First Garden Update of the Year: April 2011

I am so excited that I already bought a few things for my garden this year!

Pansies : )

Spearmint

Dill

Garlic Chives - yummmmmmm!

Beautiful!

Cider vinegar to keep flies away!

I was reading how to keep fruit flies away, which is always annoying when you have plants indoors. I have a small spray bottle with a water and a free and clear dish-soap solution. It really helps when you notice the flies to mist the plant and cover the leaves with the solution. The plant won't get harmed and the flies and eggs will die. Also, I was reading that if you put a little bit of cider vinegar in a small dish and cover it with plastic wrap, leaving a small hole at the top, the flies will be attracted to it. They will fly inside the hole, but not be able to get out. So far, I haven't noticed many tiny flies, so I am not sure if it's working!

I also planted my sugar snap peas and green beans last week. I can't wait until I start getting sprouts! I'll be sure to post some pictures in time for my next monthly newsletter : )

- Ashley

Agents Urged to Review Safety After Shooting

Daily Real Estate News | April 13, 2011

Agents Urged to Review Safety After Shooting 

Following the death of a 27-year-old real estate agent in Iowa last Friday, real estate professionals in the state and elsewhere are being urged to review safety procedures to learn how they can better protect themselves while on the job.

Ashley Okland, an Iowa Realty agent, was fatally wounded in West Des Moines while holding an open house at a model townhome on Friday. Police have yet to identify a suspect and have released few leads.

"It's unfortunate that it takes such a horrible tragedy to increase awareness," says Kurt Schade, president of the Iowa Association of REALTORS®.

According to a 2010 U.S. Department of Labor report, 71 industry-related "real estate and rental and leasing" deaths occurred in 2009--30 of which were homicides.

Tracey Hawkins, a former real estate professional who owns Safety and Security Source, says that agents are often at risk since they’re meeting with strangers at empty homes, holding open houses, and agents are often perceived as wealthy and have photos with their listings that could attract potential criminals.

Hawkins told the Des Moines Register that with a sluggish housing market, she has noticed an increase in safety threats posed to agents. She says real estate professionals are being exposed to new dangers, such as encountering squatters or finding drug labs in foreclosed homes.

Iowa Agents Shaken

Shortly after news broke of the shooting of Okland on Friday, most real estate agencies in West Des Moines canceled their weekend open houses due to safety concerns with a shooter still at large.

Earlier this year, another Iowa real estate professional had been attacked during a showing by two men and was held at knife point, tied up, and robbed. She was able to escape, and the two men were later arrested and charged.

But the two safety incidents so close together has many real estate professionals in the state on edge.

"One thing we've learned is that no one is immune,” says Les Sulgrove, president of the Des Moines Area Association of REALTORS®. “We're all exposed. You can't say it won't happen to me."

Source: “Realtors Group Pushing Safety,” Des Moines Register (April 12, 2011) and “Real Estate Job Carries Risks, Experts Say After Agent Killed in West Des Moines,” Des Moines Register (April 11, 2011)

NAR Applauds Short Sales Bill

Daily Real Estate News | April 13, 2011

NAR Applauds Short Sales Bill 

A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.

The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.). “The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a home owner from foreclosure,” said NAR President Ron Phipps.

“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.

NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.

“As the leading advocate for home ownership and housing issues,
REALTORS® want to help more home owners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers, and the entire community.”

— NAR

Fannie Offers Closing Cost Help for REOs

Daily Real Estate News | April 13, 2011

Fannie Offers Closing Cost Help for REOs 

Fannie Mae is trying to lure more buyers to its foreclosure properties by offering to cover 3.5 percent in closing costs for home owners who close by June 30 on its HomePath properties.

Fannie’s HomePath program provides low down payment financing on REO property sales and has no requirements for mortgage insurance or appraisals.

During the fourth quarter of last year, Fannie offered closing cost assistance and was able to recoup 55 percent of unpaid principal balance on defaulted mortgages through the sales.

Source: “To Move REO, Fannie Offers Deals to Consumers,” National Mortgage News (April 12, 2011)

Daily Real Estate News | April 11, 2011

Iowa Agent Killed at Model Townhome 

Police continue to investigate the shooting and death of a 27-year-old real estate professional at a model townhome in West Des Moines, Iowa, on Friday.

Ashley Okland of Iowa Realty was shot two times at 2 p.m. Friday inside a model townhome while working at Stone Creek Village, police say. She later died at Iowa Methodist Medical Center.

"We have not ruled out anyone or anything as a suspect or a motive," Lt. James Barrett told the Des Moines Register. Police released few details about the shooting and its investigation.

With scant details about a motive behind the shooting, many real estate professionals in the area were on edge over the weekend. Several of the largest real estate brokers in central Iowa canceled open houses that were scheduled for the weekend following news of the shooting.

This marks the second attack on a real estate professional in Iowa this year. In February, a real estate professional was assaulted when showing a home in Ottumwa, Iowa. The agent was able to break free and escape, and two men were later arrested and charged.

Source: “No Leads in Real Estate Agent’s Shooting,” Des Moines Register (April 9, 2011)

Where You'll Find the Most Stubborn Sellers

Daily Real Estate News | April 8, 2011

Where You'll Find the Most Stubborn Sellers 

On average, sellers reduce their list prices after about 2.5 months by 8 percent when a property hasn't sold yet, according to a new report by Trulia.com, which analyzes non-foreclosure listings of residential properties between March 2010 and 2011.

After making one price reduction, 35 percent of those sellers will make a second price cut too.

However, Trulia found some sellers tend to be a little more “stubborn” when it comes to slashing prices, waiting 80 days before making an initial listing price cut.

According to Trulia, these stubborn sellers are most often found in:

• New York City
• El Paso, Texas
• Charlotte, N.C.
• Cleveland
• Raleigh, N.C.
• Louisville, Ky.
• Kansas City, Mo.
• Memphis, Tenn.

Cities That Don’t Slash Prices Enough Initially

Other sellers don’t seem to cut their prices enough the first time around and likely will have to slash prices further. According to Trulia, those sellers are most often found in:

• Phoenix
• Mesa, Ariz.
• Jacksonville, Fla.
• Baltimore, Md.
• Chicago

Meanwhile, Trulia found that Minneapolis, Minn., was the state quickest to cut prices, slashing prices after an average of 45 days. Other major cities in California--such as Oakland and Sacramento--also were more quick to offer discounts, ranging from 49 to 53 days for the first price cut.

Source: “America’s Most Stubborn Home Sellers,” Fortune (April 5, 2011)

Daily Real Estate News | March 31, 2011

Housing Shortage on the Horizon? 

Mike Castleman, founder and CEO of Metrostudy, which tracks real-time data of the country’s inventory of new homes, says a housing shortage is looming that will soon will create a huge surge in demand for new homes. As such, now is the time to buy, he says.

In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction — that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.

"If we had anything like normal levels of buying, those houses would sell in 2½ months," says Castleman. "We'd see an incredible shortage. And that's where we're heading."

The historic drop in new construction mixed with the decline in housing prices is laying the foundation for a dramatic recovery in residential real estate, Castleman told CNN. Castleman expects home owners soon will start returning, which will drive up prices in many markets later this year.

While demand remains low for new construction, he expects that to change. He foresees the recovery following a similar path as previous ones: A severe housing shortage will drive a big increase in demand.

“We'll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved,” he predicts. “Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house." But they’ll want the house so bad that they’ll “bid the prices up."

Source: “Real Estate: It’s Time to Buy Again,” CNN (March 28, 2011)

10 Tips for Saving Money in the Garden

10 Tips for Saving Money in the Garden
By: Laura Fisher Kaiser

Published: January 28, 2011
Carefully plan and plot your garden to add value to your home and make the most of your time and money.
So don’t impulsively drive to your garden center. Walk your land, consult an almanac, test the soil, and make a budget. You’ll save your back, your budget, and your home’s curb appeal.

Tip #1: Get to know your land

Before shelling out money for new plants, consider what’s thrived and died in past gardens. Ask, “Is this plant doing its job? Adding beauty? Providing shade? Creating borders?” Give a pink slip to landscaping that’s not pulling its weight.

If you’re a newcomer to gardening or to the area, scout the neighborhood to see which plants look happy and which wither on the vine.

Keep in mind that even plants appropriate for your growing zone might not work in your personal patch. Your particular soil conditions, sunlight patterns, pest populations, and available water will determine what will grow. Your local cooperative extension service can analyze your soil and recommend amendments and suitable plantings.

Tip #2: Become sun savvy

Even experienced gardeners make mistakes. They plant shade-loving plants in full sun or sun-loving plants in partial shade. Before planting anything in your garden, compare the amount of sunlight your landscaping needs for the amount you have.

Evaluating garden sunlight is tricky because daylight is a moving target: Seasons change and plants mature and cast different shadows.

So before plotting plant beds and tree locations, study the movement of the sun throughout the day and, if you have time, throughout the year. Calculate how many hours of sun each garden section receives. Then check planting directions to make sure your greenery will get what it needs.

Tip #3: Become water wise

Over-watering plants can kill your landscaping and budget. To avoid death by water, know how much and when your greens need to drink: Sales tags should have watering directions.

Drip hoses are thrifty ways to water plants, because the water goes directly to roots, drop by drop. Wind drip hoses around tree bases and bottoms of shrubs. Put hoses on automatic timers to avoid over-watering.

If you have an in-ground sprinkler system, install an ET (evapotranspiraton) controller. These systems, which use real-time weather data sent by satellite to control when sprinklers turn on and off, can cut water use by as much as 30%. The controller costs between $300 and $400, depending on system size, but many municipal water agencies offer rebates, particularly in the arid Southwest.

Tip # 4: Mulch much

Spreading a few inches of mulch in landscaping beds protects your plants and shrubs from drying out, and makes beds look tidy and uniform. Mulch also keeps down weeds and moderates soil temperature.
Organic mulches--grass clippings, wood chips, pine needles--eventually decompose and add vital nutrients to your soil and landscaping. Organics also encourage worm growth, nature’s own soil tillers and fertilizers.
Shredded bark mulch from the garden center provides a rich look for your beds, adding curb appeal. It also prevents dirt from splashing on leaves.

Tip #5: Color your garden

Stick to a simple color scheme for flowers and blooming shrubs in your garden. Your landscaping will look more cohesive and professional.
Massing plants of coordinated colors creates a sense of luxury and order. If you like pinks, add lavenders and blue-hued plants. If hot red is your color, mix with yellows and oranges.
Keeping to a single color family in your garden also narrows your focus when roaming plant center aisles. If you are a gardening newbie and can’t tell a tea rose from a trumpet vine, ask the store’s plant expert for help. Most will be glad to exchange their knowledge for a sale.
Also, gardening catalogs and websites often group complementary colors together. Some even provide a complete landscape plan, which you can faithfully recreate.

Tip #6: Avoid invaders

Ivies, grasses, and vines will fill in your garden quickly, and just as quickly take over your landscaping. Once these “invasives” take root, unearthing them is difficult, and in some cases, impossible.
Your garden center doesn’t call these spreaders “invasives.” They are billed as “fast growers” or “aggressives,” but often that’s code for non-native plants that take over the landscape and crowd out locals by stealing nutrients, light, and water.
The U.S. Department of Agriculture maintains a list of invasives that includes various ivies, grasses, weeds, vines, self-seeding varieties of bushes and shrubs, and even seemingly innocuous herbs, like mint. Your county extension service can steer you toward the species best suited to your garden. Warning: If you love growing mint, grow it in a pot on your deck or patio.

Tip #7: Beware of neighbors bearing green gifts

You should love thy neighbor, but don’t ever take cuttings from their gardens unless you know exactly what they are and how they grow. Self-seeding perennials, such as Black-Eyed Susans and coneflowers, will quickly fill bare spots with splashes of color. If you tire of them, just grab a spade and dig them out.
But if a neighbor extends a slender stalk of Rose of Sharon, or other invasive tree species, run away screaming. These trees will spread throughout your yard and grow roots so deep that only a professional--or the better part of your weekend--can dig and pull them out.
Tip #8: Plant shade trees for natural A/C

Shade trees planted on the south and west sides of a house reduce cooling bills--up to 25%--and lower net carbon emissions. So include shade trees in your landscaping plan.
Choose shade trees according to their size at maturity, which could be 20 years away. Dense deciduous trees--maples, poplars, cottonwoods--are good selections because their leaves cool your house in summer, and their bare branches let light in during winter. Plant them close enough to shade your house, but not so close that they will overwhelm the space.
If you want a faster growing shade tree, about 2 feet per year, select a northern red oak, Freeman maple, or tulip tree.

Tip #9: Power down your lawn mower

The Environmental Protection Agency says gas-powered lawn mowers contribute as much as 5% of the nation’s air pollution. Switching to new generation electric and push-reel mowers—which are lighter, quieter, and kinder to your lawn than power mowers—reduces emissions and cuts fuel consumption.
To mow three-quarters of an acre of grass with a power mower requires 1 gallon of gas. As gas prices head to $4 per gallon, you could save $100 a year by switching to a muscle-powered or electric machine. An electric or good push-reel mower costs $150 to $250, so it will quickly pay for itself.

Tip #10: Grade your landscaping

Once a year, walk your property, cast a hard eye on your garden beds and ask, “Is that plant doing its job? Is it growing into its space, or wandering wherever it likes? Are leaves healthy or spotted with mold and pests? Are these greens improving curb appeal or just making my house look overrun?”
If a plant or shrub isn’t working out, it’s compost. If shrubs are growing too close to your foundation--1 foot away is good--transplant or prune them.
Make sure trees are growing no closer to your house than the width of their mature canopies. Otherwise roots can burrow into foundations, and overhanging branches can trap moisture against the roof or siding, leading to rot and insect damage.
Check your flowering plants and shrubs to see if they are indeed flowering. Too few or dull blossoms should rally after a dose of fertilizer or layer of compost. An inexpensive alterative to commercial fertilizers is manure tea. Fill the foot of old pantyhose with a clump of cow or horse dung, tie the hose to the watering can handle, and let the manure steep in water. You can get weeks of nutrition from a little bit of dung.
Jeanne Huber is the author of 10 books about home improvement and writes a weekly column about home care for the Washington Post.

Recipe of the Month: March 2011

Peanut Butter Dog Treats

Ingredients:

• 2 ¼ cups whole wheat flour
• ¾ cup all purpose flour
• 1 ¼ tablespoon baking powder
• 1 ¼ cup peanut butter
• 1 cup milk

Directions: 

Combine flour and baking powder in a large bowl. Combine milk and peanut butter in a separate bowl and mix until smooth. Gradually stir milk/peanut butter mixture into flour bowl. Knead the dough by hand and roll out on a floured surface to desired thickness. Cut out treats with cookie cutters. Place aluminum foil on a cookie sheet and bake for 15 minutes at 400°F. Cool before storing. 

Note: Cooking times may vary depending on thickness.

I love making these treats occasionally for my two Cairn Terriers, Buster & Baxter. I don't normally use aluminum foil on the cookie sheets. I have several cute dog-bone shaped cookie cutters and dog shape cutters. It's really important that they cool all the way before you store them in a closed container or they won't keep well. They have to really dry and cool down, and then they become crunchy! Let me know if you try this recipe for the pooch(es) in your life!!!

- Ashley

Recipe of the Month: February 2011

Overnight Oatmeal

I found this recipe for overnight oatmeal when searching online. I made it on a Saturday night to wake up to on a Sunday morning before church. It smelled delicious in my entire kitchen! It was a very hearty breakfast and I cannot wait to make it again!

The following info is taken from a blog called "Mommy's Kitchen"

Survey: Sellers Fare Better With Agents

Daily Real Estate News | February 24, 2011

Survey: Sellers Fare Better With Agents 

Sellers have a better chance at getting their house sold by using a REALTOR® than opting for the do-it-yourself approach, according to a survey of 1,000 home owners by HomeGain.com, an online real estate resource. Nearly 60 percent of home owners who used a REALTOR® to sell their home were successful compared to 39 percent of FSBOs, the survey found.

In the survey, 83 percent of home owners said they used a REALTOR® to sell their home, whereas 17 percent said they tried to sell it themselves. This corresponds to results from NAR's 2010 Profile of Buyers & Sellers, which found 88 percent of sellers were assisted by a real estate agent. (Additionally, 83 percent of buyers bought their home through an agent.)

“It is especially striking that home owners fare significantly better in selling their homes using a REALTOR® than selling on their own,” says Louis Cammarosano, general manager at HomeGain. “Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.”

Among the findings in its For Sale by Owner vs. REALTOR® survey:

• 88 percent of home owners who sold their homes using a REALTOR® said they would use a REALTOR® again.
• 24 percent of FSBOs eventually contacted a REALTOR® to help sell their home.

Source: “HomeGain Survey Finds Home Sellers Fare 50% Better in Getting Their Homes Sold Using a REALTOR® Than Selling on Their Own,” HomeGain.com (Feb. 24, 2011)

FSBOs Vanish, Sellers Turn to Real Estate Pros

Daily Real Estate News | February 15, 2011

FSBOs Vanish, Sellers Turn to Real Estate Pros 

For-sale-by-owners are rare nowadays. In fact, the number of FSBOs dropped to record lows over the past year.

Unrepresented sellers make up just 11 percent of the market, down from 13 percent in 2009, according to the 2010 National Association of REALTORS® Profile of Home Buyers and Sellers.

With today’s more complex transactions--such as with short sales and foreclosures and frequent changes in mortgage lending--more sellers are finding comfort in the help of real estate professionals to guide them through the process.

FSBOs once were lured to try to sell themselves because they thought they could save on commission fees, but now sellers are realizing that if they don’t use an agent, it’ll likely cost them more in the long run, experts say.

"Selling by owner does not guarantee the seller will put 5 [percent] to 6 percent more in his or her pocket in trade for doing all the work and taking on potentially costly liabilities,” Margaret Woda, associate broker with Long & Foster in Crofton, Md., told The Washington Times. “On the contrary, prospective FSBO buyers have their eyes on that 5 percent to 6 percent as well. It's more likely the buyer will win this negotiation in a buyer's market with a huge price reduction--probably even larger than the saved commission."

Some FSBO sellers also often make the mistake of listing their home at a higher price than the market warrants. But even if they do find a buyer for that price, unless it’s a cash purchase, the home has to be appraised and many deals can then fall apart.

Source: “Fewer Sellers Going Do-it-Yourself Route,” The Washington Times (Feb. 11, 2011)

I really see this a lot in my market. For-Sale-By-Owner houses are pretty much nonexistent. It's true that there are a lot of factors going into deals nowadays and there are plenty of ways things can go wrong. As an agent, I deal with these factors on a daily basis, so I can easily deal with things and diffuse certain situations. Know someone looking to sell their home? Now is an ideal time to get it on the market to beat the spring rush. Have them contact me today at 708-307-9616 or sales@ashleywydra.com. 

Ashley

Landing Mortgage More Stressful Than Finding a Job?

Daily Real Estate News | February 9, 2011

Landing Mortgage More Stressful Than Finding a Job? 

Getting a mortgage in today’s lending market isn’t easy and can be a complicated, stressful process for borrowers, according to findings from a national survey by MortgageMatch.com of 1,000 adults.

About 70 percent of Americans say access to affordable mortgages is a serious problem, and that understanding the mortgage process and lenders’ requirements is even more difficult and stressful than getting the mortgage itself or even negotiating the sale price on the home.

Nearly 80 percent of recent home buyers, particularly those earning $50,000 a year or more, say getting a mortgage was much more difficult than they had expected. And nearly a quarter of home buyers said waiting to hear if they were approved for a mortgage was even more stressful than waiting to hear if they landed a job.

Among the survey’s other findings:

• 10.8 percent report their lender gave them a higher interest rate than what they were originally quoted.
• 22.9 percent said applying for a mortgage was challenging because documentation requirements from their lender kept changing.
• 21.6 percent of borrowers said their lender used too much technical jargon.

"Over the past few years, a lot of buyers have had a hard time not only getting a loan but getting through the process," says Sue Stewart, senior vice president at Move Inc., which is the operator of MortgageMatch.com. "This survey is a wake-up call and clearly points to the fact that borrowers want a process that's easy to understand and follow. They don't want surprises and they want to be able to depend on their mortgage lender. For most people, the home buying process isn't about the mortgage -- it's about getting a home."

Source: “Survey Shows Access to Mortgages Seen as a Serious National Problem,” PRNewswire (Feb. 8, 2011)

It's super important that you work with a lender that you can trust and who takes the time to help you understand the process. Email me or call me and I would be happy to give you the contact info for my mortgage professional whom I work with all the time! sales@ashleywydra.com 708-307-9616

- Ashley

Addicts Snatch Drugs From Homes for Sale

Daily Real Estate News | February 2, 2011

Addicts Snatch Drugs From Homes for Sale 

Addicts are posing as home buyers and cleaning out medicine cabinets in homes for sale, according to recent police reports.

"It's commonplace – more common than you think," Detective Dennis Luken, vice president for the Ohio chapter of the National Association of Drug Diversion Investigators, told the Cleveland Plain Dealer. "It's everywhere."

In one recent case, a man showed up to an open house and while the real estate agent was distracted with other customers he went through the home owner’s medicine cabinet. The agent overheard the man going through the drawers, and he was later questioned by police officers. He admitted that he went to the house looking for pain pills and that he learned the trick from peers at a drug treatment program.

Authorities say some criminals also copy information off the home owner's prescription label and then call to have the drug refilled so they can pick it up later.

Carol Woodard, chair of the Cleveland Area Board of REALTORS®, says she advises clients who have a house on the market to have a filing cabinet or locked drawers to stow away any medicine, personal records, credit cards, mail, and any identifying information on their children.

Source: “Addicts Pose as Homebuyers, then Nab Prescription Drugs From Houses That Are Up for Sale,” Cleveland Plain Dealer (Jan. 31, 2011)

Honestly, as if sellers in this market don't have enough to worry about. It's very important that you work with an agent that you can fully trust to at least protect your home during Open Houses!

- Ashley

Daily Real Estate News | January 28, 2011

Mortgage Rates Continue to Climb 

Mortgage rates are continuing their gradual climb upwards after reaching record lows. The 30-year fixed mortgage rate rose to 4.8 percent from 4.74 percent the previous week, Freddie Mac reports. The average on 15-year mortgage rates also rose slightly from 4.05 percent to 4.09 percent for the week.

In November, 30-year loans had reached a 40-year low at 4.17 percent and the 15-year mortgage rate was at 3.57 percent.

The average on the five-year adjustable-rate mortgages this week increased to 3.7 percent from 3.69 percent the previous week.

Meanwhile, the Mortgage Bankers Association says it expects mortgage lending to drop considerably in 2011, due to high unemployment, borrowers’ diminished credit coming out of the recession, and more lenders not willing to take on a high risk.

MBA says it expects new loans this year to decrease by 36 percent to its lowest level in more than a decade, falling to $966 billion in 2011 from $1.5 trillion this year.

Earlier in the week, MBA reported a drop in mortgage applications to the slowest refinancing activity in more than a year. Mortgage applications dropped 12.9 percent in the week ended Jan. 21, according to MBA’s seasonally adjusted index.

The index dropped 15.3 percent, which is the lowest level since January 2010. Refinancing activity has continued to decline since October from rising interest rates and tighter underwriting standards.

Source: “Bond Yields Rise and So Do Mortgage Rates,” Freddie Mac (Jan. 27, 2011); “U.S. Mortgage Applications Declined Last Week,” Reuters News (Jan. 26, 2011); and “Mortgage Lending Projected to Fall 36%,” Dow Jones Business News (Jan. 26, 2011)