Good Afternoon,
How long can we stretch this weather out? I’m assuming we’ll get some nasty weather in a few days, thanks to the after effects of the Sandy. Anyone else wondering if this storm wasn’t manufactured to disrupt the election? I’m not a conspiracy theorist but I know that weather can be manipulated! Well, at least the Bears pulled out a win....
On today's call: Markets, Housing, Loan for Expatriates, Interest Rates
The stock markets are closed today due to the weather on the east coast. They might even be closed tomorrow too. Last week, stocks declined on weak earnings reports from many large companies. All three major averages were down about 1%. Less than 37% of companies beat their earnings forecast, and this weak revenue picture is causing investors much concern. With the markets closed until perhaps Wednesday and the Fed postponing its weekly meeting, things should be quiet this week…at least until Friday’s Employment Report. The unemployment percentage is expected to rise.
In housing, tomorrow’s Case-Schiller Home Price Index is expected to show a 2% home price increase, overall, since this time last year. The issue of backed-up inventory is still effecting home price figures nationwide. And pending foreclosures continues to have their own effects. So prices are rising slightly and we are pulling away from the bottom, but not quickly. For those looking to buy, you’ll be in the driver’s seat well into 2013. But that’s not to say that things can’t change quickly. Especially if the government mandates that banks clear inventory by certain deadlines.
We have a new program for Expatriates! If you know of a foreigner working in the US on a work visa, they can purchase a home. No credit score and no social security number are required. Must have at least an offer letter from the company. The minimum down payment is 20% and 12 months reserves are required. This has been a popular program. Pass it along...
Interest rates dipped very slightly at the end of last week. The 30 year fixed is still hovering around the 3.375% range. The 15 year fixed program is in the mid-2% range. Jumbo fixed rates are in the 4%’s and actually coming down just a bit. Remember, most refinances have no closing costs (except for the appraisal in some cases). Every situation is different. Even though the proposed rate might not be much lower than your current one, there is still an opportunity to save money and interest. I’d be happy to review your current mortgage loan and see if a refinance would make sense. Just let me know.....
Have a great week....
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