At last, Home Front has found a more pleasant way to tell a foreclosure story.

When Golden 1 Credit Union recently foreclosed on a 1-acre property near Rio Linda, it didn't just put it back on the market at a big loss. California's biggest credit union instead gave the parcel to Habitat for Humanity.

Habitat plans to build four houses on the property.

On Saturday a sad outcome will start to turn into something better. In the morning, Golden 1 will formally present the foreclosure property to Habitat. Then, more than 100 California Highway Patrol cadets will tear down a small house and barn to clean up the place.

"We're anticipating construction next year," said J.R. Roberts, general superintendent for the Sacramento Habitat for Humanity affiliate.

To qualify for a house, prospective owners must be employed, have reasonably good credit and put in 500 hours of work helping volunteers build the house. It's a formula that has put thousands of people into houses they couldn't have otherwise afforded.

"For the 28 years this affiliate has been in operation, we have never had a foreclosure," said Roberts.

So far this year, the Sacramento chapter has closed escrow on nine houses.

Teresa Halleck, president and chief executive officer of Golden 1, said the credit union "doesn't have a lot of foreclosure properties. We weren't part of the subprime lending."

But it's had its share as the economy has softened and otherwise creditworthy borrowers have lost jobs and income.

In this case, the credit union worked with the borrowers until they decided it was in their best interests to walk away. Halleck said she remembered that the credit union had donated a property to Habitat in 2003. So she did it again.

There's no tax write-off for Golden 1, a not-for-profit financial institution. This is a loss, as it would be for any big bank. But this time a happier outcome is multiplied by four.

Lights out? Not yet.

Decorations and lights are going up at houses across the Sacramento region. That means somebody must be headed soon to an emergency room.

It didn't happen last weekend, at least not at three Sutter hospitals across the region.

"It's been good," said Sutter spokeswoman Linda Pinkham as Home Front went to press this week. "No electrocutions, no falling off the roof."

About 10,000 people nationally are taken to the emergency room with holiday injuries in November and December, according to the Web site Angie's List, which collects reviews of contractors and other companies.

Most are from falls, cuts, shocks and burns related to holiday decorating, says the firm. It's become so common that falling off roofs and ladders and creating explosions when plugging in lights have become a standard humorous feature of holiday movies.

Real life isn't so funny. Angie's List suggests being especially careful when children are around. Don't leave them unattended around burning candles. Watch that they don't choke on candy or nuts or cut themselves on tree ornaments.

Remember, too: You may have childproofed your home for the holidays. Don't assume others you visit have done so.

Rates are still dropping

Interest rates continued their dive this week in the wake of federal moves to stabilize the housing market. Rates of well below 6 percent have prompted a new rush of applications, especially for home refinancing, the Mortgage Bankers Association reports.

The industry trade group said almost seven in 10 applications for home loans this week were to refinance existing loans. A week earlier, half of all applications were for refinancing. The MBA said plunging rates also contributed to a 150 percent jump in applications during Thanksgiving week.

Rates have fallen nearly a full percentage point since the end of October. They averaged 5.53 percent this week for 30-year fixed loans, mortgage giant Freddie Mac reported. The drop means a $200,000 loan that once had monthly payments of $1,268 was down to $1,073 this week.

The financial Web site Bankrate.com pegged overnight rates Thursday at 5.58 percent. Rates are approaching the year's low of 5.48 percent during the week of Jan. 24.

If that isn't enough to encourage buyers, the Treasury Department is talking about driving rates to 4.5 percent or less by buying mortgage securities. The idea is the newest aimed at reviving a struggling housing market.

Homes for the holidays

Last weekend's news was all about people buying big-screen TVs, other electronics and video games.

But some buyers got literal "doorbusters" from home builders as the sales year nears its end.

Arizona-based Taylor Morrison Homes counted eight new home sales in Sacramento, Reno and the San Joaquin Valley last week – many during the big Thanksgiving weekend.

"It turned out well, especially for this time of year," said David Jackson, vice president for sales at the builder's Folsom-based Central Valley division.

Gift wrapping? Not included on these items.

Call The Bee's Jim Wasserman, (916) 321-1102. Read his blog on real estate, Home Front, at www.sacbee.com/blogs.