Archive for September, 2010
As Homebuilder Confidence Stagnates, Deals Abound
September 30th, 2010 categories: Homebuilders
Home builder confidence held firm this month, according to the National Association of Home Builders’ monthly Housing Market Index. September’s reading of 13 equaled a 17-month low.
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Case-Shiller Shows Slowing Growth In Home Prices… Two Months Ago
September 30th, 2010 categories: Case-Shiller Index
For the 17th straight month, the Case-Shiller Index reports that home values are rising across the United States. As compared to June, July’s prices were up by 4 percent.
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Housing Starts Rise In August, But By Less Than The Headlines Report
September 30th, 2010 categories: Buyers, Existing Home Sales, Housing Starts, Market Trends, Sellers, Statistics
The number of single-family Housing Starts rebounded in August, climbing 4 percent from July’s 14-month low.
A “Housing Start” is defined as a home on which construction has started and the August increase represents 18,000 single-family units nationwide.
If you only read the headlines, however, you would think the data was stronger. This is because the Housing Starts data is actually a composite of 3 types of homes — single-family, multi-family, and apartments — but the press tends to lump them all three together.
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Existing Home Sales Rebound In August, Give Hope For Autumn
September 29th, 2010 categories: Existing Home Sales
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
As compared to July, Existing Home Sales rose 8 percent in August, buoyed by falling interest rates and slow-to-rise home prices. There’s lot of “good deals” out there and home buyers in Knoxville are taking advantage.
The housing gains are relative, however. August’s total units sold barely crossed 4 million and still trails the average figures of the last few years by close to 1 million units.
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Rid Your Kitchen Of Hidden Dirt And Grime
September 28th, 2010 categories: General
A kitchen is often a home’s busiest room — a meeting place for meals and conversation. It’s also among the home’s most grimy rooms. Bacteria, dirt and germs collect on floors, on countertops, and inside appliances.
In this 4-minute clip from NBC’s The Today Show, you’ll learn how to rid your kitchen of “nastiness”. The featured fixes use nothing but basic household cleansers and elbow grease, and they include:
- How to clean and restore wooden cutting boards and bowls
- How to remove “burn stains” from the side of a frying pan
- How to eliminate pervasive dishwasher odors
The segment also tackles why you should choose loofah over sponge, and how to catch fruit flies.
For as much time as you spend in your kitchen, it’s best to keep it clean and sanitized.
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Halls Short Sale 7415 Windy Knoll, Knoxville, TN
September 22nd, 2010 categories: Buyers, Knoxville Short Sales
I just listed a very nice 3 bedroom plus bonus room 2.5 bath home in Halls. It is a short sale but PRICED to Sell at $165,000. If you would like to see it call me at 865-696-9002 or email me [email protected] This one won’t be around long…Take a look
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A Simple Explanation Of The Federal Reserve Statement (September 21, 2010 Edition)
September 21st, 2010 categories: Market Trends, Mortgage Guidelines, Mortgage Rates, Statistics
Today, in its 7th meeting of the year, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged.
The Fed Funds Rate remains at a historical low, within a Fed’s target range of 0.000-0.250 percent.
In its press release, the FOMC said that the pace of economic recovery “has slowed” in recent months. Household spending is increasing but remains restrained by high levels of unemployment, falling home values, and restrictive credit.
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The Federal Reserve Meets Today. Should You Lock Your Rate Before It Adjourns?
September 21st, 2010 categories: Buyers, Market Trends, Mortgage Guidelines, Mortgage Rates
The Federal Open Market Committee adjourns from its 6th scheduled meeting of the year today, and 7th overall.
Upon adjournment, Federal Reserve Chairman Ben Bernanke will release a formal statement to the market. In it, the Fed is expected to announce “no change” to the Fed Funds Rate.
Currently, the Fed Funds Rate is within a target range of 0.000-0.250 percent. It’s been at this same level since December 2008.
Note that the Feds Funds Rate is not “a mortgage rate” — nor is it a a consumer rate of any kind. The Fed Funds Rate is a rate that defines the cost of an overnight loan between banks. And, although the Fed Funds Rate has little direct consequence to everyday Farragut homeowners, it is the basis for Prime Rate, the interest rate on which most consumer cards are based, plus many business loans, too.
Therefore, because the Fed Funds Rate won’t change today, neither will credit card rates. Mortgage rates, however, are a different story. Mortgage rates should change today — regardless of what the Fed does.
It’s more about what the Fed says.
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August 2010 Jobs Report Pushes Mortgage Rates Higher
September 7th, 2010 categories: General, Market Trends, Statistics
On the first Friday of each month, the Bureau of Labor Statistics releases Non-Farm Payrolls data for the month prior.
The data is more commonly called “the jobs report” and it’s a major factor in setting mortgage rates for residents of Tennessee and homeowners everywhere. Especially today, considering the economy.
This is because, although it’s believed that the recession of 2009 is over, there’s emerging talk of new recession starting.
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August’s Fed Minutes Lead Mortgage Rates Higher
September 7th, 2010 categories: Buyers, FHA Mortgages, Market Trends, Mortgage Rates, Sellers
Home affordability took a slight hit this week after the Federal Reserve’s release of its August 10 meeting minutes.
The “Fed Minutes” is a lengthy, detailed recap of a Federal Open Market Committee meeting, not unlike the minutes published after a corporate conference, or condo association gathering. The Federal Reserve publishes its meeting minutes 3 weeks after a FOMC get-together.
The minutes are lengthy, too.
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