Report Says Homes Not Appreciating - 01/29/08 08:56 AM
The S&P/Case Shiller Home Price Index showed the largest year over year loss in appreciation since the 20 City Index started in 2000.  Economist expected us to see a decline of 7.1% and the November data shows a decline of almost 8%.
In other housing news this week, Ryland Group Inc. Chief Executive Officer Chad Dreier said on a conference call that "The U.S. housing market is the worst in 30 years.'' 
Ryland, showed a fiscal fourth-quarter net loss of $201.9 million.The day after the conference call, Dreier said the housing market is ``too uncertain'' to offer an outlook and that the company will … (4 comments)

Durable Goods Strong - 01/29/08 08:09 AM
 

 
Today the Federal Reserve begins it's scheduled meeting.  The Durable Goods Orders announced this morning was much stronger than expected.  This will likely cause rates to go up as part of the "Good News for the Economy is Bad News for Interest Rates!" Higher Durable Goods Orders means that there's demand for products being manufactured here in the US.
Consumer Confidence is the next report out today as the Fed meets... The potential checks from the Government announced last week could be in the Consumer Psyche, and if so the Consumer Confidence report due out at 10:00am could also be stronger … (5 comments)

Mortgage Bankers Of America 08 Forecast - 01/25/08 09:43 AM

 
 
 
 
 
 
 
The Mortgage Bankers of America posted an Executive Podcast Forecasting 2008.  The comments started with comments addressing how many of our collegues are out of the business, but also points to borrowers who acted in ways that created the current issues we all feel in the Economy.  Get a couple of extra cups of coffee - this is pretty dry... and I know you are not surprised... but the overall message to CONGRESS was that we need GOOD laws to help us.
The GSE loan limit increase (meaning Fannie and Freddie would have one year to consider loans under $730,000 at conforming limits) and potentially … (10 comments)

Lowest Mortgage Rates Cary NC - 01/22/08 09:19 AM
Here in Cary, NC we are lucky that we have a strong real estate market - yes there are many new homes "on sale" as New Home Builders have a large inventory - but overall we are LUCKY that we have APPRECIATING property values! Now we find that  Rates could go below 5%.
The Fed Reserve has lowered their lending rates - and it looks like mortgage interest rates in Cary could be the cheapest they have been in YEARS!  Home loan interest rates should be below 5.25% on a fixed rates mortgages before the end of the day!
We are talking … (1 comments)

WOW! FED LOWERS BY 75 Bps - must be bad! - 01/22/08 07:38 AM

Dark clouds are brewing over the family farm...
Prior to the Fed's move a couple of minutes ago - the 10 year was already trading at a level that would allow us to offer 30 year fixed mortgage rates at 5.0% or lower.  I would be surprised if we do not see rates at or below 5% when rates come out in a couple of hours.  This is HUGE!
This is surreal!  While the fed is lowering by .75% Paulson is speaking and saying the President's package is Robust!  A $500 check is NOT Robust!  And then Paulso says (in … (10 comments)

Limited Time Offer - Lowest Rate in 08 - 01/16/08 02:22 PM

Too Bad - So Sad - rates are not likely to continue hitting the bottom numbers for much longer.  That's right - the Economy is suffereing, yet some think that rates could be headed HIGHER! How can that be? 
The New York Times Magazine has an article that will be out on January 20, 2008 by ROGER LOWENSTEIN.  The article speaks to the tough spot that Mr. Bernanke and the Fed is in.It also speaks to a larger issue, as it discusses forecasting and how Bernanke has been able to use the information available to create a path for the future.  In other words they don't think Bernanke … (0 comments)

Crystal Ball for Mortgage Rates - 01/15/08 12:23 PM
I work with my husband  I and once bought him a crystal ball for his desk so that he could look at it and advise clients... at least I thought it was cute!
In the next few days CNBC thinks that Bernanke should lower rates based on the two sad reports that came out today.  Gold is nearing $1000 an ounce, and CitiGroup is going down the drain.
We all know that the American Public is getting older... and somewhere in the back of our minds I think we also realize that the future debt for Veteran Benefits is growing at a ENORMOUS rate! I predict that we will … (0 comments)

My BFO on Screwing up SEO - 01/14/08 10:38 AM
NOT THE RESPONSE I EXPECTED...
I emailed several agents in our area this morning to say that I was currently using a canned site just like them - and wanted to spend 10 or 15 minutes discussing how they were customizing their site and what widgets they are using.
I felt pretty darn comfortable with this - because I felt certain most of the agents in this area that are using this canned site are not customizing it and don't know what a widget was (none of them are on AR and I intended to invite them!)
BOY WAS I IN FOR A SURPRISE! (hence my BFO - Blinding … (13 comments)

Why I think Rates Will Go UP! - 01/11/08 04:40 PM
So the Fed announced that they are thinkin' about maybe lowerin' their rate at the end of the month. That's nice.
Here's My Concern With It...  They are lowering rates because the housing market is still tanking in many areas of the country (not mine thank goodness!) and that means fewer taxes collected... it's a BIG DEAL, don't get me wrong.
But just because the Fed lowers by .75%... Do not get sucked into believing that mortgage interest rates will go below 5.5%! How soon we forget! FANNIE AND FREDDIE are starting to add their "special fees" to borrowers with less than 680 credit score!  … (8 comments)

COUNTRYWIDE is causing rates to go UP!?! update - 01/10/08 05:01 PM
see comments.... I've never been a big Countrywide fan - but I've told EVERYBODY that when Countrywide goes under - it's like WalMart going out of business - we're in DEEEEP CaCa at that point.  So this just in from CNBC
By LESLIE WINES updated 12 minutes ago
NEW YORK - Treasury prices fell sharply Thursday after stocks advanced on news that Bank of America Corp. might buy struggling mortgage lender Countrywide Financial Corp.
The news was viewed as a sign that troubles in the hard-hit mortgage and housing sectors may be contained soon. The sense that economic relief may be imminent was … (5 comments)

Recession and Countrywide - 01/09/08 09:14 AM
Well, I've said for weeks that I think we are in a recession.  This morning Goldman Sacks agreed.  They feel that the GDP will continue to fall during the First and Second Quarter of 2008 - forcing the Fed to lower it's rates by 1.75%.
Could COUNTRYWIDE be to blame for this??  Well, according to CNBC:
"Shares at Countrywide Financial [CFC  5.16    -0.31  (-5.67%)   ] , the largest mortgage lender, fell 27.4 percent Tuesday on an rumor the company denied that it was facing bankruptcy. Early today, the company said its mortgage funding was up 1 percent in December and its … (6 comments)

Suzy ORMAN on Real Estate - 01/08/08 02:28 PM

Thought this was interesting... spoke with a client yesterday who said she wasnted to SELL - but SUZY said DON'T!  Tried to explain to the seller that we don't live in one of "those" areas...
… (15 comments)

Real Estate Leading Recession?? - 01/07/08 11:46 AM
Apparently the folks in New Hampshire are concerned about the REAL ESTATE MARKET - and this video clip from CNBC concludes that the GRANITE STATE might be jumping on the OBAMA wagon!
But here's the real story of the day - I've said it before - but I think we're headed for a recession! (actually I think we are already in one)  That being the case - rates should improve some when the Fed meets later this month!
… (1 comments)

The Day Before the Labor Report! Yippee! - 01/03/08 10:58 AM
For over 15 years, I've considered the First Friday of every month a special day... Labor Report Day! (I even went to Washington and WATCHED THEM deliver the numbers one time!  It's sad - I have no life.)
ANYWAY - so now the THURSDAY BEFORE THE First Friday is a BIG DAY!!  The ADP Employment Report for December showed that the private sector created 40,000 new jobs.  This is down significantly from November's revised number of 173,000 jobs.  Even after factoring in approximately 25,000 new government jobs created, the ADP Report signals that tomorrow's Jobs Report could come in at 65,000.  This is essentially in line with leading economist … (4 comments)

Time to Refinance? - 01/03/08 06:15 AM
If you closed on your mortgage loan with National Mortgage in May of 2005 or May of 2003 - you are probably going to get a call from me in the next week.
It's time to consider refinancing your home, because your mortgage will reset in the next 60 days.  WHAT DOES THAT MEAN??  When your mortgage resets it means that the payment is going to change.  If you have a 4.5 percent interest rate (and many of the 3 and 5 year arms had those start rates) the mortgage holder will take your Index and add the Margin and then calculate … (1 comments)

Getting Ahead In A Difficult Profession - 01/02/08 04:29 PM
I love to pass along stories - here's another of my favorites...
Dante Gabriel Rossetti, the famous 19th century pet and artist, was once approached by an elderly man.  The fellow had oms sketches and drawings that he wanted Rossetti to look at and tell him if they were any good, or if they, at least, showed potential talent.
Rossetti looked them over carefully.  After the first few he knew that they were worthless, showing not the least sign of artistic talent.  But Rossetti was a kind man and he told the elderly man as gently as possible that the pictures were without … (6 comments)

My Kind Of Snow! - 01/02/08 11:50 AM
We just had 15 minutes of beautiful Snow in North Raleigh!  I guess that's why the "Snow Birds" love living here!  It swirled, and danced, and blew around - but never stuck!  It's COLD (we were in the 70's last weekend) and in the upper 30s!!! 
But now the snow is gone :( and we have pretty Carolina Blue Skies and a few fluffy white clouds!
It's going to be in the 60's again this weekend - so this could be IT for the snow!
… (7 comments)

 
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Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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