Market Soars As Fed Cuts Interest Rate

• 9/18/2007 - Market Soars As Fed Cuts Interest Rate
Market Soars As Fed Cuts Interest Rate

Tuesday September 18, 7:40 pm ET By Jeannine Aversa, AP Economics Writer

Federal Reserve Slashes Interest Rate by a Half-Point; Market Soars
WASHINGTON (AP) -- In a bold strike, the Federal Reserve slashed a key interest rate by a half point on Tuesday -- the first cut in over four years -- and left the door open to further relief to prevent a painful housing slump and jarring credit crunch from driving the country into recession.

Wall Street responded enthusiastically, propelling stocks up 335.97 points -- its biggest one-day point jump in nearly five years. Politicians, shaken by record-high home foreclosures, also welcomed the move.

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You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Fed interest rate cut seen this week

By JEANNINE AVERSA, AP Economics Writer 2 hours, 12 minutes ago
WASHINGTON - For the first time in more than four years, the Federal Reserve appears ready to lower interest rates to prevent a housing meltdown and a painful credit crunch from driving the economy into a recession.

A rate cut would affect millions of borrowers, with the intention of getting them to spend and invest more, which would revitalize the economy.

In one of their most important and anxiously awaited decisions, Fed Chairman Ben Bernanke and his central bank colleagues meet Tuesday to determine their next move on interest rates. Those policymakers are widely expected to cut an important rate, now at 5.25 percent, by at least one-quarter of percentage point. Some analysts predict a bolder step, a half-point reduction.

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If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Tighter Mortgage Rules Keep Some Buyers Out

Tighter Mortgage Rules Keep Some Buyers Out

Daily Real Estate News September 14, 2007

Tighter Mortgage Rules Keep Some Buyers OutThe time for a would-be home buyer to think about their credit score is long before applying for a mortgage.Mortgage standards are getting tougher. To qualify for a lower rate, a borrower needs a credit score of at least 680, out of a possible 850, according to a consensus of lenders. Last year, consumers needed a credit score of at least 650. Free credit reports are available online.

The best sites offer results from all three credit reporting agencies, including Experian, TransUnion, and Equifax. One possibility is AnnualCreditReport.com.Next, borrowers should check out their FICO score, provided by Fair Isaac. For $15.95, they can see how they rank.To lift ratings, consumers should make on-time payments and keep their credit card balances below 35 percent of their limits.

Source: BusinessWeek, Emily Thornton and Lauren Young (09/17/07)

If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Likelihood of Fed rate cut less clear

Likelihood of Fed rate cut less clear
By RACHEL BECK, AP Business Writer Sat Sep 8, 12:16 AM ET

NEW YORK - The arrival of September was supposed to bring more clarity to the economic impact of the current credit crisis. Instead, each new bit of data coming out seems to be creating more confusion.

The first labor market contraction in four years, as revealed Friday in a weaker-than-expected jobs report, shows that the housing and mortgage collapse is putting some strain on the economy. And the continued dislocation in commercial paper markets, where companies raise cash to fund their operations, should be taken as a warning sign — in flashing red — that more bad news may be coming.
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If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Taste of Mystic - Saturday Sept. 8 2007

• 9/7/2007 - Taste of Mystic - Saturday Sept. 8 2007

Taste of Mystic 11 a.m. - 9:45 p.m., hosted by the Greater Mystic Chamber of Commerce, on Cottrell St. with 29 restaurants offering a variety of gourmet specialties. Taste Tickets are available now at 860-572-9578


If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Countrywide plans to lay off up to 12,000 workers

Countrywide plans to lay off up to 12,000 workers

Real Estate Articles from Inman News
Loan volume expected to decline 25% in 2008

Friday, September 07, 2007Inman News

Countrywide Financial Corp. confirmed rumors Friday that it plans to make drastic cutbacks in its workforce, with an announcement after the close of financial markets that 10,000 to 12,000 layoffs are planned in coming months.

The layoffs -- which could total up to 20 percent of the company's workforce -- are to take place over the next three months, but might be scaled back if the environment for mortgage lending improves, the company said. Based on current interest rates, Countrywide said it expects loan-origination volume to decline by 25 percent in 2008 compared to this year.

Countrywide, like other mortgage lenders that depended on Wall Street investors to buy the loans it originated, has had trouble funding loans in recent weeks as investors have become concerned about the rise in delinquencies and foreclosures in markets where home prices are falling or stagnant.

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If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Pending Home Sales Index Falls Largely on Mortgage Tightening

Pending Home Sales Index Falls Largely on Mortgage Tightening

WASHINGTON, September 05, 2007 -

National Association of Realtors®

Pending home sales, a forward-looking indicator, shows existing-home sales are likely to decline in coming months as mortgage disruptions work their way through the housing market, according to the National Association of Realtors®.
The Pending Home Sales Index*, based on contracts signed in July, fell 12.2 percent to a reading of 89.9 in July from the June index of 102.4, and was 16.1 percent lower than July 2006 when it stood at 107.1.

Lawrence Yun, NAR senior economist, said abnormal factors are clouding the horizon. “It’s difficult to fully account for mortgage disruptions in the index, and our members are telling us some sales contracts aren’t closing because mortgage commitments have been falling through at the last moment,” he said.

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If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...

Market Conditions Summary for Stonington, Connecticut

National Summary (U.S.)

Sales of existing homes fell in June with some potential buyers staying on the sidelines, but prices rose modestly as inventories eased, according to the National Association of REALTORS®.

Total existing-home sales -- including single-family, townhomes, condominiums and co-ops -- declined 3.8 percent to a seasonally adjusted annual rate1 of 5.75 million units in June from a downwardly revised level of 5.98 million in May, and are 11.4 percent below the 6.49 million-unit pace in June 2006.

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If you are thinking about relocating to Stonington, Groton, Mystic,Norwich, New London or any other town in the New London County area, visit the following web site:

http://www.sectlisting.com/

You will find many useful information and it gives you the ability to search for real estate listings for the entire Connecticut...