Earlier this week, Standard & Poors released its February Case-Shiller Index, a home price tracker for select metropolitan areas. Overwhelmingly, home values fell in the 20 markets tracked by the Case-Shiller. Only San Diego showed a modest increase. The other 19 markets averaged a 1.23 percent decline between January and February. However, that's not the story you read in the most papers. Instead, headlines read that home values were up in the United States, citing annualized data. Unfortunately for active home buyers and sellers, year-over-year data isn't all that helpful ...
Common misconceptions. . .
FALSE: With a Reverse Mortgage I give up Title to my home.
This is completely FALSE. You retain 100% ownership of the property. You decide if you want to sell the home, paint it pink or grow a banana tree in the front yard, it’s YOUR home, not ours.
FALSE: When I die the lender takes the house.
Actually we don’t want your house, we’re in the business of loaning money, not selling houses. When the last surviving spouse passes on, the estate goes to the beneficiaries. They have 12 months to either sell the property or refinance it. ...
The Federal Reserve adjourns from a scheduled, 2-day meeting today. It's one of 8 scheduled Fed meetings for 2010. Upon adjournment, Fed Chairman Ben Bernanke & Co. will release a formal statement to the market. In it, the Fed is expected to announce "no change" in the Fed Funds Rate. The Fed Funds Rate is currently in a target range of 0.000-0.250 percent. The Fed Funds Rate is an inter-bank lending rate. It's also the basis for Prime Rate, a consumer interest rate on which credit card payments are based, among other consumer loans. Prime Rate is equal to the Fed Funds Rate + ...
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its current target range of 0.000-0.250 percent. In its press release, the FOMC noted that, since March, the U.S. economy "has continued to strengthen" and that the jobs markets "is beginning to improve". This is a step up from the last meeting after which the Fed said jobs were "stabilizing". It also reiterated that business spending "has risen significantly". Today's statement marks the 7th straight press release in which the Fed shows optimism for the U.S. economy. Furthermore, ...
photo: A&A Design Build Remodeling, Inc.
“I’m writing an article on how to come in under budget on a home remodel,” I said into the phone. Then I had the hold the receiver away from my ear so as not to be injured by the hysterical laughter.
This happened with nearly everyone I spoke to. But if you’re licking your lips at the prospect of a new kitchen or bathroom, you can avoid some of the most common budget-busting mistakes.
Before we get into the dos and don’ts, a word of caution. There’s a big difference between “under budget” and ...
The sales of newly-built homes soared in March. Even more than what was expected. But the news may not be as glowing as what the media is telling us. Take a look at the headlines from last Friday: Sales of new homes rocketed up 27 percent in March (WaPo) New-home sales rise fastest in 47 years (CNNMoney) Sales of New Homes Climb by Most Since 1963 (Business Week) None of these statements is false, per se, but each is somewhat misleading. The biggest reason why March's New Home Sales was even able to rise 27 percent is because data from the month before it -- February -- was the worst ...
photo: TheTruthAbout…
After years of bidding wars and fast-going properties, house hunters are finally enjoying a buyers market. But that doesn’t mean finding and negotiating the best deal is any easier.
While there is still a glut of inventory and desperate sellers in most parts of the country, you’ll still need to do a fair amount of homework before you make an offer. Knowing how much you can afford, when to walk away and maintaining a poker face at all times are some of the effective negotiating tactics you can employ when buying a home.
“It’s still a great time in ...
Mortgage markets worsened last week in see-saw trading. By the time Friday's market closed, mortgage rates in Illinois were higher across the board -- ARMs, fixed rates, FHA and conventional. The biggest stories of last week were actually non-stories. First, the ash cloud from Iceland’s Eyjafjallajökull volcano dissipated, allowing warehouses to move inventory, airlines to move people, and businesses to move product. In addition, Greece moved closer to securing emergency funding that will help it stave off default. When these two issues were threats earlier in the ...
