East Bay Mortgage Market Update for December 30th 2010

By
Real Estate Agent with Tucker Associates Real Estate Services Broker, CalBRE 01165309

East Bay Mortgage Market Update for December 30th 2010

Happy New YearEconomic News:  Tuesday brought us the Case-Shiller Home Price Index (HPI) and Consumer Confidence. The HPI showed a moderate drop in home values from the prior month. While the numbers show downward pressure on prices it was in conflict with last week's positive news for existing and new home sales. Consumer Confidence was also disappointing reporting 52.5 versus the expected figure of 57.4. Today brought us Jobless Claims, Chicago PMI & Pending Home Sales Index. The jobless report was a nice surprise as the weekly report for claims fell 34,000 and broke though the 400,000 barrier at 388,000. The four week moving average also showed a nice decline. The Chicago PMI revealed robust business activity in the region while Pending Home Sales showed a 3.2% rise over last month's levels with healthy gains in the Western Region.

Mortgage Markets: The 10 Year Note closed trading today at 3.367%. Mortgage Backed Securities were volatile due to the lack of trading and liquidity in the market but held most of the gains from yesterday. Interest rates are still hovering at historic lows presenting an excellent time to take advantage of the market for those looking to purchase a home in the first quarter of 2011.

This Week's Reports: Monday: ISM Manufacturing Index & Construction Spending Tuesday: Motor Vehicle Sales, Factory Orders & FOMC Minutes Wednesday: ADP Employment Report & ISM Non-Manufacturing Index Thursday:  Jobless Claims Friday: Employment Situation

While I do not originate loans I enjoy staying abreast of mortgage/market conditions and feel it is a benefit to my clients.  If you are in need of a mortgage professional I will happily provide referrals to experienced loan officers in the Bay Area.

Stay tuned for the Next East Bay Mortgage Update...and have a HAPPY NEW YEAR!!!

Posted by

Thinking of Buying, Selling or would just like to discuss what's going on in your neighborhood?

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Doug Anderson

Doug Anderson An Independent Real Estate Broker - Executive Brokers, sm

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Any statistics were compiled from Public Records and other industry sources and are deemed reliable but not guaranteed. Any square footage quoted is approximate and requires buyer verification. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status or national origin.

 

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Comments (7)

Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy and evening to you Doug

Doug,
sometimes we got to take the not so good, with the mighty good new things going on. You sure do this blog posts in a ways folks are able to understand what is going on.

Have a good one
Dale in New Hampshire

Dec 30, 2010 02:12 PM
Cece Blase
Paragon Real Estate Group - San Francisco, CA

It's a mixed bag and mixed signals these days with all these indexes. Did you see WSJ yesterday? It was about dropping home prices, then mentioned the SF Metro area as one of four that has performed decently in the past year. Go figure!

Dec 30, 2010 04:01 PM
Charles Edwards Bentonville
Coldwell Banker Harris McHaney & Faucette 479-253-3796 - Bentonville, AR
AR REALTOR, Bentonville Real Estate Agent and Broker

That decrease in the numbers of jobless, now that is good news.

Happy New Year!

Dec 31, 2010 12:03 AM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

The numbers are all over the map Cece. But we are getting more good news than we were several months ago. California was one of the first states to suffer from the downturn and hopefully we will be one of the first to fully recover.

Dec 31, 2010 02:15 AM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

That is certainly good news Charles. Hopefully in 2011 private sector hiring will pick up and we can see a significant drop in the unemployment rate.

Dec 31, 2010 02:16 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Doug,

Great stats; you know my sentiments when it comes to the job market. I join with your expectations for new jobs.

Best,

Steve

Dec 31, 2010 03:40 AM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Job growth is slower than expected but even as the GDP grows at a very small rate it will eventually lead to job creation.

Dec 31, 2010 04:34 AM