california homeowners bill of rights: Bay Area Mortgage & Market Update for January 4th - 01/04/13 01:56 AM
Mortgage and Market Update

Economic News...As we rang in the New Year all eyes were on the Congress & President to avert the so called “Fiscal Cliff”. A deal was struck but look out for more volatility as the United States has reached the debt ceiling and what looks to be a contentious battle lies ahead in the next few months. Good news for those who are having to go the short sale route. Mortgage Debt Tax Relief was extended for another year. California’s Homeowner Bill of Rights, which was signed last year by Governor Jerry Brown, has taken effect. One … (3 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for December 21st - 12/21/12 02:36 AM
Mortgage and Market Update
Economic News:  2012 is rolling to an end and the news for this week was not “Naughty” but “Nice”. The Housing Market Index reported its 8th straight monthly gain and builders reported the best conditions in five years. Housing Starts were revised lower for the previous two months but that news certainly seems to be offset by the sentiment of home builders. Existing Home Sales were up 5.9% with supply dwindling again. Third Quarter Gross Domestic Product was revised upward to an annualized rate of 3.1% from the expected 2.7%. Keep an eye on Consumer Sentiment as … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for December 15th - 12/14/12 06:01 AM
Mortgage and Market Update
Economic News:  The major news of the week was the forward guidance issued by the FED regarding interest rates. The “exceptionally low” interest rate philosophy seemed to change from a specific timeframe to one that is tied to the employment picture. A target of 6.5% unemployment or below would be the benchmark. Operation Twist is also coming to an end but will be replaced by a similar program. Loan demand for home purchases reached a 2012 high for the third week in a row. Who says the purchase market cools off in the Winter months??? Now for … (3 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for December 8th - 12/08/12 02:42 AM
Mortgage and Market Update
Economic News: Another week of mixed data that trended more toward the positive than negative. The ISM Manufacturing Index was a little disappointing as it fell to 49.5. A reading greater than 50 marks expansion. Construction Spending results offset the weaker manufacturing numbers by continuing to rise and is up 9.6% versus this time last year. October Factory Orders handily beat estimates by rising .8%. On the employment front we saw Weekly Jobless Claims decline and the unemployment rate decrease to 7.7%. There was some concern with the decreased rate being tied to a shrinking labor participation … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for November 16th - 11/16/12 08:06 AM
Bay Area Mortgage and Market Update
Economic News:  Inflation fears were muted by the results reported in both the Consumer & Producer Price Indicies. Hurricane Sandy is still causing havoc, this time in economic reports. Retail Sales were down. Weekly Jobless Claims were way up and Industrial Production fell. While not all can be blamed on Sandy she did affect the numbers to a degree. Now it’s time to think about what we are thankful for and get ready to enjoy a short work week and time off with family and friends.Mortgage Markets: Despite volatility in the Mortgage Backed Securities market … (4 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for November 9th - 11/09/12 06:28 AM
Mortgage and Market Update
Economic News: It was certainly an up and down week for the equity and debt markets. After starting the week off strong the stock market took a nosedive on Wednesday due to a combination of the election results (uncertainty regarding the ability of Congress and the President to come together on a deal concerning the “fiscal cliff” that begins in 2013) and the persistent troubles within the European Union. This weakness in the equity markets benefited the bond market and interest rates. The economic reports for the week continued the trend of good news. The ISM Non-Manufacturing … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for November 2nd - 11/02/12 06:17 AM
Mortgage and Market Update
Economic News: The big news for the markets this week was the closure of the exchanges for two days in the aftermath of Sandy. The economic reports for the week were not nearly as tumultuous or destructive. The Case-Shiller Home Price Index notched a 2% YOY gain in the 20 markets tracked. Consumer Confidence continued to improve and both personal spending and incomes were up. Unfortunately, higher energy prices did eat into those gains. Manufacturing and Factory Orders were positive as well. On the jobs front the ADP & Employment Situation reports came in more bullish than … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for October 26th - 10/26/12 08:19 AM
Mortgage and Market Update
Economic News: A tame week for business news is coming to a close. New Home Sales were up 5.7% and the supply of available new homes is the lowest since 2005. That coupled with rising material costs should continue to boost pricing. The Federal Open Market Committee announcement was summed up by the WSJ. “There were no surprises in the FOMC Statement”. Might as well leave it at that. Weekly Jobless Claims were in line with expectations and there was a slight increase in the four week moving average. Pending Home Sales were nothing to write home … (0 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for October 12th - 10/12/12 05:25 AM
Mortgage and Market Update
Economic News: The overall theme of market reports for the week were good. The Beige Book’s (prepared about two weeks in advance of Federal Open Market Committee Meetings) wording regarding the economy was upgraded to “economic activity generally expanded modestly”. Also a nice tidbit was that the real estate market has improved. Those of us in the Bay Area already figured this out several months ago but hey this is a nationwide reading. Weekly Jobless Claims fell much more than expected, and like last week’s unemployment number, did come under scrutiny as one large state did not … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for October 5th - 10/05/12 05:20 AM
Mortgage and Market Update
Economic News: This week’s reports were pretty positive on all fronts. The ISM-Manufacturing Index improved after three consecutive months of declines. Construction Spending is up 6.5% over year ago levels. Motor Vehicle Sales hit their highest level since 2008. Weekly Jobless Claims held steady at 367,000 and there was also a decrease in the four week moving average. Factory Orders were a tad disappointing but when the volatile aircraft sector was factored out orders rose for the second month in a row. Today’s much anticipated Employment Report had the unemployment rate decline to 7.8% from 8.1%. While … (0 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for September 21st - 09/21/12 01:32 PM
Mortgage and Market Update
Economic News: There was not much on the economic calendar for the week. The Housing Starts report was positive, although just slightly weaker than expected, with the Single Family Home segment leading the way. Existing Home Sales, on the other hand, handily beat estimates with a 7.8% gain month over month and a 9.3% gain year over year. Weekly Jobless Claims numbers are still stuck in the 380K area and the four week moving average moved slightly higher for the 5th consecutive week. The best news of the week concerned median home prices in our Golden State. … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for September 14th - 09/14/12 10:38 AM
Mortgage and Market Update
Economic News: The big market moving news this week was the announcement from the Federal Open Market Committee that it will purchase 40 Billion Dollars a month of Agency Paper (Fannie & Freddie Mortgage Bonds) with no expiration date set. This is the much anticipated Quantitative Easing known as QEIII. Additionally, the FED policy of low interest rates is expected to continue through the middle of 2015. This sent the stock market off to the races Thursday and mortgage rates went lower as well. The recent increase in gasoline prices hit both the Producer and Consumer Price … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for September 7th - 09/07/12 10:22 AM
Mortgage and Market Update
Economic News: Another week is coming to a close and fall is officially set to begin on Saturday the 22nd of September. One word you will be hearing about over the next several weeks are “G-Fees”. The Federal Housing Finance Agency announced last Friday that it has “directed Fannie Mae and Freddie Mac to raise guarantee fees (g-fees) on single family mortgages by an average of 10 basis points.” In simple terms it means that interest rates will be forced marginally higher very soon. If you have any free time this weekend and would like to read … (3 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for the week ending September 2nd - 09/03/12 07:41 AM
Mortgage and Market Update
Economic News: Housing led the way in last week’s economic news. The Case-Shiller Home Price Index reaffirmed the sentiment of housing sector improvement (which those of us in the Bay Area have known about for a while). Price increases were reported for the fifth month in a row. Pending Home Sales did not disappoint either rising 2.40% on a month over month basis. News on the consumer was a bit conflicted. Consumer Confidence was lower than expected with worries persisting about the future of jobs and the economy. On the other hand, Consumer Sentiment, posted nice results … (0 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for August 24th - 08/24/12 11:41 AM
Mortgage and Market Update for August 24th
Economic News: As we approach the end of August and a new school year begins the Bay Area real estate market activity remains robust. On a national level Existing Home Sales had a nice showing in July after stumbling a bit in June. New Home Sales rose 3.6% in July as well. The minutes of the Federal Open Market Committee left the door open for further easing/stimulus in the face of a manufacturing slowdown and continued troubles in Europe. Weekly Jobless Claims moved up a notch reinforcing the FED’s case that more may need … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for August 10th - 08/10/12 09:07 AM
Mortgage and Market Update for August 10th
Economic News: The “Dog Days of Summer” are here and as described by Wikipedia...”are the hottest, most sultry days of summer...” and that is exactly what we are in for this weekend in the Bay Area. As far as economic news goes this was a quiet week. Nothing to report so...
Have a Great Weekend and head toward the coast to stay cool!
Mortgage Markets: The 10 Year Note is currently trading at 1.649% which is just a tick higher than the 1.566% close last week. Mortgage rates have been under moderate pressure this … (2 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for Friday the 27th - 07/27/12 04:44 AM
Mortgage and Market Update for July 27th
Economic News: Overseas economic concerns weighed on our equity markets early in the week. News from the European Central Bank that it will become more aggressive has bolstered confidence and the US Stock Market is in rally mode. New and Pending Home Sales were softer for June after a strong showing in both April and May. Weekly Jobless Claims tumbled to 353K from an expected 380K. Gross Domestic Product softened in the 2nd Quarter at a 1.5% annualized rate. Is the California Real Estate Market improving? The stats say yes. Equity sales rose to … (4 comments)

california homeowners bill of rights: Bay Area Mortgage & Market Update for Friday the 13th - 07/13/12 03:22 PM
Mortgage and Market Update for July 13th
Economic News: Not much news out this week and what there was had a generally sideways bias. Weekly Jobless Claims were reported at 350K down from 374K last week. Consumer Sentiment numbers were mixed with the near-term results stronger while the longer term vision was slightly weaker. All of this news in the end has very little to do with the state of the Bay Area real estate market. We hear a lot about troubles and concerns but here locally we are faced with multiple offers, contingency waivers, happy sellers and in many cases … (2 comments)