Realtors report drop in existing home sales
Existing-home sales and prices dropped in November compared to the same month last year, the National Association of Realtors
The median price of existing homes dropped for the fourth consecutive month to $218,000, down 3.1 percent compared to November 2005. The average price of existing homes, at $266,000 in November, fell 1.8 percent compared to the same month last year.
Existing-home sales in the Midwest were unchanged in November, holding at a level of 1.42 million, and were 9.6 percent lower than November 2005. The median price in the Midwest was $165,000, which is 3.5 percent below a year ago. more from NAR
Thursday, December 28, 2006
realtors report drop in existing home sales
Realtors report drop in existing home sales
Existing-home sales and prices dropped in November compared to the same month last year, the National Association of Realtors
The median price of existing homes dropped for the fourth consecutive month to $218,000, down 3.1 percent compared to November 2005. The average price of existing homes, at $266,000 in November, fell 1.8 percent compared to the same month last year.
Existing-home sales in the Midwest were unchanged in November, holding at a level of 1.42 million, and were 9.6 percent lower than November 2005. The median price in the Midwest was $165,000, which is 3.5 percent below a year ago. more from NAR
Existing-home sales and prices dropped in November compared to the same month last year, the National Association of Realtors
The median price of existing homes dropped for the fourth consecutive month to $218,000, down 3.1 percent compared to November 2005. The average price of existing homes, at $266,000 in November, fell 1.8 percent compared to the same month last year.
Existing-home sales in the Midwest were unchanged in November, holding at a level of 1.42 million, and were 9.6 percent lower than November 2005. The median price in the Midwest was $165,000, which is 3.5 percent below a year ago. more from NAR
Wednesday, December 27, 2006
Mortgage Fraud Increases
Mortgage Fraud Increases:
Mortgage fraud is now a criminal enterprise that puts dollars in the hands of people who also are involved in such other crimes as drugs, murders and gangs," Stern told the conference.As of early this month, the G-man reported, the number of suspicious activity reports concerning mortgage fraud is up 62 percent from a year earlier. That, he said, "is a stark increase" compared to those alleging commercial loan fraud and false statements..... more from Mortgage Fraud
Mortgage Fraud Increases
Mortgage Fraud Increases:
Mortgage fraud is now a criminal enterprise that puts dollars in the hands of people who also are involved in such other crimes as drugs, murders and gangs," Stern told the conference.As of early this month, the G-man reported, the number of suspicious activity reports concerning mortgage fraud is up 62 percent from a year earlier. That, he said, "is a stark increase" compared to those alleging commercial loan fraud and false statements..... more from Mortgage Fraud
Controlling Car Insurance Costs - The Big Picture
Car insurance in New York is a highly competitive business. You can't pick up a newspaper, listen to the radio, watch TV, or drive by billboards without being assaulted by cute little lizards with Australian accents, companies urging you to honk, etc... As we all know (or at least think we know) competition is very good for consumers, resulting in lower rates and better service as companies trip over each other trying to win your business.
Or does it really work that way? In theory, it should, and certainly we as agents have experienced rate reductions with our carriers, as well as new programs that have lowered costs a good amount for many people. But in a report by New York City comptroller William C. Thompson Jr., as reported in the Insurance Advocate, an industry trade magazine for the tri-state area, it seems like the competitive process is not working well enough or fast enough to be fair to the end consumer.
Now it would be pretty obvious that Mr. Thompson has a particular 'bias' towards his constituents, the residents of New York City. The city tends to be a difficult place for insurance companies to do business, with a high concentration of values, a lot of traffic congestion, and pockets of massive fraud. Still, his statistics apply to the whole state and present a picture that suggests insurance companies have a long way to go to get to rates that are fair to all.
He points out that in 2005, premiums of $10.5 billion were reported, against losses of $5.1 billion, leading to record profits among auto insurers. (Did you think they were doing all this advertising because they just like us a lot as people?) Those premiums are up 29% since 2000, while losses are down by over 20%!
In fairness, he notes that premiums have dropped somewhat and continue to drop. Insurance companies tend to be very conservative, and they are very careful because one good year does not make for a trend in lower costs. In addition, because of injuries that take a long time to treat, and lawsuits that can take years going through the courts, as well as insurance department rules that cause it to take time to process rate changes, we can't expect rates to change this month based on last month's claims.
Still, five years is a long time, and he makes very valid arguments for lower rates and more scrutiny from regulators and municipalities in trying to get the best rate for the buying public. Insurance is not an optional purchase, it's more like a tax on people, with private companies given the right to collect that tax. In that sort of situation, maybe not totally unlike rail, gas, and electric utilities, it's part of the government's job to make sure that private companies are not taking unfair advantage.
You can view Mr. Thompson's full report at http://www.comptroller.nyc.gov/.
Or does it really work that way? In theory, it should, and certainly we as agents have experienced rate reductions with our carriers, as well as new programs that have lowered costs a good amount for many people. But in a report by New York City comptroller William C. Thompson Jr., as reported in the Insurance Advocate, an industry trade magazine for the tri-state area, it seems like the competitive process is not working well enough or fast enough to be fair to the end consumer.
Now it would be pretty obvious that Mr. Thompson has a particular 'bias' towards his constituents, the residents of New York City. The city tends to be a difficult place for insurance companies to do business, with a high concentration of values, a lot of traffic congestion, and pockets of massive fraud. Still, his statistics apply to the whole state and present a picture that suggests insurance companies have a long way to go to get to rates that are fair to all.
He points out that in 2005, premiums of $10.5 billion were reported, against losses of $5.1 billion, leading to record profits among auto insurers. (Did you think they were doing all this advertising because they just like us a lot as people?) Those premiums are up 29% since 2000, while losses are down by over 20%!
In fairness, he notes that premiums have dropped somewhat and continue to drop. Insurance companies tend to be very conservative, and they are very careful because one good year does not make for a trend in lower costs. In addition, because of injuries that take a long time to treat, and lawsuits that can take years going through the courts, as well as insurance department rules that cause it to take time to process rate changes, we can't expect rates to change this month based on last month's claims.
Still, five years is a long time, and he makes very valid arguments for lower rates and more scrutiny from regulators and municipalities in trying to get the best rate for the buying public. Insurance is not an optional purchase, it's more like a tax on people, with private companies given the right to collect that tax. In that sort of situation, maybe not totally unlike rail, gas, and electric utilities, it's part of the government's job to make sure that private companies are not taking unfair advantage.
You can view Mr. Thompson's full report at http://www.comptroller.nyc.gov/.
Sunday, December 24, 2006
dick watts insurance in Kentucky
We are proud to announce that we have completely updated our website Dick Watts Insurance
At Dick Watts Insurance Inc we are committed to providing excellent customer service. Our focus remains in Auto Insurance Ky, Homeowners Insurance Ky, and Life Insurance Ky . We have added an all new Customer Service Area, where you can report a claim, contact us by instant message, order proof of insurance cards, or send just to send us an email.
At Dick Watts Insurance Inc we are committed to providing excellent customer service. Our focus remains in Auto Insurance Ky, Homeowners Insurance Ky, and Life Insurance Ky . We have added an all new Customer Service Area, where you can report a claim, contact us by instant message, order proof of insurance cards, or send just to send us an email.
dick watts insurance in Kentucky
We are proud to announce that we have completely updated our website Dick Watts Insurance
At Dick Watts Insurance Inc we are committed to providing excellent customer service. Our focus remains in Auto Insurance Ky, Homeowners Insurance Ky, and Life Insurance Ky . We have added an all new Customer Service Area, where you can report a claim, contact us by instant message, order proof of insurance cards, or send just to send us an email.
At Dick Watts Insurance Inc we are committed to providing excellent customer service. Our focus remains in Auto Insurance Ky, Homeowners Insurance Ky, and Life Insurance Ky . We have added an all new Customer Service Area, where you can report a claim, contact us by instant message, order proof of insurance cards, or send just to send us an email.
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