Home builders are cutting prices on new homes to entice buyers. New construction accounted for 7.6% of home purchases last year, down from an average of about 16% over the past 20 years, according to an article in the Wall Street Journal.

Home builders have been hit hard by the recession as many people looking to buy homes have turned to foreclosures, which can be found just about anywhere in the country.

Folks looking to take advantage of the home buyer tax credit this year shouldn’t rule out new home construction. Even if you don’t qualify for the tax credit some of the deals being offered may be worth pursuing. Home builders are offering cut-rate pricing to move inventory. 

According to the Journal article, Meritage Homes in Maricopa, Ariz., is selling three-bedroom houses that start at $99,900, half the price they would have been four years ago. KB Homes is selling new homes in Las Vegas for $150,000 to $170,000, way below the $400,000 price tag the would have carried before the housing market tanked.

If you don’t want to deal with some of the surprises and headaches that can come with purchasing a foreclosed home, it may be worth your while to starting visiting communities with new homes. Who knows, maybe you’ll be able to get a few upgrades thrown into the deal if you decide to buy.

A recent survey found that  more people would want to be neighbors with President Barack Obama and his family than any other celebrity. The Zillow Celebrity Neighbor Survey found that 14% of U.S. adults would prefer to live next to the Obamas.

Other celebrities that were voted as desirable neighbors were Sarah Palin (chosen by 12% of those polled), talk show host Ellen DeGeneres and her partner Portia DeRossi (12%), singer Taylor Swift (9%), and Oprah Winfrey (7%). Interestingly, Palin was voted as the worst neighbor by 11% of those polled.

The third annual survey polled 2,000 people and found that 17% said “Octomom” Nadya Suleman would be the worst neighbor, followed by Jon and Kate Gosselin (16%).  Other people who ranked highly for being bad neighbors were Richard and Mayumi Heene, parents of the “Balloon Boy” involved in a media hoax last year, and rapper Kanye West.

“For two years in a row now, Americans have made it clear that they think politicians and talk show hosts make the best neighbors. If nothing else, there will be plenty to talk about at the summer barbecue,” Amy Bohutinsky, Zillow.com vice president of communications, said in a statement. “Meanwhile, this year we noticed a trend on the worst-neighbor side; apparently Americans are opposed to living next door to a brood of young children, particularly those that come with a television crew and paparazzi.”

Of course you can’t always choose your neighbors, and many people have been shocked and dismayed upon meeting the people who live next door or across the street. 

You may not end up living next to a celebrity, but it is reasonable to want to know as much as possible about any neighborhood you’re thinking of moving to before signing mortgage papers.  Criminal Justice USA has a comprehensive guide to researching any community you’re interested in, as well as any home you’re interested in buying.

Do you agree with this poll? Which celebrity would you most want to have as a next door neighbor?

With the passage of the SAFE Act nearly 2 years ago, the entire mortgage industry has taken steps toward licensing loan officers and managing that licensing process.

And now consumers can easily lookup the information in the NMLS system with the launch of NMLSConsumerAccess.org. The NMLS Consumer Access site gives consumers free access to data regarding the disciplinary actions, employment records and aliases of loan officers that are registered with the NMLS system.

About The SAFE Act

The SAFE Act (Secure and Fair Enforcement for Mortgage Licensing) was signed into law about 2 years ago and currently many states are getting ready for licensing of all loan officers.  Although each state may be slightly different when it comes to specific licensing requirements, they are all required to enact a SAFE-compliant law.

The general purpose of the SAFE Act is:

• Increasing accountability for loan officers and enhance loan officer tracking
• Enhancing consumer protections and support anti-fraud measures,
• Grant easy access for consumers to see loan officers employer and employment history as well as any public disciplinary and enforcement actions
• Provide a way to collect consumer complaints
• Establish standardized applications and reporting requirements for loan officers

Now that the SAFE act has been established, all loan officers must be either federally registered (the depository institutions such as Bank of America, Wells Fargo, etc.) or state-licensed if they work at a mortgage broker or banker.

For loan officers who work at a mortgage broker or banker, they must submit their last 10-year work history and pass a background check as well as complete at least 20 hours of pre-licensing education as well as pass an exam.

NMLS Consumer Access Launched

As a result of loan officers now being licensed and with the launch of the NMLS Consumer Access portal — consumers can now do their homework on loan officers prior to deciding to do business with them.

Or choosing someone else.