NO BETTER TIME THAN PRESENT FOR REFINANCING
For those considering refinancing their homes, Real Estate Center Chief Economist Dr. Mark Dotzour says there may not be a better time than the present for many years to come.
“Inflation is clearly rampant all over the world, including in the United States,” he said. “When inflation is a problem, mortgage rates go up. Rates probably should be much higher right now, but they aren’t.”
Why are rates so low when inflation is not a fear but a fact? Dotzour says the fear of a global collapse of the banking system is greater than the fear of inflation for the world’s bond investors.
“Wall Street has a name for the phenomenon, and it’s called the ‘flight to quality.’ When investors get concerned about global conditions, the United States is the haven of safety,” Dotzour said. “As investors moved money into U.S. Treasury bonds, the ten-year treasury rate dropped from 5.3 percent in August to 3.7 percent today.”
Dotzour said investors who are using U.S. treasuries as a safe haven are willing to accept a 3.7 percent interest rate even though the U.S. inflation rate is at 4.1 percent.
Once the banking system is repaired and the fear of global collapse of the banks is over, Dotzour predicts treasury rates and mortgage rates will move up, maybe substantially.
“If you believe that we are in for a global financial collapse, then don’t refinance yet because interest rates will continue to fall,” he said. “If you think the U.S. government and the central banks around the world won’t let this happen, then now is the time to get a fixed-rate mortgage at rates we haven’t seen in the past 40 years.”
Source: Real Estate Center
Read MoreTEXAS TACKLING MORTGAGE FRAUD
To better assist Texans who are considering a mortgage loan, the Office of the Attorney General has added new online resources to its website.
In addition, the Texas Residential Mortgage Fraud Task Force, a strategic partnership intended to improve collaboration among residential mortgage regulators and law enforcement officials, was created under House Bill 716.
The task force was mandated to reduce false or misleading information on residential home loan applications. Criminal mortgage fraud includes illegally inflating property appraisals, concealing a second mortgage from a primary lender, and concealing or stealing a borrower’s identity.
Source: Office of the Attorney General
Read MoreLABOR DAY TURNS 125 YEARS OLD!
September 3, 2007 is Labor Day! Did you know that this national tribute to workers in America began with the humble roots of a parade back in 1882? The parade took place on September 5 in New York City and featured 10,000 workers.
By 1893, more than half the states were observing a “Labor Day” on one day or another. In 1894, however, Congress passed a bill to establish it as an official federal holiday, and President Grover Cleveland signed the bill soon afterward designating the first Monday in September as Labor Day.
Today, Labor Day is celebrated around the world. The US and Canada are the only countries that always observe the holiday on the first Monday in September. In Europe, Labor Day is celebrated on May 1 and is known as May Day.
As you enjoy the celebration of Labor Day, don’t forget to pack away your white shoes–they can come out again on Memorial Day!
Read MoreVACATION ALL YOU EVER WANTED…
But Where Does Your Mail Go When You Have To Get Away?
Think about what lands in your mailbox…bank statements, credit card bills, and maybe even DVD’s. Where do they all go when you’re gone? If you’ve been asking a nosy neighbor to pick up your mail-or worse, letting your mail pile up in the box-there’s a better option and it’s easier than ever!
Whether you’re on vacation or an unexpected business trip, you can rest easy knowing your mail is safe and sound by asking the Post Office to suspend delivery while you’re gone. They’ll hold your mail from 3 to 30 days, and then resume normal delivery on the date you specify. It’s convenient, easy to do, and most of all SAFE!
Make It Easier with the Internet
Now you can notify the Post Office to hold your mail in two minutes flat without even leaving your house. Just hit this link, and you can quickly fill out the form online: USPS Mail Hold. If your area isn’t served online, simply call 1 800 ASK USPS (1 800 275 8777) and a representative can assist you.
Then, have the time of your life…without worrying about your mail while you’re gone!
Source: Mortgage Market Guide by Harold Smith
Read MoreQuick fixes for new-looking carpets
Carpets in need of a tune-up? Try these ideas
• First, to really get it clean, sweep the carpet with a broom, which will make the nap stand up and loosen embedded dirt. Next, vacuum the carpet. Your carpet should show a noticeable improvement just from taking these two steps.
• If you have pets and need help neutralizing strong odors, mix one cup Borax with two cups cornmeal. Sprinkle the carpet with this mixture. Let stand one hour, then vacuum. To freshen the carpet, combine three-quarters of a cup baking soda, two tablespoons cornstarch, and one-quarter cup perfumed talcum powder. Sprinkle on dry carpet, let stand five to 15 minutes, then vacuum.
Spot-cleaning tips
DO
• Use a clean white, absorbent terry towel
• Blot or tamp the spot
• Pretest the carpet in an inconspicuous area
• Clean the stain from the edge to the center
• Apply cleaner to the towel
• Clean with modest amounts of cleaning solution
• Adhere to product safety guidelines and general instructions
• Remove the stain as soon as it is noticed
• Remove the dirty excess before cleaning
• Use cleaning compounds at lukewarm temperature
DON’T
• Saturate the carpet with cleaning compounds
• Apply heat or vigorously scrub the stain
• Leave the stain until later
• Fail to remove dried excess stain prior to cleaning
• Forget to pre-test the carpet or stain
Follow these tips, and your carpet will look good as new again in no time.
To contact us to schedule a Free Home Listing Presentation, call us at 214.405.3640 or email us at contact@themattesongroup.com
Read MoreBIG D SHOPPING SPREE
More than 5.7 million square feet of retail space opened last year, the most the area has seen in five years. That is more than 27 square feet for every resident, one of the highest ratios in the country.
The jump in construction outpaced net leasing, which totaled 3.4 million square feet last year, but retail demand was still up about 35 percent from 2005. Much of the new shopping is in north Dallas, Lewisville–Flower Mound, Plano and northeast Tarrant County.
Weitzman Group, which compiled the statistics, predicts 2007 will be a slower year for retail building.
“Construction costs were up about 10 percent in 2006, and we expect the same this year,” said Herbert Weitzman, president of the local retail brokerage company. “I would be more conservative going into 2008.”
Source: Dallas Morning News
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