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Guide to Buying Property Abroad Featured Homeowner Loans at Loansite Get a loan fast - complete our easy form for low rates and a friendly service. Use Loansite to get low-APR deals on loans and mortgages in the UK. l www.loansite.co.uk Home Property and Bills Property Abroad Thu, 29 Dec, 2005 BUYING PROPERTY ABROAD Breaking News Mailing List Alert me to site updates Related Links Secured Loan Selector Unsecured Loan Selector Mortgages Loan FAQ's Unsecured Loans Loan Calculator Loan Best Buys Secured Loans Home Improvement Loans Loan Directory Loans Currency Exchange Currency Enquiry Secured Loans Buy Overseas Property Get the house you always dreamed of with Vilamoura sunset villas. Situated in the heart of the Algarve, our property is perfect for a holiday home in the sun. l clk.atdmt.com Property in Bulgaria Specialists in Bulgarian property. From city to mountain to the coast, we have a wide range of properties available exclusively for our clients. l www.bulgariandreams.com Buying Property Abroad If you are thinking about buying property abroad, start by applying the same principles as buying a property in the UK. Firstly do your research. This means taking a trip or holiday to the destination. Talk to locals, expats, those who have already bought in the area. Never underestimate the importance of doing thorough homework on the location. Find yourself a good local lawyer, preferably one who is fluent in English as well as the native tongue. If you can, talk to people who have used this lawyer before. The lawyer should be well versed in the local regulations, laws and procedures. In Spain you will have to make out a local will before buying. When transferring money abroad, be aware that most High Street banks in the UK charge a higher rate of commission than can be obtained from a foreign exchange specialist (for example ask for a quote from Excel Currencies and compare with the amount of destination currency quoted by your High Street bank). With properties costing from £20,000 upwards, a half-percentage point difference in rates can translate into hundreds of pounds saved. Understand that the costs of buying are usually higher than in the UK. Find out what the local taxes are for selling as well as buying. In some Eastern European countries, it may be cheaper in the long run to set up a company to own the property. Buy Overseas Property Get the house you always dreamed of with Vilamoura sunset villas. Situated in the heart of the Algarve, our property is perfect for a holiday home in the sun. l clk.atdmt.com Property in Bulgaria Specialists in Bulgarian property. From city to mountain to the coast, we have a wide range of properties available exclusively for our clients. l www.bulgariandreams.com Buy Bulgarian and Cyprus Property Online Bulgaria and Cyprus property sales. Click here to register your interest and receive your personalised property matches instantly. l www.investorsinthesun.com Discover Northern Cyprus Superior new homes in beautiful Northern Cyprus from only 49,950 - register now for your free information pack.... l firsthomesww.co.uk Investment Property in Turkey Mecitoglu Homes is one of Antalya's outstanding house builders, providing quality homes in attractive locations throughout the Mediterranean coast. l www.homeinturkey.com Bulgaria Property Sales and Investments Specialists in Bulgarian property - investment properties for sale on the Black Sea Coast and ski resorts in Bulgaria. l www.coralestates.com 2004-2005 QCK.com Financial News | Sitemap | Terms | About us | Contact
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Find Your Home Value, House Values and Prices on Yahoo! Real Estate Find Your Home Value, House Values and Prices Choose Location Home Homes for Sale Apartments for Rent Home Loans Moving & Insurance Tools My Real Estate Real Estate > Resources & Tools > Home Values and Prices Features Classifieds • Sell Your Home • Rent Your Apartment Home Search • Find Homes for Sale • Find Properties for Rent REALTORS • Find & Compare REALTORS Mortgages & Financing • Find a Lender • Today's Mortgage Rates • Loan Calculators • Credit Reports • Refinance Loans Resources • Moving Services • Foreclosure Center Neighborhood Research • What's My Home Worth? • School Profiles • Neighborhood Profiles Specialty Property • Foreclosures • New Homes • Commercial Real Estate • List Commercial Real Estate Home Improvement & Services • Home Services • Home Improvement Library • House Facts Get Home Values and Prices Sponsored by Get Home Values and Prices Access millions of public real estate records instantly! This comparable sales data helps you analyze the value of your home or other homes in seconds. Results include price, square footage, bedrooms, and year built (where available). You can also get a custom home valuation from a top-performing local REALTOR! Street Address: City & State or Zip: Sponsored Links Homeowners Only-Easy Refi, Equity, 2nd's Bad credit? Bankruptcy? Consolidate debt fast by refinancing your mortgage or obtaining an equity loan. Get the cash you need while lowering your bills. Apply in minutes, absolutely free. e-lends.com Mortgage Loan Rates Lock in today's rate on a mortgage loan at Home Finance of America - your source for great rates, with quality customer support. See what you qualify for and what your payments will be. www.homefinanceofamerica.com Mortgage Loans Find everything you need for your refinancing mortgage needs. We provide comprehensive information and quality service. Apply online or by mail, or we can contact you. www.nodownpaymentmortgage101.com Refinance Now with Oak Street Mortgage Do you have less than perfect credit? Let Oak Street Mortgage help you find a loan that meets your needs apply today its quick and easy. www.oakstreetmortgage.com (Become a Sponsor) Homes For Sale - Apartments For Rent - Current Mortgage Rates - Real Estate Agents - Local - Yellow Pages
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Amazon.com: Feels Like Home [ENHANCED]: Music Your Store Music See All 32 Product Categories Your Account | Cart | Wish List | Help | advanced search | browse styles | classical | top sellers | new & future releases | music you should hear | blowout music | used music | free downloads Search Amazon.com Popular Music - Artist Name - Album Title - Song Title Used Music Classical Music Music Downloads Web Search Join Amazon Prime and ship Two-Day for free and Overnight for $3.99. Already a member? Sign in . MUSIC INFORMATION Explore this album buying info listen to samples editorial reviews customer reviews RATE THIS ALBUM I dislike it I love it! 1 2 3 4 5 Edit your ratings Visit the DVD Store The Incredibles (Widescreen 2-Disc Collector's Edition) DVD ~ Holly Hunter Sign in to turn on 1-Click ordering. A9.com users save 1.57% on Amazon. Learn how . 136 used & new from $6.39 Club price : $8.49 Available for in-store pickup now from: $18.99 Price may vary based on availability Enter your ZIP Code Have one to sell? Feels Like Home [ENHANCED] Norah Jones List Price: $18.98 Price: $10.96 & eligible for FREE Super Saver Shipping on orders over $25. See details . You Save: $8.02 (42%) Availability: Usually ships within 24 hours 136 used & new from $6.39 Club price : $8.49 See more product details Better Together Buy this album with Come Away with Me ~ Norah Jonestoday! Total List Price : $37.96 Buy Together Today: $21.92 Customers who bought this title also bought: Genius Loves Company [Enhanced] ~ Ray Charles The Girl In The Other Room [Enhanced] ~ Diana Krall Afterglow ~ Sarah McLachlan Careless Love ~ Madeleine Peyroux New York City ~ Peter Malick, Norah Jones Songs About Jane ~ Maroon 5 Heavier Things [Enhanced] ~ John Mayer The Diary of Alicia Keys ~ Alicia Keys Explore Similar Items : 20 in Music , 20 in DVD , and 20 in Books What similar items do customers ultimately buy after viewing this item? 12% buy this item(Feels Like Home~ Norah Jones 1% buy Don't Know Why ~ Norah Jones Explore Similar Items : 9 in Music , 4 in DVD , and 2 in Books Product Details Audio CD (February 10, 2004) Original Release Date : 2000 Number of Discs: 1 Label: Blue Note Records Format: Enhanced ASIN: B00018D44U Average Customer Review: Based on 578 reviews. Write a review . Amazon.com Sales Rank: Today: #188 in Music Yesterday: #163 in Music Popular in: Anacortes, WA(#2) , Northridge, CA(#13) . See more Listen to Samples To hear a song sample, click on the "Listen ." Visit our audio help page for more information. 1. Sunrise Listen Listen 2. What Am I To You? Listen Listen 3. Those Sweet Words Listen Listen 4. Carnival Town Listen Listen 5. In The Morning Listen Listen 6. Be Here To Love Me Listen Listen 7. Creepin' In Listen Listen 8. Toes Listen Listen 9. Humble Me Listen Listen 10. Above Ground Listen Listen 11. The Long Way Home Listen Listen 12. The Prettiest Thing Listen Listen 13. Don't Miss You At All Listen Listen Editorial Reviews Amazon.com Norah Jones blew everybody away with her jazzy, country-tinged, Grammy-winning debut CD, Come Away with Me . On this recording, Jones doesn't mess with her trademark formula. Under Arif Mardin's cozy coproduction, Jones is supported by her writing partners, her Handsome Band, and some special guests (country legend Dolly Parton , Levon Helm and Garth Hudson of the Band , and jazz drummer Brian Blade , to name a few). Jones's Texas-twanged vocals and her sparse acoustic and electric Wurlitzer piano lines enliven the CD's 13 tracks, from the light and lively single "Sunrise" to Tom Waits 's "The Long Way Home" and the bouncy duet with Parton, "Creepin' In." Jones's soul-baring piano/vocal rendition of Duke Ellington 's "Melancholia," retitled "Don't Miss You at All," proves she's a true Blue Note artist with unlimited potential. --Eugene Holley Jr. Album Description 'Feels Like Home' features 13 tracks & a host of special guests including Dolly Parton, Levon Helm, Garth Hudson of the Band, Jesse Harris, Robert Burger and Tony Scherr. Blue Note. 2004. Spotlight Reviews (What's this?) Write an online review and share your thoughts with other customers. 151 of 167 people found the following review helpful: A different side of Norah Jones , February 22, 2004 Reviewer: Abby (Pittsburg, Kansas United States)- See all my reviews The latest album from Norah Jones, "Feels Like Home" shows us a different side of a singer who clearly has some diverse tastes. Where her debut "Come Away With Me" was reminiscent of Jazz singers like Billie Holiday and Rosemary Clooney, "Feels Like Home" has more of a Gillian Welch sound to it, a feeling that's only enhanced by Jones' duet with Dolly Parton on the bouncy track "Creepin' In". But that doesn't make it any less spectacular. Jones' voice is still beautiful, her piano playing is lovely, and her backup musicians, The Handsome Band, are amazing. Fans of "Come Away" won't be disappointed, despite the change of style. Something else that you see on "Home" that you didn't get before was more of Jones writing her own songs. Most of the tracks here are co-written, but Jones did write one track, "What Am I to you", herself. I will say that Jones is no lyrical genius, but the lyrics take a backseat to the still hauntingly beautiful instrumental work, especially on "Carnival Town", which has a nice string arrangement by the album's co-producer Arif Mardin. So, to sum up: "Feels Like Home" is quite different from "Come Away with Me", but it's no less great. Jones maintains the casual, relaxed quality of her music, and leaves fans more than satisfied. I can't wait to see what she comes out with next. Judging from this album, she can continue experimenting with whatever style she wants, and she'll still produce a wonderful work of art. Was this review helpful to you? ( Report this ) 95 of 102 people found the following review helpful: Delicious, seductive musical rapture... , February 10, 2004 Reviewer: Christian Hunter (Santa Barbara, Ca United States)- See all my reviews I was in the bathroom of this quaint little fish market with a converted restaurant when I first heard Norah's voice. I remember standing around in that humid little red bathroom through almost 3 tracks (not exactly good protocol on a date) totally enraptured by the the "not quite raspy, not quite silk" quality of her voice, the seductive cadence in her rythm, and delicious instramental accompaniments. I was an immediate fan and bought her CD the next day. Norah singlehandedly branded my entire summer of 2002 as "romantic" with her first major work. So with nervous anticipation I had my first listen of this CD tonight, and without further ado, I'm so happy to report that "Feels Like Home" (in my opinion) is as good or better than "Come Away With Me". Thank you Norah! From what I know of Norah Jones, she got her musical career really moving when she moved from Texas to New York City. I'm guessing here, but if I had to ascribe a dominant geographic influence to each album, I'd say Come Away "leans New York" while Feels Like Home seems rooted more in Texas. Perhaps that's why this new album is named what it is...? The only song on this CD I didn't immediately love is "Creepin In". It moves fast, is definitively country (I'm fairly certain Dolly Parton is singing along, but I don't have the album cover), yet it's very catchy and fun (as testimony, I found myself humming it tonight in the shower). Below is a list of songs that (if you love her past work) you'll immediately adore: Sunrise: I got an advance listen to this track a couple of months ago and fell in love with it at first listen. I think it's one of the loveliest songs on the album. What Am I To You: Beautiful BB King style R&B track. Will certainly be a huge hit. When I first listened to this CD I couldn't get past this particular song. I listened to it a half-dozen times straight. Carnival Town: Mostly guitar and piano (which is when I think she's at her best), the intricacy in her luscious voice is amplified and really stands out for appreciation. In The Morning: If I decided to do what I threatened so often as a kid to do, and "ranaway", this would be the perfect song to play as I screamed out of town in some hastily acquired convertible...Rambling Anyone? Sorry...This track is intense (not loud), with a wonderful buildup and easy flowing rhythm punctuated by passionate lyrics that then break into cool but subdued R&B. Toes: Norah at her best! Dreamy and romantic, the rhythm moves unpredictably but "just right" between light and heavy. Yikes, if that's not ambigious (might make more sense to you when you hear it). Humble Me: Hauntingly lonely guitar entres this song about struggle, desperation, and forgiveness. Ooh this one is good! The Prettiest Thing: This is a slam dunk hit. A jazzy, slow rhythm that picks up in tempo and seduces you into focusing on what is probably her most romantic moment in the CD (occurs around 2 minutes 45 seconds into this track). Forgive me if this is overly dramatic (it's 2am at the writing of this review), but this song literally gave me the chills. And on that note, I'll sign off. Enjoy this elegant work of art, you won't be dissapointed. Was this review helpful to you? ( Report this ) All Customer Reviews Average Customer Review: Write an online review and share your thoughts with other customers. 1 of 3 people found the following review helpful: A Wonderful Album , November 18, 2005 Reviewer: Jared O. "horror fanatic" (Florida USA)- See all my reviews Soul/bluegrazz/jazz is how you descirbe Norah Jones. With great songs thoughout the album, its no wonder why she went platinum with this one. She shows of her vocal applitly hitting very high notes and low ones. The band is great on this album. They have such a variety in there instrumentation and note progression. Beautiful. I loved this album and so will you. Jared (buy) Was this review helpful to you? ( Report this ) 1 of 2 people found the following review helpful: She is one the best blues singers out there , October 26, 2005 Reviewer: Quiet Tiger "Time is short. Live well." (Iraq via Denver)- See all my reviews In the modern world of hustle and bustle people don't take time for music like this and for me it's been a revelation. I'm just getting into Blues. I have listened to Jazz for many many.... many years but haven't really taken time with the Blues. She has taken some Mississippi mud and formed something I didn't expect to find. This music is timeless because she brings you back to the where Blues came from but in a clean modern setting. She is essential music in my opinion and highly undervalued as a musician. I own both of her musical ventures to date and both of these are very powerful in their simplicity, straight forwardness and honesty. The sheer majesty that people miss in her music is that she isn't pretentious about who she is but she knows her value. This is good stuff. Was this review helpful to you? ( Report this ) 14 of 23 people found the following review helpful: sick and tired of protected CDs , October 16, 2005 Reviewer: S. Hogan (bratislava, slovakia)- See all my reviews I don't understand why this CD is rated 'Enhanced' rather than 'Content Protected'. I cannot play it in my computer, and I cannot transfer songs from it to my phone. I'm sorry I paid good money for this disc, and I'm doing my best not to buy 'protected' CDs from ANY artist. Can't Amazon clearly label such CDs, so I can buy others instead? Was this review helpful to you? ( Report this ) 11 of 14 people found the following review helpful: Another beauty from Norah Jones , August 22, 2005 Reviewer: Dr. Emil Shuffhausen (Central Gulf Coast)- See all my reviews There are no signs of "sophomore slump" on this, Norah Jones' second CD. As on her debut, her smoky blend of jazz, country, and classic piano pop continues to intoxicate and delight. While she doesn't stray far away from her foundations, she does show signs of growth and moderate experimentation. This CD reminds me somewhat of Willie Nelson's best work (the way he can blend Texas sawdusty outlaw country with sophisticated jazzy Reinhardtisms). Norah has an earthy groundedness that nicely counterpoints her light, breathy voice. The album opener, "Sunrise," is perfect...not only as a lovely individual track, but as the album opener. It sets a mood that is both reflective and sprightly...a little playful, but also pensive. "What Am I to You?" is a deeply felt, bluesy song, as is "In the Morning." These two cuts sandwich the picturesque "Carnival Town." Norah hits the listener right in the gut with the velvet brick, "Humble Me," but she will definitely make you smile with her Dolly Parton duet, "Creepin' In." On "Don't Miss You at All," her heart, soul, and voice let you know that her words are not really true. There's something special about Texas singers: Lyle Lovett, Willie Nelson, Buddy Holly, Janis Joplin, Roy Orbison...and Norah Jones. They have a way of taking the music from deep in their hearts, and putting it deep into yours. Was this review helpful to you? ( Report this ) See all 578 customer reviews... Customers who bought titles by Norah Jones also bought titles by these artists: Diana Krall Peter Malick Adam Levy Touch Acoustra Ray Charles Explore similar artists So You'd Like To... 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home equity lines of
Home Equity Lending Gaps in Texas The Texas Economy March 2003 "Texans need and deserve the right to take out home equity lines of credit.This simple change will pump $741 million back to Texas homeowners." -- Carole Keeton Strayhorn, Texas Comptroller Home Equity Lending Gaps in Texas The number of Texans with home equity loans has more than doubled since 1997 when changes in the Texas constitution made it easier for Texans to borrow against the equity they have in their homes. [1] Yet, Texans are still not taking as many home equity loans as residents in other states. In the traditional home equity lending market—the segment that involves a lump-sum payout of equity to be repaid over a set term—Texans seem to have caught up with the rest of the nation. Indeed, the estimated 6.4 percent of Texas home-owners with traditional home equity loans in 2001 is not only up considerably from 2.5 in 1997 but may well be higher than the average for the other 49 states of 5.7 percent (Figure 1). [2] This most likely reflects the fact that one portion of the home equity loan market—the home equity line of credit market—remains unavailable to Texans. An estimated $12.7 billion in higher-cost, non-tax-deductible loans that currently exist could be supplanted if home equity lines of credit were available and Texans used these financial options at the same rate as other consumers in the country. By taking advantage of a substantially untapped resource, Texas consumers could save $741 million annually using home equity lines of credit instead of other loans. These savings could be pumped into the Texas economy through lower interest rates and additional federal income tax deductions. The gains would be realized in the Texas economy if existing loans were merely paid off by homeowners through home equity lines of credit. This need not expand homeowners’ overall debt burden. Home Equity Lending in Texas For more than 160 years, access to the home equity that owners had built up in their residences was largely untapped. As a direct result of the Panic of 1837, Texas prohibited the forced sale of homesteads for all but a very limited number of reasons. When Texas became a state, these protections became part of the state constitution and effectively barred foreclosing on a person’s residence for reasons other than non-payment of taxes, the original mortgage or a home improvement loan. These same provisions also effectively barred tapping into home equity for purposes other than home improvement. But on November 4, 1997, Texas voters approved a constitutional amendment allowing more leeway in home equity lending and for reverse mortgages. [3] These loans became available to Texans in 1998, but some technical issues limited the availability of home equity loans for homesteads larger than one acre and from reverse mortgages. Subsequent amendments addressed these legal concerns. [4] Changes in the Texas Constitution expanded the conditions under which homeowners could obtain a traditional home equity loan. These closed-end loans extend for a specified length of time and generally require repayment of interest and principal in equal monthly installments. Interest rates on these loans are ordinarily fixed for the life of the loan. Growth in Home Equity Lending in Texas Since changing the Texas constitution to allow wider use of home equity loans, Texans have steadily increased their reliance on these loans. According to American Housing Survey (AHS) data on nine Texas metropolitan areas that cover 68 percent of Texas’ owner-occupied homes, only 2.5 percent of Texas homeowners had any form of home equity loan in 1997, substantially less than the 14.5 percent for all U.S. homeowners outside of Texas that same year. By 1999, the proportion of Texas homeowners with a home equity loan had risen to 4.5 percent. While this represents nearly a doubling of home equity loan usage in just two years, this was still slightly less than the estimated 5 percent rate for home equity loan usage in the nation and substantially less than the 12.9 percent estimated by the AHS that year for both home equity loans and lines of credit. By 2001, the proportion of Texas households with home equity loans had reached 6.4 percent. At this level, the usage in Texas actually exceeded the usage rate of fixed-term closed-end loans in the U.S., indicating that Texans may have reached the saturation point with traditional home equity loans. These loans typically are written for a set amount to be repaid in equal installments over a specified time, just like a traditional mortgage. Based on a survey conducted for the Comptroller of Public Accounts of home equity lenders in Texas, from 1998 to 2000, the amount of the average home equity loan was about $36,750. In 2001 and 2002, the average home equity loan jumped to more than $47,000. [5] Closing the Gap Although Texans’ reliance on home equity loans has grown substantially since the passage of the constitutional amendment, further gains may be unlikely. Other states’ average usage of 14 percent in 2001 included both traditional home equity loans and home equity lines of credit, financial instruments not now available to Texas homeowners. The possibility that the usage rate of traditional home equity loans in Texas exceeded the usage rate of similar loans in the nation probably indicates that without the home equity line of credit option, more homeowners are opting for the fixed term loans—their only other choice. During much of the 1990s, about 8 percent of U.S. homeowners had a home equity line of credit whereas about 5 percent of homeowners had a traditional loan. [6] In 2001, AHS data indicated an estimated 8.4 percent of homeowners had a home equity line of credit (HELOC) and 5.7 percent had traditional home equity loans. This newer form of home equity lending has become the preferred choice by homeowners in other states. A HELOC is a revolving account that permits borrowing from time to time, at the account holder’s discretion, up to a set credit limit. HELOCs also typically have more flexible repayment schedules than traditional home equity loans and have a variable interest rate. Most consumers think home equity lines of credit are more convenient than traditional home equity loans. While about 40 percent of consumers cited the tax advantages of both types of home equity credit as an important consideration, 43 percent of HELOC users cited convenience of use as an advantage, compared with only 1 percent of those using the traditional home equity loans. [7] Many of the major lenders in Texas make HELOC loans to homeowners in other states. Their experiences underscore how attractive this option is to consumers. Figure 2 presents the percentage of the amount of home equity loans and lines of credit written in Georgia, Florida and California by three major Texas lenders. [8] About 88 percent of the consumers in these states choose HELOCs compared with about 12 percent choosing traditional home equity loans. Potential Economic Impact of HELOCs in Texas One approach to examining what expanded home equity lending might mean in Texas is to estimate what consumers would save if they had access to HELOCs. Three issues are crucial when estimating this impact: what savings could be expected from lower interest costs; how much would HELOCs lower federal income tax bills; and how large total borrowing might become. Underlying this assessment is the assumption that if Texans had access to HELOCs the total home equity usage in Texas would approach the U.S. average. This implies that consumer use of both home equity lines of credit and traditional loans would reach about 14 percent, 7.6 percentage points up from the 2001 level, which was 6.4 and consisted of only traditional home equity loans. The true economic value of HELOCs to consumers lies in low interest rates and as a deduction from federal income taxes. For example, recent data from February 2003 show that the average interest rate on credit card debt is 13.8 percent, the rate for new auto loans is 5.8 percent and on home equity lines of credit, 4.4 percent. [9] This implies that on a $1,000 loan, annual credit card interest charges would be $138 whereas these charges would amount to only $44 for the home equity line of credit. On $1,000 in outstanding credit card debt, conversion of this debt to a HELOC would save $94 in interest payments annually. But even this neglects the fact that HELOC interest costs are deductible from federal income taxes, whereas credit card interest charges are not deductible. Although each individual’s exact marginal tax rate paid depends on adjusted gross income, the National Bureau of Economic Research estimates that, on average, in 1999 interest deductions reduced income taxes 24.5 cents per dollar of interest paid. [10] This implies that, on average, the $44 in HELOC interest payments would generate an estimated $10.78 in federal income tax savings so that the total consumer savings per $1,000 in credit card debt replaced by HELOC would be $104.78 annually. Savings from other loans would be less dramatic. Based on current rates, car loans would cost $58 in interest charges per $1,000 borrowed, or only $14 more than HELOC. But tacking on the deductibility of HELOC raises this savings to $24.78 annually per $1,000 borrowed. The loans likely to be displaced by HELOC would be a mixture of credit card loans and other consumer loans such as car loans. According to Federal Reserve loan data, consumer debt nationwide at the end of 2002 was divided into $738.9 billion in revolving loans, of which credit card debt is a large part, and $1,017.9 billion in non-revolving loans. [11] Assuming Texas consumers have a similar debt profile, about 42 percent of Texas consumer debt would be in revolving credit and 58 percent in non-revolving. Based on these shares, the average consumer would save an estimated $58.38 in interest and tax payments per $1,000 owed by switching from other consumer credit sources to HELOC. [12] How much Texans could save depends on the volume of consumer loans displaced. Using 2001 commercial bank data to update national figures indicates that the traditional home equity loan market in the U.S. reached $352.7 billion, up from $267 billion in 1997. Considering Texas’ share of home equity loans and the average per loan value, Texans account for an estimated 8.4 percent of the U.S. market for traditional home equity loans. Based on this percentage and assuming that Texans would use both traditional and HELOC loans at the national rate, Texas consumers would exchange $12.7 billion in existing loans for HELOC. In doing so, Texas homeowners would save $741 million in interest charges and federal income taxes annually. This would be a modest level of savings. The Federal Reserve Board estimates that households spend about 8 percent of their disposable personal income servicing the debt on revolving loans. [13] The $741 million annual savings from increased use of HELOCs would be about 1.7 percent of the annual amount Texans spend on debt service for revolving loans. [14] Home Equity Delinquencies If Texas consumers relied more on home equity lines of credit and followed national trends, loan delinquencies would likely fall. Based on American Bankers Association data (Table 1), Texas averages fewer loan delinquencies for closed-end home equity loans than consumers at the national level. Loan delinquencies did rise in Texas from 1999 to 2001, but dropped off in 2002. Table 1: Texas Home Equity Delinquency Rates Compared to All Other States Home Equity Delinquency Rates and All States First Mortgage Delinquency Rates* Closed-End** Home Equity Loans(1) Home Equity Lines of Credit(1) All States - First Mortgages(2) Texas All States All States Conventional FHA VA 2002 0.99% 1.30% 0.59% 3.06% 11.55% 7.87% 2001 1.17 1.28 0.73 2.96 10.78 7.67 2000 0.88 1.20 0.75 2.50 9.10 6.80 1999 0.77 1.26 0.62 2.60 8.60 6.80 * Delinquency Rates are based on the number of Loans Past Due 30 Days or More as a Percentage of Loans Outstanding. ** "Closed End" includes home equity and second mortgages (but not home improvement). SOURCES (1)Home equity delinquency rates obtained from "Consumer Credit Delinquency Bulletin" published quarterly by American Bankers Association. (2)First mortgage delinquency rates obtained from "U.S. Census Bureau, Statistical Abstract of the United States, 2001" and Mortgage Bankers Association of America "Quarterly Delinquency Surveys." But nationwide, loan delinquencies for lines of credit are slightly more than half the rates seen for closed end home equity loans. Based on this pattern, a shift towards using home equity lines of credit from traditional home equity loans should lower overall home equity delinquency rates. Compared with first mortgages, the delinquency rates for both home equity loans and lines of credit are substantially lower. Summary The use of home equity loans in Texas has risen dramatically following constitutional changes in Texas in 1997. Use of closed-end traditional home equity loans in Texas exceeds nationwide use. The fact that home equity lines of credit are not available in Texas contributes to a higher reliance on traditional home equity loans. But the strong consumer preference expressed for HELOCs in other states and consumer preference for their ease of use may indicate that continued expansion of lower interest, tax deductible home equity financing by consumers in Texas may slow without access to these loans. If Texans were to use home equity financing only up to the national average through HELOCs, lower interest payments and lower federal taxes would save Texas consumers $741 million. Making HELOCs available to Texas consumers would require passing another constitutional amendment and legislation proposing such amendments will likely be introduced during the current legislative session. If the nature of consumer safeguards and other requirements on lending institutions in Texas making HELOC loans were significantly more restrictive than national practices, interest rates on these loans in Texas could be higher than national rates, and the economic impacts less. Data Collection While banking and finance are two of the most heavily regulated industries, this level of scrutiny does not always result in the availability of detailed information. Since 1987, banks and finance companies have reported home equity lines of credit under receivables on quarterly Call Reports and since 1991 have also separately reported their holdings of traditional closed-end home equity loans. Mutual savings banks also report these data on Federal Reserve Board Call Reports. Other segments of the financial industry report this information to varying degrees. Savings and loan associations and federal saving banks report credit line receivables on Call Reports, but they do not separate home equity loans from first mortgages. Since June 1996, finance companies have reported commercial and residential mortgages separately but do not distinguish between loans under lines of credit and traditional loans. Credit union data is available on both types of home equity debt from the Credit Union National Association. At the national level, some data track the degree to which consumers utilize the various home equity loan alternatives. Every two years the Federal Reserve Board surveys consumers’ use of credit. This data, while instructive on overall trends and the use of home equity loans and lines of credit, does not contain information about practices in particular states. Moreover, much of the state-specific data collected from financial institutions is available primarily for the location of the financial institution involved, and not where the loan was made. Where this data are available, coverage by type of financing (home equity loan versus line of credit) is limited. The Texas-specific data in this analysis is derived largely from two sources. First, the U.S. Bureau of the Census surveys about 60,000 Americans every two years about housing conditions. This survey includes questions about the usage of home equity loans, but only the most recent survey, from 2001, elicits responses on traditional home equity loans separately from home equity lines of credit. Because this survey is national, there is only partial coverage of Texas. Specifically, publicly available data from the survey identifies only responses coming from nine metropolitan areas in Texas. Although the sample does contain responses from non-metropolitan areas, these are not identified by state. The Census survey covers about 68.2 percent of the Texas population. The second source of data is internal surveys of lending activity conducted by lending institutions doing business in Texas. These institutions cover more than 10 percent of the Texas market for commercial financial institutions and financial companies. These data are used to identify the potential to expand home equity lending in Texas if lines of credit became available. Endnotes [1] In 1997 and before, availability of home equity loans in Texas was limited to home improvement loans, loans to pay outstanding taxes and loans allowing one spouse to “buy out” another in the case of divorce. Such loans were typically known as a second lien against the property. Homeowners could not secure a loan backed by the equity in their home and use the proceeds of the loan for purposes other than those specified in law. Outside of Texas, using home equity loan proceeds for whatever purpose and even the more flexible home equity line of credit (a revolving line of credit secured by home equity) have been widely available for years. [2] The tentative nature of this statement stems from what seems to be respondent confusion to the American Housing Survey (AHS). In the 2001 AHS, 14 Texas households identified themselves as having a home equity line of credit in 2001. Since these lines of credit currently cannot be offered in Texas, the most likely explanation for this is that these respondents misunderstood the “line of credit” option in the survey as describing the “draw down” feature of a home improvement loan during construction when, in fact, these instances were almost certainly traditional “closed end” loans. Placing these responses in that category indicates that 6.4 percent of the homeowners in the survey in Texas had a closed-end home equity loan as compared to only 5.7 percent in states outside of Texas. [3] House Joint Resolution 31 (HJR 31) passed by the 1997 Legislature that, upon passage, became effective January 1, 1998. [4] On November 2, 1999, Texas voters approved constitutional amendments proposed by the 1999 Legislature to address these problems, Senate Joint Resolutions 12 and 22 (SJR 12 and 22). [5] Data submitted by lenders in early 2003. For number and amount of loans in Texas, the survey included five large Texas lenders. [6] Glenn B. Canner, Thomas A. Durkin and Charles A. Luckett, “Recent Developments in Home Equity Lending,” Federal Reserve Bulletin, April 1998, p. 243. [7] Canner, Durkin and Luckett, pp. 241- 251. [8] From data submitted by lenders. Together these three lenders serve more than 10 percent of the commercial banking market in Texas. [9] These rates and those of HELOCs are from http://www.bankrate.com/ on February 18, 2003. The credit card rate is for a standard card (not gold or platinum) at a fixed annual rate. The auto loan figure refers to a 48-month loan for a new car. The HELOC rate is for a $10,000 or minimum amount. [10] http://www.nber.org/~taxsim/mrates/mrates2.html , February 20, 2003. [11] Federal Reserve Board Statistical Release, G.19, Consumer Credit, February 7, 2003. http://www.federalreserve.gov/releases/g19/current/ . [12] This is a fairly conservative assessment on two points. First it assumes that consumers would replace current borrowing in proportion to the amount borrowed of each type without consideration of the interest rates charged for each type of borrowing. A more rational approach would be to replace all of the most costly borrowing first. Secondly, new car financing rates are among the lowest cost loans available and this probably underestimates the interest costs of non-revolving loans. [13] http://www.federalreserve.gov/releases/housedebt/default.htm , February 19,2003. [14] Disposable personal income in Texas is estimated to be $535.2 billion in 2001. Carole Keeton Strayhorn Texas Comptroller of Public Accounts Window on State Government Contact Us Privacy and Security Policy
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