Housing News Blog

Wall Street Advances on Hopes Of Another Rate Cut by Fed

NEW YORK, Jan. 28 -- Stocks rose Monday, reversing some of Friday's sharp losses, as investors took a dismal new-home sales report as a sign that the Federal Reserve will lower rates this week.

On the surface, the advances appeared surprising after the Commerce Department reported that sales of new homes in December fell by 4.7 percent and that 2007 new-home sales fell a record 26.4 percent compared with 2006

"Anticipation of another Fed rate cut is the main magnet in the market today," said Alfred E. Goldman, chief market strategist at A.G. Edwards & Sons.

Government bond prices slipped as stocks rose. The 10-year Treasury note's yield, was unchanged at 3.58 percent.

Many analysts expect trading to be volatile this week as Wall Street thinks over President Bush's final State of the Union address and the Fed's rate announcement Wednesday. Last Tuesday, in an emergency move, the Fed lowered rates by three-quarters of a percentage point.

What does all this mean in a crazy Real Estate market we ask ourselves, well with money becomming cheaper and our inventory slowly going away, now is the time to really consider that home purchase. With intrest rates as low as 5.18 on a 30 year conforming loan wow now that is low.

You may have noticed your Realtor is also an e-PRO. What does that mean exactly?

An e-PRO is a member of the National Association of Realtors, who has completed a rigorous program to be certified as an Internet professional.

e-PROs know and use the latest online techniques and services to provide you with the fastest and best information available to assist you with your real estate goals.

You can count on your e-PRO REALTOR to be ready, willing and able to respond, let you be the boss and to respect and guard your privacy, both online and off.

And best of all Cam Wallaert has completed his e-Pro courses and is ready to assist you with all your internet marketing needs in this ever changing industry. Getting your property marketed to all the internet search engines is key to getting your home sold and for top dollar.