Industry News

Thanks for the rate cut

Diary of a real estate rookie

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Thank you for the rate cut, Mr. Greenspan … I mean, Mr. Bernanke! The Fed's move earlier this week to ease credit could not have come at a sweeter time. Borrowers, especially jumbo borrowers, were starting to have a terrible time getting money. Now we have a bit of momentary quiet, although what's going to happen over the next 12 months is anybody's guess. For my part, I am encouraging clients -- even people I think won't buy for a year -- to pull their credit scores and start working on their numbers now. We're doing it too, in case we end up moving next year. We still have family debt -- I had a terribly bumpy first year switching careers -- but my goal is to get it all off the credit cards by next month and to pay off the HELOC the year after that. One thing I am encouraging clients to read is last month's piece by Ken Harney, the Washington Post real estate writer whose work is syndicated. Harney basically reported that since one component of a FICO score i...