Real Estate with Vanik & Selina

Barack Obama scored a barrier-shattering victory last night to become the first black president of the United States - capping a 22-month quest that tapped into a national hunger for "hope" and "change."

At age 47 and still serving his first Senate term, the Democrat cleared a historic hurdle that seemed insurmountable just a few years ago - and was bolstered by his party padding its majority in Congress.

He had 349 electoral votes to John McCain's 147, and was winning the popular vote by 52 to 47 percent. Obama was the first Democrat in decades to crack the 50 percent threshold.

The president-elect and his family took the stage at a massive rally of more than 125,000 people at Grant Park in Chicago.

"It's been a long time coming, but tonight, because of what we did on this day, in this election, at this defining moment, change has come to America," Obama told the throng, which included Oprah Winfrey, Brad Pitt and the Rev. Jesse Jackson, who in 1984 became the first black candidate to win a presidential primary.

"If there is anyone out there who doubts that America is a place where anything is possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer," Obama said.

"I was never the likeliest candidate for this office," said Obama, who paid tribute to his grandmother, who died Monday.

In January, he will become the 44th president of a nation that has struggled to come to grips with its history of slavery and its bloody battles for civil rights that raged just a few decades ago.

"Even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime - two wars, a planet in peril, the worst financial crisis of a century," he said.

"The road ahead will be long. Our climb will be steep," he said. "We may not get there in one year or even one term, but . . . I promise you, we as a people will get there."

The Federal Reserve Board on Tuesday alerted the public to instances of questionable solicitations directed at consumers. These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program.

Under this fraudulent scheme, targeted individuals are told that that they can work through a broker to access a Federal Reserve program that extends sizable secured loans to consumers. Consumers are encouraged to deposit large sums of money into a bank account, under the guise of a security deposit, in order to receive the purported loan.

The Federal Reserve is advising consumers that it has no involvement in these solicitations and does not directly sponsor consumer lending programs. The matter has been referred to the appropriate authorities for action.

Consumers are strongly urged to verify the legitimacy of potential service providers before entering into a business transaction. Individuals seeking personal finance options are encouraged to do business only with reputable lenders and to shop around for the most favorable loan terms.

Consumers with questions about solicitations that they suspect may be fraudulent are encouraged to contact the Federal Reserve Board Consumer Help Center at http://www.federalreserveconsumerhelp.gov or by calling 1-888-851-1920.