“U.S. house prices have plunged by nearly one-third in five years and the nation’s homeownership rate is falling at the fastest pace since the Great Depression.

http://www.dca.ca.gov/publications/landlordbook/index.shtml

A message from the Dept. of Consumer Affairs regarding this publication:

Dear Reader:

For most of us, where we live is the most significant consumer decision we make, and our housing costs are the biggest part of our budget. Our home is where we spend much of our time, and we want it to be hassle free!

Move-in day marks the beginning of an important relationship between a tenant and a landlord. To help tenants and landlords manage their rental-housing responsibilities, we’re pleased to provide the Department of Consumer Affairs’ practical “California Tenants” guide.

The “California Tenants” booklet is a practical resource for both tenants and landlords. We’ve provided information about rental applications, unlawful discrimination, security deposits, repair responsibilities, rent increases, termination of leases, and eviction notices. We’ve included an inventory checklist for use before moving in, and again when moving out.

If you need additional assistance, we’ve also provided a comprehensive list of resources in communities throughout the Golden State.

We hope you find “California Tenants” helpful. You can get more information by visiting the Department’s Web site atwww.dca.ca.gov or by calling 1-800-952-5210.

Sincerely,

California Department of Consumer Affairs

Housing prices may have dropped in your neighborhood, but there are smart ways to invest in your home right now to help hold its value. Here’s what veteran real estate professionals from around the country have to say about what home improvement projects pay off, whether you are selling now or in the future.

Check out This Old House’s tips for sprucing up your home.  Ideas include:  opening up spaces, letting more light in, tightening up the landscaping, tuning up a bathroom, and more.

JUST because you own a home doesn’t mean you have to keep carrying a mortgage — about a third of American homeowners don’t, according to the Federal Reserve.

Assuming you have the cash — perhaps in a savings account or certificate of deposit earning less than 1 percent interest — should you pay off your mortgage early? It’s a question that has both financial and psychological components.

“It’s a slam-dunk to tell someone to pay off a credit card or pay off a car loan or pay off a line of credit,” said Gary Schatsky, the president of New York financial planning firm ObjectiveAdvice.com, but paying off long-term debt like a mortgage is more complex.

First, do you really have the cash? “The overriding issue has to do with the sum of money you’re not going to need for a prolonged period of time,” Mr. Schatsky said. If you ever needed the money again, it could cost you hundreds, even thousands of dollars to borrow it back, assuming you could even get a new loan, he said. “Will I regret giving up liquidity in exchange for a long-term debt reduction?”

And would you really want to forgo a low mortgage rate? “Even though it feels good, you’re probably never going to get a better rate to borrow at in your life,” said Robert B. Walsh, a principal of Lighthouse Financial Advisors In Red Bank, N.J.

via Paying Off Your Mortgage Early – Mortgages – NYTimes.com.

L.A. County Zoning Codes Chart

This is a PDF file.

“There might finally be some good news this year about the nation’s dismal housing market. Or, at least, the bad news could stop.

Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to be optimistic have been sadly lacking since the housing bubble burst in 2006.

For sure, last week we learned the widely watched S&P/Case-Shiller home-price index fell 1% in December, its fifth straight decline. The index tracks 20 major markets.

But that figure belies real reasons to be optimistic, according to some experts. If they are right, it might make sense to jump into real estate. The trick is avoiding getting burned again, and it doesn’t necessarily mean owning a home.

First, let’s recap the economic signs a bottom is close.”

http://www.fanniemae.com/kb/index?page=home&c=homeowners_moreoptions

More details…

Deed-for-Lease™

A new program that allows you to temporarily lease your home. You first transfer the ownership of your home to the mortgage company (called a Deed-in-Lieu of Foreclosure, see below) in exchange for release from your mortgage loan and payments. You can then rent the property back—at an affordable rate—and remain in the home as a tenant. Deed-for-Lease benefits:

• Stay in your home and neighborhood—no need to move or relocate
• May be able to recover your credit score faster than if you went through foreclosure
• Assistance for relocation may be available at the end of your lease
• Avoid foreclosure

To find out if your loan is a Fannie Mae loan, check here:

http://www.fanniemae.com/loanlookup/

Check it out:  http://www.fordandching.com/

Ford&Ching is a comprehensive representation company specializing in emerging and innovative design.  Through marketing, public relations and strategic partnerships with dealers and showrooms, Ford&Ching expands on traditional representation by creating an interface between emerging design, end users, people who specify, and people who love design.

Ford&Ching hosts quarterly events in the historical KIM SING THEATRE in Chinatown, Los Angeles to encourage and engage the design community by increasing awareness of products, trends and creativity.  Ford&Ching also maintains a sales office in New York.

RISMEDIA, January 24, 2011—As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time.

“This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but are also among the least expensive improvements for a home,” said National Association of REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Since resale value can vary by region, it’s smart for homeowners to work with a REALTOR® through the remodeling and improvement process; they can provide insight into projects in their neighborhoods that will recoup the most when the owners are ready to sell.”

Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1% of cost recouped upon resale; it is also the only project in this year’s report that is expected to return more than the cost. The midrange garage door replacement, a new addition to the report this year, is expected to recoup 83.9% of costs. Both projects are small investments that cost little more than $1,200 each, on average. REALTORS® identified these two replacements as projects that can significantly improve a home’s curb appeal.

“Curb appeal remains king—it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership,” said Phipps.

The 2010-11 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 13th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine.

REALTORS® provided their insight into local markets and buyer home preferences within those markets. Overall, REALTORS® estimated that homeowners would recoup an average of 60% of their investment in 35 different improvement projects, down from an average of 63.8% last year. Remodeling projects, particularly higher cost upscale projects, have been losing resale value in recent years because of weak economic conditions.

According to the report, replacement projects usually outperform remodel and addition projects in resale value because they are among the least expensive and contribute to curb appeal. Various types of siding and window replacement projects were expected to return more than 70% of costs.

Upscale fiber-cement siding replacement was judged by REALTORS® as the most cost effective among siding projects, recouping 80% of costs. Among the window replacement projects covered, upscale vinyl window replacements were expected to recoup the most, 72.6% upon resale. Another exterior project, a wood deck addition, tied with a minor kitchen remodel for the fourth most profitable project recouping an estimated 72.8% of costs.

The top interior projects for resale value included an attic bedroom and a basement remodel. Both add living space without extending the footprint of the house. An attic bedroom addition costs more than $51,000 and recoups an estimated 72.2% nationally upon resale; a basement remodel costs more than $64,000 and recoups an estimated 70%. Improvement projects that are expected to return the least are a midrange home office remodel, recouping an estimated 45.8%; a backup power generator, recouping 48.5%; and a sunroom addition, recouping 48.6% of costs.

Although most regions followed the national trends, the regions that were consistently estimated to return a higher percentage of remodeling costs upon resale were the Pacific region of Alaska, California, Hawaii, Oregon and Washington; the West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia.

The regions where REALTORS® generally reported the lowest percentage of costs recouped were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont); East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin); West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota); and Middle Atlantic (New York and Pennsylvania).

“It’s important to remember that the resale value of a particular improvement project depends on several factors,” said Phipps. “Things such as the home’s overall condition, availability and condition of surrounding properties, location and the regional economic climate contribute to an estimated resale value. That’s why it is imperative to work with a REALTOR® who can provide insight and guidance into local market conditions whether you’re buying, selling or improving a home.”

For more information, visit www.realtor.org.