Mortgage News
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Mortgage Rates Mostly Unchanged After Treasury Auction
Posted To: Mortgage Rate Watch When economic data is thin the stock market tends to have a larger impact on the direction of mortgage rates. The session began with stocks moving lower yesterday. With no data on the economic calendar to reverse the market's direction, the bond market was able to rally all day (higher bond prices = lower bond yields). This allowed most lenders to reprice for the better. Like yesterday, the economic economic was quiet today. Two events influenced the marketplace... The Department of Treasury auctioned $21 billion 10-year notes today. Before the auction, the bond market made room for new debt supply by letting Treasury prices fall (cheapen). This pushed benchmark yields higher and led MBS prices lower. The issue must have gotten cheap enough because auction demand was strong. This led to a modest...( read more) 
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USDA Rural Development System Upgrade Complete. Now Processing Conditional Commitments
Posted To: MND NewsWire In March we learned that USDA Rural Housing funds were expected to run dry by the end of April . A month later, even though the legislation intended to provide the funding had not passed, USDA began issuing commitments for new loans, but there was a caveat: Loan approvals would be "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans." Finally, on July 29 Congress passed HR 4899 to reestablish the program as one that would no longer be subject to the annual whims of Federal funding but self-sustaining through a 3.5 percent guarantee fee paid by the borrower. Four weeks passed after the Congress did their job and appropriated unlimited funding for the USDA Rural Housing Program...( read more) 
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Saturday, 25 July 2009 08:10 |
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The NAR released existing home sales on Thursday, July 23rd and our summary report is here: June Existing Home Sales Highlights: Sales in June rose 3.6% to an annual rate of 4.89 million units which was better than the forecast annual rate of 4.83 million. This is the 3rd consecutive month of increases and suggests that a bottom may have been reached in home sales. It is estimated that 30% of sales were to 1st time homebuyers because of low prices and tax incentives and another 30% are distressed sales (short sales and foreclosure sales). Median home prices continue to fall and are down 15.4% over the past year to $181,800. The best analystics are at the Calculated Risk blog: June Home Sale Graphs |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Friday, 17 July 2009 21:02 |
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The deadline to receive the benefits of the $8,000 tax credit is fast approaching - are you ready? Are your clients ready? Do you want to learn: The difference between a Tax Credit and a Tax Deduction How much time do you really have before it expires How to receive your money faster
I thought you might like to know more about "$8,000 Tax Credit -- How much Time is Really Left?" click below to find out more!
Click Here For $8,000 Tax Credit -- How much Time is Really Left?
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Friday, 03 July 2009 05:43 |
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Our July Newsletter - "The Real Estate Page" - has been posted to the website. This month we discuss how parents can help their children purchase a home. Cash, credit, and income are the three (3) critical areas where parents may be able to help. Click here - PARENTS HELPING CHILDREN - to read how. As always call or email me for details and assistance. |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Tuesday, 23 June 2009 21:33 |
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The NAR released May Existing Home Sales today and our summary report is here: May Existing Home Sales Highlights: Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April, but remained 3.6 percent below the 4.95 million-unit pace in May 2008.
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Total housing inventory at the end of May fell 3.5 percent to 3.80 million existing homes available for sale, which represents a 9.6-month supply at the current sales pace, down from a 10.1-month supply in April.
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Distressed properties, which declined to 33 percent of all sales in May from 45 percent in April ...
... Analytics at the Calculated Risk Blog: Existing Home Sales Graphs |
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Jeff's Blog -
Jeff's Blog
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Written by Jeff
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Tuesday, 09 June 2009 21:36 |
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There is a new regulation put into place called HVCC that affects the way appraisals are being done for mortgages. I wanted to get you some important information on the kinds of changes you will see as the consumer. 1. An increase in costs
2. Longer turn times (resulting in longer lock times)
3. Need to pre-pay for services Click here for the new appraisal regulations and how they affect you |
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Find Jeff's Offices
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September 7, 2010 (8)
