Issue

IN THIS ISSUE:

• Get a $50 Credit and Enter Our Drawing for a DISTO
• Condo Prices Rise Dramatically 
• Mortgage Applications Drop
• Fed Boosts Rate, Hikes Likely to Continue
• Tech Tip: Transferring ClickFORMS License Files

Did you know that most of our new customers are referred to us by our existing customers? We’re very proud of the fact that so many of you think ClickFORMS is so great to use and benefits your business so much that you refer us to your appraiser colleagues.

That’s why we’re rewarding your loyalty by kicking off the ClickFORMS Refer-a-Friend program.
Bradford Technologies is very pleased to announce that we are now offering a $50 referral credit every time you refer someone to us who purchases a new ClickFORMS owner license. And we’re kicking off the program with a drawing for a new DISTO™ Classic 5 – a $499 retail value! So spread the news because between Nov. 16 and Dec. 17, you get both a $50 credit and a new drawing entry every time you’re mentioned as the person who’s referring us. The more people you refer, the better you chances are for winning the DISTO!

Here are the details on this exciting new program:

1. To get credit for a referral, the new customer needs to tell us who referred them at the time of purchase. To let you know who’s mentioning your name, we’ll send both of you a confirmation email.

2. The new customer must purchase a new ClickFORMS owner license. The Tell-a-Friend program does not apply to associate license purchases.

3. The new ClickFORMS license must be purchased on or after Nov. 16 to qualify for the $50 Refer-a-Friend credit.

4. New license purchases must be made by noon PST on Dec. 17, 2004 to qualify for the drawing. We will announce the drawing winner in the Dec. 17 issue of ClickTALK.

5. There are no limits on the number of people you can refer. As long as this program is in place, you can keep earning your $50 credits. The credits will be valid for one full year after being granted.

6. You can use your credits on any future purchases of Bradford Technology software and services excluding third party software and hardware.

Refer-a-Friend and get a $50 credit. Refer-a-Friend before Dec. 17 and you may win a DISTO Classic 5 – just in time for Christmas! To take advantage of our new referral program call 1-800-622-8727 today.

Condo Prices Rise Dramatically

The National Association of Realtors has announced that it expects record condominium sales across the country. This is the ninth straight year that condo sales have increased, and officials attribute the boom in sales to low interest rates and demand from downsizing empty-nesters as well as from first-time buyers seeking a less expensive alternative to single-family homes.

The popularity of condos is reflected in their price growth, which NAR chief economist David Lereah reports is more than two times that of single-family homes. The median condo price rose to $197,000 during the third quarter of this year, up 18 percent from the same period of 2003; while the median single-family home price rose to $188,500, reflecting a more modest year-over-year gain of 7.7 percent.

Mortgage Applications Drop

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending November 5. The Market Composite Index of mortgage loan applications was 727.3, a decrease of 4.5 percent on a seasonally adjusted basis from 761.7 one week earlier. On an unadjusted basis, the Index decreased 5.6 percent compared with last week and was up 16.2 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 2.7 percent to 483.0 from 496.5 the previous week. The seasonally adjusted Refinance Index decreased by 6.7 percent to 2148.7 from 2303.9 one week earlier. On an unadjusted basis, the Purchase Index is 29.7 percent above its level of one year ago, while the Refinance Index is up 3.1 percent.

The refinance share of mortgage activity decreased to 45.2 percent of total applications from 45.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 35.3 percent of total applications from 34.4 percent the previous week.

Fed Boosts Rate, Hikes Likely to Continue

The policy-setting Federal Open Market Committee of the Federal Reserve decided on Wednesday to raise its target for the federal funds rate by 25 basis points to 2 percent. This is the fourth time this year that the Fed has raised short-term interest rates, and the Fed suggested that it would continue to raise them gradually throughout much of next year. The move to raise the rates was widely expected and the stock market had little reaction. However, bond prices fell on the possibility of further rate increases.

The FOMC believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. They state that output appears to be growing at a moderate pace despite the rise in energy prices, and that labor market conditions have improved. The committee also stated that inflation and longer-term inflation expectations are well contained and indicated that rate changes will continue to be incremental but will respond to changes in economic prospects as needed to maintain price stability.

Tech Tip: Transferring ClickFORMS License Files

To Transfer License Files from one machine to another:

On the First PC:
1. Double click on My Computer
2. Double click on C:\
3. Double click on Program Files > Double click on Bradford
4. Double click on ClickFORMS > Double click on Licenses
5. Locate the license file with the user name(s) and right click on the file (Ex: John Smith or John Smith.LIC)**
6. On the drop down menu select “Send To” which gives several options on saving the file to A: floppy, CD-RW, Mail Recipient -- Select your Media preference

On Second PC:
1. Install ClickFORMS
2. Go to the Media where you copied the License File or Files
3. Right click on the License File or Files and choose Copy
4. Browse to C:\Program Files\Bradford\Clickforms\Licenses folder (see steps 1-4)
5. Go to Edit, and choose Paste

**NOTE: As a safety precaution, prior to sending out your license file, the appraiser may wish to delete his signature. This way, other appraisers or supervisors can allow additional colleagues, administrators, and typists to use the license to include your name on the report but without the signature.

Have a good weekend everyone. Drive safely while you're out inspecting. Don't forget to tell your friends about ClickFORMS (and tell them to mention your name when they call).