Rates
Yeah China, well kind of. The Chinese Central Bank on Tuesday devaluated their Yuan or their currency.
This means they said that their currency was worth 1.8% less on Tuesday and Monday.
A quick scenario.
Today $1.00 = 6.39 Yuan, so if you bought a Chinese toaster today it would cost you $9.82, but if you bought that toaster last Monday it would of cost you $10.00.
China devalued their currency to make their stuff cheaper for the US, in retro, if you are over in China and need a new iPhone, on Monday that iPhone was $650.00, but today it is $661.70.
This move caused mortgage rates go down, pretty nice, but it was very short lived, but the end of the day, the Chinese government was propping up their currency, probably because the rest of the world was calling them as asking what is up.
This new “currency war” could forestall the Federal Reserve’s rate increase that is anticipated in September, mainly because this currency manipulation could hurt the US economy, and some talking heads indicated that if China continues to do this it could though the US into a recession???
Wednesday, Thursday and today, rates increased based on economic news and the fact that China kind of reversed course.
Most of the US economic news this week was pretty good, showing the economy clipping along, and once again give sense that the Fed will increase rates in September.
Lock them, the next 8 weeks is going to be a very wild ride, with traders looking at ever little piece of data, trying to 2nd guess the Fed. Rates are increasing and come September the questions is not by how much but by how fast will they go up.
Canyon County Recorders office
I was just informed yesterday that unlike Ada County, where as you can record your Deed of Trust up until 4:59 PM, Canyon County only records Deeds of Trust until 4:30 PM.
This means if title companies don’t get their stuff to Canyon County by 4:29, someone is not going to get their home that day.
CE Class
My totally AWESOME Continue Education Class on the New TIL/GFE/HUD is available!!!
Yes, have to charge for it, but only $10, and ALL proceeds will go to ACAR Charity Fund.
RESPA determined FREE CE class are a VERY BAD thing for Realtors.
Link to class here: https://www.titleonecorp.com/productsandservices/continuinged_registration.aspx?class=172
Couple of new Web Site for GREAT Information:
How to protest a low appraisal: http://www.375loan.com/resources/appraisal_reconsideration/
How to get Social Security Award letters: http://www.375loan.com/resources/social_security_award_letter/
Lead Generator for Today
Have you reminded all of your relatives that you are a Realtor?
Time to send out some post cards to relatives and close friends!
What you say, your relatives live out of state and you can’t sell homes, say in California, well that is correct, but you sure and heck can get a referral fee!!!