The Federal Reserve is expected to leave interest rates unchanged for the remainder of 2007.  This would be the first time with no rate changes since 1993.  Rates have been raised 17 times from June 2004 to June 2006 by the Federal Reserve.

Teams of volunteer real estate practitioners from across the country are headed to the gulf coast to help build new Habitat for Humanity homes for families that are still displaced by hurricanes.  The volunteers are part of the REALTOR®-Habitat Partnership for Gulf Coast Recovery program, in which the NATIONAL ASSOCIATION OF REALTORS® and state and local REALTOR® associations have committed to generate more than $4 million to build as many as 54 houses along the Gulf Coast.

You may recall that in November 2006, NAR and about 25,000 of its members and guests were in attendance in New Orleans for NAR’s annual conference and expo.  About 2800 attendees provided hands-on assistance to the recovery and rebuilding efforts in New Orleans by volunteering more than 10,000 hours to various community projects, from building and rehabbing homes to sorting food and restocking bookshelves at a public library.

There are online guides to help buyers choose a mortgage -- The NATIONAL ASSOCIATION OF REALTORS®, the Center for Responsible Lending, and the Federal Housing Administration offer online resources for consumers.  Here are the links to the latest guides:

v      Bankrate.com: Understanding Mortgages – Information on the different types of mortgages available, choosing the right mortgage according to lifestyle, the importance of credit scores, mistakes to avoid, a real-life mortgage makeover and self-help tools and calculators.  The guide is the third installment in the company’s year-long Financial Literacy Project.

v      Specialty Mortgages:  What are the Risks and Advantages? – Produced jointly by NAR and Center for Responsible Lending, this brochure can help prospective buyers assess the risks and advantages of interest-only, negative amortization, payment option ARM, and 40-year mortgages.  Available in English and Spanish.

v      Traditional Mortgages:  Understanding Your Options -- While specialty mortgages may help make homeownership more affordable, they generate more risk and consumers should understand these risks before they choose a mortgage.  This brochure, also produced jointly by NAR and the Center of Responsible Lending, explains that for most consumers, traditional fixed-rate mortgages continue to be excellent options.

v      How to Avoid Predatory Lending – Homebuyers need to be aware that some lenders offer predatory loans that take advantage of consumers.  This brochure, produced jointly by NAR and the Center for Responsible Lending, identifies the warning signs of predatory loans.  It also gives consumers tips on how to avoid them; including questions they should ask when shopping for a loan.

v      Learn About FHA Mortgages – The Federal Housing Administration has made significant improvement to its mortgage insurance programs.  Many aspects of the FHA application process have been streamlined to make it more user-friendly and efficient.  This brochure outlines the changes and how to qualify for an FHA mortgage, plus other resources available from FHA, HUD, and NAR.  (Source: NAR)

A recent survey by the National Association of Home Builders’ indicated that with lifestyle and affordability driving demand, more than half of all condo buyers say they did not consider any other style of housing. Of condo buyers, more than one-half, 54 percent, have never owned a home, with the greatest proportion of first-time buyers, 86 percent, among those under 35.  Preferences ranged equally among all condo types – low rise, mid rise, high rise, and town house – for all groups except previous condo owners who gravitate toward mid- and high-rise buildings.

Business Card Etiquette – In the United States, the exchange of business cards is a fairly casual activity; a handy way to provide basic business contact information.  Not so in many other parts of the world – perhaps most notably, Asia – where a much greater importance is given to the exchange of business cards and there are clear do’s and don’ts to keep in mind.  Paper stock, color, content and presentation can all impact the impression you make when providing your business card to a colleague or a potential client.