate your debts. The lenderis entitled to know your true financial condition. You may be asked to providedocuments to the mortgage broker to verify your employment and bank accounts.The sooner you comply with these requests, the sooner your loan application canbe processed. Consumer Checklist: The LoanApplication Accurately report your income, assets and debts. Never sign a blank application. Ask for a copy of your signed application. To avoid delays, promptly provide the information requested by the mortgage broker. Ask approximately how long it will take to process the application and obtain the loan you are requesting. Using the Mortgage LoanDisclosure Statement In most cases, a mortgagebroker must cause to be delivered to you a Mortgage Loan Disclosure Statement(MLDS) within 3 business days after you complete and present to the mortgagebroker a written loan application or before you become obligated to take theloan, whichever is earlier. Ask to receive the statement as soon as possible andread it carefully. It will provide you with the following information about theloan: the amount you are borrowing (the principal); the estimated amount of any costs which are to be financed as part of the principal; the estimated amount you will pay in fees to get the loan, including commissions to the mortgage broker; and the estimated amount of money that you will receive from the loan after costs, fees, and commissions have been deducted. Compare the line on thestatement showing the amount of the principal with the line stating the amountof cash which will be paid to you. The difference between these two numbers isthe amount of fees and costs which will be financed as part of your loan debt. The statement must also includeestimates of the maximum costs of arranging the loan. It must list the estimatedamount of each of these fees, if they apply: appraisal fee lender fees escrow fee title insurance charge notary fee recording fee credit investigation fee fire or other hazard insurance premiums credit life or disability insurance premium beneficiary statement fees reconveyance fee (when you are refinancing an existing loan) The disclosure statement shouldalso list any existing loans or liens against the property. If you expect thenew loan to pay off a debt, check to be sure that debt is listed. Be sure to ask for thisdisclosure statement before you sign the loan papers. You do not becomeobligated to accept the loan until you sign the loan agreement or promissorynote. If the disclosure statement does not describe the terms that you expect orwant, dont sign the loan papers. Any changes from the original terms, cost,or expenses, must be disclosed to you in a timely manner. If the loan transaction isfederally related, you may not receive an MLDS but you should receive a GoodFaith Estimate conformed to California disclosures and certain Truth-in-Lendingdisclosures. These are federal disclosures which together generally provide thesame information as the MLDS. (See discussions below regarding RESPA and theTruth-in-Lending Act.) If the broker does not provide the MLDS, he/she mustseparately advise you of any compensation received or expected from the lenderand whether the loan includes a balloon payment. Get It In Writing Do not be afraid to ask themortgage broker or lender to show you where the loan papers describe anyparticular features of the loan which have been promised to you. If the termsyou have been promised are not there, ask the mortgage broker or lender to putthem in writing. Promises made only orally may not be enforceable. Real Estate SettlementProcedures Act (RESPA) The Real Estate SettlementProcedures Act (RESPA) is a federal law administered by the U.S. Department ofHousing and Urban Development (HUD). RESPA only applies to federally relatedloans and requires, among other things, that mortgage brokers providedetailed information on settlement costs so that buyers and borrowers can shoparound for settlement services. Mortgage brokers and lenders must provide a goodfaith estimate of costs the borrower is likely to incur at close of escrow. Thebroker must present this estimate not later than 3 business days after receiptof a written loan application. The estimate will contain information similar tothe Mortgage Loan Disclosure Statement required by California law. In somecases, a broker may use one disclosure form to comply with both the state andfederal requirements. Your Rights Under the FederalTruth-in-Lending Act The Federal Truth-in-LendingAct (TILA) applies if the broker makes the loan with its own funds or arrangesthe loan for a lender who makes five or more home loans per year. If the TILAapplies, the lender must provide you a disclosure before you become obligatedwhich tells you: the identity of the creditor; the amount financed; that youhave a right to an itemization of the amount financed; the dollar amount of thefinance charge; the finance charge expressed as an annual percentage rate (APR);the number, amount and periods of payments; the total of all payments; any latepayment charge; and whether or not there is a charge upon prepayment of the loanprincipal. The disclosure statement mustalso identify the property which is to secure the loan and should tell youwhether the terms of the loan permit assumption of the loan by someone buyingthe property from you. If the TILA applies, you mayhave a right to rescind (cancel) the loan within three days after certainevents, including the consummation of the loan transaction. When you do notreceive proper disclosures about the loan, the right to rescind can last as longas three years from the time you obtain the loan. Any request to rescind theloan should be made in writing. The TILA right of rescissiondoes not apply to all loans arranged by mortgage brokers, so do not rely on thepossibility of later rescission as a substitute for careful study of the loanbefore you agree to it. The TILA was amended in 1994with respect to certain loans, other than purchase money loans, secured by theborrowers principal dwelling. In these "high rate/high fee" loantransactions, also known as "Section 32" loans, the TILA now placessome additional restrictions on creditors, requires more disclosures, and givesborrowers cancellation rights. The amendment defines a creditor as someone who,in any 12-month period, originates more than one high rate/high fee loan. Also, any such loan arranged by a mortgage broker is subject to the new requirements. Ahigh rate loan is one in which the APR exceeds by 10 points or more the yield onTreasury Securities having a similar term. A high fee loan is one in which thetotal points and fees exceed the greater of 8% of the loan amount or, as of1-1-00, $451.00 (adjusted annually on January 1 based on the change in theConsumer Price Index). The TILA is enforced by the Federal Trade Commission(FTC). The FTC will answer questions concerning the TILA and high rate/high feeloans. The Loan Documents: What DoThese Papers Mean? The mortgage broker shouldexplain the loan to you, but you can also help avoid misunderstanding by readingthe documents and asking questions. Dont guess at the meaning of the loanpapers. Ask the mortgage broker to explain them. CONSUMER CHECKLIST Understanding the Loan Documents Study the loan documents and ask questions to help you understand their meaning BEFORE you sign. Ask the mortgage broker or lender to put into writing the terms agreed to. Read all the loan documents carefully before you sign. Before you sign, make certain all the loan terms agreed on are included. Obtain and keep a copy of everything you sign. Signing the Papers: What toExpect When the time comes to sign thepapers, several documents will be presented to you. They will probably include: Promissory Note In the promissory note, you promise torepay the money borrowed. The note should state the amount you are borrowing,the interest rate, whether and how that interest rate may change, the term orlength of the loan, and the amount of any balloon payment. Deed of Trust The deed of trust gives the lender alien on your home. It also gives the lender the right to foreclose on your homeif you dont repay the loan. Escrow Instructions The escrow instructions tell theescrow holder how to pay the loan funds. If existing mortgages or other debtsare to be paid off by the loan, be sure that the escrow instructions tell theescrow agent to pay off these debts. Broker Agreement Read the broker agreementcarefully. Does the agreement require you to pay the brokers fee even if youdont receive the loan you requested? Make sure the agreement is consistentwith what the broker has already told you about your rights and obligations. Declaration of Oral Disclosures This is a statement that the brokerhas orally explained certain terms of the loan to you. Before you sign a papersaying that you have received explanations, make sure that you have received theexplanations and that you understand what you have been told. Mortgage Loan DisclosureStatement Themortgage broker must give you this statement, which sets forth the loan termsand estimated costs, within 3 business days of receiving your completed writtenloan application or before you become obligated to complete the loantransaction, whichever is earlier. If liens or debts are to be paid off by theloan, be sure they are listed on the disclosure statement. (In lieu of the MLDS,in a federally related loan transaction you may only receive Truth-in-Lendingdisclosures and a Good Faith Estimate of costs conformed to Californiadisclosure laws. See "Using the Mortgage Loan Disclosure Statement"above.) Truth-in-Lending DisclosureStatement Some, butnot all, mortgage brokers must give you Federal Truth-in-Lending Act disclosuresabout the cost of the loan before you become obligated on the loan. Take your time and read eachdocument carefully. CONSUMER CHECKLIST Signing The Loan Papers Dont be rushed or intimidated. Read each document before you sign any part of it. Dont sign any documents if there are spaces or boxes concerning the terms of the loan which are left blank. Check that the promissory note lists the interest rate, length or "term" of the loan, and other terms that were promised or represented to you. Mortgage Insurance: Notice toBorrower Civil Code Section 2954.6requires that if private mortgage insurance (PMI) is a condition of a loan thelender must notify the borrower whether the borrower has the right to cancel thePMI and, if so, what conditions must be met in order to cancel. Servicing: Making Your MonthlyPayments It is very important to makeall your payments and to make them on time. Your promissory note may include aprovision requiring you to pay a late charge for each late payment. For somehome loans, the law allows a late charge of up to 10% per installment. The person who collects yourloan payments is often referred to as the authorized servicer. Sometimes this isthe mortgage broker. NOTE: Civil Code Section 2937requires that if the servicing responsibility for a loan is to be (or has been)transferred, both the current and new servicer must notify the borrower of thechange and its effective date. What Should I Do About aDispute with the Authorized Servicer? If you have a disagreement withthe authorized servicer about your loan, write a letter to the servicer and keepa copy. State what the problem is and what you wish the servicer to do about it.Be specific. If your payment wasnt credited, give the account number, amount,date, and number of the check. Do not send your original documents such ascanceled checks. Keep all the originals and send copies with your letter.Confirm in writing any telephone conversations with the servicer. If you dontreceive a satisfactory response and the servicer is required to be alicensed real estate broker, you can file a complaint with the Department ofReal Estate. Also, Section 6 of RESPA requires the servicer to acknowledge yourrequest within 20 business and must try to resolve the problem within 60business days. If not you may have certain rights, such as the right to file acivil lawsuit against the servicer. Foreclosure: What Should I DoNow? In foreclosure, a person calledthe trustee in foreclosure sells your property at a public auction sale. Commonreasons for foreclosure are failure to make monthly mortgage payments or failureto make a balloon payment when due. Foreclosure proceeds in stages.It begins with a notice of default which tells you why you are now in default.You then have until five business days before the foreclosure sale to cure thedefault. To cure the default you have to pay off missed payments, late charges,and fees for initiating the foreclosure. If you do not cure the default,the trustee can take steps to hold a foreclosure sale. You have the right to one24-hour postponement of the sale if you make a written request to postpone whichstates that your purpose is to obtain the cash to pay the debt and whichidentifies the expected source of the money. Detailed rules governforeclosure. Dont wait until a foreclosure sale is scheduled to seek legalassistance. If you receive a notice of default, act on it promptly. See if youagree with the amount the trustee says is due. If you do not believe you owe theamount claimed, write a letter as soon as possible disputing the amount, withcopies of the proof of payments. Ask for a written correction and follow up withthe authorized servicer to see that your account is corrected. If you owe the money, thinkabout how to repay it and cure the default. Are you able to borrow money fromfamily or friends? Could you repay the amount of the missed payments over aperiod of several months? The lender is not required to allow you more thanthree months to pay off the default, but a lender may give you more time if youhave a definite plan for repayment. If the lender agrees to give you more timeto repay the loan, that agreement should be in writing. These agreements arecommonly known as work out agreements. When there is no way to repaythe debt, you should consider selling your home before you lose it inforeclosure. Selling the home may allow you to save your equity and protect yourcredit. This may help you in relocating to a new home. "Foreclosureconsultants" or "foreclosure specialists" often contacthomeowners who have received a notice of default. They may claim they canprevent the foreclosure, and may even suggest that you transfer title to yourhome to them. Persons who contact you and claim they can prevent a foreclosureshould be questioned carefully to determine how they believe that this can beaccomplished. CONSUMER CHECKLIST Foreclosure Avoid the risk of foreclosure by fully understanding the loan before you accept it. Make sure you will be able to make the monthly payments and any "balloon" payment(s). If you must miss a payment because of a special circumstance like a temporary disability or temporary unemployment, contact the lender or servicing agent before you miss the payment and suggest a plan for making up the payment(s) to be missed. Are you able to put an extra $50 per month on future payments? If you receive a notice of default, be sure the lender has accurately stated the amount you owe. If you have a plan to repay the missed payment(s), contact the lender promptly. If you are unable to make your payments or are in default and cant cure the default, consider selling the home before you lose it to foreclosure. Be cautious with anyone who contacts you claiming they can help you avoid the foreclosure without repaying the money you owe. Can I Find Out Why Credit wasDenied? Lenders may not base a decisionto deny you credit on your race, color, religion, national origin, ancestry,sex, marital status, or the fact that some of your income comes from a publicassistance program. The lender is required to inform you in writing of anadverse action (denial) taken on your application. If you make a timely writtenrequest, the lender must also tell you in writing why credit was denied. Also, effective January 1,2002, any person who makes, or arranges, loans secured by 1-4 unit residentialproperty, and who uses a consumers credit score in connection with theapplication, must give you a "Notice to the Home Loan Applicant"disclosing your rights to receive information regarding your credit score. Information and Complaints Federal Trade Commission (FTC) The FTC publishesfree pamphlets on home mortgages. California Department of RealEstate (DRE) TheDRE can tell you whether a mortgage broker has a current license, how long thebroker has been licensed, and whether the DRE has ever taken any formaldisciplinary action against the broker. This information can also be accessedthrough the DREs Web Site at http://www.dre.ca.gov . Private attorneys The county bar association in manycounties gives a referral to lawyers who have asked to be listed with the barreferral service. Legal Aid If you are on a fixed income orhave a low income, you may qualify for a lawyer through the county Legal AidOffice. CALIFORNIA DEPARTMENT OF REALESTATE Principal Office 2201 Broadway Post Office Box 187000 Sacramento, CA 95818-7000 (916) 227-0864 District Offices 2550 Mariposa Mall, Suite 3070 Fresno, CA 93721 (559) 445-5009 320 W. 4th Street, Suite 350 Los Angeles, CA 90013 (213) 620-2072 1515 Clay Street, Suite 702 Oakland, CA 94612 (510) 622-2552 1350 Front Street, Suite 3064 San Diego, CA 92101 (619) 525-4192 FEDERAL TRADE COMMISSION 901 Market Street, #570 San Francisco, CA 94103 (415) 356-5270 11000 Wilshire Blvd. Los Angeles, CA 90024 (310) 824-4343 Toll Free: 1-877-382-4357 Web site: http://www.ftc.gov This page last modified on Monday, February 03, 2003
Florida Real Estate &
TAMPA BAY REAL ESTATE GUIDE - Florida Real Estate Featuring Real Estate Agents and Property Listings in the Tampa Bay Florida Area IslandTime.com BelleairBluffs.com IndianRocksBch.com Sand-Key.com Tampa Bay Florida Real Estate Guide If you're in the market for real estate to purchase or rent, check out the dynamic Realtors and Agencies that serve the Florida's Tampa Bay & Gulf Beaches area. Tampa Bay Florida Real Estate & Vacation Rentals including Clearwater, Clearwater Beach, Sand Key, Belleair Beach, Belleair Shores, Indian Rocks Beach, Indian Shores, Madeira Beach, North Redington Beach, Redington Beach, Redington Shores, Treasure Island, Johns Pass, St. Pete Beach, Tierra Verde, Dunedin, Tarpon Springs, New Port Richey, Port Rickey, Crystal Beach, Hudson, Holiday, Spring Hill & the whole of Pinellas and Pasco County and the Greater Tampa Bay Florida metropolitan area. Property Descriptions, Prices, & Photos Easy to contact Agents - who want to Help You. Take a good look ... you'll like it SCROLL DOWN for Tampa Bay Florida Area Real Estate CLICK BELOW For Real Estate in OTHER Area's of Florida: PENSACOLA AREA & NORTHWEST GULF COAST DESTIN & FORT WALTON AREAS NEW SMYRNA BEACH BREVARD COUNTY FT. LAUDERDALE/HOLLYWOOD SARASOTA / BRADENTON /VENICE AREA REAL ESTATE CAPE CORAL / FT. MYERS / BURNT STORE / PUNTA GORDA / PINE ISLAND COMMERCIAL REAL ESTATE ENTIRE FLORID REAL ESTATE GUIDE Click for Mortgage Information for your Florida Home Purchase FEATURED LISTING ST. PETERSBURG LAKE FRONT HOME Custom built, 3 bedroom, 2 bath split plan with oversize 2 car garage, fireplace, catherdral ceilings, natural gas, cable TV and reclaimed water for sprinkler system. Pool with screened lanai. Formal dining room, Italian diamond laid tile throughout home. -- VACATION RENTALS EXCLUSIVELY VACATION RENTALS Vacation Rentals along the coast of Florida and other Island Paradise. Cottages & Condo's, by Owner & Agents. SALES & RENTALS IMPERIAL REAL ESTATE & RENTALS, INC. Pictures, Facts and Featuresfor Residential, Commercial, & Investment Real Estate. SALES & RENTALS RESORT REALTY Selected Condos, Apartments and Houses for the Tampa Bay Gulf Beaches Area SALES JERRY GUY, BUYERS AGENT Real Estate on Florida's Gulf Coast. FREE Buyer's Guide. Let JerrySave You Money and Time when buying a residence on the Pinellas SunCoast SALES GOLF, LAKES, ESTATES Northeast Tampa offers dynamic Estate Living with Lakes, Golf Clubs, and unsurpassed recreational facilities ... with an easy commute to the City of Tampa. SALES RICH LOIACONO - REAL ESTATE AGENT Water View, Water Front & Prime Inland LocationsCondos, Homes, and Investment Property - Let Rick's Listing Tracker notify you when your Dream Listing is available SALES KIT MCGUIRE AWALT - REAL ESTATE AGENT Find your Dream At The Beach ... Home & Condominium Listings via Email. The Beach is Kit's Neighborhood. Investment & Commercial Real Estate too. SALES & RENTALS CENTURY 21 PLUMLEE REALTY Beach Condo Specialists with hundreds in inventory. Choose from Luxury penthouses to beachside condos. SALES CHUCK ARN - REALTOR Chuck Arn wants to be YOUR Realtor for buying or selling Real Estate in the Tampa Bay Gulf Beach communities. SALES BRANDON / RIVERVIEW Brandon / Riverview, conveniently located near Tampa, provides a "Hometown" atmosphere, with many new and resale homes available. SALES THE VERANDA'S ON THE GULF NEW CONSTRUCTION: Beach front condominium residences for the discriminating. Each 4 bed 4 bath residence has unobstructed views of the Gulf of Mexico. Are YOU ready for the best? SALES & RENTALS TOTAL REALTY SERVICES, INC. A sales staff specializes in beach properties, understanding all aspects of buying and selling. We also manage properties for the investor-owner. We not only talk the "Total Concept" philosophy, we live it. SALES CENTURY 21 SUNSHINE REALTY Tampa Bay Realtors - Homes, Commercial, Condos, Waterfront and Beach properties. Free relocation guides, maps and more. SALES THE LANGROCKSTOP 1% Your Tampa Bay Real Estate Experts! Call us for Your Dream Home in Paradise, including waterfront, foreclosure, and luxury homes in: Clearwater, Palm Harbor, East Lake, Tarpon Springs, Dunedin, Safety Harbor, Oldsmar, Tampa, St. Pete, and the Gulf Beaches. SALES CALL JO HICKEY FOR the Experience & Longevity that make a smooth transaction. Clearwater, Dunedin. Palm Harbor, East Lake offer ideal Florida Living. All amenities including Honeymoon Island, (world Class Dunedin Beach), Trail, Fine Dining, Golf. SALES JOHN & VALERIE EDMONS Helping people discover Florida living at its best. Use our web page to search all of Tampa Bay's Tri- Counties, Pinellas, Hillsborough and Pasco. Cities: Tampa, Lutz, St Pete, Clearwater, New Port Richey and The Gulf Beaches and more. 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NEW CONSTRUCTION BELLARTE ON THE GULF New, 3 building luxury beachfront condominium located directly on the sugar sand beaches in Madeira Beach Florida. Each of the 17 residences will occupy an entire floor and offer breathtaking views of the Gulf. 3 Bedroom, 3½Baths, over 3,450 sq. ft. of luxury. OBTAIN A MORTGAGE Click for Mortgage Information for your Florida Home Purchase REALTOR TOOL SOFTWARE FOR REALTORS Available at Discount Prices. "Simply the Best" Sales and Marketing Software for Real Estate Professionals. BUYERS AID HOME BUYERS - YOU NEED THIS BOOK Having this book when purchasing a home may save you from costly mistakes. REALTOR TOOL REAL ESTATE PROFESSIONALS INTERNET GUIDE Help for the Realtor just venturing onto the Internet and a reference point for the more experienced user. For MORE FLORIDA REAL ESTATE & VACATION RENTALS See the East Florida Real Estate& Vacation Rental Guide Florida Commercial Real Estate Guide North Florida Real Estate Guide Sarasota Florida Real Estate Guide Tampa Florida Real Estate Guide & Vacation Rental Guide HAVE YOU VISITED Tampa Bay's Gulf Beaches Indian Rocks Beach, Florida Belleair Bluffs, Florida Sand Key (Clearwater), Florida OR ... Check out these Island Time Features Vacation Rentals Photo Gallery Attractions Events Calendar Area Communities Shopping Mall Links Advertising Opportunities This page is provided for those in the market for real estate to purchase or rent, seeking dynamic Florida Realtors and Florida Real Estate Agents and Agencies that serve the Tampa Bay & Gulf Beaches area, as well a Pasco County, Pinellas County, and all of the Tampa Bay metropolitan area. CLICK HERE for the top of this page. Tampa Bay Florida Real Estate & Vacation Rentals including Clearwater, Clearwater Beach, Sand Key, Belleair Beach, Belleair Shores, Indian Rocks Beach, Indian Shores, Madeira Beach, North Redington Beach, Redington Beach, Redington Shores, Treasure Island, Johns Pass, St. Pete Beach, Tierra Verde, Dunedin, Tarpon Springs, New Port Richey, Port Rickey, Crystal Beach, Hudson, Holiday, Spring Hill & the whole of Pinellas and Pasco County and the Greater Tampa Bay Florida metropolitan area. Not Finding What You Want? Check out the Surf's Up Links to the Internet ©1999, 2000, 2001, 2002, 2003, 2004, 2005 David Moninger, All Rights Reserved 12/09/05 Interesting Links
Real Estate Prices
Housing prices can go down. - Sep. 19, 2005 Web CNN/Money Home News Markets Technology Commentary Personal Finance Autos Real Estate Real Estate Buying & Selling SAVE | EMAIL | PRINT | SUBSCRIBE TO MONEY | Real estate: When booms go bust... Home prices can and do go down. Here's what declines have looked like in the past. September 19, 2005: 6:21 PM EDT By Les Christie, CNN/Money staff writer NEW YORK (CNN/Money) - Across America, real-estate prices continue to confound the skeptics. Many Americans have come to think of their homes as rock-solid investments with little downside. And why not: For the past 40 years, national home prices have surpassed inflation by a percentage point or two on average and there has never been a national real-estate bust. But are people ignoring the risks? "I think Americans are not well aware that many markets are risky," says Ingo Winzer, president of Local Market Monitor, which sells real-estate market analysis to corporate and consumer clients. Those investors should realize that price reversals do happen, even if only locally rather than nation-wide. A look at the not so distant past reveals numerous examples of cities that went through housing busts -- followed by years of falling prices. Some have never fully recovered. Once hot, then not Take Los Angeles, where real estate has been turbocharged for nearly 10 years. But the early 1990s were a different story; the average house price in L.A. dropped from $222,200 in 1990 to $176,300 in 1996, a loss of 20.7 percent. Furthermore, those are nominal prices, not real values. To calculate the loss more realistically you would have to figure in the cost of inflation: $222,200 in 1990 would have been worth $266,700 in 1996 dollars, which means the actual loss for homeowners buying in 1990 and selling in 1996 was closer to 34 percent. Not exactly the Nasdaq meltdown for investors, but getting closer. But that's L.A., where the aerospace- and film and television production-based economy can be a bit volatile. What about cities in more traditional areas? How did things play out in Peoria, Ill. for instance? Not well, not in the early 1980s at least. Peoria experienced real-estate price drops amounting to more than 15 percent tied, in part, to strikes and lay-offs at Caterpillar, the city's biggest employer. In 1981, the average home there sold for $60,800. By 1985, that had dipped to $51,400. "Oil patch" cities, suffered even sharper declines. In Oklahoma City prices plummeted 26 percent from 1983 to 1988. It took 15 years for prices there to return to nominal 1983 levels. Houston home prices fell 22 percent from $111,000 to $86,800, and also took 15 years to rebound. Counting inflation, the average Houston home, which cost just $159,700 in 2004, is actually worth less now than it was 22 years ago. When, adjusted for inflation, a home cost about $219,000 in 1983. In Oklahoma City, the inflation-adjusted price in 1983 was $196,600. Today, it's just $135,100. The boom will end, but when? History seems to dictate that the current price boom is at risk. One factor is that real-estate investing has spiked, pressuring prices upward. In Phoenix, according to Bill Jilbert, president and COO of the Coldwell Banker brokerage there, investors from Nevada and California have invaded the Arizona market, and "affordable housing has been pushed to extremes." That story is echoed in many local markets. Low interest rates have also kept real estate bubbling. Cheap mortgages enable entry level buyers to get into the market and wealthier ones to afford more expensive houses. That means higher demand and higher prices at all market levels. Winzer says that low rates "have extended the cycle." Winzer assesses local market risk by taking into account economic and population growth, construction costs, vacancy rates, and, especially, income. He also considers such factors as density and access to open land. Prices in densely settled New York have always been higher than those of cities with lots of space for new housing. Winzer considers real estate "very risky right now." And because the price run up has been so high he expects the adjustment period where home prices stagnate as income catches up -- to take a very long time. Before they purchase a home, buyers better figure on scenario of many years of little or slow home-price appreciation. Counting on home price increases could be a big mistake. The boom has already gone on longer than Winzer thought it would. "Bubbles do tend to last longer than most people expect," he says, "and end quicker." _____________________________________________________________________________________ Think you're living in a bubble? Here are four strategies . Watch out: 5 crazy loans that could hurt you Hot markets have not slowed much yet. See that story by clicking here . For more articles on Real Estate, subscribe to MONEY Magazine . The Hot List Most profitable renovations How risky is your 401(k)? Big new tax credits for hybrid cars More Buying & Selling Least affordable rental markets Take this home market...and love it Double jeopardy for landlords contact us | magazine customer service | site map | glossary | RSS | press room OTHER NEWS: CNN | SI | Fortune | Business2.0 = Money subscribers = Premium content -- * - Time reflects local markets trading time. † - Intraday data is at least 15-minutes delayed. Disclaimer © 2005 Cable News Network LP, LLLP. A Time Warner Company ALL RIGHTS RESERVED. Terms under which this service is provided to you. privacy policy Reprints of site stories are available. Top Stories Most overvalued housing markets Risks to the economy in 2006 Which was the worst ad of all in 2005? After the ride, a rest Hilton brands reunite after 40 years YOUR E-MAIL ALERTS Follow the news that matters to you. 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