Chance Gates' Blog

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending January 13 rose 23.1%. Refinancing applications increased 26.4%. Purchase volume rose 10.3%.

The producer price index, which tracks wholesale price inflation, fell 0.1% in December after increasing 0.3% in November. For the year, wholesale prices are up 4.8%. Core prices — which exclude food and fuel — rose 0.3% in December.

The National Association of Home Builders/Wells Fargo monthly housing market index rose four points in January to 25 from a reading of 21 in December. It was the highest level since June 2007. An index reading below 50 indicates negative sentiment about the housing market.

The combined construction of new single-family homes and apartments in December fell 4.1% to a seasonally adjusted annual rate of 657,000 units. Single-family starts increased 4.4%. Multifamily starts fell 20.4%. Applications for new building permits, seen as an indicator of future activity, fell 0.1% to an annual rate of 679,000 units. Housing starts for the year are up 24.9%.

Existing home sales rose 5% in December to a seasonally adjusted annual rate of 4.61 million units from a downwardly revised 4.39 million units in November. The inventory of unsold homes on the market decreased to 2.38 million, a 6.2-month supply at the current sales pace, down from a 7.2-month supply in November.

Initial claims for unemployment benefits fell by 50,000 to 352,000 for the week ending January 14. It was the lowest level since April 2008. Continuing claims for the week ending January 7 fell by 215,000 to 3.432 million.

Thanks to my friends at Prospect Mtg

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose a very strong 0.9% in October, following a revised 0.1% increase in September.

Retail sales rose 0.5% to $397.7 billion in October after a 1.1% increase in September. On a year-over-year basis, retail sales rose 7.2% in October.

Total business inventories were unchanged in September at $1.532 trillion, up 9% from a year ago. Total business sales increased 0.6% to $1.209 trillion in September, up 11.6% from a year ago. The total business inventories/sales ratio in September was 1.27.

Consumer prices fell a seasonally adjusted 0.1% in October, following a 0.3% increase in September. For the year, seasonally adjusted consumer prices are up 3.6%.

The National Association of Home Builders/Wells Fargo monthly housing market index rose three points in November to 20 from a revised reading of 17 in October. An index reading below 50 indicates negative sentiment about the housing market.

The combined construction of new single-family homes and apartments in October fell 0.3% to a seasonally adjusted annual rate of 628,000 units. Single-family starts increased 3.9%. Multifamily starts fell 13.3%. Applications for new building permits, seen as an indicator of future activity, rose 10.9% to an annual rate of 653,000 units.

Initial claims for unemployment benefits fell by 5,000 to 388,000 for the week ending November 12. That’s the lowest level since April. Continuing claims for the week ending November 5 fell by 57,000 to 3.608 million, the lowest level since September 2008.

Thanks to my friends at Prospect Mtg

Mark your favorite properties and get instant updates price changes,  new pictures and status changes.

As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates .  You can also follow me at http://www.twitter.com/chancegates .  To checkout some of  my property manager services goto http://chancegates.com/property-management-services/

If you are behind on your house payment and looking for a loan modification, go to making homes affordable

If the modification fails, contact your local real estate professional to help short sale your home.  To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.

RESPA Reform

The Objectives:

1.)  Help consumers shop for the best loan, through competition bring lower prices.

2.)  Disclose to consumer, the loan information quickly in an easy to understand format.

3.)  Facilitate comparison of Good Faith Estimate (GFE) and HUD-1 or HUD-1A Settlement Statement.

THE GOOD FAITH ESTIMATE (GFE):

1.)  The lender has 3 days after receiving a complete loan application to provide the buyer with a GFE.

2.)  The buyer has 10 business days to review the GFE.

3.)  Page 3 of the GFE must have a “Shopping Cart” to allow the borrower the ability to compare terms and conditions.

THREE TYPES OF GOOD FAITH ESTIMATE FEES

1.)  Zero Tolerance are fees on the GFE that may not be exceeded at closing.

2.)  10% Increase Permitted are fees that the total aggregate of all charges are subject to a 10% tolerance.

3.)  Unlimited Change Permitted are fee that HUD does not limit the amount of increase

Other terms and conditions may apply please contact a Nevada real estate professional to answer any questions  that you might have.

As a Reno – Sparks real estate consultant I encourage any questions or  comments on the Reno – Sparks real estate market or about any of the articles I post.  You can email me at chance@ballard-company.com