Golden Gateway Financial Blog

By Carolyn Said
Published in San Francisco Chronicle
March 19, 2010

The volume of Bay Area home sales dipped in February compared with a year ago, while the median price continued to rise, according to a real estate report released on Thursday. “The increase in the median reflects just how odd things were a year ago,” said Andrew LePage, an analyst with MDA DataQuick, a San Diego research firm. “Over half of the resales (then) were foreclosures, and the less expensive inland counties had an unusually high portion of the sales. With the more expensive counties now contributing more sales, it’s easy to post a double-digit increase in the median price. It does not reflect a 20 percent appreciation in the typical home.”

…read full story

By Amy Hoak
Published in MarketWatch
March 18, 2010

Rates on fixed-rate mortgages moved very little this week, with 30-year fixed-rate mortgages averaging 4.96%, according to the latest Freddie Mac survey of conforming mortgage rates, released Thursday. The mortgage averaged 4.95% last week and 4.98% a year ago.

…read full story

Published in SmartMoney
March 18, 2010

Even though we are well into 2010, it’s still not too late to make a traditional IRA contribution for the 2009 tax year — if you’ve not already done so. The contribution deadline is April 15. If you qualify for a deductible contribution, you can lower last year’s tax bill by taking action by then. You may also qualify to make a deductible contribution for the 2010 tax year, which you can do anytime between now and April 15, 2011. Here’s the scoop on traditional IRA contributions.

…read full story

By Steve Bucci
Published in Bankrate.com
March 18, 2010

Dear Debt Adviser,
My question is regarding paying off some balance on my mortgage versus putting additional money in the bank. Here are the numbers:

I have two home loans. The first is a $312,000 interest-only loan at 5.875 percent APR. It’s an ARM until 2011. The second is a $57,000 fixed-rate loan at 8.75 percent APR.

My job is very stable and I have about $35,000 in savings. Should I put more money in savings or pay off my mortgage? If I should pay off my mortgage, which loan should I try to make extra payments toward — the first loan or the second? Thanks.
– Aami

Dear Aami,
2011? Like next year? I believe the first thing you need to address is your ARM that’s coming due in 2011. Interest rates are outstanding right now and likely to only go up. Providing that you can afford it, I recommend that you consider refinancing both loans into one fixed-rate loan, and now rather than later.

…read full story

By Dominic Welling
Published in FTAdviser
March 18, 2010

The baby boomer generation are not prepared for their financial future and many of them are concerned their finances will not last the duration of their retirement, according to Axa Wealth. Research by the provider revealed confusion among the baby boomer generation about their finances is rife, suggesting advice is crucial if people are to be prepared for the future.

…read full story

By Emily Brandon
Published in US News
March 18, 2010

Employer contributions to 401(k)s and pensions can have a huge impact on your ability to retire. But there’s no standard amount that companies pay their workers for retirement benefits. 401(k) and pension contributions at private sector companies ranged from $4.22 an hour in the utilities industry to just 9 cents an hour for food service workers in 2009, according to recently released Bureau of Labor Statistics data. While private firms spent an average of $27.42 per hour for total employee compensation in December 2009, just 92 cents of that typically went toward voluntary retirement benefits. Companies generally spent far more on legally required retirement benefits, including Social Security and Medicare, averaging $1.63 an hour. Here is a look at which types of jobs tend to provide the highest retirement benefits.

…read full story

By Tom Kelly
Published in Philadelphia Weekly
March 18, 2010

What many people have now — house, lifestyle, neighborhood, friends, church, clubs — is exactly what they’d like to keep. Unfortunately, many older folks simply don’t know how or where to look to find the funds that would allow them to maintain the status quo. The immediate need for seniors now is supplementing the income to provide the standard of living they desire.

…read full story

By Alain Sherter
Published in MarketWatch
March 17, 2010

Banks say they’ll modify loans, but even needy families don’t always get help. Marianne Gentry, 66, lives with her disabled husband and desperately ill son. And they’re about to get kicked out of their home. Gentry, a customer-service representative for Home Depot, faces foreclosure on the four-bedroom house in Fountain Valley, Calif., that her family has occupied since 1996.

…read full story

By Sue McAllister
Published in Mercury News
March 12, 2010

Prospective homebuyers exploring Silicon Valley real estate this spring have plenty to learn about, from bank-owned properties to the strict criteria for getting a mortgage these days. And now the federal government has added more to the mix: the revamped good-faith estimate.

Designed by the U.S. Department of Housing and Urban Development to help borrowers better understand the terms of their loans, the new three-page form has been a required part of the mortgage application process since Jan. 1.

…read full story

Published in Los Angeles Times
March 12, 2010

Washington - Americans are recovering their shrunken wealth — gradually. Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight. And it was less than in the previous two quarters.

…read full story