Rates
Rates remained pretty flat today with only some very small improvements. With the stock market now cooling down, and everyone predicting a correction, money has been again flowing back to the bonds.
China has also been in the news, with some worries that their economy is showing signs of more slowing. And then Europe also in another recession.
These two items were the main news this week, causing stocks to halt. Gold also took a dump this week, so people had to put there money somewhere, and it looks like it was into cash and bonds.
April’s Philadelphia Fed index was expected to be 3.3% came in at a 1.3%. This is the growth in this specific area, where much of the US manufacturing is. So having slow growth here is a sign of the US economy.
Consumer Price Index, or inflation at the consumer level was only up 0.1%, still showing that inflation is non-existent, and some talking heads are still seeing deflation, which would not be good.
March housing permits, estimated to be up 1.4% were up 7.0% another huge number for the housing industry.
Rates are at their 3 month low for the year, lock them here. Chances of them going lower to the October levels are a little slim.
Ada County Stats
ACAR is reporting that March’s sales y/y increased 4.3% and $ volume increased 32.6%. WOW.
Also average days on the market have fallen to 67.
New homes sold increased by 49%.
Distressed homes were only 18%, down 5% from last year.
And Median home price was up 22% and Median new home price was up 24.9%
All are extremely GREAT news for the housing market, that is unless you were hoping to pick up one of the $80,000 short sales, that was soooo 2011.
100% financing
Every week I get people calling me up, asking why there isn’t any 100% financing available. And I say to them.
THERE IS 100% FINANCING AVAILABLE!
Rural Development is 100%
VA is 100%
IHA Conventional is 97% and then they will do a 2nd mortgage of 3% = 100%
IHA FHA loan is 96.5% and then they will do a 2nd mortgage of 3.50% = 100%
And while we are on 100% financing….
3 year past Foreclosure or Short Sale, TIME TO BUY A NEW HOME!
Yes you heard me right, just closed a loan on Monday, clients were 3 years and 1 month out of a foreclosures.
FICO scores were 693
Debt to Income was 44%
The went FHA, 96.5% 1st loan at an incredible 3.25% and got a IHA 2nd mortgage of 3.50% for their down payment at a 5.25%.
Seller paid closing costs, clients had to bring in $500 of their own money, and they are sitting in their new CBH home right now!
Time to contact all those people who FC or SS since 2007 and get them a home!!! YES that is right, if they FC or SS 4/19/2010 or later, they can BUY!