The Fed's "Non" Impact On Mortgage Rates - 04/30/08 08:28 AM
The Federal Open Market Committee adjourns from its two-day meeting at 2:15 P.M. ET today. Markets expect the Fed to lower the Fed Funds Rate by 0.250 percent in its press release but it's not what the Fed does that matters to economy right now.
It's what the Fed says.
If the … (0 comments)
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80/20 Rule Apllies To Mortgage Foreclosures - 04/29/08 02:28 PM
RealtyTrac released Q1 2008 foreclosure statistics and the data follows an interesting statistical phenomenon most commonly known as the "80/20 Rule".
The 80/20 Rule states that 80 percent of the effects come from 20 percent of the causes.
In this case, 80 percent of bank repossessions in the first three months of 2008 … (0 comments)
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New Home Sales: How Newspaper Headlines Mislead You - 04/25/08 02:10 PM
Newspaper headlines rarely tell the full story and today's papers provide a terrific example. From the Baltimore Sun (and others):
New-home sales lowest since 19918.5% March decline exceeds forecasts; prices also tumble
As always, there's more to the story than the headline.
The Census Bureau reported a 8.5 percent decline in New Home Sales last … (0 comments)
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How To Determine When Your Tax Rebate Check Arrives - 04/24/08 09:21 AM
More than 130 million Americans will receive tax rebates this year as part of Congress' $168 billion economic stimulus package. Payments begin in about two weeks and range from $600 for individuals to $1,200 for couples, plus an additional $300 per child.
Not everyone is eligible for a full rebate, however.
For single … (0 comments)
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It Doesn't Matter That The Median Home Sale Price Rose In March 2008 - 04/23/08 09:05 AM
The National Association of REALTORS released its Existing Home Sales report for March 2008. An "existing home" is one that is not considered new construction. A sub-headline in the report showed that the median sales price of all homes sold in March increased by 2.5 percent to $200,700.
But don't assume that … (0 comments)
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Co Signing for a Mortgage, The Possible Implications - 04/22/08 01:13 PM
As mortgage lenders limit how much money they will lend and to whom, co-signing home loans is growing in popularity. "Co-signing" a home loan is when a third-party -- usually a parent or relative -- promises to make repayments to the bank in the event that the borrower falls behind on his … (0 comments)
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Market review 4/21/08 - 04/21/08 10:17 AM
The S&P 500 added 4.3 percent last week -- more than during all of 2007 -- in what was a good week for the economy and a bad week for mortgage rate shoppers.
After Friday's close, mortgage rates were higher by as much as 0.375% versus the Friday prior. This reversed a … (0 comments)
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Simple Real Estate Definitions: Average Days On Market - 04/18/08 10:10 AM
In the world of real estate, Days On Market is the number of days between when a home lists for sale and when it goes under contract. It is often abbreviated as DOM.
Average Days on Market is a similar statistic but instead of applying to one home in particular, it applies … (0 comments)
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Credit Scoring Tips For A Better Mortgage Rate - 04/17/08 10:16 AM
Credit scoring is becoming more important to mortgage pricing so now would be a terrific time to brush up on your credit education. If you understand how the system works, after all, you can make it work to your advantage. One terrific place to start your research is at myFICO.com.
Published by … (0 comments)
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If History Is An Indictor, Gas Prices Will Rise Another 10% - 04/17/08 10:15 AM
Average gas prices reached an all-time U.S. high Tuesday, touching $3.40 per gallon. San Francisco and Tulsa are the nation's bookends at $3.94 per gallon and $3.11 per gallon, respectively.
But before you wonder if relief is coming to your family budget, remember that "rising gas prices" is a conversation we have every … (0 comments)
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Mortgage Lenders Get "Once Bitten, Twice Shy" And Impose New Restrictions - 04/11/08 01:07 PM
Getting approved for a conforming home loan is now tougher than before.
Again.
As home loan defaults mount, government-sponsored financier Fannie Mae has imposed new guidelines on what it will lend and to whom, highlighting the need for a strong credit profile and a downpayment.
In other words, Fannie Mae is outright declining … (0 comments)
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Are You Financially Smarter Than a 12th Grader - 04/11/08 01:06 PM
Every two years, the Jump$tart Coalition issues a "personal finance" exam to high school seniors.
The test highlights the importance of personal financial literacy among America's youth and comes at an especially important juncture.
Many experts -- including Fed Chairman Ben Bernanke -- believe that basic financial knowledge is essential for (and lacking … (0 comments)
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market watch 4/7/08 - 04/08/08 11:02 AM
Mortgage rates edged lower last week, buoyed by a weak employment report for March.
After shedding 80,000 jobs last month, the number of working Americans is lower by 232,000 so far this year.
Many pundits are claiming these figures are proof of a U.S. economic recession but it's important to keep … (0 comments)
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Credit Cruch defined - 04/08/08 11:00 AM
News sources like to use the term "credit crunch" in describing the U.S. economy, but they rarely define what a credit crunch is and what it means for Americans.
A credit crunch is when the amount of available loans suddenly decreases over a very short period of time.
Usually, it follows a period … (0 comments)
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How bad employment data helps mortgage rates - 04/04/08 10:22 AM
For the third month in a row, the economy shed jobs, suggesting that the U.S. is in a recession.
March's monthly loss of 80,000 jobs is the largest since March 2003 and follows January and February's losses of 76,000 each.
The weak data is edging mortgage rates lower as we head into … (0 comments)
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Definition Of Discount Points - 04/02/08 09:15 PM
More commonly called "points", discount points are up-front fees charged by mortgage lenders in exchange for lower mortgage rates.
The cost of one point is one percent on the loan size and discount points appear on Line 802 of the HUD-1 Settlement Statement.
As a general guideline, each point paid lowers a … (0 comments)
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