Open House by Jim Woodard

Many homeowners are unsuspecting victims of medical problems — ranging from asthma attacks to lung cancer — caused by components and conditions in their residences. This was revealed in a new study by the Environmental Protection Agency and the Department of Housing and Urban Development (HUD).

Several steps can be taken to minimize those risk factors.

The study researchers say more than 20 million housing units have a lead-based paint hazard, while over 6.8 million homes have radon exposures above the level considered safe, as reported in an article published by the National Association of Realtors.

"The problem is that too many homeowners and renters are unaware of the link between their dwellings and their health," the article stated.

"Radon exposure, for instance, has no immediate symptoms; and carbon monoxide poisoning can initially present flu-like symptoms. Furthermore, exposure to some toxins may be confused with seasonal allergies."

"People spend more time looking at the kitchen countertops than they do at issues that can cause serious health problems," said Nancy Harvey, former chair of the U.S. Consumer Product Safety Commission, as quoted in the NAR article. "There are so many elements to having a home that's truly safe."

Q: What direction are mortgage rates going currently?

A: On April 25, Freddie Mac released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates moving lower for the fourth consecutive week continuing to support the ongoing housing recovery.

The 15-year, fixed-rate mortgage hit a new all-time record low at 2.61 percent for the week, as did the 5-year ARM at 2.58 percent. The previous record low for the 15-year fixed was 2.63 percent set the week of Nov. 21, 2012, the report noted.

Q: Is a new national mortgage database planned?

A: A new database has been proposed, but the plan has sparked some stiff opposition.

The Consumer Financial Protection Bureau's (CFPB) effort to build a National Mortgage Database ran into objections from lawmakers during a recent Senate committee hearing.

Senators expressed discomfort about the idea of having a federal agency track consumer behavior, despite CFPB director Richard Cordray's continued emphasis on the anonymity the database will provide to individual consumers.

Cordray also explained that without the database, the agency can't do its job.

Q: Where are home prices rising most rapidly?

A: California probably takes that prize currently. Strong sales in higher-cost coastal regions and heated market conditions drove California's median home price to its highest level in March since May 2008, while inventory shortages continued to stifle home sales, it was reported by the California Association of Realtors.

"While home sales were essentially flat from February, sales declined moderately from last year, as an extreme shortage of available homes continued to dictate the market," said CAR President Don Faught. "Statewide inventory dropped 36 percent from last March and was below 3 months for the second time in the past few months.

"Supply conditions are particularly tight in the lower-priced segment of the market, as inventory for homes priced below $300,000 plunged more than 50 percent from the previous year."

Q: Is the FHA in shaky condition?

A: The administration's proposed fiscal budget for 2014 estimates that the cash-strapped Federal Housing Administration (FHA) will need a $943 million taxpayer bailout this year to cover losses from shaky loans the agency insured as the housing market collapsed in 2007, it was reported by Real Trends.

This would be the first such bailout in the 80-year history of the FHA. Last fall, concerns about the FHA's finances increased when an independent audit found that the agency, which has more than $1 trillion worth of loans in its portfolio, had burned through its capital reserves because of bad mortgages, it was reported. It would need up to a $16.3 billion infusion of cash from the Treasury.

Q: What's the primary motivator for today's homebuyers?

A: One key reason for home sales and rising prices is the strong demand for distressed properties from investors, according to Pro Teck's Home Value Forecast for April. One of the catalysts driving the housing market rebound has been large investment funds, which are buying distressed single-family homes to be used as rentals.

"These funds have also been renovating homes, which has helped to improve the overall conditions of the surrounding neighborhoods and provided a positive injection of capital," said Tom O'Grady, CEO of Pro Teck.

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.

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