Baby boomers are embracing fractional ownership of vacation properties; but this isn’t your mother’s timeshare (even if it is). Instead of buying a place they’ll only use a few weeks a year, an increasing number of homeowners are opting to buy into a destination or resort club, vacation condo or other partial ownership property. And it’s created a unique second-home market. According to the U.S. Federal Trade Commission, there are two basic kinds of vacation ownership: timeshares and vacation interval plans. Both require an initial purchase payment and ongoing maintenance fees. In a timeshare–a unit which you own for the…

After days of debate, House leaders and the Bush administration announced a pending economic stimulus plan Thursday–but it may not be what the residential industry was hoping for. Speaker Nancy Pelosi and Treasury Secretary Henry M. Paulson Jr. were two of the parties who announced the plan at a Washington, D.C. news conference today; briefly, some of the high points are: The $150 billion package, said to be aimed at the middle class, allows for stipends of $300 to $1,200 per family and provides tax incentives for businesses to encourage spending. About two-thirds of the total package would go toward…

Yesterday’s Federal Reserve benchmark interest rate cut wasn’t met with quite the enthusiasm the Fed may have hoped–but it likely will inspire a few positive economic outcomes. (And it probably made Reserve Chairman Ben Bernanke feel a little bit better about the recent New York Times article that questioned his aggressiveness). Wondering what the rate cut means for the average consumer–and for you? Analysts expect the following changes: Adjustable-rate mortgages: Borrowers with variable-rate mortgages will see the biggest difference, Keith Gumbinger, vice president of mortgage rate tracker HSH Associates, told USA Today. Home equity loans–which usually are half a percentage…

In a surprise move today, the Federal Reserve cut the benchmark interest rate by three quarters of a percentage point–the largest single reduction since the Fed began using the rate as the main monetary policy tool about 18 years ago, according to Bloomberg. The Fed Board of Governors also approved a 75-basis-point decrease in the discount rate today, bringing it to 4 percent.  The target overnight lending rate dropped to 3.5 percent from 4.25 percent. Although a rate cut was widely anticipated this month, the Fed wasn’t scheduled to meet until next week–and hardly anyone expected one this big. The…

In the past week, surveyors and a large property sales Web site announced separate findings that showed U.K. home prices had dropped, indicating the country’s real estate boom finally may be over–and that British housing could soon echo the painfully prolonged U.S. housing decline. That news–along with announcements of stumbling in the financial services sector and at housing industry-related companies like Wolseley–caused minor panic. As a result, stocks fell; the U.K.’s benchmark FTSE 100 Index dropped today by the largest amount since the 2001 Sept. 11 terrorist attacks. Which is why maybe it’s time for a little good news about…

It’s a new year, which always prompts reflection about the year before–which may explain the recent abundance of "state of the housing market" news articles. While some contain things we’ve heard before–the industry is down, the end of the slump is unclear–a few articles paint an interesting picture of the housing decline’s status–and the echo effect it’s having on other parts of the economy. Two notable picks: From Mortgages to Other Meltdowns: The focus on the U.S. mortgage industry’s questionable lending standards–which secured loans for many homeowners who couldn’t afford them–prompted industry-wide reform last year; and now, according to an…

Breaking news: Both President Bush and Federal Reserve Chairman Ben Bernanke today gave support for an economic stimulus plan to prevent the U.S. from sliding into a recession, MSNBC reports. Embarrassingly old news: The country desperately needs an economic injection–and has for quite some time. It looks like we’ll be getting it–through a rate cut that seems to be almost a done deal and a to-be-determined governmental package. Bernanke "again pledged to aggressively slash a key interest rate as needed to bolster an economy that is weakening under the strains of a severe housing slump and credit crisis," according to…

Several prominent building organizations are trying to encourage green building and design–but is green building already a big focus for today’s builders? Or are the promotional efforts not even close to enough? The current level of green design chatter is more than we had a year ago, that’s for sure. And it’s what the industry wanted: Just look at the reaction to the U.S. Green Building Council (USGBC) LEED for Homes  guidelines. In early December, the USGBC released the final version of its green housing design framework, opening up a whole new sustainable world. For years, LEED procedures have served…

New home sales fell to a 12-year low in November, a statistic that strikes fear in some–and makes others start salivating. A number of investors and homebuyers have been waiting for prices to bottom out so they can start snatching up deals. But before we all get ready to circle foreclosed and discounted properties like sharks hunting for chum, consider that housing busts don’t always bring housing bargains. Home prices had more than doubled by the end of 2006, The Wall Street Journal reported recently; an eventual correction was likely almost impossible to avoid. And yet, those big bargains some…