UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Archive for March, 2010

Update on Interest Rates! Rates continue to fluctuate

Posted by spencerjanke on March 4, 2010

Weekly national mortgage survey

Interest Rates went down a little again this week. After jumping a little at the end of last week. In the last couple of days we are seeing  a huge surge of Refi applications throughout the United States. As buyers and home owners prepare for higher interest rates in the months ahead.

Apparently everyone is heeding my warnings, and have finally realized these rates are a very short term situation. Consumers are preparing for rates to jump back up to what they need to be. It is going to be intersting to see how this shakes out in the economy. I keep having this discussion with many other professionals, and it shocks me to hear the many different opinions. I mean, really? How can you not see that rates can not stay as low as they are currently? With inflation looming over our heads, if we don’t do something things could get a lot worse really fast. Lets just cross our fingers and pray at this point :)..

And if you are in the market and want to take advantage of a great deal, and an incredible interest Rate In UTAH, check out the new Bank Foreclosure site for UTAH

Bank Foreclosures in UTAH

Advertisements

Posted in interest rates | Tagged: , | 1 Comment »

Bank Foreclosures, REO Properties in your area…

Posted by spencerjanke on March 1, 2010

Bank Foreclosures! That is what the magic word in this economy. Everyone want a Bank Foreclosed home. Spencer, I want a deal on a Bank REPO.. Wow me too…

We will most likely see a spike in Foreclosures in 2010, we still need to weed out some of tha bad toxic assets that some banks have been holding onto. It will be a relief when we can actually get rid of some of the inventory. Now, in the meantime it is going to be a little painful to get through it all. So many people have questions about the process of finding bank deals, REO properties.. The best thing to do is get in touch with a local Real Estate Broker, who has proven experience in that area, and they will be able to provide you with all of the lists of Bank Foreclosures in your state and local areas..

If you are looking for a bank foreclosed home in UTAH check out the REO’s in UTAH..

http://www.bankforeclosuresutah.com/

Top Foreclosure Cities

  1. Las Vegas, NV (30,387)
  2. Chicago, IL (21,799)
  3. Phoenix, AZ (15,843)
  4. Los Angeles, CA (10,993)
  5. Miami, FL (8,299)
  6. Sacramento, CA (7,197)
  7. Houston, TX (7,076)
  8. North Las Vegas, NV (7,076)
  9. Orlando, FL (6,714)
  10. San Diego, CA (6,431)
  11. Philadelphia, PA (6,344)
  12. Jacksonville, FL (6,280)
  13. Atlanta, GA (6,261)
  14. Indianapolis, IN (6,186)
  15. Bakersfield, CA (5,929)
Weak Data Moves Mortgage Rates Lower
Highlights Average 30 yr fixed rate Stocks (Weekly)
Weekly Jobless Claims unexpectedly jumped to a three-month high
January New Home Sales dropped 11% from December to a record low
Bernanke said he doesn’t anticipate any MBS sales by the Fed in the near term
The Fed purchased $11 billion in agency MBS, with about $44 billion more to go
This week: -0.10% Dow: 10,350 -50
Last week: +0.10% NASDAQ: 2,240 -10
After several weeks of focus on Fed actions and events in foreign markets, domestic economic data was the primary influence on mortgage markets this week. Weaker than expected results from the data helped mortgage rates, which ended the week lower.

While it is rarely a big market mover, this week’s Consumer Confidence report shocked investors. The index declined to 46.0, far below the consensus forecast of 55.0, and the lowest level in nine months. Consumers are clearly worried about the labor market, and an increase in Jobless Claims in recent weeks has amplified the issue. The decline in confidence has potentially negative consequences for the economy. Consumer spending accounts for about 70% of economic activity, and this data raises concerns about the level of future spending. Also, home sales suffer during periods of low consumer confidence, and the housing data released this week reflected consumer insecurity. Of course, slower economic growth is favorable for mortgage rates, which fell after the report came out.

In contrast to the weakness seen in many of the consumer-driven economic reports, the manufacturing sector has been demonstrating strong performance in recent months. Fourth quarter Gross Domestic Product (GDP), the broadest measure of economic activity, rose at a brisk 5.9% annual rate, largely due to a pickup in manufacturing. The added boost from manufacturing may be temporary, however. During the financial crisis, companies drew down inventories as much as possible to conserve capital. As the economy has shown improvement, companies have been increasing inventories closer to pre-crisis levels. When the inventory rebuilding is complete, manufacturing is expected to return to more normal levels.

Posted in Uncategorized | Tagged: , | 1 Comment »