If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

Porting is for you if you get better rates in doing so. Porting is carrying over the contract to the new property. If you sell the current house with the equity and apply a new mortgage, you will be able to save on payments especially if the rates are lower now. You can then have a substantial down payment on the smaller house, have a lower rate mortgage and hopefull have some cash left.

You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees. If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED.

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Then, read it through carefully and correct the errors by inserting the proper punctuation marks or deleting those that are incorrect. post the revised copy in the provided text box. foreclosure filings hit record high by kenneth musante, cnnmoney posted: 2008-05-14 13:00:31 new york (may 14) -- us foreclosure filings reached a record high in april rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property according to a study released wednesday. some 243,353 households nearly one in 519 received a foreclosure filing during april according to the us foreclosure market report from realtytrac an online marketplace that tracks foreclosed properties that was up 4% from march, and surpassed the record of 239,851 set in august 2007. it's "the highest monthly total we've seen since we began issuing the report in january 2005 said chief executive james j. saccacio in a statement. realtytracs measure of foreclosure filings includes notices of default auction sales and bank repossessions according to the report, 54,574 were fully repossessed by banks in april. property tax plunge: the record number of foreclosures added their weight to an already saturated real estate market pulling down home prices plunging home values reduce the money that cities villages and towns collect in property taxes. in particular jeopardy are parts of nevada california arizona and florida whose states maintained the highest foreclosure rates, according to realtytrac. "for example the city council in vallejo calif. - part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in april - last week voted to have the city file for bankruptcy said saccacio. the state of california had the second-highest foreclosure rate in the nation up 112% over the previous year and affecting about one in 204 households the top spot among states was held by nevada which maintained a foreclosure rate 3.6 times the national average affecting about one in 146 homes. nationwide single-family home prices have fallen 7.7% since the beginning of the year to the lowest level since at least 1982 according to the national association of realtors and data from real-estate broker zip realty showed that the number of houses on the market grew by 3.5% in april. with more homes being seized by banks, local governments also lose out on tax revenue from sale transactions. "it's really hitting the municipalities from multiple fronts said realtytrac marketing vice president rick sharga in an interview. ten hardest hit metro areas: cities in california and florida have been particularly hard-hit. areas in those states accounted for 9 of the top 10 metropolitan foreclosure rates. the california metro areas of merced stockton modesto and riverside-san bernardino took the top four spots. in merced one out of 66 households was hit by foreclosure in april. in florida cape coral-fort myers came in at number 5 port st. lucie-fort pierce and fort lauderdale came in at numbers 9 and 10. also making an appearance was las vegas a city that had seen heavy real estate speculation at number 7 with one in 116 households receiving foreclosure notices. as congress debates plans to prop up troubled homeowners the foreclosure rate shows little signs of slowing. delinquent mortgage payments which lead to foreclosure will likely rise over the next six to 12 months according to a key mortgage trend statistic from first american corelogic. copyright 2008 cnnmoney 2008-05-14 06:06:18

Yeah, what they said.

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By ambrose evans-pilchard, international business editor published: 8:52pm bst 15 jul 2010 for uk-telegraph c/p the euro rocketed to a two-month high of $1.29 and sterling jumped two cents to almost $1.54 after the fed confessed that the us economy may not recover for five or six years. far from winding down emergency stimulus, the bank may need a fresh blast of bond purchases or quantitative easing. usually the dollar serves as a safe haven whenever the world takes fright, and there was plenty of sobering news from china and other quarters on thursday. not this time. the us itself has become the problem. "the worm is turning," said david bloom, currency chief at hsbc. "we're in a world of rotating sovereign crises. the market seems to become obsessed with one idea at a time, then violently swings towards another. people thought the euro would break-up. now we're moving into a new phase because we're hearing alarm bells of a us double dip." mr bloom said a deep change is under way in investor psychology as funds and central banks respond to the blizzard of shocking us data and again focus on the fragility of an economy where public debt is surging towards 100pc of gdp, not helped by the malaise enveloping the obama white house. "the europeans have aired their dirty debt in public and taken some measures to address it, whilst the us has not," he said. the fed minutes warned of "significant downside risks" and a possible slide into deflation, an admission that zero interest rates, $1.75 trillion of qe, and a fiscal deficit above 10pc of gdp have so far failed to lift the economy out of a structural slump. "the committee would need to consider whether further policy stimulus might become appropriate if the outlook were to worsen appreciably," it said. the economy might not regain its "longer-run path" until 2016. "the fed is throwing in the towel," said gabriel stein, of lombard street research. "they are preparing to start qe again. this was predictable because the m3 broad money supply has been contracting for months." the fed minutes amount to a policy thunderbolt, evidence of how quickly the recovery has lost steam. just weeks ago the fed was mapping out withdrawal of stimulus. goldman sachs said it expects the euro to rise to $1.35 by the end of the year. the yen will appreciate to ¥83, through the pain barrier for most of japan's big exporters. the new twist is that safe, china's $2.4 trillion fund, has begun buying record amounts of japanese bonds, a shift in reserve allocation away from the dollar. the signs of a deep and sudden slowdown in the us are becoming ever clearer as the "sugar rush" from the obama fiscal stimulus wears off and the inventory boost fades. california, illinois and other states are cutting spending, tightening us fiscal policy by 0.8pc of gdp. thursday's plunge in the philadelphia fed's july index of new manufacturing orders to –4.3 suggests that the economy may have buckled abruptly, as it did in mid-2008. the economic cycle research institute's ecri leading indicator has tumbled, reaching –8.3pc last week. this points to a sharp slowdown or recession within three months. while us port data looked buoyant in june, the details were troubling. outbound traffic from long beach fell from 139,000 containers in may to 116,000 in june. shipments from los angeles fell from 161,000 to 155,000. this drop in exports is worsening the us trade deficit, eroding the dollar. the us workforce has shrunk by a 1m over the past two months as discouraged jobless give up the hunt. retail sales have fallen for the past two months. new homes sales crashed to 300,000 in may after tax credits ran out, the lowest since records began in 1963. mortgage applications have fallen by 42pc to 13-year low since april. paul dales at capital economics said the "shadow inventory" of unsold properties has risen to 7.8m. "the double dip in housing has begun," he said. alcoa, csx, intel, and jp morgan have reported good earnings, but they mostly did so in july 2008 just before their shares collapsed. such earnings rarely catch turning points and can be a lagging indicator. profits have been boosted in this cycle by cost-cutting, which is self-defeating for the economy as a whole. the minutes confirm the fed is split down the middle over qe. fed watchers say the board in washington wants to be ready to launch another round of bond purchases if necessary, pushing the banks balance sheet from $2.4 trillion towards $5 trillion, but hawks at the regional banks are highly sceptical. a study by the san francisco fed said the interest rates need to be –4.5pc to stabilise the economy under the fed's "rule of thumb". since this is impossible, massive qe needs to make up the difference. tim congdon from international monetary re

End of the road? No. End of the American Century? Possibly.