Today the Feds cut the Federal Cost of Funds rate by 1/2%.  This is the rate that really makes a difference in real estate. New mortgage interest rates, adjustable rates and home equity loan payments and even some credit cards fluctuate with this rate. Today's reduction was the first in four years. Obviously, the stock market went crazy. While this won't solve most of our problems here in Oakland County, it will make a difference. Forecasters are saying that next month will bring another cut and probably another big one before the end of the year. Let's keep our fingers (and toes) crossed. Today the House passed the FHA Reform Bill. This will make it easier to purchase and refinance using an FHA loan.  Another good thing. All these things will bring the beginning of the end to the real estate drought we've been suffering through. It's a way off - but I think it's on the horizon now.