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A weekly recap at the closing bell and a look ahead from CNBC’s Maria Bartiromo. Looking at financials, housing, the equity and debt markets and the all the financial exchanges. The video is below:
CNBC\’s Maria Bartiromo recap week in review and look ahead
Shopping for mortgage rates in CT is a click away www.EversleyCapital.com
Looking for low mortgage rates in Norwalk CT? At Eversley Capital Mortgage a local Norwalk mortgage broker you will find just that. Located behind Norwalk town hall Eversley Capital Mortgage specializes in low cost residential mortgages.
To see what the current mortgage rates are go to www.EversleyCapital.com for Connecticut’s lowest mortgage rates or call us at (203) 838-6760. We want to help you finance your dreams.
The business model of Eversley Capital Mortgage LLC Norwalk CT is to provide great rates and keep closing costs low. The mortgage industry is a service orientated business. Customers want great service. They also want great rates and low fees.
The goal is to grow the company by referral and word of mouth and the best way to do that is low rates, fees and of course great customer service. So are you in the market for a mortgage? If so we are a click away www.EversleyCapital.com check out our rates today.
Below is a chart showing the trend of mortgage rates dating back to 1992. We have seen rates nearly at 10 percent and the more recent low’s in the four’s. Current mortgage rates are around 5 percent.
Copyright © 2009 Mortgage-X.com
Source: www.mortgage-x.com
Reprinted with permission
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Connecticut mortgages that were in default or foreclosure rose in the fourth quarter to 8.06 percent according to the Mortgage Bankers Association. The national average for all mortgages 90 days past due or in foreclosure is presently 9.67 percent.
While Connecticut has not had the default rate of the worst boom then bust housing states like California, Nevada, Florida or Arizona an 8.06 percent rate is still not all that good. As unemployment goes so will these percentages of default or foreclosure. Not until there is stabilization in the work force should we expect housing statistics like these to improve.
Shopping for mortgage rates in CT is a click away www.EversleyCapital.com
For the first time since the financial crisis has left the housing market in turmoil I have come across one of the scarce ideas and proposals from an elected government official that makes a world of sense.
I an article in the Commercial Record the State of Connecticut Attorney General Richard Blumenthal proposed a self funded state position to oversee condominium owner complaints with their condo association boards or property managers.
You can chalk one up for the “little” guy or in this case the homeowner if this goes through. In the original article below it goes into detail how this proposal will certainly help condominium owners.
Blumenthal Proposes State Condo Dispute
Resolution Board
Today
Blumenthal alleges that the current system of dispute resolution is unfair and hypocritical to unit owners, as it imposes significant costs on individuals forced to hire counsel from their own pockets while condo boards can turn to often hefty association funds.
“The current law is unfair to unit owners,” Blumenthal said in a statement. “The law imposes certain responsibilities on condominium association boards of directors and establishes certain rights for unit owners. The unit owners must hire - at their own expense - a lawyer to enforce those rights and responsibilities while the association boards of directors can defend themselves using association funds, raised through assessments on the unit owners. Thus, unit owner funds are used to defend lawsuits brought by unit owners themselves. A Condominium Ombudsman will provide much-needed assistance to unit owners and provide an important enforcement tool for our condominium laws.”
The office would be funded through a combination of new and increased fees on condo associations and condo managers that could be worth as much as $1.09 million annually.
Associations would face a $4 per unit annual assessment. There are approximately 240,000 condominium units in Connecticut, so the $4 charge will yield $960,000, Blumenthal’s office said.
Additionally, the proposal requires a filing fee of $35 paid by the complainant and another $35 filing fee paid by the association. The fee on the association also encourages the association to resolve the matter prior to intervention by the ombudsman, Blumenthal said. If there are 1,000 complaints filed, this fee will yield $70,000.
Finally, the proposal increases the condominium manager’s filing fee from $100 annually to $400 biennially. There are 300 registered condominium managers, so the fee will generate $120,000 in revenue every two years.
Blumenthal’s office said it has received hundreds of complaints from condominium unit owners regarding violations of state condominium laws or condominium bylaws by their association board of directors.
Under this proposal, the Attorney General, upon referral by the ombudsman, may bring a civil action to enforce the provisions of the condominium bylaws or state statutes regarding condominiums. A provision of the legislation would allow the ombudsman to impose a civil penalty of not more than $200 for any knowing violation.
Connecticut’s best mortgage rates are a click away www.EversleyCapital.com
A weekly recap and a look ahead from CNBC’s Maria Bartiromo. Looking at financials, housing, the equity and debt markets and the all the financial exchanges. The video is below:
CNBC Maria Bartiromo Week in Review and Look Ahead
Shopping for mortgage rates in CT is a click away www.EversleyCapital.com
The Fed announced today it is raising the discount rate. This is the rate that they charge on emergency or overnight loans to banks. The discount rate has been at .50 percent since December 2008 and is being raised .25 percent to .75 percent.
This is the first sign the Fed is attempting to take the training wheels off the financial markets. It has been the main backbone of our financial system amidst the financial crisis and has been the backdrop for the economy and financial markets.
You can read the official Federal Reserve Press Release
Connecticut’s lowest mortgage rates are a click away www.EversleyCapital.com
Shopping for a mortgage? You can use a free mortgage calculator at www.EversleyCapital.com. There you can find a standard mortgage calculator as well as a bi-weekly and interest only calculator. You can also use a refinance calculator to help determine if refinancing your home makes sense.
Aside from shopping mortgage rates at EversleyCapital you have unlimited access to calculate your payments and savings. Great rates are a click away.
Eversley Capital Mortgage LLC
3 Eversley Ave
Norwalk CT 06851
(203) 838-6760
I watched an Associated Press video today that puts in question whether the stimulus a year later is working and saving jobs or not. It is worth the time to watch.
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