Housing Giants - October 24, 2008 - (Page 12)

news & Moves ryan HomeS to Pay $500,000 to gold courSe reSidentS Ryan Homes must pay about $500,000 to residents of Odessa National who were misled into paying membership dues for a golf course they were originally told they did not have to join, the Delaware Online reports. According to the report, under the agreement, homeowners of Odessa National’s 55-and-older community, Hearthstone, have the choice of opting out of the $800 annual fee or retaining their golf club membership. For those who opt out, Ryan Homes must pay the golf-related assessment fees for as long as the homeowner lives there. Fast FaCts: 6.2% The U.S. Department of Commerce released data on housing starts and permits for August. Housing starts plunged 6.2 percent, the lowest since 1991, and housing permits are down 8.9 percent. 7.5 million According to the Census Bureau, data from 2007 reveal that more than 7.5 million people, or 15 percent of homeowners with mortgages, are spending half their income or more on housing costs. But 38 percent of homeowners with mortgages are financially burdened by the government’s definition because they spend 30 percent or more of their income on housing costs. That’s 19 million homeowners strapped for cash. Silver lining in ForecloSureS In Collier County, Florida, the local chapter of Habitat for Humanity has found the silver lining in foreclosures. Because of the down housing market, the local division decided to purchase and renovate foreclosed homes. It has 20 homes for families applying for housing assistance. According to the chapter, building a new Habitat home cost around $140,000. With this silver lining in foreclosed homes, they will save between $20,000 to $30,000 per rehabilitated home. 12 HoUsinG Giants.10.24.08 Let Je hgn nnifer ews @re Powel l edb usin know ess. at: co GOT NEW S? m www.HoUsinGGiants.Com http://www.ryanhomes.com http://www.knowledgeplex.org/news/2362861.html http://www.housinggiants.com

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Housing Giants - October 24, 2008

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