Update

We're back from our R&R. Nice trip. We visited the U.S. Virgin Islands and the Dutch Antilles. Rested mostly..... on the ship. But we did get off on St Thomas, Barbados and Curacao. Good shopping and some nice real estate. Tyler Texas real estate was still brimming with activity when we got here. 650 emails, three contracts and a withdrawal were waiting for me. Looks like I'll need another vacation real soon!

R&R

I'll be away from my desk for a couple of weeks starting tomorrow. There will be plenty of activity here when I return. Just need some rest and recreation for a while.

WSJ Report

The Wall Street Journal, quoting from Economy.com this morning, lists fifty six cities in which it is expected a sharp to moderate decline in housing prices. It's interesting to note that no Texas cities are included.

Also interesting was the fact that the Mortgage Brokers Association announced a 7.6% INCREASE in mortgage applications in September! Tyler Texas real estate is still very strong. We have a good supply of available homes for sale, and there's no lack of interested buyers at this time in my opinion.

Credit Reports (revisited)

It's been a while since I addressed the subject of credit and credit scores. It's good to note that there are three credit "bureaus" out there, and your credit score is based on all three. A "good" score is anything over 720 (perfect is 840). Below 720 and your rate of interest on a big purchase (like a home) may be seriously affected. Below are three ways to keep your credit scores high, in order that you don't pay exorbitant fees in order make a lender comfortable in lending you money.

This from MSN Money Manager:

Pay all bills on time. This is probably the most important factor in the FICO calculation. If you're consistently 30 days overdue, your score can drop by as much as 100 points, depending on how long the account has been open and how long ago the late payment took place. To avoid late payments, consider automating your bill-paying process.


Think twice before closing accounts. Lenders are looking for consumers with long credit histories that have been managed well. But because of the increase in identity theft, you don't want too many open accounts that you don't use. "Be judicious about the accounts you have," says Norm Magnuson, public affairs officer for the Consumer Data Industry Association. (In other words, don't close a 20 year perfect account; and don't open new accounts in order to get a discount on your next purchase.)


Minimize credit-card applications. On average, a consumer has a total of 11 credit obligations, of which seven are credit cards and four are loans. Each time you apply for credit, a lender requests to view your report. This inquiry is noted and can reduce your overall score. Don't apply for unnecessary credit. If you're in the market for a big-ticket item that requires a loan, avoid credit applications for 18 months prior to your purchase. (It's also interesting to note that an application for a home loan at a particular interesst rate doesn't affect your scores.)


Keep balances low. The FICO score evaluates your total balances in relation to your available credit. This is known as credit utilization. Credit cards that are "maxed out" can lower your score. Try to spend only 30% of your credit limit. If you have a $10,000 limit on one card, keep the balance near $3,000.

These are very "wise" pieces of advice. Keep your scores high. It makes things easier for you, for your loan broker, AND for your realtor!