Please be aware that at 2:00 AM on Sunday, November 2nd, the majority of the contiguous United States will turn their clocks back by one hour, bringing an end to the Daylight Saving Time for 2008! Arizona (with the exception of the Navajo Nation), Hawaii and the territories of Puerto Rico, Virgin Islands, Guam, and [...]

When the government nationalized mortgage lending in September, housing analysts predicted lower mortgage rates. For a brief two-week stint, they were right — post-takeover, the 30-year, fixed rate mortgage fell below 6.000 percent nationally for the first time in 7 months. Since then, however, mortgage markets have reversed. Rates are now at pre-takeover levels. Now, [...]

The Federal Open Market Committee voted to cut the Fed Funds Rate by one-half percent today. The benchmark rate now stands at 1.000 percent. In its press release, the Fed wasted no time addressing the key issue at-hand, stating that economic activity has “slowed markedly”, pointing to three main causes: Consumer spending is falling Business [...]

The Federal Open Market Committee adjourns from its scheduled 2-day meeting today at 2:15 P.M. ET and the markets are eagerly awaiting the central bank’s press release. In it, Fed Chairman Ben Bernanke is expected to address the U.S. economy, the future of credit, and the new Fed Funds Rate. It’s this last point to [...]

Despite turmoil on Wall Street, the housing sector continues to deliver good news. Last month, led by a 22 percent surge from the West Region, New Home Sales rose 2.7 percent over August. A “new home” is a newly-built residence, never before lived in. New homes are usually built and sold by real estate development [...]

It’s funny some of the places you can find inspiration and really stop down to dwell on what life is really about. A lot of the times I get my inspiration from my two children for this simple fact… their minds are not spoiled by the world yet. It saddens me at times to know [...]

>Mortgage markets followed the recurring trading pattern of 2008 last week — volatility, volatility, and more volatility. After opening with a strong performance that drove rates down, late-week fears of a global recession reversed that path. Mortgage rates ended the week unchanged. This was an unexpected outcome for the week considering that: The dollar gained [...]

Statistics are what you make of them, but sometimes, they can provide good perspective. For example, from its peak in 2005 to its trough in late-2007, the number of “used” homes sold nationwide plunged. In 2005: Roughly 7 million homes sold annually In 2007: Roughly 5 million homes sold annually Through all of 2008, though, [...]

According to foreclosure-tracking service RealtyTrac, the foreclosure rate is falling nationwide. Versus August, foreclosures fell by 12 percent in September 2008 as more than half of the states showed month-over-month improvement. Most interesting in the data is that several states that led the foreclosure boom in 2007 now appear to be leading the charge out [...]

In the widest definition possible, amortization (pronounced: am-ohr-tih-ZAY-shun) is the scheduled process by which a loan’s principal balance pays down to $0. The opposite of an amortizing loan is an interest only loan for which there is no scheduled principal repayment schedule. With respect to mortgages, amortization is what determines how much of a monthly [...]