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August 2007
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Date: Aug. 20, 2007
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Daily Real Estate News | August 20, 2007
Fed Cuts Discount Rate, Promises More
In an effort to stabilize financial markets, the Federal Reserve last Friday cut the discount rate that it charges to make direct loans to banks from 6.25 percent to 5.75 percent.
The Fed did not change its target for the more important federal funds rate, which has remained at 5.25 percent for more than a year, but it sent a strong signal in the wording of its statement that it was prepared to cut that rate as well.
In making the reduction the Fed stated, "the downside risks to growth have increased appreciably." It didn’t refer to inflation, which was the concern that previously kept it from cutting the federal funds rate.
"They provided a much needed response to the growing market turmoil today, but they will have to do more," said Mark Zandi, chief economist at Moody's Economy.com.
The move to cut the discount rate will not have a major impact on consumer interest rates in the way that cutting the federal funds rate triggers an immediate drop in banks' prime lending rate, the benchmark for millions of consumer and business loans.
However, Friday's move was expected to help with a severe cash crunch facing many businesses, including mortgage companies, which are having trouble getting loans for short-term financing needs.
Source: The Associated Press, Martin Crutsinger (08/17/2007)
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Date: Aug. 8, 2007
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Allen Park Primary Results
6of 6 precincts)
Beverly J. Kelley 1,273
Kevin A. Rourke 1,181
Kyle Tertzag 1,129
Tina Gaworecki 1,061
Frank Tucci 993
Tony Lalli 938
James A. Flynn 888
Larry Tomplin 647
Philip G. Snell Jr. 633
James Grose 537
Mark Gahry 524
Dean A. Hill 506
Robert Graham 489
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Date: Aug. 6, 2007
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Most people I talk to are curious about the current state of our downriver real estate market. My opinion is that our prices are being restructured to match the current or anticipated wage level. In simple terms, what will xxx dollars per hour equate into a mortgage payment. This payment will take into consideration a down payment if any. As for me, I will be glad when the UAW contract is signed. I think that will give us a better idea as to where we are headed.
Please let me know your opinion.
Tom
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Date: Aug. 2, 2007
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Home Values for the Top 20 Markets
The annual growth rate in prices of existing single family homes across the United States continued to decline for the 18th consecutive month in May, according to the Standard & Poor’s/Case-Shiller Home Price Index.
Overall, the top 20 cities in the index declined 2.8 percent year-over-year, although five of the cities showed increases.
Cities measured by the index where values have increased in the 12 months are Atlanta, Charlotte, Dallas, Portland, and Seattle. Detroit continues to lead the metro areas in growth rate declines, down 11.1 percent from a year ago.
Here are the top 20 metropolitan areas and the percent of change in their real estate values over the last year:
- Atlanta: 1.7 percent
- Boston: -4.3 percent
- Charlotte: 7 percent
- Chicago: -0.6 percent
- Cleveland: -2.8 percent
- Dallas: 1.8 percent
- Denver: -1.4 percent
- Detroit: -11.1 percent
- Las Vegas: -4.1 percent
- Los Angeles: -3.3 percent
- Miami: -3.3 percent
- Minneapolis: -3.5 percent
- New York: -2.3 percent
- Phoenix: -5.5 percent
- Portland: 5.7 percent
- San Diego: -7 percent
- San Francisco: -3.4 percent
- Seattle: 9.1 percent
- Tampa: -6.7 percent
- Washington, D.C.: -6.3 percent
— REALTOR® Magazine Online
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Seller will entertain offers with seller participation toward closing costs. Remarkable upgrades include entry doors, windows, six panel doors, refinished hardwood floors, updated bath, updated kitchen with lots of oak cabinetry, built-in range on separate counter with add. storage cabinets. Dining area remodeled with cathedral ceiling and recess lighting. Copper plumbing and a newer 100 amp electrical panel with circuit breakers. 2.5 detached garage. This house is a cream puff and a must see. Additional pictures can be viewed at www.tcrowe.com.
Mint condition broadfront ranch with updated kitchen, blt-in DW, newer carpeting and thermal pane windows. Natural fireplace in Family Room - updated bath. Additional storage space in attic accessed from ceiling ladder located in hallway. View more pictures on my web site at www.tcrowe.com
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