09 Market Commentary

July 15, 2009

We’ve been working diligently to find ways to solve the appraisal issues that we are currently dealing with in the Lending industry. We are in the process of devising a system to get a fair appraisal on property that will get through underwriting very quickly. The HVCC laws of May 1st have been a thorn in the side of just abou everyone invovled in Real Estate the past few months. I am in the office today and available to answer your questions and concerns. Rates had a reprice for the worse today. As the stock market rally has effected the 10 year bond negatively. If you were able to lock last week or early this week you are in great shape. We are still looking at a 12 day loan contingency removal and if we have a full file we have been closing in 25 days.

Until Next time Here is to your success! Jason Wheeler 925-285-2172 | Come to a FREE Bay Are Event |

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Market Commentary – Wed, Jul 15 – 10:20 AM ET

Stock markets are rising for the 3rd straight session led by a positive earnings report by Intel, the world’s largest semiconductor, reporting that earnings per share came in at 18 cents versus the 8 cents that was expected. Intel also said that Q3 revenue will be better than forecasts. Intel (INTC) is part of the Dow 30 and a component of the S&P 500 Index.

Mortgage applications in the latest week rose said the Mortgage Bankers Association today. The MBA’s Index of Applications rose 4.3% in the week ended July 10 to 514.4 up from 493.1 the previous week. The group?s refinancing index increased 17.7%, while the gauge of purchases fell 9.4%. The rise was due to lower home loan rates last week.

A surprise reading from the New York Fed showed that manufacturing in that region shrank at the slowest pace in a year led by the biggest increase in orders since the recession began. The New York State Manufacturing Index rose to -0.55 in July from June’s -9.41 reading and was the best level since April of 2008. The report has also boosted Stock prices in the early going.Inflation at the consumer level increased slightly in June from May pushed higher by rising gasoline prices. The Consumer Price Index (CPI) rose 0.7% in June from the 0.1% reading in May – estimates were calling for a reading of 0.6%. The so-called Core CPI, which strips out volatile food and energy, rose to 0.2% from 0.1% in May.

The CPI year-over-year fell 1.4%, the biggest decrease since January of 1950, while the Core CPI for the last year ended in June was 1.7% down from May’s reading of 1.8% for the past 12 months.