Shannon Odom's (smodom) Blog

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Mortgage and Lending - Northeast Bank - NMLS ID 509649
RECENT BLOG POSTS
Mortgage rates have been falling since April but that momentum could reverse tomorrow. The Bureau of Labor Statistics releases the July jobs report at 8:30 A.M. ET Friday. With a stronger-than-expected reading, mortgage rates should rise, harming home affordability in Maine. Jobs are a keystone i...
08/05/2010
The Pending Home Sales Index failed to rebound from a cliff-dive in May, falling by another 3 percent more in June.  The index remains at record-low levels. A “pending home sale” is a home under contract to sell, but not yet closed. The data is culled from local real estate associations and large...
08/04/2010
The fiscal responsibility of a homeowner — in Bangor and everywhere else — extends beyond the mortgage’s basic principal and interest repayments. Homeowners are also responsible for the real estate taxes on the home and its insurance premiums, too. Failure to pay taxes can lead to foreclosure, an...
08/03/2010
Mortgage markets improved last week, pushing mortgage rates lower for the 6th time in seven weeks.  Since April, rates in Maine have been on a downward path, spurring refinances in most markets and sparking the start of a Refi Boom. Last week, 3 key stories played a role in falling rates: Demand...
08/02/2010
No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history.  The news is everywhere. Just check out some of these headlines from the last 24 hours: Mortgage rates set new lows for the 6th straight week (Reuters) Mortgage rates fall again; 30-year fixed at ...
07/30/2010
For the second consecutive month, U.S. consumer confidence is plunging. July's official reading is its lowest since July of last year and the figures run in stark contrast to just two months ago, when the index touched a multi-year high. According to The Conference Board, July's figures are refle...
07/29/2010
Standard & Poors released its Case-Shiller Index Tuesday. On a seasonally-adjusted basis, between April and May 2010, home prices rose in 19 of Case-Shiller's 20 tracked markets.  It's the second straight month of strong Case-Shiller findings. Also, May's numbers are a mirror-image of February's...
07/28/2010
After a down month in May, the sales of newly-built homes appears back on track. As published by the Census Bureau, June’s New Home Sales report showed: A 24 percent sales volume increase from the month prior A 2-month drop in the supply of newly-built home There are now just 210,000 new homes f...
07/27/2010
Mortgage markets worsened for the first time in 6 weeks last week. Investors were pleased with corporate earnings reports and the European bank stress tests results.  Stocks gained on the news, and bonds lost. Mortgage rates rose last week, but only slightly. Rate are still hovering near their lo...
07/26/2010
Consistent with most post-home buyer tax credit housing news, the National Association of Realtors® says Existing Home Sales eased lower last month. An "existing home" is a home that cannot be considered new construction. The 5 percent drop in sales from May to June was expected, but a closer loo...
07/23/2010
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