Danny Salas

Archive for March 23rd, 2010

Chico, CA Interest Rates Market Report – Economic Influences – March 23, 2010

YOU DON’T WANT TO MISS THIS EVENT!!!Scott St. John will be speaking at The Big Room At Sierra Nevada The , Friday, March 26, 2010.  Scott is a 3rd-Term Governing Board Member of Freddie Mac.  You’ll have an opportunity to inquire into expected economic future of the United States, Real Estate and its REO future, and what’s happening behind the scenes that is making closing loans to more timely and difficult, these days.   REGISTER AT THE CHICO OR PARADISE BOARD OFFICES.  $10 includes appetizers.  $15.00 AT THE DOOR!

A Hint On Locking Advice

We managed to climb above the 100-Day Moving Average, yesterday.  This is a huge pyschological step, as the 100-Day has been acting as a layer of resistance for quite some time.  If we can manage to stay above this level, it would make sence to float long escrows, and not lock for longer periods of time, as it would save clients a lot of money. 

Housing Numbers

5.02 Million Units were sold in the Existing Home Sales Category.  That was just in line with where we expected to be, however, the grimmer figures were the exiting inventory numbers.  These spiked to an 8.6 Month level.  Higher than the 7.8 Months reported last month, and close the the 9.2 Months reported last August.  Perhaps the Tax Credit, coming to an end, will help stave off these numbers for March and April.  We’ll have to see. 

Fannie Mae and Freddie Mac’s Future? 

Treasury Secretary Timothy Geithner is speaking to the House of Representatives Financial Services Committee, today.  He’s discussing the reason behind the government take-over of Fannie Mae and Freddie Mac.  He’s expected to comment that had the government not taken over these entities and pumped $127 Billion into the groups, the housing industry would have CRASHED…harder than it already has.  Republicans are looking to privatize the GSE’s, as soon as possible.  While this would be healthy for competition, of course, their idea is that the government can spend too much and not run the entities appropriately.  However, keep in mind…that’s just how we got into this mess, in the first place.  So, a slow transition, is what I believe would be more beneficial to the American People.  Keep in mind…these GSE’s are simply in receivorship, and will be released back to a private status once they’re more healthy.  “AFter reform, the GSE’s will not exist in the same format as the did in the past,” Geithner said.  “Private gains will no longer be subsidized by public losses, capital and underwriting standards will be appropriate, consumer protection will be strengthened, and exxcessive risk-taking will be restrained,”  he pledged.  The public will have an opportunity to comment on these suggestions by April 15, 2010. 

We Are Continuing To Float Into The Day

Locking Advice

As mentioned above…we may as well float, until we see signs that we’ve going to move under the 100-Day Moving Average. 

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