Hey Y'all...I took an application at 7am this morning so thought I would send out a tidbit on the market before heading out of here to Salt Lake.


FNMA 4.5% is currently DOWN by 25 bps on the news that existing home sales came in MUCH better than expected. Rates have ALREADY worsened this morning.

"Existing Home Sales" being better than expected (for a few months in a row now) means that the real estate markets nationwide are heating up.

In fact: I have a client in Seattle right now who has been under contract on a short sale for a few months...and he is reporting that if the "short sale" doesn't work out: homes with his criteria actually seem to be MORE expensive.

I am hearing more and more about multiple offers coming in on properties that are priced right and in certain price ranges...actually resulting in small scale "bid wars." This is an interesting phenom that will only intensify as the $8000 tax credit deadline looms. (Buyers need to purchase by 11/30/2009)

Note the effect of the US on global markets: Japan's stock exchange tumbled yesterday as car stocks plummeted after the US announced the cash for clunkers program is OVER on Monday.

Have a great weekend!

Chad