Another good day for bonds! FNMA 4.5% closed UP another 19bps to end the week at its best levels. 30 year rates are LOW and buyers KNOW.
Consumer confidence report came out today showing higher than expected. People tend to feel that the economy is turning around...but wondering why their "personal" economy is not yet gaining traction. Hopefully a few of you have seem some comeback in your 401k after the depression from late last year and early this.
Catch 22: People surveyed for the consumer confidence report feel that YES: it is a great time to buy a home. Also: It is a lousy time to sell a home...so they will wait. If all the people looking at what a great time to buy...were buying: they would create a market suggesting it is a great time to sell.
Existing home sales (yesterday) and NEW home sales both showing stronger numbers. New home sales reported today came up a little shorter than expected but INVENTORY of new homes is showing as low as it has been since January of 2007. People buying AND less construction are helping to eliminate "supply"...so home pricing should continue to stabilize. Not nearly as many of our local appraisals are showing "declining market" as they were before.
Oil lost 8% this week and is floating around $65/barell.
DOW fell 42 points further to 9665 points.
VA loans! Did you know that a person with a service related disability may be able to get into a VA loan without having to finance in or pay the funding fee? They may also be able to get a waiver of their property taxes as well... I suppose if you are reading this: you know now.
No bond auctions next week but a SLEW of economic reports coming out...watch out for volatility.
Have a great weekend!
Chad
