Metro Philly 'Bricks and Sticks'

By Harold Brubaker

INQUIRER STAFF WRITER

Despite worries about frozen credit markets, Philadelphia-area banks boosted their lending in the third quarter. Read the rest of this entry »

Lenders emphasize that loans continue to be available for a range of potential home buyers, not just those who are putting down 20 percent and have a credit score higher than 720.

Although credit underwriting is tougher and loan terms stricter, borrowers can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on some Fannie Mae and Freddie Mac loan programs with private mortgage insurance.

FHA standards are designed to help people with problem credit and those with scores in the upper 600s can still qualify for loans with reasonable rates offered by Fannie Mae and Freddie Mac.

Maximum loans in high-cost markets are capped at $729,750 through December. In June, they are expected to fall to approximately $625,000.

I don’t think consumers really know how free-flowing capital is right now in the residential mortgage market. There are no shortages, no breakdowns.

The global credit crunch has apparently discouraged consumers. At least, it has driven down the Reuters/University of Michigan consumer sentiment index from 70.3 in September to 57.5 in October.

The index is at its lowest point since June of this year, when people were rocked by gas prices.

The index has fallen this fast only four times in its 60-year history.

Consumer sentiment is down for the count and isn’t going to be getting up any time soon.  Even with the decline in the price of gasoline—falling home prices, the falling value of equity portfolios and bleak job and income prospects should combine to depress consumer sentiment for some time to come.

Redevelopment in the Wayne Business District differs from that outside the boundaries, roughly defined by Aberdeen and Bloomingdale Avenues, the R-5 rail line and streets south of Lancaster Avenue. Last year, the Radnor Township Board of Commissioners voted in zoning and subdivision regulations specific to the 70-acre “district” Read the rest of this entry »

Developer Brian O’Neill, of O’Neill Properties, unveiled a modified proposal in a final effort to secure tax increment financing (TIF) for his Uptown Worthington project on Monday. Read the rest of this entry »

Below is a list of polling place locations that have changed, per the Bucks County Board of Elections:

· Buckingham District Upper 3 was split; both districts will vote at Cold Spring Elementary School.

· Hilltown Blooming Glen District 2 was split; both districts will vote at the Hilltown Township Building.

· New Britain Township South 1 and South 2 have new boundaries. Both will vote at Simon Butler Elementary School.

· Plumstead District 2 voters will cast ballots at Plumstead Firehouse.

· Plumstead Districts 3 and 5 voters will go to Tohickon Middle School.

· Plumstead District 4 voters will go to Second Baptist Church of Doylestown

· Falls District 3-2 voters will cast ballots at the Falls Township Senior Center.

Bucks County Commissioners have determined that all voters affected by the changes will receive updated registration cards. For a complete list of polling places, go to www.buckscounty.org.

As early as November, Perkasie residents could pay more for their electricity. For nearly five years, Perkasie residents have paid electricity rates that are lower than most neighboring municipalities, but with a 59.14 percent rate hike in the 2009 proposed budget, that would change. The Council’s next budget meeting is scheduled for Monday, Oct. 13 at 7 p.m. at Perkasie Borough Hall, 620 W. Chestnut Street. It is open to the public.

Real estate co-ownership arrangements are becoming increasingly popular, especially in cities where prices—even after the real estate meltdown—remain out of reach for many buyers.

Lending guidelines have become twice as hard to meet because of the housing market. People just don’t qualify like they used to. But if they get some friends and put money together, they can afford that 20 percent down that you now need to purchase.

While financing is easier, these arrangements have the capacity to fail. People who are considering a joint purchase are advised to hire a lawyer to draw up a co-ownership agreement, including a plan to get out of the arrangement.

Here are some other tips for co-buyers:

• Before you begin looking for property, decide the geographic and financial ranges for the search.
• Understand potential co-buyers’ finances; lenders will look hard at the finances of all partners in the deal.
• If the property is a condo, understand the rules regarding rentals, just in case one partner needs to move out.
• Put everything in writing, particularly the escape plan.

The current housing marketplace requires flexible solutions. Rate buy-downs, seller assist, and lease purchase. The following is a primer on Lease Purchases: Read the rest of this entry »

The Senate version of what is actually an $810 billion plan ($700 billion plus another $110 billion in tax breaks) designed to rescue the ailing financial sector from potential collapse is virtually identical to large parts of the legislation rejected Monday in the House of Representatives. So how did this one pass?

It’s all in the details.

The Senate measure, called the Emergency Economic Stabilization Act of 2008, adds unrelated tax-cut legislation. That may-or may not-bring more House votes if and when it’s re-introduced in the lower chamber today. It also may alienate fiscal conservatives who oppose tax breaks that expand federal deficits.

Here we offer a closer look from the financial rescue to energy legislation and tax codes. Read the rest of this entry »

The proposal for the $360 million Albert Einstein Healthcare Network facility in East Norriton has been scaled back and will be reviewed by the East Norriton Planning Commission on Oct. 1. The new proposal has 10 beds fewer and 60,000 square feet less than the original proposal announced earlier this year. The new proposal comes after a traffic impact study concluded the hospital will generate 451 new vehicle trips on Germantown Pike during the weekday morning rush hour and 461 new vehicle trips during the afternoon rush hour. Additional traffic will be generated during hospital shift changes, which has officials concerned about roadway problems on Germantown Pike. The Planning Commission will meet at 7:00 p.m. on Oct. 1 at East Norriton Middle School.