In July 2011, Bank of America announced plans to bulldoze 100 foreclosed properties in the Cleveland area, according to Time (“Bulldoze: The New Way to Foreclose”). By the close of summer, the financial institution had already given away 100 homes in Detroit and 150 in Chicago with plans to demolish in possibly nine other cities by the end of the year. Fannie Mae, Wells Fargo, and JPMorgan Chase have also participated. For banks, bulldozing has its benefits. Once they donate properties, banks no longer bear the tax burden or upkeep costs and may even receive a write-off. In some cases, demolishing properties is more cost-effective than repairing and getting them up to code. Local governments are often in favor because they receive free land to develop or use for public space.

In the long-term, do homeowners benefit? If bulldozing helps clear inventory faster and home values go up as a result, the answer is yes. But not everyone is a fan. In the Atlantic, columnist Danny Indiviglio writes that banks may use the measure as “an easy out to minimize their loss with little concern about what’s best for the U.S. economy.” Rather than demolish properties, the focus should be on converting them into rentals. While the dilapidated, vacant eyesores that hold nominal value might be bulldozed, there are many other properties that simply need rehab. To raze or not to raze? In some hard-hit areas of the nation, that remains a lingering question.

http://www.time.com/time/video/player/0,32068,1129073220001_2090492,00.html

Overpricing the property — To a seller, the home is invaluable. It’s not really possible to put a price tag on the domicile that has offered many intangible benefits. But quantify you must. Researching the price points of other homes in the area and recent sales history is key. A serious seller will want to consult with a savvy real estate professional who can conduct a comparative market analysis, market the property, and help negotiate.

Saying no to an early bid just because it’s early — A seller may feel that such an offer, submitted within the first two weeks, signals that the property was under-priced from the get-go. Avoid this scenario by pricing the home at what the market will support. Of course, you may have other considerations — a small window to sell due to relocation or finances — so adjust accordingly. If the offer is fair, “waiting for a better offer is counterproductive and can result in a property languishing,” says Nick Jabbour, a New York City real estate agent and vice president of Nest Seekers International.

Posting photos that push rather than pull — Potential buyers almost always review photos online before setting up an appointment. If you’re not a professional photographer, hire one. This is one place where skimping can cause buyers to shut the door before they take a real visit. SmartMoney suggests that shoppers want to see many facets of the house. Pictures of the kitchen, bathrooms, and outdoor spaces should be included.

Taking offense at low bids — Remember that what’s highly personal to you is business to others. Rather than reacting out of offense, analyze the bids using hard and fast data. If they are truly below market value, you can sit tight knowing that the right buyer is in the wings.

In any market, the process of selling a home can feel like an emotional roller coaster. Keep the end goal in mind — being free to live how and where you want in the next phase of life — and the ride will end well.

According to Buffet, the younger generation who have moved back in with their parents due to financial hardship will eventually branch out and look for their own homes again and stimulate the housing market, reports the Huffington Post. “People may postpone hitching up during uncertain times, but eventually hormones take over,” writes Buffet.

The economic recession has caused many to move in with parents and in-laws, according to the New York Times (“Facing a Financial Pinch, and Moving in with Mom and Dad”). Since 2000, more individuals in the 25-to-39 age group have returned to the nest. By 2008, the numbers went up dramatically to 32 percent nationwide. In 1980, 11 percent of 25-to-34-year olds lived in multigenerational households; by 2008, that figure just about doubled. If Buffet’s forecast about the young moving out is realized in the next several years, housing could take a very positive turn.

So what kind of home will suit the Gen Y household (individuals born 1982 – 2003)? Builder’s 2012 Concept Home reflects specs that are not much different from those that appeal to Boomers — a smaller house with an open floor plan that flexes to meet the needs of changing micro-demographics depending on who is staying or visiting at any given time. Gen Y and Boomer groups, sometimes called the “bookenders,” are probably making less money and have fewer or no children in comparison to the dual-income Gen X family. So while large spaces are not necessary, connectivity is. The Gen Y house must be a social and communications hub.

There are the Hawaiian islands, and then there are the islands that remain under the radar of mainstream travelers. If you’re looking for an out-of-the-way, private destination, check out Travel & Leisure’s compilation of the best secret oases to visit.

Here are just some of the highlights:

• Fan of mystery writer Stieg Larson? Check out Sandön, setting for the wildly popular Millennium thriller trilogy.
• Did you see Mamma Mia? That story was set on the island of Skopelos. Hidden coves, Byzantine churches, and Kastani Beach, featured in the Hollywood movie, will delight.
• Wanna go somewhere where the night hardly arrives? At Breiðafjörður Bay, Iceland, summer daylight shines for up to 21 hours!
• Or travel two hours by plane from Santiago to find the place that inspired the novel Robinson Crusoe. San Juan Bautista houses the Crusoe Island Lodge with rooms made out of recycled materials and wood from the local area.
• But if you want to stay closer to home, Lummi Island, Washington, is a great choice. This nine-square mile island has working farms and fields. Stay at Willows Inn and enjoy chef Blaine Wetzel’s fine cooking.

If none of the above strikes your traveling fancy, watch the T&L slideshow for more ideas.

Could credit cards go the way of the dodo? Many of the industrialized nations around the globe are moving away from traditional credit cards with magnetic strips in favor of embedded microprocessor chips, because they may cut down on fraud. The chip-and-PIN method is the newest smartcard technology, where a microchip is embedded in the credit or debit card. When the customer pays for goods, the card is placed into a “PIN pad” terminal or modified swipe-card reader, which reads and authenticates the chip. The customer then enters a 4-digit PIN that must match what is on the smartcard.

If you’ll be traveling abroad but do not own a smartcard, you may need to depend on ATM machines. Carrying extra credit cards and cash is also recommended. And if you want to use a chip-embedded debit card, you can obtain one for free, but exchange rates are not stellar. Last but not least, notify your bank about your travel plans as some credit companies will freeze your card for charges deemed suspicious or out of the norm.

The chip-and-PIN technology is becoming the standard in Asia, Latin America, and Canada. While the U.S. lags behind, some banks including Wells Fargo, JPMorgan Chase, and U.S. Bank are starting to offer the cards to their customers on small scales.

So if you must fly for pleasure or business, consider these consumer tips provided by SmartMoney.

• For cheapest airfare, Frontier wins, and its ancillary revenue, 3.7 percent of total profits, is the lowest in the industry. This airline charges no more than $50 for ticket change fees, about $75 for pets, and $50 for unaccompanied minors.
• For timely flights, Hawaiian is at the top with a rate of 92.5 percent of flights arriving on time.
• If you’re traveling with luggage, Southwest is the only U.S. airline that allows travelers to check two bags for free.
• For best comfortability, check out JetBlue, whose seat pitch of at least 32″ (and often, 34″) affords more leg room. JetBlue does not skimp on the in-flight entertainment; each passenger enjoys a personal TV in the seatback in front of them, and some flights offer WiFi. Unlimited snacks and nonalcoholic drinks are provided at no charge.
• And what about rewards booking? Southwest beats all with 99.3 percent of reward-booking requests available.

• Lock up — Secure your doors and latch all windows.
• Give your house keys to trusted neighbors — Ask them to check mail, keep an eye out for suspicious activity, and move advertisements indoors; things left at the door alert passersby that no one has been home for days or weeks.
• Unplug — Disconnect small appliances, turn off the water, and turn down the heat to 50 degrees.
• Turn on the lights — Use a timer for indoor or outdoor lights.
• Toot your  horn after the vacation’s over – Save your facebooking and twittering for later; tech-savvy thieves might be reading your news on the internet.

And least but not least, tidy your house and make your bed before you leave. Returning to an organized home is far sweeter than coming back to clutter.

If you’ve never been to the San Juan Islands, plan to make a trip there this spring or summer. Known for its artist colonies and expansive views, the San Juan Islands of late are making a splash with two big-name chefs. Blaine Wetzel, former chef at Noma in Copenhagen, became top dog of the Willows Inn on Lummi Island. Lisa Nakamura, famous for training with the likes of Thomas Keller, opened Allium on Orcas Island.

But the San Juan Islands boast much more than just good food. Big stretches of land are protected from logging and development, and last year, the San Juan Island National Historic Park expanded by 312 acres. In the Olympics Mountains, Lake Quinault and Kalaloch offer cozy rooms with views. Spring specials include storm-watching, breakfast, and access to three major ecosystems (mountains, coasts, and forests) and a million acres of nature.

If global travel is your cup of tea, check out some of the hidden gems on the list like Uruguay, Zanzibar, Budapest, and Kosovo. Bargain hunters can search for sales on websites like Jetsetter and SniqueAway, book airlines tickets on Tuesdays (prices tend to be lowest on that day of the week), and schedule off-peak adventures. For more tips on maximizing your dollars, check out “11 Tricks to Cutting Travel Costs in 2011.”

There are mountains for climbing, and then there are mountains for driving. For weekend travelers who’d rather be in an automobile than in hiking boots, these five peaks are accessible vistas.

• Mount Spokane is located 25 miles north of Spokane in the Selkirk Range. Drive to the top (elevation 5,883 feet) and capture views of Idaho, Montana, and Canada. parks.wa.gov
• Steptoe Butte is 3, 612 feet high in elevation and 12 miles north of Colfax. Spectacular views of eastern Washington. parks.wa.gov
• Mount Constitution is the highest point in the San Juan Islands at 2,409 feet. Located in Moran State Park on Orcas Island, you can get 360-degree views of all the islands. parks.wa.gov
• Slate Peak reigns at 7,400 feet, the highest summit point in Washington that is automobile accessible. The mountain is in the Pasayten Wilderness of the Okanogan National Forest. The road is open July to early October. waymarking.com
• Mount Walker in the Olympic Range boasts views at 2,804 feet above sea level. The road — narrow, gravelly, and steep — is not for the faint of heart. www.fs.fed.us/r6/olympic

Memorial Day weekend marks the beginning of summer and the travel season. An estimated 32.1 million travelers will head out of town, up from last year’s figure of 30.5 million, according to AAA projections. About 28 million alone will travel by car this holiday weekend.

If you’re planning to drive to your upcoming destination, travel smart with these road trip tips, provided by Couple Money.

• Check out travel sites like Road Trip America, Lonely Planet, and AAA when planning your itinerary. Consider becoming a AAA member to save on lodging and admission to recreation facilities as well as to have peace of mind should your car break down. For $89 (for up to 2 members), you get the basic AAA benefits plus free towing up to 100 miles and additional services.
• Prepare your vehicle for the trip by topping off fluids, inflating tires, and having an emergency kit ready.
• Plan your pit stops by having paper maps and GPS handy. A great road trip includes good eats, so check out RoadFood for suggested diners, drive-ins, and dives.
• Find the cheapest places to refuel. Use your smart phone to access apps like Gas Buddy and AAA TripTik Mobile to compare local gas prices. Drive at a steady speed and don’t haul heavy stuff (with the exception of children of course).