Archive for October, 2008
SCARY-good buzz and SPOOKY-big numbers for Quizzle
Happy Halloween from Quizzle!
BOO brave Quizzlers…
WARNING!… Read on only if you think you can handle the SCARY-buzz that is surrounding Quizzle.
The numbers are FRIGHTENING. Yesterday ~500 new people created Quizzle accounts, on Wednesday ~1,000 new Quizzle accounts, and on Tuesday ~2,000 new accounts were created!
Today, on this TERRIFYING day of ghosts, ghouls and goblins, Quizzle will amass a BONE-CHILLING total of 90,000 Quizzlers (in less than nine months) with an ALARMING advertising budget of (WATCH OUT, you might have to cover your eyes) … ZERO DOLLARS! So thank you to all of you blog readers for spreading the word and being a part of this HORRIFYINGLY-great buzz!
You have also contributed to another SPOOKY-big number. Exactly 316 of you have chosen to improve your mortgage with Quicken Loans (our mortgage partner) after Quizzle showed you a better solution!
So go forth FEARLESS Quizzlers. Have a WICKED-fun Halloween tonight. And please don’t be AFRAID to Quizzle today!
Happy Trick-or-Treating and Quizzling!
Fed lowers fed funds rate to historically low 1%
The 10 brilliant minds who make up the Federal Reserve met yesterday to once again discuss the state of the economy and determine the action needed by them to aid a struggling American economy. In an aggressive move, they lowered another 1/2 percent, resulting in a historically low 1% Fed funds rate. The Fed funds rate is one way the Fed uses to regulate the supply of money to the US Economy.
The following is an official press release from the Fed regarding its decision today, and a translation (for the rest of us) of all the financial jargon by Bob Walters, Chief Economist for Quicken Loans:
Release Date: October 29, 2008
For immediate release
Now
The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.
The 10 folks who get to decide what short term rates will be (the Open Market Committee) decided to slash short term rates from 1.5% to 1.0%. They did this to hopefully drop short term rates to encourage banks to lend and people to borrow (so they will hopefully make more stuff, buy more stuff and create more jobs) to help the economy start growing again.
The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures. Business equipment spending and industrial production have weakened in recent months, and slowing economic activity in many foreign economies is damping the prospects for U.S. exports. Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit.
You and I aren’t hitting the malls as much as we were before, and the result of that is the economy is slowing down. Businesses around the world are buying less of stuff like heavy machinery and slushy machines, and that is contributing to the slowdown as well. Lastly, all the craziness on Wall Street means it’s becoming tougher for people to get a loan. Without loans – there is less $ to spend and the slowdown continues…
In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate in coming quarters to levels consistent with price stability.
If people don’t buy any stuff, because they lose their jobs or worry about losing their jobs, companies that sell stuff have to lower the price of that stuff to get people to buy it. The Fed likes it when the price of stuff is like Goldilocks – not too high or too low.
Recent policy actions, including today’s rate reduction, coordinated interest rate cuts by central banks, extraordinary liquidity measures, and official steps to strengthen financial systems, should help over time to improve credit conditions and promote a return to moderate economic growth. Nevertheless, downside risks to growth remain. The Committee will monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability.
The Fed is saying that they are doing everything in their power to try and keep the economy moving. Today’s cut in short term rates is only one of those things. They have also been giving money to struggling banks and taking loans in trade – in hopes that the banks will lend that money to each other and to consumers to get the party started again.
Top 9 Conservation Tips for Winter-Time Home Selling
If your home is on the market during the winter season, potential home buyers will have your home’s energy efficiency at the top of their mind. Here’re a few tips to make your home more attractive to conservation-minded buyers.
Fed Funds Rate Drops to 1%, Near Lowest in U.S. History
Breaking financial news: The Federal Open Market Committee (FOMC) announced today that it has dropped its Fed Funds rate to 1 percent–near the lowest it's been in U.S. history. Will it impact mortgage rates?
New Home Sales Post Slight Gain in September
The U.S. Census Bureau and the Department of Housing and Urban Development announced today that sales of new, single-family homes in September rose 2.7 percent compared to August’s numbers.
Hope for Homeowners - will it stop foreclosures?
Is Hope for Homeowners really a ray of hope or just another loan program that doesn't make sense for anyone?
Existing Home Sales See Largest Increase in 13 months
The National Association of Realtors announced today that existing home sales in September increased 5.5 percent as compared to August 2008.
Mortgage Loan Activity Decreases 16.6%
The number of Americans seeking a home mortgage to purchase a home or refinance an existing loan decreased 16.6% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).
Buying your first home: one renter’s experience
Believe it or not, there are plenty of reasons people favor renting over buying. I loved renting for the simple fact that it was worry-free–no yard work, no expensive maintenance, no property taxes, no water bill, no commitment!
Yet it seemed everyone had a reason why it’s better to buy–investing your money instead of “throwing it away,” living in a home that reflects your personal style, having your own garden and throwing backyard barbecues were a few that stood out. Ultimately, I was convinced (by my husband and everyone else I knew) that owning was the way to go.
With our lease ending in a few months, we started the process. We knew the important things that needed to get done. We determined what we could afford, set an overall budget, came up with a down payment and got pre-approved for a loan, among other things (some of the stuff we can help you with Quizzle right now!).
With that settled, I began my house hunting on my own, with the help of the internet, without the intention to hire a real estate agent. Keep in mind this was well before I worked at In-House Realty and knew better!
Due to my over-confidence and inexperience, situations came into play that I didn’t anticipate. My husband and I worked long hours, which left only the weekends to look for homes. Searching through property listings was fun in the beginning, but calling on them to set up a showing, or worse, to find that the house had already been sold turned out to be very frustrating.
I’m also a lackluster bargainer. I can only last so long playing the stone-faced, tough-sell before giving up. It’s not that I would want to pay more than I should; it’s just that I don’t have it in me to keep that game going.
Finally, in regards to the process as a whole, I was intimidated. Not only by the pure anxiety of making the largest purchase of my life, but by all of the other things that go along with it–the endless paperwork, the inspections, research into the areas I liked and the sincerity of the seller, just to name a few. All of this together was yet another why I loved my life as a care-free renter. I was scared.
In the end, I decided to work with an agent. It just made me feel more at ease. My agent had gone through this process so many times before–she was a professional. She knew what all the acronyms meant–CMA, FSBO, PV, PW, OBO, PUD and the rest. I knew a few, but there were plenty of acronyms and other vital specifics that I didn’t know when looking for a home. It’s like they have their own language!
The home-buying process isn’t necessarily scary for everyone. There are a ton of resources online to walk you through it - you can even find a simple 7-step process right now from Quicken Loans.
They key is to make sure you’re armed with the knowledge you need to make the best decisions, get the best deal and avoid costly mistakes. For me, that required bringing someone in for reinforcement. Finding an expert you really feel you can trust will take all the worries out of big financial decisions like buying a home. If you decide to go with an agent or not, do your research and surround yourself with seasoned experts. In-House Realty is a great place to start to find out if buying a home is right for you.
EDITOR’S NOTE: This is a great place to mention that we’re working on some wonderful new bits for buyers in Quizzle. Stay tuned and we’ll let the cat out of the bag as soon as we put the finishing touches on!
Why the Reverse Mortgage Market is Booming… New Loan Limits Could Be to Thank
What’s so great about Reverse Mortgages? Senior homeowners want to know… and quite frankly, so do their kids. Right now, reverse mortgages are gaining popularity among senior homeowners. But why? Could it be because of the FHA's announcement of new loan limits?
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