http://www.city-data.com/blogs/ City-Data.com forum en Tue, 10 Nov 2009 10:16:30 GMT vBulletin 60 http://pics3.city-data.com/forum/images/misc/rss.jpg http://www.city-data.com/blogs/ http://www.city-data.com/blogs/blog10774-sunday-november-8-2009-s-historical.html Tue, 10 Nov 2009 05:38:57 GMT *In 2009 : Lo : 41 ° **Hi : 76 ° Rainfall : 0.00 “* *In 2008 : Lo : 36 ° Hi : 55 ° Rainfall : 0.00 ” * In 2009 :
Lo : 41 °
Hi : 76 °
Rainfall : 0.00 “

In 2008 :
Lo : 36 °
Hi : 55 °
Rainfall : 0.00 ”

In 2007 :
Lo : 31 °
Hi : 61 °
Rainfall : 0.00 “

In 2006 :
Lo : 47 °
Hi : 65 °
Rainfall : 0.00 “

In 2005 :
Lo : 59 °
Hi : 86 °** Record Hottest
Rainfall : 0.00 ”

In 2004 :
Lo : 52 °
Hi : 65 °
Rainfall : 0.00 “ :) ]]> WilliamBrantley http://www.city-data.com/blogs/blog10774-sunday-november-8-2009-s-historical.html http://www.city-data.com/blogs/blog10773-does-wedding-ring-go-outside-inside.html Tue, 10 Nov 2009 05:26:14 GMT Proper Wedding Etiquette: The wedding ring always goes on first on the inside of the engagment ring. Nearest to your heart. This is also found in the Book of Commons. The wedding ring is the symbol... Proper Wedding Etiquette: The wedding ring always goes on first on the inside of the engagment ring. Nearest to your heart. This is also found in the Book of Commons. The wedding ring is the symbol of the marriage. Prior to the wedding ceremony the bride should move her engagement ring to the right hand. Once the groom puts the wedding ring on then he can put the engagement ring back on the left hand on the outside of the wedding ring or the bride can move it back to the left hand on the outside of the wedding ring following the ceremony. http;//www.alafiaceremonies.net ]]> Alafia http://www.city-data.com/blogs/blog10773-does-wedding-ring-go-outside-inside.html http://www.city-data.com/blogs/blog10770-new-members-read-pls-moderator.html Tue, 10 Nov 2009 02:54:29 GMT MAIN FORUM PAGE (http://www.city-data.com/forum/http://www.city-data.com/blogs/feed.rss#general-forums)- Post your question(s) on the main forums rather than the less populated journaling blogs for better results and more feedback. ... MAIN FORUM PAGE-

Post your question(s) on the main forums rather than the less populated journaling blogs for better results and more feedback.

If you have any questions, click on my name and select private direct message. Do not reply to your own blogs as I may not see it for days.

Check out the Business Profile section. You can locate this from the Home Page on the bottom of the screen if you are advertising your personal business.


For private individuals, you may use the CLASSIFIED forum for one time deal sales, single item.

To search for family members - use the PEOPLE SEARCH forum.

Before you post in the BLOGS, read the main forums. ]]> 2goldens http://www.city-data.com/blogs/blog10770-new-members-read-pls-moderator.html http://www.city-data.com/blogs/blog10767-california-s-light-end-tunnel-train.html Tue, 10 Nov 2009 02:24:37 GMT A new study by researchers from Sacramento State University found that small businesses in California will pay an additional $49,691 as a result of the Air Resources Boards implementation of AB 32... A new study by researchers from Sacramento State University found that small businesses in California will pay an additional $49,691 as a result of the Air Resources Boards implementation of AB 32 the states program to reduce greenhouse gas emissions. *To view the full post & video, please visit the San Diego real estate blog ]]> rebroker7 http://www.city-data.com/blogs/blog10767-california-s-light-end-tunnel-train.html http://www.city-data.com/blogs/blog10766-want-move.html Tue, 10 Nov 2009 02:11:28 GMT I want to move! Im finishing nursing school in a month and want to move after. I must move within a state that is a "compact nursing state" which means that my license transfers to that state. Im looking for somewhere where I can buy A LOT of land for cheap for many horses, in a very rural area (preferable a small town), weather is mostly warm year around (no snow!!), and I can find a job as a nurse. Some of the southern states that are included in the compact state list are: arizona, texas, new mexico, arkansas, mississippi, tennessee, kentucky. I have no idea where to start! Any ideas of cities and states? thanx everyone! ]]> horsesandme http://www.city-data.com/blogs/blog10766-want-move.html http://www.city-data.com/blogs/blog10745-rates-holding-steady-light-data-week.html Mon, 09 Nov 2009 15:04:11 GMT On Friday, the prices of mortgage backed securities closed at their highest levels seen over the last few weeks. To remind readers, as the prices of MBS move higher, lenders are able to pass along... On Friday, the prices of mortgage backed securities closed at their highest levels seen over the last few weeks. To remind readers, as the prices of MBS move higher, lenders are able to pass along lower mortgage rates. Much of the data from last week was fairly positive for the economy which usually does not bode well for the fixed income sector; however, MBS managed a slow but steady march higher. The highest impacting report, the Employment Situation, did post worse than expected numbers which helped to push MBS to the highs of the week.

Also on Friday, President Obama signed an extension of the $8000 First Time Home Buyer tax credit through April 30th of 2010. The tax credit is also being offered to homeowners who have lived in their current home for at least five years and are seeking to relocate giving them up to a $6500 credit. The income limits have also been increased from $75,000 for a single person to $125,000 and from $125,000 to $225,000 for a married couple.

The week ahead is very light on economic data. Of most significance to mortgage rates will be the Treasury auctions. Today at 1pm eastern, the U.S. Department of Treasury will auction $40billion of 3 year notes, followed by $25billion of 10 year notes on Tuesday and wrapping up with $16billion on Thursday. As always with Treasury auctions, the added supply of debt on the markets will pressure treasuries lower in price, higher in yield to attract buyers. Since the supply is already known, market participants track the demand to gauge the success of the auctions. Strong demand for our nation’s debt is one of the many factors that have attributed to record low mortgage rates.

The fixed income markets will be closed on Wednesday in honor of our Veterans. On Thursday we get the weekly jobless numbers followed up with Consumer Sentiment on Friday. Additionally, we have a few speeches this week from various Fed officials. Anytime Fed officials speak, market participants pay attention for any hint of future monetary policy and their outlook on the economy.

Early reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage is holding in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee.

I have been using a well defined trading range to gauge my lock/float recommendations. The idea is to lock at the price highs and float at the price lows. Well, MBS are holding near the top side of the trading range so I am going to recommend cautiously floating. We have a very light week for economic reports and with the recent rise of treasury yields the auctions this week could see strong demand which might just push MBS through the top of the range. ]]> VictorBurek http://www.city-data.com/blogs/blog10745-rates-holding-steady-light-data-week.html http://www.city-data.com/blogs/blog10733-saturday-november-7-2009-s-historical.html Mon, 09 Nov 2009 02:04:02 GMT *In 2009 : Lo : 47 ° **Hi : 77 ° Rainfall : 0.00 “* *In 2008 : Lo : 40 ° Hi : 64 ° Normal Rainfall : 0.00 ”* In 2009 :
Lo : 47 °
Hi : 77 °
Rainfall : 0.00 “

In 2008 :
Lo : 40 °
Hi : 64 ° Normal
Rainfall : 0.00 ”

In 2007 :
Lo : 27 °
Hi : 49 °
Rainfall : 0.00 “ :) ]]> WilliamBrantley http://www.city-data.com/blogs/blog10733-saturday-november-7-2009-s-historical.html http://www.city-data.com/blogs/blog10717-moving-milwaukee-soon-dont-know-where.html Sun, 08 Nov 2009 00:07:03 GMT So I am moving to the Milwaukee area soon and I have no idea where I want to be for living arrangements. I will be working at Mayfair Mall and I want to be somewhat close to the mall, but in a nice... So I am moving to the Milwaukee area soon and I have no idea where I want to be for living arrangements. I will be working at Mayfair Mall and I want to be somewhat close to the mall, but in a nice area. I only need a one bedroom place and would like to have washer/dryer in unit, but I know I can't be too picky, so on site would still be ok. Can someone please help me, I'm totally lost. ]]> shelly23 http://www.city-data.com/blogs/blog10717-moving-milwaukee-soon-dont-know-where.html http://www.city-data.com/blogs/blog10715-cost-three-bedroom-two-bath-nice.html Sat, 07 Nov 2009 23:27:58 GMT Here is a table that shows where three/twos can be found and what they cost. This table shows how many there are for sale and what the median and average prices are. Note that you have to... Here is a table that shows where three/twos can be found and what they cost. This table shows how many there are for sale and what the median and average prices are.

Note that you have to extrapolate a bit from this data. But note that if there are few available and the median is $150K you are unlikely to find many, if any below $120K.




The table was made on November 7, reflects all non age restricted properties with exactly three bedrooms and exactly two bathrooms.

It includes all zipcodes rated green or yellow in the crime chart. That is loosely the better half of Las Vegas. ]]> olecapt http://www.city-data.com/blogs/blog10715-cost-three-bedroom-two-bath-nice.html http://www.city-data.com/blogs/blog10702-fairfax-ridge-condo-weekly-sales-report.html Fri, 06 Nov 2009 22:50:20 GMT *MyFairfaxRidgeCondo.com (http://www.myfairfaxridgecondo.com/)* Relevant Real Estate Information for the Fairfax Ridge Condo Community *INTRODUCTION* Its been a while since we updated the... MyFairfaxRidgeCondo.com

Relevant Real Estate Information for the Fairfax Ridge Condo Community

INTRODUCTION

Its been a while since we updated the stats on Fairfax Ridge. There are still 13 short sales under contract and only 1 has closed in the last 2 months.

I can help you if you can no longer make your payments or in a couple months you will not be able to make your payments. Please contact me asap.

If you are thinking about buying here in Fairfax Ridge, contact me today and we can set up a time to go look at what is available. There are still some good deals to be had here.

As of today (November 6, 2009 11 AM), there are 2 active listings in the MLS and 13 Condos are currently under contract and 0 Condos have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

1- 1 bedroom units
1 - 2 bedroom units
0 - 3 bedroom unit

NEW LISTINGS

According to MLS, there was 2 new listings this week.


UNDER CONTRACT

According to MLS, there are 16 condos under contract , 3 bank owned and 13 short sale.

11350 Aristotle Dr #7-104 - 14 (DOMP) 1bd/1ba
11352 Aristotle Dr #7-106 - 45(DOMP) 1bd/1ba
11321 Aristotle Dr #3-302 -4 (DOMP) 1bd/1ba
11320 Aristotle Dr #4-406 - 81(DOMP) 1bd/1ba
11351 Aristotle Dr #8-402 - 5 (DOMP) 1bd/1ba
11329 Aristotle Dr #5-211 -256 (DOMP)2bd/1ba
11329 Aristotle Dr #5-213 - 12 (DOMP) 2bd/2ba
11329 Aristotle Dr#5-308 - 20 (DOMP) 2bd/2a
11395 Aristotle Dr #11-311 - 17 (DOMP) 2bd/2ba
11353 Aristotle Dr #8-307- 1001 (DOMP)2bd/2ba
11317 Aristotle Dr #3-310 - 55 (DOMP) 2bd/2ba
3851 Aristotle Ct #1-203 - 8 (DOMP) 2bd/2ba
3851 Aristotle Ct #1-109 - 4 (DOMP) 2bd/2ba
11345 Aristotle Dr #6-313 - 20(DOMP) 2bd/2ba
11345 Aristotle Dr #6-410 - 26 (DOMP) 2bd/2ba
3851 Aristotle Ct #1-407 -0 (DOMP) 2bd/2ba


I will have the final numbers for these once they close


SOLD

According to MLS, 3 condos sold in the last 30 days .

3851 Aristotle Ct #1-305 - 1bd/1ba (181 DOMP) - Short Sale

Asking Price - $165,000
Sales Price - $165,000
Seller Subsidy - $3,000

11373 Aristotle Dr #309 - 3bd/2ba (6 DOMP) - Bank Owned

Asking Price - $254,900
Sales Price - $256,000
Seller Subsidy -$8,960

11345 Aristotle Dr#6-308 -2bd/2ba (14 DOMP) - Bank Owned

Asking Price -$224,700
Sales Price -$238,000
Seller Subsidy -$0


Click below for all Fairfax Ridge Condo sales for 2009
Sales More Than 30 Days ago










22033
These stats are for all real estate in the 22033 zip code for the Month of August




Fairfax Ridge Condos Sold for 2007 vs. 2008 vs 2009





Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




EXPIRED or WITHDRAWN There have been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There are currently 16 condos for rent

1bedroom units - 6 available
2bedroom units - 9 available
3bedroom units - 1 available

1 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a fully licensed property management group. Ask us more about this and how this benefits you !


OBSERVATIONS

If you are thinking about buying or selling in the next 3 months we would be honored to work with you ! Shoot us an email

Keep checking back each Friday for your updated market report for Fairfax Ridge












Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed. ]]> VAReelEstate http://www.city-data.com/blogs/blog10702-fairfax-ridge-condo-weekly-sales-report.html http://www.city-data.com/blogs/blog10701-thursday-november-5-2009-s-historical.html Fri, 06 Nov 2009 21:14:33 GMT *In 2009 : Lo : 34 ° **Hi : 64 ° Rainfall : 0.00 “ * *In 2008 : Lo : 41 ° Hi : 76 ° Rainfall : 0.00 ”* In 2009 :
Lo : 34 °
Hi : 64 °
Rainfall : 0.00 “

In 2008 :
Lo : 41 °
Hi : 76 °
Rainfall : 0.00 ”

In 2007 :
Lo : 43 ° Normal
Hi : 80 °
Rainfall : 0.80 “ :) ]]> WilliamBrantley http://www.city-data.com/blogs/blog10701-thursday-november-5-2009-s-historical.html http://www.city-data.com/blogs/blog10698-penderbrook-townhomes-condos-weekly-sales-report.html Fri, 06 Nov 2009 19:27:04 GMT *My PenderbrookHome.com (http://www.mypenderbrookhome.com/)* Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA *INTRODUCTION* We are... My PenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

We are your neighborhood specialist. The 3 TH in the penderbrook area are still on the market. This is expected because they are still overpriced. I have taken multiple buyers by these properties but the homes are priced to high.

There are still some great deals to be had here in Penderbrook. If you want to look at any of these listings, please contact me.

We just listed a short sale condo this week on Tuesday. We got a buyer 2 days later and are ratifying it tonight. If you can not make your payments or in the near future will not be able to make your payments anymore. Contact us TODAY!

If you have any questions or would like to find out how much your home would sell for right now
Contact me

As of today (November 6, 2009 11 AM) there are 19 active homes in Penderbrook and 19 homes that are currently under contract and 6 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 4 active

4 regular sales


Condos - 15 active

1 bedroom condos - 4

2 bedroom condos - 7

3 bedroom condos - 4

Heights at Penderbrook (Condo/Townhome) - 6 condos
Penderbrook Square (Condos)- 7 condos

NEW LISTINGS

According to MLS, there were 4 new listings this week.


UNDER CONTRACT

According to MLS, there are 16 Condos and 3 townhomes under contract.

Condos

12163 Penderview #1022 - 1bd/1ba (0 DOMP)

12151 Penderview Ln #2027 - 1bd/1ba (638 DOMP)

3909 Penderview Dr #1932 - 1bd/ 1ba (9 DOMP)

3912 Penderview Dr #538 - 1bd/1ba (63 DOMP)

3903 Penderview Dr #1506 - 1bd/1ba (59 DOMP)

3904 Penderview Dr #735 - 1bd/1ba (15 DOMP)

12156 Penderview Ter #120 1bd/1ba (0 DOMP)

3911 Penderview Dr #1905 - 2bd/1ba (57 DOMP)

3807 Green Ridge Ct #102 - 3bd/2ba (6 DOMP)

3904 Penderview Dr #708 -2bd/2ba (11 DOMP)

12101 Greenwood Ct #102 - 2bd/ 2ba (5 DOMP)

12005 Ridge Knoll Dr #2 - 2bd/2ba (6 DOMP)

3914 Penderview Dr #504 - 2bd/1ba (148 DOMP)

12103 Green Ledge Ct #201 - 3bd/2ba (310 DOMP)

12005 Ridge Knoll Dr #12 - 2bd/2ba (4 DOMP)

12104 Greenwood Ct #101 - 3bd/2ba (171 DOMP)
12005 Ridge Knoll Dr #12 - 2bd/3ba (4 DOMP)
3807 Green Ridge Ct #304 - 3bd/2ba (11 DOMP)


Townhomes

12138 Wedgeway Ct - 2bd/4ba (15 DOMP)

11728 Valley Ridge Cir - 4bd/4ba (40 DOMP)

3923 Green Look Ct - 3bd/3ba (153 DOMP)


I will have the final numbers for these once they close


SOLD

According to MLS, 6 homes have sold in the last 30 days .

3914 Penderview Dr #504 - 2bd/1ba (148 DOMP) - Regular Sale
Asking Price-$239,900
Sales Price-$230,000
Seller Subsidy-0
12003# 7 Ridge Knoll Dr - 2bd / 2ba (6 DOMP) - Regular Sale
Asking Price - $249,900
Sales Price -$260,000
Seller Subsidy- $0

3940 Valley Ridge Dr - 3bd/3ba (8 DOMP) - Regular Sale

Asking Price - $380,000
Sales Price - $380,000
Seller Subsidy- $1,500

12103 Greenwood Ct #101 - 2bd/2ba (12 DOMP) - Regular Sale

Asking Price - $231,187
Sales Price -$231,187
Seller Subsidy -$0

3911 Penderview Dr #1907 - 1bd/1ba (62 DOMP) - Short Sale - Took 5 months to close

Asking Price - $130,000
Sales Price - $127,000
Seller Subsidy - $2,775

12102 Greenway Ct #202 - 2bd/2ba (0 DOMP) - Regular Sale

Asking Price - $219,000
Sales Price -$219,000
Seller Subsidy - $5,000

3900 Golf Tee Ct #201 - 3bd/2ba (9 DOMP) - Regular Sale

Asking Price -$249,500
Sales Price -$255,000
Seller Subsidy - $7,650

12009 Golf Ridge Ct #302 - 2bd/2ba (36 DOMP) - Regular Sale

Asking Price - $274,000
Sales Price -$255,000
Seller Subsidy -$9,000

3921 Penderview Dr #1806 - 1bd/1ba (286 DOMP) Short Sale - Took 286 days

Asking Price - $187,900
Sales Price - $147,500
Seller Subsidy - $4,355

3814 Inverness Rd - 3bd/4ba (24 DOMP) Regular Sale

Asking Price - $449,000
Sales Price - $434,977
Seller Subsidy -$10,000

3971 Valley Ridge Dr - 3bd/3ba (63 DOMP) Regular Sale

Asking Price - $439,900
Sales Price - $402,000
Seller Subsidy -$2,000



Click below for Penderbrook Home Sales for 2009
More Than 30 Days ago


22033

These stats are for all real estate in the 22033 zip code for the Month of August



Penderbrook Home Sales 2008 vs. 2009




Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




Fairfax Townhomes Sold for 2007 vs 2008 vs 2009




EXPIRED or WITHDRAWN

There has been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 4 townhomes for rent and 9 condos

4 townhomes and 0 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We also partner with a Property Management group that only charges 8%. They manage over 200 properties in the VA and MD area and are excellent. Ask us about this.


OBSERVATIONS

If you are thining about buying in the next 3 months you need to Contact us today !


Keep checking back each Thursday for more insight to what is going on at Penderbrook.












Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed. ]]> VAReelEstate http://www.city-data.com/blogs/blog10698-penderbrook-townhomes-condos-weekly-sales-report.html http://www.city-data.com/blogs/blog10697-tax-credit-expands-homeowners-first-time.html Fri, 06 Nov 2009 17:48:59 GMT Governement has tentativley reached an agreement that is going to extend the First Time Home Buyer Tax Credit and expand to include Homeowners who are going to sell their home. Details of this... Governement has tentativley reached an agreement that is going to extend the First Time Home Buyer Tax Credit and expand to include Homeowners who are going to sell their home. Details of this agreement have not as of yet been released in full but it is believed that the $8000 tax credit to first time homebuyers will be extended to the end of June and now sellers will be entitled to a tax credit of $6500 for selling their home and buying another home.

The Governement hopes that this credit will help build the property ladder furthering the recovery in the housing market. DO not expect this to create a rush on the market or an enormous sell off as the government most likely will attach stipulations for homeowners to quailfy. Namely homeowners must have owned their home for a period of 5 years and there is also expected to be income and sales value qualifications also attached.

Locally this will give sellers in the Lehigh Valley incentive to start evaluating the market as the 6500 tax credit will eat up most losses that homeowers experienced during the 07 and 08 market downturn. Statistically the 09 market stablized from month to month and the 2010 markets appears to have extreme oppotunity with affordable prices, low interest rates, and now an added incentive.

Obviously time will tell how effective this credit will be and the market will still be affected by any negative economic the we could encounter. But all signs point to an economy moving forward and now hopefully a housing market that will start to pace forward as well.

Please post any comments for me to answer... ]]> jeffvivian http://www.city-data.com/blogs/blog10697-tax-credit-expands-homeowners-first-time.html http://www.city-data.com/blogs/blog10694-how-much-home-can-you-afford.html Fri, 06 Nov 2009 16:26:16 GMT I get many inquiries from people looking at my listings and often they ask the same types of questions. Questions regarding what the monthly payments will be for the home they are interested in, how... I get many inquiries from people looking at my listings and often they ask the same types of questions. Questions regarding what the monthly payments will be for the home they are interested in, how much they need to put down for a certain home. This is a sign to me that they have started looking to purchase a home with out taking some of the important basic steps that need to be done BEFORE starting to look.


The first logical step is figuring out your budget. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. It is best to visit a lender to find out for sure, but you can get a general idea by visiting How Much Home Can You Afford? Don't worry it is a no hassle, government based website, not some kind of lead generation device I might use to get your contact information. Besides, if you are just getting to this step, there is no reason for us to talk yet. Until you have talked to a lender and had them get you a pre approval letter, and discussed what loan amounts equal what monthly payment, I would just be wasting your valuable time showing you homes that might not be in your budget.


Another good place to visit to determine if you should buy is this webpage to Determine if You should Buy or Rent? Another great place for a home buyer with questions to visit is Homeownership Assistance Programs: South Carolina. It has links and information about various government programs that may be able to provide assistance with buying a home in SC. Also check out Housing Counseling: South Carolina.


Of course part of buying a home is the mortgage. We have all heard the horror stories in the news about people that were the victims of predatory lending. Visit this website to learn about Predatory Lending. It is a shame I even have to mention it because you would think the government would have enacted laws to protect consumers from these types of problems. There were tighter lending standards in the past, but they were loosened to help more people buy homes. Sadly, some lenders took advantage of this and made alot of money by giving out mortgages that were questionable, but that is a topic for another blog. But if you or a friend or family needs help with a foreclosure issue, please visit Avoiding Foreclosure in SC.
As you are going thru the steps to becoming pre approved, I would suggest visiting my website to see SC Homes for Sale and just browse the MLS. See how much money people are asking for different homes. Also check out the educational articles at the bottom of the home page. Educate yourself so you are a empowered home buyer.

If you have any questions please do not hesitate to call or email me. I am always ready to try to help answer your housing questions. ]]> Mark Brian http://www.city-data.com/blogs/blog10694-how-much-home-can-you-afford.html http://www.city-data.com/blogs/blog10692-big-day-employment-situation.html Fri, 06 Nov 2009 15:22:49 GMT The prices of mortgage backed securities moved slowly but steadily higher yesterday following some good news on productivity and labor costs. The productivity report showed that our workforce is... The prices of mortgage backed securities moved slowly but steadily higher yesterday following some good news on productivity and labor costs. The productivity report showed that our workforce is producing goods at a much higher pace which helps keep wage based inflation in check. A few lenders that were conservative on pricing in the morning did reprice for the better as the gains held through the close.

Before we get into today’s data, I want to give a quick update on the First Time Home Buyer Tax credit. Two days ago the Senate passed a bill extending the credit and yesterday the House of Representatives also passed the bill extending the tax credit through April 30th. All that is needed now is for President Obama to sign into law which he is expected to do today.

Onto the data….today is Employment Situation day. Once a month, the U.S. Department of Labor releases a report showing the number of jobs lost or created in the prior month and the official unemployment rate for our country. Included in this report is a measure on workers incomes by showing the monthly change in hourly earnings and work week. Since our nation’s economy is driven by consumer spending, market participants want to know how many people are out of work. Higher unemployment leads to less consumer spending and smaller corporate profits which isn’t good for the stock market. Recent reports have shown the jobs sector improving but our economy is still losing jobs on a monthly basis but at a slower pace.

The report indicates that the jobs outlook worsened in October. The number of jobs lost came in higher than expected at -190,000 and the unemployment rate moved much higher than expected into double digits for the first time since the early 80’s to 10.2%. Economists had expected a loss of 175,000 jobs and a unemployment rate of 9.9%. Last month’s figures on job losses was revised better than first reported to a loss of 219,000 from -263,000. Since the number of jobs lost and the unemployment rates both came in higher than expected, this is positive for MBS.

The average hourly work week held steady at 33.0 hours but of some concern to the fixed income market is the average hourly earnings. Economists had expected a 0.1% increase but the report showed hourly earnings moving 0.3% higher. This could spark concerns with wage based inflation which is one of the biggest worries of fixed income investors. However, with the unemployment rate over 10% and productivity posting large gains, wage based inflation should be of very little concern.

Immediately following the release of today’s data, MBS have continued to move higher which should allow for better rate sheets this morning. Early reports from fellow mortgage professionals are indicating that the par 30 year conventional rate mortgage has moved lower to 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. If you are seeking a 15 year term, you should expect a par rate between 4.25% to 4.50% with similar closing costs.

MBS continue to hold in the middle of the recent trading range. Since the Employment report was friendly to the fixed income sector, I would recommend that you float over the weekend especially if you have a couple weeks until your closing. However, we are seeing better rates this morning so nothing wrong with locking today and taking advantage of the improvement. Once you lock you remove all risk of higher rates and you might just sleep better.

I hope everyone has a wonderful weekend. ]]> VictorBurek http://www.city-data.com/blogs/blog10692-big-day-employment-situation.html