The embers glowed softly, and in their dim light,
I gazed round the room and I cherished the sight.
My wife was asleep, her head on my chest,
My daughter beside me, angelic in rest.
Outside the snow fell, a blanket of white,
Transforming the yard to a winter delight.
The sparkling lights in the tree I believe,
Completed the magic that was Christmas Eve.
My eyelids were heavy, my breathing was deep,
Secure and surrounded by love I would sleep.
In perfect contentment, or so it would seem,
So I slumbered, perhaps I started to dream.
The sound wasn't loud, and it wasn't too near,
But I opened my eyes when it tickled my ear..
Perhaps just a cough, I didn't quite know, Then the
sure sound of footsteps outside in the snow.
My soul gave a tremble, I struggled to hear,
And I crept to the door just to see who was near.
Standing out in the cold and the dark of the night,
A lone figure stood, his face weary and tight.
A soldier, I puzzled, some twenty years old,
Perhaps a Marine, huddled here in the cold.
Alone in the dark, he looked up and smiled,
Standing watch over me, and my wife and my child.
"What are you doing?" I asked without fear,
"Come in this moment, it's freezing out here!
Put down your pack, brush the snow from your sleeve,
You should be at home on a cold Christmas Eve!"
For barely a moment I saw his eyes shift,
Away from the cold and the snow blown in drifts..
To the window that danced with a warm fire's light
Then he sighed and he said "Its really all right,
I'm out here by choice. I'm here every night."
"It's my duty to stand at the front of the line,
That separates you from the darkest of times.
No one had to ask or beg or implore me,
I'm proud to stand here like my fathers before me.
My Gramps died at ' Pearl on a day in December,"
Then he sighed, "That's a Christmas 'Gram always remembers."
My dad stood his watch in the jungles of ' Nam ',
And now it is my turn and so, here I am.
I've not seen my own son in more than a while,
But my wife sends me pictures, he's sure got her smile.
Then he bent and he carefully pulled from his bag,
The red, white, and blue... an American flag.
I can live through the cold and the being alone,
Away from my family, my house and my home.
I can stand at my post through the rain and the sleet,
I can sleep in a foxhole with little to eat.
I can carry the weight of killing another,
Or lay down my life with my sister and brother...
Who stand at the front against any and all,
To ensure for all time that this flag will not fall.."
" So go back inside," he said, "harbor no fright,
Your family is waiting and I'll be all right."
"But isn't there something I can do, at the least,
"Give you money," I asked, "or prepare you a feast?
It seems all too little for all that you've done,
For being away from your wife and your son."
Then his eye welled a tear that held no regret,
"Just tell us you love us, and never forget.
To fight for our rights back at home while we're gone,
To stand your own watch, no matter how long.
For when we come home, either standing or dead,
To know you remember we fought and we bled.
Is payment enough, and with that we will trust,
That we mattered to you as you mattered to us."
-------------------------------------------------
PLEASE, would you do me the kind favor of sending this to as many
people as you can?
Christmas is upon us and some credit is due to our U.S service men and women for our being able to celebrate these festivities. Let's try in this small way to pay a tiny bit of what we owe. Make people stop and think of our heroes, living and dead, who sacrificed themselves for us.
By an Anonymous and Gratefull American Citizen
The Gray Rider
The Gray Rider Real Estate Co.-
Friday, December 24, 2010
Thursday, December 23, 2010
SALES OF EXISTING HOMES GAINED GROUND IN NOVEMBER 2010
Existing-home sales got back on an upward path in November 2010, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday.
Sales of previously owned homes rose 5.6 percent last month to a seasonally adjusted annual rate of 4.68 million, according to the trade group’s market study. That follows a 2.2 percent drop during the month of October when the annual sales rate was at 4.43 million units.
Distressed homes accounted for 33 percent of the month’s total sales volume. Housing inventory at the end of November fell 4 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace. That’s down from a 10.5-month supply in October.
Paul Ashworth, chief U.S. economist for the research firm Capital Economics, says despite the November gains, sales are running at about the same pace we saw during the worst of the financial crisis in the first quarter of 2009. According to Ashworth, home sales are still down by more than a third from the homebuyer tax credit induced rebound earlier this year and down by 40 percent since the peak in 2005.
“Put in that context, it would be more than a stretch to characterize this latest uptick as a meaningful recovery,” he said. “The more appropriate description is that housing is still bouncing along the bottom.”
Still, Lawrence Yun, NAR’s chief economist, says the numbers bode well heading into the new year. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” Yun said.
Yun added that homebuyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices, and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
NAR’s study shows that the median price for existing-homes sold nationwide in November was $170,600, up 0.4 percent from November 2009.
Foreclosures, which accounted for two-thirds of the distressed sales share last month, sold at a median discount of 15 percent, while short sales were discounted 10 percent in comparison with traditional home sales, according to NAR.
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but well below their 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit.
Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009. The balance of sales were to repeat buyers.
All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. Yun says the elevated level of all-cash transactions continues to reflect tight credit market conditions.
--------------------
Article by Carrie Bay - http://www.dsnews.com/
Sales of previously owned homes rose 5.6 percent last month to a seasonally adjusted annual rate of 4.68 million, according to the trade group’s market study. That follows a 2.2 percent drop during the month of October when the annual sales rate was at 4.43 million units.
Distressed homes accounted for 33 percent of the month’s total sales volume. Housing inventory at the end of November fell 4 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace. That’s down from a 10.5-month supply in October.
Paul Ashworth, chief U.S. economist for the research firm Capital Economics, says despite the November gains, sales are running at about the same pace we saw during the worst of the financial crisis in the first quarter of 2009. According to Ashworth, home sales are still down by more than a third from the homebuyer tax credit induced rebound earlier this year and down by 40 percent since the peak in 2005.
“Put in that context, it would be more than a stretch to characterize this latest uptick as a meaningful recovery,” he said. “The more appropriate description is that housing is still bouncing along the bottom.”
Still, Lawrence Yun, NAR’s chief economist, says the numbers bode well heading into the new year. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” Yun said.
Yun added that homebuyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices, and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
NAR’s study shows that the median price for existing-homes sold nationwide in November was $170,600, up 0.4 percent from November 2009.
Foreclosures, which accounted for two-thirds of the distressed sales share last month, sold at a median discount of 15 percent, while short sales were discounted 10 percent in comparison with traditional home sales, according to NAR.
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in November, the same as in October, but well below their 51 percent share in November 2009 from the surge to beat the initial deadline for the first-time buyer tax credit.
Investors accounted for 19 percent of transactions in November, also unchanged from October, but are up from 12 percent in November 2009. The balance of sales were to repeat buyers.
All-cash sales were at 31 percent in November, up from 29 percent in October and 19 percent a year ago. Yun says the elevated level of all-cash transactions continues to reflect tight credit market conditions.
--------------------
Article by Carrie Bay - http://www.dsnews.com/
Thursday, December 16, 2010
NEW MORTGAGE APPLICATIONS FALL AS RATES RISE FOR THE FIFTH STRAIGHT WEEK
Data released by the Mortgage Bankers Association (MBA) Wednesday shows that consumer demand for mortgages waned last week as interest rates soared to their highest level in nearly seven months.
MBA’s index of total mortgage application volume slipped 2.3 percent for the week ending December 10, 2010, when compared to the previous week.
The organization’s index of new applications for home purchases plummeted 5.0 percent from one week earlier, breaking a three-week streak of increases, but MBA says its purchase index remains near levels last seen in early May.
With mortgage interest rates up more than half a percentage point over the past month, it’s no surprise that refinance activity has also declined sharply. MBA’s refinance index decreased 0.7 percent last week, marking the fifth straight weekly decline for the trade group’s gauge.
MBA reported that the average contract interest rate for 30-year fixed-rate mortgages increased to 4.84 percent for the week ending December 10, up from 4.66 percent the week before – nearly a 20 basis point jump in a mere seven days. This is the highest 30-year fixed-rate observed in the group’s weekly survey since the beginning of May
The average contract interest rate for 15-year fixed-rate mortgages climbed 23 basis points to 4.21 percent last week, up from 3.98 percent the previous week. It’s the highest 15-year fixed-rate reported by MBA since the beginning of June.
“Treasury rates increased last week following news that lower tax rates could be extended for another two years, boosting growth prospects. With this move, mortgage rates reached their highest level in more than six months,” said Michael Fratantoni, MBA’s VP of research and economics.
The Federal Reserve held fast to its plan to buy up $600 billion in Treasury securities at its monetary policy meeting Tuesday. The strategy is intended to keep Treasury rates low, and in turn also drive down mortgage interest rates. But it has yet to bear out the desired outcome, as Fratantoni explained, because of other economic factors that are having a greater influence on the markets.
Paul Dales, U.S. senior economist for the research firm Capital Economics, says it is too soon to judge whether the Fed’s latest round of capital infusion, dubbed QE2, has been a success or a failure.
“[I]n recent weeks the economy has picked up momentum. And … the proposed second fiscal stimulus, if signed into law will surely put less of the burden to boost the economy on the Fed,” Dales said.
“These two developments explain why the markets are not convinced that the Fed will complete the $600bn of Treasury purchases announced at the last meeting in early
November,” Dales continued. “Indeed, Treasury yields continued to rise after [Tuesday’s policy meeting]. But the Fed was never going to perform a u-turn and shrink the size of QE2 just six weeks after announcing it.”
---------------------
Article written by Carrie Bay - DSNews.com
MBA’s index of total mortgage application volume slipped 2.3 percent for the week ending December 10, 2010, when compared to the previous week.
The organization’s index of new applications for home purchases plummeted 5.0 percent from one week earlier, breaking a three-week streak of increases, but MBA says its purchase index remains near levels last seen in early May.
With mortgage interest rates up more than half a percentage point over the past month, it’s no surprise that refinance activity has also declined sharply. MBA’s refinance index decreased 0.7 percent last week, marking the fifth straight weekly decline for the trade group’s gauge.
MBA reported that the average contract interest rate for 30-year fixed-rate mortgages increased to 4.84 percent for the week ending December 10, up from 4.66 percent the week before – nearly a 20 basis point jump in a mere seven days. This is the highest 30-year fixed-rate observed in the group’s weekly survey since the beginning of May
The average contract interest rate for 15-year fixed-rate mortgages climbed 23 basis points to 4.21 percent last week, up from 3.98 percent the previous week. It’s the highest 15-year fixed-rate reported by MBA since the beginning of June.
“Treasury rates increased last week following news that lower tax rates could be extended for another two years, boosting growth prospects. With this move, mortgage rates reached their highest level in more than six months,” said Michael Fratantoni, MBA’s VP of research and economics.
The Federal Reserve held fast to its plan to buy up $600 billion in Treasury securities at its monetary policy meeting Tuesday. The strategy is intended to keep Treasury rates low, and in turn also drive down mortgage interest rates. But it has yet to bear out the desired outcome, as Fratantoni explained, because of other economic factors that are having a greater influence on the markets.
Paul Dales, U.S. senior economist for the research firm Capital Economics, says it is too soon to judge whether the Fed’s latest round of capital infusion, dubbed QE2, has been a success or a failure.
“[I]n recent weeks the economy has picked up momentum. And … the proposed second fiscal stimulus, if signed into law will surely put less of the burden to boost the economy on the Fed,” Dales said.
“These two developments explain why the markets are not convinced that the Fed will complete the $600bn of Treasury purchases announced at the last meeting in early
November,” Dales continued. “Indeed, Treasury yields continued to rise after [Tuesday’s policy meeting]. But the Fed was never going to perform a u-turn and shrink the size of QE2 just six weeks after announcing it.”
---------------------
Article written by Carrie Bay - DSNews.com
Friday, December 3, 2010
MORTGAGE RATES ON THE MOVE AGAIN........UPWARD!
They’ve been sitting at half-century lows for months now, but that trend appears to have snapped as mortgage interest rates across the board rose again this week. One industry report released Thursday points out that long-term rates have been heading upward for three weeks straight; another says they’ve now hit a four-month high.
Freddie Mac’s latest survey puts the average rate for 30-year fixed-rate mortgages at 4.46 percent (0.8 point) for the week ending December 2. That’s up from last week’s average of 4.40 percent. Last year at this time, 30-year fixed mortgages were averaging 4.71 percent, according to the GSE.
Freddie’s results are based on data gathered from about 125 lenders nationwide, including thrifts, credit unions, commercial banks, and mortgage lending companies. Rates offered for 15-year fixed mortgages averaged 3.81 percent this week (0.7 point), up from 3.77 percent the week before.
Shorter term mortgage rates also rose in Freddie Mac’s survey. The 5-year adjustable-rate mortgage (ARM) averaged 3.49 percent (0.6 point), up from 3.45 percent last week. The 1-year ARM came in at 3.25 percent (0.6 point), up from 3.23 percent.
Nothaft, VP and chief economist for Freddie Mac, explained that mortgage rates followed bond yields higher this week after newly released economic data suggested the economy may be stronger this quarter than in the third quarter.
A separate study released by Bankrate Thursday called the latest move upward by mortgage rates “notable,” as they hit their highest mark in four months in the company’s survey. Bankrate’s figures are derived from data provided by the top 10 banks and thrifts in the top 10 U.S. markets.
The tracking firm reported that the benchmark conforming 30-year fixed mortgage rate rose to 4.71 percent (0.36 point) this week. That’s up pretty significantly from 4.58 percent reported by the company last week.
The average 15-year fixed mortgage increased from 3.97 percent to 4.07 percent (0.35 point) in Bankrate’s study. The larger jumbo 30-year fixed rate jumped as well, settling at 5.29 percent.
Bankrate also documented a rise in adjustable rate mortgages, with the average 5-year ARM climbing to 3.74 percent and the average 7-year ARM jumping to 4.08 percent.
Bankrate says the November unemployment report due out on Friday could be the catalyst for the next move in mortgage rates, with evidence of solid private-sector job growth fuel for higher rates.
The tracking company’s regular weekly forecast for mortgage rate indicates that we’ll likely see another increase subsequently. Sixty-four percent of the mortgage experts surveyed by Bankrate expect mortgage rates to rise again over the next seven days.
------------------------
Article written by Carrie Bay
http://www.dsnews.com/
Freddie Mac’s latest survey puts the average rate for 30-year fixed-rate mortgages at 4.46 percent (0.8 point) for the week ending December 2. That’s up from last week’s average of 4.40 percent. Last year at this time, 30-year fixed mortgages were averaging 4.71 percent, according to the GSE.
Freddie’s results are based on data gathered from about 125 lenders nationwide, including thrifts, credit unions, commercial banks, and mortgage lending companies. Rates offered for 15-year fixed mortgages averaged 3.81 percent this week (0.7 point), up from 3.77 percent the week before.
Shorter term mortgage rates also rose in Freddie Mac’s survey. The 5-year adjustable-rate mortgage (ARM) averaged 3.49 percent (0.6 point), up from 3.45 percent last week. The 1-year ARM came in at 3.25 percent (0.6 point), up from 3.23 percent.
Nothaft, VP and chief economist for Freddie Mac, explained that mortgage rates followed bond yields higher this week after newly released economic data suggested the economy may be stronger this quarter than in the third quarter.
A separate study released by Bankrate Thursday called the latest move upward by mortgage rates “notable,” as they hit their highest mark in four months in the company’s survey. Bankrate’s figures are derived from data provided by the top 10 banks and thrifts in the top 10 U.S. markets.
The tracking firm reported that the benchmark conforming 30-year fixed mortgage rate rose to 4.71 percent (0.36 point) this week. That’s up pretty significantly from 4.58 percent reported by the company last week.
The average 15-year fixed mortgage increased from 3.97 percent to 4.07 percent (0.35 point) in Bankrate’s study. The larger jumbo 30-year fixed rate jumped as well, settling at 5.29 percent.
Bankrate also documented a rise in adjustable rate mortgages, with the average 5-year ARM climbing to 3.74 percent and the average 7-year ARM jumping to 4.08 percent.
Bankrate says the November unemployment report due out on Friday could be the catalyst for the next move in mortgage rates, with evidence of solid private-sector job growth fuel for higher rates.
The tracking company’s regular weekly forecast for mortgage rate indicates that we’ll likely see another increase subsequently. Sixty-four percent of the mortgage experts surveyed by Bankrate expect mortgage rates to rise again over the next seven days.
------------------------
Article written by Carrie Bay
http://www.dsnews.com/
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