Attleboro-Plainville Homes.com

Relief Coming For Short Sale Transaction Time??

Here is an article about some pending legislation aimed at lowering the number of days banks have to decide on a short sale...we can only hope this works!!

http://www.reoi.com/news/bill-sets-45-day-deadline-on-lender-short-sale-decisions

Sep 20, 2010 9:12:00 AM

Who wants $500,000 toward a new house?? Check out Below

RE/MAX of New England is having a contest, the prize: $500,000 toward a home if the Patriots exceed 75 Touchdowns this season. Here is the link to enter

http://www.remax-newengland.com/remax-takes-you-to-the-house/

Sep 16, 2010 10:09:13 AM

MA Home Sales Up For The 3rd Straight Month

This is from the MA Realtors Twitter Page:

http://bit.ly/9EjeCb

Jun 22, 2010 10:36:15 AM

New Listing in Plainville $279,900

There is little inventory in Plainville for a reason- this is a sought after location. This home is a very short distance to Plainville's elementary school as well as Plainridge race course and Rt 495. There are 3 bedrooms on the main level and a family room and office/den in the finished lower level. HUGE backyard just short of an acre. Call Me For a Showing 508-989-9093

Jun 17, 2010 4:30:38 PM

Attleboro Area Foreclosures on the Rise

This is an article from Thursday's Sun Chronicle online

http://tinyurl.com/27e6kv4

Jun 17, 2010 12:18:08 PM

What is the Fed Funds Rate Anyway and How Does it Affect Interest Rates?

This is from Jerry Maguire at Mortgage Master. If you have any questions about what mortgage rates are doing call Jerry 508-269-0181

"ACTIONS SPEAK LOUDER THAN WORDS," or so the popular saying goes. But the words from various Fed members on the actions they feel need to be taken are getting pretty loud. And what could all this potential action mean for home loan rates? Read on to learn more.

There has been growing debate among Fed members about when to begin raising the Fed Funds Rate. What is the Fed Funds Rate? It's the lending rate banks charge each other for the use of overnight funds, and it is used as a base rate that many other lending rates are based on, for consumer and business loans. A higher Fed Funds Rate tends to slow economic activity, as it means the cost of borrowing to finance a purchase will be higher, while a lower rate helps to stimulate activity, a ripple effect that expands into all sectors of the economy. As you can see in the chart below, the Fed Funds Rate is currently at a range of 0.0-0.25%, and it has been this low for over a year to help stimulate our economy and move us from recession to recovery.

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Fed Funds Rate

If the Fed raises the Fed Funds Rate too soon, it could slow economic activity and cause a "double dip" recession. However, if the Fed waits too long to raise the Fed Funds Rate, inflation could result...and inflation concerns were a big reason for all the Fed chatter last week. Remember, inflation is the arch enemy of Bonds and home loan rates.
With mounting debt in the US and concerns that US debt will overtake GDP by 2012 - as well as the problems in Europe - there are many factors the Fed needs to consider before taking action. For instance, last week Fed Chairman Ben Bernanke said that the Unemployment Rate is likely to remain high for a while and he noted that the Fed "can't wait until unemployment is where we'd like it to be" before tightening credit, or inflation could too easily get out of control. That said, recent reports like May's Jobs Report and Retail Sales Report - which showed the first monthly decline since September 2009 - indicate that our economic recovery is still fragile at the moment. This means the Fed won't want to act too quickly, either.
The next Fed Meeting is June 22-23rd, and while the Fed will most likely not raise the Fed Funds Rate at this time, more and more Fed members are expressing concerns about the current very accommodative monetary policy in place. Although home loan rates are not tied to the Fed Funds Rate, I'll be watching this situation very carefully as it continues to unfold.
In addition, Bonds and home loan rates have benefitted lately from the situation in Europe, as global investors have sought the safe haven of our US Bonds. However, as the Euro's freefall is finally showing some signs of stabilization, traders and investors can be very fickle in unwinding or reversing these trades pretty quickly. This could reverse the improvement we've seen in home loan rates, and we saw a sign of that last week. Bonds and home loan rates ended the week a bit off their best levels of the week...but are still incredibly low overall.

Jun 14, 2010 9:30:37 AM