Hello Everyone,
Will I get Swine Flu if I eat bacon?
Hope your week is off to a great start…. The weather over the weekend must have added to the positive media flurry that it’s a great time to BUY REAL ESTATE ~ I noticed a flurry of transactions over the weekend or at least for those priced right…. I even heard a couple transactions with 3 separate offers that came in over the weekend!
This is great news for buyers that are taking advantage of the $8,000 tax credit as well as purchasing homes from Fannie Mae direct on special loan programs offering to waive appraisals and mortgage insurance. Seems the only homes that are moving are those that are priced to sell which continues to drive the market down to an affordable bottom. It is such a great time to buy!!!
Unfortunately, sellers are not so lucky and are experiencing some real tough times. They do not get to take advantage of writing off the losses like Fannie Mae and Freddie Mac are doing and if so they are trying to have the bank accept a short sale which the banks seem to want to wait around for some bailout that may never even come to fortune!
I am expecting some changes once the senate completes its discussions this week so hang on to your hats as we may see even more changes this week-
MARKET ANALYSIS:
Mortgage bond prices remain higher Monday morning adding to the small gains seen Friday afternoon. Rates are finding support from weak stocks. We had a .25 improvement in rates today.
This week promises to be action packed with the Treasury set to auction 101B in 2, 5 and 7-year notes. The new supply of debt competes for available investment dollars; therefore it would not uncommon to see rates come under pressure ahead of the auction as trading desks prepare for the new issue. If the auction is well received, rates typically improve somewhat and vice verse. The results of the 2-year auction are expected around 1:30 pm ET today.
As if a credit crisis, housing slump and massive unemployment around the globe is not enough; FEAR (capitalized for emphasis) of a pandemic from the swine flu is gripping the world. Traders are dumping airline, hotel and travel relates sharers as more is learned about the spread of the flu. On a positive note, this news should add support to the auctions today as traders run for the safety of US debt in times of uncertainty.
Bill Black- CMP
Branch Manager/Mortgage Planner
America One Finance- Downtown
360-910-3290
Fax: 360-326-1861
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Homepath Homes- No Appraisals, No MI, 90% NOO!
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