WEEK IN REVIEW

Volume 16, Number 24 Economic Highlights for the Week Ending June 25, 2010 MONDAY, June 21st The People's Bank of China announced over the weekend that it will end the yuan's peg to the dollar allowing the exchange rate increased flexibility. The announcement came a week before the G 20 summit in Toronto where China was expected to face criticism for undervaluing the yuan. As the yuan rises gradually, more expensive imports from China would result in inflation here and abroad. There is also speculation that China could substantially reduce its purchases of U.S. Treasuries. Inflation combined with softer demand in the bond market would lead to much higher interest rates. TUESDAY, June 22nd Existing home sales declined 2.2% in May to an annual rate of 5.66 million units, compared to expectations for a large increase to a rate of 6.20 million units. Existing homes sales are tallied when the transaction closes so economists were expecting a significant lift in the number of closings in May that would have been driven by the tax-credit. As of this date, contracts that were signed by April 30 need to be closed by June 30 to qualify buyers for the tax credit, although Congress is considering an extension of the closing deadline. The pullback in existing home sales was expected but not this soon. Hopes are that the pullback will be minimal and that sales gains will be back in the next few months. WEDNESDAY, June 23rd The MBA mortgage applications index fell 5.9% to 621.2% for the week ending June 18. The purchase index slipped 1.2% on the week as the refinance index tumbled 7.3%. Contract mortgage rates fell with the 30-year fixed rate down 6 basis points to 4.75%. Because of sub-5.0% interest rates refinancing applications have increased 51.5% since the end of April despite last week's decline and account for nearly 74% of all applications. New home sales declined 32.7% in May to an annual pace of 300k, the lowest level on record since the data started being tracked in 1962. No doubt the expiration of the homebuyer tax credit on April 30 impacted May sales to the downside. The housing market in total needs the solid fundamentals of economic, job and income growth to take over where tax incentives left off. The recovery’s progress remains slow so it could be some time before strong demand returns. The FOMC maintained the target for the fed funds rate at a level of 0% to 0.25% at the conclusion of their two-day policy setting session today. Given slow improvement in the economy and subdued inflationary pressures, policymakers believe they will keep the target low for an extended period of time. The FOMC would like to see some staying power in the recovery, further job growth and lower unemployment before removing accommodative monetary policy. It could be next year before the Fed begins raising rates. THURSDAY, June 24th Jobless claims fell 19k to 457k for the week ending June 19. Even with the drop last week, initial claims for unemployment insurance remain stubbornly high indicating a slump in recent labor market improvements. These data suggest another disappointing employment report for June. FRIDAY, June 25th The consumer sentiment index rose to 76.0 in June from a reading of 73.6 in May. The current level of sentiment, while improved, does suggest that consumers remain cautious. An optimistic index level of 100 or more will likely come when robust job creation returns and home prices stabilize. GDP was revised in the third and final estimate to show a growth rate of 2.7% in the first quarter, down from an earlier estimate of 3.0%. Details in the data suggest the quarter ended on a weak note. Economic releases so far in Q2 suggest that economic growth will be close to the Q1 pace of 2.5% to 3.0%. Stock Market Close for the Week Index Latest A Week Ago Change DJIA 10143.81 10450.64 -306.83 or -2.94% NASDAQ 2223.48 2309.80 -86.32 or -3.74% WEEK IN ADVANCE With the economic recovery largely dependent on job creation, the June employment report due out on Friday becomes all the more important to the outlook. The data in the coming week is expected to show some cooling in economic activity in June with a 120k net decline in payrolls. Key Interest Rates Latest 6 Mos Ago 1 Yr Ago Prime Rate 3.25 3.25 3.25 Fed Discount 0.75 0.50 0.50 Fed Funds 0.15 0.12 0.24 11th District COF 1.825 1.259 1.380 10-Year Note 3.11 3.76 3.63 30-Year Treasury Bond 4.07 4.61 4.38 30-Yr Fixed (FHLMC) 4.69 5.05 5.42 15-Yr Fixed (FHLMC) 4.13 4.45 4.87 1-Yr Adj (FHLMC) 3.77 4.38 4.93 6-Mo Libor (FNMA) 0.75188 0.48813 1.2400 Sources: IBC' s Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco Upward pressure on interest rates Downward pressure on interest rates No pressure to change interest rates News worthy

 

Inside Lending Newsletter From Theron Wall

 

 

visit my website     email me now Theron Wall Branch Manager 3615 Crossings Dr, Suite A Prescott, AZ 86305 Phone: (928) 778-7167 Mobile: (928) 533-7473 Fax: (928) 445-5308 For the week of June 28, 2010 – Vol. 8, Issue 26 >> Market Update  INFO THAT HITS US WHERE WE LIVE  Last week May existing home sales came in UP 19.2% over a year ago. Nonetheless, after beating expectations three months in a row, monthly sales fell short of the gain expected, off 2.2%. But the months' supply of existing homes dropped from 8.4 to 8.3 months, as inventory slid to 3.89 million homes. And the median price is rebounding, UP 2.7% over last year. Finally, the April FHFA home price index was UP 0.8% for homes financed with conforming mortgages. May existing home sales came off as disappointing because experts predicted a sales gain after the homebuyer tax credit ended. We saw spikes in February, March and April in pending home sales, which track signed contracts. Clearly many of these have not yet closed so they can be counted as sales. Analysts now expect these gains to show up in June. There's no question the tax credit encouraged people to buy earlier than they would have. But, overall, home prices, mortgage rates and inventory declines continue to be encouraging signs in the housing market. May new home sales fared worse, dropping 32.7%, to a 300,000 annual rate. This was also seen as fallout from the end of the homebuyer tax credit. But April's 446,000 annual rate indicates the real trend is probably in between, around 375,000, which some analysts feel is enough for builders to move the homes they're starting. Builders can also take consolation in the fact that the new homes inventory is at 213,000, its lowest level in forty years. >> Review of Last Week ONE OUT OF THREE... Stocks suffered their first off week in three, mostly because investors chose to fret over economic data, Fed speak that didn't meet their expectations and new banking regulations coming out of Washington. In the end, the financial legislation that got through Congress was less harsh than anticipated, which lifted bank stocks and the whole tone of Friday's trading session, although all three stock market indexes ended down for the week. But on the economic front, investors wouldn't budge from their worries. May's existing and new home sales didn't meet forecasts, so the positive data in those reports was ignored. Similarly, after the FOMC meeting, Wall Street focused on the changes to the Fed's policy statement that sounded less upbeat. Example: the economic recovery is now "proceeding" instead of "continued to strengthen." Investors skipped over the good news the Fed will continue to keep the funds rate at 0%–0.25% for an "extended period." And there was other good news. The mid-Atlantic region's Richmond Fed index was +23 for June, showing rapid growth in manufacturing. Shipments of core capital goods are UP 16.5% annually in the last three months, one of the biggest gains in 20 years! And capital goods orders are ahead of shipments for the third month in a row. Finally, real Q1 GDP was revised down to 2.7% annual growth, but this is still a very good number in light of the economically damaging record East Coast snow storms. Q1 corporate profits were UP 36% annually, which should spike both investment and payrolls going forward. For the week, the Dow ended down 2.9%, to 10143.81; the S&P 500 was down 3.7%, to 1076.76; and the Nasdaq was also down 3.7%, to 2223.48. Some of the week's economic data certainly helped bonds, as did the sliding stocks that sent investors scurrying for safe havens to park their money. This benefited bond prices, so the FNMA 30-year 4.0% bond we now follow did well, UP nicely for the week, ending at $100.81.  It's no surprise that Freddie Mac's weekly survey reported national average mortgage rates holding near record low levels. >> This Week’s Forecast INFLATION, PENDING HOME SALES, JOBS... We'll have the important PCE inflation reading today, which is expected to remain benign. The week also features the Chicago PMI and the ISM Manufacturing Index, which should continue to show recovery in manufacturing. Thursday gives us May Pending Home Sales, which are expected to decline after the end of the homebuyer tax credit. The big news will be Friday's June Employment Report. Experts see some job losses after last month's gains, but the unemployment rate should remain under 10%. We'll then have our long holiday weekend -- Happy Fourth of July! >> The Week’s Economic Indicator Calendar Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates. Economic Calendar for the Week of June 28 – July 2  Date Time (ET) Release For Consensus Prior Impact M Jun 28 08:30 Personal Income May 0.5% 0.4% Moderate M Jun 28 08:30 Personal Consumption Expenditures (PCE) May 0.1% 0.0% HIGH Tu Jun 29 10:00 Consumer Confidence Jun 62.0 63.3 Moderate W Jun 30 09:45 Chicago PMI Jun 59.0 59.7 HIGH W Jun 30 10:30 Crude Inventories 6/26 NA 2.02M Moderate Th Jul 1 08:30 Initial Unemployment Claims 6/26 458K 457K Moderate Th Jul 1 08:30 Continuing Unemployment Claims 6/19 4.510M 4.548M Moderate Th Jul 1 10:00 ISM Manufacturing Index Jun 59.0 59.7 HIGH Th Jul 1 10:00 Pending Home Sales May –10.5% 6.0% Moderate F Jul 2 08:30 Average Workweek Jun 34.2 34.2 HIGH F Jul 2 08:30 Hourly Earnings Jun 0.1% 0.3% HIGH F Jul 2 08:30 Nonfarm Payrolls Jun –100K 431K HIGH F Jul 2 08:30 Unemployment Rate Jun 9.8% 9.7% HIGH   >> Federal Reserve Watch    Forecasting Federal Reserve policy changes in coming months  The Fed made it clear last week they will most likely keep rates low for the remainder of the year. Most economists believe that will be the case. Note: In the lower chart, a 1% probability of change is a 99% certainty the rate will stay the same. Current Fed Funds Rate: 0%–0.25% After FOMC meeting on: Consensus Aug 10 0%–0.25% Sep 21 0%–0.25% Nov 3 0%–0.25% Probability of change from current policy: After FOMC meeting on: Consensus Aug 10      2% Sep 21      3% Nov 3      9%   This e-mail is an advertisement for Theron Wall. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice, or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy.. The material does not represent the opinion of Wallick & Volk Mortgage. BK 0018295 This

 

Economic Roundup: June 28, 2010

In the News Still buoyed by the federal tax credit, sales of existing homes in May continued to perform at a healthy pace, but were slightly down from April, the National Association of REALTORS® reported last week. Performance was a mixed bag, depending on region, with the West and South enjoying gains while the Northeast and Midwest showed steady performance.   Overall, sales of existing single-family homes, townhomes, condominiums and co-ops in May were at a seasonally adjusted annual rate of 5.66 million units, which was down 2.2 percent from April's upwardly revised surge of 5.79 million. In comparison to last year, May's closings were 19.2 percent higher than May 2009's sales of 4.75 million units.   NAR's statistics for June's existing home sales, once tallied, could continue to benefit from the lingering effects of the tax credit, according to Lawrence Yun, NAR's chief economist.   "We are witnessing the ongoing effects of the home buyer tax credit, which we'll also see in June real estate closings," Yun said last week. "However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales."   On the opposite side of the spectrum, sales of new single-family homes for May plunged by a precipitous 32.7 percent, ringing in 300,000 units, compared to April's revised rate of 446,000 units, according to data released last week by the Census Bureau. May's sales were even 18.3 percent below May 2009's sales of 367,000.   All in all, May was the slowest month for new home sales in 47 years. The news completely flummoxed real estate analysts, who were expecting to see a drop for May due to the end of the new home buyer tax credit, but nowhere near a third.   The drop in sales volume for May was accompanied by an improvement in price performance. For existing home sales, the national median price was $179,600, slightly up from April's median of $173,100. Similarly, the median sales price for new houses sold in May was $200,900, compared to April's median of $198,400.   This week's financial news will include stories on personal income and spending (June 28) from the Bureau of Economic Analysis; consumer confidence (July 1) from the Conference Board; car and truck sales (July1) from the auto manufacturers; payrolls and the average workweek (July 2) from the Bureau of Labor Statistics; and construction spending (July 1) and factory orders (July 2) from the Census Bureau.

 

Equal Housing Lender. � 2010 W.J. Bradley Mortgage Capital Corp., 201 Columbine Street Suite 300, Denver, CO 80206. Phone #303-825-5670. Trade/service marks are the property of W.J. Bradley Mortgage Capital Corp. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida Mortgage Lender license #ML.100000098; Georgia Residential Mortgage Licensee, License No. 20233; ID Mortgage Broker License No. MBL-2803; IL Residential Mortgage Licensee – License #MB.6760738, 201 Columbine Street, Suite 300, Denver, CO 80206; MI First Mortgage License No. FL0011392; Mississippi Mortgage Lender License #4298/2009; MN Residential Mortgage Originator License No. 20447094; MO Residential Mortgage Loan Broker License #10-1841, 1065 Executive Parkway, Suite 205, Creve Coeur, MO 63141; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker- License No. MB001365; OR Mortgage Lender License No. ML-776; TN Mortgage Company Registration Certificate No. 3629; TX Mortgage Banker Reg. No. 74182; UT Mortgage Lender Company License No. 5495659-MLCO; Vermont Broker License #0995MB; Vermont Lender License #6141; WA Consumer Loan License No. 520-CL-42624; Wisconsin Mortgage Banker License No. 699991.

 

 

Dan Shaw's Market Update 6.25.2010

Well the hits just keep on coming!

One business item before we get started is that there is a common misconception out there that Rural loans are out of money. I am still funding rural 100% loans! Many areas around us still qualify! This is always a great home loan for first time buyers as there is no monthly mortgage insurance.

 

Now back to the news. Fannie Mae announced today that they are implementing a new waiting period of 7 years after a foreclosure before the borrower can obtain a loan. They have also put in place waiting periods for 1) deed in lieu of foreclosure, 2) preforeclosure sales and, 3) short sales. The waiting period on these situations is 2 years for an 80% loan, 4 years for a 90% loan and 7 years for all other lending.

 

That folks, is not loosening up money! Now we have a Financial overhaul bill which is rapidly marching its way to the Presidents desk. Do these guys ever take their time and research before they pass a bill? Well the following is a continuation of my last market update and outlines some pretty frightening facts about banks that could really be effected(put out of business) by the new Financial overhaul bill.

 

Last we talked I had told you about the foreclosures and how bank and mortgage pools are piling up the bodies in modification programs, hoping the market turns before they have to foreclose and put the home on their books. Banks are not seeing the help from the government that they were hoping would come.

 

Just to refresh……In April over 12% of all U.S. mortgages were delinquent, but only 3% of mortgages nationwide were in foreclosure. And now for the rest of the story…….

The Federal Home Loan Bank of San Francisco - the largest of 12 regional Federal Home Loan Banks, which are owned by community and other area banks and that make loans to their member banks from the pooled capital of their stockholding members - is in big trouble.

In a stunning revelation, which resulted from the San Francisco Home Loan Bank suing to force Wall Street dealers to repurchase $20 billion of mortgage-backed securities they claimed were sold to them based on "materially untrue and misleading statements," the Home Loan Bank had to identify the securities on its balance sheet.

Interestingly, while the San Francisco Home Loan Bank was suing because of huge losses claimed on the purchased securities, it was actually carrying those same securities on its books as if most of them would pay off in full. The San Francisco bank predicted credit losses on the $20 billion portfolio of $688 million, or about 5 cents on the dollar.

But according to Espen Robak, president of Pluris Valuation Advisors LLC - which analyzed the Bank's books on behalf of American Banker (magazine) and determined that the losses would more likely be in the $5 billion range - "the bank here has a highly aspirational view of what things are worth."

If the losses are real and realized, they would wipe out the bank's retained earnings, breaking the $100 par value of the bank's stock held by its members and preventing it from paying dividends to members. Additionally, it would make impossible the return of nearly $5 billion in capital stock that's likely being counted on by needy members.

What's happening at the San Francisco Home Loan Bank is obviously not an isolated case. The greater question is this: How many other banks are "mis-marking" the assets on their balance sheets, meaning they will face a continued erosion of those assets if a continued deterioration in the U.S. housing market causes housing prices to tumble further.

There is only one solution to this and that is creating jobs. I still believe that people want to own homes. And If they have the opportunity to do so, they will buy a home. The US economy will continue to reel until our government takes serious action.

But the good news is we are still lending, and I have lot loans, manufactured housing, great jumbos, HELOCS, FHA’s, VA’s, etc. And I have done them all, so should you need a loan for a customer, please give me a call and it will be much appreciated.

Thanks and have a great weekend.

 

 

 

 

Dan Shaw

 

 

928.710.9146 cell

480.248.1199 fax

dshaw@peoplesmortgage.com

 

Inside Lending Bulletin From Theron Wall- FHA Reform ACT of 2010

 

 

visit my website     email me now Theron Wall Branch Manager 3615 Crossings Dr, Suite A Prescott, AZ 86305 Phone: (928) 778-7167 Mobile: (928) 533-7473 Fax: (928) 445-5308 June 24, 2010 Inside Lending Bulletin The Senate is preparing to pass FHA Reform ACT of 2010. It has some good features that will improve mortgage financing; however, it also contains a very concerning mortgage insurance increase proposal that could have detrimental effects on the housing market. The proposed increase of FHA's annual mortgage insurance premium from 0.55% to 1.55% would reduce a homebuyer's purchasing power. Here's why: FHA's current annual premium is 0.55% (up from 0.50% just two months ago in April). A proposed 1.55% annual premium would have huge negative impact. For example, a borrower's monthly mortgage insurance premium on a $250k loan amount would be $115/mo. A 1% increase would raise the monthly mortgage insurance to $323 per month! This bill has been passed by the House and is headed to the Senate for passage. Please click the link below and tell your Senator to say NO! http://www.usa.gov/Contact/Elected.shtml Thanks! This e-mail is an advertisement that was sent to you because of your relationship with Theron Wall. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is the property of Wallick & Volk Mortgage and cannot be reproduced for any use without prior written consent. Wallick & Volk Mortgage is an Equal Housing Lender. BK 0018295

 

Market Update - foreclosures

 

Well Happy mid June all! I cannot believe how quickly this year has flown by. I would really like to fast forward a year or two, to where the analysts all believe the market makes a turn around, because this month to month stuff is wearing on me! I am asking for your business.

 

According to the latest reports on the U.S. housing market 96,400 homes were hit with default notices last month. That is 7% less than in April and 22% less than in May 2009.

132,680 first time property(not properties recycled through the process) foreclosure auctions were scheduled last month. That is 4% fewer than the month before and 16% fewer than in May a year ago.

Foreclosure filings of all types - default notices, scheduled auctions and bank repossessions - were reported on 322,920 U.S. properties in May, a decline of 3%. All told, this latest report seems to have painted a picture of a gentle and steady recovery for the embattled U.S. housing market. This is where you say, gee Dan that all sounds great!

Not so fast!

 

Actual bank repossessions hit a record 93,777 in May which is a 1% increase over April’s record. It is also a huge 44% increase from the same month a year ago.

 

Here's another stunning stat:… All 50 states are reporting year-over-year increases in bank repossessions! Yikes!

 
Lenders are attempting to work through a backlog of distressed properties that have built up over the past 20 months. Defaults and scheduled auctions combined increased by 28% percent from 2007 to 2008 and another 32% from 2008 to 2009, creating a build-up of delayed bank repossessions. Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed."

The larger problem is that millions of delinquent loans are still on banks' books and in mortgage pools. Banks seem unwilling to take more write-downs or to incur the high cost of maintaining repossessed homes. So they have taken to hiding behind federal and state government-foreclosure moratoriums and a host of modification programs designed to keep borrowers in their homes. Some of you will remember my quote from my DC travelogue where my comment on the modification programs was…..” stacking up the bodies outside the morgue doesn’t make them alive”.

Make no bones about it, the modification programs are only in place to stave off the foreclosure process and they are not there to help people. Less than 10% of loan modifications are approved and of those, 97% end up in foreclosure. It is a staging place for defaulting properties.

In the banking industry this tactic is known as "delay and pray" (or sometimes as "extend and pretend"). How long can you ignore changing oil in your car before the motor breaks?

This tactic becomes problematic in the fact that home prices should be firming up by now and rising. However, the expiration of the homebuyer-tax credit, deep unemployment, restrictive mortgage underwriting standards and a growing overhang of unsold properties is putting more downward pressure on home prices. Banks may be realizing that the hoped-for "bounce" isn't coming and may begin taking back more properties so they can unload them for as much as they can get before prices decline even more.

There are approximately 3.5 million homes for sale today. Another 2.9 million have been repossessed or are in foreclosure, but have not yet hit the market. And 4.5 million borrowers are 30 days delinquent - a factoid that may cast an even larger shadow over the outlook for the U.S. housing market.

As bad as these numbers are, they still aren't telling the entire chilling story. There is more bad news for banks.

In April over 12% of all U.S. mortgages were delinquent, but less than 3% of mortgages nationwide are in foreclosure.

This begs the question of what will happen to U.S. housing market prices when foreclosures catch up with delinquent borrowers and modified loans that are now re-defaulting? Once foreclosures are completed and titles to repossessed homes are in the hands of banks and mortgage servicers, they have no other option but to unload their unwanted inventory as fast a possible. Otherwise, they'll incur even more expenses - those involved with maintaining the properties, listing them and paying taxes on them.

With all that in mind I shall continue to shout that we need more US jobs! Working people buy homes!

I hope you all have a great week and should you know of someone needing a loan, please pass along my number. I still broker loans for commercial, manufactured, Jumbo, FHA and VA, as well as hard money. I look forward to working with you on your next sale.

 

 

Dan Shaw

 

 

928.710.9146 cell

480.248.1199 fax

dshaw@peoplesmortgage.com

 

This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information

http://bradbergamini.com

 

 

 

Economic Roundup: June 21, 2010

 

In the News Consumer prices for May were down, but they had been up for the past 12 months, according to the Bureau of Labor Statistics. The consumer price index for all urban consumers (CPI-U) dropped 0.2 percent in May on a seasonally adjusted basis, but over the last 12 months the index increased 2 percent before seasonal adjustment.   For the second month in a row, declines in energy prices were the main driver in the CPI-U's drop. The Bureau reported that its index for energy decreased 2.9 percent in May, offsetting a slight increase in the index for all items less food and energy. Gasoline decreases accounted for most of the drop, although all the major energy indexes declined.   Given unemployment at close to 10 percent, the economy can't sustain much in the way of inflation, but experts noted that an inflation less recovery means the economy will not expand at a very inspiring rate.   In any case, the Fed will most likely wait until 2012 before it raises interest rates, the Federal Reserve Bank of San Francisco reported in an "Economic Letter" it released last Monday.   The producer price index for finished goods dropped by 0.3 percent in May (seasonally adjusted), the Bureau of Labor Statistics reported last week. This decline followed a 0.1 percent drop for April and a 0.7 percent increase in March.   Meanwhile, permits for privately owned homes dipped to a seasonally adjusted annual rate of 574,000, which was 5.9 percent below April's revised rate of 610,000, the Census Bureau reported last week. Permits for single-family homes in May were at a rate of 438,000, a whopping 9.9 percent below April's revised figure of 486,000.   Starts on construction of private housing units in May dropped to a seasonally adjusted annual rate of 593,000, which was 10 percent below the revised April estimate of 659,000. Starts on single-family homes in May were at a rate of 468,000, 17.2 percent below April's revised rate of 565,000 units.   This week, watch for news reports covering existing home sales (June 22) from the National Association of REALTORS® new home sales (June 23) and orders of durable goods (June 24) from the Census Bureau; consumer sentiment (June 25) from the University of Michigan; and the gross domestic product (June 25) from the Bureau of Economic Analysis.

 

 

Equal Housing Lender. � 2010 W.J. Bradley Mortgage Capital Corp., 201 Columbine Street Suite 300, Denver, CO 80206. Phone #303-825-5670. Trade/service marks are the property of W.J. Bradley Mortgage Capital Corp. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida Mortgage Lender license #ML.100000098; Georgia Residential Mortgage Licensee, License No. 20233; ID Mortgage Broker License No. MBL-2803; IL Residential Mortgage Licensee – License #MB.6760738, 201 Columbine Street, Suite 300, Denver, CO 80206; MI First Mortgage License No. FL0011392; Mississippi Mortgage Lender License #4298/2009; MN Residential Mortgage Originator License No. 20447094; MO Residential Mortgage Loan Broker License #10-1841, 1065 Executive Parkway, Suite 205, Creve Coeur, MO 63141; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker- License No. MB001365; OR Mortgage Lender License No. ML-776; TN Mortgage Company Registration Certificate No. 3629; TX Mortgage Banker Reg. No. 74182; UT Mortgage Lender Company License No. 5495659-MLCO; Vermont Broker License #0995MB; Vermont Lender License #6141; WA Consumer Loan License No. 520-CL-42624; Wisconsin Mortgage Banker License No. 699991.