The Bureau of Labor Statistics released a report Friday showing decreased unemployment through the month of January, dropping the nationwide unemployment rate to 8.3% – the lowest rate in three years. Job growth exceeded expectations, numbering 243,000 new jobs in January. This report follows December’s gains of a revised 203,000 new jobs, and prompted an optimism-fueled 1% rise in stock prices on Wall Street shortly after the report was released Friday morning.

The rise is due almost entirely to private-sector job growth. The report presents the vague phrase “little changed” to describe government employment rates. Private sector employment is credited with an increase of 257,000 jobs, primarily in professional and business services, leisure and hospitality, and manufacturing. The 14,000 difference is not directly cited, though information and media was reported to have declined by 13,000 jobs, with significant losses in the film and music industries.

Though the report encourages belief in economic recovery, other indicators of economic recovery, such as house prices and consumer spending, continue to show weakness, as does the continuing caution by the Federal Reserve. Analysts also point out that the 8.3% does not include the underemployed (people working part-time jobs for lack of full-time employment), the marginally attached (jobless people who want work, but had not applied for a position for 4 weeks as of the survey date), or the discouraged (jobless people who have given up looking for a job entirely). These 11 million people are included in the “U-7” calculations, putting the total broad un- and under-employment rate at 16.9 according to PBS, a slightly more optimistic 15.1 according to the NY Times. Both agree that these numbers show improvement, but more is needed.

Underemployment is particularly troublesome for the economy, because these positions have little or no chance of becoming full-time, yet financial concerns continue to keep workers in these permanent part-time positions. Many of these positions can be found in retail and other service industries, but are increasingly common in the general workforce. Many employers have cut hours or replaced full-time positions in reaction to decreases in business, or to take advantage of the lower cost of part-time workers in terms of salaries and benefits.

The irony of the situation lies in the high demand for skilled workers.  As the NY Times reports, employers often struggle to find workers with the specific skills needed in their industries. Jobs that require little higher education or few unique skills, such as support services, are increasingly shifting toward contract workers and other temporary staffing strategies. Full-time staff positions are reserved for skilled professionals; too-frequently obtained only through recruitment from industry competitors. This can only emphasize the importance of education and training (or re-education and re-training) for workers in specific industries and fields of growth to tackle the problem of long-term unemployment.
Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About The Author: Tom Davidson is the acting Director of Sales & Operations for Express Schools, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.

If you have considered shopping for a home, then you are going to want to find financing for your purchase. In fact, a smart homebuyer will have done their financing research before they start looking for the home of their dreams. Showing sellers that you have the ability to get financing will make any offer you make that much stronger. Any lender will be happy to provide you with a prequalification letter for a mortgage, but read the prequalification carefully and you will see it is not truly an indication that you will be approved for a loan. To be a smart buyer what you need is to be preapproved, not prequalified.

A prequalification letter is exactly what it says it is; it is a letter issued before you have been qualified for a mortgage. Prequalification letters include the same information for just about everyone. It will state that if you meet the credit and income conditions of the lender they will extend you a loan. Because the letter does not guarantee any loan, it is issued without any review that the credit and income conditions are acceptable. Many buyers see the word prequalified and think that means that they have been considered for the loan, only to apply and find that it is not the case. Before you go house hunting, what you need is to get a preapproval.

A preapproval letter is also exactly what is says it is, a letter issued by a lender once a buyer has been qualified, but before they have received their approval. Unlike a prequalification letter, a buyer must provide proof of their income and have their credit worthiness reviewed before a lender will issue a preapproval. A preapproval letter will state that the lender has reviewed the buyer’s financial information and has agreed to extend them a loan should the financial and credit conditions remain the same and underwriting condition are met.

Especially in this tighter mortgage environment, a prequalification letter will not be taken seriously. House hunting with a preapproval letter shows the seller that you are in a position to make a serious offer. When you have a preapproval letter, the seller will know that you have met the conditions required to qualify for a mortgage, and that you can afford to make the offer that you are making. This puts you in a strong position to begin negotiations on the home of your dreams.

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About The Author: David Goldstein is an owner and founding partner of Express Schools, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.

Many times the down payment to buy a home is the one obstacle that stands in the way of homeownership for would-be buyers. What many people do not know is that there are a number of programs that can help buyers come up with the money that they will need to buy a home.
For those buyers who have a clean credit record, there is a no down payment loan program available. A Guaranteed Rural Housing Loan offers a no down payment loan with additional assistance provided with the closing costs if you purchase a home in an approved area and meet the income restrictions.

If you have some minor flaws on your credit rating, you could look into an FHA loan. FHA loans can have down payments as low as 3.5% on a home purchase and the down payment money does not all have to come from you. The funds to be used for your down payment can be yours, or they can come from a gift from a family member, or a combination of the two.  If you are using gift funds toward your down payment, make sure that you consult your mortgage professional to be sure that the proper gift procedures are followed to document the transfer of funds.

FHA loans can also work in conjunction with some nonprofit down payment assistance programs approved by HUD. These programs provide down payment assistance in the form of a second lien on the property. Nonprofit and Nonprofit Instrumentality of Government down payment assistance programs must be approved by HUD and on the approved roster. Government Entity down payment assistance programs also offer help in the form of a second lien on the home, however they do not require HUD approval. The secondary loan works in conjunction with the FHA loan. Your lender must be sure that all of the FHA requirements are met.

Military veterans and active duty members can apply for VA loans. These loans require no down payment and can apply fees to the total loan amount, significantly reducing the upfront cash requirement for buyers. In addition to the federal programs mentioned, there are a variety of first time homebuyer grants that may be available in your state. Check with your lender on what programs might be available to you where you live.

There is too much help out there to let finding down payment assistance stand in the way of you owning a home. Find the program that works the best for you and take advantage of the affordability and low interest rates that are available right now.

Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About The Author: Tom Davidson is the acting Director of Sales & Operations for Express Schools, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.

Real estate is a growing industry, and getting a real estate license is one of the cheapest and fastest career training programs for the income. If becoming a typical real estate agent isn’t for you, here are some other great careers you can start with a little personal talent and a real estate license.

An agent’s schedule can be varied and hectic, between meeting with clients, gathering and providing information, creating and distributing home marketing materials, handling paperwork, and overseeing the thousands of details that get homes bought and sold at all hours of the day. It’s not any stretch to see how a busy agent could use a helping hand. Becoming a Licensed Assistant for top producers or busy realty offices can mean better hours, steady paychecks, and reduced stress for both you and the agents you assist. Assistants can also specialize in particular aspects of the field. Research Assistants gather and process industry information, helping answer all manner of client questions and provide high-value support for agents and businesses. Marketing Assistants combine industry knowledge and advertizing to manage the brochures, mailings, advertizing, web activities, and other activities specific to marketing for select agents or businesses. Web Assistants specialize in building and maintaining web sites and web content. All of these types can be performed as Virtual Assistant over the computer, phone, fax, and mail, allowing you the convenience of a home office and increased work hour flexibility.

For the artistically inclined, Home Staging is a growing industry for real estate professionals with an eye for design. Commercial and private clients are becoming increasingly aware that top-dollar sales require big first impressions. Home stagers use their artistic skills and real-estate knowledge to cater those first impressions to the proper audience and make every showing count. Some successful stagers have even moved to television, magazines, and other media through the strength and value of their designs and ideas. Similarly, Real Estate Photography is on the rise. Industry-minded artists provide the stunning imagery needed for property advertisement, magazines, web sites and other media.

If you have language skills and like to write, you could find a niche as a Real Estate Writer. All industries need writers who can create trade materials, manage web articles, write pamphlets, mailings, manuals, or blogs, or a host of other key internal or external communications. A writer licensed in a specialized field is a rare and precious commodity, offering a comprehensive understanding of the field with a talent for words. Trade publications, large or successful real estate companies, and countless online opportunities can be found (or created!) for real estate writers.

Investors, companies, and individuals across the country and abroad are always looking to purchase commercial or private properties in the US. Time and travel, however, are often limited. That’s why they hire Property Scouts to do the legwork, investigating and reporting on potential properties and development opportunities. Successful scouts know their industry, do all of the homework, and provide valuable information to their clients. A scout can work as a freelance basis, building a client list of investors and industry contacts, or be contracted with specific firms or businesses to serve their client’s needs.

Finally, no property is sold until all of the forms are signed, and closing firms, banks, and other property companies need Title and Closing Specialists to gather, produce, and manage the documents necessary for closings. This task requires in depth knowledge of real estate laws and procedures. Detail-minded real estate professionals who thrive on multitasking could find many great positions helping properties get sold.

Real Estate is much more than selling houses. With a license and some ingenuity, these and other great jobs could be yours.

Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About The Author: +Tom Davidson is the acting Director of Sales & Operations for Express Schools, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.