The announcement came at 8:20 am New York time before the U.S. markets opened. Stock futures, which were pointing to a sharply lower open, bounced back but are still indicating a lower open.

The following is the text of a statement released by the U.S. Federal Reserve on Tuesday:

The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.

The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.

While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households.

This mortgage update provided by:

JD Terry Mortgage Banker East Carolina Bank Mortgage Phone: 910-431-6082 Fax: 910-799-7091 JDTerry.com

If you have any questions on how this will effect retail mortgage interest rates please do not hesitate to give JD a call.

I wanted to take a moment to tell you about Art of the Table, a fund-raising event that I’ve had the pleasure of helping plan at the Bellamy Mansion. During February 22 – 24, thirty artfully themed tabletops created by local designers will be displayed throughout 12 of the mansion’s period rooms. It’s a great opportunity to explore the mansion’s beautifully restored antebellum architecture and get ideas for creating your own memorable tabletops at home. The weekend schedule is as follows:

Table designers include:

Proceeds from the event will go towards the mansion’s ongoing operations and restoration. Please click here or call 910-791-7813 to reserve your tickets. I hope to see you there!

The following article is courtesy of Gareth McGrath Staff Writer for the Star News.

This story was of particular interest to me as I’ve been in contact with a man from Charlotte who is considering purchasing a unit at the Riggins. However, this story is about a lot more than Riggins woes. It’s about the role the beach plays in our life and how fragile this is. Beaches naturally wash away and change over time. In an area like Wilmington where we’ve built homes and lives around the coast, a change to that coastline means big changes for us.

Read the rest of this entry »

Wilmington’s fast growing population has fueled home sales despite a nationally declining marketing, according to a Money Magazine article published earlier this month. With an average 1-year price increase of 9.1%, Wilmington’s appreciation in 2007 was nearly 3x the national average. Please click here to read the full article.

Above: CB with wife, Carissa, kids Caleb (age 4), Oran (age 2) and Ava (age 1), and Grady, the family dog

Every year, people around the globe form their list of New Year’s resolutions, and each year, many of these goals fall by the wayside. However, if you are willing to stick with your resolutions, they can become positive routines.

Most New Year’s resolutions are almost as fleeting as a passing thought. Despite this, people continue to make a “commitment” to new resolutions each year. This is because people recognize that change is attainable.

By clicking on the icon to the left, you’ll find a list of good examples to draw inspiration from and a guide to conquering procrastination. On the backside, there’s a handy worksheet to fill out as you go about seeing your new resolutions become everyday habits.

The New Year is a great time to begin anew, and this year, you can even take a fresh
approach to starting over.

November 23 - 24: Wrightsville Beach Holiday Flotilla
Since 1983, locals have come together to kick off the holiday season during a family-friendly weekend that ends with a breathtaking parade of illuminated ships and fireworks along the Intracoastal Waterway. Flotilla has made the top 20 list of “Must See Events in the Southeast,” bringing over 50,000 people each year to the shores and docks of Wrightsville Beach.  Visit ncholidayflotilla.org or call 910-256-2120  for more info.

November 23 - December 22: Enchanted Airlie
This third annual event is a local favorite with a spectacular show of lights, carolers, musicians, and local vendors throughout Airlie’s 30 acres of gardens.  Visit airliegardens.org or call 910-798-7700 for more info.

November 23 - December 9: Santaland Diaries
For the 4th year, City Stage at Level 5 presents a merrily subversive true-life account of working as an elf at Macy’s Department store by NPR humorist, playwright and best selling author David Sedaris. You can catch the live performance on a Friday, Saturday or Sunday.  Visit citystageatlevel5.com or call 910-342-0272 for more info.

November 24 - December 2: Festival of Trees
Celebrate the diversity of worldwide seasonal traditions with beautifully decorated trees, silent auctions, entertainment, holiday shopping and more. Festival scenery and decorations draw inspiration from the variety and uniqueness of international holiday cultural customs.  Call 910-772-5444 for more info.

November 30: Island of Lights Parade
Join the Carolina Beach locals at 7:30pm for a Christmas parade featuring exceptional night time electric displays, featuring floats, bands, queens, clowns, horses, Santa Claus and more.  Call 910-458-5507 for more info.

December 1: Carolina Beach Holiday Flotilla
Fishing boats and pleasure crafts electrically decorated with thousands of lights present a spectacular display on the Intracoastal Waterway. The parade of boats will cruise from Snows Cut to Carolina Beach Boat Basin and back.  Call (910) 431-0190 for more information.

December 6: Lighting of the World’s Largest Living Xmas Tree
Gather in Hilton Park at 6:00pm for a meet and greet with Santa followed by the 78th annual Christmas tree lighting ceremony.  Call 910-341-4602 for more info.

December 6 - 9: A Christmas Story
Thalian Hall presents the Wilmington premiere of “A Christmas Story,” a live version of one of the most beloved holiday films of recent times.  This memoir of growing up in the Midwest during the late 30’s follows young Ralphie Parker in his quest to get a genuine Red Ryder BB gun for Christmas.  Visit thalian.org or call (910) 251-1788 for more info.

December 7: Homemade Holiday Shorts
Gather in the WHQR gallery to listen to holiday stories read live by a panel of entertaining guests including Carl Kasell, Margaret Maron, Kimberly McLaughlin Smith, and Master of Ceremonies, Peter Jurasik.  The show is followed by a light reception with drinks and hors d’oeuvres.  Visit whqr.org or call 910-343-1640 for more info.

December 8: Keller Williams Fashion Victim’s Ball
The 1st annual Fashion Victim’s Ball is a holiday event designed to raise money for local charities.  Ball guests will dress funky and enjoy live music, appetizers, drinks, dancing, and silent auction.  Visit kwwilmington.com or call your favorite Keller Williams Realtor for more info.

December 9: Wilmington Holiday Parade
Celebrate the holidays in historic downtown Wilmington with the 5th annual holiday parade featuring area schools, bands, businesses, organizations and community groups.  Visit wilmingtonrecreation.com or call 910-341-4602  for more info.

December 31: Island of Lights New Year’s Eve Countdown
Party and view fireworks on the Carolina Beach Boardwalk.  The 2008 countdown features the lowering of a giant lighted beach ball. A street dance featuring live music precedes a spectacular fireworks display to welcome in the New Year.

As leaves begin to change color, it signifies the coming of autumn, and with that, family gatherings and traditions. One of these time-honored traditions is giving thanks for everything you hold dear.

The famous philosopher Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all others.” This time of the year is all about appreciating your many loved ones and countless blessings. This is the time to reflect on what you have and not dwell on what you don’t have. Being thankful isn’t just about internalizing your good fortunes but fully expressing this gratitude to everyone around you. Have you ever noticed that an honest and heartfelt “thank you” can completely brighten another person’s day as well as your own?

If you click the icon to the right, you will find a list of easy ways to show even casual acquaintances that they have a positive impact on your life and that you appreciate them.

I hope you have an enjoyable Thanksgiving!

Whether you’re new to Wilmington or have lived here for years, you’re sure to enjoy the holiday spirit and creative effort displayed at the Wrightsville Beach Holiday Flotilla. Since 1983, locals have come together to kick off the holiday season during a family-friendly weekend that ends with a breathtaking parade of illuminated ships and fireworks along the Intracoastal Waterway.

The weekend helps support coastal businesses, local charities, and beach re-nourishment projects. Since its inception, Holiday Flotilla has become one of the top 20 “Must See Events in the Southeast,” bringing over 50,000 people each year to the shores and docks of Wrightsville Beach. What started as a way to extend the beach tourist season has turned into a time-honored institution in southeastern North Carolina. If you have yet to experience this magical event, make sure to mark your calendars this year!

Friday November 23rd

Saturday November 24th

Sunday November 25th

If you have yet to experience this magical event, make sure to mark your calendars!

Thank you mortgage consultants Eleanor and Steve Thorne for providing the below “By the Numbers” report.

1. FED - The Fed’s # 7 meeting of 2007 will conclude on Wednesday (10/31/07). The Fed funds futures market is priced to reflect a 92% chance of a ¼ of 1% rate cut, a 8% chance of a ½ of 1% rate reduction, and a 0% chance of no rate cut (source: Barron’s).
2. HOME SWEET HOME - The average size (in square feet) of a new home built in the USA is 2,500 today, an increase of +47% since 1970. Bill Gates, the richest American, owns a home with 66,000 square feet (source: Money Magazine, Rocky Mountain News).
3. A FEW OWN A LOT - Americans own 40% of the globe’s wealth yet they make up less than 5% of the world’s population (source: Business Week, Census Bureau).