I am on the road tomorrow and Thursday, picking up my nephew from college. Check out “Where in the

World is Dale” to see where I am going.I heard last week, Matt Lauer was on his week long where in the world is Matt trip.Somebody asked me

if he stole the idea from me!!I must give him credit for coming up with that catch phrase first.I also, do not travel across the globe in one week with a team.

Although that would be great!! Maybe one day as a new career.May has been a very busy month in the industry.We have many purchases closing, so people

can into their new homes for the summer.I have also taken several mortgage refinance loan applications.Most of the refinances I see are to take out cash to

pay off debt or to buy another home.I would assume that most people who could have lowered their interest rates have done so.

     I have not seen a huge amount of foreclosures, despite all the

hoopla.Prices and values have gone down a bit, but not much.It seems the banks are being a little harder on the values and asking for more information on

comps, etc.Flood insurance has been requested on several properties located in areas that surprise me.

     In light of the above, I would be prepared to have the value of

my home drop a bit for refi loans and not be surprised if an appraisal on a purchase comes in low.You also might want to check if the home you are looking at

is in a Flood Zone.The maps have been expanded to odd places like the Bronx!!Flood insurance can be expensive and you will need to add that into your

housing expense.I am off to Baruch College tonight. I am taking an international real property class.Very interesting the way the world is becoming more

global even in real property ownership.I would like to address that more in the Blog next week.I am always available by cell and Blackberry; and of course

Anne will be in the office holding down the fort.Back at the desk on Friday.Remember, I consider myself virtual.The only way you would know I was not at my

desk is if you came in looking for me.Emails, Blackberry’s and call forwarding work wonders at the beach.

The big thing this week is waiting to see if mortgage rates are going to rise. We will know soon

enough.

– Dale Siegel