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HUD INVESTIGAR� ALEGACIONES SEGÚN LOS CUALES 22 BANCOS Y PRESTAMISTAS HIPOTECARIOS DISCRIMINAN CONTRA AFROAMERICANOS Y LATINOS QUE BUSCAN PRÉSTAMOS
WASHINGTON – El Departamento de Vivienda y Desarrollo Urbano de los Estados Unidos anunció hoy que está iniciando múltiples investigaciones a varios prestamistas hipotecarios para determinar si sus polÃticas de préstamos denegaron ilegalmente acceso a crédito a prestatarios calificados de origen afroamericano y latino.
Las investigaciones surgen en respuesta a 22 quejas presentadas ante HUD por la Coalición Nacional de Reinversión Comunitaria, (NCRC por sus siglas en inglés), National Community Reinvestment Coalition, alegando que las actividades de préstamos de los originadores de hipotecas mostraron que sus prácticas de préstamo denegaron préstamos asegurados por la Administración Federal de Vivienda FHA a afroamericanos y latinos con puntaje de crédito de hasta 640. Las guÃas de FHA permiten asegurar hipotecas a prestatarios con puntaje de crédito superior a 580, provisto que los prestatarios realicen un pago inicial igual al 3.5 por ciento del monto del préstamo, o con un puntaje superior a 500, si los prestatarios realizan un pago inicial equivalente al 10 por ciento del valor del préstamo.
"FHA es un importante vehÃculo para los estadounidenses que desean comprar o refinanciar una vivienda. Agradecemos a NCRC por presentar estas quejas ante HUD. Para los prestamistas a negar esta fuente de crédito a compradores responsables, sin consideraciones de su capacidad para pagar el préstamo, crea preocupaciones muy serias de igualdad en la vivienda y, de comprobarse, menoscabarÃa los esfuerzos de recuperación de nuestra nación", dijo el secretario adjunto de HUD para Equidad de Vivienda e Igualdad de Oportunidades, John Trasviña. "HUD tomará acción apropiada en contra de cualquier prestamista que se encuentre realizando prácticas discriminatorias."
Con antelación al reciente retroceso en la economÃa, los préstamos asegurados por FHA equivalÃan a menos del tres por ciento de los préstamos de nuevas viviendas. Desde la crisis económica, FHA y las empresas patrocinadas por el gobierno – GSA Government-Sponsored Enterprises- han asegurado o garantizado cerca del 95 por ciento de los nuevos préstamos hipotecarios que se han originado. Al final de 2008, casi la mitad de los préstamos de compra de nuevas viviendas y un cuarto de los nuevos préstamos de refinanciación fueron asegurados por FHA o la Administración de Veteranos, (VA por sus siglas en inglés).
Según NCRC, una asociación de más de 600 organizaciones comunitarias que promueven el acceso a los servicios bancarios básicos, sus "probadores" que observan las prácticas prestatarias equitativas evaluaron las prácticas de los prestamistas nacionales, las empresas de servicios financieros, y otros prestamistas aprobados por FHA regionales y locales. En las quejas presentadas el 7 de diciembre, NCRC indicó que los prestamistas fueron elegidos según la cuota de mercado, el volumen de préstamos de FHA y discusiones con los lÃderes comunitarios.
Bajo la Ley de Equidad de Vivienda, HUD investiga las alegaciones de discriminación de vivienda con imparcialidad, asà como durante cada fase de las investigaciones, el intento de resolver las quejas a través de los esfuerzos conciliatorios.
FHA fue establecido en 1934 y actualmente asegura más de 6.5 millones de préstamos unifamiliares. El 80 por ciento de los préstamos asegurados por FHA en 2010, fueron destinados a los compradores de vivienda por primera vez y más del 30 por ciento de los préstamos de compra fueron destinados a los compradores minoritarios.
La Oficina de Equidad de Vivienda e Igualdad de Oportunidades (FHEO) de HUD y sus socios en el Programa de Ayuda de Equidad de Vivienda investigan más de 10,000 quejas de discriminación de vivienda al año. Las personas que creen haber sido vÃctimas de discriminación de vivienda deben comunicarse con HUD al (800) 669-9777 (voz), (800) 927-9275 (TTY).
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La misión de Departamento de Vivienda y Desarrollo Urbano de EE. UU. es crear comunidades fuertes, sostenibles e inclusivas y vivienda de calidad asequible para todos. HUD trabaja para fortalecer el mercado de vivienda a fin de impulsar la economÃa y proteger a los consumidores; satisfacer las necesidades de vivienda de alquiler asequible de calidad: utilizar la vivienda como una plataforma para mejorar la calidad de vida; construir comunidades inclusivas y sostenibles libres de discriminación; y transformar el modo en que HUD hace negocios. Información adicional sobre HUD y sus programas está disponible en www.hud.gov y espanol.hud.gov.
27 Haziran 2012 Çarşamba
Latin Builders Association® Celebrates 40th Anniversary
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The Latin Builders Association® (LBA), the largest Hispanic construction association in the United States, will celebrate its 40th anniversary in 2011. Since inception in 1971, the LBA has strived to provide a vital forum for discussion, networking, training/development and representation at the local, state and federal level.
The LBA’s core goal is to represent and further the interests of the South Florida Community, the local building industry, and the individuals and companies that strive day after day to make our community a better place to live, work and play.
“We are grateful to have grown as an association and to have experienced the journey we have endured over the past 40 years,” said Noelia E. Moreno, President, Latin Builders Association®. “The LBA was first started because our fathers and grandfathers were looking to have access to the building opportunities in Florida and were eager to be welcomed into our community and, as a united front, they were able to experience much success and worked hard to become recognized and valued for their hard work. We look forward to continuing to make them proud and follow the lead that they have paved for us in the years to come while accepting change.”
Further defining the LBA’s commitment to the community is the LBA Children and Families Foundation which houses the organization’s philanthropic work to formalize and further extend LBA’s involvement and commitment to providing help to those in need. Even in the midst of tumultuous times, the association continues to recognize the importance of educating our future workforce and providing for those who benefit from a helping hand. LBA’s philanthropic ventures are made possible through the commitment of the members to help the community one child at a time.
Established in 1971 by a group of local contractors, Latin Builders Association, Inc. ® has embodied the interests of builders, developers, contractors, architects, engineers, plumbers, electricians and tradesmen associated with the business of construction, striving to provide a vital forum for discussion, networking, training/development, and representation at the local, state and federal level. Today, we are the largest Hispanic construction association in the United States, representing over 750 member companies throughout South Florida.
www.latinbuilders.org
The LBA’s core goal is to represent and further the interests of the South Florida Community, the local building industry, and the individuals and companies that strive day after day to make our community a better place to live, work and play.
“We are grateful to have grown as an association and to have experienced the journey we have endured over the past 40 years,” said Noelia E. Moreno, President, Latin Builders Association®. “The LBA was first started because our fathers and grandfathers were looking to have access to the building opportunities in Florida and were eager to be welcomed into our community and, as a united front, they were able to experience much success and worked hard to become recognized and valued for their hard work. We look forward to continuing to make them proud and follow the lead that they have paved for us in the years to come while accepting change.”
Further defining the LBA’s commitment to the community is the LBA Children and Families Foundation which houses the organization’s philanthropic work to formalize and further extend LBA’s involvement and commitment to providing help to those in need. Even in the midst of tumultuous times, the association continues to recognize the importance of educating our future workforce and providing for those who benefit from a helping hand. LBA’s philanthropic ventures are made possible through the commitment of the members to help the community one child at a time.
Established in 1971 by a group of local contractors, Latin Builders Association, Inc. ® has embodied the interests of builders, developers, contractors, architects, engineers, plumbers, electricians and tradesmen associated with the business of construction, striving to provide a vital forum for discussion, networking, training/development, and representation at the local, state and federal level. Today, we are the largest Hispanic construction association in the United States, representing over 750 member companies throughout South Florida.
www.latinbuilders.org
NHORA Celebrates One Year Anniversary- Installs National Leadership Council
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Real Estate Professionals organize a trade association to elevate professional standards and promote commerce through sustainable home ownership in the Latino community
FOR IMMEDIATE RELEASE
San Francisco – February 23, 2011 – The National Hispanic Organization of Real Estate Associates celebrates its first anniversary at an event in San Francisco St. Mary’s Cathedral. At this gathering, Patricia Lindo will be installed as the national board chair and the National Leadership Council will be activated.
NHORA National past President Richard Gonzalez said “I am delighted to have played a key role in getting NHORA off the ground and proud to see Patricia step up to the top leadership role”.
NHORA National Board Member, Jorge Carcamo of San Francisco adds “Patricia has a tremendous passion for NHORA’s commitment to transparency, leadership development, highest ethical standards and to our Latino community. The President’s Council is important component of our governance to ensure transparency and leadership development.”
The impact of the current economic market has had a disproportionally higher negative impact on Hispanic communities. NHORA has been created to help thwart this kind of damage in our communities and further educate and empower ethical professionals and the consumers they serve.
Patricia Lindo said “Some of us have been advocating for many years for a true trade association that focus on sustainable home ownership in the Latino community. I am humbled and honored to lead this organization and take it to the next level.”
NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide.
For more information go to www.NHORA.com
Real Estate Professionals organize a trade association to elevate professional standards and promote commerce through sustainable home ownership in the Latino community
FOR IMMEDIATE RELEASE
San Francisco – February 23, 2011 – The National Hispanic Organization of Real Estate Associates celebrates its first anniversary at an event in San Francisco St. Mary’s Cathedral. At this gathering, Patricia Lindo will be installed as the national board chair and the National Leadership Council will be activated.
NHORA National past President Richard Gonzalez said “I am delighted to have played a key role in getting NHORA off the ground and proud to see Patricia step up to the top leadership role”.
NHORA National Board Member, Jorge Carcamo of San Francisco adds “Patricia has a tremendous passion for NHORA’s commitment to transparency, leadership development, highest ethical standards and to our Latino community. The President’s Council is important component of our governance to ensure transparency and leadership development.”
The impact of the current economic market has had a disproportionally higher negative impact on Hispanic communities. NHORA has been created to help thwart this kind of damage in our communities and further educate and empower ethical professionals and the consumers they serve.
Patricia Lindo said “Some of us have been advocating for many years for a true trade association that focus on sustainable home ownership in the Latino community. I am humbled and honored to lead this organization and take it to the next level.”
NHORA Membership opportunities are open to industry professionals and leaders in Housing, Banking, Ancillary Service Providers and housing related Business Owners with chapters scheduled nationwide.
For more information go to www.NHORA.com
Carmen Mercado Named Chairman of the National Association of Hispanic Real Estate Professionals
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SAN DIEGO--(BUSINESS WIRE)--
Carmen Mercado, a Long Island, New York-based Education & Diversity Manager with NRT’s Coldwell Banker Residential Brokerage, was installed as chairman and president of the National Association of Hispanic Real Estate Professionals during its policy forum last week in Washington, D.C. Mercado has served on the association’s national board since 2006 and most recently was vice chair. Gerardo “Jerry” Ascencio, a Los Angeles-based real estate broker, will succeed Mercado as vice chair. Both officers will serve a one-year term in their post.
“Carmen Mercado and Jerry Ascencio bring a potent combination of real marketplace knowledge, leadership and understanding of the challenges that Hispanic homebuyers and practitioners encounter,” said immediate Past Chair Alex Chaparro. “Their grasp of the issues will be a huge benefit to NAHREP’s national leadership team.”
By day, Mercado trains real estate agents and drives leadership development for Coldwell Banker Residential Brokerage, which is owned by NRT LLC, the nation’s largest residential real estate brokerage company. Mercado is also an active member of the Realogy Diversity and Inclusion Council. She is a certified real estate instructor and delivers training programs throughout the Long Island and Queens area. She became active in NAHREP at the local level in 2004 when she founded the local NYC affiliate chapter. In 2006, she was appointed to the national board and has served on the executive committee prior to being named last year as vice chair. A passionate advocate for underserved homebuyers, she has helped educate local Latinos about homeownership over the years by delivering seminars in liaison with local nonprofits.
Gerardo “Jerry” Ascencio, GRI, CRS is founder and past president of the NAHREP San Fernando/Santa Clarita affiliate chapter and a member of the association’s national board. He is an established real estate broker in the greater Los Angeles area with two offices and 65 agents and broker-associates. Ascencio served on the board of directors for the Southland Regional Association of Realtors and has served in numerous leadership and educator roles. He will succeed Mercado as chairman in 2012.
About NAHREP
The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 18,000 members in 48 states and 50 affiliate chapters.
Contacts
Phase Two Communications
Mary Mancera, 760-634-5007
Permalink: http://www.businesswire.com/news/home/20110309005130/en/Carmen-Mercado-Named-Chairman-National-Association-Hispanic
SAN DIEGO--(BUSINESS WIRE)--
Carmen Mercado, a Long Island, New York-based Education & Diversity Manager with NRT’s Coldwell Banker Residential Brokerage, was installed as chairman and president of the National Association of Hispanic Real Estate Professionals during its policy forum last week in Washington, D.C. Mercado has served on the association’s national board since 2006 and most recently was vice chair. Gerardo “Jerry” Ascencio, a Los Angeles-based real estate broker, will succeed Mercado as vice chair. Both officers will serve a one-year term in their post.
“Carmen Mercado and Jerry Ascencio bring a potent combination of real marketplace knowledge, leadership and understanding of the challenges that Hispanic homebuyers and practitioners encounter,” said immediate Past Chair Alex Chaparro. “Their grasp of the issues will be a huge benefit to NAHREP’s national leadership team.”
By day, Mercado trains real estate agents and drives leadership development for Coldwell Banker Residential Brokerage, which is owned by NRT LLC, the nation’s largest residential real estate brokerage company. Mercado is also an active member of the Realogy Diversity and Inclusion Council. She is a certified real estate instructor and delivers training programs throughout the Long Island and Queens area. She became active in NAHREP at the local level in 2004 when she founded the local NYC affiliate chapter. In 2006, she was appointed to the national board and has served on the executive committee prior to being named last year as vice chair. A passionate advocate for underserved homebuyers, she has helped educate local Latinos about homeownership over the years by delivering seminars in liaison with local nonprofits.
Gerardo “Jerry” Ascencio, GRI, CRS is founder and past president of the NAHREP San Fernando/Santa Clarita affiliate chapter and a member of the association’s national board. He is an established real estate broker in the greater Los Angeles area with two offices and 65 agents and broker-associates. Ascencio served on the board of directors for the Southland Regional Association of Realtors and has served in numerous leadership and educator roles. He will succeed Mercado as chairman in 2012.
About NAHREP
The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the premier trade organization for Hispanics and has more than 18,000 members in 48 states and 50 affiliate chapters.
Contacts
Phase Two Communications
Mary Mancera, 760-634-5007
Permalink: http://www.businesswire.com/news/home/20110309005130/en/Carmen-Mercado-Named-Chairman-National-Association-Hispanic
Lending to blacks, Hispanics plummets during housing crisis By Kenneth J. Cooper
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Since the housing market collapsed, mortgage lending to African Americans and Hispanics has plunged precipitously — by more than 60 percent, according to a new study of loan information that banks submit to the federal government.
Together, African Americans and Hispanics were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004, before the market crashed, the computerized analysis finds. With lenders imposing tighter credit standards, mortgage dollars going to non-Hispanic white borrowers also declined, though by considerably less: 17 percent. Asians fared best, obtaining nearly an equal amount in mortgages.
The study, using Federal Reserve data, was conducted by Maurice Jourdain-Earl, founder and managing director of ComplianceTech in Arlington, Va., which advises financial institutions on fair lending practices.
Mortgages made to Hispanics have decreased the most, by 63 percent, to $78 million in 2009 from $214 million in 2004. Lending to African Americans has dropped to $49 million from $122 million, or 60 percent.
Whites have been affected much less and Asians barely. New mortgages to white borrowers declined to $1.1 billion from $1.3 billion, or 17 percent. Lending to Asians stayed almost the same.
Whites were about twice as likely as African Americans and Hispanics to be approved for prime mortgages with the lowest interest rates, while members of the two largest minority groups were two to four times more likely to receive subprime loans, which have higher rates. By contrast, the disparities were much narrower for loans insured by the government’s Federal Housing Administration, which has attracted a growing number of borrowers during the credit crunch.
The study concluded that a “dual mortgage market” has emerged, with white and Asian borrowers having better access to lower-cost mortgages than African Americans and Hispanics, who on average pay more to own or refinance a home — if they can obtain a mortgage.
“The higher cost for mortgage credit translates into less money for basic necessities,” Jourdain-Earl writes. Read the rest of the article here.
Since the housing market collapsed, mortgage lending to African Americans and Hispanics has plunged precipitously — by more than 60 percent, according to a new study of loan information that banks submit to the federal government.
Together, African Americans and Hispanics were able to borrow 62 percent less to buy or refinance homes in 2009 than in 2004, before the market crashed, the computerized analysis finds. With lenders imposing tighter credit standards, mortgage dollars going to non-Hispanic white borrowers also declined, though by considerably less: 17 percent. Asians fared best, obtaining nearly an equal amount in mortgages.
The study, using Federal Reserve data, was conducted by Maurice Jourdain-Earl, founder and managing director of ComplianceTech in Arlington, Va., which advises financial institutions on fair lending practices.
Mortgages made to Hispanics have decreased the most, by 63 percent, to $78 million in 2009 from $214 million in 2004. Lending to African Americans has dropped to $49 million from $122 million, or 60 percent.
Whites have been affected much less and Asians barely. New mortgages to white borrowers declined to $1.1 billion from $1.3 billion, or 17 percent. Lending to Asians stayed almost the same.
Whites were about twice as likely as African Americans and Hispanics to be approved for prime mortgages with the lowest interest rates, while members of the two largest minority groups were two to four times more likely to receive subprime loans, which have higher rates. By contrast, the disparities were much narrower for loans insured by the government’s Federal Housing Administration, which has attracted a growing number of borrowers during the credit crunch.
The study concluded that a “dual mortgage market” has emerged, with white and Asian borrowers having better access to lower-cost mortgages than African Americans and Hispanics, who on average pay more to own or refinance a home — if they can obtain a mortgage.
“The higher cost for mortgage credit translates into less money for basic necessities,” Jourdain-Earl writes. Read the rest of the article here.
25 Haziran 2012 Pazartesi
Minority Real Estate Leaders AREAA, NAHREP, NAREB Say Government Efforts Are Failing to Meet the Needs of Multicultural Homebuyers
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Saying millions of Americans are being left out of the American dream of homeownership, the nation´s three largest organizations representing multicultural real estate professionals, Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB), today called upon policy makers to do more for minority homebuyers.
This callto action comes after AREAA, NAHREP, and NAREB met in Washington, D.C., to discuss regulatory and policy changes to preserve access to homeownership for people of color.
"Overwhelmingly, the members of our three organizations agree that the lack of mortgage financing is the single biggest challenge facing minorities who want to buy homes," said Kenneth Li, AREAA chairman. "The government´s housing recovery efforts have not gone far enough to improve the situation facing minority homeowners."
At the March 3-4 Multicultural Real Estate & Policy Conference in Washington, D.C., members of AREAA, NAHREP, and NAREB were surveyed on their views of the home buying market and economic recovery efforts.
According to the survey results, nearly 80 percent of the attendees responded they "believe that the current policy efforts have done little to improve the situation facing minority homebuyers."
Attendees also felt strongly that an active secondary market role is needed by the government to ensure that all homebuyers have access to the American dream of homeownership.
"These are real estate professionals who are out in the community, trying to help hard-working Americans achieve their dreams of buying homes, and they are confirming what we have long suspected - that their clients cannot get loans," Carmen Mercado, Chair of NAHREP said.
In the survey of attendees, "mortgage financing availability" was cited as the single greatest factor facing the multicultural real estate community. Additionally, respondents cited "tight underwriting requirements" as the greatest challenge facing prospective homebuyers looking to obtain financing.
To stabilize the home-buying market for minorities, the organizations issued a joint report entitled "The Five Point Plan: Refocusing the Future of Minority Homeownership."
"Our Five-Point Plan is designed to bring common sense and a balanced approach to restoring the dream of homeownership to everyone. None of us wants to have homeownership a dream deferred or denied," NAREB President and CEO Vincent Wimbish stated.
The Five-Point Plan focuses on sustainability, accountability and responsibility on the part of all parties in a real estate transaction.
It calls for more diverse solutions to meet the future housing needs, and demands more preparation and responsibility on part of consumers and the industry alike. It also calls on the industry to develop unique and innovative solutions to the housing challenges facing the multicultural communities today and in the future.
Specifically, The Five-Point Plan calls for.
- A balanced regulatory approach that will support and encourage sustainable homeownership for qualified and responsible consumers seeking to purchase a home;
- Increased diversity in the financial services arena and adequate oversight of minority business utilization and senior management hires;
- Maintaining strong government support of the secondary market system that includes the broad network of primary lenders, government-supported securitization agency, and FHA that collectively works to broaden credit availability for all communities at all times;
- Strong consumer protection oversight to restore consumer and market confidence in homeownership; and
- Mandatory financial education for all first-time homebuyers that prepares them for the responsibilities, risks and rights associated with homeownership.
The Plan includes specific recommendations for each of the Five Points.
Visit www.areaa.org : , www.nahrep.org : , or www.nareb.com : to download the Five-Point Plan.
Saying millions of Americans are being left out of the American dream of homeownership, the nation´s three largest organizations representing multicultural real estate professionals, Asian Real Estate Association of America (AREAA), the National Association of Hispanic Real Estate Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB), today called upon policy makers to do more for minority homebuyers.
This callto action comes after AREAA, NAHREP, and NAREB met in Washington, D.C., to discuss regulatory and policy changes to preserve access to homeownership for people of color.
"Overwhelmingly, the members of our three organizations agree that the lack of mortgage financing is the single biggest challenge facing minorities who want to buy homes," said Kenneth Li, AREAA chairman. "The government´s housing recovery efforts have not gone far enough to improve the situation facing minority homeowners."
At the March 3-4 Multicultural Real Estate & Policy Conference in Washington, D.C., members of AREAA, NAHREP, and NAREB were surveyed on their views of the home buying market and economic recovery efforts.
According to the survey results, nearly 80 percent of the attendees responded they "believe that the current policy efforts have done little to improve the situation facing minority homebuyers."
Attendees also felt strongly that an active secondary market role is needed by the government to ensure that all homebuyers have access to the American dream of homeownership.
"These are real estate professionals who are out in the community, trying to help hard-working Americans achieve their dreams of buying homes, and they are confirming what we have long suspected - that their clients cannot get loans," Carmen Mercado, Chair of NAHREP said.
In the survey of attendees, "mortgage financing availability" was cited as the single greatest factor facing the multicultural real estate community. Additionally, respondents cited "tight underwriting requirements" as the greatest challenge facing prospective homebuyers looking to obtain financing.
To stabilize the home-buying market for minorities, the organizations issued a joint report entitled "The Five Point Plan: Refocusing the Future of Minority Homeownership."
"Our Five-Point Plan is designed to bring common sense and a balanced approach to restoring the dream of homeownership to everyone. None of us wants to have homeownership a dream deferred or denied," NAREB President and CEO Vincent Wimbish stated.
The Five-Point Plan focuses on sustainability, accountability and responsibility on the part of all parties in a real estate transaction.
It calls for more diverse solutions to meet the future housing needs, and demands more preparation and responsibility on part of consumers and the industry alike. It also calls on the industry to develop unique and innovative solutions to the housing challenges facing the multicultural communities today and in the future.
Specifically, The Five-Point Plan calls for.
- A balanced regulatory approach that will support and encourage sustainable homeownership for qualified and responsible consumers seeking to purchase a home;
- Increased diversity in the financial services arena and adequate oversight of minority business utilization and senior management hires;
- Maintaining strong government support of the secondary market system that includes the broad network of primary lenders, government-supported securitization agency, and FHA that collectively works to broaden credit availability for all communities at all times;
- Strong consumer protection oversight to restore consumer and market confidence in homeownership; and
- Mandatory financial education for all first-time homebuyers that prepares them for the responsibilities, risks and rights associated with homeownership.
The Plan includes specific recommendations for each of the Five Points.
Visit www.areaa.org : , www.nahrep.org : , or www.nareb.com : to download the Five-Point Plan.
Hispanic Soldier’s Home Foreclosed While She Was Serving Abroad
To contact us Click HERE
“I couldn’t believe it,” Capt. Tania Garcia said. “I was in shock.”
Excerpts from the report…
Army Capt. Tania Garcia said she was on active duty in South Korea when she got the news.
Garcia’s Realtor informed her that her south Orange condominium had been foreclosed upon. Suddenly, a soldier serving abroad had no home to return to.
“I couldn’t believe it,” Garcia said. “I was in shock.”
More shocking news was ahead. Court files from the foreclosure showed an affidavit had been filed that stated Garcia was not in the active military and that the notice of foreclosure was served on her husband.
Two problems: Garcia said this week she was on active duty — and she is not married. Now, Garcia is fighting to win back the home she thinks was taken from her unfairly.
Garcia’s condo initially was bought back by Flagstar Bank and then resold… (No, it was Fannie Mae!)
Garcia’s real-estate broker, Celia Ruiz of Casa Latino Real Estate, said she worked with the bank during the short sale, in which the lender allows a home to be sold at a price often far below the amount owed on the mortgage. She has e-mails from a bank employee stating the sale was approved.
Five days before the scheduled sale, Ruiz said, she received the bad news. Ruiz was flabbergasted.
“I’ve done a lot of short sales,” Ruiz said. “I have never seen a property go to foreclosure while we are working on a short sale.”
The “non-military affidavit” included in the court file attested to the fact that Garcia was not in the active military, and a military status report from the Department of Defense was attached, stating: “Based on the information you have furnished, the DMDC [Department of Defense Manpower Data Center] does not possess any information indicating that the individual is currently on active duty.”
If a person is on active duty, the military must be served notice of the foreclosure to make sure the person is aware of it, Kaufman said. Garcia said there was “no way” that the bank could claim to be unable to contact her.
Still in the service, Garcia shipped off to Iraq on Friday with the legal battle serving as a constant distraction in a place where, she said, distractions cost lives.
“When I was not in this country, I was working to protect my country,” she said. As she prepared to leave again this week, Garcia was hopeful that she would return to find the situation resolved.
Read the article in its entirety here…
“I couldn’t believe it,” Capt. Tania Garcia said. “I was in shock.”
Excerpts from the report…
Army Capt. Tania Garcia said she was on active duty in South Korea when she got the news.
Garcia’s Realtor informed her that her south Orange condominium had been foreclosed upon. Suddenly, a soldier serving abroad had no home to return to.
“I couldn’t believe it,” Garcia said. “I was in shock.”
More shocking news was ahead. Court files from the foreclosure showed an affidavit had been filed that stated Garcia was not in the active military and that the notice of foreclosure was served on her husband.
Two problems: Garcia said this week she was on active duty — and she is not married. Now, Garcia is fighting to win back the home she thinks was taken from her unfairly.
Garcia’s condo initially was bought back by Flagstar Bank and then resold… (No, it was Fannie Mae!)
Garcia’s real-estate broker, Celia Ruiz of Casa Latino Real Estate, said she worked with the bank during the short sale, in which the lender allows a home to be sold at a price often far below the amount owed on the mortgage. She has e-mails from a bank employee stating the sale was approved.
Five days before the scheduled sale, Ruiz said, she received the bad news. Ruiz was flabbergasted.
“I’ve done a lot of short sales,” Ruiz said. “I have never seen a property go to foreclosure while we are working on a short sale.”
The “non-military affidavit” included in the court file attested to the fact that Garcia was not in the active military, and a military status report from the Department of Defense was attached, stating: “Based on the information you have furnished, the DMDC [Department of Defense Manpower Data Center] does not possess any information indicating that the individual is currently on active duty.”
If a person is on active duty, the military must be served notice of the foreclosure to make sure the person is aware of it, Kaufman said. Garcia said there was “no way” that the bank could claim to be unable to contact her.
Still in the service, Garcia shipped off to Iraq on Friday with the legal battle serving as a constant distraction in a place where, she said, distractions cost lives.
“When I was not in this country, I was working to protect my country,” she said. As she prepared to leave again this week, Garcia was hopeful that she would return to find the situation resolved.
Read the article in its entirety here…
Inexperienced Real Estate Agents Cause HAFA Failures
To contact us Click HERE
Real Estate Industry News
Inexperienced and uneducated real estate brokers and agents are hampering short sales in the Home Affordable Foreclosure Alternatives program, according to a pair of real estate professionals that specialize in the distressed real estate sales.
Agents and brokers who are knowledgeable of the short sale process can complete HAFA agreements in as little as 60 days, according to Teaneck, N.J.-based agent Travis Waller, who spoke at a real estate conference in New York. But it all comes down to the short sale paperwork.
“The banks know who’s experienced and who’s not,” Waller said. ”If you don’t present the files correctly to the bank, you’re going to get put at the bottom of the pile. When the banks recognize you know what you’re doing with your presentation of the documents, you’ll get a call within a few days.”
But the inexperienced agent can cause a deal to fall apart. ”Many short sales are lost to foreclosure because of the inexperience of the listing agent,” Waller said.
Getting into the short sale market is sometimes the only option for agents and brokers trying to stay in business in tough markets, explained Cincinnati-based agent Holly Maloney. An educated short sales agent can help distressed mortgage borrowers, promote local housing stability and create new opportunities for agents, she said.
“There are so many REO properties out there,” Maloney told conference attendees. ”If we can short them, we’re keeping the market values up 35%-40% higher than what they would get on an REO property.”
Maloney spent years in the mortgage industry before getting her real estate license; both she and Waller have professional designations in distressed sales. Maloney said she’s completed 14 short sales under HAFA and Waller said he’s successfully closed 73 of the 75 short sale cases he’s taken.
In addition to listing properties intended for short sale and representing prospective short sale buyers, the agents also will work as a consultant to other listing agents and brokers, handling the short sale process in exchange for a referral fee — 30% of the listing agent’s fee, Waller said.
Waller said, in his experience, borrowers he lists properties for short sale have missed four to seven mortgage payments before they come to him, and most don’t have a lot of time before their property will go into foreclosure, so they must act quickly.
“You are working under the gun as a short sales agent. If you don’t know what you’re doing, then time is just ticking away,” he said.
But uneducated real estate agents and borrowers who wait too long aren’t the only causes of failed short sales. ”There are problematic banks and non-problematic banks in dealing with short sales,” Waller warned.
Maloney agreed and recommends agents use online resources to dispute failed HAFA agreements, particularly when dealing with a servicer for a private investor, rather than Fannie Mae of Freddie Mac. She recounted one deal where the servicer gave approval on a Thursday for a deal, but only if he closed by the following Monday. When all the pieces were in place, the servicer’s employee did not follow through with the proper documents to close the sale, and the bank repurchased the house at sheriff’s sale the next day.
“Through these websites I was about to dispute it and sell it during the 30 day redemption period,” she said.
The agents credited technology like the Equator platform as an effective technology tool to communicate and transmit HAFA documents to servicers, but Maloney added it’s the only way that officials from servicers like Bank of America and Nationstar will work with agents and brokers.
For the less tech-savvy servicing shops, fax machines are still the communication method of choice, though Maloney and Waller said they prefer e-mailing the loss mitigation personnel.
By: Austin Kilgore, www.originationnews.com
Real Estate Industry News
Inexperienced and uneducated real estate brokers and agents are hampering short sales in the Home Affordable Foreclosure Alternatives program, according to a pair of real estate professionals that specialize in the distressed real estate sales.
Agents and brokers who are knowledgeable of the short sale process can complete HAFA agreements in as little as 60 days, according to Teaneck, N.J.-based agent Travis Waller, who spoke at a real estate conference in New York. But it all comes down to the short sale paperwork.
“The banks know who’s experienced and who’s not,” Waller said. ”If you don’t present the files correctly to the bank, you’re going to get put at the bottom of the pile. When the banks recognize you know what you’re doing with your presentation of the documents, you’ll get a call within a few days.”
But the inexperienced agent can cause a deal to fall apart. ”Many short sales are lost to foreclosure because of the inexperience of the listing agent,” Waller said.
Getting into the short sale market is sometimes the only option for agents and brokers trying to stay in business in tough markets, explained Cincinnati-based agent Holly Maloney. An educated short sales agent can help distressed mortgage borrowers, promote local housing stability and create new opportunities for agents, she said.
“There are so many REO properties out there,” Maloney told conference attendees. ”If we can short them, we’re keeping the market values up 35%-40% higher than what they would get on an REO property.”
Maloney spent years in the mortgage industry before getting her real estate license; both she and Waller have professional designations in distressed sales. Maloney said she’s completed 14 short sales under HAFA and Waller said he’s successfully closed 73 of the 75 short sale cases he’s taken.
In addition to listing properties intended for short sale and representing prospective short sale buyers, the agents also will work as a consultant to other listing agents and brokers, handling the short sale process in exchange for a referral fee — 30% of the listing agent’s fee, Waller said.
Waller said, in his experience, borrowers he lists properties for short sale have missed four to seven mortgage payments before they come to him, and most don’t have a lot of time before their property will go into foreclosure, so they must act quickly.
“You are working under the gun as a short sales agent. If you don’t know what you’re doing, then time is just ticking away,” he said.
But uneducated real estate agents and borrowers who wait too long aren’t the only causes of failed short sales. ”There are problematic banks and non-problematic banks in dealing with short sales,” Waller warned.
Maloney agreed and recommends agents use online resources to dispute failed HAFA agreements, particularly when dealing with a servicer for a private investor, rather than Fannie Mae of Freddie Mac. She recounted one deal where the servicer gave approval on a Thursday for a deal, but only if he closed by the following Monday. When all the pieces were in place, the servicer’s employee did not follow through with the proper documents to close the sale, and the bank repurchased the house at sheriff’s sale the next day.
“Through these websites I was about to dispute it and sell it during the 30 day redemption period,” she said.
The agents credited technology like the Equator platform as an effective technology tool to communicate and transmit HAFA documents to servicers, but Maloney added it’s the only way that officials from servicers like Bank of America and Nationstar will work with agents and brokers.
For the less tech-savvy servicing shops, fax machines are still the communication method of choice, though Maloney and Waller said they prefer e-mailing the loss mitigation personnel.
By: Austin Kilgore, www.originationnews.com
U.S. Mortgage Rates Flat This Week
To contact us Click HERE
The U.S. mortgage rates held steady basically this week, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.
Freddie Mac said that 30-year fixed-rate mortgage (FRM) rose slightly to 4.88 percent for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.
The 15-year FRM this week was 4.15 percent, the same from the previous week' s figure. A year ago at this time, the 15-year FRM averaged 4.32 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent, up from the prior week' s 3.72 percent, the company said.
Moreover, the 1-year Treasury-indexed ARM averaged 3.21 percent this week, down from last week when it averaged 3.23 percent.
"Mortgage rates held steady amid a strong employment report. The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009," said Frank Nothaft, vice president and chief economist of Freddie Mac.
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.
Source: Copyright Xinhua News Agency - CEIS 2011
The U.S. mortgage rates held steady basically this week, said the Primary Mortgage Market Survey released Thursday by Freddie Mac.
Freddie Mac said that 30-year fixed-rate mortgage (FRM) rose slightly to 4.88 percent for the week ending March 10, 2011, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.
The 15-year FRM this week was 4.15 percent, the same from the previous week' s figure. A year ago at this time, the 15-year FRM averaged 4.32 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.73 percent, up from the prior week' s 3.72 percent, the company said.
Moreover, the 1-year Treasury-indexed ARM averaged 3.21 percent this week, down from last week when it averaged 3.23 percent.
"Mortgage rates held steady amid a strong employment report. The private sector added 222,000 jobs in February, the most since March 2006 while the unemployment rate fell to 8.9 percent, the lowest share since April 2009," said Frank Nothaft, vice president and chief economist of Freddie Mac.
"Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders.
Source: Copyright Xinhua News Agency - CEIS 2011
C.A.R. launches short sale website
To contact us Click HERE
With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures. To assist both REALTORS® and consumers, C.A.R. has launched shortsalescalifornia.org, a website specifically focused on short sales.
On the new site, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.
Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, learn what to expect as a buyer or seller of a short-sale property, and find out whether they qualify for government programs to keep their home.
Visit the new site at www.shortsalescalifornia.org
With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders’ and servicers’ short-sale procedures. To assist both REALTORS® and consumers, C.A.R. has launched shortsalescalifornia.org, a website specifically focused on short sales.
On the new site, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.
Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, learn what to expect as a buyer or seller of a short-sale property, and find out whether they qualify for government programs to keep their home.
Visit the new site at www.shortsalescalifornia.org
24 Haziran 2012 Pazar
Buyers, Don't Despair!
To contact us Click HERE
by Dallice Tylee
Scenario #1
Mr and Mrs Buyer send me a list of search criteria and I send them the entire Boulder inventory that matches what they are looking for... on paper.
We pick a nice spring day and set out to visit said inventory, which is a total of about 5 homes.
After 3 nasty looking, poorly maintained homes, with questionable looking neighbors, Mr Buyer decides not to get out of the car any more. His wife is asked to go in with me while he enjoys the temperature controlled massaging seats in the back of my Lexus!
Both husband and wife are fairly disgusted and disillusioned with offerings that their $600,000 will buy.
Scenario #2
Mr and Mrs Buyer are freshly back in the US after living abroad for several years. They are very familiar with Boulder and have chosen it for quality of life reasons.
For 6 months they visit regularly and we set showings for anything that looks like it might match what they need. I am getting a very good picture of their needs and feel that although it is not for sale right now, it will be, when the inventory levels rise in spring.
One early spring day, tired and frustrated, Mr Buyer looks at me and says "I think my spirit is broken". Of course they are beginning to feel like the best homes come and go from the market while they are out of town and what is left, is just not worth the $800,000 they are willing to spend. Why wouldn't they?
Scenario #3
Mr and Mrs Buyer are newlyweds and start off super excited to be house hunting. They become disgruntled after weeks of shopping and discovering that every time something looks 'worth a second look', it goes under contract before they have time to make a move. They resent feeling pressured to make a decision involving almost $400,000 with only a moments notice... Understandably!
Yes... the market has changed.
While the Buyers of last year could take their time, make slow decisions and feel confident that a lower offer would be considered; The Buyers of 2012 don't have that luxury.
The frustration of low inventory and competitive bids is not going to go away over night. But with a little luck, a lot of experienced Realtor advice and kick-butt negotiation strategy, a Buyer can get the house they love, for a price that is reasonable.
Hang in there Buyers!
I do believe that in life and real estate, whenever one door closes, another one opens.
The right property is out there. Get to know the market. Prowl the internet, see homes match what you are looking for and in the area that you want to buy.
When you have a good grasp of what is available and what is a good deal, you will be well positioned to jump on "the one" quickly and competitively.
... In fact the Buyers in scenario #1 and #2 have both found the home they were looking for! The Buyers in the second scenario successfully competed against another Buyer to get their dream home under contract AND still got it for well under list price and well under the appraised value.
Trust the system... Trust your Realtor.
---
Realtors at Silver Fern provide the latest market information, straight forward advice and the highest standards of service. You can reach Dallice at (303)746-6765.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Dallice TyleeScenario #1
Mr and Mrs Buyer send me a list of search criteria and I send them the entire Boulder inventory that matches what they are looking for... on paper.
We pick a nice spring day and set out to visit said inventory, which is a total of about 5 homes.
After 3 nasty looking, poorly maintained homes, with questionable looking neighbors, Mr Buyer decides not to get out of the car any more. His wife is asked to go in with me while he enjoys the temperature controlled massaging seats in the back of my Lexus!
Both husband and wife are fairly disgusted and disillusioned with offerings that their $600,000 will buy.
Scenario #2
Mr and Mrs Buyer are freshly back in the US after living abroad for several years. They are very familiar with Boulder and have chosen it for quality of life reasons.
For 6 months they visit regularly and we set showings for anything that looks like it might match what they need. I am getting a very good picture of their needs and feel that although it is not for sale right now, it will be, when the inventory levels rise in spring.
One early spring day, tired and frustrated, Mr Buyer looks at me and says "I think my spirit is broken". Of course they are beginning to feel like the best homes come and go from the market while they are out of town and what is left, is just not worth the $800,000 they are willing to spend. Why wouldn't they?
Scenario #3
Mr and Mrs Buyer are newlyweds and start off super excited to be house hunting. They become disgruntled after weeks of shopping and discovering that every time something looks 'worth a second look', it goes under contract before they have time to make a move. They resent feeling pressured to make a decision involving almost $400,000 with only a moments notice... Understandably!
Yes... the market has changed.
While the Buyers of last year could take their time, make slow decisions and feel confident that a lower offer would be considered; The Buyers of 2012 don't have that luxury.
The frustration of low inventory and competitive bids is not going to go away over night. But with a little luck, a lot of experienced Realtor advice and kick-butt negotiation strategy, a Buyer can get the house they love, for a price that is reasonable.
Hang in there Buyers!
I do believe that in life and real estate, whenever one door closes, another one opens.
The right property is out there. Get to know the market. Prowl the internet, see homes match what you are looking for and in the area that you want to buy.
When you have a good grasp of what is available and what is a good deal, you will be well positioned to jump on "the one" quickly and competitively.
... In fact the Buyers in scenario #1 and #2 have both found the home they were looking for! The Buyers in the second scenario successfully competed against another Buyer to get their dream home under contract AND still got it for well under list price and well under the appraised value.
Trust the system... Trust your Realtor.
---
Realtors at Silver Fern provide the latest market information, straight forward advice and the highest standards of service. You can reach Dallice at (303)746-6765.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
Step Into The Buyer' Mind [Selling Tips]
To contact us Click HERE
by Osman Parvez
Want to maximize sale price and minimize time on market? Here's the advice I give my sellers: Think about it from the buyer's perspective.
Buyers start their house hunt by shopping online within certain functional requirements, locations, and a rough price range. They're looking for a minimum number of bedrooms, bathrooms, and garage spaces. Most buyers are very specific about age, location, and layout as well. You're not going to change any of that very easily. And neither am I.
Instead, our first job is to get your house on the showing list by making it stand out among all the other potential candidates. It's why we focus so much attention on staging, photography, and listing language.
When that first job is accomplished, and the prospective buyer arrives with their agent, it's no longer about functional requirements or even the price The house has already passed those filters. It's now almost entirely about the emotional reaction. From the moment they pull up to the curb, you as the seller (and me as your listing agent) have an opportunity to influence perceptions.
Make no mistake, if buyers are emotionally attached, they will talk themselves into overlooking issues with the house, including the price. Buyers have a tendency to justify their already-made decision with logic, sometimes quite twisted logic, for why THIS ONE should be it. Unfortunately, if something interrupts the pathway to emotional attachment - whether it's a broken door bell or other clear signs of deferred maintenance - the spell is broken. The opportunity to make a good first impression is lost.
Stage It Right, Price It Right
Here's how I can help. For starters, every home I list includes a complementary staging consultation. Every week, Dallice and I take buyers to see dozens of houses. We are deeply in touch with the things that turn on and turn off buyers. Dallice has also taken the same professional staging classes and passed the same certification standards as professional staging consultants. Before your property hits the MLS, before we enter the so-called honey moon period of the listing, we'll provide you with a detailed list of improvements we recommend you take. We'll even prioritize our recommendations, showing you precisely where you'll get the most bang for the buck.
Of course, we also provide exceptional photography, obsess over the competition and analyze recent sales. If you're a regularly blog reader, you know that I probably do this more carefully than any other agent in Boulder County. Pricing smart is critical, because once they are emotionally hooked, the house still has to make reasonable economic sense. Just remember it's secondary to the importance of emotional attachment. Trust me here, I'm an analytical guy who has spent most of his professional career evaluating investments. For the vast majority of non-investment buyers, emotional appeal will override mispricing but not the other way around.
If the market is hot in your neighborhood and a reasonable length of time remains before the seasonal peak, I'll probably recommend we price slightly ahead of the trend. If the market is showing clear signs of weakness and we're entering the 4th quarter of the year, I might recommend pricing slightly below the most recent comparable or competitor. Once buyers are emotionally drawn to the house, the goal is to make the objective, analytical evaluation an easy one. That's why I obsess over valuation and tracking the market. It's the way to make sure the price makes sense from an analysis of historical sales and in the context of the current competition.
p.s. My listings appear on the Realtor.com, Craigslist and all of the same websites as my competition; Colorado HomeFinder, Coldwell Banker, Re/Max, Keller Williams, and Pedal to Property. We even market our listings to our pool of active buyers, months before they hit the market. The difference is the service I provide and the reputation that I stand behind.
To learn more about how I advise sellers, helping them achieve the highest price possible with the least amount of hassle, call me. Email me at osman@silverfernrealty.com or call me at 303.746.6896
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
images: Hans S
by Osman ParvezWant to maximize sale price and minimize time on market? Here's the advice I give my sellers: Think about it from the buyer's perspective.
Buyers start their house hunt by shopping online within certain functional requirements, locations, and a rough price range. They're looking for a minimum number of bedrooms, bathrooms, and garage spaces. Most buyers are very specific about age, location, and layout as well. You're not going to change any of that very easily. And neither am I.
 |
| What Do Prospective Buyers See and Feel? |
When that first job is accomplished, and the prospective buyer arrives with their agent, it's no longer about functional requirements or even the price The house has already passed those filters. It's now almost entirely about the emotional reaction. From the moment they pull up to the curb, you as the seller (and me as your listing agent) have an opportunity to influence perceptions.
Make no mistake, if buyers are emotionally attached, they will talk themselves into overlooking issues with the house, including the price. Buyers have a tendency to justify their already-made decision with logic, sometimes quite twisted logic, for why THIS ONE should be it. Unfortunately, if something interrupts the pathway to emotional attachment - whether it's a broken door bell or other clear signs of deferred maintenance - the spell is broken. The opportunity to make a good first impression is lost.
Stage It Right, Price It Right
Here's how I can help. For starters, every home I list includes a complementary staging consultation. Every week, Dallice and I take buyers to see dozens of houses. We are deeply in touch with the things that turn on and turn off buyers. Dallice has also taken the same professional staging classes and passed the same certification standards as professional staging consultants. Before your property hits the MLS, before we enter the so-called honey moon period of the listing, we'll provide you with a detailed list of improvements we recommend you take. We'll even prioritize our recommendations, showing you precisely where you'll get the most bang for the buck.
Of course, we also provide exceptional photography, obsess over the competition and analyze recent sales. If you're a regularly blog reader, you know that I probably do this more carefully than any other agent in Boulder County. Pricing smart is critical, because once they are emotionally hooked, the house still has to make reasonable economic sense. Just remember it's secondary to the importance of emotional attachment. Trust me here, I'm an analytical guy who has spent most of his professional career evaluating investments. For the vast majority of non-investment buyers, emotional appeal will override mispricing but not the other way around. If the market is hot in your neighborhood and a reasonable length of time remains before the seasonal peak, I'll probably recommend we price slightly ahead of the trend. If the market is showing clear signs of weakness and we're entering the 4th quarter of the year, I might recommend pricing slightly below the most recent comparable or competitor. Once buyers are emotionally drawn to the house, the goal is to make the objective, analytical evaluation an easy one. That's why I obsess over valuation and tracking the market. It's the way to make sure the price makes sense from an analysis of historical sales and in the context of the current competition.
p.s. My listings appear on the Realtor.com, Craigslist and all of the same websites as my competition; Colorado HomeFinder, Coldwell Banker, Re/Max, Keller Williams, and Pedal to Property. We even market our listings to our pool of active buyers, months before they hit the market. The difference is the service I provide and the reputation that I stand behind.
To learn more about how I advise sellers, helping them achieve the highest price possible with the least amount of hassle, call me. Email me at osman@silverfernrealty.com or call me at 303.746.6896
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
images: Hans S
What Your Agent Can't Do [Analyze This]
To contact us Click HERE
by Osman Parvez
You can always blunder your way through a real estate decision, but just remember that we're talking about a decision committing hundreds of thousands - sometimes millions - of dollars to an single asset. Are you sure you want to go in blind?
Before signing your name on the dotted line, you should have the most recent market information. In my opinion, it's the only way to make an intelligent, informed decision about real estate. Anything less is gambling.
Providing detailed, up-to-date market knowledge and sound advice based on years of experience is how I help my clients negotiate better. My advice isn't based on my personal business activity, vague "feelings about the market," or generic headlines I read in the Daily Camera. It comes from directly analyzing market conditions.
Boulder Real Estate Update
Two weeks ago, I sent our latest market research to clients and friends. Now I'm sharing it with you. The report below comes from the same set of skills I honed working as an investment analyst and economic consultant. Skills and experience that most agents simply don't have.
Deep market knowledge and insights; it's how I can help you make a smarter real estate decision.
To get on my client-only mailing list and receive my reports when they're first published (and actionable), drop me an email at osman@silverfernrealty.com or better yet, call me at 303.746.6896. ---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Osman ParvezYou can always blunder your way through a real estate decision, but just remember that we're talking about a decision committing hundreds of thousands - sometimes millions - of dollars to an single asset. Are you sure you want to go in blind?
Before signing your name on the dotted line, you should have the most recent market information. In my opinion, it's the only way to make an intelligent, informed decision about real estate. Anything less is gambling.
Providing detailed, up-to-date market knowledge and sound advice based on years of experience is how I help my clients negotiate better. My advice isn't based on my personal business activity, vague "feelings about the market," or generic headlines I read in the Daily Camera. It comes from directly analyzing market conditions.
Boulder Real Estate Update
Two weeks ago, I sent our latest market research to clients and friends. Now I'm sharing it with you. The report below comes from the same set of skills I honed working as an investment analyst and economic consultant. Skills and experience that most agents simply don't have.
Deep market knowledge and insights; it's how I can help you make a smarter real estate decision.
To get on my client-only mailing list and receive my reports when they're first published (and actionable), drop me an email at osman@silverfernrealty.com or better yet, call me at 303.746.6896. ---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
811: Know What's Below
To contact us Click HERE
by Dallice Tylee
It is that time of year. The daylight hours are long, the temperatures are perfect.
Perhaps that is the very reason you suddenly notice the damage and deficiencies present in your yard. Or maybe, you have simply been waiting for better weather and more time to make planned improvements.
Whatever the reason... This weekend is it!
Planting a tree?
Putting up a new fence?
Digging in a new sprinkler system?
Starting the new deck?
Installing a pond?
Changing the location of your mailbox?
WAIT! Do you know where your utility lines are located? They may not be as deep as you think.
Before you go endangering yourself, potentially disrupting service to your neighborhood (and yourself) and risking expensive repairs or fines...
Dial 811
How it works:
You call this national number a few days before your intended digging.
The call is routed to a local call center.
Tell the operator the address and where you will be digging. Also the type of work you will be doing.
The affected local utility companies will be notified.
The utility companies will send someone out in the next few days, to locate and mark the approximate location of pipes and cables.
This is a FREE service and is for your SAFETY. May 2012 marks the 5th anniversary of the introduction of the National 811 number.
Click here for more information.
Even better... click here to see what happened to two men in IOWA after they hit a natural gas pipeline while digging a trench in the middle of a field! Yikes!
---
Realtors at Silver Fern provide the latest market information, straight forward advice and the highest standards of service. You can reach Dallice at (303)746-6765.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Dallice TyleeIt is that time of year. The daylight hours are long, the temperatures are perfect.
Perhaps that is the very reason you suddenly notice the damage and deficiencies present in your yard. Or maybe, you have simply been waiting for better weather and more time to make planned improvements.
Whatever the reason... This weekend is it!
 |
| Photo Courtesy: Amy Fry |
Planting a tree?
Putting up a new fence?
Digging in a new sprinkler system?
Starting the new deck?
Installing a pond?
Changing the location of your mailbox?
WAIT! Do you know where your utility lines are located? They may not be as deep as you think.
Before you go endangering yourself, potentially disrupting service to your neighborhood (and yourself) and risking expensive repairs or fines...
Dial 811
How it works:
You call this national number a few days before your intended digging.
The call is routed to a local call center.
Tell the operator the address and where you will be digging. Also the type of work you will be doing.
The affected local utility companies will be notified.
The utility companies will send someone out in the next few days, to locate and mark the approximate location of pipes and cables.
This is a FREE service and is for your SAFETY. May 2012 marks the 5th anniversary of the introduction of the National 811 number.
Click here for more information.
Even better... click here to see what happened to two men in IOWA after they hit a natural gas pipeline while digging a trench in the middle of a field! Yikes!
---
Realtors at Silver Fern provide the latest market information, straight forward advice and the highest standards of service. You can reach Dallice at (303)746-6765.
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
Boulder, We Need to Talk [Meetup]
To contact us Click HERE
by Osman Parvez
Want to talk about real estate in Boulder? Here's your opportunity.
Join us for an early evening chat. The next Boulder Real Estate Meetup is scheduled for Thursday June 28th from 5pm to 7pm. We're meeting at Atlas Coffee on Pearl Street.
The Boulder Real Estate Meetup is a place to share knowledge and build connections. Attendees often include Realtors, Architects, Builders, Developers, Investors, Home Buyers, Potential Home Sellers, and the occasional drunken City Council member. Feisty opinions are welcome, sales pitches are not.
Topics for Discussion Include:
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
by Osman ParvezWant to talk about real estate in Boulder? Here's your opportunity.
Join us for an early evening chat. The next Boulder Real Estate Meetup is scheduled for Thursday June 28th from 5pm to 7pm. We're meeting at Atlas Coffee on Pearl Street.
RSVP HERE
The Boulder Real Estate Meetup is a place to share knowledge and build connections. Attendees often include Realtors, Architects, Builders, Developers, Investors, Home Buyers, Potential Home Sellers, and the occasional drunken City Council member. Feisty opinions are welcome, sales pitches are not.
Topics for Discussion Include:
- Current Market Conditions
- Bidding Wars: How to Beat Other Offers Without Overpaying
- Building Boom in Boulder (30+ Projects!)
---Note: Our goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Silver Fern Homes recommends careful and complete due diligence before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
23 Haziran 2012 Cumartesi
FHA 203K Tips - Contractors Bid and Work Write Ups
To contact us Click HERE
Contractors Bids
When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.
If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.
Here a sample of what you should be looking for when receiving a Bid from Contractor.
FHA 203K Sample Cost Break down
Cost Consultant 203K Work Write Up
The work write up is summary of all the work to be done. You may have more than one contractor working on a different project so the write up will include all the work provided by each contractor as well as the cost of each project.
Here is a sample of a Work Write Up:
FHA 203K SAMPLE Work Write Up
For more detailed information about Work Write ups & Cost Breakdown check out the FHA 203K Web Cast: Interview with an FHA Cost Consultant and Sign up to listen to whole series. ( Part 3 of the interview goes into detail about Write ups and Breakdowns )
When you’re getting bids from contractors make sure the bid has a good description of the work to be done and a cost breakdown of the materials and labor involved.
If you receive a bid that is vague (lacking work details, labor and material breakdown) it will delay your loan so a clearly written out estimate would avoid any misunderstandings on what is expected and what is involved.
Here a sample of what you should be looking for when receiving a Bid from Contractor.
FHA 203K Sample Cost Break down
Cost Consultant 203K Work Write Up
The work write up is summary of all the work to be done. You may have more than one contractor working on a different project so the write up will include all the work provided by each contractor as well as the cost of each project.
Here is a sample of a Work Write Up:
FHA 203K SAMPLE Work Write Up
For more detailed information about Work Write ups & Cost Breakdown check out the FHA 203K Web Cast: Interview with an FHA Cost Consultant and Sign up to listen to whole series. ( Part 3 of the interview goes into detail about Write ups and Breakdowns )
Beware! No Termite License Can Be a Terminator!
To contact us Click HERE
[caption id="attachment_430" align="alignleft" width="300" caption="No termite license can terminate the deal!"]
[/caption]
Recently a costly mistake happened that I thought would be a good idea to share with R.E agents, Sellers and Buyers. As an FHA 203k loan originator I am use to dealing with lots of moving parts and working with all those involved in the transaction. Recently though, to my surprise a transaction fell through that was already approved and over 30 days into the deal. So why did this deal crash? Because it was found out that the person who did the termite inspection was not licensed at the time of the inspection.
Wow!!! That was a first for me but never the less an easy solution. These were my options:
Option #1 - Have another person from that company sign the inspection who was licensed
or
Option 2 - Get another company to go out and do a new inspection and estimate.
Now Option #1 is the easiest as this would not change any work that needs to get done and the report would remain the same. But keep in mind that Option #2 may have a completely different outcome as now you will be using a different company who will be giving you a new inspection and report that may result in a new list of items to attend to.
In my case, Option #2 had to be exercised which revealed a lot more issues than the original termite report that was already on file. Because not only was the person who did the inspection (apparently sole owner and only operator) not licensed at the time of inspection but he was still not licensed when the issue was investigated.
Typically, the Listing Agent or the Seller will select the termite company and most termite companies will offer a free inspection along with an estimate. What typically isn’t done and often overlooked is checking to see if the termite company is currently licensed. So Sellers, Buyers and R.E agents beware of these type of surprises and avoid unnecessary delays by making sure those that need to be licensed are. Also keep in mind that a termite inspection is optional on FHA and Conventional loans as long as it stated in the purchase contract or a waiver is signed.
Check here for termite licensing status
http://www.pestboard.ca.gov/license.shtml
Check here for contractor license status
https://www2.cslb.ca.gov/OnlineServices/CheckLicense/LicenseRequest.asp
[/caption]Recently a costly mistake happened that I thought would be a good idea to share with R.E agents, Sellers and Buyers. As an FHA 203k loan originator I am use to dealing with lots of moving parts and working with all those involved in the transaction. Recently though, to my surprise a transaction fell through that was already approved and over 30 days into the deal. So why did this deal crash? Because it was found out that the person who did the termite inspection was not licensed at the time of the inspection.
Wow!!! That was a first for me but never the less an easy solution. These were my options:
Option #1 - Have another person from that company sign the inspection who was licensed
or
Option 2 - Get another company to go out and do a new inspection and estimate.
Now Option #1 is the easiest as this would not change any work that needs to get done and the report would remain the same. But keep in mind that Option #2 may have a completely different outcome as now you will be using a different company who will be giving you a new inspection and report that may result in a new list of items to attend to.
In my case, Option #2 had to be exercised which revealed a lot more issues than the original termite report that was already on file. Because not only was the person who did the inspection (apparently sole owner and only operator) not licensed at the time of inspection but he was still not licensed when the issue was investigated.
Typically, the Listing Agent or the Seller will select the termite company and most termite companies will offer a free inspection along with an estimate. What typically isn’t done and often overlooked is checking to see if the termite company is currently licensed. So Sellers, Buyers and R.E agents beware of these type of surprises and avoid unnecessary delays by making sure those that need to be licensed are. Also keep in mind that a termite inspection is optional on FHA and Conventional loans as long as it stated in the purchase contract or a waiver is signed.
Check here for termite licensing status
http://www.pestboard.ca.gov/license.shtml
Check here for contractor license status
https://www2.cslb.ca.gov/OnlineServices/CheckLicense/LicenseRequest.asp
203K Mortgage Lender is Now on Facebook!
To contact us Click HERE
You can now find 203K Mortgage Lender on Facebook!
Check out our new custom Facebook page here:
www.facebook.com/fha203kloans
We personally think it’s awesome! But stop by and tell us what you think.
Click the “Like Button if you like what you see and/or if you have found the resources at the 203K Mortgage Lender website helpful and useful in your quest for the FHA 203K Renovation Loan.
If you have any suggestions in regards to our Facebook page or any topics you would like to see discussed on the page or at the 203K Mortgage Lender website feel free to leave your comment.
See you there 8-)
You can now find 203K Mortgage Lender on Facebook!
Check out our new custom Facebook page here:
www.facebook.com/fha203kloans
We personally think it’s awesome! But stop by and tell us what you think.
Click the “Like Button if you like what you see and/or if you have found the resources at the 203K Mortgage Lender website helpful and useful in your quest for the FHA 203K Renovation Loan.
If you have any suggestions in regards to our Facebook page or any topics you would like to see discussed on the page or at the 203K Mortgage Lender website feel free to leave your comment.
See you there 8-)
Can You Afford to Say No to FHA 203K Borrowers?
To contact us Click HERE
This is for all the Real Estate Agents out there!
Today I came across yet another great post encouraging Real Estate Agents to consider those buyers who want to use FHA financing. As a 203K Mortgage Lender I am trying to do my part in spreading the word that FHA Loans have a lot of benefits that the standard Conventional loans don’t. So read on…you may be pleasantly surprised on how far FHA has come.
This article comes from a blog posted on Realtor.org
Here is an excerpt :
This is very encouraging to Home buyers who are having trouble getting their offers accepted. I hope all Agents will be more open to FHA financing and reconsider the benefits that this type of financing provides.
If you are an agent and would like more information about the FHA 203K Loan or are looking for an FHA 203K Loan Specialist for your area visit the 203K Mortgage Lender website.
Today I came across yet another great post encouraging Real Estate Agents to consider those buyers who want to use FHA financing. As a 203K Mortgage Lender I am trying to do my part in spreading the word that FHA Loans have a lot of benefits that the standard Conventional loans don’t. So read on…you may be pleasantly surprised on how far FHA has come.
This article comes from a blog posted on Realtor.org
Here is an excerpt :
Can You Afford to Say No to FHA Borrowers?
By Robert Freedman, Senior Editor, REALTOR® magazine
Hopefully you don’t consider it a mark against buyers if they want to use FHA financing. It’s true it typically takes longer to process FHA-backed financing than it does conventional loan applications, but with the challenging credit environment, for a big chunk of your potential clientele the only financing available to them is FHA. What’s more, these days it’s taking longer to get conventional financing applications processed, so the time gap between the two has narrowed considerably.
Yet here in NAR we continue to hear that sellers—and some sales associates—are discouraging FHA borrowers from making offers on homes in the outdated belief that FHA is significantly slower and more paper-intensive than conventional financing.
Not true, says NAR Senior Policy Analyst Megan Booth. While it’s the case FHA still requires borrowers to jump through some hoops that don’t apply to conventional borrowers, the agency has undergone a sea-change in the last several years in the way it does business.
The agency is far more flexible and far more quick in its processing than it ever was in the past. Even its appraisal requirements are very much like those in the conventional market.
What’s more, FHA has just made some rule changes that increase the attraction of its financing for condos, including site condos. If you’re not familiar with site condos, they’re units in developments that look and feel like single-family communities but are structured as condos. We’re seeing more of these types of communities and FHA has moved out front by changing its rules to accommodate them.
To be sure, the agency faces challenges, but it remains that rare federal agency that is growing (35 percent of residential loans today) and making money for the federal government.
If you have FHA borrowers interested in a listing, can you afford to discourage them from making an offer? FHA is not the agency it was 10 years ago; you might be surprised at how the Depression-era mortgage insurer is moving into the Twenty-first Century.
This is very encouraging to Home buyers who are having trouble getting their offers accepted. I hope all Agents will be more open to FHA financing and reconsider the benefits that this type of financing provides.
If you are an agent and would like more information about the FHA 203K Loan or are looking for an FHA 203K Loan Specialist for your area visit the 203K Mortgage Lender website.
FHA 203k Loan Limits In Your Area
To contact us Click HERE
FHA 203k loan limits vary from county to county throughout the different states for 1 to 4 unit properties and are the same for both FHA 203K and regular FHA purchase or refinance loans.
To find out what those limits are in your area try this free tool to look up the maximum FHA loan limits by entering your zip code.
You can also search & view FHA mortgage limits by state or county at the HUD website using the link below.
https://entp.hud.gov/idapp/html/hicostlook.cfm
To find out what those limits are in your area try this free tool to look up the maximum FHA loan limits by entering your zip code.
FHA Loan Rates © ML
You can also search & view FHA mortgage limits by state or county at the HUD website using the link below.
https://entp.hud.gov/idapp/html/hicostlook.cfm
21 Haziran 2012 Perşembe
Market Update For the week of May 21, 2012 – Vol. 10, Issue 21
To contact us Click HERE
QUOTE OF THE WEEK..."Do what you can, with what you have, where you are." --Theodore Roosevelt, 26th U.S. President
INFO THAT HITS US WHERE WE LIVE... Home builders are doing plenty with what they have, as Housing Starts rose 2.6% in April to a 717,000 annual rate. Single-family units were up 2.3% for the month and are up 18.8% from a year ago. Multi-family starts were up 3.2% for the month and are up a whopping 63.0% from a year ago. This reflects interest in the condo market, attractive to first time buyers and downsizers, as well as to investors in rental units. Building Permits were down 7.0% in April to a 715,000 annual rate, although permits for single-unit homes are up 18.5% versus a year ago.
Experts say housing starts have to hit a 1.5 million annual rate just to meet the need created by population growth and "scrappage" of older units. That probably won't happen until 2016, so the home building recovery is still very young. But the National Association of Home Builders reported builders' sentiment rose in May to its highest level in five years. At 29, it still has a long way to go before it's in positive territory above 50, last seen in April 2006.
BUSINESS TIP OF THE WEEK... A French proverb says, "People count up the faults of those who keep them waiting." So when a colleague needs your input or a client needs an answer, hustle!
>> Review of Last Week
BEARING DOWN... Wall Street's bears remained in control as the Dow and S&P 500 headed lower for the third week in a row, the S&P 500 posting its worst weekly performance since November. Investors worried about Greece leaving the euro zone. The country's politicians couldn't form a coalition government, so a fresh vote needs to be taken. Over here, the continuing saga of JP Morgan's big trading loss kept investors on edge, along with a big drop in the Philly Fed index that showed a manufacturing slowdown in that region.
Continuing the disappointments, April Retail Sales were up only half what was forecast and the Leading Economic Indicators (LEI) index surprised with a drop. But on the positive side, the CPI inflation reading came in without any shocks. Also, Industrial Production surged a better than expected 1.1% in April and the Empire State Manufacturing Index handily beat expectations for May, which dispelled factory sector concerns. Friday saw the frenzy around the IPO of social website Facebook, whose shares closed up a mere 0.6%.
For the week, the Dow ended down 3.5%, at 12369; the S&P 500 closed down 4.3%, to 1295; and the Nasdaq sank 5.3%, to 2779.
As investors worried about Greece and swallowed hard on some disappointing economic data, they flocked to the safe haven of bonds. Mortgage-backed securities did well, with the FNMA 3.5% bond we watch finishing the week UP .15, to $104.16. Rising bond prices drove national average mortgage rates down deeper into record territory in Freddie Mac's weekly survey, although purchase loan demand dipped.
DID YOU KNOW?... The census reported the median size of a new home in 2010 was 2,169 square feet, down from the 2007 peak of 2,277 square feet.
We will continue to monitor Initial Jobless Claims, looking for any improvements in the employment picture, so vital to the housing market's recovery. Unfortunately, no major changes for the better are predicted. Durable Goods Orders should inch into positive territory from the prior month's big drop, a good sign.
Tu May 22 10:00 Existing Home Sales Apr 4.65M 4.48M Moderate
W May 23 10:00 New Home Sales Apr 340K 328K Moderate
W May 23 10:30 Crude Inventories 05/19 NA 2.128M Moderate
Th May 24 08:30 Initial Unemployment Claims 05/19 365K 370K Moderate
Th May 24 08:30 Continuing Unemployment Claims 05/12 3.250M 3.265M Moderate
Th May 24 08:30 Durable Goods Orders Apr 0.3% -3.9% Moderate
F May 25 09:55 Univ. of Michigan Consumer Sentiment May 77.5 77.8 Moderate
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Sep 12 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Jun 20 <1%
Jul 31 <1%
Sep 12 <1%
UIE
QUOTE OF THE WEEK..."Do what you can, with what you have, where you are." --Theodore Roosevelt, 26th U.S. PresidentINFO THAT HITS US WHERE WE LIVE... Home builders are doing plenty with what they have, as Housing Starts rose 2.6% in April to a 717,000 annual rate. Single-family units were up 2.3% for the month and are up 18.8% from a year ago. Multi-family starts were up 3.2% for the month and are up a whopping 63.0% from a year ago. This reflects interest in the condo market, attractive to first time buyers and downsizers, as well as to investors in rental units. Building Permits were down 7.0% in April to a 715,000 annual rate, although permits for single-unit homes are up 18.5% versus a year ago.
Experts say housing starts have to hit a 1.5 million annual rate just to meet the need created by population growth and "scrappage" of older units. That probably won't happen until 2016, so the home building recovery is still very young. But the National Association of Home Builders reported builders' sentiment rose in May to its highest level in five years. At 29, it still has a long way to go before it's in positive territory above 50, last seen in April 2006.
BUSINESS TIP OF THE WEEK... A French proverb says, "People count up the faults of those who keep them waiting." So when a colleague needs your input or a client needs an answer, hustle!
>> Review of Last Week
BEARING DOWN... Wall Street's bears remained in control as the Dow and S&P 500 headed lower for the third week in a row, the S&P 500 posting its worst weekly performance since November. Investors worried about Greece leaving the euro zone. The country's politicians couldn't form a coalition government, so a fresh vote needs to be taken. Over here, the continuing saga of JP Morgan's big trading loss kept investors on edge, along with a big drop in the Philly Fed index that showed a manufacturing slowdown in that region.
Continuing the disappointments, April Retail Sales were up only half what was forecast and the Leading Economic Indicators (LEI) index surprised with a drop. But on the positive side, the CPI inflation reading came in without any shocks. Also, Industrial Production surged a better than expected 1.1% in April and the Empire State Manufacturing Index handily beat expectations for May, which dispelled factory sector concerns. Friday saw the frenzy around the IPO of social website Facebook, whose shares closed up a mere 0.6%.
For the week, the Dow ended down 3.5%, at 12369; the S&P 500 closed down 4.3%, to 1295; and the Nasdaq sank 5.3%, to 2779.
As investors worried about Greece and swallowed hard on some disappointing economic data, they flocked to the safe haven of bonds. Mortgage-backed securities did well, with the FNMA 3.5% bond we watch finishing the week UP .15, to $104.16. Rising bond prices drove national average mortgage rates down deeper into record territory in Freddie Mac's weekly survey, although purchase loan demand dipped.
DID YOU KNOW?... The census reported the median size of a new home in 2010 was 2,169 square feet, down from the 2007 peak of 2,277 square feet.
>> This Week’s Forecast
APRIL HOME SALES, EXISTING AND NEW... The big economic news this week covers the full read on April home sales, starting with Existing Home Sales on Tuesday, expected UP to a 4.65 million annual rate. Wednesday we'll see New Home Sales for the month, also forecast up, but just by a small amount, to 340,000 units.We will continue to monitor Initial Jobless Claims, looking for any improvements in the employment picture, so vital to the housing market's recovery. Unfortunately, no major changes for the better are predicted. Durable Goods Orders should inch into positive territory from the prior month's big drop, a good sign.
>> The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.Economic Calendar for the Week of May 21 – May 25
Date Time (ET) Release For Consensus Prior ImpactTu May 22 10:00 Existing Home Sales Apr 4.65M 4.48M Moderate
W May 23 10:00 New Home Sales Apr 340K 328K Moderate
W May 23 10:30 Crude Inventories 05/19 NA 2.128M Moderate
Th May 24 08:30 Initial Unemployment Claims 05/19 365K 370K Moderate
Th May 24 08:30 Continuing Unemployment Claims 05/12 3.250M 3.265M Moderate
Th May 24 08:30 Durable Goods Orders Apr 0.3% -3.9% Moderate
F May 25 09:55 Univ. of Michigan Consumer Sentiment May 77.5 77.8 Moderate
>> Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... Virtually all economists believe the Fed will keep rates super low well into next year. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Sep 12 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Jun 20 <1%
Jul 31 <1%
Sep 12 <1%
UIE
Market Update --For the week of June 4, 2012 – Vol. 10, Issue 23
To contact us Click HERE
QUOTE OF THE WEEK..."What we see depends mainly on what we look for." --John Lubbock, British banker, politician, naturalist and archaeologist
INFO THAT HITS US WHERE WE LIVE... Those looking for healing in the housing market needed to see past April's 5.5% dip in Pending Home Sales and focus on the 14.4% gain in the index compared to a year ago. The small drop ended a three month run of monthly gains, but we've now had annual gains for 12 months straight! The National Association of Realtors' chief economist stated, "Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007."
The S&P/Case-Shiller home price index for the 20 biggest metros, was up 0.1% (seasonally adjusted) in March, offering more evidence of a real-estate market on the mend. The annual rate of change declined in only three of 20 metros. The chairman of the Index Committee at S&P said, "This is what we need for a sustained recovery: monthly increases coupled with improving annual rates of change."
BUSINESS TIP OF THE WEEK... You want to be there when folks are ready to buy. Build trustful relationships by sharing valuable information with prospects. People buy from people they know, like and trust.
Other economic disappointments included a drop in Consumer Confidence and a downward revision of Q1 GDP to an anemic 1.9% growth rate. Weekly initial jobless claims went up to 383,000, while the ISM Manufacturing index dropped, though it stayed in expansion territory, a good thing. Other positive signs included a 0.2% gain in personal income for April and inflation still under control, with Core PCE up just 0.1%.
For the week, the Dow ended down 2.7%, at 12119; the S&P 500 closed down 3.0%, to 1278; and the Nasdaq ended down 3.2%, to 2747.
Weak data from China, Europe and the U.S. rekindled fears of a global slowdown. The consequent flight to safety pushed bond prices up and sent yields tumbling to record lows. The FNMA 3.5% bond we watch finished the week UP 1.00, at $105.11. With mortgage bond prices gaining, mortgage rates sank to new lows in Freddie Mac's weekly survey. The national average 30-year fixed mortgage rate hit an all-time trough for the fifth straight week.
DID YOU KNOW?... A consumer reporting agency, or credit bureau, collects information about the creditworthiness of individuals to create a credit score and report. Lenders buy these reports to help them decide how much credit to extend to a borrower.
The Fed's Beige Book will share anecdotal views of the economy from Fed regions around the country. Could offer some useful views, you never can tell.
Economic Calendar for the Week of Jun 4 – Jun 8
Date Time (ET) Release For Consensus Prior Impact
Tu Jun 5 10:00 ISM Services May 53.0 53.5 Moderate
W Jun 6 08:30 Productivity-Rev. Q1 0.7% –0.5% Moderate
W Jun 6 10:30 Crude Inventories 06/02 NA 2.213M Moderate
W Jun 6 14:00 Fed's Beige Book May NA NA Moderate
Th Jun 7 08:30 Initial Unemployment Claims 06/02 375K 383K Moderate
Th Jun 7 08:30 Continuing Unemployment Claims 05/26 3.250M 3.242M Moderate
F Jun 8 08:30 Trade Balance Apr –$49.9B –$51.8B Moderate
>> Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... With the economy still in the doldrums and inflation under control, economists expect the Fed to keep rates super low well into next year. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Sep 12 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Jun 20 <1%
Jul 31 <1%
Sep 12 <1%
UIE
QUOTE OF THE WEEK..."What we see depends mainly on what we look for." --John Lubbock, British banker, politician, naturalist and archaeologist
INFO THAT HITS US WHERE WE LIVE... Those looking for healing in the housing market needed to see past April's 5.5% dip in Pending Home Sales and focus on the 14.4% gain in the index compared to a year ago. The small drop ended a three month run of monthly gains, but we've now had annual gains for 12 months straight! The National Association of Realtors' chief economist stated, "Housing market activity has clearly broken out at notably higher levels and is on track to see the best performance since 2007."
The S&P/Case-Shiller home price index for the 20 biggest metros, was up 0.1% (seasonally adjusted) in March, offering more evidence of a real-estate market on the mend. The annual rate of change declined in only three of 20 metros. The chairman of the Index Committee at S&P said, "This is what we need for a sustained recovery: monthly increases coupled with improving annual rates of change."
BUSINESS TIP OF THE WEEK... You want to be there when folks are ready to buy. Build trustful relationships by sharing valuable information with prospects. People buy from people they know, like and trust.
>> Review of Last Week
BAD JOBS... Friday's jobs report showed a meager growth in payrolls during May. This sent investors on a selling spree that resulted in the stock market's worst day in 6 months and wiped out the Dow's entire gain for the year. One of the worst US employment reports of the past year revealed a gain of just 69,000 nonfarm payrolls and the unemployment rate back up to 8.2%. Even worse, downward revisions to the March/April jobs reports meant overall payrolls were up by only 20,000 jobs.Other economic disappointments included a drop in Consumer Confidence and a downward revision of Q1 GDP to an anemic 1.9% growth rate. Weekly initial jobless claims went up to 383,000, while the ISM Manufacturing index dropped, though it stayed in expansion territory, a good thing. Other positive signs included a 0.2% gain in personal income for April and inflation still under control, with Core PCE up just 0.1%.
For the week, the Dow ended down 2.7%, at 12119; the S&P 500 closed down 3.0%, to 1278; and the Nasdaq ended down 3.2%, to 2747.
Weak data from China, Europe and the U.S. rekindled fears of a global slowdown. The consequent flight to safety pushed bond prices up and sent yields tumbling to record lows. The FNMA 3.5% bond we watch finished the week UP 1.00, at $105.11. With mortgage bond prices gaining, mortgage rates sank to new lows in Freddie Mac's weekly survey. The national average 30-year fixed mortgage rate hit an all-time trough for the fifth straight week.
DID YOU KNOW?... A consumer reporting agency, or credit bureau, collects information about the creditworthiness of individuals to create a credit score and report. Lenders buy these reports to help them decide how much credit to extend to a borrower.
>> This Week’s Forecast
READS ON THE SERVICES SECTOR, TRADE BALANCE, PLUS SOME FED VIEWS... It's a quiet week for economic data, but there will be a read on the services sector of the economy, accounting for well over 80% of our jobs. Tuesday's ISM Services is forecast down slightly for May, but still over 50, showing continued, if slow, growth. Friday, the Trade Balance for April is expected to shrink a bit from the blowout level it achieved in March.The Fed's Beige Book will share anecdotal views of the economy from Fed regions around the country. Could offer some useful views, you never can tell.
>> The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.Economic Calendar for the Week of Jun 4 – Jun 8
Date Time (ET) Release For Consensus Prior Impact
Tu Jun 5 10:00 ISM Services May 53.0 53.5 Moderate
W Jun 6 08:30 Productivity-Rev. Q1 0.7% –0.5% Moderate
W Jun 6 10:30 Crude Inventories 06/02 NA 2.213M Moderate
W Jun 6 14:00 Fed's Beige Book May NA NA Moderate
Th Jun 7 08:30 Initial Unemployment Claims 06/02 375K 383K Moderate
Th Jun 7 08:30 Continuing Unemployment Claims 05/26 3.250M 3.242M Moderate
F Jun 8 08:30 Trade Balance Apr –$49.9B –$51.8B Moderate
>> Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... With the economy still in the doldrums and inflation under control, economists expect the Fed to keep rates super low well into next year. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Sep 12 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Jun 20 <1%
Jul 31 <1%
Sep 12 <1%
UIE
Insure an On-Time Closing
To contact us Click HERE
We are seeing a surge in mortgage applications with interest rates at rock-bottom lows and housing at incredible values (see sidebar below for today's rates). The lending industry is working within tight constraints to ensure on-time closings. Having your "docs" in a row will insure your application is at the top of the pile and gets processed and closed quickly and painlessly!
1) Complete loan application and signed loan docs -- Yes docs must be signed and returned (Hedges Mortgage Group uses Docusign to make this step quick and easy!)
2) All required support documentation, including:
PROCESSING STARTS HERE—PLAN YOUR CLOSING 30 DAYS AFTER ALL DOCUMENTS HAVE BEEN SUBMITTED AND YOU WON’T MISS A CLOSING DATE*
*If the loan is a rehab, is going to NC Housing or USDA, it will need complete underwriter approval before submission and may be subject to additional conditions. Allow an extra two weeks.
Expect a 45 day closing for REHAB, USDA or NCHFA.
We can pre-underwrite for credit and assets prior to going under contract, in which case we need all of the above with the exception of the ratified contract and appraisal. This is the best way to make everything move quickly once going under contract.
If it takes two weeks to get the last support documentation or authorization for the appraisal, please know this can delay our closing by this amount of time if we are working on a 30 day timeline.
Give us a call, we are here to make your loan close smoothly and ON TIME!
919 961-6915
Mortgage Loan Time Line
We are seeing a surge in mortgage applications with interest rates at rock-bottom lows and housing at incredible values (see sidebar below for today's rates). The lending industry is working within tight constraints to ensure on-time closings. Having your "docs" in a row will insure your application is at the top of the pile and gets processed and closed quickly and painlessly!Key pieces to keep in consideration
In order to begin processing and underwriting the following items need to be in your file:1) Complete loan application and signed loan docs -- Yes docs must be signed and returned (Hedges Mortgage Group uses Docusign to make this step quick and easy!)
2) All required support documentation, including:
- Income verification—pay stub, tax returns, W2s
- Verified funds to close—Most recent bank statement(s); all numbered pages with balance to cover funds to close for downpayment and closing costs and required reserves. If you are using a gift or 401K for this be sure you have it lined up and ready to validate.
- Copy of Driver’s license
- Ratified contract
- Authorization to order appraisal
Each loan will also have special documentation that is unique to a borrower, pre-approval helps you know which other documents you will also need, such as:
- Landlord contact (for renters),
- Purchase agreement and/or final HUD 1 (for current homeowners)
- Separation agreement, divorce decree, or free trader agreement
- Proof of VA eligibility
- POA
- Proof of student loan deferment
- For rehab or NC Housing loans we will also need additional specialized documents
PROCESSING STARTS HERE—PLAN YOUR CLOSING 30 DAYS AFTER ALL DOCUMENTS HAVE BEEN SUBMITTED AND YOU WON’T MISS A CLOSING DATE*
*If the loan is a rehab, is going to NC Housing or USDA, it will need complete underwriter approval before submission and may be subject to additional conditions. Allow an extra two weeks.
Expect a 45 day closing for REHAB, USDA or NCHFA.
We can pre-underwrite for credit and assets prior to going under contract, in which case we need all of the above with the exception of the ratified contract and appraisal. This is the best way to make everything move quickly once going under contract.
If it takes two weeks to get the last support documentation or authorization for the appraisal, please know this can delay our closing by this amount of time if we are working on a 30 day timeline.
Give us a call, we are here to make your loan close smoothly and ON TIME!
919 961-6915
Market Update -- For the week of June 11, 2012
To contact us Click HERE
QUOTE OF THE WEEK..."I will go anywhere, provided it be forward." --David Livingstone, Scottish medical missionary and explorer.
INFO THAT HITS US WHERE WE LIVE... Forward is where the housing recovery appears to be going, though some advances are bigger than others. According to a leading data aggregator, home prices rose in April for the second month in a row, UP 2.2% over March and UP 1.1% versus a year ago. Taking out distressed sales, prices were UP 2.6% for the month and UP 1.9% year over year. These price gains are at a rate not seen since late 2006 and better than 2010, when sales jumped thanks to the federal tax credit.
In April, among the 100 largest metros, only 44 saw price drops year over year, 10 fewer than in March. Even better, 6 of the 10 biggest metros reported home price increases. Analysts noted that home prices are responding to a restricted supply that they think will exist for some time to come. The supply of homes in current inventory is down to 6.5 months, a level we haven't seen in more than five years!
BUSINESS TIP OF THE WEEK... When things aren't so great and you feel dejected, just keep going! Never stop believing in yourself and your skills and don't be afraid to take risks -- you have nothing to lose.
All was not upbeat, though. Productivity was revised down to a minus 0.9% annual rate for Q1, and is up only a measly 0.4% in the past year. We did have good news with the ISM non-manufacturing index up to a better than expected 53.7, still in expansion territory. Finally, Friday saw the U.S. Trade Deficit shrink by a slim 4.9% in April. It's still $50.1 billion, but seeing it shrink is definitely preferable to watching it go in the opposite condition.
For the week, the Dow ended UP 3.6%, at 12554; the S&P 500 closed UP 3.7%, to 1326; and the Nasdaq ended UP 4.0%, to 2858.
Feeling better about China and Europe, investors flocked to riskier stocks leaving bond prices to fall under heavy selling pressure. The FNMA 3.5% bond we watch finished the week down 0.81, at $104.30. But the Mortgage Bankers Association reported that national average rates on 30-year fixed-rate mortgages hit all-time lows for BOTH conforming and jumbo loan balances. Mortgage applications rose 1.3% for the week.
DID YOU KNOW?... Home ownership has great positive economic impact. One job is created for every two homes sold. And each home purchase generates up to $60,000 in economic activity over time.
Better news is expected on the inflation front, with Wednesday's May PPI showing wholesale prices dipping a bit overall, followed by Thursday's May CPI indicating consumer prices down a bit and Core CPI, excluding volatile food and energy prices, well within the Fed's target range.
Economic Calendar for the Week of Jun 11 – Jun 15
Date Time (ET) Release For Consensus Prior Impact
Tu Jun 12 14:00 Federal Budget May –$125.0B –$57.6B Moderate
W Jun 13 08:30 Retail Sales May –0.2% 0.1% HIGH
W Jun 13 08:30 Retail Sales ex-auto May 0.0% 0.1% HIGH
W Jun 13 08:30 Producer Price Index (PPI) May –0.7% –0.2% Moderate
W Jun 13 08:30 Core PPI May 0.2% 0.2% Moderate
W Jun 13 10:00 Business Inventories Apr 0.2% 0.3% Moderate
W Jun 13 10:30 Crude Inventories 06/09 NA –0.111M Moderate
Th Jun 14 08:30 Initial Unemployment Claims 06/09 375K 377K Moderate
Th Jun 14 08:30 Continuing Unemployment Claims 06/02 3.275M 3.293M Moderate
Th Jun 14 08:30 Consumer Price Index (CPI) May –0.2% 0.0% HIGH
Th Jun 14 08:30 Core CPI May 0.1% 0.2% HIGH
F Jun 15 08:30 NY Empire State Manufacturing Index Jun 13.5 17.1 Moderate
F Jun 15 09:15 Industrial Production May 0.1% 1.1% Moderate
F Jun 15 09:15 Capacity Utilization May 79.1% 79.2% Moderate
F Jun 15 09:55 Univ. of Michigan Consumer Sentiment Jun 77.0 79.3 Moderate
Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Sep 12 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Jun 20 <1%
Jul 31 <1%
Sep 12 <1%
UIE
QUOTE OF THE WEEK..."I will go anywhere, provided it be forward." --David Livingstone, Scottish medical missionary and explorer. INFO THAT HITS US WHERE WE LIVE... Forward is where the housing recovery appears to be going, though some advances are bigger than others. According to a leading data aggregator, home prices rose in April for the second month in a row, UP 2.2% over March and UP 1.1% versus a year ago. Taking out distressed sales, prices were UP 2.6% for the month and UP 1.9% year over year. These price gains are at a rate not seen since late 2006 and better than 2010, when sales jumped thanks to the federal tax credit.
In April, among the 100 largest metros, only 44 saw price drops year over year, 10 fewer than in March. Even better, 6 of the 10 biggest metros reported home price increases. Analysts noted that home prices are responding to a restricted supply that they think will exist for some time to come. The supply of homes in current inventory is down to 6.5 months, a level we haven't seen in more than five years!
BUSINESS TIP OF THE WEEK... When things aren't so great and you feel dejected, just keep going! Never stop believing in yourself and your skills and don't be afraid to take risks -- you have nothing to lose.
Review of Last Week
FROM ONE EXTREME... The stock market rebounded from its worst day in 6 months to post its best week of the year. Go figure. The big push came Wednesday with a huge 287 point surge in the Dow, as investors scooped up the bargains and felt good about a Chinese interest rate cut they think will stimulate the world's second largest economy. Investor optimism was further encouraged at the end of the week, when it seemed likely that troubled Spanish banks would be thrown a lifeline and a fiscal crisis in the Eurozone would be averted.All was not upbeat, though. Productivity was revised down to a minus 0.9% annual rate for Q1, and is up only a measly 0.4% in the past year. We did have good news with the ISM non-manufacturing index up to a better than expected 53.7, still in expansion territory. Finally, Friday saw the U.S. Trade Deficit shrink by a slim 4.9% in April. It's still $50.1 billion, but seeing it shrink is definitely preferable to watching it go in the opposite condition.
For the week, the Dow ended UP 3.6%, at 12554; the S&P 500 closed UP 3.7%, to 1326; and the Nasdaq ended UP 4.0%, to 2858.
Feeling better about China and Europe, investors flocked to riskier stocks leaving bond prices to fall under heavy selling pressure. The FNMA 3.5% bond we watch finished the week down 0.81, at $104.30. But the Mortgage Bankers Association reported that national average rates on 30-year fixed-rate mortgages hit all-time lows for BOTH conforming and jumbo loan balances. Mortgage applications rose 1.3% for the week.
DID YOU KNOW?... Home ownership has great positive economic impact. One job is created for every two homes sold. And each home purchase generates up to $60,000 in economic activity over time.
This Week’s Forecast
THE DEFICIT, THE CONSUMER, THE INFLATION... Reports begin Tuesday with the Federal Budget expected to show an expanding deficit for the month, no surprise there. Other highlights include May Retail Sales, forecast down a tick, thanks to cautious consumers.Better news is expected on the inflation front, with Wednesday's May PPI showing wholesale prices dipping a bit overall, followed by Thursday's May CPI indicating consumer prices down a bit and Core CPI, excluding volatile food and energy prices, well within the Fed's target range.
The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.Economic Calendar for the Week of Jun 11 – Jun 15
Date Time (ET) Release For Consensus Prior Impact
Tu Jun 12 14:00 Federal Budget May –$125.0B –$57.6B Moderate
W Jun 13 08:30 Retail Sales May –0.2% 0.1% HIGH
W Jun 13 08:30 Retail Sales ex-auto May 0.0% 0.1% HIGH
W Jun 13 08:30 Producer Price Index (PPI) May –0.7% –0.2% Moderate
W Jun 13 08:30 Core PPI May 0.2% 0.2% Moderate
W Jun 13 10:00 Business Inventories Apr 0.2% 0.3% Moderate
W Jun 13 10:30 Crude Inventories 06/09 NA –0.111M Moderate
Th Jun 14 08:30 Initial Unemployment Claims 06/09 375K 377K Moderate
Th Jun 14 08:30 Continuing Unemployment Claims 06/02 3.275M 3.293M Moderate
Th Jun 14 08:30 Consumer Price Index (CPI) May –0.2% 0.0% HIGH
Th Jun 14 08:30 Core CPI May 0.1% 0.2% HIGH
F Jun 15 08:30 NY Empire State Manufacturing Index Jun 13.5 17.1 Moderate
F Jun 15 09:15 Industrial Production May 0.1% 1.1% Moderate
F Jun 15 09:15 Capacity Utilization May 79.1% 79.2% Moderate
F Jun 15 09:55 Univ. of Michigan Consumer Sentiment Jun 77.0 79.3 Moderate
Federal Reserve Watch
Forecasting Federal Reserve policy changes in coming months... Last week Chairman Ben Bernanke told Congress the Fed would discuss a new round of quantitative easing at next week's meeting. Expect the Funds Rate to stay super low. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same.Current Fed Funds Rate: 0%–0.25%
After FOMC meeting on: Consensus
Jun 20 0%–0.25%
Jul 31 0%–0.25%
Sep 12 0%–0.25%
Probability of change from current policy:
After FOMC meeting on: Consensus
Jun 20 <1%
Jul 31 <1%
Sep 12 <1%
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