If you are on MLS you will come up in se…. (mount snow condos)
If you are on MLS you will come up in searches and have your house shown with much more frequency.
Do not go by what a mortgage lender claims to be the best mortgage rate.
NAHB Calls for Secondary Market for Construction Loans
Home builders, who have been feeling the squeeze on the selling side
of their business for months, are now reporting that they are caught in a
crunch on the development side as money for land
acquisition, development, and home construction is drying up.
Mitchell told the senators that there is no secondary market
for residential construction money to which local lenders could
turn for additional liquidity…
Merrill Lynch Reports First-Quarter Loss, Planned Job Cuts
Merrill Lynch & Company will eliminate 2,900 jobs as
it struggles to recover from its third consecutive quarterly loss which
it announced on Thursday.
The company said it was taking $6.6 billion in write-
downs related to mortgages, collateralized debt obligations and
generally badly underwritten commercial loans…
Renters also May Not Find Decent and Affordable Housing
If the several million people facing foreclosure over the next
few years actually lose their homes, where are they going to go?
The conventional wisdom is that they will go back into the rental
market and perhaps that is one reason for the jump in permits and housing
starts for residential buildings over five units reported by the Census
Bureau the last few months. However, a study recently released by the
National Low Income Housing Coalition is questioning the affordability
of rental housing, not just in high priced locations, but virtually
everywhere in the country.
According to the report, the 2008
national Housing Wage for a two bedroom rental unit is $17.32. A full-
time worker must make this much and work year round - 2080 hours
per year - to be able to afford the average FMR of $900 per month.
Fed to Make New Credit Card Proposal, Says Braunstein
Speaking Thursday before the House Subcommittee on Financial
Institutions and Consumer Credit, Federal Reserve Division of Consumer
and Community Affairs Director Sandra Braunstein emphasized a need for
further consumer protection as it would pertain to
credit cards.
Citigroup Announces $5.1 Billion Loss in First Quarter
In the strange thinking that passes for logic on Wall Street, shares
of Citigroup stock were expected to surge today after
the company announced yet another huge quarterly loss. In fact, shortly
after the announcement, the stock was up 7 percent in pre-open
trading.
The big bank lost $5.1 billion ($1.02 per share) during the first
quarter, largely because of continuing problems with mortgages and
leveraged loans.
U.S. Initial Claims Rise 17k to 372k, Continuing Claims Gain
U.S. initial jobless claims came in lower than expected in the week
ending April 12 with a total of 372K seasonally adjusted claims filed,
representing a 4.8% rise from the week before, the Department of Labor
reported Thursday. Forecasts were looking for a total of 375k claims. The
previous week’s figure was revised downward to 355k from 357k.
Fed’s Fisher Maintains “Strong Reluctance” About Further Rate Cuts
Dallas Fed President Richard Fisher, one of two Fed dissenters in the
last FOMC rate cut decision, said he has a “strong reluctance”
about further rate cuts.
Speaking at the Chicago Council on Global Affairs, Fisher warned
against “inflating our way” out of the credit crisis and that further
cuts may “compound the bad.”
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