RECENT BLOG POSTS
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It's still early, but the Bond is down 50 Bp for the day and 12 since pricing came out. If you have a signed contract, it may be best to lock for the short term before we get hit with a re-price for the worse. I will talk about it more in the daily bond report today. Karl Menzer
05/28/2008
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Tuesday, May 27, 2008 Since pricing came out this morning the bond is down 4 Bp. The negative there is that it is down 31 Bp since the market opened. This means that most of the damage done to rates happened before lenders came out with rates. In short, if the loan wasn't locked Friday, it may be...
05/27/2008
THE JOB MARKET Weekly Jobless claims were down 6,000 from the previous week. A good drop in numbers but with 365,000 NEW claims filed in a week we are still a long way from recovery. The 4 week average is up 72,250 from a year ago. With Companies like Ford Motors looking to lay off more employees...
05/23/2008
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With the number of foreclosures on the rise, it is inevitable to know of at least one person who has received a NOD (notice of default) and is in serious risk of foreclosure. I know of at least 2, one of which is less than 5 days from the courthouse steps. With guidelines tightening up, we have s...
05/23/2008
Friday, May 23, 2008 Existing home sales fell 1% with the largest portion coming from condos. This is a real strong indicator that 1st time homebuyers have been hardest hit by guideline changes or have been spooked by the media. Median home sales also dropped 8%. Although housing inventories are ...
05/23/2008
The big fear of oil has calmed down for the moment. This morning investors woke up to $135 a Bbl in overnight trading. Oil has since retreated back to the $130. The 2 big market movers today are unemployment home prices. Unemployment beat estimated by a mere 5,000 last month, but it was enough to...
05/22/2008
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Wednesday, May 21, 2008 Last week mortgage applications fell 7.8%, with purchases falling to a five year low of -6.9%. Oil is fast approaching $132 a Bbl today, putting a hard hammer to both the Bond and Stock market. The minutes from the last Federal Open Market Committee are released this afte...
05/21/2008
It's another rodeo ride for the bond market today. The biggest market news is OIL (again), and it's push to the $130 mark. Economists' have been predicting $200 a bbl by year's end and it is starting to look like it may happen. Anyone have a Moped for sale? The Labor department's Producer Price I...
05/20/2008
Friday, May 16, 2008 When I first saw the layout to our new home I thought "how smart to have the laundry on the second floor", then I moved a washer and dryer. Now all I think is "OUCH!!!" The market is much nicer than that today. With most economists feeling that the mortgage mess and home sal...
05/19/2008
Friday, May 16, 2008 Big moves yesterday... for me that was. Moving can be a pain both physically and mentally. Today though, FHA Repealed their declining market rule they put into effect last December that required homebuyers to pay a larger down payment in "declining markets". Housing starts ...
05/16/2008