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Retail Sales Jump 0.3% in February

Jenny Zhang — Fri, 12 Mar 2010 16:28:55 +0000

Despite the high unemployment rate – people are buying more. The retail sales report released by the Commerce Department today showed that sales actually rose 0.3% from January. These figures are seasonally adjusted, and when you take car and auto part sales out of the equation, the increase is actually 0.8% for month over month and 4.2% higher than the previous year.

Stores posted a 4% year-over-year sales increase, which supports the numbers above, and the overall feeling that the economy is recovering. However, while the sales are a good sign, there’s still the looming unemployment that prevents a faster recovery. The pent-up demand may be in part held back by a new wave of cautiousness in spending from the rough recession. Americans who were notorious consumers, may now have changed to hold back on many of the more extravagant purchases and actually begin contributing to a bigger emergency fund.

For the full story, check out A Hopeful Economic Sign: February Retail Sales Jump.

Capital Markets Update – Treasury Auctions Finish Successfully

Jenny Zhang — Fri, 12 Mar 2010 15:10:19 +0000

All three of the Treasury auctions this week were successful. Yesterday’s 30-year auction was met with strong demand. The week finishes up with key economic reports on retail sales, consumer confidence, and business inventories.

Retail sales numbers were released at 8:30 am. The number came in stronger than expected. This is causing a sell-off in Treasuries and mortgage bonds.

Quicken Loans Originates $25 Billion in Loans Last Year

Jenny Zhang — Thu, 11 Mar 2010 21:26:35 +0000

While Quicken Loans provides the personable customer service similar to that of your local family-owned shops, we are proud to say that 2009 was a record breaking year with $25 billion in originated loans last year. BusinessWeek recently reported a great article on the progress of our company, as well as the health of the mortgage industry. Be sure to check out Quicken Loans Posted Record Profits in Mortgages, CEO Says for the full story on Quicken Loans.

Home Loan Demand Increases

Jenny Zhang — Thu, 11 Mar 2010 20:05:54 +0000

According to ABC News, U.S. mortgage applications increased last week, showing that more home buyers are entering the market before mortgage rates increase further. While interest rates have been slowly creeping higher, rates are still incredibly low when compared to the years before. Home buyers appear to be taking advantage of this opportunity before it’s too late, along with the home buyer tax credit.

Quicken Loans CEO, Bill Emerson was quoted to explain that the lofty level of homes either on the market for sale or about to hit the market through foreclosures and short sales are the biggest threat to the U.S. housing market. The inventory of homes will certainly put pressure on housing prices, which is why there are many people waiting in the sidelines right now for prices to fall further.

For the full story, be sure to check out Home Loan Demand Nudges Higher in Latest Week.

7 Financial Sins Any Homeowner Should Avoid

Jenny Zhang — Thu, 11 Mar 2010 17:26:38 +0000

Being a homeowner can be a huge financial investment. After all, beyond the mortgage payments, you also have repairs, home improvements, and a ton of other costs that renters generally don’t have. That’s why it’s crucial that you have your finances straightened out, and make sure you don’t buy a home that’s beyond your budget. To help with that, here are 7 deadly financial sins from savvysugar.com that homeowners should avoid.

1. Not opening your statements. Sure we should be green and opt for paperless statements, but it’s crucial that you still have a complete understanding of where your finances are at. Avoiding or ignoring statements can cause you to overdraft, or exceed budgets, neither of which is good for maintaining a healthy savings.

2. Not saving for retirement. There are always more pressing expenses that make saving for retirement less of a priority, however saving early will mean the money has a longer period of time to compound, thus getting you greater returns.

3. Not having an emergency fund. Your emergency fund should be at least 6 months of living expenses. Wow, that’s a lot! Many people are either in debt, or only have a couple thousand saved up, but an emergency fund is for disasters like losing a job, so that you have adequate time to get back on your feet without running out of money. So be sure to start saving a hefty amount beginning today.

4. Paying the minimum on your credit card. Credit cards are unsecured debt, and thus have a much higher interest rate than say your mortgage or car loan. By paying the minimum amount, you are paying mostly interest that will never lower your debt amount by a significant amount.

5. Not actively managing your finances. Investments, loans, and budgets should never be a “set it and forget it” thing. Instead, all your retirement funds, savings accounts, and money matters should be reviewed often, and adjusted when necessary.

6. Living beyond your means. This is a great one, and one I’m most often guilty of. It’s so tempting to buy that extra thing, or want more ”things”, but this is detrimental to any person and really at any income level because you can never make “enough” to support the habit. So the next time you see something you want, remember to check your budget, and stick to it.

7. Forgetting to enjoy life. It’s easy to get caught up on finances, and forget the old cliches that “money isn’t everything” and that “the best things in life are free.” So while you should have all the points above taken care of, the occassional splurge and enjoyments are necessary for a happy life.

Capital Markets Update – Initial Jobless Claims Lower by 7,000

Jenny Zhang — Thu, 11 Mar 2010 14:55:49 +0000

The weekly jobless claims were released this morning. Initial claims were expected to be lower at 460,000 compared to 469,000 the previous week.

The actual reading came in at 462,000. Continuing claims were also expected to decline to 4.5 million. The actual number was slightly worse than expectations coming in at 4.56 million.

The Treasury will finish up this week’s auctions by selling $13 billion of 30-year bonds this afternoon.

Lending Club, Mint, CreditKarma and SmartyPig to talk Banking 2.0 at SXSW

Rob Garcia — Thu, 11 Mar 2010 01:14:14 +0000

SXSW Interactive has quickly become the conference where attendees and presenters explore the latest trends, technologies and products that are changing how we interact, communicate and transact.

This year, Lending Club will sit with SmartyPig, Mint and CreditKarma to talk money and innovation in the banking industry. Jennifer Openshaw, CEO of Family Financial Network will moderate a conversation that promises to be interesting and thought provoking.

In the midst of a financial crisis, people are compelled to save, budget and lower their dependency on traditional financial services. Stock picking communities, person-to-person lending, personal finance management and even credit score management tools, have emerged to serve the changing needs of customers exclusively served by traditional banks and credit unions.

In this panel, we will discuss key trends, emerging technologies, and financial products that are changing the way people interact with the banking and financial services industries.

Banking 2.0: Financial Services Driven by People & Emerging Technologies
Saturday March 13 at 12:30pm at the Hilton Hotel, downtown Austin, Room G
Moderated by Jennifer Openshaw, CEO of Family Financial Network
Attend >>

Panelists:
Rob Garcia, Sr Director Product Strategy, LendingClub.com
Aaron Forth, VP of Product, Mint.com
Kenneth Lin, CEO, CreditKarma.com
Bob Weinschenk, CEO, SmartyPig.com

Can’t attend in person? Don't miss out on this stellar line-up!
Follow @SXSWfinance for live updates and questions to the panelists during the panel.

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Quicken Loans CEO Bill Emerson Featured on CNN Money

Jenny Zhang — Wed, 10 Mar 2010 22:14:38 +0000

Have housing values reached the bottom yet? And how do you know if now is a good time to refinance or buy a home?

Our CEO Bill Emerson was featured on CNN Money recently to discuss current conditions in the housing industry, as well as answer some questions on adjustable rate mortgages (ARMs). Emerson also explained that mortgage seekers are finding security in the incredibly low mortgage rates right now, making 30-year fixed loans an ideal choice for many families.

Check out the above video for insider information from Bill, and answers on common questions about mortgages. Then let us know what you think!

Capital Markets Update – Investors Attracted to Shorter-Term Debt in Auction

Jenny Zhang — Wed, 10 Mar 2010 15:00:20 +0000

Tuesday’s $40 billion 3-year Treasury auction was well received as investors were attracted to the relative safety of shorter-term debt.

The Treasury will continue this week’s auction by selling $21 billion in 10-year T-notes today. It will conclude tomorrow with the sale of $13 billion in 30-year T-bonds.

Capital Markets Update – Treasury Begins Auctions Today

Jenny Zhang — Tue, 09 Mar 2010 16:09:02 +0000

The Treasury will begin this week’s $74 billion auction today by selling $40 billion in 3-year T-notes. On Wednesday, $21 billion in 10-year notes will be sold and the auctions will conclude on Thursday with the sale of $13 billion in 30-year T-bonds.

Whether or not the auctions are well received could go a long way in moving the markets in a week that’s light on data.

Scottrade Brings User Summit to Baltimore on March 20

Scottrade Press Release Center — Tue, 09 Mar 2010 15:00:00 +0000

Online investing firm to provide free educational conferences in 22 cities in 2010

Scottrade Brings User Summit to Baltimore on March 20

Scottrade Press Release Center — Tue, 09 Mar 2010 15:00:00 +0000

Online investing firm to provide free educational conferences in 22 cities in 2010

Guest Room Decorating: 10 Tips for a Cozy Look

Jenny Zhang — Mon, 08 Mar 2010 20:47:14 +0000

Making your guests feel at home doesn’t have to cost a fortune. And if you’re already decorating an extra bedroom, there are ways to save money along the way. After all, it’s the attention to small details that contributes to an overall homey look. Here are some ways you can make your extra bedroom a relaxing retreat for guests.

1. If you were about to repaint the room anyways, consider choosing a light neutral color for the guest room. Generally, pale yellows and soft grays do the job well for providing a relaxing atmosphere. Dark and bright colors like red, orange, green, or pink often bring a more chaotic or loud feel, so avoid those colors if you are repainting.

2. As with all decorating, pick a color theme and stick with it. Bringing too many different colors into one room can make it look cluttered and stressful. Instead, pick 2-3 colors, and try to keep most decorative items in that same color scheme.

3. Make a welcoming tray mints and small candies. Food always looks welcoming, and small candies or mints won’t go stale quickly, making it the perfect guest room amenity.

4. Make a basket of toiletries in the bathroom. Small travel sized shampoos and conditioners are great for guests. If you’re worried about the costs of constantly restocking toiletries, you can even buy small containers, and just refill it yourself with the larger bottles you already have.

5. Stock up on pillows. This is great for making the bed look cozy, as well as giving your guests the option of having more pillows depending on their sleep preferences.

6. Hang a mirror in your guest room. This could be either in the bathroom or bedroom, but it’s important they are able to get ready in the mornings without having to run through the house to see how they look.

7. Layer the sheets and blankets. Since a comfortable bed is a big focus for your guest to have a great night’s sleep, multiple layers not only make the bed more cozy, but also gives your guest the option to choose their temperature.

8. Lay out towels. A neat stack of clean towels not only provides good decor (if the colors remained consistent), but also save your guest from the trouble of rifling through linen closets.

9. Furnish the room with adequate lighting. Make sure there are nightlights plugged in so that your guest won’t be stumbling around in the dark in an unfamiliar room. This is especially handy in the bathroom, if that’s connected to the bedroom.

10. Add some plants. While providing fresh flowers for guests may be costly, you can add a bit of nature into the room by placing a small potted plant on the window sill or dresser.

Don’t have a guest room in your house? Or maybe you’ve been looking to upgrade into a new home. No worries. Now is the best time to buy a home with the low mortgage rates, home buyer tax credit, and low property values, so take advantage of this buyer’s market before it’s over.

Capital Markets Update – Treasury to Auction $74 Billion This Week

Jenny Zhang — Mon, 08 Mar 2010 15:39:10 +0000

There isn’t much in terms of economic data this week, however some of the key reports include Thursday’s unemployment claims report, Thursday’s trade balance report, Friday’s February retail sales report and consumer confidence report.

Also this week we will have more Treasury auctions to contend with for a total of $74 billion.

Housing Market Predictions – Quicken Loans CEO Bill Emerson [CNBC Video]

Regis Hadiaris — Thu, 04 Mar 2010 22:38:31 +0000

The Federal Reserve has announced they will stop buying mortgage backed securities at the end of March. What will happen to the housing market when this happens? Quicken Loans CEO Bill Emerson answers this question and more on CNBC’s Reality Check from the floor of the New York Stock Exchange.

In this video, you’ll get answers to the following questions:

What will happen to mortgage rates?
Why aren’t people taking advantage of current low mortgage rates?
What are the issues with jumbo loans in this housing market?
Are the government housing programs working?

Should You Refinance? Mortgage Rates Advice from Bill Emerson Quicken Loans CEO [Fox Business Video]

Regis Hadiaris — Wed, 03 Mar 2010 23:06:55 +0000

Should you refinance right now? When is the right time to buy a home? Quicken Loans CEO Bill Emerson answers these questions and with talks with Fox Business about current mortgage rates, mortgage qualification guidelines, and what helps prevent a future mortgage crisis.

Organic Gardening: 12 Foods to Plant in Your Garden

Jenny Zhang — Wed, 03 Mar 2010 21:11:12 +0000

Hey homeowners, are you a gardener? Or maybe you just bought a home, and are prepared to begin a garden this spring? Well good news, there are infinite benefits to gardening as any foodie will tell you, but here are some specific foods you should definitely try to grow yourself.

Organic Gardening: Healthy and Cheap

I’ll be the first to admit, I have never gardened myself. But, since we just bought a house, I do plan on beginning this spring. One of the reasons I want to garden is because of the benefits of organic foods. We all know organic produce is more expensive than non-organic. But the health benefits are endless.

For example, some studies have found that organic produce have more nutrients than conventional, while others show the high doses of chemicals or pesticides that reside in conventional produce. Aside from the fact that many of the pesticides are associated with cancer, infertility, and neurological conditions; I just think that organic fruit often tastes better, as in stronger in flavor, and often sweeter.

Fruits and Vegetables You Should Eat Organic

However not all produce are created equal, as pesticides really stick to some produce over others. There are twelve fruits and vegetables specifically identified by the Environmental Working Group that are considered more heavily coated with pesticides. Here’s the list:

Apples
Carrots
Celery
Cherries
Grapes
Kale
Lettuce
Nectarines
Peaches
Pears
Sweet Bell Peppers
Strawberries

If you eat any fruits and vegetables from this list frequently, then you should probably consider growing these yourself. Organic gardening is for the most part, much cheaper than buying organic. And while growing a garden containing all of these items is time consuming and unrealistic, picking a few that are most often eaten may save you quite a bit of money.

By growing these yourself, you not only have better control over the quality of your food, you also save on the grocery bill. With the surplus from gardening, you could also freeze or can the produce. For more homeowner tips, be sure to subscribe to Mortgage News.

Capital Markets Update – Mortgage Applications Rose 15%

Jenny Zhang — Wed, 03 Mar 2010 17:01:12 +0000

The Greek Prime Minister announced early this morning a set of deficit cuts that includes lower wages and increased taxes to try to tame their huge budget gap. In terms of economic data today, the MBA Mortgage application report showed that applications rose almost 15%.

Many believe that borrowers are trying to get in front of the Fed exist of MBS purchases and the tax credit expiration on April 30th.

9 Things Homeowners Should Buy in March

Jenny Zhang — Tue, 02 Mar 2010 21:35:08 +0000

You always hear about buying things off-season, or that some things are expensive because they are in-season. The tricky part is, how do you know when to buy what? Luckily, here’s a guide (largely according to Lifehacker) for how to take advantage of the best deals during this time of the year.

1. The best thing to buy right now is a house. While this doesn’t apply to the month of March exactly, it does apply to right now. The first time home buyer tax credit is running out, and mortgage rates are predicted to go up. Already have a house? Make sure your mortgage rate is low, or take advantage of the currently low rates and refinance. After all, you don’t want to be stuck at a high mortgage rate for the remainder of your loan when you could be saving thousands.

Keep in mind that the tax credit expires April 30th (which is when you need the purchase agreement signed by), and that it’s now been extended to existing homeowners too.

If you already have a house and you’re perfectly happy with your mortgage rate, you could look into investment properties because property values are so low right now. Regardless of how you look at it, it’s a buyer’s market and buying now could be a very good investment in the near future.

2. The next purchase best bought during the winter season (January through beginning of March) is a gas grill if you had been wanting one. Gas grills are clearly off-season, and are always marked down during the colder months when no one can actually use the grills. So, think ahead, and if you wanted one for this summer, be sure to get one before the weather warms up.

One downside to buying a grill now is that the selection is pretty small – but that shouldn’t be a huge deal since the technology behind a grill is…well ancient really.

3. Along the same lines, air conditioners are generally cheaper during the colder months, and March is basically your last call for cooling equipment. To get a bigger discount, look into combining the sale items with an in-store coupon since Lowes and Home Deport are frequently sending those out in the mail.

4. Winter Coats. When it comes to clothing, you should always buy opposite of season. Expensive coats are usually marked down to 75% off when spring gets closer, as stores need to clear out the winter inventory to make room for the spring collections. However, the timing for this is a bit tricky, as for some stores it’s a careful balance to get the discount without waiting soo long that the selection is gone.

Along with coats, you should also stock up on mittens/gloves, hats, scarves, boots, and any other winter accessories. Beyond that, sweaters, and other winter clothing will be on sale from January to March.

5. Snow Gear. The best time to buy a shovel, snow blower, sleds, skis, snowboards, etc. is when winter is just about over. Stores are going to be putting steep discounts on their leftover inventory to make room for the new stock, and the same idea applies to snow gear as it did for winter clothing.

6. Boats. According to Lifehacker, March is the tail end of the winter boat show season, so it’s a good time to catch both last year’s and this year’s models at a good price from a dealer.

7. Frozen food. March is apparently frozen food month, which means your local grocer could be offering deals on frozen food. This could be a good time to invest in a deep freezer (chest freezers are more energy efficient than door freezers, which is what most deep freezers come in) and you could store a lot of meat this way. Lifehacker also has a great chart on how long you can store frozen meats.

Beyond meats, grocery stores might also have more discounts on frozen foods like ice cream because there’s less demand in the winter. If you have a large family, it might be worthwhile to stock up for a couple months and save a little money in the long run.

8. A Toyota. This is a little random, but it’s worth a try. If you have been looking for a car anyways (not saying you should just go out and buy one, but rather this is a good thing to check into if you are already looking for a car) you could look into Toyotas. Why this brand? Well with the recent news, dealerships may be willing to cut a bigger discount for you if sales aren’t going so well.

Toyota Priuses are also well ranked by U.S. News & World Report despite the brake issue, so it may be a good time to take advantage of a good car at a lower price. I happened to get mine for quite a bit lower than the initial asking price, and certainly much lower than the prices a year ago when I first checked around. I don’t know if this was because of the bad press, but I’m pretty happy with the purchase.

9. Jewelry, chocolate, and Valentines gifts. Since Valentines is over, some stores still have quite a bit of heart shaped inventory left over. And while jewelry stores can barely keep up with the demand right before Valentines, business often slows right after. Zales is having a huge clearance right now, and local Starbucks are still trying to get rid of heart-decorated mugs. So, if you aren’t picky, or have someone who enjoys many things that can be considered “Valentine themed”, now is a good time to get this stuff on sale. Godiva also often offers sale items right after the holiday, although now might be a little late.

Capital Markets Update – Anticipation of Greece’s Announcement Lowers Bonds

Jenny Zhang — Tue, 02 Mar 2010 15:02:03 +0000

Treasuries and mortgages held mostly flat Monday, as equities rose on expectations of a Greek bailout. This morning Treasuries and mortgage bonds are down slightly as the European Union said it expects Greece to announce new deficit measures.