Atlanta, GA Market Week in Review - September 18-24, 2011

By
Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #151088

The week was relatively light of economic data.  As last week evidenced, more has been driving the market that domestic data alone.  The debt issues of Europe and the potential implications of a default of Greece has been the primary focus of the global market. 

 

On Tuesday, housing starts came in at 571,000.  This was much lower than the 590,000 that had been predicted. 

 

Wednesday morning saw Existing Home Sales rise 7.7% in August.  The actual was 5.03 million.  This is more than the prediction of 4.7 million.  All eyes were on the 2:15 pm EST Federal Open Market Committee statement on economic policy.  Investor speculation was that the Fed was going to introduce Operation Twist.  This plan is where it sells short term assets and uses those profits to buy longer term assets. 

 

Treasuries were driven to unrepresented lows on Thursday after the Fed's announcement on Wednesday.  In order to stimulate the financial markets, the Fed will initiate a program of buying $400 billion of longer term securities up to 30 years.  They will use the profits made from selling shorter term securities.

 

Investors were surprised by the Fed’s desire to re-enter the mortgage backed security market (MBS).  They will be buying the lower coupons by reinvesting principal payments of their holdings from the previous quantitative easing.  Interest rates were also driven lower Thursday after the downgrade of Bank of America, Wells Fargo, and Citigroup by credit ratings agency Moody’s. 

 

Friday morning saw a retreat from the best levels of Thursday as mortgage rates rose throughout the day.  The Dow Jones Industrial Average has taken a beating on this weak economic outlook.  It dropped over 500 points at one point on Thursday before ending the day down just under 400 points with a close at 10,734.   

 

Alpharetta based Kids II announced on Friday its intent to move its headquarters and corporate showroom to Buckhead.  The company, which produces baby toys under the names Bright Starts, Taggies, Baby Einstein, and Baby Disney, will relocate to Buckhead's Terminus 200 office tower.

 

In Georgia news, Savannah based Citi Trends announced on Friday that they will elimante 40 positions in its corporate offices, distribution centers and stores.  This comes after the June announcement that they will close their Savannah distribution center and eliminate 107 jobs.

 

With interest rates now hitting record lows, this will stimulate more refinancing.  Home owners can stil ltake advantage of some refinancing programs like Fannie Mae's DU Refi Plus, Freddie Mac's Open Access, and FHA and VA's Streamline refinance. 

 

As long as the employment situation remains bleak, many potential home buyers will continue to sit on the fence rather than purchasing.  Job creation and more stability will give there buyers the encouragement that they need.

 

 

Posted by

 

It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Georgia Power Leaseholds for Lake Burton, Rabun, & Seed

 

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  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
    Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

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Rainmaker
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Gabrielle Kamahele Rhind
KGC Properties LLC, Tucson Property Management & Real Estate - Tucson, AZ
Broker/Owner

HI RODNEY!  Encouragement and confidence in oneself are positive steps towards making changes and decisions - no doubt!

Oct 01, 2011 12:29 PM #1
Rainmaker
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Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Gabrielle....So true.

Oct 02, 2011 06:54 AM #2
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Rainmaker
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Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN
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