For those of us who are unaware of what a short sale is, it’s a term a bank or lender uses that simply means the lender sold the debt short of what was owed and accepted a loss. So why would a bank take a loss on something like this? The banking industry is highly regulated. When a bank has too many defaults on there books it limits the number of new loans they can write. Typically this is a 1:7 ratio.

For example: If the lender has a loan in default of $200,000, they have to keep $1,400,000 in reserves that they cannot lend out. That is a large amount of money to be tied up. Imagine if a lender has 200 loans in default,…Do the Math!! Now its making more sense to do a short sale rather than go into foreclosure, because the foreclose process can take up to 12 months in

Minnesota. Foreclosures often end up in poor condition due to lack of maintenance by the former owner. This can be time consuming and cost many thousands of dollars to get the property back up to selling condition, then the cost to sell it, will it even sell at market value….etc. Take the hit up front, right. This creates a good deal for you, the seller (no forclosure on their record), and a good deal for me, because it makes me happy that I got you a good deal! For more information on short sales, visit www.mnreia.com. As always you can visit www.webdigs.com for the best value in buying or selling real estate in

Minnesota!

 

During the Holiday Season, economists watch consumer spending intently because it makes up two-thirds of the U.S. economy.

When spending is stronger-than-expected, it can lead to inflation which pushes mortgage rates higher.

So far this season, mortgage shoppers should be in good spirits. Sales have fallen four weeks in a row and the outlook for a late-December rally are bleak.

But there’s more to the story than the headline, though.

When store report “sales” data, they don’t report gift card sales.

Gift cards are only accounted for when they are redeemed for actual store merchandise.

So, with gift card sales projected to reach $26 billion this year, there is a $26 billion “shortfall” in the sales figures. That $26 billion will likely get booked in January when shoppers spend their “free money”.

For as much as mortgage rates may fall on weak sales data in December, therefore, rates could surge higher when January’s sales data is released.

Higher sales levels can lead to inflation and that is the enemy of mortgage bonds. WIth inflation comes higher mortgage rates.

http://thedailydig.thewrittenblog.com/?p=1250

1. Avoid carrot sticks. Anyone who puts carrots on a holiday buffet table knows nothing of the Christmas spirit. In fact, if you see carrots, leave immediately. Go next door, where they’re serving rum balls.

2. Drink as much eggnog as you can. And quickly. It’s rare. You can’t find it any other time of year but now. So drink up! Who cares that it has 10,000 calories in every sip? It’s not as if you’re going to turn into an eggnogoholic or something. It’s a treat. Enjoy it. Have one for me. Have two. It’s later than you think. It’s Christmas!

3. If something comes with gravy, use it. That’s the whole point of gravy. Gravy does not stand alone. Pour it on. Make a volcano out of your mashed potatoes. Fill it with gravy. Eat the volcano. Repeat.

4. As for mashed potatoes, always ask if they’re made with skim milk or whole milk. If it’s skim, pass. Why bother? It’s like buying a sports car with an automatic transmission.

5. Do not have a snack before going to a party in an effort to control your eating. The whole point of going to a Christmas party is to eat other people’s food for free. Lots of it. Hello?

6. Under no circumstances should you exercise between now and New Year’s. You can do that in January when you have nothing else to do. This is the time for long naps, which you’ll need after circling the buffet table while carrying a 10-pound plate of food and that vat of eggnog.

7. If you come across something really good at a buffet table, like frosted Christmas cookies in the shape and size of Santa, position yourself near them and don’t budge. Have as many as you can before becoming the center of attention. They’re like a beautiful pair of shoes. If you leave them behind, you’re never going to see them again.

8. Same for pies. Apple. Pumpkin. Mincemeat. Have a slice of each. Or if you don’t like mincemeat, have two apples and one pumpkin. Always have three. When else do you get to have more than one dessert? Labor Day?

9. Did someone mention fruitcake? Granted, it’s loaded with the mandatory celebratory calories, but avoid it at all cost. I mean, have some standards.

10. One final tip: If you don’t feel terrible when you leave the party or get up from the table, you haven’t been paying attention. Re-read tips; start over, but hurry, January is just around the corner. Remember this motto to live by:

‘Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, chocolate in one hand, body thoroughly used up, totally worn out and screaming ‘WOO HOO what a ride!’

NEW YORK (Reuters) - Home foreclosure filings fell in November from October……The hardest-hit states were Nevada and Florida, where price gains were among the strongest during the housing boom. Lenders filed 201,950 foreclosure filings last month, down 10 percent from October, for a foreclosure rate of one in 617 households, according to RealtyTrac. www.webdigs.com helps consumers find, buy and sell homes and other real estate in Minnesota and Florida

http://today.reuters.com/news/articlenews.aspx?type=businessNews&storyid=2007-12-19T100749Z_01_N18525

Use Your Next Mortgage Statement to Increase Your 2007 Tax Deduction

http://thedailydig.thewrittenblog.com/?p=1179

After the holidays Save packing material, wrapping and tissue paper for reuse. Use leftover gift wrap to line shelves and dresser drawers. Cut up leftover wrap to make scratch pads. Save bows, ribbon, tags, festive bags and boxes for next year. Recycle your tree! Some communities make discarded holiday trees into mulch for use in community parks. Call your county for more information. Green resolutions for the New Year Use only cloth cleaning towels. Install water-saving devices in your toilet and shower. Walk or bicycle at least one car errand weekly. Use reusable cloth shopping bags (keep reusable shopping bags in your car so they will always be handy). Use a reusable coffee cup at work. Switch to compact fluorescent lights to save energy. Turn down the thermostat at night. Recycle bottles, cans, newspaper, office paper, plastic and cardboard. Buy recycled products. Compost. Plant at least one tree. Turn off the shower while you soap to save water. Use biodegradable laundry soap rather than petroleum-based detergents. Reduce use of pesticides and other hazardous household chemicals. Use safer substitutes instead. Write or call legislators, store managers and others to let them know how you feel about environmental issues. Use your imagination! Before you throw anything away, ask yourself: Can it be fixed or repaired? Could it be made more attractive? Could part of it be used to make something? Could someone else use it? Would it be someone else’s treasure? Looking for even more? For more information about waste reduction and recycling in Minnesota, contact your county solid waste office. The number can be found in the blue pages of the phone book. The Media Foundation invites consumers to curtail their desires to consume through its annual Buy Nothing Day. Held on the day after Thanksgiving — the unofficial kick-off of “the holiday season,” and one of the busiest shopping days of the year — this international event is a challenge “to think about the “shop-till-you-drop” imperative and its effects on the rest of the world.” The Use Less Stuff Report (ULS) offers up 42 Ways to Trim Your Holiday Wasteline — an interesting checklist of waste reduction tips for the holidays. Check out Have A Low Impact Y2Kristmas, with more tips about reducing waste during the holidays, and some good advice on how the average person can make the biggest impact on the environment. The California Integrated Waste Management Board encourages you to “Deck the Halls with Less Waste!” In King County,Washington, Waste-Free Holidays focus on giving the “gift of experience” instead of “stuff.” While these are Seattle-area attractions, there are a lot of ideas that Minnesotans can find locally. Environmental Defense offers advice to help shoppers use their “greenbacks” to make their world a “greener place.” The Center for a New American Dream offers up ideas to Simplify the Holidays, with suggestions for planning a holiday season that’s less focused on “stuff.” INFORM offers “Tips for a Cleaner, ‘Greener’ Holiday” Portions of this information reprinted with permission of the Minnesota Pollution Control Agency and Anoka County Environmental Services