Danny Salas

The Positives of the Local Market

Previously Owned home sales have decreased recently. However, listen to why Danny thinks there are positives in the local market.

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Also, Access Real Estate  Lending is a proud sponsor of CSU Chico’s Adopt-A-Class Program. This past Wednesday, lucky classes got to go see School House Rock! Live Jr. The show was put on by Playhouse Youth Theatre and was a great time. Here are some pictures from the field trip.

  

For more Chico Performances, check out http://www.csuchico.edu/upe/performance/index.html

Information on Adopt-A-Class: http://www.csuchico.edu/upe/performance/Kids/adopt.html

Distressed Markets Update

 

 

 

 

PMI Distressed Markets Policy – Effective 4.25.11

Encouraging news! Market conditions have improved sufficiently to enable PMI to expand LTV
and Minimum Credit Score requirements. The new criteria apply to conforming loan amounts in
PMI Distressed Markets.

The PMI Distressed Markets Policy will change as follows:

• LTV eligibility expanded to 95% for Purchase and Rate/Term Refinance transactions
• Minimum Credit Score lowered to 680 for LTVs less than or equal to 90%
• High-Balance loans remain unchanged

 

PMI Distressed Markets List – Effective 4.25.11

In addition, the following 4 MSAs* will be removed from PMI’s Distressed Markets List:

	12540	Bakersfield-Delano, CA	19140	Dalton, GA
	40900	Sacramento-Arden-Arcade- Roseville, CA	25100	Hagerstown Martinsburg, MD-WV

PMI Distressed Markets List – Effective 7.1.11

The entire states of Arizona and Florida will be added to the PMI Distressed Markets List effective 7.1.11. Attached housing remains ineligible in the state of Florida.

For complete information, please review the updated PMI Distressed Markets Policy, the
PMI Distressed Markets List, and Guidelines at a Glance.

 

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Your Escrow Not Closing On Time? How Access Can Help.

Check out the latest Real Estate Today Radio Local Segment with Danny Salas. Your answer is Access Real Estate Lending. Find out why we are able to close loans in an average of 17.8 days.

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Our article on Loan Officer Compensation Reform: http://accessloans.net/2011/04/15/loan-office-compensation-reform-for-real-estate-agents-their-clients/

 

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Chico, CA Interest Rates Market Report – Economic Influences -April 15, 2011

This week, like so many in recent times, has been volatile for stock investors.  The stock market through most of the week has been down with a net loss of approximately 200 points.  Between late Thursday and early Friday trading it appears the market should finish with a net loss of 100 points which in the scheme of things is not significant.  The mixed economic reports during the week contributed to the downward pressure on the stock market.

Retail sales continue to improve and reinforce that the economy is recovering.  In March Retail Sales increased a strong .4% which piggy backs on the prior two months of strong increases of 1.1% in February and .8% in January.  Consumers are definitely returning to the stores and buying items not considered necessities.

Industrial Production once again is fueling the recovery with another strong increase of .8% from the prior month.  This report exceeded analyst expectations.

One of the significant challenges facing consumers and the economy is the rapidly increasing gas prices.  With the national average for a gallon of regular gasoline at $3.85 per gallon, we are starting to see a change in consumers spending and driving habits which will most likely show up in the next round of economic reports next month.  Additionally, although the national average is $3.85 for a gallon of regular gas, the reality is that many major cities across the country are pricing gasoline $4.10 to $4.30 per gallon.

The Producer Price Index showed that prices on the wholesale level are rising rapidly.  In March we saw and increase of .7% which followed a very large 1.6% increase in February.  The rapidly rising prices of oil are the main contributor to the jump in wholesale prices.  On the retail side, the Consumer Price Index increased .5% which was in line with economist expectations.  However when you exclude volatile energy and food prices, the core inflation rate on the consumer level is only .1%.

It is this mixed message about inflation that is creating even more division within the Fed regarding monetary policy.  The stimulus plan currently in place and some members want to start rolling it back while others believe the economy is still too fragile to do so.

Well…now we have a mixed inflation report to make things worse.  Some Fed members believe that the gross wholesale and consumer prices are the figures that should be used to dictate monetary policy.  However other members believe that only the core inflation numbers matter because energy prices will always be very volatile. 

Reports due out next week are:

• Monday April 18^th – Housing Market Index
• Tuesday April 19^th – Housing Starts
• Wednesday April 20^th – MBA Mortgage Applications & Existing Home Sales
• Thursday April 21^st – First Time Jobless Claims and FHFA House Price Index
• Friday April 22^nd – Markets Closed for Good Friday

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