I have previously written about the impact of the Mortgage Backed Securities Market (MBS) on rates. This morning, Henry Paulson announced that the Fed will be providing upwards of $800M to free up credit markets; a portion of this money will be used for the purchase of mortgage backed securities. This purchasing will drive bond prices up and rates down. In fact, today's rate for a 30- year fixed is 5.5% with 0 points and FHA 5.99% with 0 points.
Throughout my career these past few months rank among the highest in mortgage rate volatility. However, these rate changes are a big catalyst to getting more people in homes and helping you generate more personal income.
Tuesday, November 25, 2008
Fannie Mae's Holiday Present: Suspended Foreclosure Sales
Fannie Mae announced that they are suspending foreclosure sales on occupied single-family properties as well as the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 until January 9, 2009.
The temporary suspension of foreclosures is designed to allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement the streamlined modification program scheduled to launch December 15.
The temporary suspension of foreclosures is designed to allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with mortgage servicers to implement the streamlined modification program scheduled to launch December 15.
Monday, November 24, 2008
Exit 49 in Cabarrus expected to grow in international status
Concord tourism officials are talking about Exit 49 blossoming into a major tourist destination, complete with a variety of tourist attractions and hotels for every budget.
New UNC chancellor reconfirms NCRC commitment
KANNAPOLIS - Drumming up support - financial and otherwise - the new chancellor of UNC-Chapel Hill reconfirmed his institution's commitment to the North Carolina Research Campus.
Cabarrus officials mull sales tax hike
Concord - As the state prepares to hand over more road infrastructure responsibilities to its counties and municipalities, the Cabarrus County Board of Commissioners will seek legislation to raise the county's sales tax as a means to pay for road construction.
Thursday, November 20, 2008
Realtors® Tell Congress Increased Housing Demand Will Stabilize the Market
In a statement to the House Financial Services Committee today, the National Association of Realtors® recommended a four-point plan to stimulate home sales and stabilize housing valuations."
Wednesday, November 19, 2008
Economic Slowdown Stalls Remodeling Activity
The residential remodeling market continued its slump during the third quarter of 2008, according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI). The current market conditions indicator declined to 33.5, from 41.8 in the last quarter. Future expectations of remodeling work also slid to 27.7 (from 38.0 in the second quarter). Both these indices rest at historic lows since the start of the RMI in 2001.
'Remodelers reported another drop in major home improvements and expectations for future work have also declined,' said NAHB Remodelers Chairman Lonny Rutherford, CGR, CAPS, CGP, a remodeler from Farmington, N.M. 'A slight increase in minor remodeling projects for owner-occupied home suggests customers are cutting back on home improvement spending.' Nationally, current activity for major additions and alterations shrank to 29.38 (from 43.18 in the second quarter) during the third quarter, while minor additions and alterations slowed to 38.51 (from 42.89). Maintenance and repair dropped to 30.92 (from 39.06). The remodeling market is tightening due to more home builders taking on remodeling work, creating a more competitive marketplace and flattening out calls for bids and appointments for proposals."
'Remodelers reported another drop in major home improvements and expectations for future work have also declined,' said NAHB Remodelers Chairman Lonny Rutherford, CGR, CAPS, CGP, a remodeler from Farmington, N.M. 'A slight increase in minor remodeling projects for owner-occupied home suggests customers are cutting back on home improvement spending.' Nationally, current activity for major additions and alterations shrank to 29.38 (from 43.18 in the second quarter) during the third quarter, while minor additions and alterations slowed to 38.51 (from 42.89). Maintenance and repair dropped to 30.92 (from 39.06). The remodeling market is tightening due to more home builders taking on remodeling work, creating a more competitive marketplace and flattening out calls for bids and appointments for proposals."
Rise in First-Time Homebuyers with Long Term Plans
"The latest consumer survey of homebuyers and sellers shows first-time buyers have risen in market share and plan to own their homes longer than buyers in the past. The 2008 National Association of Realtors® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, marketing, preferences and experiences of homebuyers and sellers.
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow. 'First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home,' he said. 'Given low home prices, plentiful supply and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
'Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves-that, in turn, should free more existing owners to make a trade in 2009.'
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. 'Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent da"
Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow. 'First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home,' he said. 'Given low home prices, plentiful supply and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.
'Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves-that, in turn, should free more existing owners to make a trade in 2009.'
The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. 'Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent da"
Mortgage Rates Move Downwards
After several weeks of off-the-charts volatility, mortgage rates moved modestly lower last week, according to Bankrate.com. The benchmark 30-year fixed-rate mortgage fell 5 basis points, to 6.39 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 6.32 percent; four weeks ago, it was 6.74 percent.
The benchmark 15-year fixed-rate mortgage slid 13 basis points, to 6.08 percent. The benchmark 5/1 adjustable-rate mortgage declined 4 basis points, to 6.42 percent."
The benchmark 15-year fixed-rate mortgage slid 13 basis points, to 6.08 percent. The benchmark 5/1 adjustable-rate mortgage declined 4 basis points, to 6.42 percent."
Monday, November 17, 2008
NAR Presents the 2008 Home Buyers/Sellers Survey for Charlotte Market
NAR Presents the 2008 Home Buyers/Sellers Survey for Charlotte Market
NAR Manager of Research Marketing T.J. Doyle will present this study from the NAR research team on the characteristics of local home buyers and sellers. This study is customized with data for the Charlotte market and will include a comparison of local information with national trends in homebuying and selling.
NAR Manager of Research Marketing T.J. Doyle will present this study from the NAR research team on the characteristics of local home buyers and sellers. This study is customized with data for the Charlotte market and will include a comparison of local information with national trends in homebuying and selling.
Rent-to-own is an option for those who need one.
Like so many people, Kris Weber, 37, never imagined she'd be in this prickly place at this time in her life."
Military Job Fair Dec. 4 at Speedway
A job fair for veterans, service members and their spouses will be Dec.4 in The Speedway Club at Lowe's Motor Speedway in Concord.
Event organizers with RecruitMilitary said they are expecting more than 300 people and at least 20 to 25 companies at the job fair. Admission is free, and the fair is from 11 a.m. to 3 p.m.
There will be national, regional and local employers at the event.
RecruitMilitary is a private, for-profit, veteran-owned company based in Cincinnati."
Event organizers with RecruitMilitary said they are expecting more than 300 people and at least 20 to 25 companies at the job fair. Admission is free, and the fair is from 11 a.m. to 3 p.m.
There will be national, regional and local employers at the event.
RecruitMilitary is a private, for-profit, veteran-owned company based in Cincinnati."
These Cities Are In Line for a Rebound!
Have we reached bottom? In many cities, knowledgeable observers say yes.
In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended – and in some places sales have expedited.
'The indicators are starting to look better,' says Adam York, an economic analyst with Wachovia.
Here are seven markets that SmartMoney magazine says are in line for a rebound:
* Seattle
* Raleigh
* Des Moines
* Philadelphia
* Denver
* Birmingham, Ala.
* Salt Lake City"
In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended – and in some places sales have expedited.
'The indicators are starting to look better,' says Adam York, an economic analyst with Wachovia.
Here are seven markets that SmartMoney magazine says are in line for a rebound:
* Seattle
* Raleigh
* Des Moines
* Philadelphia
* Denver
* Birmingham, Ala.
* Salt Lake City"
Monday, November 10, 2008
Cabarrus County Leaf Collecting Schedule
The 2008-2009 leaf collection program is currently underway. The following information is designed to assist our customers and employees to ensure this process is successful and not problematic.
See full article at: www.ci.concord.nc.us
See full article at: www.ci.concord.nc.us
Borrowers wanted: Banks have cash but few clients
"Billions of federal bailout dollars are flooding the financial system, credit markets are loosening and many banks say they are ready to lend. But a crucial piece needed to solve the credit crisis is still missing: borrowers."
Philip Morris gives a date on possible layoffs
"Philip Morris USA has told 180 employees at its Cabarrus plant that they may be laid off by the end of January.
The layoffs would be the first in the company's plan to eliminate 2,500 jobs from the Cabarrus plant, which it intends to close by the end of 2010. The company has already had more than 530 workers transfer to its Richmond plant, and another 500 workers have left or plan to leave the company."
The layoffs would be the first in the company's plan to eliminate 2,500 jobs from the Cabarrus plant, which it intends to close by the end of 2010. The company has already had more than 530 workers transfer to its Richmond plant, and another 500 workers have left or plan to leave the company."
State might ask cities to maintain more roads
Shifting burden of upkeep on 5,000 miles poses questions.
http://www.rebic.com/library/North%20Carolina/2008/110308%20CO%20State%20might.pdf>
http://www.rebic.com/library/North%20Carolina/2008/110308%20CO%20State%20might.pdf>
Stop Worrying About Stock Market Losses
If you're worried about how much money you lost from your retirement account over the past few months, it’s time to refocus your thoughts.
The stock market will regain strength and your investments will grow over time, certified financial planner Chris Bird told a packed audience Thursday at the 2008 REALTORS® Conference & Expo in Orlando. Getting caught up in short-term fluctuations will only cause distress.
The stock market will regain strength and your investments will grow over time, certified financial planner Chris Bird told a packed audience Thursday at the 2008 REALTORS® Conference & Expo in Orlando. Getting caught up in short-term fluctuations will only cause distress.
Selling Green? Practice What You Preach
“If you’re not doing green at some point, it will effect your profits,” energetic instructor Terry Watson told REALTORS® attending NAR’s first-ever GREEN designation course in Orlando Thursday."
Obama Will Support Housing, Says NAR
"President-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan.
That was the assessment of NAR leaders, speaking to a packed audience Thursday at the Peabody Hotel during the opening forum of the REALTORS® Conference."
That was the assessment of NAR leaders, speaking to a packed audience Thursday at the Peabody Hotel during the opening forum of the REALTORS® Conference."
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