Ministers thrash out Eurozone deal

Ministers thrash out Eurozone deal

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Ministers thrash out Eurozone deal

Category: Economy
Date: 27/10/2011

Shares across the Eurozone improved this morning after European Union ministers announced a resolution to the debt crisis talks.

Stock markets jumped in London, Frankfurt and Paris, while the euro rose against the dollar and the pound.

As part of the deal thrashed out by the leaders of the 27 EU nations, private debt owed by Greece will be trimmed in half, with banks agreeing to receive 50% of the money they are owed.

It means that the country will owe 120% of its gross domestic product in debts by 2020, not 180% as would have been the case.

The markets reacted positively to the deal, with the FTSE 100 up by 2.23% to 5677.06 this morning, while the German Dax index rose by 3.68%.

France's Cac 40 index rose by 3.82% following the news, with shares in Greece surging by almost 5%.

Stocks also increased in the Far East and Australia yesterday.

As part of the deal, the size of the Eurozone Financial Stability Facility, which acts as a bailout fund, is set to be significantly increased from 440 billion euros to 1 trillion euros (£880 billion).

The fund has been used to protect bailout economies such as the Republic of Ireland and Portugal, with an enlargement agreed to protect other struggling economies, such as Spain and Italy.

However, there are fears that the 1 trillion euro fund will still not prove to be enough, with the amount at the lower end of what analysts predict is needed.

And to protect against losses from defaults, banks across the EU have been told to raise around 106 billion euros.

It is hoped that by improving their liquidity, the major banks across the continent will effectively shield themselves from private or public defaults.


Source: moneyfacts.co.uk

Housing Market Stumbles, Again

Housing Market Stumbles, Again

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Two weeks ago, mortgage rates fell to new all-time lows and I suggested this might mean we’re on our way to a double-dip recession.

Many of you might say we never got out of the first one, and I might agree. Those Americans who live on Main Street continue to feel the pressure of the stagnant economy and many never felt any sort of recovery took hold.

Whatever the case, the evidence of what Federal Reserve Chairman Ben Bernanke calls a “faltering recovery” continues to mount. Recently released numbers on housing and mortgage trends indicate continued housing market troubles, dwindling incomes for many families and a glut of foreclosures with more on the way.

There’s news on the foreclosure front, and most of it is bad. According to RealtyTrac’s U.S. Foreclosure Market Report for the third quarter, foreclosure filings – including default notices, scheduled auctions and bank repossessions – increased from the second (Q2) to the third quarter (Q3). Though the increase was marginal, many think it’s a sign of what’s to come.

James Saccacio, chief executive officer of RealtyTrac, certainly buys into that line of thinking. “This marginal increase in overall foreclosure activity was fueled by a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the foreclosure fireplace” after spending months trying to clear up foreclosures that may have been involved in the robosigning controversy.

The good news is that foreclosure filings from Q3 2011 are 34 percent lower than Q3 2010, but take that number with a grain of salt: the robosigning controversy caused a lot of banks to put off foreclosures until they cleared up the issues with their old inventory.

Need more evidence that foreclosures might ramp up again? Foreclosure filings increased in Q3 in 21 of the 25 metropolitan areas with the highest foreclosure rates and populations of 200,000 or more.

According to CoreLogic’s recent release on U.S. Housing and Mortgage Trends, equity values have dropped over 10 percent from July 2011 and home prices have remained flat. This is due largely to the aforementioned glut of foreclosures, which sit on the market for months and drag home prices down with them. (One economist postulated that home values drop 1 percent for each foreclosure in the neighborhood.)

The RealtyTrac report shows market time for foreclosures at a record high in Q3, sitting on the market for an average of 318 days. Those that don’t sell are returned to the bank and become REO’s, sitting on the market for an average 193 days before being sold. If the reports are correct and foreclosures are on the increase, market time for both foreclosures and REO’s could get even longer due to the sheer number available.

Existing home sales fell 3 percent last month, according to the National Association of Realtors, which surprised many in the industry who were expecting something better - especially since mortgage interest rates are still at near-record lows. Home sellers are poised to sell about 4.91 million homes this year - about the same number as in 1997. Demand still isn’t strong enough for a true housing market recovery.

When you add new housing starts into the mix of existing homes on the market and foreclosed and bank owned homes waiting to be sold, you begin to get a picture of how oversaturated the market still is. Housing starts for privately owned housing were up at an annually adjusted rate of 15 percent from August, and single-family housing starts were up at an annually adjusted rate of 1.7 percent from August. This means more homes will be added to a housing market already drowning in inventory.

With the unemployment rate still high and the Federal Government deeply in debt, it’s unlikely the housing market will bounce back in the near future. In fact, CoreLogic’s report indicates the median household income nationwide fell from 2009 to 2010, down 2.3 percent to $49,500. With falling incomes and tighter credit restrictions, many of these would-be homeowners are unable to take advantage of the falling mortgage rates. Factor in the falling value of the dollar and you’ve got the answer to the question everyone’s asking: why aren’t houses selling?

It’s tough to stomach the thought of a double-dip recession when we’ve barely recovered from the most recent one, but it looks like we might be headed in that direction.

More on MoneyWatch:


Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.comand The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.

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The answer is simple, but greed prevents it . . . . just keep lowering the price of the homes until they do sell . . . . otherwise, the banks are going to be saddled with high costs of maintainence of them, or downright decay of them, to the point that they become worthless. Start putting them back in the hands of the American public, and they will automatically start to appreciate.


Source: moneywatch.bnet.com

Nationwide wants kids to notice savings

Nationwide wants kids to notice savings

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Nationwide wants kids to notice savings

Category: Savings
Date: 24/10/2011

Nationwide BS has added to its range of children's savings accounts with the launch of a new 90 day notice account.

Paying 2.10%, the 90 Day Smart Saver is amongst the best rates around from a high street bank or building society for a notice account of this kind.

However, existing mortgage, savings and current account customers who have been with Nationwide for at least three months are being rewarded with a loyalty product paying a rate of 3.05% until 31 January 2013.

Early access to money is allowed albeit for the loss of 90 days' interest.

Both these accounts must be opened and operated by an adult over 18 as they are aimed at parents and grandparents who are looking to save for their child's future.

Four out of five Moneyfacts stars are richly deserved.

Find the best savings rates for your child - Compare savings accounts

Read our Changes to Child Trust Funds Guide

Download FREE Child Savings Plan brochures

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Savers continue to build ISA savings

Savers continue to build ISA savings

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Savers continue to build ISA savings

Category: Savings
Date: 26/10/2011

Savers have continued to build up their ISA savings, with people squirreling away an average of more than £8,000 in their tax-free accounts.

The accounts have proved a rip-roaring success since they were launched in 1999 and are the second most common personal finance product in the UK , behind the current account.

It is thought that 40% of households in the UK are saving into an ISA account.

And research conducted by Halifax has revealed that the average ISA balance is now £8,505 – the equivalent to a third of the national average pre-tax annual earnings of £27,235.

It is the older generation that are leading the way in the savings stakes, figures show.

Savers aged between 55 and 64 have an average balance of just more than £11,000, rising to almost £12,500 for those between 65 and 74.

Savers aged 75 or more having the biggest ISA savings cushion in the UK , with just over £14,100 stashed away for a rainy day.

By contrast, savers in the age band 25 to 34 have an average balance of £3,100 (64% below the average for all savers) and those who are between 35 and 44 have an average ISA balance of £4,798.

There is also a divide in savings between the North and South of the UK .

ISA customers in South Buckinghamshire have the highest average balance, which at £11,059 is 30% higher than the UK average of £8,505, with Harrow (£10,976) and Chiltern (£10,958) following closely.

Twenty-two of the 30 local areas with the highest cash ISA balances are in southern England , with the South East holding the highest average balance by region of £9,142.

At the other end of the spectrum, there are four areas where the average balance is below £6,000: West Lothian (£5,889), Newham (£5,835), Glasgow City (£5,750) and Hackney (£5,455).

Currently ISA savers are allowed to save £10,680 a year, £5,340 of which can be invested in a cash ISA.

The limit will increase to £11,280 from next April as a result of September's high inflation figures.

To begin your search for a cash ISA with a cracking rate of interest, head over to the Moneyfacts.co.uk Best Buy tables.

Looking for a Cash ISA - Compare cash isa rates and best isa rates for transfers

Request a FREE ISA Savings brochure now

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Halloween 2011: The 10 Spookiest Cities in America

Halloween 2011: The 10 Spookiest Cities in America

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Don’t miss my Hollywood Haunted Houses, 10 Spookiest Cities in America, and How to Throw a Halloween Party.

We love Halloween in the U.S. – it’s the second biggest holiday in terms of retail sales behind Christmas. That says a lot, considering there are no gifts required. Halloween spending is expected to reach more than $5 billion this year despite the difficult economy, with that money going towards everything from candy and costumes to pumpkins and hayrides.

With this beloved holiday right around the corner, it’s only fitting that we visit this year’s Top 10 Spookiest Cities in America, courtesy Realtor.com. There are a few repeats from last year’s list, and plenty of newcomers, all guaranteed to scare you silly this Halloween.

Is your hometown on this list?


Source: moneywatch.bnet.com

Frances Bean Cobain Purchases West Hollywood Home

Frances Bean Cobain Purchases West Hollywood Home

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The offspring of bonafide rock royalty is all grown up and ready to invest in her first home. Frances Bean Cobain, the daughter of 1990s grunge movement icons Kurt Cobain and Courtney Love, had a rather unorthodox upbringing, but is ready to come into her own.

Frances Bean was less than two years old when her famous father committed suicide at just 27 years of age, joining the ranks of Jimi Hendrix, Janis Joplin and Amy Winehouse, all of whom perished at the same point in their talented lives. While young Frances may not have many memories of dad, Cobain did leave his daughter a tremendous musical and financial legacy.

Kurt Cobain’s estate has an estimated value of $450 million, of which his daughter is entitled to 37 percent. That means the 19 year-old is worth $170 million at an age when most kids are just entering college. Frances Bean gained control of her legacy in August of 2010.

According to real estate website Zillow, Ms. Cobain has purchased her first home in West Hollywood, Los Angeles, California, for a price of $1,825,000.

Images Courtesy of Zillow

The white stucco, Spanish-style home was built in 1930 by architect Carl Jules Weyl. The four- bedroom, three and a half-bathroom property boasts 3,350 square feet of living space and sits atop a quarter-acre lot.

The home, located a short distance from the trendy Sunset Strip, is awash in art-deco features such as  mosaic interlays and decorative ironwork (pictured below).  A detached garage was converted to a studio or office space - which is perfect if Frances Bean decides to further the music career she started in 2010, singing on a track with modern rock band My Chemical Romance.

The young star, despite the well publicized troubles of mother Courtney Love, has managed to stay away from the spotlight in large part. This is especially amazing given her uncanny resemblance to her late father. She has done some modeling and is most famous for the acting roles she hasn’t accepted. It has been reported that she turned down the high-profile parts of Bella in Twilight and Alice in Tim Burton’s Alice in Wonderland.

No matter what career decisions Frances ultimately makes, it’s clear that she’s a solid real estate investor. She purchased her moderately priced home (by Hollywood standards anyway) for a full $65,000 less than the original asking price.

More on MoneyWatch:

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.comand The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.

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Awwwww, how cute! Our little girl is growing up and can afford
a house costing several times what most Americans will make in
a lifetime. And a bargain to boot!


Source: moneywatch.bnet.com

Pension numbers fall again

Pension numbers fall again

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Pension numbers fall again

Category: Pensions
Date: 27/10/2011

The number of people actively paying into a work pension has fallen again, and is at its lowest level for decades.

The Office for National Statistics (ONS) revealed that the number of people who paid into an occupational pension fell from 8.7 million to 8.3 million last year.

It is the lowest level of active pension membership since the 1950s.

Figures show that of the 8.3 million workers who paid into a pension last year, 5.3 million were in public sector schemes and three million in private sector schemes.

The fall in numbers has been blamed on the continuing trend of private firms closing final salary schemes.

Of 400,000 who stopped paying into a work pension, 300,000 came from the private sector, with just 100,000 from the public sector.

The number of people paying into a private sector pension has more than halved from the 1991 peak of 6.5 million members.

By contrast, the number of people paying into a public sector scheme is just marginally below the record level of 5.5 million that was recorded in 1979.

With the UK struggling to pay its debts and an ever-ageing population, the Government will see today's figures as a blow.

It is hoped that new rules that are to be phased in from next year will reverse the tide and dramatically increase the number of people paying into a company pension.

The scheme will mean that employers are automatically enrolled onto the state sponsored NEST scheme or a company plan.

Up to nine million people will be automatically enrolled onto a pension scheme, but the National Association of Pension Funds has warned that many people will opt-out.

Last week the body said that one in three people would choose to leave the pension they were entered into, meaning three million people could reject the chance to start building up a retirement nest egg.

Find the best pension for you -Compare pensions.

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Half of parents lack a financial plan

Half of parents lack a financial plan

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Half of parents lack a financial plan

Category: Insurance
Date: 26/10/2011

UK families are putting themselves at huge risk by failing to take steps to secure their financial future.

Over half (52%) of parents with dependant children have no financial plan in place, leaving their families at the mercy of events such as job losses or ill-health.

Just half of parents have some type of life insurance cover in their plans to financially support their children.

Worryingly, just a fifth of people without life cover said they recognised that their financial approach could put their family at risk if something unforeseen were to happen.

Just 18% of parents plan ahead for unforeseen medical expenses, while retirement planning actually becomes a lower priority when people have children; 67% of childless adults have retirement finances in place, falling to 56% of those with children.

And despite 81% of parents aspiring to pass on wealth to their children when they die, tax and inheritance planning are overlooked by most.

A concerning 65% of parents in Britain have not made a will while just 27% of adults with a child have a plan for passing on their inheritance.

"The fact that such large numbers of households are not planning ahead is leaving families greatly exposed to unforeseen events," saidChristine Foyster, head of wealth development at HSBC.

"Protecting the household's financial assets during parents' working lives will not only ensure that families can cope if there is a change in circumstances, but should also be seen as an important part of preparing for retirement.

"It is crucial that parents the world over act now to secure their families' future - and financial services providers must do as much as possible to help people make provisions for every eventuality."

Compare insurance providers

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Manchester BS has five star ISA appeal

Manchester BS has five star ISA appeal

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Manchester BS has five star ISA appeal

Category: Savings
Date: 25/10/2011

Manchester BS has unveiled a five star ISA certain to appeal to savers.

Paying 3.10%, the Premier ISA offers a market leading variable rate for the discerning tax-efficient ISA saver.

That withdrawals and transfers out from the account are allowed either after 35 days' notice or for the loss of 35 days' interest if you can't wait is a welcome option.

A minimum investment of £1K is required, while the account also accepts transfers in from other ISA providers.

However, it is worth considering that the rate includes a bonus of 1.50% for 12 months, making a review of the account's competitiveness essential in a year's time.

For offering a top rate and a wealth of options, this account has been awarded the full five out of five Moneyfacts stars.

Find the best savings account for you - Compare fixed rate cash ISAs

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Junior ISA awareness lacking as launch nears

Junior ISA awareness lacking as launch nears

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Junior ISA awareness lacking as launch nears

Category: Savings
Date: 25/10/2011

A lack of awareness of the new Junior ISA which is to be launched next week could see kids miss out on millions of pounds in savings, it has been warned.

Around three quarters of parents know nothing about the new tax efficient savings accounts that are being introduced from 1 November to replace the child trust fund, according to Family Investments.

The research suggests that as many as half a million of the 700,000 children born so far this year are unlikely to have an account opened on their behalf, mainly because parents do not have a clue they are being introduced.

As of next Tuesday, the parents of anyone born on or after 3 January 2011 will be able to open a Junior ISA for their child, as will those who have a child under age 18 who does not have a child trust fund.

Parents, grandparents, other family members and friends are all allowed to make payments to the account (as are the children themselves!) up to a maximum of £3,600 per year.

As is the case with the adult version of the ISA, it is possible to invest the money in stocks and shares, cash or a combination of the two.

Any money that goes into the Junior ISA cannot be accessed until the child reaches 18 – and at that point, it is only the child who can access the money, not the parents!

Despite the low awareness levels of the new products, more than three quarters of parents believe that saving for their children is important.

Furthermore, when the concept of the Junior ISA was explained, six in ten said they thought it sounded attractive.

Kate Moore, head of savings and investments at Family Investments, said that based on the provider's experience with child trust funds, parents contribute an average of £27 a month to the accounts.

"Applying these figures to Junior ISA, newborn children could miss out on up to £165 million within the first year of the new scheme alone," she added.

"In many ways this is just the tip of the iceberg as the Junior ISA is open to any child aged under eighteen who does not have a child trust fund."

Keep a close eye on Moneyfacts.co.uk for more Junior ISA news both as the launch date approaches and when the accounts are finally introduced.

Find the best savings rates for you - Compare savings accounts

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Product focus: No notice accounts

Product focus: No notice accounts

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Product focus: No notice accounts

Category: Savings
Date: 27/10/2011

No notice savings accounts are a popular choice among savers as funds can be accessed without advance notice or penalties.

Here is a selection of the current best online easy access savings deals.

Derbyshire Building Society
Derbyshire
Building Society - NetSaver Issue 2

This account pays a market-leading annual rate of 3.16% including a bonus of 2.16% until 31.1.13. Savers can invest between £1,000 and £1 million. No advance notice is required to access funds, although all withdrawals must be made via a nominated account. The account can be operated online only by savers aged 16 and over.

Santander
Santander
- eSaver Issue 4

The eSaver account pays a rate of 3.10% on its anniversary including a bonus of 2.60% for twelve months. A monthly interest option is available at 3.06% including a bonus of 2.56% for twelve months. Investments range between £1 and £2 million. Funds can be accessed without advance notice or penalty. The account is available to savers aged 16 and over online only.

Nationwide BS
Nationwide Building Society - MySave Online Plus Issue 4

This online account pays a monthly rate of 3.08% including a bonus of 1.58% for twelve months. Savers can invest between £1,000 and £3 million. One notice and penalty free withdrawal is allowed per rolling year. If more than one withdrawal is made in the twelve moth period, a lower rate of 0.10% will be paid for the month in which the withdrawal was made. The account is available to savers aged 16 and over and can e operated online only.


Source: moneyfacts.co.uk

New Mortgage Rules Offer Help for Struggling Homeowners

New Mortgage Rules Offer Help for Struggling Homeowners

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Dear IIyce,

This NEW program, will not work. IT stinks.

It will not help ANYONE who has missed 1 payment, and there are millions in this category, from what I see / read, and it is made to cover the Butts and Incompetence, and Greed of Fannie Mae, / Mac, BOA [ Bank of America, - Wells Fargo - CITI BANK / Corp? Solomon Bros., Stanley Morgan, ?- etc. etc. etc.]

Take the time to read my letter to Ga., US Representative Barrow, and Senator Isakson, noted below, which gives you 1 segment of numerous Failures by BOA, it staff, and management, where The Incompetence, DELIBERATE INDIFFERENCE, as well as Appalling Dumb / Ignorant failures from the Banks, and money feeders, MAE / MAC, are ongoing. etc.

This program, AGAIN, is looking to HELP The Banks, NOT me, or Millions like me. It is another Absurd Useless effort from people who are out of touch with the real world, much less reality.

I have been dealing with this Absurd Mess since July, 2010, and over the last 14 months, BOA has ignored my documentation, sought ABSURD documents that have nothing to do with me, my money or my house ownership, where they simply ignore me, my requests for Valid Federally mandated Documentation, etc.

Perhaps someone will wake up in the US Government, and Focus ON The People, as in "We The People" not we and them Billion Dollar Corporations.

I am at jsourdough843@gmail.com, I will look forward to your response.

Cordially,

Joe Schlegel
762 Old Mcleod Br. Rd.
Adrian, Ga. 31002
478-469-3266


Source: moneywatch.bnet.com

Landlords warned over new rental rules

Landlords warned over new rental rules

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Landlords warned over new rental rules

Category: Mortgages
Date: 26/10/2011

Landlords who rent out homes to students or large groups of other people have been warned not to get caught out by new rules.

The Association of Residential Letting Agents (ARLA) has said that many local authorities have indicated their intention to change the rules surrounding homes inhabited by groups of unrelated people, known as Homes in Multiple Occupation (HMO).

Until last year, landlords only had to apply for an HMO licence if the property had six or more unrelated tenants with shared amenities such as a bathroom or kitchen over three levels.

However, the rules – know as Article 4 – now cover any home with three to six tenants who share common facilities.

Landlords who do not get permission to change their property to a HMO, but rent it out as such, risk being hit with hefty fines.

While the new rules are optional for authorities to implement, ARLA has said that it is more likely to be enforced in areas with a high density of smaller and larger HMO properties - for example in city centres or where there are student communities.

ARLA is advising landlords to check with their local authority or a licensed ARLA agent before altering a property to accommodate an increased number of tenants or purchasing such a property for investment.

"HMO licensing and planning applications are not a new issue for landlords, but now there is the added complication of Article 4," Ian Potter, Operations Manager at ARLA, said.

"There is no room for complacency - failure to comply could result in a hefty fine.

"It is therefore important for any landlord considering changing the use of a property to fully research the regulations in their area.

"For landlords with portfolios spanning more than one local authority area, this may mean different rules apply for each property. Factoring in the possible additional costs of purchasing the licence is also vital."

Find the best mortgage rate - Compare best selling mortgages

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Half of tenants trapped in rental sector

Half of tenants trapped in rental sector

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Half of tenants trapped in rental sector

Category: Buy To Let
Date: 25/10/2011

Over half of tenants in the UK are 'trapped' in the rental sector, wanting to buy a house but unable to afford to, new research has revealed.

According to Rightmove, 55% of renters have been forced to put their property ownership dreams on hold because of a lack of funds.

Worryingly, over a quarter (27%) of those who claim to be trapped are over the age of 40, and face the challenge of either trying to pay off a reduced mortgage term or else become an 'OAP mortgagee' should they eventually raise the money to buy.

Meanwhile, the gap between rental demand and supply has continued to widen further.

While the number of people searching for somewhere to rent continues to reach new highs, the number of properties available to rent has continued to dwindle.

The supply of new buy-to-let homes has remained muted during the last quarter, while tenants scared they might not find a new place to rent are choosing to stay in their properties longer.

As a consequence of the growing disparity between supply and demand, the forecasts are that rents are set to rise even further, with over half of tenants anticipating their landlords will be charging them more in 12 months' time.

"The momentum of the runaway rental train shows little sign of slowing," said Miles Shipside, director of Rightmove.

"New tenants are still looking to clamber aboard in their search and are finding a dwindling number of places to rent as existing tenants have limited exit opportunities and stay put.

"The rental journey is the only real option for many, and the majority seem resigned to having to pay more."

The latest data from the British Bankers' Association (BBA) suggests that landlords are attempting to take advantage of the boom times which have recently characterised the buy-to-let market.

According to the UK 's high street banks, mortgage activity increased last month thanks mainly to growth in the buy-to-let mortgage market.

"A modest stimulus to gross mortgage lending is coming from the buy-to-let sector as rental yields continue to improve," said David Dooks, BBS statistics director.

Find the best mortgage for you - Compare buy-to-let mortgages

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Sainsbury’s Finance launches new bonds

Sainsbury’s Finance launches new bonds

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Sainsbury’s Finance launches new bonds

Category: Savings
Date: 26/10/2011

Sainsbury's Finance has launched a range of new bonds, with its one year option the pick of the bunch.

The One Year Fixed Rate Saver pays 3.40% yearly or months on a minimum investment of £1K.

The account is operated online or over the phone, allows no early access or additions and has a maximum investment cap of £50K.

After a short absence, this new short term savings account has put Sainsbury's Finance back in the top ten of one year bonds.

Four out of five Moneyfacts stars have been awarded.

Find the best savings accounts for you - Compare fixed rate bonds

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Setting goals pays off for savers

Setting goals pays off for savers

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Setting goals pays off for savers

Category: Savings
Date: 25/10/2011

People who set themselves savings goals end up putting aside over £40 extra per month compared with those who have no target, research has revealed.

Savers who have a regular target in mind manage to save an average of £140 per month, according to National Savings and Investments (NS&I), some 44% more than the £97.28 put aside by those without a firm objective.

It means that over the course of a year, target driven savers are around £500 better off than their more laissez-faire counterparts.

Disappointingly, however, despite the clear boost to savings that having an objective provides, less than a third of Britons actually set a goal and save for something specific.

For those who do have a target, the biggest motivation is to buy a property, with saving for a holiday and for an emergency close behind.

"Our research shows that savers who set specific targets stand to reap the rewards," said NS&I savings spokesperson John Prout.

"For instance, an extra £40 a month saved could cover the cost of insuring your car for a year, or perhaps pay for that very special weekend break.

"Setting a specific objective is a good way to stay motivated, even if it's only a small amount being set aside each month."

Elsewhere amongst the research it was revealed that savings levels have dropped for the second quarter in a row, despite increases in people's average monthly income.

As a result, Britons are now setting aside just 7.49% of their income every month, down from 8.31% in spring 2011.

A quarter of people are now saving less than £50 per month.

Find the best savings rates for you - Compare savings accounts

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

Halloween 2011: Hollywood Haunted Houses

Halloween 2011: Hollywood Haunted Houses

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AppId is over the quota

Don’t miss my Halloween list of this year’s 10 Spookiest Cities in America, last year’s list of Hollywood Haunted Houses and these great tips for throwing your own Halloween party!

We already know which cities are the 10 Spookiest Cities in America, but what about some of the most haunted places in those cities?

Hollywood might not be the most haunted, but it did rank sixth on the list of the top 10 scariest towns in the nation and is probably the most well-known of them all.

Last year we celebrated Halloween by looking at the spookiest cities of 2010 and the locations in Hollywood known for celebrity ghosts. But what about those places in L.A. haunted by everyday residents? After all, the movie capital of the world is home to many who never made it into the movies.

Here is a list of some of Hollywood’s haunted hotspots, according to L.A. Tourist.


Source: moneywatch.bnet.com

Saffron BS steps up to business plate

Saffron BS steps up to business plate

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Saffron BS steps up to business plate

Category: Business
Date: 24/10/2011

Saffron BS has given businesses a welcome boost with this latest review of its Corporate Savings Bonds.

The changes have seen the rate increase on the lower tier of £5K to match that already paid on the £250K tier.

For the six month bond, the rate paid is now 2.25%, while the 2.50% paid on the one year account means the bond now offers a return which is amongst the best that a business looking for a short term home for any excess funds can find.

Early access to funds is available, although the account will have to be closed and a penalty paid.

However, for a top notch rate, four out of five Moneyfacts have been awarded.

Looking for the right Business account? Compare Business accounts

*Product information and availability is correct as of the date of publication (shown at the top of the article). Products may be withdrawn by their provider or changed at anytime.


Source: moneyfacts.co.uk

FSA outlines crackdown on packaged accounts

FSA outlines crackdown on packaged accounts

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FSA outlines crackdown on packaged accounts

Category: Banking
Date: 27/10/2011

Banks will have to check a customer's suitability for a packaged account before selling them one under new rules put forward by the Financial Services Authority (FSA).

Around ten million Britons currently have a packaged current account, paying between £5 and £25 a month for the privilege, with the number of different packaged accounts doubling over the last five years.

The accounts offer customers all the benefits of a current account with a range of additional extras such as insurance cover, travel insurance and certain security features.

The FSA is concerned that while some people can benefit from packaged accounts, others may not.

The regulator has said that banks and building societies selling insurance as part of their packaged accounts must:

Check whether the customer is eligible to claim under each policy and share that information with them; Provide customers with an annual eligibility statement prompting them to check whether their circumstances have changed and whether the policies continue to meet their needs, and;If the sales adviser is recommending a packaged account they must establish whether each policy is suitable for the customer and alert them if some are not.

"For some people packaged accounts represent good value and convenience," said the FSA's director of policy, Sheila Nicoll.

"But in other cases customers may find that the insurance cover they have paid for is useless.

"We are concerned that it may be too easy at the moment for firms to sell customers something they do not understand or need.

"We want to make sure that packaged accounts are only being sold to customers who have actively decided it is the right product for them."

The FSA has asked that banks and building societies reply to the consultation by 27 January 2012, with the rules likely to be announced in July 2012.

Find the best bank account for you - Compare bank accounts


Source: moneyfacts.co.uk

Tom Brady Selling Boston Condo

Tom Brady Selling Boston Condo

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Three-time Super Bowl Champ (2002, 2004 and 2005) and two-time Super Bowl MVP Tom Brady is the apple of the football world’s eye. The New England Patriots’ marquee player has been routinely called the best draft pick and the greatest quarterback of all all-time.

These accolades are not without merit. Brady’s accomplishments speak for themselves. He has been invited to seven Pro Bowls, led the Patriots to an undefeated regular season in 2007 and has taken four trips to the Super Bowl in a stellar 10-year career. Legions of football fans respect him for his talent, drive and determination.

Images Courtesy of Zillow

It has not escaped the attention of the ladies that Mr. Brady is also rather easy on the eyes. He has gained additional fortune and fame with a list of celebrity endorsement deals and modeling contracts for brands such as Stetson, Ugg Boots and Movado watches. In fact the only person better looking than the star quarterback may be his wife, Victoria’s Secret supermodel Gisele Bundchen.

The glamorous couple married in February of 2009, and Gisele gave birth to son Benjamin later that year. And now, for a discounted price of $10.5 million, you can own the Boston penthouse apartment where the photogenic pair started their life together.

The Beacon Street luxury home has been on the market for nearly two years. Brady thought he had a buyer in 2009, but the deal fell through and the price has since been lowered $400,000 (from $10.9 million). The 5,311 square foot abode is hardly your average condo.

The cavernous penthouse features three bedrooms, three and a half baths, a luxurious master suite, and a full-service gym for those off-season and post-natal workouts.

Much to the chagrin of Boston locals, Tom and Gisele have not lived in the area for some time. It seems that over 5,000 square feet still wasn’t enough space for Brady’s many trophies. The couple currently resides in a $20 million, 22,000 square foot mansion in the tony Brentwood section of Los Angeles, California.

Discounted price notwithstanding, the Bradys can afford to wait for a qualified buyer. NBC Sports reports that the couple earned a combined $51.5 million in 2010 alone.

What do you say football fans? Is Tom and Gisele’s Boston penthouse a touchdown?

More on MoneyWatch:


Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.comand The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.


Source: moneywatch.bnet.com

The Festival of international food of delicious Quicken loans

The Festival of international food of delicious Quicken loans

photo 41 e1319661522401 225x300 The Delicious Quicken Loans International Food FestivalGUYS, LAST FRIDAY WAS THE BEST DAY OF MY LIFE. Well, I can be exaggerating, but only slightly. Last Friday was the 2nd International Food Festival annual in Quicken loans and was excellent!

Festival of international food (FIB) is has quickly become my favorite day at Quicken loans and all the fun activities that occur on a daily basis, that is to say much here. IFF is a party of huge potluck with ethnic food prepared by our own members and Marketing. All members of the team were invited to taste food from over 20 different countries and enjoy the music of the world and culture in our downtown Detroit Office.

In addition to eating ourselves in some of the most delicious food you know that they exist, were awarded prizes to the best 10 most popular dishes and the proceeds from the event went to a good cause. Was a win - win everything! With the exception of my waist. My waist was certainly a loser that day that they huddle all foodstuffs which could be in a single plate and ate…and ate…and ATE.

A curry of chicken from Pakistan took the bronze, chicken 65 of the India took the silver and the highest award was for a delicious paneer issue, also from the India. Sincerely I do not have a single dish which was fantastic. It was a wonderful to share with our entire team day and already I'm looking forward to next. Until then, will continue to work out of the numerous and unsightly pounds has been added. And then you pack them all in new forum next year! It is a vicious circle. Deliciously vicious.

Here are some photos of the event:

photo 1 300x225 The Delicious Quicken Loans International Food FestivalKou Shui chicken from China

photo 21 e1319661770763 225x300 The Delicious Quicken Loans International Food FestivalThe winning dish!

photo 3 e1319661828330 225x300 The Delicious Quicken Loans International Food FestivalThe awards!

photo 42 e1319661931553 225x300 The Delicious Quicken Loans International Food Festival1/3 of the extended total


bookmark The Delicious Quicken Loans International Food Festival Having perfected the art of karaoke in the past 10 years, Amber is happy to teach about karaoke, the song and how selection label "jam" into the microphone. If karaoke is not the thing, Amber can also help you with their personal finance problems. Perhaps it even do in song! If you're a Material Girl, or if it is hard work for money, Amber has you covered.

Source: http://www.quickenloans.com/mortgage-news/feed

Sellers: You've got to be realistic

Sellers: You've got to be realistic

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AppId is over the quota

When it comes to pricing a for-sale home, realty pros have two words of advice for home sellers: be realistic.

But what does "realistic" mean in the context of the slow sales and falling prices that characterize many housing markets today?

The answer, according to David Moody, a broker at ERA Sunrise Realty in Athens, Ga., is that your home should be priced within the data set of similar homes that are for sale or recently have been sold in your neighborhood. These homes, known as "comparables" or "comps" for short, represent the going prices for similar homes. Pricing yours within this range should attract prospective buyers to your home.

How to sell your home in 24 hours

"Realistic, to me, means price it within the data set of the neighborhood that will allow you to get buyer traffic," Moody says. "If you price at the upper end of that range, you may not get any, or only very little, activity."

"Realistic" also means being honest with yourself about your home's condition, since price is a function of condition as well as style, size and location.

If your home is new or has been updated and is well-maintained, you should be able to price it at the higher end of the range. If it's outdated and has a lot of deferred maintenance, be smart and price at the lower end.

5 tips for first-time sellers

"The two biggest factors in selling a home are number one price and number two condition," Moody says. "And you could almost flip-flop that and say condition is number one and price is number two. You have to win the beauty contest and the price war."

If your house possesses a unique characteristic, you might be able to price it a little higher, but only if that characteristic is highly desirable to buyers in the area, according to Allyson Bernard, owner of Real Estate Professionals of Connecticut in Danbury. For example, a home equipped for aging in place would be more desirable in a locale that's attractive to seniors.

When you review your comps, consider how long each house has been for sale, a figure referred to as "days on the market," often abbreviated as "DOM." Homes that are currently for sale, but have been on the market significantly longer than the average DOM in the area are probably overpriced, Moody explains.

Also consider each comp's history. If a house was listed for sale more than once before it was sold or taken off the market, the latest DOM listed could be misleading.

5 outside-the-box secrets to help sell your home

Don't rely on comps that you find on websites because that information might be inaccurate.

The experts say that you should give greater consideration to "active comps"--those currently for sale--than "closed comps"--those which have already been sold.

Bernard explains that while closed comps are based on prices buyers agreed to pay several months ago, active comps represent the current "competition" for your home. If prices have dropped, old comps can prove misleading.

"The Internet has a lot of good information and a lot of bad information," Bernard warns. "Vet the information you get with your Realtor, so you'll know what's real and not real, or actual and not actual, in your market."

Home staging: Hiring a home stager can enhance your home's appeal, but don't count on staging to deliver a higher price.

"Staging is not necessarily going to make it worth more," Bernard says.

The appraised value: Your home's appraised value might be a valid concern, since a buyer might demand a discount if an appraiser's opinion falls short of the agreed-upon purchase price.

But Moody says you should cross the appraisal bridge during the transaction, not as part of your pricing strategy. So appraisal concerns aside, your price should be low enough to generate buyer traffic, yet not so low as to leave money on the table.

"I would rather our sellers take the risk that [the house] might appraise for what a willing buyer would be willing to pay," he says, "rather than trying to reduce [the price] and then the seller suffers some loss of equity."

The bottom line is that, as a seller, you have to price your house realistically or it won't sell in today's market.

"It's not a market in which the seller is in charge and can take a piece of spaghetti with a price attached to it and throw against the wall and see what sticks," says Bernard.

MGMarcie Geffner is a freelance real estate reporter and writer whose news stories, features and columns have been published by dozens of newspapers, magazines and Web sites. She is a former managing editor of Inman News, senior editor of California Real Estate magazine and board member of the National Association of Real Estate Editors (NAREE).


Source: library.hsh.com

Respond to questions of loan VA - Wednesday Watch-It

Respond to questions of loan VA - Wednesday Watch-It

Screen shot 2011 10 12 at 11.18.54 AM 300x167 VA Loan Questions Answered – Watch It Wednesday We have a gift for all of our faithful Watch-It followers Wednesday out there.

This week we are going to discuss loans are going, how to qualify for a loan of going and what are the benefits of a loan goes from one of our loan specialists will, Adam Lesner.

Not only is Adam Lesner capable of responding to any of your questions about loans going, he also happens to be a veteran of Marines working in our team here at Quicken loans.

Let's take a look to see what Adam has to say!

If you cannot see the video incorporated below, please click here.

Transcript:

Eric: Eric Mally with the Zing! Blog here with another segment of "Ask banker!"  This week, may deal with VA loans and talk about the carrier classic Quicken Loans slowly with one of our members team happens to be a veteran.  Take a look and see what we have for you this week

Eric: Why I am here today with Adam Lesner.  Adam Lesner is one of our loans will specialists here at Quicken loans.  Now, Adam, received this question much: what a loan will?

Adam: It is quite simple.  It loans are designed to ensure that veterans take advantage of its service, and there are plenty of great benefits to the same.

Eric: Now said 'great benefits,' what kind of benefits come with a loan is going?

Adam: Well, you have zero down first, which is very rare: it is almost impossible to find a loan now.  And there is no PMI, which is enormous.  This could be a couple hundred dollars to your monthly payment.

Eric: Is impressive.  Now, let's say that I am a veteran, how could qualify for a loan of will?

Adam: Well you really have to be active for 90 days or have an honorable discharge or be a reservist for six years to be eligible.

Eric: Fun now, made about Adam is Adam is really one of our veterans.  Do you why not tell us a little about his service in the Marine Corps, right?

Adam: Yes, I was in the Marine Corps for four years.  I went twice to Iraq and it was a fantastic experience.

Eric: Well thank you very much for your first service off.  Also, Adam assist Quicken Loans Carrier Classic in San Diego, right?

Adam: Yes.

Eric: Now, how to get your tickets?

Adam: Well, you know, Quicken loans is great.  They always try to return veterans and I could put a plane as a veteran, and he played and got elected with a guest!

Eric: You have a guest?  Or do you want to take me with you?  Because I do not care that a trip to San Diego to see this game!

Adam: I am actually taking my wife Jenna.

Eric: Well, if he returns to at the last second, don't forget Eric Mally give a so-called Jenna here.  Now, what are your thoughts on Quicken Loans sponsor classic cardholder?  A pretty big deal; you know, the first game on an aircraft carrier.  Do feel knowing that the company is working to be above all a veteran, how does sponsoring a major event?

Adam: You know, it's very exciting.  It makes me proud to work for a company that values the service.

Eric: Well, surrounds our "ask a banker"  Tune in next week.  Maybe we we will give back and we can try to stump him next week.  Adam, thank you very much for your time!

Adam: sure.

Eric Mally is a collaborator of Zing Blog Quicken loans.  Connect with us on our Facebook page and our Twitter page to find all the ways we're designed to Amaze.


bookmark VA Loan Questions Answered – Watch It Wednesday How he described Eric? In three words, it would be "humorous", "sports nut", "without mercy" and "delivered." He has a proclivity to quote Larry David, see countless hours of sports Detroit and wait in line for new Air Jordan shoes the day out. When blogs about finance, Eric may not be used with her dog "The Dude" (his Dudeness or Duderino if it is not in the whole brevity thing) or thinking of what might have been if his rap career took off in the seventh grade.

Source: http://www.quickenloans.com/mortgage-news/feed

Mortgage rates higher again, but sustained upward trend unlikely

Mortgage rates higher again, but sustained upward trend unlikely

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AppId is over the quota
Foster City, CA (PRWEB) October 19, 2011

Rates on the most popular types of mortgages increased for a second week in a row but remain near record lows, according to HSH.com's Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by 8 basis points (0.08 percent) to 4.26 percent. Conforming 5/1 hybrid ARM rates increased by only 3 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.11 percent.

“Economic news continues to brighten, pushing mortgage rates upward somewhat,” said Keith Gumbinger, vice president of HSH.com. “But despite the increase this week, there are few reasons for rates to continue to climb.”

With plenty of challenges still facing the economy, Gumbinger notes, “There should be ample opportunity for mortgage rates to ease again. The cumulative rate increase in recent weeks has been barely an eighth of a percentage point, so it’s not enough to warrant much concern.”

Average mortgage rates and points for conforming residential mortgages for the week ending October 18, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.26 percent    Average points: 0.26

Conforming 5/1 ARM

    Average rate: 3.11 percent    Average points: 0.22

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 11 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

    Average rate: 4.18 percent    Average points: 0.28

Conforming 5/1 ARM

    Average rate: 3.08 percent    Average points: 0.22

Methodology

The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rate Radar’s inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.

About HSH.com

HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

###

A 25-year expert observer of the mortgage and consumer debt markets, Keith Gumbinger has been cited in thousands of articles covering a wide range of consumer finance and economic topics in outlets ranging from the Wall Street Journal to the Bottom Line newsletters. He has been a featured guest on national broadcasts for CNN, CNBC, ABC, CBS and NBC television networks and has been heard on NPR and other national and local radio programs. Keith is the primary researcher and writer for HSH.com's MarketTrends newsletter and has authored or co-authored a number of consumer guides on mortgages, home equity, refinancing and more.

Source: library.hsh.com

10 Worst traffic Trick-or-Treating

10 Worst traffic Trick-or-Treating

iStock Halloween Candy XSmall 10 Worst Trick or Treating TreatsAll of us there.

Trick-or-Treating with our friends, dressed head to toe in elaborate costumes and knocking on the door of a neighbour in the hope of getting our hands on a bar of candy King.  Digging in a tray of sweets always it was a nice option, but nothing more than to hear the words, "Help yourself as much as you would like."

Ah, those were the days?

The most disappointing part of Halloween had to take a treatment that didn't want any part of.  You know, the pieces of candy that is placed in his bag and think for himself, "I'm definitely trade these bad boys away at noon tomorrow."

In an effort to stop the pain in the hearts of children everywhere, I give you a list of the top 10 worst than while trick-or-treating trafficking.

Honorable mentions: bags of chips, points, lids of bottles, Tootsie Rolls, black licorice, Chocolate, Candy coins buttons, Dum containers, temporary tattoos and Necco wafers.

10 Almond joy and mounds

These two have to be grouped and just pointed in the top 10, due to its popularity.  Almond Joy and mounds is a take or leave the type of contract, either love or hate.  I personally cannot stand them and hate to see them in my bag.

9 Popcorn balls

Could someone explain this to me?  How did the world rolling up popcorn maize in an area become a popular tradition of Halloween?  9 times of 10 were obsolete, and 10 times of 10 were grenetina.  If you intend to give to balls of popcorn to trick-or-treaters, you may wish to consider closing their doors and turn off your light porch to save his reputation.

8 Blocks

This is obviously the healthy alternative in the field of Halloween.  While I admire the consciences of health parents experienced out there who want to make a statement giving a nutritious choice, I would leave.  Do this for the sake of their children, which probably be ridiculed for her at school.  Oh and we must all razor blade hidden in the thing from apple that I have noticed on every year that I could trick-or-treat.

7 Raisins

Is how unpleasant nuts in a box on a night which is correct to a child to eat as much sugar as possible?  Some attractions such as the next item to this list.

6 Toothbrushes

Great idea.  Let's give children toothbrushes because all sugary sweets that are on the verge of breathing during the coming weeks.  I really like the idea.  I really do.  But when it comes to that, I'm not going around calling the doors to make sure that my dental hygiene is up in height.

5 Pencils gum delete

Why give a pencil on a night that children less can use them?  Granted, enjoy my theme Halloween pencils and erasers with a ghost to school the next day, but after that, were not irrelevant?  It is a species of as saying: "here."  "Take this pen and use it in 11 months from now, when Halloween rolls around next year".

4. Any generic, unnamed, random colors, sweets wrapped

Take the sweet-flavored Strawberry of the equation and someone can legitimately say the flavours of all these random sweet juice on half of them?  I don't think so.  It will produce the barrel root beer sweet here also because I'm pretty sure that came in the same bag of variety.  Always outdated, always without meaning.

3. Plastic Spider Rings

In seriously?  Why?

2 Sueltos of sweet corn

Ah yes, the loose Candy corn.  Don't get me wrong.  Sweet corn is a great snack, but when they reach a bucket and throw a handful of it in my bag, next to germaphobic I get.  In addition, they were normally last sweets that I like to eat on Halloween, so by that time reached them, they are guaranteed to be obsolete.

1. P

Pence probably are the most commonly hated element of Halloween in the history of Halloween.  Everyone has a neighbor who grabs a handful of pennies and spear in your bag and says: "Happy Halloween" with an ironic smile on his face.  I guess that, economically speaking, they have sense because it can travel 1,000 pence and spend less money than if he had bought candy.  But seriously, it is saving $10 be that neighbor?

Eric Mally is an author of Quicken loans, an awesome for work place.  Find out more about a part of our team at Quicken loans, and learn how us surprise our clients.


bookmark 10 Worst Trick or Treating Treats How he described Eric? In three words, it would be "humorous", "sports nut", "without mercy" and "delivered." He has a proclivity to quote Larry David, see countless hours of sports Detroit and wait in line for new Air Jordan shoes the day out. When blogs about finance, Eric may not be used with her dog "The Dude" (his Dudeness or Duderino if it is not in the whole brevity thing) or thinking of what might have been if his rap career took off in the seventh grade.

Source: http://www.quickenloans.com/mortgage-news/feed

Mortgage rates fall slightly, still historically low

Mortgage rates fall slightly, still historically low

Screen shot 2011 10 27 at 10.48.29 AM 210x300 Mortgage Rates Decrease Slightly, Remain Historically LowFor the third consecutive week, mortgages changed slightly but remained at significantly lower prices for 12 months.

This, my friends, is what we like to call a plateau.  It is a very analytical term that we finance folk to use from time to time to describe minor or no change at all to a given set of data.

Weekly PMMS of Freddie Mac report was released this morning and showed little or no change at all levels of the mortgages.

30 years fixed rates fell from 4.11 per cent to 0.8 points to 4.10% with 0.8 points.  Talk of a substantial difference.  However, if you rewind to today a year ago, I would see that 30 years fixed were still sharply higher in 4.23 per cent.

15 years fixed rates entered in exactly the same from last week at 3.38 per cent with the only difference to points, which dropped this week of 0.7 to 0.8.  It would have to return all the way until 21 July 2011 and on July 28, 2011 to see a week where the rates for 15-year fixed not twisting a point.  Last year at this time, a 15-year fixed rates were at 3.66%.

1/5-year weapons increased from 3.01 per cent last week to 3.08% this week, but the points declined 0.6 last week to 0.5 this week.  Weapons still, of 5 to 1 year are way lower than last year when it synchronizes to 3.41 per cent.

Finally, 1 year arms were rates only saw a decrease of some sort.  Last week, 1 year arms were sitting pretty 2.94 per cent 0.6 points, while this week arrived in 2.90 per cent 0.6 points.  12 Months, 1 year ago at this time weapons dropped at 3.30 percent, so still dramatically since last year.

The tiny changes in mortgage rates could be attributed to the fact that the latest monthly housing market indicators were mixed.

Frank Nothaft, Vice President and Economist Freddie Mac Chief explained, "fixed mortgages followed other long-term interest rates and showed little change in average from the previous week."  "The latest monthly housing market indicators were mixed, with soft consumer confidence, home prices in large part flat and new home sales from very low levels."

Nothaft explained also that consumer confidence fell to less than the consensus of market predicted in October to the lowest reading since March 2009.

Check in the next week to see whether the exchange rates!

Eric Mally is a collaborator of Zing Blog Quicken loans.  Connect with us on our Facebook page and our Twitter page to find all the ways we're designed to Amaze.


bookmark Mortgage Rates Decrease Slightly, Remain Historically Low How he described Eric? In three words, it would be "humorous", "sports nut", "without mercy" and "delivered." He has a proclivity to quote Larry David, see countless hours of sports Detroit and wait in line for new Air Jordan shoes the day out. When blogs about finance, Eric may not be used with her dog "The Dude" (his Dudeness or Duderino if it is not in the whole brevity thing) or thinking of what might have been if his rap career took off in the seventh grade.

Source: http://www.quickenloans.com/mortgage-news/feed