HARP 2.0 Update:
First Cal is proud to announce the release of the most aggressive HARP refinance program available amongst any retail mortgage companies. We will now approve any LTV, for any occupancy, regardless of expanded level approval types. (Many lenders won’t lend if the loan to value is too high, if it’s not owner-occupied or if the loan receives and Expanded Level 1, 2 or 3 approval). We will also provide financing if the loan is owned by Freddie Mac at an unlimited Loan to Value. If a client has been turned down for a refinance recently, please have them contact me or visit my website.
Financial Markets
The Dow Jones, and all 3 stock indices for that matter, ended the week up considerably, the Dow landing at 13,306. Here’s a twist for you (I know, super exciting stuff)…It was a disappointing jobs report that stocks rallied around today. A weak jobs report does two things: 1) Increases the chances that the Fed will be pressured into yet another round of stimulus or quantitative easing and 2) increases chances that we could see a change in leadership in Washington come November. Mortgage bonds traded in the opposite direction as a result mortgage rates are up for the week by .125%.
Southern Nevada Real Estate Related Data
No surprise home builders continue to reap the benefits of the lean and picked over supply in housing. New home closings were up 49% in the month of July, with home builders selling 468 homes. Prices also drifted upward, up 1.6% from July 2011.
Have a great week! For more real estate financing information, please visit my website: http://www.matthewtmaltese.com/home.html
