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There are 17 blog entries for March 2010.
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FED RATE STIMULUS ENDS MARCH 31
As most know, the Fed has been using a $1.25 trillion budget to buy mortgage bonds since January 1, 2009 in order to elevate mortgage bond prices and push rates down. Rates are 1.125% lower than they were when the program was announced, and the Fed will use up it’s final $3b next week, then the program is over. Below is more information on what this means going forward.
Rates rose about .2% last week, so any quote a mortgage shopper received before March 23 will be higher now. This rise came from overall bond market panic about the ability of governments to meet future bond repayments. This started with worries about Greece and Portugal, then spread further in Europe and there's been ongoing rumors about whether …
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least…
On July 18th, Keller Williams in cooperation with the Cleveland APL, will hold an event labeled "Paws for a Cause." This is a charity dog walk which will be held at Punderson Metro Park. I will be following up with more details but with the funds raised at this event, Keller Williams will be building a home for a less fortunate family in the coming year. All are welcome to this event and it truly exemplifies what makes this company great!
Despite volatility last week that caused rates to move up and down about .2%, we ended the week even. Business and consumer inflation reports both showed that inflation is under control. The Fed reiterated this after their FOMC meeting Tuesday, and left overnight bank-to-bank and Fed-to-bank rates at .25% and .75% respectively.
Rates were especially volatile Friday as mortgage bond traders contented with the threat from Moody’s and Fitch that U.S. debt may lose its AAA rating, and the volatility will continue next week. We’ve got 2, 5 and 7 year Treasury auctions, and while these shorter durations don’t directly compete with mortgage bonds, it’s still more bond supply—too much supply can cause mortgage bonds to sell off which pushes rates up.
Good news if you have not yet called a realtor to look through the great new downtown San Jose high rises. As of Feb. 2010 there are still about 533 units for sale like this great Penthouse Unit at The 88
Three Sixty Residences 360 S. Market St. Developer: Mesa Development LLC General contractor: Bovis Lend Lease Architect: SCB & Associates Units: 213 Units sold: More than 90 sales contracts have been signed, first escrow closing targeted for summer Price range: Developer would not disclose
Axis 38 N. Almaden Blvd. Developer: Almaden Tower Ventures General contractor: Webcor Builders Architect: Ankrom Moisan Associated Architects Units: 329 Units sold: 86 units closed escrow Price range: $295,000-$1.7 million
The 88 88 E. San Fernando St. Developer:…