Existing Home Sales came in a bit better than expected at 4.7M when estimates were for only 4.40M. Mortgage rates are low and with sales prices suffering it seems that many are taking advantage.

In an attempt to drive mortgage interest rates down, the Fed will buy $500 billion of mortgage-backed securities during the first 6 months of 2009. The plan (”Government Sponsored Entities Purchase Program”), originally announced on 11/25/08, will result in the government buying securities that have been guaranteed by Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Banks (source: USA Today).

Linda Ferrari, author of The Big Score, will be on the show today. Don’t miss the interview and a chance to win a FREE copy her latest seller.

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