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Monday Mortgage Call-The Mortgage Source for Realtors in Chicagoland

By
Mortgage and Lending with Movement Mortgage NMLS # 574681

Good morning…

 I hope you all had a great holiday weekend. I didn’t realize how red I got

from being out on the tennis courts all day until it literally felt like someone

was putting an iron on my forehead. I’m very thankful for aloe plants!

 

On today’s call: Markets, Housing, Purchase Contract Issues, Interest Rates

 

-        Things literally are heating up in the domestic and global markets. Analysts

are looking to the month of June as a big indicator of where our economy

will head. The big news, still, is the pending exit of the Euro by Greece. It’s

failure to form a coalition government has made investors extremely

nervous, driving stocks lower. In addition, the problems arising with the

Chinese economy are exacerbating the issue, in addition to those in Brazil.

The unemployment figure coming out this Friday is expected to show more

jobs added this month than April, but it’ll still be “sluggish” in comparison

to the first quarter. And many of those jobs are assumed to be seasonal

summer employment. Continued improvement in housing and other

consumer-driven data (retail, auto, etc.) are going to be scrutinized as

they could be key factors in our economy improving.

 

-        In housing, the most glaring news is the latest Case-Shiller Home Price index

from Standard & Poor. According to the numbers, home prices nationwide

continued to decline in the first quarter, by 2% over the last quarter of 2011.

This is only .1% higher than the same time last year however. Unfortunately,
home prices in Chicago have reached new lows overall. Analysts of this data

believe that prices have officially found a floor. So bad news can only get

better, right? I think it’ll take a little bit but hopefully prices will start moving

up as the level of distressed-home inventory dwindles.

 

-        In this week’s “tips” section, I’ll briefly cover some issues we’ve been seeing

on recent purchase contracts. I know that some of these things might seem

trivial however the investors won’t accept them otherwise:

1)      Page 1, line 2 – This must state the actual owners. It cannot just say

      “Owner of Record”

2)      Address – Please make sure you put the entire address. It has to match

          what the Postal Service has

3)      Personal property – please do not include this in the purchase price. If

         there is personal stuff being transferred, please include this

         on a separate addendum. (Hot tubs and gazebo’s are ok)

4)      Buyer name(s) – This will be the legal name that will show on title.

5)      Addendums – please make sure all addendums are sent with the contract

6)      Contacts – please try to have the contact info for all parties involved

 

-        Interest rates are relatively unchanged from last week. The markets closed early

on Friday and haven’t done enough today (so far, at least) to warrant and major

swings. We’re still at historic lows. Purchasing power has never been greater!

 

Katie P…we’re all set for both closings tomorrow. Thanks again for thinking of me!

 

Have a great week everyone...

JP

Posted by

JP Marzano

NMLS ID# 574681

O: 312-654-7216

M: 312-608-1555

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