Rates

Well kind of a slow week, not much in any type of news has come out.  But let's look at rates:

Rates have pretty much kept flat for the last 5 days, all thanks to Spain.  Spain is the 3rd largest economy in the EU, and like most countries, has very high unemployment and has to sell bonds to finance their economy.

We always hear about the US, and sure we have lots to debt, but that is nothing compared to other countries.

So Spain with 23% unemployment, and huge budgets, is needing to sell bonds to keep their government going.  Well no one is buying their bonds, similar to what happed to Greece, so they are continue to purchase US Bonds, thus bring interest rates lower.

And although rates continue to stay low, technically they should start rising, but you gotta love PIIGS!

Rural Developement

Hot off the press, RD is no longer requiring appraisal inspection on Refinances.  This is a change in policy from Last year when they required.

Politics

I try not to get into politics, But Mitt Romney wants to get rid of HUD.  Yeah right like that is going to happen!

Real Estate Numbers

Well the perfect storm has arrived, a shortage of housing on the market, Builder are going bonkers, most have written more contracts last month than they did all year!  And prices are going up.

If you have anyone on the fence post, tell them they should of bought last year!

Law Expiring

Don't forget, unless Congress intervenes, the Mortgage Debt Relief Act will expire 12/31/2012.  Which means anyone who does a short sale or foreclosures, and it closes after 12/31/2012 could potentially have one HUGH tax bill.