economic news: What should one consider when placing an offer on a short sale property? - 10/03/11 07:31 AM
Short Sales have come a long way, especially with so many on the market right now, the process has refined as the number has grown.  One of the first items to consider with a short sale is how many banks are involved.  There may be up to 3 different banks on any one home! Obviously the more banks there are, the more challenging it can be to close escrow.  Also consider which bank(s) are involved is important as well.  Each bank has its own criteria which can be a moving target during the process of trying to close the home.  Always … (2 comments)

economic news: Despite Low Rates, Pending Home Sales Slip In August - 10/03/11 07:27 AM
Despite the lowest mortgage rates of all-time, home buyers are slowing the pace at which they're buying homes.
According to the National Association of REALTORS®, on a seasonally-adjusted basis, the Pending Home Sales Index fell 1 percent in August.
The Pending Home Sales Index measures homes under contract, but not yet sold, nationwide. In this respect, the Pending Home Sales Index is a forward-looking housing market indicator; a predictor of future home sales.
It's one of the few national indices that "looks ahead" to future market conditions. Most housing data, by contrast, describes past events.
On a regional basis, only the … (0 comments)

economic news: What's Ahead For Mortgage Rates This Week : September 26, 2011 - 09/26/11 11:01 AM
Mortgage markets improved last week as the Federal Reserve provided new market stimulus and the Eurozone continued to grapple with Greek's sovereign debt issues.
Conforming mortgage rates fell last week overall, dropping for the second straight week.
For rate shoppers, the best day on which to lock a mortgage rate last week proved to be Thursday.
Fresh off the Federal Reserve's Wednesday afternoon announcement that the group will launch a $400 billion program in support of longer-term bonds, mortgage rates fell. This occurred because mortgage rates are based on the price of mortgage-backed bonds, and mortgage bonds are a beneficiary of … (0 comments)

economic news: A Simple Explanation Of The Federal Reserve Statement (September 21, 2011 Edition) - 09/23/11 07:57 AM
Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. The vote was 7-3 -- the second straight meeting at which the FOMC adjourned with as many 3 dissenters. Prior to that last meeting, there hadn't been 3 FOMC dissenters since 1992. In its press release, the Federal Reserve presented a dour outlook for the U.S. economy, noting that since its last meeting in August: Economic growth "remains slow" Unemployment rates "remain elevated" The housing sector "remains depressed" The Fed also said that there are "significant downside risks" to … (0 comments)

economic news: Annual Foreclosure Filings Down For 11th Straight Month - 09/15/11 11:27 AM

On an annual basis, foreclosure filings fell last month. As compared to August 2010, last month's foreclosure filings dropped 33 percent. "Foreclosure filing" is a catch-all term, comprising default notices; scheduled auctions; and bank repossessions.
The study was published by foreclosure-tracking firm RealtyTrac and this month's report reveals a slowing rate of foreclosure within each of the Top 10 most foreclosure-heavy states.
All news is not good, however. 
On a monthly basis, foreclosure filings spiked, led by a surge in default notices. Default notices made their biggest one-month jump since August 2007 on the way to a 9-month high last month. Default … (0 comments)

economic news: What's Ahead For Mortgage Rates This Week : September 12, 2011 - 09/12/11 04:58 AM
Mortgage markets improved last week as a weakening Eurozone and questions about the U.S. economy sparked a global flight-to-quality. Conforming and FHA mortgage rates improved for the second week in a row.
The storylines should sound familiar by now. They are the same ones that have dictated the path of mortgage rates since April 2011. As a result, according to Freddie Mac, mortgage rates nationwide are now at an all-time low.
Not in 50 years of tracking mortgage rates has pricing been so favorable.
Last week's holiday-shortened week didn't begin well for rate shoppers. Rates moved higher on the expectation of additional … (0 comments)

economic news: As Jobs Tally Fades, Mortgage Rates Fall - 09/08/11 03:09 PM

The U.S. economy is no longer adding new jobs.
Last Friday, in its monthly Non-Farm Payrolls report, the Bureau of Labor Statistics reported that the U.S. economy added exactly zero new jobs in August as the national Unemployment Rate held steady at 9.1 percent.
Despite the "zero" reading, the jobs figures were in the red. This is because the BLS issued revisions to its June and July figures that adjusted the two months of data down by 58,000 jobs.
Economists had expected a monthly reading of +75,000. Their estimates missed.
The weaker-than-expected jobs data fueled a stock market sell-off that … (1 comments)

economic news: Fed Minutes : Fed Considered Additional Stimulus In August - 08/31/11 10:26 AM

The Fed publishes meeting minutes 8 times annually -- three weeks after each scheduled Federal Open Market Committee get-together. The Fed Minutes summarizes the FOMC meeting.
The Federal Reserve released the minutes from its August 9, 2011 Federal Open Market Committee meeting Tuesday.
The Fed Minutes contained no surprises and, as a result, mortgage rates nationwide have idled.
Although it gets less press attention, the Fed Minutes is every bit as important as the more highly-publicized, post-meeting statement from the FOMC. With its detailed record of conversation, the Fed Minutes highlights the discussions and debates that shape our nation's monetary policy.
For example, … (0 comments)

economic news: What's Ahead For Mortgage Rates This Week : August 29, 2011 - 08/29/11 10:11 AM
Last week was another volatile week for mortgage rates. Wall Street alternately sought risk and shunned it, causing mortgage-backed bonds to rise and fall rapidly.
There was a lot to move markets, too, including banking concerns across Europe, inflation figures within the U.S., and a public speech by Fed Chairman Ben Bernanke.
Conforming rates rose to their highest levels of the week Wednesday afternoon, then receded into the weekend. 3
0-year fixed rates remain above their all-time lows set 2 weeks ago. 5-year ARMs are at all-time lows.
This week, mortgage rates figure to be equally jumpy. As well as a full … (0 comments)

economic news: What's Ahead For Mortgage Rates This Week : August 22, 2011 - 08/22/11 08:12 AM
Mortgage markets improved again last week, pushing mortgage rates to an all-time low; lower than the lows set last November, even.
Last week's low mortgage rate drivers are primarily European. Joining the debt concerns that have dogged Europe since March, a fresh wave of doubt has surfaced about the health of some Eurozone banks. The fears sparked a new wave of safe haven buying.
Global equities were socked last week and the Dow Jones Industrial Average fell for the 4th straight week. For home buyers , though, the timing may be perfect. As stock markets lose, bond markets gain and when bond … (0 comments)

economic news: What's Ahead For Mortgage Rates This Week : August 15, 2011 - 08/15/11 10:49 AM
Mortgage markets improved again last week. The combination of global economic uncertainty plus a dour outlook from the Federal Reserve pushed mortgage bonds to highs for 2011, and drove mortgage rates below their all-time lows.
Bonds were volatile, driven by the stock market's gyrations.
On 4 consecutive days, the Dow Jones Industrial Average moved by more than 400 points. Rate shoppers had no choice but to go along for the ride. 
The week began with the market's reaction to Standard & Poor's U.S. credit rating downgrade. Mortgage bonds caught a boost on the news, and pushing rates lower throughout the day. 
… (0 comments)

economic news: How is the housing market in San Bruno these days? - 08/15/11 10:46 AM
The housing market in San Bruno is recovering in the same manner as the rest of the peninsula, thankfully! It’s still strong for selling homes that are in good condition with competitive prices. There are also still homes that need some cosmetic upgrades, if you’re looking for a mild fixer upper! Essentially these homes have become “stale” on the market due to faulty marketing techniques which gives a buyer the opportunity to find some really attractive deals! It helps when you work with a local agent who knows the area and inventory and is willing to dig a little to find … (0 comments)

economic news: Mortgage Rates Make New 2011 Lows - 08/07/11 09:21 AM

Mortgage rates plunged to new 2011 lows this week. 
According to Freddie Mac's weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage fell to 4.39% this week -- the lowest 30-year fixed reading since November 18, 2010.
The 0.16 drop from last week is the largest one-week rate drop in more than 2 years, and, although the 30-year fixed remains above its all-time lows from November 2010, two other benchmark products made new records this week.
Both the 15-year fixed rate mortgage and the 5-year ARM are reporting lower than at any time in recorded history.
Freddie … (1 comments)

economic news: Economic Roundup: August 1, 2011 - 08/02/11 11:18 AM
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economic news: What Will The Debt Ceiling Agreement Do To Mortgage Rates? - 08/02/11 11:16 AM
The United States is projected to reach its legal $14.294 trillion debt limit today. The limit was set by Congress February 12, 2010. The U.S. Treasury may not issue new debt beyond the debt ceiling.
Since April 2011, Congress has debated ways to remain below the nation's $14.292 trillion borrowing limit. The debate commenced with the passage of the 2011 U.S. Federal Budget which featured a $1.645 trillion deficit.
This multi-trillion dollar deficit ensured that the debt ceiling would be touched at some point during the current fiscal year.
That date was May 16. It took an intervention from the Treasury Secretary … (2 comments)

economic news: What's Ahead For Mortgage Rates This Week : August 1, 2011 - 08/01/11 11:06 AM
Mortgage markets improved last week as the U.S. debt ceiling debate continued on Capitol Hill. Bonds traded in a range Monday through Thursday before breaking higher Friday morning.
30-year fixed conforming mortgage rates improved last week, falling to levels just north the product's all-time low set in November 2010.
5-year ARMs improved last week, too. The benchmark adjustable-rate mortgage's average national rate is now tied with its all-time low, also set last November.
This week, the direction of mortgage rates depends on two events:
The resolution of the U.S. debt ceiling debate, due Tuesday The July Non-Farm Payrolls report, due Friday Mortgage rates … (2 comments)

economic news: What's Ahead For Mortgage Rates This Week : July 11, 2011 - 07/11/11 10:11 AM
Mortgage markets improved in roller coaster-like trading last week. And, not surprisingly, the week's two big stories were the same two stories roiling mortgage markets since March -- Greece and Jobs.
In both instances, rate shoppers won. Conforming mortgage rates improved for the first time in 3 weeks last week.
Early in the week, mortgage rates fell as doubts resurfaced on the just-completed Greece aid package. Although an agreement had been reached by the Greek Parliament, investors are wondering if it's a bona fide solution, or delaying an inevitable default.
Talk like this triggers a flight-to-quality, and last week, it led … (2 comments)

economic news: Economy Expected To Have Added 80,000 Jobs In June - 07/07/11 08:57 AM

Friday morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its June Non-Farm Payrolls report. If you're currently shopping for a mortgage, or floating a mortgage rate, be prepared. Mortgage rates can change following the monthly report's release.
Often, by a lot.
More commonly called "the jobs report", Non-Farm Payrolls reports on the U.S. workforce by sector, summarizing its findings in terms of total workforce size, and as a national Unemployment Rate. Jobs are considered a keystone in the continuing U.S. economic recovery. 
More working Americans means:
More consumer spending, a boost to businesses More tax collection, a boost … (1 comments)

economic news: Top 25 Least Expensive U.S. Cities - 06/28/11 05:44 PM

A report issued Monday by the U.S. government showed core inflation rising 2.5 percent in the last 12 months for its biggest one-year gain since January 2010.
Everyday living is becoming expensive, it seems.
But there are some U.S. towns in which the cost of living remains affordable -- and downright cheap -- as compared to the national average. They're detailed in a BusinessWeek piece titled "The Cheapest 25 Cities In The U.S".
In comparing costs across 340 urban areas as compiled by the Council of Community & Economic Research, cities in Texas, Arkansas, Tennessee and Oklahoma ranked consistently high. … (3 comments)

economic news: What's Ahead For Mortgage Rates This Week : June 27, 2011 - 06/28/11 05:44 PM
Mortgage markets improved again last week on a revised economic outlook for the U.S. economy, and ongoing concerns about Greece and its sovereign debt.
Conforming mortgage rates fell last week and now hover near the all-time lows set last November.
Adjustable-rate mortgages are especially low.
There were three big stories last week that will carry forward into this week.
First, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged in its current target range of 0.000-0.250 percent. This was expected. However, the Fed revised its growth estimates for the U.S. economy lower. This was not expected.
Mortgage … (0 comments)