Archive for the 'Economics' Category
When will I receive my Economic Stimulus Check?
April 28th, 2008 categories: Economics, General
Here is the schedule from the IRS:
Payment schedulePayments are categorized by the last two digits of taxpayer Social Security numbers.
Direct deposit
Last 2 digits 00-20: May 2.
Last 2 digits 21-75: May 9.
Last 2 digits 76-99: May 16.
Paper checks
Last 2 digits 00-09: May 16.
Last 2 digits 10-18: May 23.
Last 2 digits 19-25: May 30.
Last 2 digits 26-38: June 6.
Last 2 digits 39-51: June 13.
Last 2 digits 52-63: June 20.
Last 2 digits 64-75: June 27.
Last 2 digits 76-87: July 4.
Last 2 digits 88-99: July 11.
Source: Internal Revenue Service
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Economic Update-Do a little Dance
April 20th, 2008 categories: Economics
From my friend over at The Mortgage Advantage-Diane Gerdes
“The U. S. stock market jived to a different beat than the rest of the world all week. Friday was a banner day for Wall Street even though Citigroup, Chase, and Merrill Lynch posted gut wrenching losses with amounts that are unprintable. What the stock market heard is “the losses were not as severe as projected” and did a little boogie that made for one of best days for stocks in several years. Even the unexpected jump in the world’s most widely used interest rate; the London interbank offered rate (Libor) could not dampen the market’s happy feet. Those of us that have some sort of adjustable rate mortgage do not feel like dancing. The music that would get our feet tapping would be “Please lower the A.R.M. rates so we can afford our homes when our rates adjust tune” or maybe the more popular “You have to lower the rates so our buyers can afford their homes”. Now that would make us feel like dancing!
FYI: Banks added on fees for investor loans effective immediately which translates into higher interest rates for all investors. Fannie Mae and Freddie Mac are discontinuing all no income verified or “stated income” programs regardless of credit scores and down payment. Several banks have “portfolio products” that will still offer “stated” programs. “
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Economic Update and Road Closures-Phoenix
April 11th, 2008 categories: Economics
The latest installment from my friend Diane Gerdes from the Mortgage Advantage
“Like Cousin Eddie from the “Vacation” movies
, recession has made an unwelcomed stop at the U.S. economy. Since 1854 the U.S. has experienced 32 cycles of economic growth and pull backs. Since 1980 we have had 4 recessionary periods. A recession is defined as a decline in economic activity measured by: unemployment, incomes, production and consumer purchasing. The government tries to prevent or at least soften the effects of economic pull backs or recessions by tax cuts to give us more money to spend and decreasing the fed rate to help banks borrow money. The real estate market weakens before recessionary cycles. This time the real estate market is the recession. To quote Gary Schlossberg, economist at Wells Capital Management, we are more in a “fear-cession” than a “recession”: businesses and the government are taking steps to avoid a full blown, long term, recession. He also pointed out that housing prices have fallen 20% or more in some markets, but between 1998 and 2006 that there was a 225% increase in home prices in some areas. The two worst recessions were in the 1930’s and in 1982. Farmers were losing their farms in 1982 when crop prices plummeted along with all of the other economic issues, and in the 1930’s dry, windy, weather killed the crops. Today, the farmers are doing well and changing the model. So maybe if this is a recession, like Cousin Eddie, we will have to withstand some annoying times before it quickly moves on.
FYI: If you go to NASCAR this weekend, call ahead for road closures. Why is Go Daddy‘s new, hot car not driving here this weekend?
And if you are coming to Tempe on Sunday the Ironman competition will have roads closed around ASU, Tempe Town Lake, and some parts of Scottsdale. The high tomorrow in Chicago will be 38 degrees. Fahrenheit. “
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