Real Estate Information Archive

Five years ago, we repeatedly implored readers to keep the faith: Home prices would cease declining and would recover. We reasoned that 2010 (and 2011) was terrific time to enter the housing market - bargains abounded. You just had to keep your eye on the distant horizon.

The distant horizon is here. Times have certainly changed. Rising prices, not declining prices, is the overarching concern.  Many markets – Denver, Seattle, Washington D.C., Austin, Orange County, for instance – have seen home prices blow past previous highs.

Lack of new construction is a contributing factor to today's higher prices. Builders rightly throttled back after the 2008-2009 recession.  There was a glut of housing at the time; you don't add gasoline to a raging fire.

Today, there is a dearth of housing, which has held back both existing and new home sales.  Unfortunately, builders have yet to fully throttle up. Starts – around one million per year – are still far below the 1.6 million long-term annual average.  Policies more friendly to housing wouldn't be a bad thing at this point. After all, more supply would mean more affordable housing. More affordable housing, in turn, would mean more first-time buyers.

We understand many people don't like change (such as new housing in their neighborhood). But if failure to change means running off young first-time buyers, then failure to change means running off your future. 

 Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Blow Out Employment Numbers Fail to Blow Up Lending Rates

We've been emphasizing monthly employment numbers for at least the past two years, and for good reason: The employment situation is a key variable in the Federal Reserve's interest-rate calculus. Strong job growth enables the Fed to raise interest rates, which it did last month by raising its range on the federal funds rate.

Job growth remains strong to this day. Payrolls soared 292,000 in December. The number smoked most economists' estimates by a wide margin. What's more, October and November payrolls were adjusted up a total of 50,000. October payrolls were adjusted up to 307,000. eral funds rate.

With payrolls trending ever higher, interest rates should be expected to trend higher as well. Rising payrolls reflect robust business activity and a strong economy.

But the world is never so neat and tidy. Since last Friday, when December's employment numbers were released, interest rates have actually drifted lower. The 10-year U.S. Treasury note yields roughly 10 fewer basis points today than it did last week. Long-term mortgage rates, namely the rates on the 15- and 30-year fixed-rate offerings, are being quoted near a two-month low.

Macro events have taken center stage: China's stock market has tanked to start 2016. Our own stock market isn't fairing much better. The S&P 500 is down 6% year to date.

Deflation, more than anything, has financial markets on edge. Oil recently hit an 11-year low, with West Texas crude trading near $30/barrel. Commodities in general – oil, natural gas, metals, grains – are all selling near multi-year lows. On the other hand, the U.S. dollar remains at multi-year highs against many of the world's currencies (which reflects strong world demand for U.S. assets and investments, including U.S. real estate).

When these events are aggregated, it appears unlikely the Fed will implement another rate hike in the near future. Traders in fed funds rate future contracts are pricing only an 8% chance of another rate increase when Fed officials meet later this month. They're pricing a 43% chance when Fed officials meet in mid-March.

We're skeptical that we'll see another rate increase until the second quarter of 2016. But even if we do see the Fed ratchet the fed funds rate higher that doesn't mean all mortgage rates will ratchet higher.  We've seen some up-drift in short-term mortgage rates since December. Long-term mortgage rates have remained muted.

Inflation is key. If there is no inflation, expect long-term mortgage rates to remain low.  There is such a dearth of inflation these days that we've heard forecasts of the yield on the 10-year Treasury note falling below 2%. If that occurs, you can be sure that quotes below 4% on the 30-year fixed-rate loan will again be the norm.   

 Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

An Inauspicious Start to 2016

Most of us enter a new year with a sense of optimism. The slate has been mentally cleared and we're ready to start anew.

As is often the case, though, reality can have a way of tempering optimism. Here we are less than a week into 2016 and the economic news has been mostly a buzz-kill.

The stock market, for one, leaves much to be desired. Stocks have traded down over the few trading days in 2016. Investors are worried that China's economy will slow, thus reducing demand for goods and services from around the world, including our slice of it. If China's economy slows, the reasoning goes, so will the U.S. economy.

Unfortunately, we already have enough to worry about on the growth front. The Federal Reserve Bank of Atlanta estimates that fourth-quarter gross domestic product (GDP) grew at just 0.7% on an annualized rate, down from a prior estimate of 1.3%. JP MorganChase recently cut its fourth-quarter GDP estimate in half to 1% from 2%. Looking to 2016, economists at Duetsche Bank scaled back their first-quarter GDP forecast by half a point, to 1.5%.

Because no market is an island, an all-around slowdown in GDP growth wouldn't be good for housing. Sales were already sluggish through the final quarter of 2015. We don't expect to see an uplift to start 2016. Lending activity points to more of the same. In the two weeks ended January 1, purchase application activity was down 15% compared to the prior two weeks, according to Mortgage Bankers Association data.

We do have some good news to report.

Residential construction spending rose 0.3% for a second-consecutive month in November. Spending on new single-family homes rose strongly in 2015, with the year-over-year growth rate expanding to 9.3%. Spending on multi-family homes is up 24.5% year over year. Housing construction and new-home sales are meaningful contributors to GDP growth.

Mortgage rates should remain a back-burner issue, at least for the immediate future. Mortgage rates across the rate spectrum have been staid since the Federal Reserve raised the federal funds rate last month. Longer-term rates did drift slightly higher to end 2015, but we don't expect them to drift much higher, if they drift at all. In fact, given recent price action in the 10-year U.S. Treasury note, we could see the 30-year and 15-year fixed-rate loans drift lower. The yield on the 10-year note is again below 2.2%.

As we explained last week, long-term lending rates are showing little inclination to move higher. This is mainly due to a lack of worldwide inflation. Oil prices hit an 11-year low this week. Most other commodity prices are also at multi-year lows. If we get a whiff of any meaningful inflation, we doubt that it will occur in the first-quarter of 2016. Therefore, we doubt that we will get any meaningful mortgage-rate increases in the first quarter.   

Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

This past week, Federal Reserve Vice Chairman Stanley Fischer said that predictions for four federal funds rate increases this year were “in the ballpark.” Should they occur the range for the fed funds rate would increase to 1.25%-1.5% by the end of 2016. The range is currently at 0.25%-0.5%.

To be sure, a lot can happen over the course of a year, but there is not much happening now to elicit more fed funds rate increases.

Deflation, as we mention above, is an issue. The Fed wants annual inflation running at 2% annually. At the same time, U.S. economic growth is stagnating. Let's also not forget the ultra-strong dollar, which is near a 10-year high against the euro and a five-year high against the Chinese Yan. If you're considering a trip to Mexico, Brazil, Argentina, or some other Latin American hotspot, by all means go. It's been decades since your dollar has gone so far.

If the Fed were to continue to raise the fed funds rate, the dollar would continue to strengthen. Deflation would become even more of an issue. Rates on floating-rate loans would rise, but rates on longer-term fixed-rate loans would likely fall, thus risking a yield-curve inversion.

So, for now, we'll ignore what the Fed says on interest-rate increases. We just don't see it.

Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

One and Done?

Sometimes you have to riff a bit this time of year. Meaningful news is scarce, which is understandable. With the majority of people preoccupied with December holidays and New Year festivities, much of the news falls on deaf ears anyway.

For the engaged minority, substantive topics are still worth discussing. Few are more substantive than the Federal Reserve and interest rates. Admittedly, we've done our fair share of riffing on the Fed and interest rates, and for good reason: The Fed is the gift that keeps giving. Its influence over housing and mortgage lending can't be understated.

Now that the Fed has finally notched its belt with a federal funds rate increase, punditry and interest-rate speculation run rampant. We again join the fray.

The prospect of rising mortgage rates can be a good marketing tool. It motivates potential home buyers and refinances to act now.  We've voiced our opinion that higher rates reside in our future, but now we have to tack back. We've changed our opinion somewhat; not so much because the facts changed, but more because they haven't improved.

Gross domestic product growth (GDP), for instance, continues to languish stubbornly. Yes, GDP growth at 2.0% for the third-quarter allowed the Fed to raise the fed funds rate, but growth for the fourth quarter was recently revised down to 1.3% by the Federal Reserve Bank of Atlanta. Slower economic growth will give Fed officials reason to pause on an immediate follow-up rate increase.

If you look around the globe, you'll find deflation, not inflation, remains the great concern. Oil prices are near a seven-year low; natural gas prices are at a 14-year low. Many commodity indexes (Bloomberg Commodity Index and Rogers Agricultural Index, most notably) are at multi-year lows. Central bankers are much more keen to cut interest rates, not raise them, in a deflationary environment.

What's more, the U.S. dollar will rise even further against the world's currencies if the Fed continues to hike interest rates. The dollar is already at a multi-year high against many of the world's major currencies. Yes, this is good news for U.S. international travelers and importers, but it's bad news for U.S. exporters. 

With all that said, we still see some possibility of higher mortgage rates, just not across the lending spectrum. You may have noticed that short-term lending rates have drifted somewhat higher, but longer-term rates remain flat, even down, depending on when you asked for a quote. We're seeing a flattening of the yield curve. The spread between short-term rates and longer-term rates has narrowed.

This isn't all that unusual. The fed funds rate will impact the short end of the yield curve first. Because inflation expectations remain low, it's failing to raise rates on the long end of the curve. This suggests long-term rates could remain at current levels for some time to come – through the first quarter of 2016 seems reasonable to us.

But, of course, that outlook could change if the facts change.   

Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

It's still up, up, and away for home prices in many markets. CoreLogic reports prices nationwide were up 6.8% year over year for October. This means prices in many markets are still appreciating more than the historical norm of 2% to 4%. (Inflation is a key factor in home-price appreciation.)

After the housing bubble burst in 2008, many of us couldn't wait for home prices to rise after such a precipitous and unexpected fall. (This was the first time many of us had actually experienced home-price deflation.) Fortunately, prices since then have recovered, and advanced to set new highs in many markets. 

But sometimes you can have too much of a good thing. Rising prices can be a windfall for sellers (though not necessarily if a seller is also a buyer), but they can be an impediment to buyers, particularly first-time buyers with no equity to cash in.  That's the problem today: a dearth of first-time no-equity buyers.

We'd like to see a further reduction in nationwide home-price appreciation going forward. More signs suggest that's the case in more markets. (Case-Shiller, in particular, has seen a slowdown.) Slow and steady has always won the real estate race in the past. It will continue to win the race in the future.

Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Time to Brace Ourselves (Or Maybe Not)

Thanks to Thanksgiving, Black Friday, and Cyber Monday, there really isn't much to report on the housing and mortgage front. The focus for most of the past week has been on eating and shopping. Therefore, we might as well take another look at the Federal Reserve and its upcoming Dec. 16 meeting. After all, it's only two weeks away.

We again turn to CME Group and its data on trader expectations. As it stands now, traders in federal funds rate futures contracts are pricing a 75% chance the Fed will raise the fed funds rate come Dec. 16. That's the highest odds given for 2015. 

Trader expectations were further buttressed this past week on the words of one Fed official. Federal Reserve Bank of Atlanta President Dennis Lockhart said he favors raising the fed funds rate this month. (The fed funds rate is a base rate for all other rates and hasn't been raised since 2006.) “Absent information that drastically changes the economic picture and outlook, I feel the case for liftoff is compelling,” Lockhart said.

Yes, the language is mealy and equivocating, but Fed officials speak only in equivocating terms (the difference is always a matter of degree). November's employment numbers (released on Friday) will likely be the final arbiter: If November saw 200,000 or more new jobs created, we'd expect to see the odds of a rate increase rise above 80%. We expect to see 200,000 or more new jobs for November.

At this point, though, pretty much everyone has priced in a rate increase. That's the way it's been for the past few weeks. Mortgage rates have held steady, and have even drifted lower.  We've mentioned in the past that it's not the actual event that moves markets; it's the anticipation of the event. Pretty much everyone is done anticipating.

That said, we expect mortgage rates to hold steady over the next week to 10 days. When we get closer to Dec. 16, volatility could pick up. Post-Dec. 16, we wouldn't be surprised to see rates drift higher.  The impetus is for lending institutions to find a way to generate more interest income. A higher fed funds rate helps the cause. 

That means that the rates we have today might be the best rates we see for awhile. If anyone is in the market to refinance or to buy, now is as good a time as any to lock and load. The odds of gaining 10 basis points isn't worth the risk of losing 25 basis points. Better to be pound wise and penny foolish then the reverse.

Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

The odds continue to rise. Last week, we reported that traders in federal funds rate futures contracts were pricing in a 74% chance the Federal Reserve will raise the fed funds rate come Dec. 16. The odds over the past week have been lifted to 78%. This means that in three weeks something will occur that hasn't occurred in nine years: the Fed will officially raise an important benchmark interest rate.

Of course, that doesn't mean current mortgage rates are a thing of the past. We've frequently mentioned that anticipation moves markets, not the actual event itself.  This is the reason we've seen mortgage rates actually hold steady, or even drift lower, over the past three weeks.  The future is priced into the present.

We're not expecting too much volatility in rates over the next couple weeks. AsDec. 16 approaches, that could change. (Another blow-out employment report, due on Dec. 4, will further raise the odds of a fed funds rate increase, but it shouldn’t do much to move interest rates more than they've already moved.)

That said, after the fed funds rate increase occurs, we wouldn't be surprised to see interest rates begin to drift higher. Not much higher, but enough to appreciate the rates available today.

 Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Sales Falter; Should We Worry?

Sales growth has ground to a halt as we enter the waning days of 2015. Sales of existing homes dropped to 5.36 million on an annualized rate for October. That's a 3.4% decline from September sales. Year-over-year sales growth has dropped to 3.9%, the lowest reading since January.

Supply is still an issue. This has been case for at least the past two years. Though sales were down in October, that did not materially lift supply relative to sales. Supply currently stands at 4.8 months at October's sales rate. A year ago, supply stood at 5.2 months.

Some pundits have blamed weakening prices for the inventory decline. The median price for an existing home stood at $219,600 in October, a 0.9% decrease compared to September. Year over year, the median price is up 5.8%, while the average price is up 3.4%. Price appreciation is down, but it is reverting to more historical norms. We don't necessarily view this as bad, though it does mean home owners still saddled with negative equity are unlikely to find relief in the near future.

As for new home sales, they posted at 495,000 on an annualized rate in October. This was below consensus estimates, but was a 10.7% improvement over September sales. Supply is less of an issue in the new home market. At the current sales pace, supply has risen to 5.5 months, putting it near the historical norm of six months supply.

It appears home builders are either targeting more lower-end markets or seriously discounting their inventory. The median price of a new home dropped a severe 8.5% to $281,500 for October. Year over year, the median price is down 6%.

To be sure, sales data are backward looking, while sentiment is forward looking. But given recent trends in sales and pricing, we would not be surprised to see another decline in home builder sentiment in December.

Despite the recent spat of negative news, we remain positive. When economic growth is considered, it's possible the past two months of sales and price data are an anomaly. The economy continues to grow. Indeed, third-quarter gross domestic product (GDP) was revised up to 2.1% annualized growth. The initial report last month showed growth at 1.5%. Readings on consumer activity remain positive, which supports the contention that U.S. consumers continue to drive demand for U.S. production. A spending consumer is a confident consumer.

Should we worry?

We don't think so. The economy continues to grow. Strong job growth in October also provides a reason to remain bullish. If November job numbers come in as expected (with 200,000 or more new jobs), we would expect to see a positive trend form in home sales and pricing to start 2016.

 Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Core consumer price inflation – measured without food and energy – came in at 1.9% on an annualized rate for October. The Federal Reserve's target is for 2% annual inflation. The latest numbers on inflation coupled with October's strong employment numbers point to a high probability the Fed will finally raise the federal funds rate next month. Traders in fed funds rate futures contracts are now pricing a 72% probability that a rate increase will occur in December.

Interestingly, interest rates in general and mortgage rates in particular have leveled off now that most everyone believes a rate hike is imminent. We're not surprised. Markets move in anticipation of an event, but once the event appears imminent, market activity tends to abate. Mortgage rates have certainly leveled off. Rate quotes have even drifted lower over the past few days.

Many market watchers believed rates would simply continue to rise until Fed officials convened onDec. 16. This is, no doubt, the primary reason mortgage application activity has accelerated in recent weeks. Better to lock in today before rates rise tomorrow. There is a flaw in the logic, though. When everyone anticipates rates will rise, rates have already risen. 

Of course, no one can be 100% sure. It's unlikely, though it's possible, that November employment numbers could meaningfully fall short of exceptions. Annualized gross domestic product growth, which posted at 1.5% for the third-quarter, could also be revised lower. If these events were to occur, you can be sure interest rates will fall. 

But if it becomes even more apparent the Fed will raise the fed funds rate, we don't think mortgage rates will move much higher, or higher at all. We would not be surprised to see rates drift lower the closer we get to Dec. 16. The more apparent an impending event becomes, the more likely markets are to move in the opposite direction.

Information provided by Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.