WASHINGTON - Scrambling to shore up the faltering economy, the Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday as the nation teetered on the edge of recession.
Wall Street rallied at first but then pulled back, concerned that the reduction might be the last for a while.
In fact, the Fed's trim was smaller than those of recent months amid indications the central bank might pause to see if months of powerful rate-cutting medicine and billions of dollars in stimulus checks will be enough to lift the country out of its slump.
Chairman Ben Bernanke led a divided Fed, in an 8-2 vote, in slicing its key rate by one-quarter percentage point to 2 percent.
In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since late 2004.
The Federal Reserve, which has been dropping rates since last September, turned much more forceful early this year when housing, credit and financial problems worsened. Rate reductions in January and March alone marked the most aggressive intervention in a quarter-century in an effort to re-energize consumers and businesses.
Enthusiastic Wall Street investors drove the Dow Jones industrial average up more than 178 points — lifting it above 13,000 for the first time since early January — right after the Fed action. Then traders' caution returned, and the index ended the day 11.81 points below where it started.
Although the Fed didn't take another reduction off the table, a growing number of economists believe the central bank is winding down its rate-cutting campaign. Barring another hit to economic growth, they believe rates probably will stay where they are — perhaps through the rest of this year — in part because the Federal Reserve is concerned that further cuts could join with galloping energy and food prices and spread inflation dangerously higher.
By all accounts, the country's economic health is fragile.
The economy crawled ahead at a pace of just 0.6 percent from January through March as housing and credit problems forced people and businesses to hunker down, the Commerce Department reported hours before the Fed's action. Growth had been just as feeble in the prior quarter.
Job losses for the first three months of the year neared the staggering quarter-million mark, and a government report on Friday is expected to show that employers shed jobs again in April. The unemployment rate, now at 5.1 percent, also could creep higher in April and hit 6 percent early next year, analysts say.
"Recent information indicates that economic activity remains weak," the Fed said. "Household and business spending has been subdued, and labor markets have softened further. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters."
Two members — Charles Plosser, president of the Federal Reserve Bank of Philadelphia, and Richard Fisher, president of the Federal Reserve Bank of Dallas — opposed cutting rates Wednesday, a crack in the usually unified front the Fed often shows the public.
Both men have a reputation for being especially vigilant about fighting inflation. At the Fed's previous meeting in March, they opposed cutting rates by a whopping three-quarters point and preferred a smaller reduction.
"The Fed didn't completely shut the door on rate cuts but they closed it part way," said Mark Zandi, chief economist at Moody's Economy.com. "I think the overall message was they've done a lot already to help the economy and think this will be enough. But they stand ready to do more if that is needed."
Source: www.yahoo.com , April 30, 2008, Associated Press
Wednesday, April 30, 2008
Scripture for Today
VERSE: And do not grieve the Holy Spirit of God, with whom you weresealed for the day of redemption. Get rid of all bitterness, rageand anger, brawling and slander, along with every form of malice. -- Ephesians 4:30-31 http://www.SearchGodsWord.org/desk/?query=Ephesians+4:30-31
THOUGHT: Don't make God's Spirit sad! But how do we do that? By harboringbitterness, unleashing anger driven rage, fighting with others andslandering their name while plotting to harm them. These things arethe exact opposite of the qualities the Spirit is seeking toproduce in our lives (Galatians 5:22-23). No wonder it makes himsad!
PRAYER: Almighty Father, please make me more like Jesus by the power ofyour Holy Spirit. In Jesus' name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080430
THOUGHT: Don't make God's Spirit sad! But how do we do that? By harboringbitterness, unleashing anger driven rage, fighting with others andslandering their name while plotting to harm them. These things arethe exact opposite of the qualities the Spirit is seeking toproduce in our lives (Galatians 5:22-23). No wonder it makes himsad!
PRAYER: Almighty Father, please make me more like Jesus by the power ofyour Holy Spirit. In Jesus' name I pray. Amen.http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080430
Friday, April 25, 2008
5 Easy Ways to Sell Your Home Faster
You don’t have to take on a full-fledged renovation to get prospective buyers interested in your house—in fact, that may even turn some people away in a challenging market. After all, every penny that you’ve sunk into an obvious upgrade is money that the seller is mentally adding up as a factor in the price—and may represent an aesthetic choice the buyer would not have made. (Cancel that appointment at the Sub-Zero showroom, STAT.) There are simple ways, however, to make your home seem infinitely more appealing with very little investment—and very little effort.
1. If you do only two things before showing your house, clean, and clean some more. “People want to come into a space and visualize themselves living there,” says Manhattan-based Corcoran Group sales broker Jeanine Schlifer. “If there are spills on the table, toys on the floor, and dog mess everywhere, people can’t focus on the space.” It’s worth it to hire a professional to come in for a deep-clean, as they may find dirt in places you can easily overlook, like scuffs on walls and smudged light switch plates.
2. Accentuate the positive, camouflage the negative. If you have large windows or a great view, hang long, simple curtains to accentuate them. (Hanging curtains from just above and outside the window frame will also make ceilings feel higher and windows more impressive.) If you have spacious rooms, remove any too-bulky furniture or unnecessary pieces that would make the space feel cramped. Geller suggests looking at furniture catalogs to get ideas for pleasing furniture proportions, arrangements, and an idea of how many pieces to keep in a room. If your closets are tiny, pull out some of the clothes and store them elsewhere.
3. Appeal to the widest possible audience. If you have a hot-pink accent wall, paint over it with a more neutral shade that matches the other walls. Pack away that collection of Star Wars figurines. Stash kids’ toys or dog toys in another room. “Remember that you’re selling your home, not your personality,” Schlifer says. And a prospective buyer who hates dogs could get hung up on your giant training crate and pile of rawhide bones. (Be sure to also take pets to a friend’s house or a kennel and vacuum well before any showings—a sneezing, fur-allergic buyer is not a happy one.)
4. Create a welcoming environment. “You want buyers to make an emotional connection to your home,” Schlifer says, and you can go a long way toward achieving that by making the space feel warm, bright, and fresh. Replace dim light bulbs with new ones and make sure there is a pleasant, but not overpowering, smell in the house. (Try baking cookies or setting out a scented-oil diffuser.) Place fresh guest soaps in the bathroom, hang a new shower curtain and neatly fold matching bath towels.
5. Develop a quick-clean plan for last-minute showings. You never know when a realtor may have an interested client, so it’s important to have a speedy cleaning plan for spontaneous appointments. Invest in a nice-looking storage trunk for stashing day-to-day clutter in a hurry and make a habit of kicking up your regular cleaning routine a notch so there’s less to do before a visit.
Source: www.yahoo.com Valerie Rains, Shine staff, on Sun Apr 20, 2008 .
1. If you do only two things before showing your house, clean, and clean some more. “People want to come into a space and visualize themselves living there,” says Manhattan-based Corcoran Group sales broker Jeanine Schlifer. “If there are spills on the table, toys on the floor, and dog mess everywhere, people can’t focus on the space.” It’s worth it to hire a professional to come in for a deep-clean, as they may find dirt in places you can easily overlook, like scuffs on walls and smudged light switch plates.
2. Accentuate the positive, camouflage the negative. If you have large windows or a great view, hang long, simple curtains to accentuate them. (Hanging curtains from just above and outside the window frame will also make ceilings feel higher and windows more impressive.) If you have spacious rooms, remove any too-bulky furniture or unnecessary pieces that would make the space feel cramped. Geller suggests looking at furniture catalogs to get ideas for pleasing furniture proportions, arrangements, and an idea of how many pieces to keep in a room. If your closets are tiny, pull out some of the clothes and store them elsewhere.
3. Appeal to the widest possible audience. If you have a hot-pink accent wall, paint over it with a more neutral shade that matches the other walls. Pack away that collection of Star Wars figurines. Stash kids’ toys or dog toys in another room. “Remember that you’re selling your home, not your personality,” Schlifer says. And a prospective buyer who hates dogs could get hung up on your giant training crate and pile of rawhide bones. (Be sure to also take pets to a friend’s house or a kennel and vacuum well before any showings—a sneezing, fur-allergic buyer is not a happy one.)
4. Create a welcoming environment. “You want buyers to make an emotional connection to your home,” Schlifer says, and you can go a long way toward achieving that by making the space feel warm, bright, and fresh. Replace dim light bulbs with new ones and make sure there is a pleasant, but not overpowering, smell in the house. (Try baking cookies or setting out a scented-oil diffuser.) Place fresh guest soaps in the bathroom, hang a new shower curtain and neatly fold matching bath towels.
5. Develop a quick-clean plan for last-minute showings. You never know when a realtor may have an interested client, so it’s important to have a speedy cleaning plan for spontaneous appointments. Invest in a nice-looking storage trunk for stashing day-to-day clutter in a hurry and make a habit of kicking up your regular cleaning routine a notch so there’s less to do before a visit.
Source: www.yahoo.com Valerie Rains, Shine staff, on Sun Apr 20, 2008 .
Scripture for Today
VERSE: He [Jesus] was delivered over to death for our sins and was raised to life for our justification. -- Romans 4:25 http://www.SearchGodsWord.org/desk/?query=Romans+4:25
THOUGHT: Why are the Cross and the Empty Tomb so important? Because everything important and truly lasting in life depends upon them!
PRAYER: Thank you, dear Father, for paying such an awful price forcleansing me of my sins. Thank you, precious Savior, for sacrificing everything to save me. Thank you, Holy Spirit, forcleansing me and living inside me to conform me to Christ. In hisname, Jesus of Nazareth, I pray. Amen.
http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080425
THOUGHT: Why are the Cross and the Empty Tomb so important? Because everything important and truly lasting in life depends upon them!
PRAYER: Thank you, dear Father, for paying such an awful price forcleansing me of my sins. Thank you, precious Savior, for sacrificing everything to save me. Thank you, Holy Spirit, forcleansing me and living inside me to conform me to Christ. In hisname, Jesus of Nazareth, I pray. Amen.
http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080425
Thursday, April 24, 2008
New home sales plunge to lowest level in 16 1/2 years
New home sales plunge to lowest level in 16 1/2 years, prices drop by largest amount in 38 years
WASHINGTON (AP) -- Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season.
The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades.
The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.
The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.
The dismal news on new home sales followed earlier reports showing sales of existing homes fell by 2 percent in March. Housing, which boomed for five years, has been in a prolonged slump for the past two years with sales and home prices falling at especially sharp rates in formerly boom areas of the country.
For March, sales were down in all regions of the country, dropping the most in the Northeast, a decline of 19.4 percent. Sales fell by 12.9 percent in the West, 12.5 percent in the Midwest and 4.6 percent in the South.
In other economic news, orders to factories for big-ticket manufactured goods fell for a third straight month in March, the longest string of declines since the 2001 recession, while applications for unemployment benefits fell by 33,000 to 342,000.
The Commerce Department said demand for durable goods dropped by 0.3 percent last month, a worse-than-expected performance that underscored the problems manufacturers are facing from a severe economic slowdown. The last time orders fell for three consecutive months was from February to April of 2001, when the country was sliding into the last recession.
The weakness in manufacturing orders was led by a 4.6 percent drop in orders for autos, a sector hard hit by soaring gasoline prices, and the weakening economy, which have cut sharply into car sales. Orders in the category that includes home appliances fell by 6.6 percent. This industry has been hurt by the two-year slump in home sales.
President Bush said Tuesday that the economy was not in a recession but a period of slower growth. However, economists who believe the country has fallen into a recession pointed to the string of declines in manufacturing orders to support their view.
"The broad swath of data in the March (orders) report is indicative of a mixed set of conditions in a factory sector that is, overall, in a mild recession," said Cliff Waldman, economist for the Manufacturers Alliance/MAPI.
The Labor Department reported that claims for unemployment benefits fell by 33,000 last week to 342,000. Economists had been expecting claims to rise by 3,000. The four-week moving average for claims fell by 7,250 to 369,500.
Even with the improvements, analysts said the weak economy is still putting greater pressures on the labor market. The unemployment rate climbed to 5.1 percent in March as businesses laid off the largest number of workers in five years.
Economic growth slowed to a near-standstill at the end of last year as the economy was battered by the prolonged slump in housing and a severe credit crunch that has resulted in billions of dollars of losses at many of the nation's largest financial institutions and has made it harder for consumers and businesses to get loans.
Consumer sentiment, meanwhile, has plunged to recessionary lows as Americans have also watched gasoline soar to an average price above $3.50 per gallon nationally.
The 0.3 percent drop in orders for durable goods, items expected to last at least three years, followed even bigger declines of 0.9 percent in February and 4.4 percent in January.
Orders for all transportation products fell by 4.6 percent, reflecting the big drop in demand for autos. Orders for commercial aircraft actually rose by 5.5 percent while demand for defense aircraft surged by 29.4 percent. Many defense industries have seen big increases reflecting the wars in Iraq and Afghanistan.
A key category viewed as a proxy for business investment plans showed no increase in March after a big 2 percent drop in February. Businesses have cut back on plans to expand and modernize as the economy has softened.
SOURCE: www.yahoo.com Thursday April 24, 11:13 am ET By Martin Crutsinger, AP Economics Writer
WASHINGTON (AP) -- Sales of new homes plunged in March to the lowest level in 16 1/2 years as housing slumped further at the start of the spring sales season.
The median price of a new home in March, compared with a year ago, fell by the largest amount in nearly four decades.
The Commerce Department reported Thursday that sales of new homes dropped by 8.5 percent last month to a seasonally adjusted annual rate of 526,000 units, the slowest sales pace since October 1991.
The median price of a home sold in March dropped by 13.3 percent compared with March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.
The dismal news on new home sales followed earlier reports showing sales of existing homes fell by 2 percent in March. Housing, which boomed for five years, has been in a prolonged slump for the past two years with sales and home prices falling at especially sharp rates in formerly boom areas of the country.
For March, sales were down in all regions of the country, dropping the most in the Northeast, a decline of 19.4 percent. Sales fell by 12.9 percent in the West, 12.5 percent in the Midwest and 4.6 percent in the South.
In other economic news, orders to factories for big-ticket manufactured goods fell for a third straight month in March, the longest string of declines since the 2001 recession, while applications for unemployment benefits fell by 33,000 to 342,000.
The Commerce Department said demand for durable goods dropped by 0.3 percent last month, a worse-than-expected performance that underscored the problems manufacturers are facing from a severe economic slowdown. The last time orders fell for three consecutive months was from February to April of 2001, when the country was sliding into the last recession.
The weakness in manufacturing orders was led by a 4.6 percent drop in orders for autos, a sector hard hit by soaring gasoline prices, and the weakening economy, which have cut sharply into car sales. Orders in the category that includes home appliances fell by 6.6 percent. This industry has been hurt by the two-year slump in home sales.
President Bush said Tuesday that the economy was not in a recession but a period of slower growth. However, economists who believe the country has fallen into a recession pointed to the string of declines in manufacturing orders to support their view.
"The broad swath of data in the March (orders) report is indicative of a mixed set of conditions in a factory sector that is, overall, in a mild recession," said Cliff Waldman, economist for the Manufacturers Alliance/MAPI.
The Labor Department reported that claims for unemployment benefits fell by 33,000 last week to 342,000. Economists had been expecting claims to rise by 3,000. The four-week moving average for claims fell by 7,250 to 369,500.
Even with the improvements, analysts said the weak economy is still putting greater pressures on the labor market. The unemployment rate climbed to 5.1 percent in March as businesses laid off the largest number of workers in five years.
Economic growth slowed to a near-standstill at the end of last year as the economy was battered by the prolonged slump in housing and a severe credit crunch that has resulted in billions of dollars of losses at many of the nation's largest financial institutions and has made it harder for consumers and businesses to get loans.
Consumer sentiment, meanwhile, has plunged to recessionary lows as Americans have also watched gasoline soar to an average price above $3.50 per gallon nationally.
The 0.3 percent drop in orders for durable goods, items expected to last at least three years, followed even bigger declines of 0.9 percent in February and 4.4 percent in January.
Orders for all transportation products fell by 4.6 percent, reflecting the big drop in demand for autos. Orders for commercial aircraft actually rose by 5.5 percent while demand for defense aircraft surged by 29.4 percent. Many defense industries have seen big increases reflecting the wars in Iraq and Afghanistan.
A key category viewed as a proxy for business investment plans showed no increase in March after a big 2 percent drop in February. Businesses have cut back on plans to expand and modernize as the economy has softened.
SOURCE: www.yahoo.com Thursday April 24, 11:13 am ET By Martin Crutsinger, AP Economics Writer
Scripture for Today
April 24, 2008
VERSE: "Consider carefully what you hear," he continued. "With the measure you use, it will be measured to you -- and even more.Whoever has will be given more; whoever does not have, even what hehas will be taken from him." -- Mark 4:24-25 http://www.SearchGodsWord.org/desk/?query=Mark+4:24-25
THOUGHT: "O be careful little ears what you hear ... for the Father upabove is looking down in love, so be careful little ears what youhear." God doesn't want to just be heard aloud; he wants his Wordto enter our systems and change our lives. The more we receive theblessing of God's words, the more it should change us. If itdoesn't, the problem isn't with the message but with the listener!PRAYER: Please open my eyes, my ears, my heart, and my mind, dearFather, so that I can appropriate your message into my life. Blessme, please, dear Father, so that what I hear in your word is seenin my life. In Jesus' precious name I pray.
Amen.
http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080424
VERSE: "Consider carefully what you hear," he continued. "With the measure you use, it will be measured to you -- and even more.Whoever has will be given more; whoever does not have, even what hehas will be taken from him." -- Mark 4:24-25 http://www.SearchGodsWord.org/desk/?query=Mark+4:24-25
THOUGHT: "O be careful little ears what you hear ... for the Father upabove is looking down in love, so be careful little ears what youhear." God doesn't want to just be heard aloud; he wants his Wordto enter our systems and change our lives. The more we receive theblessing of God's words, the more it should change us. If itdoesn't, the problem isn't with the message but with the listener!PRAYER: Please open my eyes, my ears, my heart, and my mind, dearFather, so that I can appropriate your message into my life. Blessme, please, dear Father, so that what I hear in your word is seenin my life. In Jesus' precious name I pray.
Amen.
http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080424
Wednesday, April 2, 2008
HOUSTON PROPERTY SALES CONTINUE TO SLIDE IN FEBRUARY
Sixth consecutive monthly decline is tempered by notable increases in average and median single-family home prices
HOUSTON — (March 18, 2008) — Property sales across greater Houston slid for the sixth consecutive month in February, but the decline was not as steep as January’s. While February sales of single-family homes dipped, the prices of those homes rose, according to statistics released by the Houston Association of REALTORS(HAR).
Total property sales for February 2008 registered 5,266, which represents a 13.1 percent drop compared to February 2007; it’s an improvement over last month’s 17.2 percent fall. Properties sold during the month totaled just over $1 billion compared to $1.1 billion in sales one year earlier, a 7.9 percent decline. The average price of a single-family home rose 5.6 percent last month from February 2007 to $206,140, representing the biggest increase since last August. The median price of a single-family home increased 3.1 percent to $151,430.
“Houston continues to feel the ripple effects of the national mortgage crisis,” said Michael Levitin, HAR Chairman and principal of HTownRealty.com. “However, many area Realtors are actually reporting brisk sales, which supports our contention that real estate is local, meaning some parts of town are doing well and others not so well. For Sale signs have gone up in many neighborhoods in recent weeks and sales of luxury homes remain high, so we’re hopeful that the overall numbers will soon show signs of improvement. With interest rates at historic lows, pricing that’s affordable and a good selection of inventory, this is still an excellent time for home buyers to invest.”
February Monthly Market ComparisonAll listing categories combined, Houston’s overall housing market in February saw mixed results. Both average and median single-family home sales prices rose on a year-over-year basis while total property sales and total dollar volume fell.
The number of available homes (active listings) at the end of February was 51,308 properties, a 12.8 percent increase over February 2007. The figure was up 599 properties from January 2008, reflecting the sales slowdown, but only about half the increase observed between December 2007 and January 2008.
Month-end pending sales – those listings expected to close within the next 30 days – reached 4,323, which was down 10.1 percent from last year and signals another likely decline in sales next month, based on volatility in sales figures. The month’s inventory of single-family homes for February came in at 6.1 months, a slight increase from January’s 6.0-month figure. This compares to the February 2007 single-family homes inventory of 5.1 months.
Single-Family Homes UpdateThe average sales price for single-family homes was $206,140 in February, up 5.6 percent versus the same period last year when it was $195,148. The overall median price of single-family homes in February was $151,430 compared to the national single-family median price of $201,100, according to statistics released by the National Association of REALTORS®. These data continue to illustrate the higher value and lower cost of living found in the Houston market.
Additionally, total sales of single-family homes in Houston in February came in at 4,431, which was 10.2 percent lower than February 2007 but a slight improvement over last month’s 12 percent decline.
Improved year-over-year sales activity continued to be observed in Houston’s low- and high-end single-family home markets, with increases of 11.1 percent among homes priced below $80,000 and 11.0 percent among homes priced above $500,000.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In February 2008, existing single-family home sales totaled 3,646, which was a 10.0 percent drop from February 2007. At $141,500, the median sales price for existing homes in the Houston area was up 1.8 percent compared to the same period last year. The average sales price of $190,553 for the month represented an increase of 5.0 percent from last year’s level.
The Days on Market statistic for February remained unchanged from 92 a month earlier but in excess of the 84 days recorded in February 2007.
Source: har.com
HOUSTON — (March 18, 2008) — Property sales across greater Houston slid for the sixth consecutive month in February, but the decline was not as steep as January’s. While February sales of single-family homes dipped, the prices of those homes rose, according to statistics released by the Houston Association of REALTORS(HAR).
Total property sales for February 2008 registered 5,266, which represents a 13.1 percent drop compared to February 2007; it’s an improvement over last month’s 17.2 percent fall. Properties sold during the month totaled just over $1 billion compared to $1.1 billion in sales one year earlier, a 7.9 percent decline. The average price of a single-family home rose 5.6 percent last month from February 2007 to $206,140, representing the biggest increase since last August. The median price of a single-family home increased 3.1 percent to $151,430.
“Houston continues to feel the ripple effects of the national mortgage crisis,” said Michael Levitin, HAR Chairman and principal of HTownRealty.com. “However, many area Realtors are actually reporting brisk sales, which supports our contention that real estate is local, meaning some parts of town are doing well and others not so well. For Sale signs have gone up in many neighborhoods in recent weeks and sales of luxury homes remain high, so we’re hopeful that the overall numbers will soon show signs of improvement. With interest rates at historic lows, pricing that’s affordable and a good selection of inventory, this is still an excellent time for home buyers to invest.”
February Monthly Market ComparisonAll listing categories combined, Houston’s overall housing market in February saw mixed results. Both average and median single-family home sales prices rose on a year-over-year basis while total property sales and total dollar volume fell.
The number of available homes (active listings) at the end of February was 51,308 properties, a 12.8 percent increase over February 2007. The figure was up 599 properties from January 2008, reflecting the sales slowdown, but only about half the increase observed between December 2007 and January 2008.
Month-end pending sales – those listings expected to close within the next 30 days – reached 4,323, which was down 10.1 percent from last year and signals another likely decline in sales next month, based on volatility in sales figures. The month’s inventory of single-family homes for February came in at 6.1 months, a slight increase from January’s 6.0-month figure. This compares to the February 2007 single-family homes inventory of 5.1 months.
Single-Family Homes UpdateThe average sales price for single-family homes was $206,140 in February, up 5.6 percent versus the same period last year when it was $195,148. The overall median price of single-family homes in February was $151,430 compared to the national single-family median price of $201,100, according to statistics released by the National Association of REALTORS®. These data continue to illustrate the higher value and lower cost of living found in the Houston market.
Additionally, total sales of single-family homes in Houston in February came in at 4,431, which was 10.2 percent lower than February 2007 but a slight improvement over last month’s 12 percent decline.
Improved year-over-year sales activity continued to be observed in Houston’s low- and high-end single-family home markets, with increases of 11.1 percent among homes priced below $80,000 and 11.0 percent among homes priced above $500,000.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In February 2008, existing single-family home sales totaled 3,646, which was a 10.0 percent drop from February 2007. At $141,500, the median sales price for existing homes in the Houston area was up 1.8 percent compared to the same period last year. The average sales price of $190,553 for the month represented an increase of 5.0 percent from last year’s level.
The Days on Market statistic for February remained unchanged from 92 a month earlier but in excess of the 84 days recorded in February 2007.
Source: har.com
Scripture for Today
April 2, 2008
VERSE: Be completely humble and gentle; be patient, bearing with oneanother in love. Make every effort to keep the unity of the Spiritthrough the bond of peace. -- Ephesians 4:2-3 http://www.SearchGodsWord.org/desk/?query=Ephesians+4:2-3
THOUGHT: Effort, sweat, and dedication seem to have become the profanity of western Christianity. To our age of grace-abusers, the HolySpirit reaches out with his truth and reminds us that relationships on earth, even those in Jesus' Church, are going to require a lot of effort, gritty love, personal sacrifice, and rigorous determination. If we read Jesus' prayer for unity in John 17, how could we not make every effort to keep his Body unified and ourrelationship with his people loving and patient? Since oursalvation was purchased at the cost of Jesus' sweat and blood, howcan we balk when our best efforts are required to preserve theunity of his family?PRAYER: Dear Heavenly Father, forgive my impatience with others and lack of forgiveness for them. Stir your Spirit within me to curb my tongue, soften my heart, and extend more of an effort to others whoneed your blessing. Please use me to be a peacemaker in yourKingdom, O Lord. In Jesus' name I pray. Amen.
http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080402Today's Verse is also available in:PORTUGUESE - http://www.iluminalma.com.br/dph/3/0402.htmlSPANISH - http://www.laluzdelalma.com/vdh/3/0402.html
VERSE: Be completely humble and gentle; be patient, bearing with oneanother in love. Make every effort to keep the unity of the Spiritthrough the bond of peace. -- Ephesians 4:2-3 http://www.SearchGodsWord.org/desk/?query=Ephesians+4:2-3
THOUGHT: Effort, sweat, and dedication seem to have become the profanity of western Christianity. To our age of grace-abusers, the HolySpirit reaches out with his truth and reminds us that relationships on earth, even those in Jesus' Church, are going to require a lot of effort, gritty love, personal sacrifice, and rigorous determination. If we read Jesus' prayer for unity in John 17, how could we not make every effort to keep his Body unified and ourrelationship with his people loving and patient? Since oursalvation was purchased at the cost of Jesus' sweat and blood, howcan we balk when our best efforts are required to preserve theunity of his family?PRAYER: Dear Heavenly Father, forgive my impatience with others and lack of forgiveness for them. Stir your Spirit within me to curb my tongue, soften my heart, and extend more of an effort to others whoneed your blessing. Please use me to be a peacemaker in yourKingdom, O Lord. In Jesus' name I pray. Amen.
http://www.heartlight.org/cgi-shl/todaysverse.cgi?day=20080402Today's Verse is also available in:PORTUGUESE - http://www.iluminalma.com.br/dph/3/0402.htmlSPANISH - http://www.laluzdelalma.com/vdh/3/0402.html
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