Thursday, June 18, 2009
Monday, June 1, 2009
Thursday, May 21, 2009
Wednesday, May 13, 2009
Thursday, May 7, 2009
Monday, March 30, 2009
Friday, February 27, 2009
Don't Try This At Home
How Do Houses Get Sold:
4% for sale signs
6% magazine advertising (home magazines)
3% newspaper advertising
4% other media
5% direct mail pieces
14% internet marketing and advertising (Realtor.com, JJChapa.com, etc.)
7% other (undefined)
3% open house
54% coop Realtors through MLS
6% magazine advertising (home magazines)
3% newspaper advertising
4% other media
5% direct mail pieces
14% internet marketing and advertising (Realtor.com, JJChapa.com, etc.)
7% other (undefined)
3% open house
54% coop Realtors through MLS
Are you planning on utilizing all of these resources to get your home sold fast and for top dollar? Could your sales efforts benefit from a complete marketing approach that encompasses these tools? J.J. Chapa's 25-step marketing program will maximize your homes exposure and get your home sold fast and for top dollar.
Call me today at 972-254-2011.
I have the keys to getting your home sold. You have the lock!
Thursday, February 26, 2009
An opportunity of a lifetime....
Warren Buffet says, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." While Mr. Buffet was writing about buying stocks, the same can be said for housing today.
Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Indices, indicated home values fell the most since 1968, declining 18.5% in December from the year before.
Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.
The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.
Recognizing that now is the time to buy, everyone – from those looking to purchase their first home to seasoned real estate investors – is buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."
Fundamentals Point to Strength
The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.
New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.
Why Buy Now?
Three very important reasons to buy now are:
Interest rates are near all time lows;
Home prices have declined to levels not seen in years; and
Qualified first-time home buyers are now eligible for up to an $8,000 tax credit.
Lower Prices Don't Always Equate to Lower Payments
One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.
Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."
Call me and we can discuss the best options for you today.
Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Indices, indicated home values fell the most since 1968, declining 18.5% in December from the year before.
Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.
The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.
Recognizing that now is the time to buy, everyone – from those looking to purchase their first home to seasoned real estate investors – is buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."
Fundamentals Point to Strength
The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.
New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.
Why Buy Now?
Three very important reasons to buy now are:
Interest rates are near all time lows;
Home prices have declined to levels not seen in years; and
Qualified first-time home buyers are now eligible for up to an $8,000 tax credit.
Lower Prices Don't Always Equate to Lower Payments
One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.
Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."
Call me and we can discuss the best options for you today.
Friday, February 13, 2009
Tuesday, January 27, 2009
S&P: Dallas-area home prices down 3.3%
S&P: Dallas-area home prices down 3.3%
11:57 AM CST on Tuesday, January 27, 2009
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Dallas home prices dipped by more than 3 percent in the latest gauge of nationwide home values.
But Dallas' decline in November from a year earlier was the lowest of any U.S. market in the closely-watched Standard & Poor's/Case-Shiller Home Price Index.
Nationwide home prices dropped by a record 18.2 percent in the monthly report while Dallas prices fell by only 3.3 percent, according to the report released early Tuesday.
“The freefall in residential real estate continued through November 2008,” S&P's David M. Blitzer said in the report.
It was the 28th consecutive month of nationwide price declines.
In the Dallas area, prices peaked in June 2007. Since then, they've declined by about 6 percent.
Phoenix, with a decline of 32.9 percent, and Las Vegas, down 31.6 percent, had the biggest annual declines in the just-released Case-Shiller report.
The survey tracks the prices of typical single-family homes located in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The Case-Shiller researchers compare sales of specific single-family homes over time.
The November Dallas price decline was in line with other recent studies which show that overall home prices in North Texas have fallen only slightly in the last year.
Along with Dallas, the lowest U.S. home price declines were reported in Denver (-4.3 percent) and Charlotte (-5.3 percent).
S&P/CASE-SHILLER HOME PRICE INDEX
Metropolitan area November 1-year change
Atlanta -11.2%
Boston -7.4%
Charlotte -5.3%
Chicago -12.5%
Cleveland -5.2%
Dallas -3.3%
Denver -4.3%
Detroit -20.7%
Las Vegas -31.6%
Los Angeles -26.9%
Miami -28.7%
Minneapolis -16.3%
New York -8.6%
Phoenix -32.9%
Portland -11.5%
San Diego -25.8%
San Francisco -30.8%
Seattle -11.2%
Tampa -20.9%
Washington -19.4%
Composite-20 city -18.2%
11:57 AM CST on Tuesday, January 27, 2009
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Dallas home prices dipped by more than 3 percent in the latest gauge of nationwide home values.
But Dallas' decline in November from a year earlier was the lowest of any U.S. market in the closely-watched Standard & Poor's/Case-Shiller Home Price Index.
Nationwide home prices dropped by a record 18.2 percent in the monthly report while Dallas prices fell by only 3.3 percent, according to the report released early Tuesday.
“The freefall in residential real estate continued through November 2008,” S&P's David M. Blitzer said in the report.
It was the 28th consecutive month of nationwide price declines.
In the Dallas area, prices peaked in June 2007. Since then, they've declined by about 6 percent.
Phoenix, with a decline of 32.9 percent, and Las Vegas, down 31.6 percent, had the biggest annual declines in the just-released Case-Shiller report.
The survey tracks the prices of typical single-family homes located in each metropolitan area. The index survey does not include condominiums and townhouses. It only covers pre-owned properties – no new construction.
The Case-Shiller researchers compare sales of specific single-family homes over time.
The November Dallas price decline was in line with other recent studies which show that overall home prices in North Texas have fallen only slightly in the last year.
Along with Dallas, the lowest U.S. home price declines were reported in Denver (-4.3 percent) and Charlotte (-5.3 percent).
S&P/CASE-SHILLER HOME PRICE INDEX
Metropolitan area November 1-year change
Atlanta -11.2%
Boston -7.4%
Charlotte -5.3%
Chicago -12.5%
Cleveland -5.2%
Dallas -3.3%
Denver -4.3%
Detroit -20.7%
Las Vegas -31.6%
Los Angeles -26.9%
Miami -28.7%
Minneapolis -16.3%
New York -8.6%
Phoenix -32.9%
Portland -11.5%
San Diego -25.8%
San Francisco -30.8%
Seattle -11.2%
Tampa -20.9%
Washington -19.4%
Composite-20 city -18.2%
Wednesday, January 21, 2009
Monday, January 19, 2009
My numbers for 2007
The measure of a good real estate professional is results. That's it. Period. Just results. Can your agent close deals?
Well, for 2006 and 2007, there have been no agents with Keller Williams Coppell that have sold more real estate than I. 2008 wasn't as good a year for me but my drop to third can be explained by my market.
In 2007, I sold 68 houses. The average agent will sell 15 houses. Last year In fell to 45 houses. My main market (North Collin county) has been devastated by high gas prices and high foreclosure rates.
I still had a great year. But for my goals, the results don't match up to what I expected.
To get the results you need out of your 2009 real estate transaction, put my experience work for you today!
Well, for 2006 and 2007, there have been no agents with Keller Williams Coppell that have sold more real estate than I. 2008 wasn't as good a year for me but my drop to third can be explained by my market.
In 2007, I sold 68 houses. The average agent will sell 15 houses. Last year In fell to 45 houses. My main market (North Collin county) has been devastated by high gas prices and high foreclosure rates.
I still had a great year. But for my goals, the results don't match up to what I expected.
To get the results you need out of your 2009 real estate transaction, put my experience work for you today!
Thursday, January 15, 2009
Mortgage Applications Rise as Refinancing Jumps
Mortgage Applications Rise as Refinancing Jumps
U.S. mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday.
Low mortgage rates, however, have yet to fuel demand for loans to purchase homes.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 9 increased 15.8 percent to 1,324.8, the highest reading since the week ended July 11, 2003, when it reached 1,358.2.
Thirty-year mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan in late November to buy as much as $500 billion of mortgage securities backed by Fannie Mae [FNM 0.66 -0.03 (-5.06%) ], Freddie Mac [FRE 0.65 -0.05 (-6.56%) ] and Ginnie Mae.
The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The refinance share of applications increased to 85.3 percent from 79.8 percent the previous week, the highest level since the MBA started conducting its survey in 1990.
Spencer Rascoff, chief operating officer at Zillow.com, an online real estate service company based in Seattle, said loan requests to his company are up more than 200 percent from just two months ago, with loan requests on pace to hit about 25,000 in January and loan quotes on pace to hit 200,000.
"Many experts agree that rates will stay relatively low for at least the next few months since the federal government is now committed to buying mortgage-backed securities to keep borrowing costs low," Rascoff said on Tuesday.
"But the future of rates isn't certain, so locking in these low rates now is a smart move," he said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.89 percent, down 0.18 percentage point from the previous week, the lowest level recorded in the MBA's survey's history.
Interest rates were well below year-ago levels of 5.77 percent.
"Our business has definitely increased dramatically in the past few weeks with rates dropping," Melissa Cohn, chairman and chief executive CEO of Manhattan Mortgage Company in New York, said on Tuesday.
Cohn said the telephones at her company have been ringing off the hook and while the company has not hired additional staff, it has retained as many people as possible.
"We are just working twice as hard to handle the increased volume," she said.
Meanwhile, though, the MBA's seasonally adjusted purchase index fell 14.1 percent to 295.8.
The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 10.8 percent.
Weekly Refinancing Activity Surges
The prospect of affordable home financing has provided a glimmer of hope for the U.S. economy with the housing market in the worst downturn since the Great Depression.
Mortgages
30 yr fixed 5.09% 5.25%
30 yr fixed jumbo 6.79% 6.91%
15 yr fixed 4.73% 4.95%
15 yr fixed jumbo 5.73% 5.83%
5/1 ARM 5.71% 5.16%
5/1 jumbo ARM 5.84% 5.10%
The Mortgage Bankers seasonally adjusted index of refinancing applications jumped 25.6 percent to 7,414.1, the highest reading since the week ended June 27, 2003, when it reached 8,599.1.
The adjustable-rate mortgage share of activity increased to 1.1 percent, up from 0.9 percent the previous week.
Fixed 15-year mortgage rates averaged 4.63 percent, down from 4.67 percent the previous week.
Rates on one-year ARMs decreased to 5.89 percent from 5.90 percent.
Copyright 2009 Reuters. Click for restrictions.
U.S. mortgage applications jumped in the first full week of 2009 as record low interest rates spurred the greatest demand for home refinancing loans in over 5-1/2 years, data from an industry group showed on Wednesday.
Low mortgage rates, however, have yet to fuel demand for loans to purchase homes.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Jan. 9 increased 15.8 percent to 1,324.8, the highest reading since the week ended July 11, 2003, when it reached 1,358.2.
Thirty-year mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan in late November to buy as much as $500 billion of mortgage securities backed by Fannie Mae [FNM 0.66 -0.03 (-5.06%) ], Freddie Mac [FRE 0.65 -0.05 (-6.56%) ] and Ginnie Mae.
The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The refinance share of applications increased to 85.3 percent from 79.8 percent the previous week, the highest level since the MBA started conducting its survey in 1990.
Spencer Rascoff, chief operating officer at Zillow.com, an online real estate service company based in Seattle, said loan requests to his company are up more than 200 percent from just two months ago, with loan requests on pace to hit about 25,000 in January and loan quotes on pace to hit 200,000.
"Many experts agree that rates will stay relatively low for at least the next few months since the federal government is now committed to buying mortgage-backed securities to keep borrowing costs low," Rascoff said on Tuesday.
"But the future of rates isn't certain, so locking in these low rates now is a smart move," he said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 4.89 percent, down 0.18 percentage point from the previous week, the lowest level recorded in the MBA's survey's history.
Interest rates were well below year-ago levels of 5.77 percent.
"Our business has definitely increased dramatically in the past few weeks with rates dropping," Melissa Cohn, chairman and chief executive CEO of Manhattan Mortgage Company in New York, said on Tuesday.
Cohn said the telephones at her company have been ringing off the hook and while the company has not hired additional staff, it has retained as many people as possible.
"We are just working twice as hard to handle the increased volume," she said.
Meanwhile, though, the MBA's seasonally adjusted purchase index fell 14.1 percent to 295.8.
The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 10.8 percent.
Weekly Refinancing Activity Surges
The prospect of affordable home financing has provided a glimmer of hope for the U.S. economy with the housing market in the worst downturn since the Great Depression.
Mortgages
30 yr fixed 5.09% 5.25%
30 yr fixed jumbo 6.79% 6.91%
15 yr fixed 4.73% 4.95%
15 yr fixed jumbo 5.73% 5.83%
5/1 ARM 5.71% 5.16%
5/1 jumbo ARM 5.84% 5.10%
The Mortgage Bankers seasonally adjusted index of refinancing applications jumped 25.6 percent to 7,414.1, the highest reading since the week ended June 27, 2003, when it reached 8,599.1.
The adjustable-rate mortgage share of activity increased to 1.1 percent, up from 0.9 percent the previous week.
Fixed 15-year mortgage rates averaged 4.63 percent, down from 4.67 percent the previous week.
Rates on one-year ARMs decreased to 5.89 percent from 5.90 percent.
Copyright 2009 Reuters. Click for restrictions.
Monday, January 12, 2009
Local market from my perspective
From Thanksgiving to the end of January, the Real Estate Market has typically been very slow. This year is no exception.
Not to say that I haven't been selling, just selling a lot less than I normally do. The economy overall has been taking a pounding. Enough to shut down car manufacturers for short time periods which I never thought would happen.
When buyers are cautious about buying a sweater, television or even a car, can you imagine their thoughts about buying a house? We are all in this market together so I'm sure you understand where I'm coming from.
The good news for our market is #1. House prices in our market have not taken a beating. Are we down a little in value? Sure. But it is a slight correction and our home prices are stable and sound and have paved the way for #2. We have a strong job market. Business is moving out of high priced areas and coming to places where cost of living is much less. Dallas is the 3rd strongest market right now behind Seattle and Houston. #3. Business relocation will continue to bring new buyers into our market and builders have slowed with oversupply. This should start healing the balance between supply and demand.
Call me and lets talk your real estate needs through. Thanks JJ.
Not to say that I haven't been selling, just selling a lot less than I normally do. The economy overall has been taking a pounding. Enough to shut down car manufacturers for short time periods which I never thought would happen.
When buyers are cautious about buying a sweater, television or even a car, can you imagine their thoughts about buying a house? We are all in this market together so I'm sure you understand where I'm coming from.
The good news for our market is #1. House prices in our market have not taken a beating. Are we down a little in value? Sure. But it is a slight correction and our home prices are stable and sound and have paved the way for #2. We have a strong job market. Business is moving out of high priced areas and coming to places where cost of living is much less. Dallas is the 3rd strongest market right now behind Seattle and Houston. #3. Business relocation will continue to bring new buyers into our market and builders have slowed with oversupply. This should start healing the balance between supply and demand.
Call me and lets talk your real estate needs through. Thanks JJ.
Friday, January 9, 2009
Citi Reaches Agreement on home loans
WASHINGTON (AP) -- Democratic lawmakers have reached a deal with Citigroup Inc. on a plan to let bankruptcy judges alter home loans in an effort to prevent foreclosures and urged other lenders to follow suit.
The lawmakers aim to attach the plan to President-elect Barack Obama's economic stimulus legislation, and said Thursday the change in bankruptcy law could ease the foreclosure crisis that has dragged the economy into the worst recession in decades.
The compromise between Citigroup and Sens. Richard Durbin of Illinois, Charles Schumer and Christopher Dodd of Connecticut, would be limited to loans made before the bill is signed. Obama has said he backs the concept.
Schumer said he received calls Thursday from several banks - which he did not name - indicating their potential interest in supporting the idea.
"This is a breakthrough day," the senior senator from New York said in a news conference on Capitol Hill. "We've been stymied because the banking industry opposed this simple provision, which is key to getting a floor to the housing market."
In a letter to lawmakers, New York-based Citigroup's chief executive, Vikram Pandit, said the change to bankruptcy law "will serve as an additional tool to the extensive home-retention programs already in place to help at-risk borrowers."
The so-called "cramdown" proposal has been backed by Democrats over the past year as a potential solution to the foreclosure crisis. Consumer advocates and Democrats say it would prod the lending industry to be more aggressive about modifying loans because of the looming threat of having a bankruptcy judge involved.
But the lending industry has battled fiercely against the idea, arguing it would force lenders to hike mortgage rates because they would have to charge more for loans that could be altered later by a judge.
"This would hurt the housing market at the exact time we're trying to stimulate it," said Scott Talbott, chief lobbyist at the Financial Services Roundtable, which represents large banks and insurance companies.
To qualify, borrowers would need to demonstrate that they have asked their lender for a loan modification before filing for bankruptcy.
Currently, a 1993 Supreme Court decision bars judges from altering first mortgages on primary homes, though such changes are allowed on loans for vacation homes, motorcycles, boats and other kinds of property.
Consumer advocates say that is unfair, while mortgage lenders contend it benefits the vast majority of borrowers who don't fall into bankruptcy because it keeps mortgage credit for primary residences cheap.
Other attempts by the government to deal with the surge in foreclosures over the past two years haven't made much of a dent in the problem.
A federal program, dubbed Hope for Homeowners, was intended to let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed-rate loans with lower rates. But the early results have been disappointing, with fewer than 400 applications since the program's launch on Oct. 1.
In an interview earlier this week, a lobbyist for the mortgage industry vowed to keep the bankruptcy judge plan out of the economic recovery bill.
"We think that's an unwise move that could delay the stimulus package," said Francis Creighton, the Mortgage Bankers Association's chief lobbyist.
In a speech Thursday at George Mason University outside Washington, Obama asked Congress to work with him "day and night, on weekends if necessary" to pass an economic revival plan within the next few weeks so that it can be ready for his signature shortly after he takes office on Jan. 20
Obama promised to rewrite financial regulations and pledged to launch "a sweeping effort to address the foreclosure crisis so that we can keep responsible families in their homes."
The lawmakers aim to attach the plan to President-elect Barack Obama's economic stimulus legislation, and said Thursday the change in bankruptcy law could ease the foreclosure crisis that has dragged the economy into the worst recession in decades.
The compromise between Citigroup and Sens. Richard Durbin of Illinois, Charles Schumer and Christopher Dodd of Connecticut, would be limited to loans made before the bill is signed. Obama has said he backs the concept.
Schumer said he received calls Thursday from several banks - which he did not name - indicating their potential interest in supporting the idea.
"This is a breakthrough day," the senior senator from New York said in a news conference on Capitol Hill. "We've been stymied because the banking industry opposed this simple provision, which is key to getting a floor to the housing market."
In a letter to lawmakers, New York-based Citigroup's chief executive, Vikram Pandit, said the change to bankruptcy law "will serve as an additional tool to the extensive home-retention programs already in place to help at-risk borrowers."
The so-called "cramdown" proposal has been backed by Democrats over the past year as a potential solution to the foreclosure crisis. Consumer advocates and Democrats say it would prod the lending industry to be more aggressive about modifying loans because of the looming threat of having a bankruptcy judge involved.
But the lending industry has battled fiercely against the idea, arguing it would force lenders to hike mortgage rates because they would have to charge more for loans that could be altered later by a judge.
"This would hurt the housing market at the exact time we're trying to stimulate it," said Scott Talbott, chief lobbyist at the Financial Services Roundtable, which represents large banks and insurance companies.
To qualify, borrowers would need to demonstrate that they have asked their lender for a loan modification before filing for bankruptcy.
Currently, a 1993 Supreme Court decision bars judges from altering first mortgages on primary homes, though such changes are allowed on loans for vacation homes, motorcycles, boats and other kinds of property.
Consumer advocates say that is unfair, while mortgage lenders contend it benefits the vast majority of borrowers who don't fall into bankruptcy because it keeps mortgage credit for primary residences cheap.
Other attempts by the government to deal with the surge in foreclosures over the past two years haven't made much of a dent in the problem.
A federal program, dubbed Hope for Homeowners, was intended to let 400,000 troubled homeowners swap risky loans for conventional 30-year fixed-rate loans with lower rates. But the early results have been disappointing, with fewer than 400 applications since the program's launch on Oct. 1.
In an interview earlier this week, a lobbyist for the mortgage industry vowed to keep the bankruptcy judge plan out of the economic recovery bill.
"We think that's an unwise move that could delay the stimulus package," said Francis Creighton, the Mortgage Bankers Association's chief lobbyist.
In a speech Thursday at George Mason University outside Washington, Obama asked Congress to work with him "day and night, on weekends if necessary" to pass an economic revival plan within the next few weeks so that it can be ready for his signature shortly after he takes office on Jan. 20
Obama promised to rewrite financial regulations and pledged to launch "a sweeping effort to address the foreclosure crisis so that we can keep responsible families in their homes."
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