Wednesday's bond market has opened in negative territory again as investors prepare for the upcoming debt sales the Treasury announced. The stock markets are showing moderate gains with the Dow up 23 points and the Nasdaq up 25 points. The bond market is currently down 9/32, which will likely push this morning's mortgage rates slightly higher.

Today's only economic news was the Institute for Supply Management's (ISM) service index. It showed a reading of 42.9 that was higher than expected, meaning the service sector was more optimistic about business conditions last month than in December. It also was a higher reading than was expected, but fortunately not enough to affect this morning's mortgage rates.

There are two pieces of important data scheduled for release tomorrow. The first is December's Factory Orders data and is similar to last week's Durable Goods Orders report except this one tracks new orders for both durable and non-durable goods . Current forecasts are calling for a decline in new orders of 3.0%. A large variance from forecasts could lead to changes in mortgage pricing.

The second report of the day is Productivity and Costs data for the 4th Quarter. Since a high level of productivity is thought to allow economic growth without inflationary concerns, this data can cause enough movement in the bond market to affect mortgage rates. If it varies greatly from analysts' forecasts of a 1.0% increase, we may see some movement in mortgage rates tomorrow.

Also on tap for tomorrow are weekly unemployment claims from the Labor Department. With January's monthly statistics due out Friday morning, traders will be watching the data to help predict Friday's monthly numbers. Current forecasts are calling for 592,000 new claims. The larger the number the better scenario for mortgage rates.

If I were considering financing/refinancing a home, I would.... Lock if my closing was takin g place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

WE CAN HELP YOU SAVE $
Many homeowners are receiving tax bills that don't seem to be in line with the real value of their homes.  With many real estate markets changing rapidly, it pays to find out for sure. 

To request a review of the assessed value of your property as of January 1, 2008, you must complete and file this application by December 31, 2008.

Proposition 8 allows a temporary reduction in assessed value when property suffers a "decline-in-value" due to economic conditions. This action is authorized under Section 51 of the Revenue and Taxation Code. A decline-in-value occurs when the current market value of your property is less than the current assessed value. Please provide information to support your opinion that the market value of your property is less than the assessed value as of January 1, 2008. 
 
Call me to see what we can do to help you adjust your tax bill. We have helped others save hundreds and even thousands off their current bills!  You have to challenge your bill by the end of the year though so don't wait until it's too late or they WILL charge you the full amount!

We guarentee if we don't save you the $250 we charge for the certified external appraisal and paperwork in the first year, it's free!

Respectfully,
Jane Johnson
West Coast Services Inc.
(866) 497-5861
www.westcoastservices.com

Did you know.....

 You can fight your property taxes with the "Decline-in-Value Reassessment Application (Prop 8)?

 With an updated appraisal order, our company can help you fill out the forms and get your application into the county recorders office!

We will even print out a copy of the appraisal report for that "additional information that supports your claim".

Call us or email us to get this in before the March 31st deadline for the application.

Your Real Estate Services Company Johnè Johnson Director West Coast Services - A1 Appraisal Inc. Doing Appraisals in; California, Nevada Washington and Hawaii johne@westcoastservices.com http://www.westcoastservices.com/ tel: fax: 866-497-5861 866-747-8864

Want to always have my latest info? Want a signature like this?

We are looking to partner up with a few more good appraisers in the Washington, Nevada, California and Hawaii areas.

If you are interested, please go to our website at www.WestCoastServices.com and fill out the form under Employment.

Thanks.

Johnè

Recently HUD announced that effective February 7^th, the approval criteria for being added to the FHA Roster has been changed.  Appraisers will no longer need to pass an examination from the Department of Housing and Urban Development to be eligible for the FHA Roster.  If appraisers are interested in becoming FHA approved, they must:

1.      Be able to provide proof of state license or certification

2.      Complete the "application for Fee or Roster Personnel Designation" which can be obtained from the HUD website after February 7^th - there is no fee for the application process

3.      An FHA class is not required but is recommended

4.      Not be listed on the General Services Administration's Suspension and Debarment List, HUD's Limited Denial of Participation (LDP) List or HUD's Credit Alert Interactive Voice Response System (CAVIRS)

Your Register Designation Application with original signature and copy of State License or State Certification should be submitted to:

                U.S. Department of Housing and Urban Development

                Office of Single Family Housing

                451 7^th Street, SW, Suite 9270

                Attn:  Valuation Division

                Washington DC   20410

                Phone 202-708-2121   Fax  202-401-0416

We encourage all First American eAppraiseIT panel appraisers to take an FHA class in your area, submit your applications and advise us by contacting Appraisal Panel Management at appraisermanagement@eappraiseit.com when you are added to the FHA Roster.  Please note that appraisers who are approved will not receive any notification.  You must check the FHA Roster (www.entp.hud.gov/idapp/html/apprlook.cfm) to check for your name. Those who are not approved will receive a denial letter.