If last week didn't have your head spinning from the FOMC meeting, the first State of the Union Speech by President Obama and mixed remarks from Barney Frank, then this week should be right up your alley.
Monday's first economic report will be the January's Personal Income and Outlays. Not only do the experts expect an increase in consumer's ability to spend, but they also expect current spending to rise both by 0.3%. Also on slate for tomorrow is January's Institute of Supply Management (ISM) Manufacturing Index. As one of the earliest pieces of economic data released each month, expectations are for the ISM Index to still show growth but less than December.
Pending Home Sales will be released on Tuesday and should be a non-event as winter doldrums and the holidays have distracted potential home buyers thus far. This report is not a major technical report but will impact the psychology of traders if the report shows any dynamic growth.
Wednesday will be led off by the ADP National Employment Report as a precursor to Friday's Employment report from the Labor Department. Although not considered to be as all inclusive as Friday's report, the ADP Report tends to shed light on the direction of white collar jobs.
December's Factory Orders and 4th Quarter Productivity will be the highlights on Thursday. Although both of these reports reflect the direction of the manufacturing sector, they should be a non-factor unless they vary significantly from Economists forecasts.
The most important report of the week and almost every month will come on Friday with the release of the January Employment. Forecasts are in for the addition of 13,000 new jobs with the national unemployment rate to remain at 10.0%. It has been said that the US economy has to produce a minimum of 125,000 jobs a month just to stay up with population growth. Whatever the number, the employment numbers will surely provide direction for the markets not only on Friday, but also for weeks to come.
Quick general rule of thumb when keeping an eye on mortgage rates.
Want to see what other economic reports might impact home buyers in the coming week? Stop by and check out the Mortgage Market Update Provided to You Exclusively by The Barath Group.
This Is The Week Ahead for January 31st.
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Thank you for reading my ActiveRain blog where I share my personal insight as a mortgage planner.
Did you know that I also write an outside blog dedicated to Northwest Indiana mortgages and real estate?
This is a summary of my newest blog entries from the past week from WelcomeHomeNWI.com.
Publish Date: January 29, 2009
Are Home Values Up or Are Home Values Down?
Excerpt: Reporting on a two-month lag, the government said home values rose 0.7 percent in November. National home prices are at their highest point since February 2009. But before we look too much into...
Publish Date: January 27, 2009 - Evening Edition
Putting Today's FOMC Statement into Plain English
Excerpt: The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy "has continued to...
Publish Date: January 27, 2009
My Mortgage Rate Lock Strategy Before FOMC Press Release
Excerpt: The Federal Open Market Committee ends a scheduled, 2-day meeting today in Washington. It's the first of 8 scheduled meetings for the policy-setting group in 2010. The group adjourns at...
Publish Date: January 26, 2009
Good News Home Buyers - Existing Home Sales Tanked
Excerpt: Just one month after from blowing away Wall Street, December's Existing Home Sales hit the skids, shedding nearly 17 percent and falling to a 4-month low. Don't be alarmed, though. The plunge...
Publish Date: January 25, 2009
What's Ahead for Mortgage Rates This Week: January 25th
Excerpt: Conforming and FHA mortgage rates improved last week on the combination of weaker-than-expected economic data and new anti-banking rhetoric from the White House. The S&P 500 shed...
Weekly Blog Update for the Week Ending January 30th.
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With so much talk about the Federal Open Market Committee's press release yesterday, Apple's new iPad, the lackluster state of the union address last night and a variety of other business related news, I wouldn't blame you for missing the anti-climatic revisions to President's Obama foreclosure prevention plan.
Today's press release by the Treasury Department was to have been the next step forward to improve the effectiveness of the Making Home Affordable Program (HAMP). If you recall, HAMP was launched last April to slow down the rapid rise in foreclosures through loan modifications. Here are some interesting results of HAMP as of year end 2009.
In the haste of rolling out HAMP last summer, the Treasury Department allowed applicants to get approved for a temporary loan modification based on an oral application. It was then left to the servicers to chase down the paperwork over the 3 month trial period. If everything was accurate and the homeowner made the new payments on time, then the temporary loan modifications would become permanent.
Right now the HAMP only has a 7.4% success rate from application to permanent loan modification. Consequently, the Obama administration and the Treasury Department want to improve their success rate.
Can you guess what the big announcement was today?
In order to improve their success rate, they want to be able to get more homeowners converted from their trial loan modifications to permanent loan modifications. How will they accomplish this task?
From now on, homeowners will be required to submit all paperwork in advance of being offered a temporary loan modification. This way all that is left is for the homeowner to make their payments for 3 months. There are other things that were revised and updated, so go ahead and read the complete Supplemental Directive 10-01, Home Affordable Modification Program - Program Update and Resolution of Active Trial Modifications.
The Irony - HAMP Offered Stated Income Loan Modifications
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As I am writing this post, I have my HP Mini 2140 charging up and downloading any updates that it may need in preparation for Real Estate BarCamp Indiana tomorrow. I also have my iPhone plugged into iTunes to see if there are any apps that I might need updated and/or downloaded in preparation to endure this day long event.
I have had many individuals ask why I would subject myself to waking up at 4 AM, CST to make the 2-1/2 hour drive from my home in Chesterton Indiana all the way to Indianapolis Indiana where the event is to take place. That's a good question.
First of all, what is Real Estate BarCamp (aka. REBarCamp)? According to Andy Kaufman, the founder, RE BarCamp is...
"an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees."
Nobody is paid to speak and all of the events are coordinated by volunteers and paid by sponsors. It should be noted that this BarCamp is being hosted by not only the Indiana Assocation of REALTORS, but also the Indiana Commercial Board of REALTORS and will have Indiana Governor Mitch Daniels as a featured speaker.
Consequently, people gravitate for the purposes of sharing what really works and not just the theory of what should work. I was fortunate to witness one of the larger RE BarCamp events when it was hosted in Chicago by the National Association of Realtors.
This leads me to my second and primary purpose of attending this event. Since the original concept of this event evolved from a technology gathering, most of what is discussed is the proper methods to integrate technology into the human experience of real estate.
In other words, how can we enhance the law of attraction through all things digital. Want to know more? Come join us on Monday, January 25th, from 9 AM - 5 PM, EST. Can't make the event in person, follow the ongoing conversation on twitter.com with the search hash tag of #rebcin.
Let's Get Excited Indianapolis, BarCamp Is Coming! #rebcin
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Thank you for reading my ActiveRain blog where I share my personal insight as a mortgage planner.
Did you know that I also write an outside blog dedicated to Northwest Indiana mortgages and real estate?
This is a summary of my newest blog entries from the past week from WelcomeHomeNWI.com.
Publish Date: January 22, 2009
Housing Starts Down Now, But Housing Permits Heat Up
Excerpt: A "Housing Start" is a privately-owned home on which construction has started. It's an important gauge of housing health because it tracks new housing stock nationwide. In December 2009, starts...
Publish Date: January 21, 2009
New FHA Guidelines Will Be Tougher and More Expensive
Excerpt: Securing an FHA mortgage is about to get more expensive. In a statement issued Wednesday, the Federal Housing Authority outlined policy changes to its mortgage assistance program. The shift is...
Publish Date: January 20, 2009
100 Days Left To Claim Your Homebuyer Tax Credit
Excerpt: November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Cred it program. There's 100 days left to claim it. The expiration date of the up-to-$8,000 tax credit...
Publish Date: January 19, 2009
What's Ahead for Mortgage Rates This Week: January 19th
Excerpt: Mortgage markets showed little conviction last week, carving out just a narrow trading channel. There was very little data on which for markets to move, leaving mortgage rates momentum-bound. Luckily...
Publish Date: January 18, 2009
Martin Luther King Day - I Have A Dream
Excerpt: Every year I am asked by many the following question. What is it about this day that we need to celebrate? Up until last year, I actually misunderstood the meaning behind this holiday dedicated to...
Weekly Blog Update for the Week Ending January 23rd.
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Northwest Indiana Mortgage Planner Facilitating the American Dream through Responsible Mortgage Lending and Financial Literacy since 1999. Want to Know More? Contact Me!
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Please visit www.GVCMortgageInc.com to learn more about the TEAM and how easy it is to get started.
As a Certified Mortgage Planner, I understand the difficulties facing consumers in today's credit driven market. An individual's credit score has never been more important with all the turmoil surrounding our financial markets.
In order to best prepare a consumer for homeownership, one must start with proper education. For those consumers who already own a home it still may be a good time to seek more knowledge.
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These professionals include Certified Public Accountants, Certified Financial Advisors, Estate Planners, Insurance Advisors, and Legal Advisors along with Realtors, small business owners, school districts, etc...
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