F REAL ESTATE SATURDAY, DECEMBER 10, 2011 THE OKLAHOMAN | NEWSOK.COM INDEX Handy 3F Permits 7F HOUSE PLAN Great view Panoramic views are a major plus in the Sandpoint, so families will want to choose their lot with care. PAGE 6F LISTING OF THE WEEK Dallas style The Listing of the Week is a two-story Dallas-style home in the Rose Creek addition in northwest Oklahoma City. PAGE 5F Did your credit dip? How big a whack did your credit scores take during the grim years of economic distress following the housing bust? New research sug- gests that the drop was dramatic for many Americans. PAGE 4F Kenneth Harney THE NATION’S HOUSING IN BRIEF DON’T BE A SLAVE TO DESIGN Deborah Needleman believes you can have a beautiful home without being a slave to the design. She knows that from experience: She grew up in a professionally deco- rated home that, in her words, “had very little life.” She’s help- ing people create dwellings they can both live in and love with her book “The Perfectly Imperfect Home: How to Deco- rate & Live Well” (Clarkson Potter, $30 hardcover). Needleman’s book is about embracing imperfection but not disregarding the basics of good de- sign. She offers ideas for achieving spaces that are beautiful but still intended for use by real people. ENERGY COST NOT A FACTOR Q: Is it better, or cheaper, to turn off the lights and TV or leave them on when leaving the room for a few minutes? Isn’t it more costly, at some point, to get things fired up again? A: The re-energiza- tion required to turn on lights and other electrical devices is so insignificant that it adds almost noth- ing to the energy draw, said Tom Red- doch, executive director of energy utilization for the Electric Power Re- search Institute. You’ll always save energy by turning them off, even for short periods, he said. However, Red- doch noted that in the case of compact fluorescent lights, the money you save in energy use could be offset by a short- er bulb life. Research shows that the more a CFL is turn- ed off and on, the shorter its life be- comes. MCT INFORMATION SERVICES A couple in their 60s with grown children and a gaggle of grandchildren recently retired and put their ranch-style house on the market. They’re plan- ning to move to a larger, fancier home in a nearby neighborhood just 5 miles from the homes of their kids. Why have they chosen to retire so close to the neighborhood where they’ve lived for more than 20 years? Victoria Men- denhall, the real estate broker hired to handle the couple’s home sale, said although they wish to live in more luxurious quar- ters, they’re determined to stay close to family. “They love their grand- kids and have no desire whatsoever to leave the ar- ea,” said Mendenhall, who specializes in working with older clients and is affiliat- ed with the Seniors Real Estate Specialist Council (www.seniorsreales- tate.com). Mendenhall said it’s in- creasingly common for ol- der people making a re- tirement move to pick a nearby neighborhood with easy access to family members. Here are a few tips for retirees seeking a neigh- borhood and home that will meet their needs and, to an extent, those of their grandchildren: I Don’t worry about over-the-top entertain- ment options. Judy Luna, a veteran real estate broker, said retirees shouldn’t plan their move on the basis of kid-orient- ed tourist attractions. That’s because most com- munities offer enough in the way of recreation to keep most kids happy. “It’s ideal but not nec- essary to have a neighbor- hood swimming pool the kids can use when the weather is right,” said Lu- na, who’s affiliated with the Council of Residential Specialists (www.crs.com). I Resist the temptation to buy a home with a large yard. Luna attempts to dis- suade older homebuyers from seeking a property with a large yard, unless they’re devoted gardeners and have the stamina to maintain the property or the funds to hire contrac- tors to do so. “To meet your grand- children’s needs, you’re actually better off living near a park with a play- ground than having a big yard,” she said. I Choose a neighbor- hood and setting with quiet streets. “You won’t want to live in a heavily traveled neigh- borhood or on a main road,” Luna said. As she notes, a road with a lot of traffic brings noise and fumes into your lifestyle. It can also pose obvious risks to the safety of your grandchildren. Ideally, you’ll choose a property that’s located on a quiet cul-de-sac or a dead-end street. But if that’s not available, Luna says you’ll at least want to position yourself on a calm street with relatively little through traffic. I Look for a place with an extra bedroom or suite. Many older homebuyers plan to downsize to a smaller property after sell- ing the large family home where they’ve lived for years. But Leo Berard, a real estate broker and charter president of the National Association of Exclusive Buyers Agents (www.nae- ba.org), recommends that those hoping for overnight visits from members of their extended family have at least one guest bedroom available to accommodate them. Email Ellen James Martin at [email protected]. UNIVERSAL UCLICK Some choosing grandchild-friendly place to live Ellen James Martin SMART MOVES Frank Troutman leaned through the new pass-through, an arched opening cut between the dining room and kitchen in the vintage apartment he and Zeb Wilson share in Mesta Park. The extensive project trans- forming the kitchen into a modern entertainment space was in the home stretch. “Of everything, this is my fa- vorite part,” he said, patting a ledge that would soon be covered with granite. “It allows all that natural light to come in through here, and you can see all the way through the house.” The fourplex at 400 NW 22 that Troutman and Wilson call home dates to 1928, Troutman esti- mates, and they’ve lived there 3½ years. The kitchen, at least until landlord J.B. Schuelein brought in Urban Kitchens, was a 1970s throwback with counters covered in green Formica. Layers of paint made it difficult to open the cabi- net doors. “You’d pull them and pop them and paint would fly off,” Trout- man said. The newly refaced cabinets fea- ture glass-faced doors that open easily and quietly. Dark granite covers the countertops, white tile gleams on the backsplash and new stainless-steel appliances have been installed. Shelves above the stove hold cookbooks, and racks are ready to be installed for wine. “I drink while Zeb cooks,” Troutman said with a laugh. It took four or five weeks to get to this point, which isn’t unusual for older homes, said Urban Kitchen’s project manager Mike Hancock. Both electricity and plumbing had to be brought up to code, and there can be other sur- prises lurking behind the walls. “They are challenges, these ol- der homes,” he said. “You’ve got to figure things out. You just have a lot of thought process going in be- cause you have more obstacles.” Jo Meacham, a designer and owner of Urban Kitchens, 3515 N Classen Blvd., said she sees clients in historic areas such as Mesta Park rethinking how they use their space. Many of those homes fea- ture small kitchens and enormous dining rooms, she said. “So people are wanting to open up the kitchen into the dining room and make it almost like a den,” she said. The overhaul on NW 22 might seem simple compared to a lot of projects. “We’re probably 90 percent of the time going in and tearing down major support walls,” said design- er Karen Black, owner of A Karen Black Co., 3013 NW 63. “Not only do they want to open it up, but they’re going to more ex- treme circumstances, so we may have to get an engineer out. They’re very serious and dedicat- ed to opening it up,” Black said. Changing dynamics With the walls coming down, kitchens are becoming more of a drawing card. “You’ve always got somebody in there with their iPad or laptop,” said Stephen Wells, co-owner of Classic Kitchens, 201 W Wilshire Blvd. “I know my son sits at the kitchen table and does his home- work because he has Internet ac- cess there, of course, and a televi- sion, snacks and help.” It’s also changed the dynamics of entertainment. Gone are the days of one person hidden away in the kitchen. The party, more often than not, finds the kitchen. “Everybody ends up there dur- ing a party anyway,” Wells said. And what’s going into those open kitchens becomes more of an issue. Better insulation means newer ovens don’t heat up the HISTORIC HOMES LATEST TO JOIN TREND TO UPGRADED KITCHENS BY DYRINDA TYSON For The Oklahoman [email protected]SEE TREND, PAGE 2F Frank Troutman looks through the new pass-through in the remodeled kitchen at 400 NW 22. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN
Transcript
FREAL ESTATESATURDAY, DECEMBER 10, 2011 THE OKLAHOMAN | NEWSOK.COM
INDEX
Handy 3FPermits 7F
HOUSE PLAN
Great viewPanoramic views are amajor plus in theSandpoint, so familieswill want to choosetheir lot with care.PAGE 6F
LISTING OF THE WEEK
DallasstyleThe Listing of the Weekis a two-storyDallas-style home in theRose Creek addition innorthwest OklahomaCity.
PAGE 5F
Did yourcredit dip?How big a whack didyour credit scorestake during the grimyears of economicdistress followingthe housing bust?New research sug-gests that the dropwas dramatic formany Americans.
PAGE 4F
KennethHarney
THE NATION’S HOUSING
IN BRIEF
DON’T BE ASLAVE TODESIGNDeborah Needlemanbelieves you canhave a beautifulhome without beinga slave to the design.She knows thatfrom experience:She grew up in aprofessionally deco-rated home that, inher words, “had verylittle life.” She’s help-ing people createdwellings they canboth live in and lovewith her book “ThePerfectly ImperfectHome: How to Deco-rate & Live Well”(Clarkson Potter,$30 hardcover).Needleman’s book isabout embracingimperfection but notdisregarding thebasics of good de-sign. She offersideas for achievingspaces that arebeautiful but stillintended for use byreal people.
ENERGY COSTNOT A FACTORQ: Is it better, orcheaper, to turn offthe lights and TV orleave them onwhen leaving theroom for a fewminutes? Isn’t itmore costly, atsome point, to getthings fired upagain?A: The re-energiza-tion required to turnon lights and otherelectrical devices isso insignificant thatit adds almost noth-ing to the energydraw, said Tom Red-doch, executivedirector of energyutilization for theElectric Power Re-search Institute.You’ll always saveenergy by turningthem off, even forshort periods, hesaid. However, Red-doch noted that inthe case of compactfluorescent lights,the money you savein energy use couldbe offset by a short-er bulb life. Researchshows that themore a CFL is turn-ed off and on, theshorter its life be-comes.MCT INFORMATION SERVICES
A couple in their 60swith grown children and agaggle of grandchildrenrecently retired and puttheir ranch-style house onthe market. They’re plan-ning to move to a larger,fancier home in a nearbyneighborhood just 5 milesfrom the homes of theirkids.
Why have they chosento retire so close to theneighborhood wherethey’ve lived for more than20 years? Victoria Men-denhall, the real estatebroker hired to handle thecouple’s home sale, saidalthough they wish to livein more luxurious quar-ters, they’re determined tostay close to family.
“They love their grand-kids and have no desirewhatsoever to leave the ar-ea,” said Mendenhall, whospecializes in working with
older clients and is affiliat-ed with the Seniors RealEstate Specialist Council(www.seniorsreales-tate.com).
Mendenhall said it’s in-creasingly common for ol-der people making a re-tirement move to pick anearby neighborhood witheasy access to familymembers.
Here are a few tips forretirees seeking a neigh-borhood and home thatwill meet their needs and,to an extent, those of theirgrandchildren:
I Don’t worry aboutover-the-top entertain-ment options.
Judy Luna, a veteran realestate broker, said retireesshouldn’t plan their moveon the basis of kid-orient-ed tourist attractions.That’s because most com-munities offer enough inthe way of recreation tokeep most kids happy.
“It’s ideal but not nec-essary to have a neighbor-hood swimming pool thekids can use when theweather is right,” said Lu-na, who’s affiliated withthe Council of ResidentialSpecialists(www.crs.com).
I Resist the temptationto buy a home with a largeyard.
Luna attempts to dis-suade older homebuyersfrom seeking a propertywith a large yard, unless
they’re devoted gardenersand have the stamina tomaintain the property orthe funds to hire contrac-tors to do so.
“To meet your grand-children’s needs, you’reactually better off livingnear a park with a play-ground than having a bigyard,” she said.
I Choose a neighbor-hood and setting withquiet streets.
“You won’t want to livein a heavily traveled neigh-borhood or on a mainroad,” Luna said. As shenotes, a road with a lot oftraffic brings noise andfumes into your lifestyle. Itcan also pose obvious risksto the safety of yourgrandchildren.
Ideally, you’ll choose aproperty that’s located ona quiet cul-de-sac or adead-end street. But if
that’s not available, Lunasays you’ll at least want toposition yourself on a calmstreet with relatively littlethrough traffic.
I Look for a place withan extra bedroom or suite.
Many older homebuyersplan to downsize to asmaller property after sell-ing the large family homewhere they’ve lived foryears.
But Leo Berard, a realestate broker and charterpresident of the NationalAssociation of ExclusiveBuyers Agents (www.nae-ba.org), recommends thatthose hoping for overnightvisits from members oftheir extended family haveat least one guest bedroomavailable to accommodatethem.Email Ellen James Martin [email protected].
UNIVERSAL UCLICK
Some choosing grandchild-friendly place to liveEllenJamesMartin
SMARTMOVES
Frank Troutman leaned throughthe new pass-through, an archedopening cut between the diningroom and kitchen in the vintageapartment he and Zeb Wilsonshare in Mesta Park.
The extensive project trans-forming the kitchen into a modernentertainment space was in thehome stretch.
“Of everything, this is my fa-vorite part,” he said, patting aledge that would soon be coveredwith granite. “It allows all thatnatural light to come in throughhere, and you can see all the waythrough the house.”
The fourplex at 400 NW 22 thatTroutman and Wilson call homedates to 1928, Troutman esti-mates, and they’ve lived there 3½years. The kitchen, at least untillandlord J.B. Schuelein brought inUrban Kitchens, was a 1970s
throwback with counters coveredin green Formica. Layers of paintmade it difficult to open the cabi-net doors.
“You’d pull them and pop themand paint would fly off,” Trout-man said.
The newly refaced cabinets fea-ture glass-faced doors that openeasily and quietly. Dark granitecovers the countertops, white tilegleams on the backsplash and newstainless-steel appliances havebeen installed. Shelves above thestove hold cookbooks, and racksare ready to be installed for wine.
“I drink while Zeb cooks,”Troutman said with a laugh.
It took four or five weeks to getto this point, which isn’t unusualfor older homes, said UrbanKitchen’s project manager MikeHancock. Both electricity andplumbing had to be brought up tocode, and there can be other sur-prises lurking behind the walls.
“They are challenges, these ol-der homes,” he said. “You’ve got to
figure things out. You just have alot of thought process going in be-cause you have more obstacles.”
Jo Meacham, a designer andowner of Urban Kitchens, 3515 NClassen Blvd., said she sees clientsin historic areas such as MestaPark rethinking how they use theirspace. Many of those homes fea-ture small kitchens and enormousdining rooms, she said.
“So people are wanting to openup the kitchen into the diningroom and make it almost like aden,” she said.
The overhaul on NW 22 mightseem simple compared to a lot ofprojects.
“We’re probably 90 percent ofthe time going in and tearing downmajor support walls,” said design-er Karen Black, owner of A KarenBlack Co., 3013 NW 63.
“Not only do they want to openit up, but they’re going to more ex-treme circumstances, so we mayhave to get an engineer out.They’re very serious and dedicat-
ed to opening it up,” Black said.
Changing dynamicsWith the walls coming down,
kitchens are becoming more of adrawing card.
“You’ve always got somebodyin there with their iPad or laptop,”said Stephen Wells, co-owner ofClassic Kitchens, 201 W WilshireBlvd. “I know my son sits at thekitchen table and does his home-work because he has Internet ac-cess there, of course, and a televi-sion, snacks and help.”
It’s also changed the dynamicsof entertainment. Gone are thedays of one person hidden away inthe kitchen. The party, more oftenthan not, finds the kitchen.
“Everybody ends up there dur-ing a party anyway,” Wells said.
And what’s going into thoseopen kitchens becomes more of anissue. Better insulation meansnewer ovens don’t heat up the
HISTORIC HOMES LATEST TO JOINTREND TO UPGRADED KITCHENS
Frank Troutman looks through the new pass-through in the remodeled kitchen at 400 NW 22. PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN
2F SATURDAY, DECEMBER 10, 2011 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
house and newer dishwashers run morequietly.
“When they’re entertaining, they canrun the dishwasher while people are stillthere,” Black said. “Used to they’d waituntil everybody went to bed to run thedishwasher.”
Modern cabinets close more quietly, aswell, and their interiors feature surfacesthat can be scrubbed and shelves that canbe adjusted.
“I’ve never had a person come to meand say, ‘I don’t need anymore storagethan what I have,’ ” Wells said. “But wemake it easier to get to. We make it a lotmore functional. Just having adjustableshelves increases their storage by about 20percent because you can adjust them towhat your needs are.”
The dark granite gracing Troutman’scountertops illustrates another trend inkitchens: natural materials.
Black said she’s seen a shift away fromsynthetic materials such as laminatecountertops to natural, quarried materialssuch as granite, soapstone and limestone.Though those natural materials are denseand impact-resistant, she said the appealis as much about style.
“I think people have gotten educatedabout what man-made materials looklike, and so there’s a value associated withnatural products,” she said.
In many cases, though, it’s a matter oftogetherness.
“We want everybody to be at home,”Meacham said. “We want a house thatfriends can come to. We want to have acomputer in the family room, so we cansee what (the children) are doing. Wedon’t want everyone to go to their bed-rooms and watch their TVs and get ontheir own computer. We want to try to en-courage everyone to be together becausewe’re on the go so much.”
FROM PAGE 1F
Trend: Natural materials prized
Mike Hancock, project manager for Urban Kitchens, 3515 N Classen,adjusts cabinet doors in the remodeled kitchen at 400 NW 22.
PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN
Right: This wide-openkitchen in on display atClassic Kitchens, 201 WWilshire Blvd.
PHOTO BY STEVE GOOCH,THE OKLAHOMAN
Left: A kitchen with eat-ing counter on display inthe Classic Kitchensshowroom.
PHOTO BY STEVE GOOCH,THE OKLAHOMAN
Right: Grant Parcell, op-erations manager, andStephen Wells, co-ownerof Classic Kitchens, showa display at the ClassicKitchens showroom.
PHOTO BY STEVE GOOCH,THE OKLAHOMAN
Left: Mike Hancock, project manager for Urban Kitch-ens, 3515 N Classen Blvd., is seen through the newkitchen-dining pass-through cut into a wall as part ofrenovations at Frank Troutman and Zeb Wilson’sapartment at 400 NW 22.
PHOTO BY PAUL HELLSTERN, THE OKLAHOMAN
THE OKLAHOMAN | NEWSOK.COM SATURDAY, DECEMBER 10, 2011 3FREAL ESTATE
When you’re thinkingabout ways to keep theheat inside your housewhere it belongs, oneinteresting project that’soften overlooked is thevestibule, also sometimesknown as an airlock.
In addition to helpingyou cut winter heatingand summer coolingcosts, vestibules can offerlots of interesting designand remodeling possibil-ities. They can add curbappeal, resale value andsome additional, verypractical square footage.
The vestibule is really asimple concept. It’s ac-tually just an entry hall orroom with a door at eachend. A person enteringthe house from outsidepasses though the firstdoor and into the vesti-bule, then through thesecond door, which leadsinto the house itself. Thistwo-door system, oftenseen in commercial build-ings such as retail storesand office buildings, iseffective at trapping heat-ed or cooled air inside theroom rather than allowingit to escape outside.
While they’re oftenused at the front of thehouse, vestibules can beadded at any exteriordoor. The more trafficthat a particular doorsees, the more effectivethe vestibule will be inkeeping conditioned airwithin the home.
Vestibules serve a greatsecond purpose in keep-ing your house cleanerand more organized. Theroom traps a lot of dirtand dust before it makesits way into the house,and it’s the ideal place toset up benches, closets,hooks, storage bins —whatever you need tomake a comfortable andconvenient spot for peo-ple to shed dirty bootsand winter coats. A lessformal vestibule at theback or side of the housecan even contain a largesink and counter area,perfect for messy clea-nups after gardening oreven your latest fishingtrip.
What your vestibulelooks like depends onwhere it’s located andhow you want it to blendwith your home’s existingarchitecture. You havemore leeway with a vesti-bule than with othertypes of additions, allow-ing for a combination ofdifferent building materi-als, decorating techniquesand even landscaping.
Ideally, the designshould be spaciousenough to feel comfort-able and to accommodatewhatever furnishingsyou’d like it to have, butnot so large that it re-quires heating or dom-inates that side of thehouse — especially if it’sin front.
One idea is to simplycreate a vestibule out ofan existing front or backporch. If your porch isalready covered, this en-closure process may be nomore involved than add-ing three walls and adoor. If there is no porchthere, you have the free-dom to create a smallroofed and walled-in areain any style that compli-ments your home’s de-sign.
Here are a few things toconsider in your planning:
I The vestibule’s pro-portions should be inkeeping with the generalproportions of the house.A tiny vestibule will havean out-of-place, “tackedon” appearance in frontof a large house with awide, tall front facade,while an expansive vesti-bule can easily dominatethe front of a small house.
I Typically, you’ll wantto select roofing materialsthat match the existinghome, while siding mate-rials can either match orcomplement what’s exist-ing. For example, woodsiding on the vestibulemight be a nice comple-ment to a brick house,especially if you can’tmatch the style and colorof the original brick.Likewise, stone or brickon the vestibule might bea nice complement to ahouse with wood siding.
I Use enough windowsor skylights to keep thevestibule feeling open andbright, especially if it’ssmall. However, remem-ber that the more glassthe room has, the colderit will be in winter, andthe hotter it could poten-tially be in summer. De-pending on the room’sorientation, you also maywant to consider ad-justments in the amountof glazing; with a southorientation, more glasswill take advantage ofpassive solar heating dur-ing winter, but a northexposure will remaincolder during winter, soyou might want to reducethe glazing. Windowsshould all be double-paneand low-emissivity (low-e) to keep the space asenergy efficient as pos-
sible.I Remember, this is not
a space you’re going toheat, so don’t run a ductto it. If you do, you’resimply adding squarefootage to your heatingbill, and defeating theconcept of what the ves-tibule is there for. Howev-er, if you add a sink, besure the plumbing is well-insulated, or that a smallspace heater is providedfor protection duringextremely cold weather.
I Think of the vestibulemore as an outside spacethan an inside one. Con-sider easy care materials,
especially for the floor.Brick, stone or nonslipceramic tile are all goodchoices that also looknice. Area rugs should benonslip and easy to clean.If you’re going with themudroom concept, con-sider furniture that willbe easy to clean and willstand up to water, snowand mud.
I Ideally, try to offsetthe exterior door of thevestibule from the interiorone. In the event thatboth doors happened tobe open at the same time,this offset design helpsprevent cold air and even
dirt and debris fromblowing directly into thehouse.
I Finally, rememberthat the construction of avestibule, even if you’rejust enclosing an existingporch, is still a structuraladdition, and will requirebuilding permits. Checkwith your local buildingdepartment before start-ing any remodeling pro-ject of this type.
Remodeling and repair questions? EmailPaul at [email protected]. Allproduct reviews are based on theauthor’s actual testing of free reviewsamples provided by the manufacturers.
INMAN NEWS
Vestibule could be a cost-saving addition PaulBianchina
HANDY @ HOME
4F SATURDAY, DECEMBER 10, 2011 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
WASHINGTON — How biga whack did your creditscores take during the grimyears of economic distressfollowing the housingbust? Was it 20 points, 50points, 100 points — ormaybe no drop at all?
These are key questionsaffecting millions of poten-tial homebuyers who hopeto qualify for mortgagesand current owners lookingto refinance. Research froma major credit-risk evalua-tion company suggests thatthe drop in many Ameri-cans’ scores was dramatic.
FICO (formerly knownas Fair Isaac Corp.), whichdeveloped and markets thescore that dominates thehome mortgage field,found that during 2008-09, about 50 million con-sumers in this country sawtheir FICO scores plungeby more than 20 points.Nearly 21 million of theselost more than 50 points.Many lost 100 points ormore because of the mostsevere delinquencies.
During the same period,lenders and investors beganratcheting up their stan-dards for acceptable scoresand to extend special pref-erences in fees and interestrates to loan applicantswho rank among the high-est scorers. Consider thesedevelopments:
I Loans originated forpurchase or guarantee bythe two dominant homeloan investors — govern-ment-run Fannie Mae andFreddie Mac — now carryaverage FICO credit scoresat 760 and above, recordhighs for both companies.That’s good for them butnot necessarily for you ifyou need a loan. (FICOscores range from 300 to850; higher scores indicatelower risk of default.)
I Even new mortgagesbeing insured by the Feder-al Housing Administration— traditionally the fail-safefinancing refuge for first-time buyers with modestincomes and less-than-perfect credit histories —have average credit scoresslightly above 700.
I During the housingboom years of 2004-06, bycontrast, a score of 620-640 was adequate to earnyou a good mortgage rateand terms at Fannie Maeand Freddie Mac. FHA of-ten approved loans whereFICO scores were in themid-500s.
Earlier FICO studiesfound that the deepestscore declines — creatingthe toughest challenges forobtaining new credit on af-fordable terms — have beenamong borrowers whoranked among the creditelite. Homeowners withscores in the high 700s mayhave lost as much as 130points when they fell threemonths behind or more onloan payments. They mighthave lost as much as 160points when they negotiat-ed a short sale with theirbank and as a result hadunpaid deficiency balances
left.Score bruises from past
years are now likely affect-ing the ability of consum-ers to get a new mortgage orto buy a house. In a recentsurvey, the National Asso-ciation of Realtors reportedlarge numbers of sales con-tracts are falling apart be-cause of financing issues —buyers having difficultiesmeeting lenders’ increas-ingly stringent require-ments, including credit —among other factors.
Contract failures werereported by 33 percent ofrealty agents in the study,according to the associ-ation, a big spike over theyear before when just 8percent of agents reportedcancellations. Though oth-er factors may also be atwork, credit problems
stemming from 2008,2009 and 2010, combinedwith lenders’ higher FICOrequirements, clearly areretarding the housing re-covery by thwarting sales.Part of the reason: ThoughFICO scores are dynamicand constantly changing,they can take extended pe-riods to recover.
In research released ear-lier this year, FICO esti-mated that a homeownerwith a 720 score who falls30 days late on mortgagepayments can take as muchas 30 months to recover the70 to 90 points that werelost in the process. And thisassumes the owner getscurrent on all debts, keepsbalances relatively low oncredit cards and generallybecomes a model user ofcredit. For homeownerswith higher scores in the780 range to start, the same30-day delinquency —with a loss of 90 to 110points — can take 36months to cure fully.
What does this all meanto you if you’re one of the50 million who lost signif-
icant credit score pointsduring the past severalyears? You should be in re-building mode if you seri-ously want another mort-gage. As a more immediatealternative, though, keep
FHA in mind.FHA still accepts scores
in the upper 500s and ismore open than other fi-nancing sources to hearingabout “extenuating cir-cumstances” — unexpect-
ed job loss, medical prob-lems, divorce and other is-sues — that caused yourcredit score to plunge in thefirst place.Send email to [email protected].
WASHINGTON POST WRITERS GROUP
Keeping score on housing bust’s devastationKennethHarney
THE NATION’S HOUSING
THE OKLAHOMAN | NEWSOK.COM SATURDAY, DECEMBER 10, 2011 5FREAL ESTATE
The Listing of the Weekis a two-story Dallas-stylehome in the Rose Creekaddition in northwestOklahoma City.
The 3,425-square-foothome at 16617 Rugosa RoseDrive has three bedrooms,three baths, two half-baths, three living roomsincluding a game-theaterroom with refrigerator andmicrowave oven, and anattached two-car garage.The home has a balcony,hardwood floors and nu-merous built-in shelvesand cabinets. The kitchenhas granite counters, apantry, Sub-Zero refriger-ator-freezer and a brickarch over the cook top.
The home, built in 2005,
is listed for $479,000 withPaul and Fran Brooks ofRE/MAX Preferred Prop-erties. The home will beopen from 2 to 4 p.m. Sun-day. Enter Rose Creek westoff of May Avenue be-tween NW 150 and NW164; proceed to the turning
circle and go south onRainwater Trail to RugosaRose Drive to the home.For more information, call720-2270 or 990-0548.
Nominations for Listing of the Weekare welcome. Send information onsingle-family homes to The Oklahoman,Richard Mize, P.O. Box 25125, OklahomaCity, OK 73125. Nominations may befaxed to 475-3996.
LISTING OF THE WEEK
Dallas-style home featuresample room for entertaining
The Listing of the Week is at 16617 Rugosa RoseDrive. PHOTO PROVIDED
WASHINGTON — The number of Ameri-cans who signed contracts to buy homesjumped in October to the highest level in ayear. But the gain follows three months ofdeclines and isn’t enough to signal a hous-ing recovery.
The National Association of Realtorssaid its index of sales agreements rose 10.4percent to a reading of 93.3. A reading of100 is considered healthy. The last time itwas that high was in April 2010, one monthbefore a federal homebuying tax credit ex-pired.
Contract signings usually indicate wherethe housing market is headed. There’s typ-ically a one- to two-month lag between asigned contract and a completed deal.
But a growing number of buyers havecanceled contracts after appraisals showedthe homes were worth less than the bid. Asale isn’t final until a mortgage is closed.
Even with the gains, contracts to buyhomes are roughly at the same level as they
were before the tax credit expired, saidJoshua Shapiro, chief U.S. economist atMFR Inc.
“In absolute terms, this is a very de-pressed level,” he said.
Homes are the most affordable they’vebeen in decades. Long-term mortgagerates are hovering near historic lows, andprices in some metro areas have tumbled.
Yet this year could be the worst year forsales since the housing bubble burst.Sales of previously occupied homescould end up being the fewest since 1997.And sales of new homes are headed forthe worst year on records dating to 1963.
Americans are holding off for a num-ber of reasons. High unemployment andweak job growth have deterred manywould-be buyers. Loans also are harderto come by. Many lenders are requiring20 percent down payments and strongcredit scores to qualify. Even those whohave good credit and stable jobs are hes-itant to buy because they are worriedprices will keep falling.
Contracts to buy homes hittheir highest level in a yearTHE ASSOCIATED PRESS
6F SATURDAY, DECEMBER 10, 2011 THE OKLAHOMAN | NEWSOK.COMREAL ESTATE
Because panoramicviews are a major plus inthe Sandpoint, families willwant to choose their lotwith care. Canyon walls,streams, seascapes, lake-sides, rolling hills and soar-ing mountain peaks can befully appreciated from in-side this home.
The most expansive areviews from the vaultedhexagonal great room andthe wide deck that spansthe entire rear and seguesinto a large screened porch.But the visual fields are alsosplendid from the office-bedroom, the kitchen andboth bathtubs.
Built-in benches rimpart of the entry deck. Toenter this shingle-stylelodge, you walk between
slender, twinned posts seton tapered stone veneerbases. The vaulted porchopens into an even loftiervaulted entry inside doubledoors. The entry is part andparcel of the hexagonalgreat room, where six ceil-ing segments soar to a cen-tral apex high above.
At floor level, the entry isseparated from the greatroom by an 8-foot-highsection of wall or shelves.On the other side, a frees-tanding wood stove backsup to that wall, which couldbe bricked, tiled or whatev-er suits. Bookshelves and ahome entertainment centerline the wall to the right ofthe entry. Two rooms aredown the hallway on thatside. A generously sized
vaulted kitchen is to theentry’s left.
Skylights spill more lightinto the Sandpoint’s al-ready bright kitchen.Counters wrap aroundthree sides, and an abun-dance of cabinets line twoof them. Laundry ap-pliances and a deluxe own-ers’ suite are just a fewsteps down the hall.
Owners suite amenitiesinclude a vaulted ceilingand walk-in closet. Thespacious bathroom has adual vanity, roll-in showerand a deep tub.
A review plan of the Sandpoint,including floor plans, elevations, sectionand artist’s conception, can bepurchased for $25 by phone, mail oronline. Add $5 for shipping and handling.Associated Designs, 1100 Jacobs Drive,Eugene, OR 97402. www.associateddesigns.com. (800) 634-0123.
HOUSE PLAN
Panoramic views highlight the Sandpoint
HOUSTON — The city of Houston is pro-posing major changes to its developmentcode that would allow builders to createmore urban-style housing.
The revisions include expanding thecity’s designated “urban area” and re-quiring additional parking in higher-den-sity developments.
Many of the proposals to change thebuilding code were made in 2009 after thecity formed a committee to review theregulations. Then, the city said theamendments were prompted in part byindications that pressure for denser newdevelopment was spreading.
If the changes are approved, certain de-
velopments common in Houston’s innercity, such as compact clusters of town-homes, would be allowed in other areas aswell. Under the current rules, minimumlot sizes in suburban areas are larger thanin other areas.
The changes would allow developers tobuild on smaller lots throughout all theareas inside the city limits.
Neighborhoods, however, would begiven more tools to protect their tradi-tional character, such as procedures topetition for minimum lot sizes. Thosewith existing deed restrictions wouldhave even more protection.
The proposed changes could also takesome pressure off housing prices.
MCT INFORMATION SERVICES
Houston proposes rule changes BY NANCY SARNOFFHouston Chronicle
THE OKLAHOMAN | NEWSOK.COM SATURDAY, DECEMBER 10, 2011 7FREAL ESTATE
Oklahoma CityE.V. Cox Construction,
1717 E Hefner Road, pet-animal service, erect,$1,000,000.
The Henry Group,13900 N Lincoln Blvd.,manufacturing, remodel,$694,800.
Johnson Building Co.,2600 N Martin LutherKing Ave., assembly hall,erect, $600,000.
J. Bentley Develop-ments LLC, 12515 SE 29,residence, erect,$417,000.
Trails End Homes Inc.,10332 SE 54, residence,erect, $375,000.
Landmark Fine HomesLP, 11409 Tuscany RanchRoad, residence, erect,$350,000.
Dodson Custom HomesLLC, 9209 Paseo del Vita,residence, erect, $318,500.
J. Bentley Develop-ments LLC, 4801 OldLantern Way, residence,erect, $300,000.
Call for Maps! See whywe sell more acreagesthan anyone in Okla.
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Hampton House 2bedremodeled owner finance
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Tumbleweed Terr. REJohn McElroy 580-569-4213
3405 Dentwood Terr 3/1.5/1 rented for $695mo.asking $40K as is 324-2611
FORECLOSURES59, 1-4 bdrm homes in
Edmond start @ $43,000Patrick @Allied 740-6616
5 acres 4500 sqft,Deer Creek Schools
$229,000 Cash ¡ 301-6495
REDUCED to $213,000406 Windsor Rd, CNPISD
Move in by Christmaswith Buyers TemporaryLease. 3bed, 2.5ba, 3 Car
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OWNER FINANCING$2000 down No Credit Ck522 E Douglas Dr. $49K
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9400 Sherwell Dr. Rock 4/1.5 + den. rented for $700asking $40K as is. 324-2611
909 NE 15TH 3bd 2balrg cov patio $104,900
Marian Cleaton &Assoc 373-2494
50 Sunrise Hills19851 SE 193rd, Newalla3bd/2bath Double Wide
