Fed Holds Interest Rates For The 17th Month In A Row

The Federal Reserve Bank has voted to hold steady the Fed Funds Target rate at 0.00% to 0.25%. The Fed Funds target rate has been at 0.00% to 0.25% since December 16, 2008. The Federal Funds Rate is the interest rate at which private banks lend balances at the Federal Reserve to other banks, usually overnight. It is the effective interest rate banks charge each other for loans.

The Chairman of the Federal Reserve Ben Bernanke has supported the decision to leave rates unchanged at 0% for nearly 17 months in order to stimulate an economic recovery. The financial crisis of 2008 has resulted in unprecedented Federal Reserve intervention in an attempt to stave off a further financial meltdown.

This is good short term news for people buying property as it is likely to help keep home mortgage rates at near all time lows for a little longer.

Santa Cruz Named Among Top Places To Live

No surprise, Santa Cruz was named to the list of "America's Top 100 Places To Live." The list by RelocateAmerica.com named Santa Cruz to its list, which focuses on communities poised for economic recovery and future growth. According to the Web site, RelocateAmerica "discovered communities with strong local leadership, employment opportunities, thriving community commitment, improving real estate markets, growing green initiatives, plentiful recreational options and an overall high quality of life." It's good to hear that Santa Cruz Real Estate is recovering. This is the 13th year that RelocateAmerica has published the top 100 list. Cities were not given an individual rank as compared to the other cities named. Other California cities on the list were San Diego, Vacaville and Temecula.