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Leisha Clure

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Use Your Tax REfund To Buy A Home

01-05-09
Leisha Clure

Tax Refund Due? This May Be The Opportunity You Have Been Waiting For.

Rates Are Low

Home Prices Are Low

The Government Has Instituted Tax Rebates For Most First Time Homebuyers*

Countrywide® offers home financing solutions so borrowers and their families can enjoy the many

potential benefits of home ownership, including the possibility of increasing value, the stability of

owning your own home, and potential tax savings1. If you are due a tax refund this year, you may even

be able to use it for down payment or closing costs. Countrywide has many innovative loan programs

that help break the "down payment barrier" to home ownership.

For a range of loans and unparalleled service and experience, call me today.

*Check With Your Tax Professional

Leisha Clure

Home Loan Consultant

Countrywide Bank, FSB

509-483-7049 Office

509-263-0397 Cell

509-443-3935 Fax

914 E Mission Avenue, Suite B

Spokane, WA 99202

http://www.SimplyBetterLoans.com

Leisha_Clure@countrywide.com

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Mortgage Market Update

01-21-08
Leisha Clure

MM Recap for Jan. 21

Losses on Wall Street last week due to fears of recession, horrifying manufacturing data, weak economic reports and Fed chairman Ben Bernanke's plea to Congress to "enact a fiscal stimulus package" quickly, sent the equity markets reeling. Huge losses in stocks sent safe-haven buyers to U.S. Treasuries and prices soared while yields, which move inversely to price, plunged. This sent mortgage rates to their lowest levels in 30 months.

The big moves in Treasuries began Tuesday when retail sales in December fell to -0.4% from a 1% gain in November, stirring worries about consumer spending, which accounts for two-thirds of GDP. Next was the NY Empire State index on January manufacturing conditions, which unexpectedly fell to 9 from 9.8.

The producer price index in December was bond-friendly, showing a 0.1% decline caused by falling energy prices. The core rate, which excludes food and energy prices, rose 0.2%. This was good news for inflation watchers, and it got even better when the weightier consumer price index showed a 0.3% gain, but only a 0.2% rise in the core.

Housing news showed starts at their slowest level in 16 years. Housing starts plunged 14% in December to an annual rate of 1.01 million units, while building permits were down 8% to annual rate of 1.07 million. Starts are off 25% when compared to 2005.

The final blow to stocks and a major boost to bonds was the Philly Fed index of manufacturing conditions for January, which came in a shocking -20.9, the lowest it's been since October 2001. In a separate report, industrial production in December was flat but beat estimates, and capacity utilization edged down to 81.4 from 81.6.

The Fed's beige book, which looks at economic conditions in the nation's 12 bank districts, showed slow to slightly increased economic activity in most of the areas. In other reports, business sales in November rose 1.6% and are up 8.75 on the year, while inventories climbed 0.4%. And first-time unemployment claims fell by 21,000 to 301,000 for the week ended Jan. 13, the lowest since late September. The four-week average was down to 328,500. Nevertheless, analysts believe that the labor market is weakening.

Consumer sentiment rose for the first time since July, according to the University of Michigan. The index climbed to 80.5 from 75.5, with those surveyed satisfied with current conditions and somewhat confident about the future. In a separate report, the index of leading economic indicators, which looks at the economy three to six months ahead, pointed to weakness, coming in at -0.2%.

Low mortgage rates have certainly ignited applications to refinance, according to the Mortgage Bankers Association. Refis soared 43.4% during the week ended Jan. 11, just a little short of the 53.7% gain the previous week. Applications to purchase rose 11.4%.

There are only two reports due this week, and they both come out on Thursday. This, and the financial markets' Monday closure to observe the birthday of Dr. Martin Luther King, Jr., will give traders time to digest the spate of reports released last week.

Of the two indicators on tap, existing home sales for December should have the most impact. This report, put together by the National Association of Realtors, furnishes information on sales, median prices and inventories of homes for sales. Although analysts are predicting another decline -- to an annual rate of 4.95 million units -- there could be a surprise in store, as pending sales in November were strong. November sales came in at an annual rate of 5 million even.

The second and final report of the week is first-time unemployment claims for the week ended Jan. 18. Claims have been trending down, but this report bears watching in this post-holiday environment.
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