Daily Quotes April 12, 2012!

"It's the little things that make the big things possible. Only close attention to the fine details of any operation makes the operation first class."
J. Willard Marriot

"Anything worth doing is worth doing poorly - until you learn to do it well."
Steve Brownhttp://www.blogger.com/img/blank.gif

"Only those who constantly retool themselves stand a chance of staying employed in the years ahead."
Tom Peters, Author

"The only thing we have to fear is fear itself."
Franklin D. Roosevelt, 32nd President of The United States of America

"Until you commit your goals to paper, you have intentions that are seeds without soil."
Anonymous

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Daily Quotes April 10, 2012!

"To be what we are, and to become what we are capable of becoming, is the only end in life."
Robert Louis Stevenson, Author http://www.blogger.com/img/blank.gif

"Do what you can, with what you have, where you are."
Theodore Roosevelt, 26th President of the United States

"A man wrapped up in himself makes a very small bundle."
Benjamin Franklin, Inventor

"A ship in port is safe, but that's not what ships are built for."
Grace Hopper, American Computer Scientist

"The most powerful weapon on earth is the human soul on fire."
Ferdinand Foch, military strategist

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Daily Quotes April 9, 2012!

"Only passions, great passions, can elevate the soul to great things."
Denis Diderot, French Philosopher and Writer

"Some of us learn from other people's mistakes and the rest of us have to behttp://www.blogger.com/img/blank.gif other people."
Zig Ziglar, Author

"One's dignity may be assaulted, vandalized and cruelly mocked, but it cannot be taken away unless it is surrendered. "
Michael J. Fox, Actor

"A work well begun is half-ended."
Plato, Philosopher

"The will to win is not nearly as important as the will to prepare to win."
Bobby Knight, Basketball Head Coach

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Daily Quotes April 25, 2011!

Daily Quotes April 25, 2011!

"If we had to point out one single notion that is calculated to damage
industrial performance... it is the idea that profit is somehow wrong. "
-- Margaret Thatcher

"Hope doesn't come from calculating whether the good news is winning out
over the bad. It's simply a choice to take action."
-- Anna Lappe, Writer

"Character cannot be developed in ease and quiet. Only through
experience of trial and suffering can the soul be strengthened, ambition
inspired and success achieved."
-- Helen Keller, lecturer

"The world is more malleable than you think, and it's waiting for you to
hammer it into shape. "
-- Bono, musician

"Great hopes make everything great possible."
-- Benjamin Franklin, Statesman

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Daily Quotes April 20, 2011!

Daily Quotes April 20, 2011!

"You do not succeed because you do not know what you want or you don't
want it intensely enough."
-- Frank Crane, Minister

"Character is the ability to carry out a good resolution long after the
excitement of the moment has passed."
-- Cavett Robert

"We must look for the opportunity in every difficulty instead of being
paralyzed at the thought of the difficulty in every opportunity."
-- Walter E. Cole, Korean War Hero

"The true measure of a career is to be able to be content, even proud,
that you succeeded through your own endeavors without leaving a trail of
casualties in your wake."
-- Alan Greenspan, economist

"Any fool can make things bigger, more complex and more violent. It
takes a touch of genius - and a lot of courage - to move in the opposite
direction."
-- Albert Einstein, scientist

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Daily Quotes April 15, 2011!

Daily Quotes April 15, 2011!

"A man watches his pear tree, day after day, impatient for the ripening of the fruit. Let him attempt to force the process, and he may spoil both the fruit and tree. But let him patiently wait, and the ripe pear, at length, falls into his lap."
-- Abraham Lincoln, 16th President of the United States

"My father taught me that reputation, not money, was the most important thing in the world."
-- William Rosenberg, Dunkin Donuts founder

"I really do think that any deep crisis is an opportunity to make your life extraordinary in some way."
-- Martha Beck, Author

"When you find yourself stressed, ask yourself one question: Will this matter five years from now? If yes, then do something about the situation. If no, then let it go."
-- Catherine Pulsifer, writer

"Luck is the sense to recognize an opportunity and the ability to take advantage of it."
-- Samuel Goldwyn, entertainment executive

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Daily Quotes April 11, 2011!

Daily Quotes April 11, 2011!

"If I had to select one quality, one personal characteristic that I regard as being most highly correlated with success, whatever the field, I would pick the trait of persistence."
-- Richard DeVos, Amway Co-founder

"As for worrying about what other people might think - forget it. They aren't concerned about you. They're too busy worrying about what you and other people think of them."
-- Michael le Boeuf

"Mickey Mouse popped out of my mind onto a drawing pad... when the business fortunes of my brother Roy and myself were at their lowest ebb and disaster seemed right around the corner."
-- Walt Disney, producer

"You can't do it unless you can imagine it."
-- George Lucas, director

"A successful man is one who can lay a firm foundation with the bricks other have thrown at him."
-- David Brinkley, newscaster

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Daily Quotes April 4, 2011!

Daily Quotes April 4, 2011!

"Adventure is a state of mind - and spirit. It comes with faith, for with complete faith, there is no fear of what faces you in life or death."
-- Jacqueline Cochran, aviator

"My interest is in the future because I am going to spend the rest of my life there."
-- Charles Kettering, Social Philosopher

"It is literally true that you can succeed best and quickest by helping others to succeed."
-- Napolean Hill, author

"Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young."
-- Henry Ford, Industrialist

"The road to happiness lies in two simple principles: find what it is that interests you and that you can do well, and when you find it put your whole soul into it - every bit of energy and ambition and natural ability you have."
-- John D. Rockefeller, industrialist

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Daily Quotes March 30, 2011!

Daily Quotes March 30, 2011!

"There comes a special moment in everyone's life; a moment for which
that person was born. That special opportunity, when he seizes it, will
fulfill his mission-a mission for which he is uniquely qualified. In
that moment, he finds greatness. It is his finest hour."
-- Winston Churchill, British prime minister

"When you get into a tight place and everything goes against you till it
seems you could not hold on a minute longer, never give up then, for
that is just the place and time that the tide will turn."
-- Harriet Beecher Stowe, author

"I have always found that if I move with 75% or more of the facts, I
usually never regret it. It's the guys who wait to have everything
perfect that drive you crazy."
-- Lee Iacocca, executive

"All who have accomplished great things have had a great aim and have
fixed their gaze on a goal that is high--one that sometimes seems
impossible."
-- Orison Swett Marden, Motivational Writer

"The rung of a ladder was never meant to rest upon, but only to hold a
man's foot long enough to enable him to put the other somewhat higher."
-- Thomas Huxley, Biologist

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Daily Quotes March 21, 2011!

Daily Quotes March 21, 2011!

"Learn to see in another's calamity the ills that you should avoid."
-- Thomas Jefferson, third U.S. president

"Without the element of uncertainty, the bringing off of even the
greatest business triumph would be dull, routine and eminently
unsatisfying."
-- J. Paul Getty, industrialist

"When you innovate, you've got to be prepared for everyone telling you
you're nuts."
-- Larry Ellison, entrepreneur


"The man who gets the most satisfactory results is not always the man
with the most brilliant single mind, but rather the man who can best
coordinate the brains and talents of his associates."
-- Alton Jones, industrialist

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Daily Quotes March 17, 2011!

Daily Quotes March 17, 2011!

"I contend that not only can you laugh at adversity, but it is essential
to do so if you are to deal with setbacks without defeat."
-- Allen Klein, businessman

"It's better to be boldly decisive and risk being wrong than to agonize
at length and be right too late."
-- Marilyn Kennedy, leadership coach

"The greatest test of courage is to bear defeat without losing heart."
-- Robert Ingersoll, orator

"Education comes from within; you get it by struggle and effort and thought."
-- Napolean Hill, author

"No one's happiness but my own is in my power to achieve or to destroy."
-- Ayn Rand, writer

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Daily Quotes March 9, 2011!

Daily Quotes March 9, 2011!

"Difficulties are things that show a man's nature."
-- Epictetus, philosopher

"You can't do it unless you can imagine it."
-- George Lucas, director

"Hope is a vigorous principle; it sets the head and heart to work, and
animates a man to do his utmost. It makes a seeming impossibility give
way."
-- Jeremy Collier, critic

"No one can make you feel inferior without your consent."
-- Eleanor Roosevelt

"One might think that the money value of an invention constitutes its
reward to the man who loves his work. But speaking for myself, I can
honestly say this isn't so... I continue to find my greatest pleasure,
and so my reward, in the work that precedes what the world calls
success."
-- Thomas Edison, inventor

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For the week of February 28, 2011

For the week of February 28, 2011

INFO THAT HITS US WHERE WE LIVE

Market Update

Things do keep changing, but we all hope that by and large those changes mean progress. We certainly saw evidence of that in the housing market last week, as Existing Home Sales headed up in January for the third month in a row. They've now reached a 5.36 million annual rate, close to the long-term trend of 5.5 million and up over 5% from a year ago. This, as Martha Stewart says, is "a good thing," since the supply of existing homes has now dropped to 7.6 months, close to the 6-month ideal, which favors neither buyers nor sellers.

The Case-Shiller home price index for the 20 largest metros was down in December, its sixth straight monthly decline since the tax credit ended. The media seemed thrilled to announce a "double dip" in housing prices, probably because they've been unable to use their "double dip" catch phrase for anything else. The facts, as usual, tell another story. Case-Shiller was down just 2.4% for the year, its smallest drop since the 2006 price peak. And some observers anticipate modest price gains this year. New Home Sales did fall 12.6% in January, which may have been due to the bad weather, though sales were up in the Northeast and Midwest and down in the West and South. Go figure. Inventories are now at their lowest level since 1967.

BUSINESS TIP OF THE WEEK...Targeting is a powerful business strategy. Don't try to be all things to all people. Pick a niche. The secret to broadening your appeal often lies in narrowing your focus.

Review of Last Week

BULLS TAKE A BREATHER...Everyone on Wall Street had Presidents Day off Monday but the bulls never really showed up for work the rest of the week either. Well, bulls did stage a bit of a comeback on Friday, but it wasn't enough to bring stock prices up to where they were the week before. So after three weeks of charging higher, the markets fell off, as all three major indexes went south for the week.

The Middle East continues to trouble investors, with Libya the latest focal point for that region's violent uprisings. There was a sympathetic jump in oil prices, never a good development for our economy, and the week ended with the second estimate for Q4 GDP revised DOWN to a 2.8% growth rate from the original 3.2%. Weighing in against these negatives, the latest Consumer Confidence Report showed people's attitudes about the economy are actually growing more upbeat. The Richmond Fed index showed robust manufacturing growth in the important mid-Atlantic region. And initial jobless claims went below 400,000 for the week, while continuing claims remain under 4 million.

For the week, the Dow ended down 2.1%, at 12,130; the S&P 500 was down 1.7%, to 1,320; and the Nasdaq was off 1.9%, ending at 2,781 .

Bond prices benefited from both increased tensions in the Middle East and the drop in GDP. The flight to safety helped the FNMA 4.0% bond we watch end decidedly up for the week, closing at $98.17. Mortgage rates eased a tad lower again. Freddie Mac's weekly survey of conforming mortgages showed national average fixed-rate mortgage rates staying down near historic lows.

DID YOU KNOW?...Mortgage interest rates are based on Mortgage Backed Securities (MBS), also called mortgage bonds. When bond prices go up, mortgage rates go down, but when bonds drop, rates rise.

This Week’s Forecast

STEADY AS SHE GOES...This week there's a wide range of economic news, but it's all expected to be a bit bland. Core PCE Prices, the Fed's favorite inflation measure, should drift up a little, but stay well within the target range. The ISM and Chicago PMI indexes are forecast to show manufacturing growing, though at no faster a rate. Pending Home Sales, a measure of signed contracts for closings a few months out, should be down a bit in December after being up a bit the previous month. Q4 Productivity is expected to hold steady.

The big news of course will be the February Employment Report come Friday. But again, steady progress is predicted, not the dramatic boost in jobs we need. With 180,000 new jobs forecast, the unemployment rate will actually inch up because of workforce expansion.

The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Federal Reserve Watch

Forecasting Federal Reserve policy changes in coming months...There are more rumblings about inflation, which could send the Fed Funds Rate heading north, but not while the jobs recovery is proceeding at such a snail's pace. For the first half of the year, economists think there is virtually zero likelihood of a rate hike from the Fed. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

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10 Reasons Renters Should Be Buyers

10 Reasons Renters Should Be Buyers

Renting is a very frustrating way of life. The money you pay every month disappears, leaving you with few benefits other than a roof over your head. Compared to owning a home, renting is a futile exercise that leaves you with nothing after your lease is up. It’s no surprise that people want to get out of the rent race, and here are 10 reasons why people decide to buy a home versus renting.

1. They Want to Build Equity
Homebuyers build equity as their property increases in value over time. This equity has many benefits, including the ability of a homebuyer to leverage equity in lines of credit to make repairs or additions to their home. Equity is a powerful thing and a natural consequence of home ownership. Renters never gain equity in their rental space, and at the end of their lease they are thrown out on the street with nothing to show for years of on time rental payments.

2. They Don’t Want to Throw Their Money Away
Without equity, what does paying your rent on time gain you every month? The truth is that paying rent guarantees a roof over your head for about 30 days and nothing more. In that sense, renting is like an extended stay hotel in that at the end of your rental period or lease you have nothing to show for the money you’ve paid. This makes renting a terrible investment when compared to home buying.

3. They Want More Space
It’s incredible how little you get for your rental payment each month. Most renters are lucky to have even a tiny balcony, let alone roomy closets o storage space. Many homes come with luxurious yards and spacious garages for storage. This makes buying a home an attractive option for those who prefer to stretch their legs.

4. They Want to Make Upgrades
Most leases forbid the renter from altering the rental space. For those do it yourselfers, this can mean a boring living experience. Home buyers are not only allowed to make upgrades, but doing so can be a great investment and raise the overall value of your home. From an investment perspective, this is a no brainer.

5. They Don’t Want to Pay Extra to Own Pets
For those pet lovers out there, renting can be a major financial undertaking. Pet deposits can be very expensive, and some apartments add a monthly premium to rent just for having a pet, and separate deposits/premiums for each pet. These fees can add up fast! Homebuyers don’t have to deal with these sorts of fees, and they can also typically provide a better environment for their pets as well.

6. They Don’t Want to Be So Close to Noisy Neighbors
Have you ever lived on the second floor of a 3 story apartment complex? Wild partiers underneath blaring music at 4AM and home fitness gurus doing jumping jacks above you can make you realize just how annoying living so close to your neighbors can be. Homebuyers can sometimes deal with annoying neighbors as well, but at least they’re not rattling your chandelier when they stomp their feet down the hallway.

7. They Don’t Want to Deal With a Landlord
Sometimes dealing with a landlord can be tough. Some landlords are not very friendly or flexible, and won’t hesitate to throw you on the street if rent isn’t on time. Other landlords can be so distant that problems with rent or appliances don’t get resolved for months or even years. As a homeowner, there’s no landlord to deal with and you have the freedom and independence of conducting business on your own terms.

8. Their Hobbies Make Renting a Bad Idea
Drummers and musicians need a place to live, but do you want them living above you in a cramped apartment complex? For those renters who have hobbies or professions that are noisy or require space, renting just isn’t an option for them. Owning a home with plenty of space is their only way to go.

9. They Don’t Want to Deal With Deposits
Security deposits? These never seem to work out in the renters favor and come moving time it always seems like every little problem leads to forfeiture of the sometimes huge security deposits we have to pay just to sign the lease. Home buyers don’t have to deal with this as their home is more closely tied to their assets and their individual independence.

10. They Want to Live the American Dream
Owning a home is a big part of the American dream, and most people would say that the independence, autonomy, and sense of accomplishment that owning a home brings is an essential part of the American way of life. Does renting an apartment do the same?

If this sounds like you then click the link below and start your search!

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For the week of February 21, 2011

For the week of February 21, 2011

INFO THAT HITS US WHERE WE LIVE

Market Update

We who work in the real estate and mortgage industries know exactly how Elvis felt. The same people who unfairly blamed us totally for the recession now look to us alone for signs the economic recovery has taken hold. They might want to remember the health of the housing market is directly dependent on the health of the jobs market, which is not under our control. In any case, everyone felt better last week when January Housing Starts were UP a surprising 14.6%. Even though starts are down 2.6% from a year ago, this still shows builders are more hopeful going forward. The boost came from multi-family units, though single-family starts were off a mere 1% for the month.

A lot of home buying activity is due to the affordability now out there. The National Association of Home Builders (NAHB) and a major bank reported their index shows home affordability in Q4 of 2010 at its highest level in 20 years. Their measure found that 73.9% of the new and existing homes sold in Q4 were affordable to families making the national median income of $64,400.

Business tip of the week... A big part of success is not giving up. Studies show that one trait shared by all very successful people is perseverance. They are persistent, determined, tenacious, pursuing a goal far beyond the point where the average person gets discouraged.

Review of Last Week

THE BULLS KEEP CHARGING... It's not like the running of the bulls at Pamplona just yet, but the bulls on Wall Street are definitely picking up steam. We had another weekly gain in the stock market as the three major indexes were up around 1% and the Dow and the S&P 500 hit new two-year highs. The Nasdaq reached a three-year high, just short of its 2007 peak. If the stock markets are a leading indicator of the overall economy, the recovery should pick up steam as the year goes on.

There were worries over rising Chinese interest rates and disruptions in the Middle East, but these were dispelled by the economic reports. The consumer is key to the recovery, so it was good to see retail sales are now UP seven months in a row. Inflation was a little hotter than expected, as year-over-year, the Core Consumer Price Index is now up 1.0%. Core CPI, the Fed's key inflation reading, is still within their target range and observers feel deflation concerns are now put to rest.

In other news, the Empire State Index showed manufacturing continuing to expand. This is great, though the jobs recovery depends on the services sector, where over 85% of the workforce is employed. Fortunately, that sector is expanding at its fastest pace in five years. Let's hope the jobs follow.

For the week, the Dow ended UP 1.0%, at 12,391; the S&P 500 was also UP 1.0%, to 1,329; and the Nasdaq went UP 0.9%, ending at 2,834.

Even with the stock surge, bond prices held on. Inflation was a little hotter than expected, but still tame. The FNMA 4.0% bond we watch ended up 18 basis points for the week, closing at $97.18. Mortgage rates, which had been inching up, fell back a bit. Freddie Mac's weekly survey of conforming mortgages showed national average fixed-rate mortgage rates remained near historic lows.

This Week’s Forecast

JANUARY HOME SALES, CONSUMER MINDSET, Q4 GDP... Happy Presidents Day! The markets will be closed Monday but then we'll have some important economic reports. January Existing Homes Sales on Wednesday are expected to be a tad off December's pace. The same goes for January New Home Sales on Thursday.

The week begins and ends with readings on the consumer mindset. Tuesday's Consumer Confidence is forecast up for February while Friday's Michigan Consumer Sentiment should hold steady. January Durable Goods Orders are predicted to be growing again, a sign business is investing in capital equipment and, perhaps next, in jobs. Friday, we get the second estimate of Q4 GDP, expected to be up a bit from the original estimate.

The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Federal Reserve Watch

Forecasting Federal Reserve policy changes in coming months You hear a lot more experts now disagreeing with Fed policy, including some Fed members. But Fed Chairman Bernanke seems determined to keep the Funds Rate at its rock bottom level until we see stronger signs of economic growth and jobs recovery. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

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For the week of February 7, 2011

For the week of February 7, 2011

INFO THAT HITS US WHERE WE LIVE

Market Update

There's good news in the latest housing market forecast for 2011 from the National Association of Realtors (NAR). After dipping 4.8% last year, sales of existing homes are predicted to grow 7.9% this year, to 5.3 million. The gain for 2012 is forecast to be a little less, up 4.5%, to 5.53 million. The existing home median price went up 0.3% in 2010, a nice recovery from the 12.9% price drop of 2009. For 2011, the NAR sees it rising 0.5%, to $173,000, then another 2.4%, to $177,900, in 2012.

New home sales are forecast to come back more briskly, up 17.7% in 2011, following their 15.5% drop in 2010. The 2012 projection is for a strong 51.1% sales gain, to 565,000 homes. The median price for new homes, which gained 2.2% last year, should go up another 1.8% in 2011, to $224,700, then 1.9% in 2012, to $229,000. The NAR's chief economist says this rebound in home sales does depend on an improvement in the jobs market. Affordability also matters and in Q4 of 2010 housing was the most affordable on record, according to NAR numbers going back to 1971. The NAR feels the current situation of low home prices along with low interest rates should continue.

Review of Last Week

HELLO, 12,000!... Last week saw strong corporate earnings, more indications the economy is healing, and Ben Bernanke telling the National Press Club the Fed won't be withdrawing its policy support anytime soon. The net result? The Dow shot up five days in a row, crossing the 12,000 threshold and staying there, trading near its highest levels since the middle of 2008. All three major indexes delivered impressive gains, with the S&P 500 enjoying its best January since 1997. Investors shrugged off worries the Egyptian protests might further de-stabilize the whole Mideast.

Corporate earnings are running way ahead of expectations and, even more encouraging, future earnings estimates are up. The week's star performers included mammoth Exxon Mobil, drug biggie Pfizer, and video gamer Electronic Arts. The vast majority of companies reporting beat their Q4 earnings expectations, as retailers chimed in with better than expected monthly same store sales results for January.

Investors also liked the economic data. Q4 productivity was up 2.6%, proving that, yes, we ARE working harder. But we're also being compensated for that extra effort, as personal income rose in December along with personal spending, which helps fire up the economy. But things aren't overheating yet, since Core PCE Prices, the inflation number the Fed watches, was up just 0.7% the past year. ISM Manufacturing and Services indexes both showed strong economic growth. The January Employment Report showed a gain of just 36,000 jobs, but this was put to the unusually bad weather preventing people from working -- several hundred thousand more than usual. Private sector payrolls were up 50,000, their 11th monthly gain in a row, which helped drop the unemployment rate to 9.0%.

For the week, the Dow ended UP 2.3%, at 12,092; the S&P 500 was UP 2.7%, to 1,311; and the Nasdaq shot UP 3.1%, ending at 2,769.

While stocks soared higher, bonds got hammered. Even the Egyptian unrest couldn't ignite a flight to safety, as investors wanting to catch the rising wave of stock prices took their money out of bonds. The FNMA 4.0% bond we watch ended down 187 basis points for the week, closing at $97.22. In spite of this drop, news of an improving economy and low inflation kept mortgage rates at historically low levels. Freddie Mac's weekly survey of conforming mortgages reported average fixed-rate mortgage rates pretty much unchanged.

This Week’s Forecast

A QUIET WEEK... We'll have the usual weekly and continuing jobless claims, and no one is expecting huge drops in these numbers just yet. Optimistic observers expect serious declines in claims in another month or so. We'll also see the December Trade Balance showing imports growing versus exports, although U.S. companies' export revenues are still strong, a good thing. Finally, consumer confidence in the economy is forecast to be growing, at least the way the February Michigan Consumer Sentiment Index sees it on Friday.

The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Federal Reserve Watch

Forecasting Federal Reserve policy changes in coming months Fed Chairman Bernanke spoke before the National Press Club last week and certainly left the impression that the Funds Rate will stay at its rock bottom level for a decent while longer. This week's economic reports shouldn't inspire the Fed to hike the Rate any time soon. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

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Daily Quotes March 4, 2011!

Daily Quotes March 4, 2011!

"Financial education needs to become a part of our national curriculum and scoring systems so that it's not just the rich kids that learn about money.. it's all of us."
-- David Bach, Personal Finance Author

"Communication is a skill that you can learn. It's like riding a bicycle
or typing. If you're willing to work at it, you can rapidly improve the
quality of every part of your life."
-- Brian Tracy, Author

"Only a man who knows what it is like to be defeated can reach down to
the bottom of his soul and come up with the extra ounce of power it
takes to win when the match is even."
-- Muhammad Ali, boxer

"Human kindness has never weakened the stamina or softened the fiber of
a free people. A nation does not have to be cruel to be tough."
-- Franklin Roosevelt, 32nd U.S. president

"If we could sell our experiences for what they cost us, we'd all be millionaires."
-- Abigail Van Buren

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LOAN MODIFICATION SCAMS

LOAN MODIFICATION SCAMS

It is obvious that the scammers are very active right now. They have many ways to take advantage of desperate and distressed homeowners in today's real estate market. One of the best things a homeowner can do to protect him or herself from these scammers is to work with a licensed professional. Mortgage and real estate licensees are trained in how to help homeowners who face these very problems. As your Real Estate agent, please know that I am available for questions.

Here is a list of simple things homeowners can do to protect themselves:



Make sure that the loan modification company is • licensed with the Division of Real Estate.

Do not work with any individual or company that is not licensed.



Talk to your lender or servicer directly. Let your lender know your problems, and dis­cuss ways you might resolve the issues



Never make your mortgage payment to a third party.



Do not pay an up-front fee. Do not pay any • fees until you receive a written offer from your lender or servicer for modified loan terms.



Do not stop making your mortgage payments. • Doing so will put you closer to foreclosure.



Do not sign a quit claim deed to another property.•



Do not sign any documents in blank. • Make sure your read what you sign.



If you think you are being scammed, file a complaint with the Division of Real Estate.

If you need some REAL advise, Call Me!

Your friend in real estate,
Brian E. Betts

All "Betts" on Brian! The Only Realtor you Want!

For the week of January 24, 2011

For the week of January 24, 2011

INFO THAT HITS US WHERE WE LIVE

Market Update

Thursday saw Existing Home Sales shoot up 12.3% in December, to an annual rate of 5.28 million, well ahead of the 4.87 million rate the consensus expected. Overall, existing home sales are off 2.9% compared to a year ago, but that's when sales were artificially boosted by the homebuyer tax credits. All regions showed sales gains in single family homes, condos and coops.

The supply of existing homes dropped to 8.1 months from 9.5 months in November. The pace of existing home sales is up 38% since July and sales are now only around 5% off the long-term trend, which has been a 5.5 million annual pace. All this has happened without government tax credit support. Smart buyers don't want to miss out on housing affordability that's at its highest level in 40 years.

Earlier in the week we saw housing starts drop 4.3% for December to a 529,000 unit annual rate. But colder temperatures and more snow than usual slowed starts in many parts of the country. Home completions actually increased for the month, while building permits shot up a strong 16.7%, to a 635,000 annual rate. We're not out of the woods yet, as permits are off 6.8% from a year ago and starts are down 8.2% compared to last year.

Review of Last Week

SHORT WEEK FALLS SHORT... The holiday shortened week ended its four days of trading with only the Dow ahead, the S&P 500 and the Nasdaq both dropping a bit. What bothered investors were some Q4 corporate earnings that fell short, plus more worries that China will hike its interest rates to cool down an overheating economy, already growing at about a 10% annual rate.

Earnings disappointments included a couple of the big financials, although three others in the sector beat expectations. Beyond that, General Electric, IBM, and Google all reported strong, better than expected Q4 earnings. GE even went so far as to forecast increasing profits in the years ahead. Apple then showed up to hit the ball out of the park with Q4 revenues up 70.5% year over year, blowing estimates out of the water with ease. But it was unfortunate to learn that Apple CEO Steve Jobs is taking another indefinite leave to deal with health challenges.

The Empire State Index, which gauges manufacturing in New York, grew to 11.9 in January from 9.9 the previous month, reflecting manufacturing gains across the country. New weekly unemployment claims dropped by 37,000, putting the four-week moving average at 412,000, its lowest level since July 2008. Meanwhile, continuing claims dropped to 3.86 million, their lowest number since October 2008. The Philadelphia Fed Index of manufacturing activity in that region was down in January, but the Leading Economic Indicators (LEI) index was up, better than expected.

For the week, the Dow ended up 0.7%, at 11872; the S&P 500 was off 0.8%, to 1283; and the Nasdaq dropped 2.4%, ending at 2690.

Bonds were under pressure last week, with yields going up as prices headed down. The FNMA 4.0% bond we watch ended down 83 basis points for the week, closing at $98.31. According to Freddie Mac's weekly survey of conforming mortgages, average fixed-rate mortgage rates changed little, remaining at super low levels. Tame inflation is the reason, with core consumer prices compared to December 2009 up a paltry 0.8%, their smallest yearly gain since 1958.

This Week’s Forecast

THE FED, PLUS OUR FAVORITE TOPIC... There's another Fed meeting this week to grab everyone's attention, but no one expects a hike in the Funds Rate quite yet. The FOMC statement will be closely examined to see how the nation's central bank views our economic recovery. The housing part of that recovery will also be covered with Wednesday's December New Home Sales, expected to be up slightly from the prior month. But Thursday's Pending Home Sales for November should be down slightly for existing homes.

The week is bookended with readings on the consumer. Tuesday's Consumer Confidence and Friday's Michigan Consumer Sentiment are both forecast to be improving in January. Finally, we close the week with the advanced Q4 GDP number, expected to come in at a solid 3.8% annual growth rate.

The Week’s Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Federal Reserve Watch

Forecasting Federal Reserve policy changes in coming months Rumblings have begun that the Fed is sure to hike the Funds Rate in the second half of the year. But with inflation still well under control, economists do not expect any rate increases for the next few months. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.

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Daily Quotes Feb. 2 2011!

Daily Quotes Feb. 2 2011!

"Freedom lies in being bold."
-- Robert Frost, poet

"When you find yourself stressed, ask yourself one question: Will this
matter five years from now? If yes, then do something about the
situation. If no, then let it go."
-- Catherine Pulsifer, writer

"The wisest mind has something yet to learn."
-- George Santayana, Philosopher

"Genius is 1% inspiration and 99% perspiration. Accordingly a genius is
often merely a talented person who has done all of his or her homework."
-- Thomas Edison, Inventor

"High achievement always takes place in the framework of high expectation."
-- Charles Kettering, Inventor

All "Betts" on Brian! The Only Realtor you want!