This week, mortgage rates continued to fall, indicating a drought in consumer spending, and the immense job losses nationwide.

According to Frank Nothaft from Freddie Mac, vice president and chief economist, the economy shrank by 0.3 percent in the third quarter.

Having the economy experiencing massive job losses, foreclosures, bankruptcies and financial distress, lenders have tightened their credit standards even further.

The Federal Reserve Senior Loan Officer survey from October states that about 70 percent of the banks raised their prime mortgage lending standards, and about 90 percent of the banks offering nontraditional mortgages also did the same.

With the economy in turmoil, it is crucial for consumers and homeowners to be wiser with their spendings for months to come. Even keeping their credits in good shape is important when economy does turn around. If your credit is shot, chances of getting a loan or a refinance are slim to none. You don’t want to miss out on opportunities.

Hang in there. This economy will turn around eventually. It’s just a matter of riding out the difficult times cautiously and keeping your eye out for that light at the end of the tunnel.

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Going green is possibly the smartest thing any homeowner or property owner could do for today’s ecosystem. One of the easiest ways to go green and save are green roofs.

Green roofs are extremely beneficial, be it from trapping and filtering storm water, providing habitats for birds, insects and small animals, and especially bringing life to urban neighborhoods with color and life. These roofs are covered by grass and plants, which also provides insulation when winter comes around the corner and blocks out heat during summer. Chicago hopes to cover millions of square footages with these green panels, and already Germany has about 10 percent of all their flat roofs already set up.

You have options for installation in various ways, such as pre-planted modules to even setting them up in multi-layered systems. Although setting up is a bit pricey compared to normal, conventional roofs, however in the long run, having the green roof is much cheaper to maintain.  You can even get utility rebates, possibly get local or state government incentives. Green roofs can even double the life of your roof by creating a shield from harmful sunlight, wind, and extreme temperatures. Keep in mind though, your roof needs to support 30 lbs per square foot minimum, depending of the type of green roof you’re installing.

If looking after your wallet is your goal, then you might want to reconsider Solar Panels. These systems can last up to 30 years, also adding to your home’s value. Installing these panels are the easiest when putting on a new roof, but make sure they’re installed by professional licensed electricians that have dealt with solar panels. These electricity-generating photovoltaic (PV) solar roofs proof to siginifically reduce household carbon-dioxide emissions as well.

The way these PV roof panels are sold  are by “per kilowatt” increments. Four to five kilowatts covers about half of average homeowner energy needs. Installations runs from $8-$10 per watt, and costs and payback determines on electric rates, climate, and your local or state governments incentives. But stress too much about the costs, Federal gives up to $2,000.00 tax credits which are now available, along with many local credits. You can find out more information at www.dsireusa.org.

Find more ways to live green at: www.thedailygreen.com

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