PRODUCT UPDATE ALERT: LISTING AGENTS TAKE A LOOK!
First Cal now allows minor withholds at closing for conventional
loans. It is case by case basis, but
generally speaking as long as the job is completed within 2 weeks we will allow
the funding to take place and withhold up to $10,000 in repairs. WE will also allow this on FHA loans, up to
$5,000 in repairs, but only on HUD homes.
Financial Markets
Stocks across the board ended the week on a high note as the Dow closed at 16,613 and the S and P 500 closed above 1,900 for the first time ever. The primary catalylist for the stock market rallies was the better than expected new home sales report that was released Friday morning. April new home sales were up 6.4% from March, and revised the seasonally adjusted annual rate of sales to 433,000 homes. March sales were also revised from 384,000 to 407,000.
Mortgage-backed Securities, in particular, the Fannie Mae 4.0
coupon, improved by nearly 75 basis points over the past two weeks, with 30 yr
fixed rate mortgages trending down and hovering in the upper 3’s and low
4’s. It is somewhat rare to see both
bonds and equities rally along-side each other.
To me, this is a strong indication that the U.S. has become the safest
haven for international investors to invest, with China’s economy slowing and
the political turbulence in Eastern Europe.
Southern Nevada Real Estate Related Data
Nevada’s foreclosure numbers continue to improve with respect to
the rest of the nation, and the state’s overall ranking fell to 14th
highest. |
Delinquency Status
|
Percent of Loans
|
National Ranking
|
|
30 Days
|
1.69
|
43
|
|
60 Days
|
0.66
|
40
|
|
90 Days or More
|
3.77
|
2
|
|
Total Past Due
|
6.11
|
21
|
|
In Foreclosure
|
3.51
|
8
|
|
Total Past Due or In Foreclosure
|
9.62
|
14
|
For more real estate financing information, please visit my website: http://www.matthewtmaltese.com/home.html
