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Economic Update – Novemeber 1, 2010

Monday, November 1st, 2010




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Last Week in the News

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Existing home sales rose 10% in September to a seasonally adjusted annual rate of 4.53 million units from a revised 4.12 million units in August. The inventory of unsold homes on the market declined 1.9% to 4.04 million, a 10.7-month supply at the current sales pace, down from a 12-month supply in August.

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a seasonally adjusted basis — fell 0.3% in August after a 0.2% decrease in July. On a year-over-year basis, prices rose 1.7% compared with August 2009.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending October 22 rose 3.2%. Refinancing applications increased 3%. Purchase volume rose 3.9%.

Orders for durable goods — items expected to last three or more years — rose 3.3% in September after decreasing a revised 1% in August. Excluding volatile transportation-related goods, orders posted a monthly decrease of 0.8%.

New home sales rose 6.6% in September to a seasonally adjusted annual rate of 307,000 units from a rate of 288,000 units in August. Economists had expected a pace of 300,000 units.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2% in the third quarter of 2010.

Initial claims for unemployment benefits fell by 21,000 to 434,000 for the week ending October 23. Continuing claims for the week ending October 16 fell by 122,000 to 4.35 million, the lowest level since the recovery began.

Upcoming on the economic calendar are reports on construction spending on November 1, factory orders on November 3 and pending home sales on November 5.

Visit my website and apply on line:
www.DavidJGarofalo.com



  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
  • wp socializer sprite mask 16px Economic Update   Novemeber 1, 2010 | CT Real Estate
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Short sales-Protect your credit score

Saturday, October 9th, 2010




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It is in the news. Bank of America suspends foreclosures. This does not let you off the hook; you will just dangle a little longer. But it gives you time to start the short sale process and limit the damage to your credit history. Remember, a foreclosure stays with you forever, can affect your security clearance, and can even affect the value of your neighbor’s homes. Contact me now if you have a hardship and can not maintain your mortgage payments.



  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate
  • wp socializer sprite mask 16px Short sales Protect your credit score | CT Real Estate

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Cheap Meat

Wednesday, March 3rd, 2010




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3/1/10

Cheap meat isn’t good and good meant isn’t cheap!

-By your Staff Writer for the Property Network, Matt Giles

That is almost the number one rule when hiring a contractor. You get what you pay for. If someone can do the job for $5,000 less than the other guy, more than likely he is cutting corners somewhere which could lead to a nightmare for you.

I was at an old friends mom’s house years ago and she had a sun room put on to the back of the house way before I was ever there. I was walking around and noticing that the room looked like it was sinking into the ground. She told me that was because the contractor never dug the footings to the required 3 feet deep, her sun room was slowly sinking. And because it took a few years to settle, it is going to be a major nightmare to fix that problem. Just to save a few hours and labor on digging holes and pouring cement she has a room that is sinking into the ground.

Don’t get me wrong, just because the contractor’s bill is the highest doesn’t mean he is the best. You should start your search by talking to people you know. If someone you trust is giving you a name of a good contractor, it’s a place to start (I would go over to your friend’s house and check out his work before picking up the phone).  Start with family and friends, than work your way down to a trusted realtor or neighbor.

Once you start talking to a contractor you are allowed to ask as many questions as you would like. In fact ask for a resume! I’m serious, ask for pictures, past client’s testimonials and than take it one step further and ask to talk to some previous clients. Most previous clients don’t mind taking that call after a major renovation to brag about their house and talk up their contractor.

Now, I know once you get a few bids from a few contractors you usually get sticker shock from the price. That causes a lot of people to wait or put the job on hold for a few months sometimes even a year. One thing to remember is that contractors who do any kind of major renovations set up their projects months in advance. The other thing to keep in mind is lumber yards and supply houses prices. They fluctuate with the price of gasoline (from their deliveries) and any other reason to raise the price. So the price of your materials can jump up in a month depending on the market.

Hiring a contractor for something like an addition can be very scary. You are trusting someone with thousands of your hard earned dollars, letting them into your home. They are usually there before breakfast and leave just before dinner, you tend to build a relationship with a contractor and that is why it is always good to find one you click with. We have all heard the contractor nightmares, so when you do find a good one, they are usually worth their weight in gold.

-Matt Giles, Staff Writer for the Property Network, Freelance writer for hire. For more info visit www.mdgcopywriting.com



  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate
  • wp socializer sprite mask 16px Cheap Meat | CT Real Estate

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