Americans: Home Ownership Still a Great Investment
Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.

Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”

When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.

More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.

The NAHB survey also found:

▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.

Source: “The Cook Report: The Home Front,” National Journal (June 2, 2011)

Agent Arrested for Trying to Sell Condos Not for Sale
A Tampa Bay area real estate agent is facing charges on trying to sell 22 condo units that weren’t really for sale.

Barbara D. Lockett faces charges of scheming to defraud. Police say that Lockett used her position as president of a condo association to sell 22 development units to a woman. Eleven of the units that were part of the alleged sale were in foreclosure and the other 11 were not for sale, police say.

Police say that Lockett allegedly told the woman she’d handle all of the paperwork for the transaction and instructed the woman to wire the money for the property sales to the condo association account. Police say they later learned the account number the woman had was for Lockett’s account.

Source: “Real Estate Agent Facing Fraud Charges,” Fox News Tampa Bay (May 28, 2011)

Slow Down: 1 Ticket, Car Insurance Jumps
Car insurance premiums rose on average 18 percent in 2010 if you had one moving violation on your record, according to a new report by insurance.com of 397,000 insurance quotes it generated last year.

Two moving violations on your record? Your average rate increases 34 percent compared to drivers with no violations. And at three violations, annual premiums jump to 53 percent higher.

For drivers with no violations, the average annual car insurance premium was $1,119 in 2010. Drivers with one violation paid on average $1,318; two-violation drivers paid $1,497; and three-violation drivers paid $1,713, according to insurance.com.

What you drive also may be influencing how you drive, according to a previous company study from December 2010. The study revealed the vehicles that tend to get the most moving violations:

• Mercedes-Benz SL-Class convertible
• Toyota Camry Solara coupe
• Scion tC coupe
• Scion xB hatchback
• Mercedes-Benz CLS 63 AMG sedan
• Acura Integra coupe

Source: “Study: Car Insurance Premiums Jump 18% After One Ticket,” The Los Angeles Times (May 23, 2011) and “Vehicles With the Most and Least Violations,” Insurance.com (Dec. 1, 2010)