Demand grows for multi-generation homes

A new trend seems to be developing in this economy as families look for ways to get by. A Coldwell Banker survey of nearly 24-hundred real estate agents shows that many of them - 37 percent - have seen demand grow for homes that can handle more than one generation of family members. And nearly 70 percent of the agents surveyed say they expect to see demand for this type of housing continue to grow over the next year. This isn't happening because we all WANT to be living in our parents' basements, either. Agents say buyers are primarily motivated by financial concerns, with health care needs a secondary reason and strong family bonds coming in a distant third.

President Obama traveled to Las Vegas last week with one heck of a peace offering for the homeowners there who took offense last year when the President advised Americans not to go blowing cash in sin city. According to the Associated Press, Mr. Obama announced a 1-point-five billion dollar boost in public money to help struggling homeowners stay in their homes. The program will focus primarily on the states hit hardest by the foreclosure crisis, including Nevada. The President said,. "Government alone can't solve this problem, but government can make a difference." The money for the new rescue effort will come from the 700 billion dollar fund that was created to bail out the financial industry.

Is the worst of the foreclosure crisis behind us? The Wall Street Journal has an article telling us the Mortgage Bankers of America is reporting that fewer people - 3-point-6 percent - fell behind on mortgage payments in the 4th quarter than they had in in the previous quarter. This is especially encouraging news because typically, the rate of delinquent mortgages increases at the end of the year, when heating bills and holiday expenses kick in.

Jim Brinkmann, chief economist for the group, says the numbers suggest that the wave of defaults that began in 2007 is finally slowing down, and he expects the rate to drop again in the current quarter. Still, the crisis is far from over, because when people do fall behind on mortgage payments, they tend to remain in financial trouble for a long period of time.