About Defiance County, OH

Here's some great information that I received today from Biran Fedderke at National City Mortgage. I found it very informative and thought you'd like it too. If you have questions his contact information is at the bottom.

HERE IS WHAT THE MARKET IS DOING TODAY

Current Trend Direction: Sideways to Lower

Risks favor: Floating with prices just above support

Current Price of FNMA 4.5% Bond: $100.22, -9bp

The unemployment line is getting even longer...Initial Jobless Claims rose 36,000 last week to 667,000, worse than the 625,000 expected and the highest level since October of 1982. The number of people collecting benefits reached a record high, rising 114,000 to 5.11 million.

New Home Purchases dropped 10.2% to an annual pace of 309,000 versus estimates of 324,000, the lowest level since data collection began in 1963. The median price decreased 13.5% to $201,100, the most in almost four decades. The number of new homes for sale at the end of the month fell 3.1% to 342,000. The supply of homes at the current sales rate surged to a record 13.3 months' worth.

Durable Goods Orders fell for a sixth straight month both domestically and from foreign demand as the global recession marches on. Orders for Durable Goods, from washing machines to airplanes, fell 5.2% in January versus estimates of a 2.5% drop. After excluding transportation orders, durables dropped 2.5% when estimates were looking for a loss of 2.2%.

General Motors posted an enormous and larger than expected $9.6B loss for the 4th quarter. Even after a stiff round of bad economic news and sour corporate earnings, Stocks are showing some resiliency and are trading higher.

More paper - another round of government auctions this afternoon in the form of $22B 7-yr Notes. Yesterday's $32B offering didn't go over that well and the $94B total hitting the market this week has weighed on the entire Bond Market.

We are switching to a Floating bias, after maintaining a locking stance for the past couple of weeks. Prices are trading just above support at $100.12, a level that has served as a good floor in recent weeks. Should prices fall beneath $100.12, the Bond could easily drop another 60bp or so to the next clear floor of support - in which case you will be hearing from us.

Brian L. Fedderke
Mortgage Loan Consultant
National City Mortgage, a division of National City Bank
701 N. Perry St.
Locator 09-3193
Napoleon, Ohio 43545

1-800-528-5245 Toll Free
419-592-7842 office phone
419-769-3102 cell phone
877-804-4544 direct fax
Email address: Brian.fedderke@ncmc.com
APPLY on line at www.ncmc.com/brianfedderke

"The best compliment I can receive is a referral from a friend"

Below are the market statistics for today. Things are getting a little more active in people looking, but we still have a large inventory.

Today is February 19, 2009
Here are Today’s Market Stats

Active Listings: 273
New Listings: 5
Price Changes: 6
New Pending: 1
Total Pending: 12
Solds: 0
Contingent: 21
Withdrawals: 1
Expireds: 2

With the signing of the American Recovery and Reinvestment Act 2009 by President Obama on Tuesday in Denver the prospect for first time home buyers to cash in continued. The new act continues a tax credit for first time home buyers, that is people who haven't owned a home in the past three years, and in fact increased it. Below is a description posted by the National Association of Realtors.

The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

The change that stands out the most is the credit does not require repayment. The previous bill required the purchaser to repay the money over a period of time out of future tax returns. From what I understand, the amount is equal to 10% of the purchase price with a maximum of $8,000. So, if someone were to purchase a home for $80,000 or more they would get a $8,000 tax credit! In my opinion, THAT'S AWESOME!

With interest rates being as low as they are, combined with this, anyone who has been sitting on the fence about buying that first home should act NOW!

I'm sorry for the delay in writing for the last week or so, but I was at our annual conference for GMAC Real estate and this year they decided to take a cruise to Cozumel, Mexico and Belize City, Belize. It was a great trip to relax and learn some new stuff and get ready for a new year in real estate. I'm excited about the future of GMAC and some of the changes that are going on. I thought that I'd give you a little taste of what we were able to experience this past week. Above is a picture my wife took at Cozumel. Enjoy and don't get too jealous.

Here's the wrap-up for the week as of 12:00 today. It looks like the market is starting to chug forward a little as there 4 new homes pending closing and 20 that are contingent. The stats show there are several new listings, but some of those are the expireds that have renewed their listings.

Today is February 6, 2009
Here are The Market Stats for the Week of Feb. 1- Feb. 6

Active Listings: 273
New Listings: 15
Price Changes: 12
New Pending: 4
Total Pending: 9
Solds: 2
Contingent: 20
Withdrawals: 0
Expireds: 29

Here's a picture of a new listing I have this week. It's a 3 bedroom foreclosed home in Hicksville, Ohio that needs some love to bring it back in shape.

Have a Great Weekend!