AP
Tuesday August 8, 3:01 pm ET
By Martin Crutsinger, AP Economics Writer
Fed Leaves Key Interest Rate at 5.25 Percent After Long Series of Consecutive Hikes

WASHINGTON (AP) -- The Federal Reserve on Tuesday left a key interest rate unchanged, marking at least a temporary pause in what had been the longest unbroken stretch of Fed rate increases in recent history.



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How does your area rank? The quarterly report from Local Market Monitor research group ranks 100 real estate markets on whether they are overvalued or not. The measurement compares the selling price of an area to a "equilibrium" value. The good news is that the number of overpriced markets are on the decline, with 56 of the 100 markets being fairly priced.

California continues to push the envelope hosting nine of the top ten overpriced markets. Santa Barbara leads the charge where the homes are about 80% overpriced. Florida is making a push with Naples posting a strong number two on the list.

Your best bargains are in Texas, with El Paso, McAllen at the bottom of the list and Dallas, Houston and Brownsville not far off.

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One offer of advice I always give to those who are looking to buy a home is to start preparing months in advance, and get your "Financial Ducks in a Row".

First, get a free credit report so you can see what is being reported on your behalf, and to clear up any errors in the report in time before the eleventh hour when you need to pull that trigger on a home purchase.

Second ease your debt and start saving your money for closing costs and a down payment. The lower your debt is in relation to your credit limit, the less risky you will appear to a borrower. Also, you should show you have enough money in the bank or investments to cover a downpayment, closing costs and a few months of mortgage payments. The more you have saved, the better you will appear as a borrower, and the less hassle you will get when you finally get to apply for that mortgage.

This article is a great guide in putting you on your way in getting your financial ducks in a row:


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Mortgage rates fell in the week ending Thursday, breaking a string of four straight increases. June's unemployment figures aided the shift, as well as the anticipation that the Federal Reserve only has one more rate hike left.

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New Homes at their lowest point in 20 months

New home contracts were negatively impacted by a combination of factors, including reduced traffic, softening demand, increased cancellation rates and higher unsold inventory levels

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