FNMA 4.5% Down 34 bps... All things seemed to be for sale. Many people may be putting money back in mattresses for the end of the year. Rates still in that 5% range on 30 year money though. Dow is DOWN about 104 points...financial sector hurting. So much is in the air right now stocks, bonds AND energy were all down today. Feds program to buy T-notes that was started on 3/18/2009 is ending the day after tomorrow. This is similar to the program purchasing mortgage backed securities and was implemented for similar reasons...but many do not feel it was a wise one at all. It will be interesting to see the effect if any when this program ends. The first 7 billion dollars of t-notes auctioned off today was okay...but there is well over $100 billion more flooding the market for the rest of the week. Consumer confidence and other reports could make things a little volatile. Also: there is talk that the $8000 tax credit will be decided upon by the end of the week. As I mentioned before: it has already been extended for veterans with at least 90 days of service supposedly. HVCC...you know the inconvenient appraisal regulation? There is talk of turning that one over in the next 30-60 days. Since its implementation the results have been less than desireable and the true "protection" it offers home owners is questionable. "Independent Vendors" who were set up as a requirement to order appraisals through are simply earning the most money by collection of larger appraisal fees and then beating up the appraisers on the other end so they can keep more of the fee. HVCC created the requirement of a "middle man" (the vendor) among other issues for real estate appraisals... Hav a great eve! Chad |
