Taos Real Estate Mortgage Market Updates from TLT
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TLT is Taos’ only ‘certified’ mortgage broker by the National and NM Association of Mortgage Brokers. Rates
VERY IMPORTANT FOR ALL TO VIEW AND SIGN - We are all experiencing the downside of the new HVCC ruling for appraisals and its affect to our borrowers and their abilities to obtain true market value analysis for their purchases and refinances. We have many of our Taos appraisals being performed by those from southern NM and southern CO. As many of you know our market area is so different from Colorado Springs or Albuquerque. Please take a moment to sign this petition as we at the National and New Mexico Mortgage Brokers Association are doing everything we can to reverse or adjust the HVCC rules. Just a few minutes of your time would really help us all with this huge problem! www.hvccpetition.com As noted in a previous market updates the rates are dropping again. I don’t necessarily anticipate them dropping below 5% again but staying around 5% for a little while. This is good news for us all. Have I noticed any improvement with the banks releasing money, yes but it sure hurts along the way! The process of purchasing and refinancing is no longer without it pains but it is happening. Perhaps when banks get the hang of loaning money again (what a concept) they will soften their processes so we can once again enjoy our jobs while helping our clients get what they want! Turn time on underwriting loans seem to be getting better, must be all the declines with the HVCC appraisals! Just kidding but couldn’t resist. Purchases have very quick 48-72 hour turn times now and refinances are about 15 days out instead of 25 or more. These turn times are always subject to change by the lender even after submission. News Article from CNN.com:
Stocks set for sideways open as investors await key economic readings due out later this week.
Madoff faces sentencing.
U.S. stocks were expected to open with little change on Monday at the start of a holiday week and entering the final two days of the first half.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Investors face a holiday-shortened trading week that brings key economic news on housing, manufacturing and the labor market.
"This is an abbreviated week, but with a lot on the calendar," said Peter Cardillo, chief market economist for Avalon Partners, noting that the most important report, on unemployment, is Thursday.
"I think that most of the numbers are going to point to an economic rebound," said Cardillo.
In Monday's trading, Cardillo said the slight gains in the U.S. futures were taking their lead from strength in the European markets. He also said the end of the quarter might help to fuel the market, as money managers adjust their books.
Madoff: Ponzi mastermind Bernard Madoff finds out Monday whether he will spend the rest of his life behind bars. He faces a maximum of 150 years in prison at his sentencing.
World markets: Stocks in Asia finished mostly lower. In morning trading, major European markets were modestly higher.
Oil and money: The dollar rose against major international currencies, including the Euro, the yen and the British pound. The price of oil rose 37 cents a barrel to $69.53.
Emerging Markets Outlook Is ‘Optimistic,’ Faber Says (Bloomberg.com) June 30 (Bloomberg) -- The outlook for emerging markets is “far more optimistic” than for developed economies, investor Marc Faber said. “We are living through major changes in the world,” said Faber, the publisher of the Gloom, Boom and Doom report. Emerging markets are becoming more significant to the global economy, a trend unlikely to be reversed, he said today at a forum in Seoul hosted by AsianInvestor magazine. The MSCI Emerging Markets Index has advanced 36 percent this year as inflows from investors surged and stimulus plans from China to Brazil bolstered confidence. That compares with a 5.9 percent increase in the MSCI World Index, a measure of developed-market stocks. No developed markets rank among this year’s 10 best performers out of 89 global indexes, according to data compiled by Bloomberg. Peru and China have led gains. Still, emerging-market stock funds lost $1.87 billion in the week ended June 24, the first week of net outflows since early March, on concern that a rebound in exports will be delayed, EPFR Global said on June 25. Funds in Latin America and Asia excluding Japan showed the biggest outflows, according to the U.S.-based research company. Among regions, investors should buy shares of Asian nations including Japan on any declines, while U.S. stocks are “not particularly cheap” in real terms, Faber said. Global economic growth is unlikely to recover to the levels before the U.S. mortgage-market slump, Faber said. The World Bank said June 22 the global recession this year will be deeper than it predicted in March and warned that a flight of capital from developing nations will swell the ranks of the poor and the unemployed. The world economy will contract 2.9 percent, compared with a previous forecast of a 1.7 percent decline, the Washington- based lender said in a report today. Growth will be 2 percent next year, down from a 2.3 percent prediction, the bank said. “This unusual condition of all asset prices going up at the same time, or all economies booming, will not be coming back anytime soon,” he said. Faber also recommended investments related to commodities, such as farmland, or the tourism industry. Summary
Isn’t it amazing how many words can be used to basically say we are experiencing a repeat each week with modest gains and larger declines thereby saying our economy continues to be in the same place, same time, and same location as the previous weeks? Feels a bit like Ground Hog day, don’t you think?
Thank you for your time! Sincerely,
Elisabeth Guillemin President
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