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Tuesday, November 18, 2008

Va. County to Borrow $4M to Fight Foreclosures

FOXBusiness

MANASSAS, Va.--Prince William County officials are preparing to use $4 million from the federal government to help ease the county's foreclosure crisis.

County Executive Craig Gerhart says more than $2 million from the Department of Housing and Urban Development will be used to buy up foreclosed properties.

Another $1 million will be used to fund projects for residents with household incomes at or below 50 percent of the area's median income, which is $99,000.

Gerhart says nonprofit organizations or faith-based groups will compete for the funds, then purchase and redevelop properties to prepare them for low-income residents.

Prince William has been one of the areas hardest hit by the housing crisis.

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Word of the Day

Specialist

A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.

The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.

Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.

Specialists make money off the "spread," which is the difference between bid and ask prices on orders.