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HOME MAINTENANCE: 12 steps to winterize your home

The leaves are turning, the mornings are getting chilly, and winter isn't too far away. It's time once again for my annual checklist of important things that I recommend you do to get your home ready for the coming change of seasons.

On the inside

__ Check smoke detectors: Change your smoke detector batteries, and check for proper operation. Also, check the date on the bottom of the smoke detector. Smoke detectors have a life span, and if yours is more than 10 years old, it may not work properly in a fire, so replace it with a new one. Also, make sure you have a smoke detector at each sleeping room, and one centrally located on each level of the home.

__ Install a carbon monoxide detector: If you have a furnace, fireplace, water heater, or other appliance that's fueled by propane or natural gas, or if you have an attached garage, install a carbon monoxide detector. They just plug in, and you can get them inexpensively from most home centers and other retailers. If your existing carbon monoxide detector is more than 5 years old, replace it with a new one.

___ Check gas appliances: Speaking of gas appliances, consider having your utility company or heating contractor inspect flues, fittings, and other components of your natural gas or propane appliance and heating systems for potential problems.

___ Change furnace filters: Always put in new furnace filters in the fall. It's a simple and inexpensive way to add to your home's efficiency and your family's comfort.

___ Check and seal heating ducts: Crawl a little, save a lot. Check the ducts in your attic, basement, and crawl space for gaps between ducts and fittings, and seal them with a quality metallic tape, not regular duct tape, which doesn't last. Also, check to be sure that all of the ducts are off the ground and adequately supported.

___ Check insulation levels: Increased insulation can make a huge difference in both your comfort and your heating bills, so don't put off having your insulation levels inspected. Call your local utility company or building department to learn what levels are optimum for your area. Check the attic, underfloor, kneewalls, skylight shafts and ductwork. Upgrade underinsulated areas as needed, either as a do-it-yourself project (home centers and hardware stores have all the supplies you need) or with the help of a licensed insulation contractor.

On the outside

___ Check the roof: A roof that leaks not only has the potential to cause significant structural damage, it also wets insulation, which causes a drop in the insulation's ability to resist heat loss. Examine roofing shingles and flashings, and repair or replace them as needed. It's much easier and safer to take care of these problems now than during winter's ice and rain.

___ Seal masonry surfaces: Apply a sealer to concrete driveways and walkways, brick patios and other exterior masonry. Masonry sealers prevent water from penetrating into cracks and crevices where it can freeze and cause serious damage. You can find sealers at home centers, paint stores and masonry supply retailers. Apply with a brush, roller or sprayer.

___ Check weatherstripping: Gaps around doors and windows waste expensive heated air and create chilling interior drafts. Check and replace or adjust weatherstripping and door sills to create an airtight seal. Everything you need can be found at home centers, hardware stores and many other retailers.

___ Handle yard chores: Many plants require pruning this time of year, and lawns should be

STORM DAMAGE: How to Hurricane-Proof Windows

Storm shutters are important have if you live on the coast. Also remember to keep plywood on hand if you need to board up windows. Image: StormShutters.com/DecorativeShutters.com

Hurricanes are scary enough, but the idea of broken glass flying through your living room at 155 mph is downright terrifying. Add to that the scary thought that hurricane winds coming in through broken windows can create dangerous pressures inside your home that can collapse your walls and roof.

Here are four ways to hurricane-proof your windows:

Add hurricane window film

Tough, clear plastic hurricane film is popular because you can’t really see it, and you can leave it in place year-round. If the glass breaks, hurricane film prevents glass shards from zipping around inside your home.

If you’re an average DIYer, you can install peel-and-stick hurricane film on your windows for a mere $25 per linear foot. As a bonus, the film blocks ultraviolet light that can fade carpets and fabric.

The downside to hurricane film—and it’s a big one—is that the film isn’t strong enough to stop hurricane winds from blowing in the entire window frame. That’s why most insurance companies don’t offer discounts for hurricane film and why you should also shield your windows with plywood.

Shield windows with plywood

Good old plywood is one of the building industry’s toughest materials, and is hard to beat for storm protection. Some tips for using plywood to shield your windows:

• Cut sheets of 1/2- or 5/8-inch-thick plywood. Make sure you overlap window frames by a good 8 inches all around.

• Use heavy-duty screws and anchors (in wood) or expansion bolts (in masonry) to attach the plywood to your home’s walls (not the window frames).

• Pre-install screw anchors around window openings to speed up installation.

• Store shields in a handy location where you can reach them easily and put them up fast.

• Keep your cordless battery charged so it’ll be ready to use when a storm is coming.

• Keep extra flashlights and batteries handy in your home. It gets very dark inside once the plywood is installed.

• Expect to spend $1 to $2 per square foot if you do the work yourself and $3 to $5 per square foot if you hire someone.

Add storm shutters

Because roll-up or accordion-type storm shutters are permanent, they’re a snap to deploy when a storm comes. All you have to do is pull the shutters into place before a hurricane to prevent damage and broken windows.

If you’re skittish about being in the dark, look for shutters that have perforations or are made from tough translucent fiberglass that lets in light.

Expect to spend anywhere from $10 to $50 per square foot for professional installation of storm shutters, depending on style and material.

Install high-impact glass windows

The great thing about windows with high-impact glass is that they’re always in place, ready to beat back anything hurled by hurricane-force winds. These brawny buddies are made up of two panes of tempered glass separated by a plastic film. They come in standard sizes and shapes so they won’t make your home look like a Brinks truck.

Expect to pay three times as much for a window with high-impact glass as for a regular window of the same size and type.

Ask about home insurance discounts

To encourage you to take steps to minimize damage, your insurer might offer discounts for hurricane-mitigation improvements. In Florida’s Miami-Dade County, for example, the annual insurance premium on an older home insured for $150,000 runs between $3,000 and $8,000, assuming no hurricane-mitigation improvements. With improvements, such as storm shutters or high-impact glass, the same home would cost between $1,000 and $3,500 to insure.

Read more: http://www.houselogic.com/home-advice/windows-doors/how-hurricane-proof-windows/#ixzz2AgyWiLJU

HOME HEATING: 10 essentials when buying, storing firewood

With rising fuel costs and wildfires in a lot of forested areas, whether you buy firewood or cut your own, you're almost sure to see an increase in the cost of the wood you burn this year. So whether that firewood is your primary source of heat or just cheery ambiance on a cold night, it pays to invest wisely and then protect your investment.

Buying firewood

If you buy firewood, there are a number of different sources where you can locate it. Many people turn to their local newspaper, Craigslist or maybe a community bulletin board. Other -- and sometimes more reliable -- sources of firewood include local tree-trimming services, fireplace shops, and retailers that sell and service chainsaws and related cutting equipment.

Firewood is sold by the cord, which is a stack of wood 4 feet high, 4 feet deep and 8 feet long (128 cubic feet). Firewood is obviously irregular in shape, so the stack also includes the air spaces between the pieces.

That's what a cord should look like in a perfect world. Ideally, the dealer you're buying the wood from will deliver it in a truck that makes verification of the load easy, such as a 4-by-8-foot truck bed, with wood stacked 4 feet high. That doesn't always happen, and you need to be careful when you see a truck roll up with wood tossed in the back: A sloping pile of firewood in a standard pickup truck may contain only 3/4 of a cord.

The other thing you'll be looking for when you buy your wood is whether it's dry, also sometimes called "seasoned," or whether it's "green." Dry firewood has been out in the air for a while since it was cut, allowing a significant amount of the wood's moisture to evaporate, typically down to a moisture content of around 20 percent or less. Green wood still has a lot of the moisture in it -- as much as 40 percent -- so when you burn it, the fire has to first evaporate that moisture. Therefore the wood burns cooler, and you get less heat energy per cord.

Visually inspect the wood that you buy. Dry wood feels light, has loose bark and darkened ends with clearly visible splits, and makes a very definite "thunking" noise when you hit two pieces together. Wet wood is just the opposite, and will sound dull and heavy when knocked together.

You'll typically pay a little more for dry wood, but it's worth the cost if you plan to burn it right away. If you're going to store the wood for burning next season, then you can save some money by buying green wood and letting it dry.

There are a couple of other ways to save some money when you buy your wood. If you have a truck or a trailer, you might be able to pick the wood up yourself at the dealer's lot and save delivery charges, and also verify your full cord at the same time. If you have wood delivered, there'll be an extra charge for stacking, so do that chore yourself if you can. Also, you can usually get firewood in full rounds, or pre-split. If you're ambitious, consider getting rounds -- they're cheaper, and you can get some great outdoor exercise by doing your own splitting.

Storing and seasoning the wood

Most people store a good portion of their wood supply outside where it can continue to dry and season, and keep a small portion nearby where it's accessible and ready for use.

Long-term storage areas should be located outside where wind and sun can help with the drying. However, to minimize danger in the event of a wildfire, and also to protect your home's siding in case the firewood contains any insects, the wood shouldn't be stacked directly against your house. Also, wood that's left out in the elements, even if it's dry, will reabsorb water from rain and snow, as well as from the ground. This will cause it to become too wet to burn efficiently, and eventually it will rot.

Ideally, consider creating an outdoor storage shed for your firewood, with a raised floor, a sloped roof for runoff, and open sides for easy access and unimpeded air circulation. Make it large enough to hold a year's worth of wood -- typically two to four cords, depending on your burning habits.

After the wood is dry, most people create a smaller storage area inside the house, such as in the garage or basement. Depending on your habits and the accessibility of your outside supply, the inside supply could be as small as two or three days' worth, or large enough to accommodate several weeks of wood.

Finally, create some storage right at the fireplace or wood stove. One very nice solution is a canvas carrying bag with enclosed ends and sides. The wood is stacked in the bag for carrying, then the bag hooks over a decorative metal frame near the fireplace for storage, containing the wood inside the bag to minimize the mess.

You might also consider a decorative metal tub or other container to hold one or two nights' worth of wood while keeping the dirt and chips contained. While not quite as neat, there are also a number of very attractive open metal storage racks offered by various manufacturers.

Any wood that you store inside needs to be far enough away from the fireplace that it can't combust. And most importantly, never store newspapers, kindling, pinecones or other easily combustible fire-starting materials next to your fireplace. They can and do start house fires!

BOSTON REAL ESTATE NEWS: Hub to see commercial real estate recovery grow in 2013, study says

Boston made the list of Top 10 U.S. cities where the commercial real estate recovery will soar next year with gains in leasing, rents and pricing across all property sectors, according to the Urban Land Institute’s Emerging Trends in Real Estate Forecast.

While the Hub was edged out by San Francisco, New York City, San Jose, Austin, Texas and Houston for job growth, Boston scored sixth in the nation thanks to an increase in high-technology and biomedical research & development employment, increasing investor interest, the ULI survey said.

Despite a slower-than-normal real estate recovery, U.S. property sectors will register better prospects compared with last year, according to survey participants. Recent job creation should be enough to increase absorption and lower vacancy rates in the office, industrial, and retail sectors, helped by the limited new supply. Demand for apartments should hold up, survey respondents said. Additionally, improving fundamentals should help with rents and net operating incomes, building confidence about sustained growth and strengthening recent appreciation, researchers found.

Stephen Blank, ULI’s senior resident fellow for real estate finance, noted that investors must keep in mind recent progress made in the industry as they prepare for a slow but steady recovery. He said the findings suggest that the industry is moving forward. Those

BUYING A HOME: Homebuying wish list lets buyers see the big picture

Experienced agent can help you see beyond staging tricks.

I'll know it when I see it." "This doesn't feel like home to me." "Someday the right one will come along; I'll keep looking until it does." "It's going to be my home; it has to feel special."

These comments are typical of buyers who've looked for a while but haven't committed to buying. The objections sound sensible. Yet, they could be excuses not to buy.

Homebuying is not for everyone. It's a major commitment and is often the most expensive purchase most people will make in their lifetime. It's understandable that some buyers approach the home search with reservations.

You'll save a lot of time and energy if you can determine if homebuying is for you before you start looking. Then for the best result, approach the house hunt methodically and with the understanding that it will take time.

You may find that some of the items you'd like to have in your home don't exist in your target area. For example, let's say you want to live in a neighborhood of charming older homes that are close to shops and transportation. You also want a two-car attached garage. Smaller homes built in the 1920s or earlier usually don't have two-car garages.

This is where compromise comes into play. If the older, conveniently located neighborhood is high on your wish list, you will need to be willing to settle for a one-car garage, or perhaps no garage. If the two-car garage is a must, you may need to consider homes that were built more recently, and are not as conveniently located.

As you're looking at homes for sale, try to see beyond the seller's décor and

TAXES: 3.8% Tax: What's True, What's Not

Rumors about the 3.8% Medicare tax continue to circulate. Here's the definitive word on what's true and what's not on how the tax impacts real estate.

OCTOBER 2012 | BY ROBERT FREEDMAN

Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8 percent tax on real estate. NAR quickly released material to show that the tax doesn’t target real estate and will in fact affect very few home sales, because it’s a tax that will only affect high-income households that realize a substantial gain on an asset sale, including on a home sale, once other factors are taken into account. Maybe 2-3 percent of home sellers will be affected.

Nevertheless, the rumors persist and the latest version that’s circulating falsely say NAR is advocating for the tax’s repeal. But while NAR doesn’t support the tax (it was added into the health care law at the last minute and never considered in hearings), it’s not advocating for its repeal at this time.

The characterization of the 3.8 percent tax as a tax on real estate is an example of an Internet rumor, says Heather Elias, NAR’s director of social business media. Elias and Linda Goold, NAR’s director of tax policy, sat down for a discussion of how the tax works and how Internet rumors work and you can find their remarks in the 6-minute video below.

Goold says the tax will affect few home sellers because so many different pieces must fall into place a certain way for the tax to apply. First, any home sale gain must be more than the $250,000-$500,000 capital gains exclusion that’s in effect today. That’s gain, not sales

MARKET TRENDS: Consumer Sentiment Improves on Job Reports and Low Mortgage Rates

Surprising everyone this week, the preliminary October reading for the Thomson Reuters/University of Michigan Consumer Sentiment Index rose to 83.1 which was an increase from 78.3 for the month of September. This is the highest level reached in five years, since September of 2007. Consumer Sentiment is a measure of personal financial conditions and future expectations of consumers.

FreeRateUpdate.com's survey of wholesale and direct lenders showed that mortgage rates remain at historically low levels this past week with 30 year fixed mortgage rates as low as 3.000%, 15 year fixed mortgage rates as low as 2.375% and 5/1 adjustable mortgage rates as low as 2.375%. Borrowers must have good credit and qualifications in order to receive these lowest mortgage rates available.For the week ending October 6th, jobless claims plunged according to the Labor Department who stated that there were 339,000 initial claims for unemployment benefits, a drop of 30,000 from the previous week and the lowest since February, 2008, 4 1/2 years ago. The Fed's Beige Book showed economic growth was boosted by stronger housing markets in almost every region of the country at the end of the summer. In addition, Fannie Mae's latest Housing Market Survey showed 37% of consumers expect home prices to increase over the year and 40% believe the economy is on the right track. Consumers have been showing optimism due to low mortgage rates and the improvement in recent job reports.

Conforming mortgages, also known as conventional loans, require borrowers to submit documentation for employment, income and assets, all of which will be verified by the lender. Home purchase loans and traditional mortgage refinancesalso require both an interior and exterior appraisal of the property. The non-traditional mortgage refinance, HARP (updated to HARP 2.0) is available for borrowers who have loans that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009.

This refinance has no loan to value caps and does not require an appraisal, but it does have a minimum LTV of 80%. Borrowers must be current with mortgage payments and show no late payments within the most recent six months and no more than one late within the past

HOUSING: The Reasons It Is Coming Back

Many experts are beginning to call a bottom in house prices. Why? Writing in the Financial Times, Roger Altman, former deputy Treasury secretary, explained why he is so bullish on housing:

“This surge will be driven by a combination of improving house prices, a lower inventory of homes for sale, rising rates of household formation and population growth, and improving access to mortgage credit.”

Altman gave his thoughts on each point:

PRICES

“The S&P/Case-Shiller Composite 20 City Home Price index has risen 8 per cent since March. Indeed, Barclays has projected that, by 2015, nominal home prices will exceed their 2006 peak. Home affordability is also way up, as the ratio of mortgage payments to both income and rents has never been more favourable. Moreover, the relationship of home prices to household income is back to the level of 30 years ago. Rising prices and affordability, of course, lead directly to the buying and building of homes.”

HOUSING INVENTORY

“The levels of relevant supply have fallen sharply. The number of homes for sale has fallen back to its long-term average of 2m. Yes, there is a larger “shadow inventory” of homes that are in foreclosure or carry delinquent or defaulted mortgages. However, many of these are distressed, in that they have not been physically maintained. This means that the supply has become two-tiered – quality homes and distressed homes. For most buyers, only the first of these two markets is relevant and the supply there is approaching its lowest level since 1992.”

POPULATION GROWTH

“Housing demand is going to be strong, driven by demographics. The International Monetary Fund forecasts that the US population will increase by 15m during the 2012-17 period, more than the increase of the past five years. The two groups of the population that are growing fastest are the over-55s and the so-called echo boomers, the grandchildren of the baby-boom generation. The first group has the highest rate of home ownership. The second has been renting disproportionately, and is primed to start buying. JPMorgan estimates that 6m new units of housing are needed by 2017 just to serve the bigger population.

HOUSEHOLD FORMATIONS

“There is the coming recovery in household formation. According to JPMorgan, this rate was steady at about 1.4m annually from 1958 up to 2007. But, it plunged below 500,000 for the

NEIGHBORHOODS: Seaport District gets another restaurant invasion

Restaurants with celebrity chefs and gourmet grocer quickly set up shop in the neighborhood

Barth Anderson was among an early wave of new food entrepreneurs in the Seaport District when he opened Barrington Coffee Roasting Company last year, gambling that as the economy slowly improved the nascent neighborhood would eventually turn into a full-blown community with an active social scene.

But even he’s surprised at the speed with which the Seaport is filling in. In the next few months, another wave of restaurants and entertainment options is scheduled to open in the Seaport District, seemingly racing the developers who are rushing to fill in the area’s empty lots with office buildings and residential towers.

“In an otherwise relatively tame world of development, this area feels like it’s on fire,” Anderson said. “It’s forging ahead against all norms.”

The latest influx involves some of the biggest names in Boston’s food scene, from celebrity chef Ming Tsai to veteran restaurateurs Seth Greenberg and Tom Kershaw, with options that range from neighborhood tavern, to French bistro, to gourmet grocer.

“I’m very bullish on the whole area,” said Greenberg, the owner of Mistral who plans to open a French eatery in a former textile factory on Melcher Street next spring. “It has huge

THE ECONOMY: Home building surges to 4-year high

NEW YORK (CNNMoney) -- The housing recovery blossomed in September, as the pace of home building surged to a four-year high, according to a government report issued Wednesday.

Builders started work at an annual pace of 872,000 homes last month, up 15% from the pace in August. They also filed for permits to build homes at an annual rate of 894,000, up 11.6% from the previous month. Both readings were the best since the summer of 2008, before the meltdown in financial markets that caused home lending and building to freeze up.

But mortgage rates are now near record lows, and the Federal Reserve's decision to buy $40 billion in mortgages every month is likely to keep rates low for the foreseeable future. The low mortgage rates, coupled with affordable housing prices and a drop in unemployment have helped to restart home sales.
Foreclosures have fallen to a five-year low, reducing the supply of distressed homes available on the market. And four years of depressed levels of home building have cut the supply of new homes on the market to nearly record lows, according to a separate government report.

All these factors have helped to lift home prices and get builders back building again. And while there had been signs of improvement in the housing market in readings leading up to Wednesday's report, the improvement in these latest numbers were far greater than expected.

"We've been seeing consistent improvement in housing for some time, but this is a big jump though," said Anika Khan, senior economist with Wells Fargo Securities.

Economists surveyed by Briefing.com had forecast that starts would rise to a 768,000 rate, while permits would edge up to an 815,000 rate.

Khan said that part of the increase was driven by a 25% jump in the start of apartment

THE ECONOMY: A new housing boom

NEW YORK (CNNMoney) -- The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom.
Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.

Obama's economy

A look at where the economy stood when
 Obama took office and what's changed since.

But while many economists believe this emerging housing recovery will produce only slow and modest improvement in home prices, construction and jobs, others believe the rebound will be much stronger.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015.
"In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts," said Stephen Kim, an analyst with Barclays, in a note to clients.
In addition to what Kim sees as a big rebound in building, he's bullish on home prices, expecting rises of 5% to 7.5% a year.

Construction is expected to be even stronger, with numerous experts forecasting home construction to grow by at least 20% a year for each of the next two years. Some believe

DEUTSCHE BANK: The Housing Market Is Telling Us The Rest Of The Economy Will Accelerate Within Months

Despite some nagging doubts that have remained over the U.S. housing market, consensus is that housing has turned the corner and is recovering.

In his latest note titled The Housing Recovery Is For Real, Deutsche Bank's Joseph LaVorgna writes that the "residential housing market is in the very early stages of a durable recovery."

LaVorgna says this recovery in housing is important because housing is what led the U.S. economy into a recession, and is part of the reason the recovery has been so slow. Moreover,  as "a leading indicator of underlying domestic demand," any improvement in housing suggests that underlying domestic demand should improve as well. From LaVorgna:

"In the second chart below, we show the year-over-year growth rate in residential investment compared to the year-over-year growth rate in non-residential aggregated

THE ECONOMY: Confident builders and tame prices aid growth

WASHINGTON — The outlook for the US economy brightened a little Tuesday after reports that consumer prices stayed tame and home builder confidence rose to the highest level in six years.

A third report showed factory output grew only modestly in September, a reminder that the economy is still weak.

Low inflation could give consumers even more incentive to spend at a time when their confidence is at a five-year high. That could boost growth and help lift American manufacturers out from their slump.

The economy remains the top issue for voters with just three weeks left before Election Day.

Tuesday’s data showed:

■ The consumer price index rose a seasonally adjusted 0.6 percent in September, the Labor Department said. The increase was driven by higher gas prices. When excluding gas and food costs, prices rose just 0.1 percent. Overall prices have risen just 2 percent in the 12 months that ended in September, in line with the Federal Reserve’s inflation target.

■ The National Association of Home Builders said its survey of builder sentiment rose to a reading of 41 this month, the highest level since June 2006. The index is still below 50, which indicates negative sentiment about the market. But it has steadily climbed over the past year from a reading of 17, further evidence of a slow but steady housing recovery.

■ The Federal Reserve said that output at factories, mines, and utilities rose 0.4 percent in September after a sharp decline in August. Factory output, the most important component of industrial production, edged up only 0.2 percent last month. The report also noted that factory output fell in the July-September quarter. That marked the first quarterly decline since the spring of 2009, when the country was still in recession.

The report on low inflation contributed to a second straight day of strong gains on Wall Street. The Dow Jones industrial average closed up 127 points. Broader indexes also increased. Modest inflation leaves consumers with more money to spend.

The small increase in prices prompted the government to raise Social Security benefits 1.7 percent next year for 56 million recipients. The government increases benefits each year if

BOSTON REAL ESTATE NEWS: New development coming soon to Pier 4

Construction will start next month on mixed-use complex that will displace iconic Boston restaurant

Through years of redevelopment around it, Anthony’s Pier 4 has remained largely the same, serving up New England seafood classics in a brick restaurant at the edge of Boston Harbor.

But next month the changes that are rapidly redefining the Seaport District will finally arrive at Anthony’s doorstep.

Construction will begin on a massive complex that will eventually displace Anthony’s from its perch at the edge of the pier, and could mark the last chapter of the venerable restaurant. The project includes construction of three glass-walled buildings with hundreds of new residences, a hotel, and multiple restaurants.

Most important, a 1-acre waterfront park will be built where Anthony’s now stands. And for now the Athanas family, which owns the restaurant, has not settled on a new location — whether in one of the new buildings going up on Pier 4, or elsewhere in the Seaport.

“They’re still weighing their options,” said Douglass Karp, an executive with New England Development, the property’s master developer. “We think the world of those guys, and we’re committed to continuing to work with them.”

Anthony’s owners did not return a phone call Tuesday for comment.

The restaurant will remain open while the first new building at Pier 4 goes up, a 21-story apartment and retail tower along Northern Avenue. But it will have to close its current location when construction starts on the park, which is not likely for several years.

Ironically, the Pier 4 redevelopment will in many ways realize the original vision for the property by the restaurant’s founder, Anthony Athanas.

In the 1980s, when most of the Seaport was largely parking lots and empty industrial land, Athanas pressed to build a mixed-use development that would transform the land between Pier 4 and Fort Point Channel into “the next jewel in Boston’s crown.”

But Athanas lost control of much of the property in a legal battle with his former development partner, the Pritzker family of Chicago, and in the late 1990s hesold the development rights to Pier 4 itself to New England Development. Athanas died in 2005 at the age of 93. His family continues to operate the restaurant.

The plan by New England Development will dramatically change Pier 4, filling its half-empty

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THE ECONOMY: Obama's housing scorecard

NEW YORK (CNNMoney) -- The housing market is gaining strength thanks in part to government programs aimed at helping struggling homeowners, the latest Obama Administration Housing Scorecard released Thursday found.

"The Obama Administration's efforts to speed housing recovery are showing clear signs of traction," said Erika Poethig, Acting Assistant Secretary for the Department of Housing and Urban Development (HUD) which releases the report in conjunction with the Department of the Treasury.

Home values are back to levels not seen since the beginning of the Obama administration and the number of homeowners who are underwater on their mortgage is down 11% since last year, the report said. In addition, more than half a million borrowers have had their loans refinanced through government efforts like the Home Affordable Refinance Program this year.

"It is clear that we're making progress. But with so many households still struggling to make ends meet, we have important work ahead," Poethig said.

Another boost to the housing market came last April, when the attorneys general of 49 states and the District of Columbia inked a $25 billion settlement deal with the nation's five largest banks over so-called robo-signing foreclosure abuses. That deal is expected to help another couple of million borrowers reduce their mortgage payments.

Since the administration started rolling out its programs in April 2009, more than 5.4 million borrowers have received aid, the Department of Housing and Urban Development (HUD) said.

Here's a rundown of the government's mortgage relief efforts and how they've fared:

Home Affordable Modification Program (HAMP)

Launch: March 2009

Borrowers affected: As of July 2012, there have been 1.9 million trial modifications started. More than 1 million have made the transition into permanent modifications. Some 235,000 of those have been canceled due to re-defaults or because borrowers sold their homes.

This program enables eligible borrowers to lower their first mortgage payments to more affordable and sustainable levels. Lenders receive incentives to reduce mortgage payments for at-risk borrowers; the target is 31% of income.

HAMP originally fell well short of estimates that it would lower mortgage payments for 3 to 4 million borrowers. And, many early workouts failed as borrowers soon re-defaulted on their loans.

Track record: HAMP's record has improved and re-default rates have declined, but they're still troubling. As of July, nearly 19% of all borrowers with HAMP modifications are at least two payments behind 12 months after their loans were modified.

HAMP modifications have slowed to a crawl lately, with just 17,000 permanent modifications started in July.

The modifications have led to a total of more than $14.4 billion in lowered borrowers' payments, according to the Treasury Department.

Home Affordable Refinance Program

Launch: March 2009

Participants: 1.5 million

This program helps borrowers who are current on their mortgage payments but are having a hard time refinancing their mortgage because they are underwater or owe more on their home than it is worth. The home must be underwater due to falling home prices and the mortgage must be backed by Fannie Mae or Freddie Mac.

Originally, HARP allowed homeowners to refinance if their loan balances were between 80% and 105% of the market value of their home. But after disappointing initial results, the rule was changed to include borrowers with loan-to-value ratios of up to 125%. Later, they removed that cap altogether.

Track record: The changes have helped make HARP one of the more successful government programs. The number of HARP refinancings has accelerated with more issued during the first seven months of the year than in all of 2011.

More than half the loans refinanced in June and July went to homeowners with loan-to-value ratios above 105%.

Second Lien Modification Program (2MP)

Launch: April 2009

Participation: 90,000 borrowers

The Second Lien Modification Program (or 2MP) provides assistance to homeowners who have second mortgages or home equity lines of credit in addition to their primary mortgages.

Many potential mortgage modifications have hit roadblocks because lenders of home equity loans and lines of credit refuse to cooperate. After all, the first mortgage holder typically gets paid first when an underwater mortgage gets modified and there's often nothing left for the

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HOUSING NEWS: Home prices on the rise in nation's swing states

The two swing states with the largest yearly increases — Nevada and Florida — suffered dramatic price declines and high foreclosure rates during the housing crisis.

Among all the swing states, prices fell annually only in North Carolina, but by less than 1%.

Despite its high REO saturation rate, Las Vegas is shaping up to be the next Phoenix as it exhibits concentrated gains in discounted home price segments.

”The timing of the housing price rebound couldn’t be better for President Obama,” said Jed Kolko, Trulia’s chief economist. “Rising prices take pressure off the candidates to propose housing solutions before the election — and make it harder for (Republican candidate Mitt) Romney to criticize the Obama administration’s housing record."

The candidates hardly discussed housing during the debate. GOP contender Mitt Romney used the opportunity to slam President Obama on the qualified mortgage rule and the Dodd-Frank Act as a whole.

Romney expressed dismay that under the new regulatory climate, regulators have yet to clearly define a qualified mortgage two year Protection Bureau expects to have the QM rule in place by January.

In other findings, asking home prices have stabilized or risen throughout the year. If this year-to-date price trend continues, prices will ascend nearly 4% by the end of the year, ending several years of price declines, Trulia says.

Rental price gains continue to outpace home price increases in September, rising by 4.8%

MARKET TRENDS: House Prices: Annual Appreciation for Last 25 Years

HOME MAINTENANCE: Reduce the risk of tree damage to your home

(Money Magazine) -- Does the severe weather of the past several years have you looking up at your trees in fear? It's an understandable concern. A big storm could destroy the plants' majesty in a flash -- and send a quarter-ton branch crashing down onto your roof.

Still, before you preemptively chip a favorite tree into mulch, consider this: It may be contributing 8% to 10% to your home's value, according to Scott Cullen of the Council of Tree and Landscape Appraisers.

Here's how to keep your leafy assets from becoming a liability.

Schedule regular upkeep

Have your trees inspected every five years or so -- a free service offered by tree-care companies. An arborist will look for branches that are weak or hanging within 10 feet of a building, and send workers to remove them.

If necessary, they'll also buttress the tree against high winds by cabling limbs together. All this work costs about $200 to $400 a tree and is typically needed only once a decade.

In many cases the tree will more than cover the cost of its maintenance over a few years; a big shade tree will knock nearly $70 off annual air conditioning bills, says David Nowak of the U.S. Forest Service, and a large evergreen that blocks winter winds will reduce heating costs by around $60 a year.

Get removal right

When a tree becomes diseased or dangerously overgrown given its proximity to a house, your arborist will recommend taking it down.

Removing a substantial tree could cost $2,000 to $5,000, depending on its size and whether it is accessible by truck or requires climbing -- and what's underneath that the crew must protect.

You can have the stump ground down to just below grass or mulch height for $50 to $200

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THE ECONOMY: Unemployment Rate Falls to 7.8%

WASHINGTON—The U.S. unemployment rate fell to its lowest level in more than 3½ years in September as the economy continued to add jobs, a potential boost for President Barack Obama's campaign to win a second term.

The politically important unemployment rate fell to 7.8% last month from 8.1% in August. That was the lowest level since January 2009.

U.S. payrolls, obtained in a separate survey of employers, increased by a seasonally adjusted 114,000 jobs last month, the Labor Department said Friday.

Economists surveyed by Dow Jones Newswires expected a gain of 118,000 in payrolls and an 8.1% jobless rate.

Friday's report is the first since the Federal Reserve's decision to commence an ambitious stimulus program—buying $40 billion a month of mortgage-backed securities until the U.S. job market substantially improves. The latest numbers offer some good news with the falling unemployment rate but also suggests that job creation, while steady, remains slower than the Fed would like.

The figures are also the next-to-last snapshot of the labor market before the November election. October's employment numbers are due out only four days ahead of the vote—possibly too late to sway many ballots.

"The September jobs report will frame the economic debate and could prove critical to the election outcome," Carl Riccadonna, senior U.S. economist at Deutsche Bank, DBK.XE +1.06% said ahead of Friday's release.

Mr. Obama and Republican challenger Mitt Romney have sparred over whose economic

FORECLOSURES: Foreclosures Continue Decline but Inventory Clearing Slowly

CoreLogic reported this morning that completed foreclosures in August were 24 percent lower than one year earlier and also down from July. There were 57,000 foreclosures completed during August compared to 75,000 in August, 2011 and 58,000 the previous month.  August is the fourth consecutive month that completed foreclosures declined but there have now been approximately 3.8 million homes lost to the process since September 2008.

The national foreclosure inventory stands at approximately 1.3 million homes according o CoreLogic's National Foreclosure Report.  This is 3.2 percent of all mortgaged homes in the country.  These numbers are essentially unchanged from July.  In August 2011 there were 1.4 million or 3.4 percent of mortgaged homes in the inventory which indicates the number and share of homes in any stage of the foreclosure process.  

"The continuing downward trend in foreclosures and a gradual clearing of the shadow inventory are important signals that the recovery in housing is gaining traction," said Anand Nallathambi, president and CEO of CoreLogic. "The reduction in foreclosure volumes is to

INVESTING: Rental Market's Big Buyers

Private-Equity Giant Blackstone's $1 Billion Bet on Foreclosed Family Homes

Blackstone Group LP BX +1.77% has become the biggest U.S. investor in single-family rental homes by spending more than $1 billion since the start of 2012 to acquire more than 6,500 foreclosed houses in eight metropolitan areas, according to people briefed by Blackstone.

The firm also is finalizing a loan for at least $300 million from Deutsche Bank to support this business, these people said.

Numerous private-equity firms have crowded into the business, some as early as last year, looking for a way to bet on the recovery of the housing market. Blackstone's growing commitment to this strategy offers fresh evidence that the purchases of foreclosed homes, which began as a mom-and-pop pursuit, is gaining legitimacy among the biggest private-equity firms.

The demand from these firms and other investors could help strengthen the housing recovery, analysts say. Earlier this year, the Federal Reserve expressed support for the strategy as a way to clear the backlog of foreclosures that has weighed down the market.

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What does Warren Buffett see that no one else does? He just made an outsize bid on ResCap loans, the latest example of his bet that the housing market represents a great