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Lots Of News Stories Of Interest Today

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Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Inman Real Estate News, Wednesday, June 25, 2003

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MORTGAGE FRAUD: CROOKS BUY CHEAP, SELL HIGH
Part 3 of 5: Property flipping scams wreak havoc on neighborhoods
http://www.inman.com/hstory.asp?ID=35919&CatType=R
AOL Users: <a
href=http://www.inman.com/hstory.asp?ID=35919&CatType=R>Click Here</a>

NEW HOME SALES SOAR
Transactions rise approximately 12.5% in May from previous month
http://www.inman.com/hstory.asp?ID=35917&CatType=R
AOL Users: <a
href=http://www.inman.com/hstory.asp?ID=35917&CatType=R>Click Here</a>

FREDDIE TO RESTATE PROFIT BY AS MUCH AS $4.5 BILLION
Expects 'significant volatility' in past and future earnings results
http://www.inman.com/hstory.asp?ID=35916&CatType=R
AOL Users: <a
href=http://www.inman.com/hstory.asp?ID=35916&CatType=R>Click Here</a>

HIGH HOUSING COSTS PLAGUE HOMEOWNERS
31 million households spend more than 30% of income on housing
http://www.inman.com/hstory.asp?ID=35911&CatType=R
AOL Users: <a
href=http://www.inman.com/hstory.asp?ID=35911&CatType=R>Click Here</a>

FED LOAN RESCUES 'MAXED OUT' BORROWERS
FHA Title 1 program offers up to $25,000 to make home livability
improvements
http://www.inman.com/inmannews.asp?ID=35901&CatType=B
AOL Users: <a
href=http://www.inman.com/inmannews.asp?ID=35901&CatType=B>Click Here</a>

DATA DRIVES MORTGAGE LEADS
Compiler combines databases to tailor lender marketing
http://www.inman.com/hstory.asp?ID=35915&CatType=R
AOL Users: <a
href=http://www.inman.com/hstory.asp?ID=35915&CatType=R>Click Here</a>

MORTGAGE PURCHASES BEGIN SLIDE
Consumers hold off as 30-year fixed climbs to 5.1%
http://www.inman.com/hstory.asp?ID=35914&CatType=R
AOL Users: <a
href=http://www.inman.com/hstory.asp?ID=35914&CatType=R>Click Here</a>
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Pamela,

What is your best guess on any effect today's rate cut will have on all this?

My best guess is another surge of refi's.

Don
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I agree Don. I'm so tired sometimes I actually can't see straight. Need some time off to recuperate!!!!!
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
There are quite a few people sitting on 30-year 6% interest rates that have been waiting for a 1 pt. drop to justify the expense of another refi. Many that I've spoken to would like to lower their payments or switch to a 15-year mortgage.

I'll be calling my own lender tomorrow and asking her to give me a heads up if rates drop to where it's worth it to do one or the other. It looks like it might be getting close and I suspect that quite a few homeowners out there realize that this could be the last hurrah before they hunker down for the long haul.

Looks like this summer might end up being a busy one.
 

Frank M. Lagani

Freshman Member
Joined
May 26, 2003
Don,

I don't think the rates will drop on this fed cut.

Hey, but if they do, this NEWBIE is almost ready to go as soon as I finish USPAP.

State test is tomorrow. Well back to book to study.





Frank
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
The economists say there will be a drop in mortgage rates, just over a time frame. No upwards pressures.

Roger
 

airphoto

Senior Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Pennsylvania
Roger,

And you believe 'em?
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
If you look at the stock markets reaction to the feds announcement, I can pretty much promise you that mortgage rates will not change, unless they tick up by an 1/8th or so.....why?? simple - the market had ALREADY priced in the fed funds rate change, and from the reaction (markets dropping about 100 points) it looks like the market was hoping for more. The mortgage rates are more tied in with the markets than the fed funds rate, so, I wouldn't expect much of a change in mortgage rates.....

Won't stop everybody from calling the loan officers for the next few days - their phones will be ringing off the hook!!!!!!
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Merriman,
From what I heard the negative reaction in the stock market was due to the drop in the manufacturing sector.
Guess we'll have to wait and see......
 
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