Fed Reduces Rate to 2 percent; Predicts Moderate Inflation - 04/30/08 05:45 PM
The Federal Open Market Committee decided today, April 30, 2008 to lower its target for the federal funds rate 25 basis points to 2 percent. Recent information indicates that economic activity remains weak. Household and business spending has been subdued and labor markets have softened further. Financial markets remain under considerable stress, and … (3 comments)
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New Maryland State Laws for Real Estate Industry - 04/29/08 09:18 AM
These three bills are considered Emergency Legislation and will take effect in Maryland very soon. SB216 alters the recordation requirements for Mortgages/ Deeds of Trust to include the loan originators license number. Going forward this will allow the source of loans in foreclosure to be traced back to the individual loan originator. Those … (0 comments)
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Potential Returns VS Your Real Returns from the Stock Market - 04/29/08 08:31 AM
POTENTIAL VS. REALITY - I am sure you have seen these statistics, but they are worth repeating. Mid-cap stocks have gained 15.3% per year over the last 20 calendar years as measured by the S&P 400 Midcap Index. Large cap stocks, as measured by the S&P 500 Index, have gained 11.8% per year. The … (2 comments)
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Umbrella Insurnace, Do you have it? - 04/29/08 08:30 AM
UMBRELLA INSURANCE POLICIES - I often recommend an umbrella insurance policy as one of those "no brainers". It is generally inexpensive, and provides a layer of protection from catastrophic liability losses. Typically, an umbrella policy is pure liability coverage over and above the coverage afforded by your homeowners and automobile policies. … (0 comments)
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April 2008 A Positive Month for Stocks? - 04/29/08 08:27 AM
A POSITIVE MONTH?: Following the prior week's rally that saw 4% (approximately) gains across the board, the market had another positive week as earnings season continued and oil prices set new highs. For the week, the Dow gained 0.33% and the S&P 500 0.54%. Though we still have two more trading days in April, … (0 comments)
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FED INTEREST RATE CUTS - IN PERSPECTIVE - 04/29/08 08:25 AM
INTEREST RATE CUTS - IN PERSPECTIVE: When the last recession in the US ended on 11/30/01, the Fed had short-term interest rates at 2.0%. The Fed has interest rates at 2.25% today.
The Fed is expected to cut interest rates by a quarter point on Wednesday, but then hold firm for the remainder … (1 comments)
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US Homeownership rises in 1st Quarter of 2008 - 04/28/08 09:15 PM
US homeownership increased to a seasonally adjusted 67.9% up from 67.7% in the fourth quarter of 2007. The fourth quarter of 2007 saw homeownership at a 7 year low. The North East part of the US had the lowest vacancy rate at 2% up from 1.9%Vacancy rates were unchanged in the … (0 comments)
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Empty Homes Hits Record High in 1st Quarter of 2008 - 04/28/08 09:10 PM
The US Government on reported that vacant homes in the US hit a record high for the first quarter of 2008. The percentage of owner occupied homes sitting vacant rose 2.9 percent in 1st quarter and the third period in a row that there has been an increase in vacancies.
The total … (4 comments)
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Top Ten Spring Cleaning Activities - 04/28/08 08:30 PM
Here is your list of Top Ten Spring Cleaning IdeasThoroughly dust your home. Also clean any air conditioning and heating filters, ducts, and vents to minimize pollens and other airborne allergens. Organize your medicine cabinet. Throw away expired medications and old prescription medicines that you no longer need. Inventory your garage … (4 comments)
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Gas Prices soar to Record High - 04/24/08 06:48 AM
Gas Prices are at an all time high because oil has soared to almost $120 a barrell. The average gas price nationwide is $3.55 a gallon. Locally gas prices in Philadelphia is $3.50 a gallon and Delaware average is $3.45 a gallon. This will increase the cost of doing business for … (10 comments)
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New Homes Sales Expected To Fall for March 2008 - 04/23/08 10:05 PM
The existing inventory of new homes is at a 27 year high of 9.8 months. This means it would take 9.8 months to sell all of the houses currently for sale. New Homes Sales are expected to drop for March 2008 for a fifth consecutive month.
There has been a 30% decline … (2 comments)
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What Markets Having Rising Home Values? - 04/23/08 09:59 PM
It may be hard to believe but there are some areas of the country that have rising home values. All you hear about in the media is how bad the housing market is right now. But housing is a local phenomenon and is not tied to to national trends.
Amarillo, TX is … (2 comments)
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Still Room Left for First Time Home Buyer Seminar - April 26th - 04/23/08 03:53 PM
There is still room left for the First Time Home Buyer Seminar on April 26th from 10:00 Am till Noon. The seminar is being held at 256 Chapman Rd, Newark, DE 19713. The seminar covers all the basics of buying a home. FHA Loans will explained in detail as long as … (2 comments)
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Weekly Update on the Finanacial Markets - April 21st - 04/23/08 08:21 AM
THE MARKETS: The roller coaster was moving up this past week. The Dow Jones Industrial Average was up 4.25% (down 3.13% for the year) and the S&P 500 was up 4.31% (down 5.31% for the year) [Past performance does not guarantee future results.] Some of the upward movement was driven by positive … (2 comments)
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Helpful Budgeting Information - 04/23/08 08:20 AM
HELPFUL BUDGETING/CASH FLOW WEBSITE: I checked out http://www.mint.com/ this weekend, and I am very impressed with what I have seen so far. This software is a good way to organize your cash flow and budgeting. There are two very attractive attributes to this software: It is 1) fast and easy, and … (2 comments)
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Death of the Death of the Estate Tax - 04/23/08 08:18 AM
DEATH OF THE DEATH OF THE ESTATE TAX?: John McCain said that if elected he will raise the estate tax exemption to $5 million and reduce the tax rate to 15%. Both Hillary Clinton and Barack Obama said that they would set a $3.5 million exemption and leave the tax rate … (4 comments)
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Good News on Aging - 04/23/08 08:17 AM
GOOD NEWS ON AGING: Two research reports published in the April edition of the American Sociological Review conclude that the happiest Americans are the oldest. Among the findings: Older Americans have learned to be content with what they have. They are more socially networked. 75% of people age 57 to 85 engage in … (5 comments)
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Nehemiah Wins Lawsuit against HUD to save Down Payment Assitance Programs - 04/22/08 02:27 PM
Nehemiah WINS Lawsuit against HUD!Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment and invalidated the U.S. Department of Housing and Urban Development (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment … (3 comments)
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WAMU to Exit Wholesale Lending & Closes 186 Retail Branches - 04/20/08 07:13 AM
Washington Mutual said it would close its 186 free standing home loan retail offices and get out of the wholesale lending business by end of the second quarter of this year. WAMU was a big player in the brokering of loans so this is a big blow to mortgage brokers.
WAMU raised … (2 comments)
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Quick Facts on Reverse Mortgages - 04/16/08 08:33 AM
Here is some quick facts to some very common misconceptions about reverse mortgages.
"The borrower could owe more than the value of their home."Reverse mortgages are "non-recourse" loans, which means that the borrower, the borrower's heirs, or the borrower's estate can never owe more than the appraised market value of the home … (3 comments)
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Fannie Mae Began Purchasing New Loan Limit Loans on April 1st - 04/15/08 05:25 PM
Fannie Mae began purchasing the fixed rate "Jumbo" mortgages on April 1, 2008. These loans are loans that meet the new temporary loan limits that congress set for 2008. The loans for single family residences have to be manually underewritten until Fannie's automated underwriting systems are updated. Purchase of adjustable rate … (2 comments)
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Ruling Against HUD ban on Downpayment Aid - 04/15/08 05:13 PM
The United States District Court for the Eastern District of California has ruled against a Department of housing and Urban Development rule to ban private downpayment assitance as proposed in the by HUD regulations published in October 2007. This ban was brought up by former HUD director Mr. Jackson. Mr. Jackson … (3 comments)
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Economic Stimulus Package provides Tax Rebate - 04/15/08 08:26 AM
ECONOMIC STIMULUS: Pursuant to the Economic Stimulus Act of 2008, individuals filing 2007 tax returns may be receiving a stimulus payment. The rebate payments are set at $600 per individual with an additional $300 per qualifying child under the age of 17. If your single and make more than $75,000 or … (1 comments)
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Fed Minutes from March 18 Reveal Growth Concerns - 04/15/08 08:24 AM
While there were no quiet days in the mortgage market during the week, the enormous swings in rates seen recently were absent. The sparse economic news did little to change the outlook for future economic growth and inflation, and the net result of a series of medium sized daily rate movements … (1 comments)
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Free First Time Home Buyer Seminar - Saturday April 26th at 10:00 AM - 04/15/08 08:13 AM
There will be a Free First Time Home Buyer Seminar on Saturday April 26, 2008 at 10:00 AM. The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a … (2 comments)
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