Posted: 03 Sep 2009 07:45 AM PDT There are two ways to boost your personal cash flow -- increase your income or reduce your spending. The former can be a challenge but the latter doesn't have to be. The headline of the above video -- "Cut Your Spending By $500 Per Month" -- is somewhat sensational but the advice given during the video is spot-on. From NBC's The Today Show, the 5-minute piece offers a half-dozen ways to reduce your cash outflows each month, including:
It's often easier to save money than to make money. This video shows how easy it can be.  |
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| Why Home Prices Are Almost Certain To Rise This Fall Posted: 02 Sep 2009 07:45 AM PDT In what's becoming a regular occurrence, housing data blew away economists expectations Tuesday. As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 6th consecutive monthly gain in July. After a meteoric rise that started in January, the index is now at its highest levels in more than 2 years. A "pending home sale" is a home that is under contract to sell, but not yet closed. It's not the same as an actual home sold, but data shows that nearly 80% of homes under contract close within 2 months and many more close in months 3 and 4. Home buyers -- take note. When the Pending Home Sales Index is rising, it means that market activity has picked up. This can lead to any one, or a combination, of the following:
So, consider yourself alerted. If you're buying a home in the next several months, expect the recent run in Pending Sales to lead to a run in closed sales, too. That should lead home prices higher in most markets. Indeed, we're already seeing it. Case-Shiller says prices are on the upswing.  |
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| Another Sign Of Economic Recovery : Consumer Sentiment Rising Posted: 01 Sep 2009 07:45 AM PDT
The index, jointly published by the University of Michigan and Reuters, measures how Americans feel about their situation today, and how they envision it six months in the future. Since bottoming 5 months ago, consumer sentiment has added more than 10 points. Rising Consumer Sentiment figures can foreshadow economic growth because confident consumers are more apt to spend money on big-ticket items including appliances, automobiles, and, of course, new homes. The recent run of sentiment data is one more reason to believe a full economic recovery is underway. That said, the Consumer Sentiment survey has its flaws. For one, the survey's sample set includes just 500 households nationwide and that's not a true cross-section of America. And second, just because people feel more confident about their finances doesn't always mean they'll spend more money -- sometimes, they choose to save. For now, though, stronger-than-expected sentiment data should help propel both retail sales and home sales volume through the fall season, and may even create some inflationary pressure on the economy. If these levels are sustained, expect that mortgage rates will rise.  |
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Posted: 31 Aug 2009 07:45 AM PDT  Mortgage markets were flat last week overall, although mortgage rates were somewhat volatile from day-to-day. For rate shoppers, the best pricing was available Monday morning and Friday afternoon -- everything in between was slightly elevated. It's the second consecutive week in which rates finished unchanged. There was a string of good news last week about the economy, led by housing. New Home Sales, Existing Home Sales, and the Case-Shiller Index all surprised to the high-side and consumer confidence numbers came in higher-than-expected, too. In prior weeks, strong data like this would have caused mortgage rates to rise. Last week, however, it didn't. Mostly because foreign demand for mortgage-backed bonds has remained strong. This week, there's only one major data release and its timing may prove to be problematic. Friday, the Bureau of Labor Statistics releases the August Non-Farm Payrolls report. With housing's rebound seemingly underway, the jobs report takes on added significance. Joblessness can undermine consumer confidence and spending and cause harm to the recovering U.S. economy. This is one reason why rate shoppers should be cautious toward the end of the week -- the jobs report will move markets. The other reason to be cautious is because Friday is the day before Labor Day and Wall Street will be short-staffed. Fewer traders means more volatility -- if rates start to pop, they'll really pop. Also some lenders now moving up to 660 and a minimum credit score so if you have clients that need help call 770-792-7979 x 107 or visiit MortgageMonday.com  |
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Close more transactions and get FREE LEADS!Do you have any clients that can't purchase due to their credit scores?Securely register your clients in need of credit treatment and we return them to you all healthy and ready to close. The more clients you send to the credit ICU the more FREE LEADS you get. Many buyers are preparing for purchases before they contact a Realtor. So many of our "patients" who are now healthy need a good agent to help them find and purchase a home. The more patients that you sendto us the more healthy leads we can send your way. Realtor Slide Show PresentationClick HERE to get started |
| Here our New Conforming Mortgage Guidelines, Effective September 1, 2009 Posted: 28 Aug 2009 07:45 AM PDT
Starting next week, being approved for a home loan could be much more difficult. The new rules mark the first major underwriting update since April of this year. The changes are mostly geared at fraud prevention. President of Capital City Mortgage Investments ,Peter Bright shared the updates below:
But there are other changes, too. As examples:
Consider this post to be your advance warning. Not everyone that qualifies for a mortgage on Monday, August 31 will qualify on Tuesday, September 1. Therefore, if you have a pending need for a mortgage -- for either a purchase or a refinance -- it's probably best to talk with a lender as soon as possible. The deadline is based on the date of application -- not the date of closing. Read the complete Fannie Mae announcement online. See ATLLOANS.com for more information on how to apply.  |
| Home Supplies Plummet, Putting Pressure On Home Prices To Rise Posted: 27 Aug 2009 07:45 AM PDT
For the 4th straight month, New Home Sales gained, posting the best numbers since last September's meltdown and handily beating economist expectations. The available supply of homes is down to 7.5 months nationwide. It's further evidence that the housing market may have bottomed at some point this past spring. To be sure, the strong housing data is, in part, a reaction to three outside factors:
But, buyers are buyers and the clearing out of outstanding inventory provides terrific support for home prices. It also gives them reason to rise. Coupled with the blowout Existing Home Sales numbers from July, therefore, this months' New Homes Sale report may be a signal that the Buyers' Market is ending and the Sellers' Market is beginning. If you're planning to buy a home this year or next, it may be time to get a move on. Wait too long, and prices may be up. see ATLLOANS.COM for help today  |
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| Home Prices Keep Rising, Rising, Rising Posted: 26 Aug 2009 09:43 AM PDT 18 of 20 markets tracked by the Case-Shiller Index showed rising home values in June. It's the 5th consecutive month with strong numbers and the best showing for the benchmark housing index since home values began deflating in 2006. Some would argue it's a sign that housing has finally bottomed out. Even Case-Shiller representatives acknowledge that home prices are "on an upswing". Despite the Case-Shiller Index's popularity with economists and the press, though, it's falls short of being a perfect housing indicator. As examples:
Nevertheless, flaws aside, Case-Shiller is still important. It helps identify broader trends in housing and many people believe the housing is the keystone of the economy right now. This is why June's Case-Shiller Index gives cause for hope. The nascent housing recovery has a long road ahead but June's Case-Shiller data shows that we're heading in the right direction.  |
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18 of 20 markets tracked by the Case-Shiller Index showed rising home values in June. It's the 5th consecutive month with strong numbers and the best showing for the benchmark housing index since home values began deflating in 2006.
Some would argue it's a sign that housing has finally bottomed out. Even Case-Shiller representatives acknowledge that home prices are "on an upswing".
Despite the Case-Shiller Index's popularity with economists and the press, though, it's falls short of being a perfect housing indicator. As examples:
Nevertheless, flaws aside, Case-Shiller is still important. It helps identify broader trends in housing and many people believe the housing is the keystone of the economy right now.
This is why June's Case-Shiller Index gives cause for hope. The nascent housing recovery has a long road ahead but June's Case-Shiller data shows that we're heading in the right direction.
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| The Long-Term Trendline For Existing Home Sales Points To A Housing Recovery Posted: 25 Aug 2009 07:45 AM PDT
An "existing home" is a home sold by an existing owner as opposed to a developer. It's non-new construction property. The data on Existing Home Sales was noteworthy for its trends:
Furthermore, first-time home buyers and buyers of "distressed" homes accounted for nearly one-third of the market activity each. But, before we declare a bottom in housing, it's important that we remember the First Rule of Real Estate -- All Real Estate Is Local. The Existing Home Sales report is not neighborhood-specific. It lumps cities like San Diego and Saint Paul into a giant sample set and fails to account for regional differences in real estate, let alone neighborhood ones. This is the primary reason why on-the-ground real estate agents are better sources for a market pulse versus a report from a national trade group. The national group can't know the happenings of every street and every home in a market. That said, however, the national data isn't completely useless. Looking at the long-term patterns in the Existing Home Sales report, we can infer that ample supplies, low mortgage rates and tax credits are spurring home sales in a lot of U.S. markets. Eventually, this will lead home prices higher.  |
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| What's Ahead For Mortgage Rates This Week : August 24, 2009 Posted: 24 Aug 2009 07:45 AM PDT
Friday was the worst day of the week by far. An all-day deterioration, sparked by better-than-expected housing data, caused mortgage rates to tack on a quarter-percent by the noon hour and markets never recovered. Rates closed out at their worst levels of the week and the unfavorable momentum figures to carry into this week's trading, too. There are two major reasons why rates could rise higher this week:
Furthermore, rate shoppers should take note that this week will feature the release of two key housing reports -- the Case-Shiller Index (Tuesday) and the New Homes Sales report (Wednesday). Both have handily beat expectations in recent months and should that trend continues, mortgage rates would likely rise because of renewed economic optimism. What's good for the economy, lately, has tended to be bad for rates. Whether you're shopping for a new home or looking to refinance an existing one, be wary of the ever-changing mortgage market. Rates move quickly and without warning. However, they tend to rise faster than they fall. If you know you will need a rate lock this week or next, consider locking in at the first sign of trouble. Once rates spike, they likely won't be so quick to fall.  |
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The ubiquity of "free" credit reporting services like FreeCreditReport.com, TrueCredit.com, and AnnualCreditReport.com have helped breed a new generation of credit-aware Americans.
Because credit ratings have more importance to everyday life than in years past, this is a welcome development. For example:
Unfortunately for Americans, though, not all credit reports are created equal. And when it comes to actually applying for credit in the form of a new credit card or mortgage, the free reports are worth precisely what they cost.
This is one reason why home buyers should have their credit reviewed by a mortgage lender as soon as possible in the home buying process -- the free reports offered by the major credit bureaus may be misleading and incomplete.
Free credit reports are useful for identifying identity theft and reviewing active accounts but do very little to help a potential creditor gauge your creditworthiness.
As the chart shows us, each industry's creditors has a way they like to do business and that way is the "standard" way.
In a bit of good news for the economy, Consumer Sentiment 
FROM 
It's no wonder that 
The housing market continues to surprise. Last week, the latest good news came in the form of the monthly Existing Home Sales report.
Mortgage markets finished the week unchanged last week but don't let that make you think the markets were flat. It was a bumpy five days and rates were volatile. 
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