Archive

Archive for September, 2011

Weekly Primary Mortgage – September 29, 2011

September 29, 2011 Leave a comment
Regional Breakdown 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.01 % 3.28% 3.02 % 2.83 %
Fees & Points 0.7 0.7 0.6 0.6
Margin N/A N/A 2.74 2.76

From Freddie Mac

Dave & David Warner

FacebookLinkedInTwitterWordPress
Advertisements

Case Schiller Price Index Report – September 27,2011

September 27, 2011 Leave a comment

Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights the Case-Shiller Home Price Index.

  • This morning’s economic data shed little new information on the economy or housing market.
  • Home prices rose 0.9% from June to July, the 4th consecutive month of price growth in the Case-Shiller home price index.  However, while prices were up for the month, they remain 4.1% down relative to July of 2010.  That gap declined from the 12-month change of 4.4% as measured in June, suggesting a tentative move toward price stabilization.
  • On a non-seasonally adjusted basis, eighteen of the twenty metro areas tracked by the Case-Shiller index rose from June to July.  Detroit experienced the strongest gain of 3.8%, but Minneapolis was close with 2.4%.  Compared to last year, Detroit and Washington, DC were the only areas with a positive year-over-year growth in prices.  The Case-Shiller index incorporates data for the three months of May, June, and July so this month’s reading does not yet reflect the more recent price trend that showed up in NAR’s release of August price data last week.
  • Consumer confidence improved modestly this month after August’s sharp decline.
  • Consumers’ outlook on the current situation dipped slightly, while consumers’ outlook for the future rose modestly.  Uncertainty caused by concerns of the spreading banking crisis in Europe along with Congressional inaction on the budget and the sharp revision to GDP growth in the first half of the year sent the stock markets tumbling in early August and consumer confidence crashed.  Subsequently, little has changed on any front as concerns about Greece have caused stock indexes to gyrate, Congress passed-off the budget deadlock to be decided later by a special committee, and the economy remains weak.
  • Home prices as measured by the Case-Shiller index showed a modest improvement in the gap from last year’s prices.  As the market moves into fall, year-over-year measures will steadily improve as price weakness developed at this time in 2010.  However, anecdotal accounts suggests that many of the large banks and servicers have resumed processing homes in foreclosure.  As a result we may see more bank-owned homes for sale which carry a large discount relative to the market.  These sales, though necessary to reduce the shadow inventory and heal the battered mortgage lending industry, may weigh on prices, offsetting the gains relative to last year’s post-tax credit weakness.  This price weakness may add one more layer to weigh on consumer confidence.  Historically, consumer spending has been the driver of economic growth.  Weak consumer confidence will constrain spending and the economy until consumers feel more assured in the economy and job growth.

Thank you NAR….http://economistsoutlook.blogs.realtor.org/2011/09/27/daily-economic-update-case-shiller-price-index-2/

Dave & David Warner

FacebookLinkedInTwitterWordPress

Hot Fishing on the Middle Provo Yesterday

September 26, 2011 1 comment
Callwarner.ft@gmail.com

1 of about 20 awesome trout caught yesterday

A lot of big fish hitting now that it is fall.  The smallest were around 14 inches up to 22 inches!
David

JUST LISTED – MARWOOD

September 22, 2011 Leave a comment
Categories: Uncategorized

JUST LISTED- MALVERN

September 22, 2011 Leave a comment
Categories: Uncategorized

JUST LISTED – MALVERN

September 22, 2011 Leave a comment
Categories: Uncategorized

Summary of Weekly Mortgage Rates – September 22, 2011

September 22, 2011 1 comment
Regional Breakdown 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.09 % 3.29% 3.02 % 2.82 %
Fees & Points 0.7 0.6 0.6 0.6
Margin N/A N/A 2.74 2.76