According to William Gross they probablyare. I just finished reading an article on line on CNBC's Website. Mr. Gross is chief investment officer and founder of the investment management firm PIMCO. PIMCO runs one of the largest (if not the largest) bond funds in the World. In the article Mr. Gross said; "I think at some point we're going to see a 4.5 percent mortgage rate and the 10-year Treasury rate capped at some level," he said. "When the Fed comes in to buy Treasury's that will be a big day. If you would like to read the article just click here.
If Mr. Gross is correct, will that be enough to help the Housing problem we are experiencing in Kenosha County? All over Kenosha county from Kenosha to Salem and from Pleasant Prairie to Somers the housing market is limping along at a miserable pace. All of the counties in Southeast Wisconsin, Milwaukee, Racine, Walworth and Waukesha are all in the same boat. If the Federal Government can push rates down to 4.5% and Congress passes a stimulus package that includes a $15,000.00 tax credit I believe the housing crisis may be closer to the end than the beginning. If nothing else, it should help thousands of homeowners in southeast Wisconsin refinance their current mortgages. Let's hope Mr Gross is right.
With today's declining home values some homeowners in Southeast Wisconsin have found it difficult to successfully refinance their home. In the early 1980's FHA has permitted what is called a streamline refinance. By utilizing an FHA streamline refinance a homeowner can refinance their home without having to provide all of the income and asset verification. The homeowner also has the option of doing the streamline with or with out an appraisal depending on the circumstances. Their are some basic requirements with a FHA Streamline Refinance and they include:
The mortgage you want to refinance must already be an FHA Mortgage.
You cannot take cash out.
The mortgage must be current
The Streamline Refinance should result in the homeowners payment being reduced.
The bottom line is; if you live in Kenosha, Pleasant Prairie, Somers or anywhere else in Southeast Wisconsin, give me a call and lets see if a FHA Streamline Refinance is right for you.
Visit my web site at www.randykeberlein.com to learn more about refinancing. You can also register to win $1,000.00 by clicking here!
The Fed will most likely cut interest rates on the 31st at the conclusion of the FOMC meeting, and we now expect the Fed will continue cutting at each of the next four meetings to take the FF rate to 3.75%.
It is catch up time for the fed as the economic outlook has turned negative. There is little reason to think the economy can withstand the tightening of all credit and the housing recession, as well as the coming foreclosures.
I recently received an e-mail from the Vice President of a rather large mortgage company with what he characterised as "alarming statistics. I believe there is a huge opportunity in these numbers. Read on!
Over the next 2-years, ~$20 billion/month, or 100,000 sub-prime loans Arms will reset every month - that's 1.2 million loans each year.
Sub-prime products usually have arm caps of 3/1/6 with arm margins of at least 6%. So, the first adjustment rate will go up as much as 3%!
He asked in his e-mail "How are you positioning yourself to take advantage of this information?"
5/12/2007 | 3rd Annual Family Walk/Run Time: 9:00am Join us for some healthy, family fun on Saturday, May 12 inside Prairie Springs Park! The Third Annual Pleasant Prairie Family Run is open to all ages in celebration of family. Proceeds from the event will benefit Women & Children's Horizons. The 5K walk/run will feature two divisions, a family division and a women's division. Free gift for the first 100 registrants! Register before May 11 and receive $5 off your registration fee. Sign up today at
05/18/2007 - 05/20/2007 | TV Glide...Spring Ice Show Join us at IcePlex Friday, Saturday and/or Sunday, May 18-20 for four showings over three days of TV GLIDE...the Spring Ice Show! You won't want to miss this top notch production featuring Megan Oster and other talented young skaters from the area. For more information, call 262/925-6755 today! Tickets go on sale at IcePlex on Saturday, April 28 at 5:00pm.
06/09/2007 - 09/03/2007 | Lake Andrea Beach Open Don't miss a minute of SUMMER FUN right here at Lake Andrea! Lake Andrea Beach will be open June 9 through September 3. For more information about Lake Andrea,
06/30/2007 | Open Water Challenge in Prairie Springs Park Time: 8:00am - 12:00pm Prairie Springs Park in Pleasant Prairie will be the location for an Open Water Challenge on June 30, 2007 from 8:00am - 12:00pm. The challenge will be presented by the Kenosha Barracudas, the Village of Pleasant Prairie, Kiefer Swim Shop and the Kenosha Area Convention and Visitors Bureau.
What a day for Armchair General Managers and owners of NFL Teams. It is a day for all fans of NFL Football to be optimistic about our teams future. I now feel like my beloved Packers have all of the tools to put the Lombardi Trophy (Super Bowl Trophy) back where it belongs. How do you think your team did? Weigh in with your comments after you read about the Packers draft below taken from the Packers web site.
Harrell was primed for a banner senior campaign, but in the second game, he suffered an arm injury. Tennessee doctors ruled Harrell lost for the season and scheduled surgery, but the gritty veteran postponed the procedure one more week to step out on the field with the starting unit for a crucial match-up vs. Florida.
2-47
To NY Jets along with No. 235 for Nos. 63, 89, 191
An All-Big Twelve Conference first-team selection in 2006 by the Associated Press, Jackson gained 1,459 all-purpose yards, ranking third in the Big 12 with an average of 104.21 yards per game. (from NY Jets with Nos. 89 & 191 for Nos. 47 & 235)
An All-WAC second-team selection in 2006, Jones was named the team's MVP, as he started all year at split end. He led the team and ranked 27th in the nation with a career-high 70 receptions for 893 yards (12.8 avg) and 10 touchdowns.
Rouse played in all thirteen games, starting ten contests at the "Rover" position. He ranked third on the team with 57 tackles (23 solos), including two stops for losses of 4 yards. (from NY Jets with Nos. 63 & 191 for Nos. 47 & 235)
I was out prospecting today when i happened upon this scene. Below is the picture I captured with my cell phone.
Below is the story as taken from WTMJ.com
Several people went to the hospital after a car crash led a truck to go careening into a bar in Kenosha. Several people were in Big Shots at the time. The bar's owner says at least one person was hit by the truck.
Authorities shut down the intersection at 30th and Roosevelt while they delt with the crash. Workers quickly shored up the building, which houses the bar on the first floor and apartments on the second floor.
The fire chief on the scene says the injuries range from slight to very serious. The most serious injury was a person involved in the initial crash on the street.
5/12/2007 | 3rd Annual Family Walk/Run Time: 9:00am Join us for some healthy, family fun on Saturday, May 12 inside Prairie Springs Park! The Third Annual Pleasant Prairie Family Run is open to all ages in celebration of family. Proceeds from the event will benefit Women & Children's Horizons. The 5K walk/run will feature two divisions, a family division and a women's division. Free gift for the first 100 registrants! Register before May 11 and receive $5 off your registration fee. Sign up today at RecPlex or register online at RecPlexOnline.com.
05/18/2007 - 05/20/2007 | TV Glide...Spring Ice Show Join us at IcePlex Friday, Saturday and/or Sunday, May 18-20 for four showings over three days of TV GLIDE...the Spring Ice Show! You won't want to miss this top notch production featuring Megan Oster and other talented young skaters from the area. For more information, call 262/925-6755 today! Tickets go on sale at IcePlex on Saturday, April 28 at 5:00pm.
If you are interested in buying or selling a home in Pleasant Prairie Wisconsin please contact Randal Keberlein with Weichert Realtors Unum Properties.
I just finished watching this weeks installment of the "Sopranos." This week Tony and Pauly "Walnuts" take a road trip after the Feds "dig up" someone from Tony's past. During the the road trip Tony seems to become more and more uncomfortable with Pauly's lack of inhibition when it comes to talking about things that Tony would like kept ummm.. lets say confidential. Tony later confides in a friend about his lack of confidence in Pauly's ability to keep things confidential but is reassured that Pauly is totally committed to Tony and his "Family." There are a few tense moments when Pauly and Tony take a fishing trip reminiscent of "Big Pussy's" last voyage. The show ends as Carm is unwrapping a very expensive gift from Pauly and as she does she says to Tony " What is up with this guy?" (paraphrased) And Tony defends (his friend?) by saying that it is guys like Pauly that afford her the affluent lifestyle. (again paraphrased)
My question:Do you have anyone in your office that you tolerate because they help afford you the lifestyle?
The following are excerpts from Fed Governor Mishkin relating to the Real Estate Market and Sub Prime Lending.
Remarks by Governor Frederic S. Mishkin At The Levy Economics Institute of Bard College, Annandale-on-Hudson, New York, April 20, 2007
Turning first to the prospects for economic activity, two particular areas have emerged recently that have heightened uncertainty about the near-term outlook. The first area is housing: Where do we stand in the housing adjustment, and what effect will recent developments in subprime lending have on that adjustment? The second area is business investment: How should we interpret the incoming data showing that business spending on equipment and software has been weak this year?
Regarding the housing adjustment, new single-family homes were started at an average annual rate of a bit under 1.2 million units in the first three months of this year--a pace roughly one-third below the unsustainable peak in new construction reached in mid-2005. At the beginning of the year, the ongoing cutbacks in starts of new homes, together with a lowered but fairly steady pace of home sales, were beginning to reduce the elevated backlog of new homes for sale. However, a further weakening in sales of new homes in January and February reversed some of the progress in reducing those inventories. As a result, cutbacks in new residential construction may well persist for a while. More recently, developments in the subprime mortgage market have raised some additional concern about near-term prospects for the housing sector. The sharp rise in delinquencies on variable-interest-rate loans to subprime borrowers and the exit of a number of subprime lenders from the market have led to tighter terms and standards on such loans. While these problems have caused undeniable hardship for many families and communities, spillovers to other segments of the mortgage market or to financial markets in general appear to have been minimal. Variable-interest-rate loans to subprime borrowers account for a bit less than 10 percent of all mortgages outstanding, and at this point the expected losses are relatively small. Moreover, because most subprime mortgages are securitized, the risks associated with these loans are spread widely. Banks and thrift institutions that hold mortgages are well-capitalized, and exposures of individual banks to possible subprime losses do not appear to be large. On the whole, some borrowers may find credit more difficult to obtain, but most borrowers are not likely to face a serious credit constraint.
Indeed, I should note some positive news for the housing sector. Sales of existing homes strengthened a bit during January and February, and the Mortgage Bankers Association index of applications for home purchase suggests that demand has been fairly steady through early April. Also, mortgage rates are still at historically low levels, and mortgages to prime borrowers and fixed-rate mortgages to all classes of borrowers continue to show low rates of delinquency.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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