November Mortgage Rate - Improve

In the last Fed Meeting, rate improved a little each day. They indicated that monetary policy would remain on hold for quite a while. But acknowledged it eventually has to raise the fed funds rate, a clear message that rate hikes are long way off.  Majority of fed officials feel that the economy is still too fragile and the labor market is too weak to begin to raise rates.

A common misconception landlords have is that they can run a credit report on a tenant if they have the tenant's social security number. You must have the applicant's written authorization explicitly for running a credit report. It is illegal to pull a credit report without the tenant's written authorization according to the FCRA (Fair Credit Reporting Act). There could be very serious ramifications if you order credit reports without written authorization.

So, what if you have written authorization on your tenant's rental application to run a credit check?

As you know, it is illegal to pull a credit report on a rental applicant without his or her expressed written authorization. The same is true for banks and credit card companies, only they have you sign an authorization that allows them to continue to check your credit report.

Most lending institutions run credit reports from time to time on their borrowers for various reasons. Sometimes, to determine eligibility for credit line increases or account renewals, and also to track down delinquent debtors.

Why can't landlords do the same thing? They can, but most landlords are not legally prepared to do it.

Here is the clause to insert into you can add to Rental Application, so that if in the future you have to chase down a tenant by checking his credit report for a forwarding address or employer.

I HEREBY AUTHORIZE LANDLORD/AGENT TO VERIFY THE VALIDITY OF ALL THE ABOVE INFORMATION, AND TO INQUIRE NOW OR PERIODICALLY WITH MY EMPLOYERS, FINANCIAL INSTITUTIONS, AND ANY OF THE CREDIT REPORTING BUREAUS AVAILABLE TO HIM. I AGREE TO SUPPLY ANY ADDITIONAL INFORMATION NEEDED BY OWNER/AGENT TO PROCESS THIS APPLICATION AND I ACKNOWLEDGE THAT MY DEPOSIT WILL BE FORFEIT IF I DO NOT COMPLY WITH ANY SUCH REQUEST. I AGREE THAT MY SCREENING FEE OF $ ______ IS NON-REFUNDABLE.

How social are you? How serious are you about social media?

You can't ignore it. Hundreds of millions of people are involved so far, and it's just a few years old. That's two of the values in social media - it's immediate and it's informative. It's also fun - that's why Facebook and YouTube are worth BILLIONS

I have made a serious commitment to "socialize." To expose more of my personal self, and my business self, through social media. I will still maintain my value-based philosophy, but I will personalize it, and humanize it to a point that others are attracted to it, benefit from it, and want to pass it on to others.


So, what does this mean to you? What's the opportunity to you and for you? Why should you get involved?

Social media is an opportunity, a new frontier, a space in cyberspace that gives you an individual place to play, build awareness of you and for you, brand yourself, and potentially profit.


Here's what I recommend to get going and get positioned, so that your value - either in social, business, fun, or money -- can be realized:

· Sign on.

· Establish an account on each of the major medias.

· Post something.

· Tweet something.

· Connect with someone.

· Do it yourself.

· Do it every day.

And learn by updating as much as you can on your own.

Social media is fluid - it moves and changes daily. It's text, audio, photo, and video. It's every media and it's every second. It's current and it's constant. Ever see a section of a website labeled "latest news" and when you click it, the last update is from 2004? Not good.

The Internet is instant. Social media is instant. And you have to be ready to participate consistently, and in a meaningful way, if you want to win.

Please don't wait.

Price fell in 80% of all metropolitan area, NAR said Tuesday. But sales are still climbing, single family which make up the bulk of the u.s housing market, fell 11.2 percent. We still need a steady stream of financially qualified buyers to further reduce inventory and get us to a self-sustaining market. The federal tax credit of up to $8,000 for first-time homebuyers helped boost sales in the third quarter. U.S. home sales grew in 45 states from the second quarter, with 28 states posting double-digit gains.

The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.

An $8,000 federal tax credit for first-time homebuyers that is set to expire at the end of the month inched another step closer to getting extended until April. The Senate voted 85-2 yesterday to move the bill to a final vote, and senior members of Congress said that they expected the bill to pass next week.

In what officials say is a move to stimulate the economy, the measure might even be expanded to give a $6,500 tax credit to homebuyers who have lived in their previous home for at least 5 years.

Interest Rate will Go up possible to 7%,

Mortgage Rate are being held down by federal government to help stimulate the market, the government was active in purchase of mortgage-backed-securities over the year.

The goal was to control the interest rate, so home buyers can qualify for a mortgage but to end December 31, 2009 which  will extend unit march 2010.  So the private sector have to step up and provide mortgage , the government was comfortable lending 5%  but the private sector will not see that as attractive.

•·         National debt rising dramatically

•·         Inflation looming down

•·         Doesn't make good business sense to lend money for thirty year at five percent.

** New York Times just this past week said this about this issue:

"One of those things propping up the market has been the Federal Reserve, which has been buying mortgage-backed securities to keep interest rates low. As the Fed begins to wind down its purchases in the next few months, rates will become less enticing. Analysts expect them to rise to at least 6 percent from the current 5 percent."

If interest rate go up even by one percentage point, to six percent, as the New York Times suggests analysts are predicting, that will raise the cost of purchasing a home.

Some buyers are sitting on the fence right now, concerned that prices still might fall.In reality, even if prices fall another ten percent, if interest rates rise one percent, the buyer's monthly mortgage payment will actually be higher.

Call me or email me, I can connect you to the top agent your area.

The U.S. Senate could vote on Tuesday to extend a popular tax break for home buyers that has helped lift the housing market out of its worst slump since the Great Depression.

Housing has become such a hot button issue that investors sold off U.S. stocks and pushed the dollar sharply higher on Monday after a misleading media headline said research firm, ISI Group, had written the tax credit probably would not be extended when it expires November 30.

Under Reid's plan, the $8,000 tax credit would be phased out over time, dropping to $6,000 in April, $4,000 in July, and $2,000 in October, before expiring at the end of 2010.

The tax credit was approved in February 2008 and about 1.5 million tax returns filed with the Internal Revenue Service have claimed the credit at a cost to the government of $10 billion, according to officials.

Isakson, a former real estate agent, would also raise the income limit of eligible home buyers to $300,000 per family from the current $150,000 limit.

The U.S. real estate and homebuilding industry is lobbying Congress to extend the tax credit although critics say it gives cash to many buyers who would have purchased a home without the benefit.

The White House has also raised concerns about the cost of expanding the credit.