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Monday, September 27, 2010

New FHA MIP Fee Changes

 

 

Inside Lending from Theron Wall

visit my website     email me now

Theron Wall

Theron Wall
Branch Manager
3615 Crossings Dr, Suite A
Prescott, AZ 86305
Phone: (928) 778-7167
Mobile: (928) 533-7473
Fax: (928) 445-5308

Wallick & Volk Mortgage

September 27, 2010 Inside Lending Bulletin

New FHA MIP Fee Changes Take Effect October 4th

  • Up Front MIP will decrease from 2.25% to 1%
  • Annual MIP will increase from .50/.55 to .85/.90 for terms greater than 15 yrs
  • FHA will make the premium fee changes on all new case numbers effective October 4, 2010. (In order to avoid the Annual MIP increase, your buyers will need an FHA case number assigned before October 4th.)

We are waiting to hear about changes to seller contribution limits. We will issue a Bulletin as soon as FHA makes the announcement.

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 NMLS #256412




Equal Housing Lender  

 

Inside Lending Newsletter From Theron Wall

 

 

Inside Lending from Theron Wall

visit my website     email me now

Theron Wall

Theron Wall
Branch Manager
3615 Crossings Dr, Suite A
Prescott, AZ 86305
Phone: (928) 778-7167
Mobile: (928) 533-7473
Fax: (928) 445-5308

Wallick & Volk Mortgage

For the week of September 27, 2010 – Vol. 8, Issue 39

>> Market Update 

INFO THAT HITS US WHERE WE LIVE  As promised, last week's reports gave us a complete picture of the housing market in August. Housing Starts rose 10.5% month-over-month to a 598,000 annual rate, well ahead of the expected 550,000 number. Building Permits, which reflect builder sentiment further out, grew a more modest 1.8% month-over-month to a slightly smaller 569,000 annual rate. Thursday, Existing Home Sales came in UP 7.6% over July, at a 4.13 million annual rate. But let's remember, July was a record low, so this gain still left sales down 19% from August a year ago. The median price for Existing Homes, however, ticked up 0.8% year-over-year, as reported by the National Association of Realtors.

Friday saw New Home Sales for August come in unchanged from the previous month, meeting expectations at a 288,000 annual rate. The increases in Existing Home Sales and Housing Starts are welcome, as is the lack of a drop in New Home Sales. But sales are still at fairly weak levels. Observers feel that with the government tax credit, we had an artificial boost in home sales, so what followed was obviously an artificial low and we're now slowly climbing back toward normalcy.

>> Review of Last Week

FOUR IN A ROW... The stock market opened the week strongly, but then lost ground for three days before the bulls were back in control igniting a big rally on Friday, just shy of a 200 point gain for the day. This put stocks UP for the fourth straight week, with the Dow again nearing 11,000 and the broad-based S&P 500 hitting a four-month high.

It was a mixed bag of economic data once again. Housing numbers, covered above, were showing some signs of recovery, but then initial jobless claims grew to 465,000, higher than anticipated and indicating the labor market is still soft. The week ended with Durable Goods Orders down for August.

But the big event was the Federal Reserve meeting Tuesday. They left the fed funds rate unchanged as expected. They also kept policy statement language that says economic conditions are likely to keep the rate at exceptionally low levels for "an extended period." But they have now added that the Fed is prepared to provide additional accommodation if needed. Some think this is what sent stocks up, as investors felt they couldn't lose. If the economy improves, stocks will go up. If the economy stalls, the Fed will step in, so stocks will still go up! We'll see.

For the week, the Dow ended UP 2.4%, to 10860.26; the S&P 500 was UP 2.1%, to 1148.67; and the Nasdaq was UP 2.8%, to 2381.22.


Bonds were on the move up and down all week, and Friday was a down day as investors flocked to those rallying stocks. Yet for the week, the FNMA 30-year 4.0% bond we watch ended UP 8 basis points, closing at $102.17. Freddie Mac's weekly survey of national average mortgage rates reported fixed-rate mortgages not budging from their historically low levels. 

>> This Week’s Forecast

CONSUMERS, Q2 GDP, INFLATION... Economic reports on the consumer's September mindset bookend the week, with Consumer Confidence expected off a tad on Tuesday but Michigan Consumer Sentiment up a fraction come Friday.

Thursday features the third estimate of Q2 GDP numbers, but no change is expected from the prior reading, which showed a slower 1.6% growth rate. Friday's Personal Spending and Core PCE Prices for August should reveal inflation still well under control.

>> 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 September 27 – October 1

 Date

Time (ET)

Release

For

Consensus

Prior

Impact

Tu
Sep 28

10:00

Consumer Confidence

Sep

52.9

53.5

Moderate

W
Sep 29

10:30

Crude Inventories

9/25

NA

0.970M

Moderate

Th
Sep 30

08:30

Initial Unemployment Claims

9/25

475K

465K

Moderate

Th
Sep 30

08:30

Continuing Unemployment Claims

9/18

4.450M

4.489M

Moderate

Th
Sep 30

08:30

GDP–Third Estimate 

Q2

1.6%

1.6%

Moderate

Th
Sep 30

08:30

GDP–Deflator

Q2

1.9%

1.9%

Moderate

Th
Sep 30

09:45

Chicago PMI

Sep

56.0

56.7

HIGH

F
Oct 1

08:30

Personal Income

Aug

0.3%

0.2%

Moderate

F
Oct 1

08:30

Personal Spending

Aug

0.3%

0.4%

HIGH

F
Oct 1

08:30

PCE Prices–Core

Aug

0.1%

0.1%

HIGH

F
Oct 1

09:55

U. of Michigan Consumer Sentiment– Final

Sep

67.1

66.6

Moderate

F
Oct 1

10:00

ISM Index

Sep

54.5

56.3

HIGH

 

>> Federal Reserve Watch   

Forecasting Federal Reserve policy changes in coming months  The policy statement from last week's FOMC meeting preserved the language that the Fed would probably keep rates low for "an extended period." The statement also added that the central bank was ready to provide more accommodation if needed, so economists do not expect to see any change in the Fed funds rate well into next year. 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

Nov 3

0%–0.25%

Dec 14

0%–0.25%

Jan 26

0%–0.25%


Probability of change from current policy:

After FOMC meeting on:

Consensus

Nov 3

     <1%

Dec 14

     <1%

Jan 26

     <1%

 

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 contained in the newsletter is the property of Wallick & Volk Mortgage and cannot be reproduced for any use without prior written consent. It is designed for real estate and other financial professionals only. It is not intended for consumer distribution. The material does not represent the opinion of Wallick & Volk Mortgage. BK 0018295 NMLS #256412




Equal Housing Lender  

 

Economic Roundup: September 27, 2010

 

 

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Mark Ott

Loan Officer

W.J. Bradley Mortgage Capital Corp.

Office: 928-775-9330

NMLS: 189552

License: BK-0903998

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In the News

Last week's housing news led with the Census Bureau's report that building permits for private housing in August were at a seasonally adjusted annual rate of 569,000, which was 8 percent above July's revised rate of 559,000. Permits for single-family homes in August were at a rate of 401,000, which was 1.2 percent below the revised July figure of 406,000. In terms of construction, starts on privately owned housing in August were at a seasonally adjusted annual rate of 598,000, which was 10.5 percent above the revised July estimate of 541,000. Starts on single-family homes in August were at a rate of 438,000, which was 4.3 percent above the revised July figure of 420,000.
 
Sales of new homes were flat for August, with sales of new single-family homes at a seasonally adjusted annual rate of 288,000, which was unchanged from the revised July rate of 288,000. The median sales price of new houses sold in August was $204,700 and the average sales price was $248,800.
 
While new home sales were flat for August, the National Association of REALTORS® reported last Friday that sales of existing homes increased 7.6 percent in August to a seasonally adjusted annual rate of 4.13 million from July's revised rate of 3.84 million. NAR's median price for existing homes for all housing types was $178,600 in August.
 
NAR chalked up the post-tax credit increase to a very slowly stabilizing housing market: "Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus," said Lawrence Yun, NAR chief economist, in a public statement. "Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own."
 
This week will have a fairly busy financial calendar with the Conference Board releasing its consumer confidence figures for last month on Tuesday. Only major shifts in consumer attitudes portend sudden shifts in consumption patterns, and not much change is expected with this report.
 
The Bureau of Economic Analysis will release its personal income and consumption data on Thursday, which is expected to show moderate increases at the most. Flat or near-flat performance in consumer income and spending will mean no risk of inflation, and thus stable interest rates.
 
On Friday, the Census Bureau will release its data on construction spending for August, and with July's data (announced this month) at a 10-year low, good news is not expected in that regard. This could be a long-term trend as some analysts do not expect new home construction to bounce back until 2012.
 
Also on Friday, the auto manufacturers will release their car and truck sales figures, which are a good indicator of consumer demand, given that they typically comprise 25 percent of total retail sales.
 

 

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; MN Residential Mortgage Originator License No. 20447094; 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; 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. CL-3233; Wisconsin Mortgage Banker License No. 699991.

 

 

 

Friday, September 24, 2010

Prescott AZ Real Estate

Prescott AZ Real Estate


Thumb Butte Festival 2010: Thumb Butte Festival Kick Off

Posted:

Thumb Butte Festival 2010: Thumb Butte Festival Kick Off 09-24-2010 – 09-24-2010 5 Prescott Area Arts and Humanities Council http://click.websitegear.com/track/1201474 Prescott Courthouse Square – 100Read the rest...

My Way: A Musical Tribute to Frank Sinatra

Posted:

My Way: A Musical Tribute to Frank Sinatra 09-24-2010 – 09-25-2010 6 Arizona Broadway Theatre http://click.websitegear.com/track/1034784 Elks Opera House – 117 East Gurley Street Read the rest...

The Dixie Swim Club

Posted:

The Dixie Swim Club 09-16-2010 – 09-26-2010 6 Prescott Fine Arts Association http://click.websitegear.com/track/1034788 Prescott Fine Arts Association – 208 North Marina Street Prescott AZRead the rest...

Thumb Butte Festival 2010

Posted:

Thumb Butte Festival 2010 09-24-2010 – 09-26-2010 5 Prescott Area Arts and Humanities Council http://click.websitegear.com/track/1201473 City of Prescott – 201 South Cortez Street PrescottRead the rest...

Thumb Butte Festival 2010: Living History Events

Posted:

Thumb Butte Festival 2010: Living History Events 09-25-2010 – 09-26-2010 6 Sharlot Hall Museum http://click.websitegear.com/track/1201477 Sharlot Hall Museum – 415 West Gurley Street PrescottRead the rest...

Monday, September 20, 2010

Inside Lending Newsletter From Theron Wall

 

 

Inside Lending from Theron Wall

visit my website     email me now

Theron Wall

Theron Wall
Branch Manager
3615 Crossings Dr, Suite A
Prescott, AZ 86305
Phone: (928) 778-7167
Mobile: (928) 533-7473
Fax: (928) 445-5308

Wallick & Volk Mortgage

For the week of September 20, 2010 – Vol. 8, Issue 38

>> Market Update 

INFO THAT HITS US WHERE WE LIVE  Fannie Mae released a survey showing 70% of those polled in June and July feel now is a good time to buy a home. This is up from a 64% reading in January. At the same time, 83% of those surveyed think it's a bad time to sell, which isn't such a terrible thing, since there's still plenty of inventory for buyers to choose from.

Another group of industry observers concluded that sales of existing homes hit bottom in July and will rebound in the fall. They based this on recent reports for purchase mortgage applications and pending home sales, which track signed purchase contracts for existing homes.
 

The fact remains, homes are now more affordable for more people than they've been in years. And today's historically low mortgage rates make monthly payments much easier to work into the family budget. Prices may have bottomed out indeed. The S&P/Case-Shiller Home Price Indexes show that nationally, home prices are 3.6% above levels a year ago. For buyers who expect to live in their home a while, many observers feel this is clearly a very smart time to purchase.

>> Review of Last Week

UP YET AGAIN... For investors on Wall Street, positive feelings continue to prevail over negative vibes and uncertainties, as stocks closed higher for the third week in a row. All the major market indexes were up, with the extra strength of the tech sector pushing the Nasdaq up well over 3%. In addition, all three indexes are now UP for the year.

Worrying investors, and everyone, were things like Thursday's report that the U.S. poverty rate was at a 16-year high. Other data showed that real median household income last year was essentially unchanged over 2008. No surprise then that Friday's University of Michigan Consumer Sentiment Index came in at its lowest level since August a year ago. The day before, the Producer Price Index reported wholesale inflation a bit higher than anticipated, which got some analysts concerned that consumers might see price hikes next.

Those fears were quelled Friday with Consumer Price Index (CPI) readings that had inflation well under control at the retail level. And the 1.1% year-over-year gain in the CPI showed that those who feared deflation have nothing to worry about for now. Other encouraging signs included a rise in Industrial Production for August that met expectations and August Retail Sales that beat forecasts, evidence that consumers may be worried, but they're still spending!

For the week, the Dow ended UP 1.4%, to 10607.85; the S&P 500 was UP 1.4%, to 1125.59; and the Nasdaq was UP 3.3%, to 2315.61.


It was another mixed week in the bond market, but prices held up enough. The FNMA 30-year 4.0% bond we watch ended a mere 5 basis points ahead for the week, closing at $102.09. National average mortgage rates continue at historically low levels, though some observers do expect them to move up a little by the end of the year. 

>> This Week’s Forecast

WOO-HOO, HOUSING AND THE FED!... This week features our two favorite topics. The Fed's an easy forecast, as virtually no one breathing thinks they'll hike the Funds Rate at their meeting on Tuesday. As usual, however, their policy statement will bear scrutiny, as analysts look for signals that the rate could rise any time soon.

Tuesday's August Housing Starts
should finally show a slight uptick in activity. August Building Permits are also expected to be up a little, even though home builders remain cautious. Some experts feel we're starting to turn the corner in housing, as a bit of growth is predicted in Thursday's August Existing Home Sales and Friday's August New Home Sales

>> 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 September 20 – September 24

 Date

Time (ET)

Release

For

Consensus

Prior

Impact

Tu
Sep 21

08:30

Housing Starts

Aug

550K

546K

Moderate

Tu
Sep 21

08:30

Building Permits

Aug

560K

559K

Moderate

Tu
Sep 21

14:15

FOMC Rate Decision

9/21

0%-0.25%

0%-0.25%

HIGH

W
Sep 22

10:30

Crude Inventories

9/18

NA

–2.49M

Moderate

Th
Sep 23

08:30

Initial Unemployment Claims

9/18

450K

450K

Moderate

Th
Sep 23

08:30

Continuing Unemployment Claims

9/11

4.450M

4.485M

Moderate

Th
Sep 23

10:00

Existing Home Sales

Aug

4.04M

3.83M

Moderate

Th
Sep 23

10:00

Leading Economic Indicators (LEI)

Aug

0.1%

0.1%

Moderate

F
Sep 24

08:30

Durable Goods Orders

Aug

-1.3%

0.4%

Moderate

F
Sep 24

10:00

New Home Sales

Aug

290K

276K

Moderate

 

>> Federal Reserve Watch   

Forecasting Federal Reserve policy changes in coming months  Last week's Consumer Price Index report showed inflation still under control. So with economic growth slowing, economists overwhelmingly believe the Fed will keep rates where they are at this week's FOMC meeting and well into next year. 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

Sep 21

0%–0.25%

Nov 3

0%–0.25%

Dec 14

0%–0.25%


Probability of change from current policy:

After FOMC meeting on:

Consensus

Sep 21

     <1%

Nov 3

     <1%

Dec 14

     <1%

 

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 contained in the newsletter is the property of Wallick & Volk Mortgage and cannot be reproduced for any use without prior written consent. It is designed for real estate and other financial professionals only. It is not intended for consumer distribution. The material does not represent the opinion of Wallick & Volk Mortgage. BK 0018295 NMLS #256412



Equal Housing Lender  

 

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 or http://everythingprescott.com

 

 

Economic Roundup: September 20, 2010

 

 


In the News

Last week we saw rates move significantly but ended the week with rates essentially unchanged. The week's data began on Tuesday with Retail Sales, which came in better than expected but interest in bonds remained strong as prices seemed to be correcting themselves after selling off the previous week. Wednesday saw big volatility. Tim Geithner spoke before the Senate about China and their slow currency appreciation and Japan weighed in on their potential Yen intervention. Fears surrounding these topics seemed to influence both bond and stock prices.
 
Thursday was pretty flat as jobless claims were surprisingly down. Producer-level inflation was tame but was slightly above expectations. Friday saw consumer price data come in essentially in line, while consumer sentiment was lower than the consensus. Poor economic conditions around the globe continue to contribute to a rate-friendly market environment. Until employment improves and/or we see rampant inflation pressure rates almost have to stay low.
 
This week we have a shorter economic calendar. On Tuesday we'll see housing starts, building permits, and a Federal Open Market Committee (FOMC) announcement. Housing data has been volatile lately, as the expiration of tax credits has manipulated the natural cycle of home buying. This week is full of housing data, so watch for a clearer picture of the state of residential real estate activity. The FOMC announcement is always a highly anticipated event. Even though there is no chance that the Fed will raise the funds rate, we need to watch their statement for changes in language and tone. The Fed is extremely careful and deliberate in their wording of this announcement. Any small changes compared to last month's text will be noticed, dissected, and acted upon.
 
On Wednesday no economic data will be released. On Thursday we will see initial jobless claims, as always. We also have existing home sales and leading indicators on the board. There will be a Treasury announcement on Thursday as well, in which the U.S. Treasury will outline its needs for funding via next week's auctions. Durable goods orders and new home sales data will round out the week on Friday. Durable goods orders are a great indicator of business activity and business investment. Any noise here should be watched closely. New home sales will complete the trifecta of housing construction (starts and permits), sales of existing homes, and sales of newly built homes. As usual, when the data suggests improving economic conditions, increased business activity, and/or healthier home-buying, MBS prices are likely to falter, sending rates higher. On the other hand, data showing slowing growth, decreased business activity, and/or worsening in the housing sector is likely to help MBS prices, allowing rates to go lower.
 
 

 

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; MN Residential Mortgage Originator License No. 20447094; 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; 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. CL-3233; Wisconsin Mortgage Banker License No. 699991.

 


Mark Ott

Loan Officer

W.J. Bradley Mortgage Capital Corp.

Office: 928-775-9330

NMLS: 189552

License: BK-0903998

mark.ott@wjbradley.com

www.wjbradleyaz.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 or http://everythingprescott.com

 

 

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