Archive for December, 2009
As Unemployment Rates Fall, Mortgage Rates Rise
December 4th, 2009 categories: Buyers, General, Market Trends, Sellers
This morning’s jobs report is causing mortgage rates to rise, capping a week during which rates have already jumped 3/8 percent off all-time lows.
The government’s November Non-Farm Payrolls report reinforced the notion that the recession is nearly over, if not over already.
Just 11,000 jobs were lost last month — much fewer than analysts had expected — as the Unemployment Rate fell to 10.0%.
If it seems strange to be talking economic recovery while Americans are still losing jobs – 7.2 million since 2008 – remember that data always needs context.
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Store Credit Cards : The Hidden Cost of “Instant Savings” Could Cost You Money??
December 3rd, 2009 categories: General, Market Trends
‘Tis the season to do shopping — and get bombarded with offers to open credit cards.
You are in line to check out and you are offered more savings if you open a store credit card.
The deals are tempting, too. ”Open a charge card today” and save up to 20% on your purchase. Considering that the average Black Friday ticket was $343, that’s $68 saved per store.
For big-ticket items like televisions, the savings are even bigger.
But for people in the market for a new home — or looking to refinance — taking advantage of in-store savings could be a long-term money loser.
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IRS Video of Home Buyer Tax Credit for Knoxville Home Buyers
December 2nd, 2009 categories: Buyers, General, Market Trends, Sellers
The extension of the home buyer tax credit will be a good thing for the Knoxville home market. There have been a few changes to the extension of the tax credit.
If you are looking for details on the changes for the home tax credit this is a video from the IRS detailing those changes.
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Tickets Go On Sale Today For First Night Knoxville
December 1st, 2009 categories: General
Picture by Saul Young/News Sentinel
First Night Knoxville is an exciting New Years Eve Celebration for the whole family..
First Night® is a family-friendly, alcohol-free New Year’s Eve community celebration of the arts. The celebration began in Boston in 1976 and has grown to an event that attracts hundreds of thousands of celebrants each year. Since then the event has expanded to over 100 cities in 30 states across the country, as well as internationally into Canada and New Zealand.
There has been an expansion of this years venues which includes more than 30 musicians, dance groups, puppeteers…One of them is Lissa McCleod a fire breather with One World Circus.
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Gov’t Put’s Heat On Mortgage Industry
December 1st, 2009 categories: General, Knoxville Short Sales, Market Trends, Sellers
The Obama Administration is putting the pressure on the mortgage industry to help out more homeowners who may be facing foreclosure. Treasury Department officials said Monday they will step up pressure on the 71 companies participating in the government’s $75 billion effort to stem the foreclosure crisis. They will be asking for daily reports from these companies in order to monitor the progress.
The biggest problem for the homeowners is understanding the paperwork that needs to be completed for the lender. 
“Borrowers must understand the urgency of getting their completed paperwork in so they do not miss out on the opportunity for more affordable mortgage payments,” said Phyllis Caldwell, who recently was named to lead the Treasury Department’s homeownership preservation office.
“The documents were confusing. Borrowers did not understand the process wasn’t closed until the documents came in,” Sanjiv Das, chief executive of Citigroup’s mortgage unit, said earlier this month. “Even when the documents came in, they were not always complete.”
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