Friday, December 31, 2010
Thursday, December 30, 2010
Wednesday, December 29, 2010
Tuesday, December 21, 2010
Friday, December 17, 2010
Thursday, December 16, 2010
Wednesday, December 15, 2010
Tuesday, December 14, 2010
Monday, December 13, 2010
Friday, December 10, 2010
Mortgage Industry Experts believe Rates will Rise Soon
This week, an overwhelming majority (80%), of the mortgage industry experts polled by Bankrate.com believe mortgage rates will rise over the next week or so. Just 13% think rates will fall, and 7% believe rates will remain relatively unchanged.
Wednesday, December 8, 2010
Tuesday, December 7, 2010
5 Reason's to Buy Real Estate During the Holidays
1. Low interest rates. Interest rates and home prices are at all-time lows.
2. Serious sellers. With unemployment rates still high and looming holiday expenses, many home sellers are extremely motivated to sell immediately and are more willing to negotiate a lower home price. And, a serious seller means more negotiating power for the buyer, especially if the home has been on the market for several months.
3. Slower market. With many people busy present shopping, traveling and entertaining, November and December are traditionally slow for real estate. On-the-ball buyers can take advantage of that fact and find less competition for the most desirable homes.
4. Faster closings. Fewer transactions mean faster closings. November and December are slower months in the mortgage business, so things get done faster. And, financial institutions and lenders that are looking to close the books on 2010 may be more willing to act quickly to get a transaction closed by yearend. That means it may take less time to get an offer accepted on a foreclosure or short sale property, a real boon for buyers who want to close quickly.
5. Tax benefits. If you close on or before December 31, buyers may be able to deduct the interest on your first monthly mortgage payment from your taxable income. And, buyers might also be able to deduct points paid to reduce your interest rate as well.
2. Serious sellers. With unemployment rates still high and looming holiday expenses, many home sellers are extremely motivated to sell immediately and are more willing to negotiate a lower home price. And, a serious seller means more negotiating power for the buyer, especially if the home has been on the market for several months.
3. Slower market. With many people busy present shopping, traveling and entertaining, November and December are traditionally slow for real estate. On-the-ball buyers can take advantage of that fact and find less competition for the most desirable homes.
4. Faster closings. Fewer transactions mean faster closings. November and December are slower months in the mortgage business, so things get done faster. And, financial institutions and lenders that are looking to close the books on 2010 may be more willing to act quickly to get a transaction closed by yearend. That means it may take less time to get an offer accepted on a foreclosure or short sale property, a real boon for buyers who want to close quickly.
5. Tax benefits. If you close on or before December 31, buyers may be able to deduct the interest on your first monthly mortgage payment from your taxable income. And, buyers might also be able to deduct points paid to reduce your interest rate as well.
Monday, December 6, 2010
More Americans want a smaller home in the suburbs
In the Relocation.com lifestyle survey, homeowners and buyers were asked to weigh in on what they considered the ideal home size. Forty-eight percent of the respondents indicated that their ideal home size would range from 1,000 to 1,999 square feet, while 29 percent prefer homes that are 2,000 to 2,999 square feet. By comparison, five years ago, according to NAHB (National Association of Homebuilders) the average home’s square footage was 2,400 square feet, nearly 400 square feet bigger than what many homebuyers desire today.
The survey also found that 54 percent of Americans indicated a preference for living in a suburban neighborhood. Urban and rural neighborhood settings were preferred by 24 percent and 22 percent, respectively, of survey participants. Surprisingly, the survey revealed that cost of a residence is not the main deciding factor when purchasing a home. In fact, only 29 percent of respondents stated living costs as the most important reason when considering a move.
“We’re definitely seeing more Americans downsizing due to the current state of the economy,” said Relocation.com Chairman and Founder Sharon Asher. “But as more homeowners rethink how much space they need, I think we’ll continue to see more innovative approaches to living well and sustainably within a smaller footprint.”
The survey of subscribers to Relocation.com was conducted in mid-October, 2010. The company sent email invitations to 146,000 people who expressed an interest in relocating. For the full survey results, go to: http://www.relocation.com/survey/102010_us_consumer.html.
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Saturday, December 4, 2010
Friday, December 3, 2010
Economy Looks to Finish Strong in 2010 || AP Reports
Economy appears headed for strong finish for 2010
WASHINGTON (AP) – Dec. 3, 2010 – The economy is showing new life in the final months of the year.
Factories are busier, construction spending is up, and auto sales are rising. And on Wednesday the stock market had its best day since September after a report that the private sector hired the most workers in three years.
The Dow Jones industrial average jumped more than 2 percent, enough to erase nearly two weeks of losses. Analysts said investors concluded that a stronger job market would support higher stock prices.
“The economy is starting to show better overall momentum,” said Brian Bethune, an economist at IHS Global Insight. “There’s a steady improvement in the overall tone.”
A private trade group said U.S. factory output grew for the 16th straight month in November as auto sales rebounded and businesses invested more in industrial machinery.
The Institute for Supply Management said its index of manufacturing activity came in at 56.6 for November. Any reading above 50 indicates growth. The October figure was 56.9. At the depths of the recession, it was closer to 30.
And a new survey by the Federal Reserve finds that most of the nation – 10 of its 12 regions – is growing economically. Only two regions, those around Philadelphia and St. Louis, report that business conditions are mixed.
Automakers are behind much of the growth in manufacturing. Ford, General Motors and Chrysler all reported double-digit sales increases for November. The news is particularly welcome for GM, which just returned as a public company.
The positive economic news comes on top of other signs that Americans are increasingly willing to spend money, raising hopes for the holiday shopping season. Measures of spending, consumer confidence and personal incomes are all up.
Research firm comScore Inc. said people spent more than $1 billion online on the Monday after Thanksgiving, 16 percent more than last year and the first time so-called Cyber Monday has ever hit that milestone.
The Dow closed at 11,255, its best finish since Sept. 1 and about 200 points shy of its highest close since the financial meltdown in the fall of 2008.
Investors were mostly responding to strong manufacturing data out of China and a report showing that small U.S. companies hired the most workers in three years. ADP Employer Services said employment at private companies jumped by 93,000 in November, the largest increase since November 2007 – right before the recession began.
Small businesses, which have struggled to get credit since the recession, had the biggest gains.
While some economists cautioned against reading too much into the ADP report because it has frequently diverged from the government’s employment figures, it was enough to raise economists’ hopes that the Labor Department’s November jobs report, due Friday, will be strong. Bethune said his firm now forecasts that 180,000 jobs were added in November, up from a previous estimate of 150,000.
There’s even improvement in the troubled construction industry. The Commerce Department said spending rose in October for the second straight month, mostly because of a jump in spending on home improvement. Spending on new home construction fell.
One CEO, Daryl Dulaney of Siemens Industry Inc., reported strong demand for industrial equipment from automakers, railroad companies and renewable-energy firms. Siemens just took a $466 million order from Amtrak for 70 electric locomotives.
Auto companies are also ordering industrial automation equipment to be more productive, Dulaney said.
The manufacturing report showed that new orders and production also grew, but at a slower pace. Factory employment grew for the 12th month in a row, although slightly slower than in October.
At the same time, American exports are being helped by a cheaper dollar. The institute’s export index grew, but not as quickly as in October.
“Manufacturing continues to benefit from the recovery in autos, but those industries reliant upon housing continue to struggle,” said Norbert Ore, chairman of the ISM’s survey committee. The ISM is a trade group of purchasing executives.
The institute surveys purchasing managers at about 350 companies around the country to compile the index.
Copyright © 2010 The Associated Press, Christopher S. Rugaber, AP economics writer.
WASHINGTON (AP) – Dec. 3, 2010 – The economy is showing new life in the final months of the year.
Factories are busier, construction spending is up, and auto sales are rising. And on Wednesday the stock market had its best day since September after a report that the private sector hired the most workers in three years.
The Dow Jones industrial average jumped more than 2 percent, enough to erase nearly two weeks of losses. Analysts said investors concluded that a stronger job market would support higher stock prices.
“The economy is starting to show better overall momentum,” said Brian Bethune, an economist at IHS Global Insight. “There’s a steady improvement in the overall tone.”
A private trade group said U.S. factory output grew for the 16th straight month in November as auto sales rebounded and businesses invested more in industrial machinery.
The Institute for Supply Management said its index of manufacturing activity came in at 56.6 for November. Any reading above 50 indicates growth. The October figure was 56.9. At the depths of the recession, it was closer to 30.
And a new survey by the Federal Reserve finds that most of the nation – 10 of its 12 regions – is growing economically. Only two regions, those around Philadelphia and St. Louis, report that business conditions are mixed.
Automakers are behind much of the growth in manufacturing. Ford, General Motors and Chrysler all reported double-digit sales increases for November. The news is particularly welcome for GM, which just returned as a public company.
The positive economic news comes on top of other signs that Americans are increasingly willing to spend money, raising hopes for the holiday shopping season. Measures of spending, consumer confidence and personal incomes are all up.
Research firm comScore Inc. said people spent more than $1 billion online on the Monday after Thanksgiving, 16 percent more than last year and the first time so-called Cyber Monday has ever hit that milestone.
The Dow closed at 11,255, its best finish since Sept. 1 and about 200 points shy of its highest close since the financial meltdown in the fall of 2008.
Investors were mostly responding to strong manufacturing data out of China and a report showing that small U.S. companies hired the most workers in three years. ADP Employer Services said employment at private companies jumped by 93,000 in November, the largest increase since November 2007 – right before the recession began.
Small businesses, which have struggled to get credit since the recession, had the biggest gains.
While some economists cautioned against reading too much into the ADP report because it has frequently diverged from the government’s employment figures, it was enough to raise economists’ hopes that the Labor Department’s November jobs report, due Friday, will be strong. Bethune said his firm now forecasts that 180,000 jobs were added in November, up from a previous estimate of 150,000.
There’s even improvement in the troubled construction industry. The Commerce Department said spending rose in October for the second straight month, mostly because of a jump in spending on home improvement. Spending on new home construction fell.
One CEO, Daryl Dulaney of Siemens Industry Inc., reported strong demand for industrial equipment from automakers, railroad companies and renewable-energy firms. Siemens just took a $466 million order from Amtrak for 70 electric locomotives.
Auto companies are also ordering industrial automation equipment to be more productive, Dulaney said.
The manufacturing report showed that new orders and production also grew, but at a slower pace. Factory employment grew for the 12th month in a row, although slightly slower than in October.
At the same time, American exports are being helped by a cheaper dollar. The institute’s export index grew, but not as quickly as in October.
“Manufacturing continues to benefit from the recovery in autos, but those industries reliant upon housing continue to struggle,” said Norbert Ore, chairman of the ISM’s survey committee. The ISM is a trade group of purchasing executives.
The institute surveys purchasing managers at about 350 companies around the country to compile the index.
Copyright © 2010 The Associated Press, Christopher S. Rugaber, AP economics writer.
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