Friday, May 8, 2009

Mortgage news update

Here is the latest Mortgage News Update for May. Don't forget to ask about the USDA Rural loan offered in Ramona with 0% down. I just closed one of those loans.
Happy Friday everyone~

Mark Twain said, “If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed.” If one read the newspaper lately, you’d have seen that it's getting pretty crazy; we're bailing out Wall Street, we're bailing out banks, we're bailing out car companies...In fact, there was a special box on your tax form this year you could check if you want a portion of your taxes to actually go to running the government.

If you have not heard about the new legislation that was put into effect May 1 ,here is a little info.
This video seems to tell the story pretty HVCC:
One agent wrote to me and said, “Every legislator should be required to refinance their home to stimulate the economy and use an HVCC appraisal - I think they would understand how convoluted the process is.

The HVCC will be responsible for taking a minimum of 10% more "value" out of the market with the poor quality.” Let’s hope that maybe 10% could be added to the market for the same reason.

Yesterday the market learned that the Chicago Purchasers’ April Index Increased to 40.1, the highest level since September, from 31.4 the prior month. (Anything below 50 is a contraction.) Is the recession beginning to ease? Especially if one looks at consumer confidence and home sales, for what they’re worth, maybe. And if we come out of recession, does that lead to higher rates? Perhaps, and currently the market seems to believe so, although it is difficult to figure out if the higher rates are due to supply by the Treasury or by the economy improving. (The US sold $101 billion this week, and is slated to do another $71 billion next week.) Treasury prices fell, and rates increased, for a 3rd straight day yesterday (and we could be there again today) and April may have the largest price drop since January. The yield on the 10-yr hasn’t been this high since around Thanksgiving. Stocks, however, seem to have had their biggest monthly gain in 9 years!
Jason DeLeo

San Vicente Mortgage Corporation
1312 Main St
Ramona Ca 92065
619-931-1758 fx

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