Virgil's Corner

Mortgage rates dip

Mortgage rates on 30 year mortgage dropped to their lowest point in two months. 

Mortgage company FreddieMac says 30year mortgages averaged 6.59%.  and on 15 year rate dropped to 6.25%  Rates on one-year adjustable rate also fell to 5.65%

This means good news to buyers, with a large amount of inventory and housing prices are the best they've been in five years....it's time for buyers to seriously take a second look at purchasing.

How you can boost your credit score

Here are some tip on helping your credit:

*Be punctual - late or missed payments account for 35% of your credit score.

*Check your credit report - inaccurate information can mess up your credit score. You are entitled to one free credit report per you, which you can obtain on line at www.annualcreditreport.com  You can also call the three credit bureaus:

Experian 888-379-3742

Equifax 800-685-1111

TransUnion 800-888-4213

*Keep debt in check.  Keeping your account balances at less than 50% of your credit limit helps.  Roughly 30% of your credit score in based on the amount that you owe verses your credit limit.

*Always try to keep a mix of credit.  Example, mortgage, a credit card, and car loan.  Try not to have more than two credit cards. 

I hope this helps - being credit wise.

PetSmart & Reno

from the RGJ posted on July 8, 2007 by Susan Voyles

Thousands of fish from around the world will be raised in PetSmart's new distribution center at the Tahoe-Reno Industrial Center.

Petsmart's 900,000 square foot building - equivalent to 16 football fields - is the latest in a line of new companies building or expected to move to the industrial center.

To read more visit the Reno Gazette Journal at www.rgj.com

ENERGY PLANT

A Canadian company is looking at Pershing County as potential site for a coal-fired power plant.

The plant would use 10,000 acre-feet of water per year, says County Commissioner Dairn Bloyed, who heard Lorne Bradley, president of Railex Power & Energy Group, present plans to the Pershing County board of commissioners earlier this month.

Railex, based in Vancouver, B.C., Canada, bought a substanial amount of land near the old mining town of Oreana, says Bloyed.

Railex would need to bring a rail spur to Oreana back from the Union Pacific tracks at Interstate 80, he adds, because it would need to deliver up to 140 rail cars of coal at a time.

the company is negotiating with area farmers for water rights, says Bloyed.

"But it's very preliminary.  It could be years down the road."  while the board was initially receptive, he adds, it will want to see the state enviromental impact report before making a decision.

This article came from Northern Nevada Business Weekly, June 25th 2007 issure, written by NNBW staff.

Station Casinos

In an SEC filing, Station Casinos values the 92 undeveloped acres it owns across the street from Summit Sierra at $51.5 million to $53.5 million.  A smaller parcel it owns across from the Reno-Sparks Convention Center is worth $8.6 million to $9.3 million, says the company.  It plans a Reno casino a a cost of $700 million with an early 2012 opening.

published by Northern NV Business Weekly June 11,2007

Airport Plaza

Airport Plaza recently sold for $7.85 million.  Located across the street from the proposed new Hyatt hotel.  The new owners plan renovations and possibly raising the rents.