By Alan Rappeport in New York
Published: December 24 2008 02:00 | Last updated: December 24 2008 02:00
The pace of sales of existing homes in the US slowed by 8.6 per cent last month, as buyers retreated from the market in spite of falling prices.
Home resales fell to an annual rate of 4.49m in November, down 10.6 per cent year-on-year, the National Association of Realtors (NAR) said yesterday. The median price of an existing home plummeted 13.2 per cent year-on-year to $181,000 (£123,000), the sharpest decline since record-keeping began in 1968.
http://www.ft.com/cms/s/0/53f41a0a-d15b-11dd-8cc3-000077b07658.html
Tuesday, December 23, 2008
Friday, December 19, 2008
Looking to Repair Bad Credit Due to Late Credit Card/Consumer Lates
STAY AWAY FROM FAST CREDIT REPAIR AND LOOK INTO REFINANCING INTO AN FHA LOAN!
If you’re looking to repair your credit due to consumer lates your best option may be through an FHA loan.
Getting an FHA loan will allow you to pay off the bad debt and allow you to build credit back up by paying on your mortgage!
Don’t think you qualify for an FHA loan?
Don’t worry! First contact your local lender who specializes in FHA mortgages and talk with that person about refinancing into an FHA secured loan. FHA has lower qualification standards than a conventional mortgage –so in return it makes it easier to qualify and get you back on track.
Through an FHA loan you are allowed lates on consumer debts and as long as your credit score is 580 or above you can refinance up to 95% Loan to Value without huge penalties to the interest rate!
If you’re looking to repair your credit due to consumer lates your best option may be through an FHA loan.
Getting an FHA loan will allow you to pay off the bad debt and allow you to build credit back up by paying on your mortgage!
Don’t think you qualify for an FHA loan?
Don’t worry! First contact your local lender who specializes in FHA mortgages and talk with that person about refinancing into an FHA secured loan. FHA has lower qualification standards than a conventional mortgage –so in return it makes it easier to qualify and get you back on track.
Through an FHA loan you are allowed lates on consumer debts and as long as your credit score is 580 or above you can refinance up to 95% Loan to Value without huge penalties to the interest rate!
Thursday, December 18, 2008
Consumers Get Important New Credit Card Protections
WASHINGTON, Dec 18, 2008 /PRNewswire-USNewswire via COMTEX/ -- Office of Thrift Supervision Adopts New Rules to Safeguard Consumers; Federal Reserve Board and National Credit Union Administration Set To Act Later Today
New rules adopted by the Office of Thrift Supervision today will help protect consumers from certain abusive credit card lending practices that can result in excessive fees and interest rate charges. The rules were developed in conjunction with the Federal Reserve Board and National Credit Union Administration, which are expected to adopt the same regulations later today. The new regulations will go into effect on July 1, 2010.
http://www.marketwatch.com/news/story/Consumers-Get-Important-New-Credit/story.aspx?guid=%7B46CE1908-6639-4EE8-AB21-877184C1D438%7D
New rules adopted by the Office of Thrift Supervision today will help protect consumers from certain abusive credit card lending practices that can result in excessive fees and interest rate charges. The rules were developed in conjunction with the Federal Reserve Board and National Credit Union Administration, which are expected to adopt the same regulations later today. The new regulations will go into effect on July 1, 2010.
http://www.marketwatch.com/news/story/Consumers-Get-Important-New-Credit/story.aspx?guid=%7B46CE1908-6639-4EE8-AB21-877184C1D438%7D
Tuesday, December 16, 2008
Feds Drop Rates
SAN FRANCISCO (MarketWatch) -- Long-dated Treasurys extended their gains Tuesday, further crushing yields to historic lows, after the Federal Reserve slashed its target rate to as low as zero and repeated its intent to lower borrowing costs by buying bonds.
http://http://www.marketwatch.com/news/story/treasury-yields-plunge-new-lows/story.aspx?guid=%7B2FB8B9AD-5E82-490D-95B9-153744E3FCBF%7D&dist=msr_1
http://http://www.marketwatch.com/news/story/treasury-yields-plunge-new-lows/story.aspx?guid=%7B2FB8B9AD-5E82-490D-95B9-153744E3FCBF%7D&dist=msr_1
Friday, December 5, 2008
As A Atlanta Braves Fan I'm Sorry To See Greg Go...
Greg Maddux to retire on Monday
David Zalubowski / Associated Press
Greg Maddux will announce his retirement on Monday at a news conference in Las Vegas, according to Scott Boras.
Greg Maddux, who won four Cy Young awards and 355 games, will announce his retirement on Monday.Maddux will make the official announcement at a news conference at baseball's winter meetings in his hometown of Las Vegas, according to a statement from his agent, Scott Boras.
Maddux, 42, closed out his career with the Dodgers. He did not start in the playoffs and made his final appearance in the National League championship series, mopping up for Chad Billingsley in the game in which the Philadelphia Phillies eliminated the Dodgers.Maddux said that day he was not offended to serve as a mop-up man."It was a privilege," he said. "I felt privileged to do it. I was glad I had a chance to pitch.
"It stinks that we lost. But there's a lot of good young players here, and they're only going to get better. I think this team has a chance to be good for a while."Maddux, a nine-time All-Star while pitching for the Atlanta Braves and Chicago Cubs, started his major-league career in 1986. His 355 victories rank eighth in major league history, one more than Roger Clemens, with Maddux earning his final win by holding the San Francisco Giants to one run over six innings on Sept. 27,The Dodgers acquired him from the San Diego Padres in August -- the second time in three years the Dodgers traded for him to fortify their rotation in a pennant stretch -- and he went 2-4 with a 5.09 earned-run average in seven starts.Every 300-game winner eligible for the Hall of Fame has been inducted, with Maddux, Clemens and Tom Glavine not yet eligible.Maddux also won his 18th Gold Glove this year.Shaikin is a Times staff writer.
David Zalubowski / Associated Press
Greg Maddux will announce his retirement on Monday at a news conference in Las Vegas, according to Scott Boras.
Greg Maddux, who won four Cy Young awards and 355 games, will announce his retirement on Monday.Maddux will make the official announcement at a news conference at baseball's winter meetings in his hometown of Las Vegas, according to a statement from his agent, Scott Boras.
Maddux, 42, closed out his career with the Dodgers. He did not start in the playoffs and made his final appearance in the National League championship series, mopping up for Chad Billingsley in the game in which the Philadelphia Phillies eliminated the Dodgers.Maddux said that day he was not offended to serve as a mop-up man."It was a privilege," he said. "I felt privileged to do it. I was glad I had a chance to pitch.
"It stinks that we lost. But there's a lot of good young players here, and they're only going to get better. I think this team has a chance to be good for a while."Maddux, a nine-time All-Star while pitching for the Atlanta Braves and Chicago Cubs, started his major-league career in 1986. His 355 victories rank eighth in major league history, one more than Roger Clemens, with Maddux earning his final win by holding the San Francisco Giants to one run over six innings on Sept. 27,The Dodgers acquired him from the San Diego Padres in August -- the second time in three years the Dodgers traded for him to fortify their rotation in a pennant stretch -- and he went 2-4 with a 5.09 earned-run average in seven starts.Every 300-game winner eligible for the Hall of Fame has been inducted, with Maddux, Clemens and Tom Glavine not yet eligible.Maddux also won his 18th Gold Glove this year.Shaikin is a Times staff writer.
Canned Juice: O.J. Simpson headed to prison for up to 21 years
The former football great was sentenced Friday to up to 21 years behind bars for a botched robbery in Las Vegas, ending his life as a free man 13 years after he was acquitted of murdering his ex-wife and her friend.
He must serve at least six years before being eligible for parole.
Before being sentenced an emotional Simpson apologized for his actions in a soft, hoarse voice and begged Clark County Judge Jackie Glass for leniency.
"I didn't want to steal from anyone," said Simpson, whose lawyers sought the minimum sentence of 6-to-17 years. "I'm sorry, sorry
http://www.nydailynews.com/news/us_world/2008/12/05/2008-12-05_canned_juice_oj_simpson_headed_to_prison.html
He must serve at least six years before being eligible for parole.
Before being sentenced an emotional Simpson apologized for his actions in a soft, hoarse voice and begged Clark County Judge Jackie Glass for leniency.
"I didn't want to steal from anyone," said Simpson, whose lawyers sought the minimum sentence of 6-to-17 years. "I'm sorry, sorry
http://www.nydailynews.com/news/us_world/2008/12/05/2008-12-05_canned_juice_oj_simpson_headed_to_prison.html
Thursday, December 4, 2008
Lower mortgage rates not the answer??
NEW YORK (CNNMoney.com) -- The government finally realizes that it has to address the problems in the housing market. Unfortunately, it seems officials are considering going at it the wrong way.
According to several reports, the Treasury Department is considering a plan to drive down mortgage rates as low as 4.5%. It would do this by purchasing mortgage-backed securities from the now essentially nationalized mortgage financing giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500).
Low rates, the thinking goes, would make mortgage payments more affordable and get home sales moving again.
The plan misses on a few fronts, however.
"The level of mortgage rates is not the main problem in the housing market," said Dean Maki, co-head of U.S. economics research with Barclays Capital.
http://money.cnn.com/2008/12/04/markets/thebuzz/?postversion=2008120418
According to several reports, the Treasury Department is considering a plan to drive down mortgage rates as low as 4.5%. It would do this by purchasing mortgage-backed securities from the now essentially nationalized mortgage financing giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500).
Low rates, the thinking goes, would make mortgage payments more affordable and get home sales moving again.
The plan misses on a few fronts, however.
"The level of mortgage rates is not the main problem in the housing market," said Dean Maki, co-head of U.S. economics research with Barclays Capital.
http://money.cnn.com/2008/12/04/markets/thebuzz/?postversion=2008120418
Wednesday, December 3, 2008
Home Shoppers Rush In As Mortgage Rates Fall
A editorial in todays USA Today references the mortgage rush that has occurred in the past week.
Telephones are ringing — and ringing — at mortgage brokers' offices around the country after this week's sharp drop in mortgage rates. Average rates on 30-year fixed-rate mortgages fell to 5.97%, down from 6.33% the week before, according to Bankrate.com. Some brokers report rates as low as 5.25%. Borrowers with a $200,000 loan, for example, would save about $63 a month if their interest rate dropped to 5.5% from 6%. Credit the Federal Reserve's announcement this week that it will buy $500 billion in mortgage-backed securities held by Fannie Mae and Freddie Mac, helping the two mortgage-finance giants increase the pool of money available to banks and other lenders to make new mortgages. "It is pretty remarkable stuff," says Bob Walters, the chief economist at Quicken Loans, where applications quadrupled Tuesday from Monday.
"Some people might be trying to hold out for even lower rates," he says, "but in 30 or 40 years, we haven't seen them go much beneath these levels. They could, but you're betting against history." Mortgage professionals used to 10 applications a day may have gotten 200 on Tuesday, says Brian Koss, a managing director of Mortgage Network in Danvers, Mass.
"This is really craziness," Koss says. "This news broke the logjam on interest rates that allowed rates to drop significantly." Koss recommends that borrowers who find an attractive rate move fast to lock it in. "If the number works, lock it, and lock it in for 60 days. Drop everything you are doing, get the mortgage professional all of the paperwork they need, so you don't run out of time," he says. Other mortgage professionals say they're seeing an uptick in applications, but the rates should remain low so people can apply when they're ready. "Any time you have action like that taking place in Washington," said Jim Sahnger, a mortgage broker with Palm Beach Financial Network, "it takes awhile to get to Main Street. As we're going into the holidays, people are more focused on buying turkeys than filling out a mortgage application."
But the customer surge comes to an industry decimated by business failures and job losses. There are fewer people to handle loans and less money to lend. Lending standards are higher, too. "It's like someone saying, 'Hey there is free food around the corner!' You don't realize it is free food for 50 — not 500," Koss says.
Telephones are ringing — and ringing — at mortgage brokers' offices around the country after this week's sharp drop in mortgage rates. Average rates on 30-year fixed-rate mortgages fell to 5.97%, down from 6.33% the week before, according to Bankrate.com. Some brokers report rates as low as 5.25%. Borrowers with a $200,000 loan, for example, would save about $63 a month if their interest rate dropped to 5.5% from 6%. Credit the Federal Reserve's announcement this week that it will buy $500 billion in mortgage-backed securities held by Fannie Mae and Freddie Mac, helping the two mortgage-finance giants increase the pool of money available to banks and other lenders to make new mortgages. "It is pretty remarkable stuff," says Bob Walters, the chief economist at Quicken Loans, where applications quadrupled Tuesday from Monday.
"Some people might be trying to hold out for even lower rates," he says, "but in 30 or 40 years, we haven't seen them go much beneath these levels. They could, but you're betting against history." Mortgage professionals used to 10 applications a day may have gotten 200 on Tuesday, says Brian Koss, a managing director of Mortgage Network in Danvers, Mass.
"This is really craziness," Koss says. "This news broke the logjam on interest rates that allowed rates to drop significantly." Koss recommends that borrowers who find an attractive rate move fast to lock it in. "If the number works, lock it, and lock it in for 60 days. Drop everything you are doing, get the mortgage professional all of the paperwork they need, so you don't run out of time," he says. Other mortgage professionals say they're seeing an uptick in applications, but the rates should remain low so people can apply when they're ready. "Any time you have action like that taking place in Washington," said Jim Sahnger, a mortgage broker with Palm Beach Financial Network, "it takes awhile to get to Main Street. As we're going into the holidays, people are more focused on buying turkeys than filling out a mortgage application."
But the customer surge comes to an industry decimated by business failures and job losses. There are fewer people to handle loans and less money to lend. Lending standards are higher, too. "It's like someone saying, 'Hey there is free food around the corner!' You don't realize it is free food for 50 — not 500," Koss says.
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