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BOB FISCELLA

CHECK OUT THE LOW RATES!

Conventional  30-years                4.375%                                                   4.375%                 4.625%

Conventional 15-years                4.00%                                                        4.125%                 4.250%

JULY is National Ice Cream Month — My favorite flavor is Butter Pecan — what™s yours?

Market Comment – Week of July 12th, 2010Mortgage bond prices were near unchanged holding rates unchanged overall for the week. We started in positive territory as rates held low following the extended holiday weekend. Unfortunately some considerable stock strength pressured mortgage bonds lower and rates higher mid week. There wasn’t much data but the weekly jobless claims did come in better than expected which didn’t help rates. Rates initially fell by about 1/8 of a discount point the beginning of the week only to have those improvements erased Wednesday afternoon and Thursday morning.The most important data will be the inflation releases the latter portion of the week. The Treasury will have another round of record auctions with a 3-year auction Monday, 10-year auction Tuesday, and a 30-year auction Wednesday. Foreign appetite for US debt will continue to play a key role in the ability of interest rates to remain low. Economic Factors Economic Indicator Release Date Time Consensus Estimate Analysis Trade Data Tuesday, July 13, 2010 -40.3B Important. Affects the value of the dollar. A falling deficit may strengthen the dollar and lead to lower rates. Retail Sales Wednesday, July 14, 2010 Down 0.3% Important. A measure of consumer demand. Weakness may lead to lower mortgage rates. Business Inventories Wednesday, July 14, 2010 Down 0.2% Low importance. An indication of stored-up capacity. A significantly large increase may lead to lower rates. Fed Minutes Wednesday, July 14, 2010 None Important. Details of the last Fed meeting will be thoroughly analyzed. Producer Price Index Thursday, July 15, 2010 Up 0.1%, Core up 0.1% Important. An indication of inflationary pressures at the producer level. Lower figures may lead to lower rates. Industrial Production Thursday, July 15, 2010 Up 0.2% Important. A measure of manufacturing sector strength. Weakness may lead to lower rates. Capacity Utilization Thursday, July 15, 2010 74.2 Important. A figure above 85% is viewed as inflationary. Weakness may lead to lower rates. Consumer Price Index Friday, July 16, 2010 Up 0.1%, Core unchanged Important. A measure of inflation at the consumer level. Lower figures may lead to lower rates. Retail Sales Retail sales data is the first indication of weakness or strength in consumer spending released each month. The Bureau of the Census of the US Department of Commerce provides information on how much the consumer spends on the purchase of goods. This data provides the consumption part of the gross domestic product. Retail sales data represents merchandise sold for cash or credit by retailers. Durable goods, such as autos, make up 35% of the figure. The balance consists of non-durables such as gasoline, restaurants, and general merchandise.There are several drawbacks to the report. The data covers purchases of goods only, not services. It is also not adjusted for inflation and is extremely volatile. Economists are concerned that the current economic uncertainty will continue to curtail consumer-spending habits. Consumers have generally been given credit for sustaining the economy even amid the economic turmoil.

By Andrea Chang

RISMEDIA, May 6, 2010”(MCT)”Spring cleaning is turning into spring remodeling this year for many homeowners.

Home improvement projects are starting to make a comeback after frugal consumers pulled the plug on remodeling and renovation work during the downturn.   With the economy showing signs of stabilizing and retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes™ appearance and value by repainting their bathrooms, installing new floors and carpets, and upgrading their kitchens.

Maritza Vega Gentry, a property manager from Glendale, Calif., said she™d hoped to begin remodeling her home in 2007 but put her plans on hold when the stock market crashed. This year, she said, she™s feeling more confident about the economy and plans to spend at least $5,000 on recessed kitchen lighting, ceiling fans and two sun roofs.

œI just sat back and waited for three years, Gentry said while checking out light fixtures at Home Depot in Burbank, Calif., recently. œNow I™m back to doing what I was supposed to be doing: remodeling and taking care of business. I™m doing every repair that I can right now.

To read the full article – click here.

The following article was privided by RISMEDIA and Lowe’s.

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RISMEDIA, April 14, 2010”The busy spring home buying and selling season is underway and the experts at Pulte Homes are offering staging tips to get your home ready for sale. A quicker home sale can be reached by keeping in mind the needs of the home™s most likely buyer and creating a fresh inspiring look just for them, according to Pulte Homes expert Janice Jones, national vice president of merchandising.

œEveryone understands the value of de-cluttering, cleaning and refreshing a home in today™s competitive market, Jones said. œThe difference between a ˜For Sale™ and a ˜Sold™ sign often boils down to effectively staging a home to appeal to young singles, families or empty nesters”the three largest customer segments that are likely to buy your home. Home sellers should have a good idea of the type of buyer who will make an offer and, since everyone likes an updated home, some simple refreshes can achieve an updated look and feel.

Jones recommends conducting a technology overhaul prior to staging your home. œOld technology will date your home and you seldom have a second chance to make a positive first impression, she said. œFlat screen TVs, lap top computers, iPods with docking stations and wireless technology have eliminated the need for large bulky entertainment centers or massive desks designed to hide wiring. Once you™ve rid your home of bulky, dated stereos and TVs, it™s time to hone in on attracting prospects.

For singles, Jones recommends emphasizing sleeping spaces and the living room, which are critical to this group. œSingles will spend a lot of time in the living room and the bedroom, which are their sanctuaries from the outside world. As a result, there is no need to set the dining room table with place settings, Jones said. œInstead, focus on a simple TV stand with clean lines, a flat screen TV and candles in the bedroom and bathroom.

Young families tend to revolve around children. Items that help this demographic envision themselves living in the space include age-appropriate bedding, linens and towels, a bright rug near play areas, and strategically placed toy chests with open tops. Since kids often play or watch TV on the floor, eliminate the coffee table to create a living room that appears larger and more inviting. Jones notes to remember about the garage when staging for families. œOrganize children™s toys and sports equipment to showcase the garage™s storage capacity without compromising functionality, she said.

Empty nesters tend to seek an upgrade in quality features. Upgrading bath accessories like towel bars and toilet paper holders or decorative hanging lights to a better quality and newer style will make an impact. If the budget allows, upgrading the refrigerator, stove and dishwasher can draw in a buyer. Lighting is also a key feature for this group. Jones advises ensuring living spaces maximize natural light. If lighting is less than ideal, add lamps or a ceiling fan with light fixtures. It™s important to open heavy blinds or window coverings when showing the home.

An absolute œmust for home stagers regardless of which demographic being targeted is color. Most sellers are instructed to use neutral colors when repainting. However, adding the right punch of color to accent walls can create depth, enhance kitchen cabinets, or bring a boring bathroom to life.

Homeowners can find color in simple accessories, like throw pillows, coffee table books, and decorative canisters. Neutral colors in flooring materials, upholstery pieces and window dressing work well because they enhance brighter accents.

When choosing colors, Jones cautions homeowners to be aware of their sensory impact:

- Red is stimulating and encourages self confidence

- Orange promotes happiness and celebration

- Yellow is uplifting and light-hearted

- Blue is calming in softer tones and promotes clarity in deeper tones

- Green is the color of nature”it feels fresh and rejuvenating

- Aqua is restful while pink is gentle and sweet”making a great pair

- Purple tones bring out a sense of compassion

œThe key is to experiment and put yourself in the shoes of the prospective home buyer, Jones said. œIt may be helpful to ask a friend or relative for a brutally honest opinion before and after you start staging. You may be surprised how little changes”with a little budget”can make a huge difference to a prospective buyer.

For more information, visit www.pulte.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, be sure to see:

• Years after Loan Default, Homeowners May Still Owe
• 4 Options to Stop the Spread of Negative Home Equity

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By Alejandro Lazo

RISMEDIA, April 1, 2010”(MCT)”A national index of home prices rose unexpectedly in January 2010, with California cities posting strong gains, but some experts warned that the nation™s struggling housing market could be headed for another dip.

The closely watched Standard & Poor™s/Case-Shiller index of 20 metropolitan areas rose 0.3% from December on a seasonally adjusted basis. That marked eight consecutive months of home values improving or at least holding steady.

The index also was down 0.7% from the same month last year, the nearest that the year-over-year reading has come to positive territory in three years.

But expectations about housing™s direction remain mixed as a series of government initiatives intended to bolster sales and stabilize values begin to expire.

Concern over a potential new wave of foreclosures also remains high despite new efforts by the Obama administration to keep struggling borrowers in their homes. œGoing forward, forces that will bring home prices back down are mounting, said Patrick Newport, an economist for IHS Global Insight. œOur view is that despite this report, prices have further to fall”about another 5%.

The Case-Shiller index, which covers three months of data, was influenced by a sales surge in November when buyers rushed to take advantage of a federal tax credit for first-time purchases before its initial expiration. Sales fell in December and January, even though that program was expanded and extended through April. Although many economists expect the extended tax credit to give sales a further boost, they also expect another fall once the government incentive ends.

œIt is way too early for this market to have rebounded the way it has, said Christopher Thornberg, principal of Beacon Economics.

A breakdown of the index showed mixed results with 12 cities posting increases and the rest decreases. When left unadjusted for seasonal variations, the 20-city index fell 0.4%.

Economists surveyed by Bloomberg had expected the index to fall in January.

David M. Blitzer, chairman of S&P™s index committee, said he was concerned with the slow construction of new homes, falling sales volumes and a potential wave of new foreclosures hitting the market this year. œWe can™t say we™re out of the woods yet, Blitzer said.

But others saw the improvements as a sign that the economic recovery was beginning to help consumers gain confidence. œWhat people are seeing in the stock market, and what people are feeling, is the beginning of a real recovery, said Karl E. Case, a professor at Wellesley College and co-creator of the index.

œNow that the economy is starting to come back, I think the psychology has changed, Case said.

California cities posted solid gains with the Los Angeles metropolitan area up 1.8% to lead the index. San Diego gained 0.9%, and San Francisco rose 0.6%. Richard Green, director of the University of Southern California Lusk Center for Real Estate, said Southern California is showing strength because it was one of the earliest markets to get hit and is rebounding now before other areas. œWe fell first, we fell deeply and we didn™t overbuild the way other parts of the country did, he said. œAnd if you look at the long-term horizon, the amount of housing built relative to population was less than other places, and it is still really hard to build new houses here, he said. That means the chances of recovering sooner are good, Green said.

Thornberg attributed the gains primarily to federal government programs and said most of Southern California™s housing gains are a result of fewer foreclosure properties on the market. The falling number of available foreclosures is pushing prices up on lower-end housing, though home prices continue to fall in pricier neighborhoods. œThe bottom has been surging up, Thornberg said. œIt really is about the low-end.

Chicago fell the most”0.8%. Others losing ground included Seattle, Atlanta and Denver. The housing market is likely to be affected soon by the expiration of certain government policies. The Federal Reserve plans to end its $1.25-trillion mortgage-bond-purchase program in the next few days. The program, which has kept interest rates at rock-bottom levels, has helped the Fed buy nearly all the mortgage bonds from housing finance giants Fannie Mae and Freddie Mac, replacing most private investors last year.

At the end of April, the federal tax credit program for first-time buyers and for some current homeowners is scheduled to expire. The program provided up to $8,000 to first-time buyers and up to $6,500 to certain current homeowners.

Also, the Federal Housing Administration, which has stepped up its support of low-interest mortgages for first-time buyers, is tightening its lending standards.

Many economists also remained concerned about a potential wave of foreclosures swamping the market in coming years as borrowers who owe more on their homes default.

The Obama administration late last week unveiled new measures at getting lenders to reduce the principal balances on problem mortgages and refinance underwater homeowners. Experts remain skeptical about whether the changes to the $75 billion Home Affordable Modification Program will help the program reach its goal of keeping 3 million to 4 million homes out of foreclosure through 2012.

(c) 2010, Los Angeles Times.

Distributed by McClatchy-Tribune Information Services.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, be sure to see:
A Golden Opportunity: 203k Program Helps First-Time Buyers Turn Dreams into Reality
Short Sale Buyers Face Difficulty Closing Deals Quickly

The following was provided by Lowe’s. For more, click here.

RISMEDIA, March 19, 2010”(MCT)”Want to sell your home? Get out the bucket, mop and Mr. Clean. The key to making a positive first impression is simple, said Sandra Rinomato, host of HGTV™s popular œProperty Virgins show.
œGet it clean, clean, clean, said Rinomato. œIf your house isn™t clean, it instantly sends up negative thoughts that the home is not well maintained. If your house is spotless, you™re ahead of the game, she said.
But don™t stop there, advised Rinomato. To increase your chances of making a sale, œstage the house to make it as attractive as possible. Until recently, œStaging meant pulling out all the stops”setting the dining table with your best china and crystal, arranging flowers, lighting candles, she said. œNow we take the minimalist approach. Basically, you want to strip the house to its bare essentials, depersonalize it so potential buyers can superimpose themselves and their lifestyle on the house.
Rinomato offered the following tips for staging a home:
1. Visit model homes and examine shelter magazines for inexpensive decorating ideas. Always keep in mind you are not decorating for yourself but for the general public.
2. Start with the outside. Give the house a fresh coat of paint, add shiny hardware to the front door and plant a few flowers to send a subliminal message the house is loved and well cared for.
3. Declutter every room to make it look larger. Get rid of family pictures, trophies and knickknacks. Closets and drawers should be no more than 30% full.
4. Invest in eco-friendly but bright lights. Open the drapes or remove them completely. œLight, bright rooms give the impression this is a happy place”and everyone wants to move into a happy place, said Rinomato.
5. Feature only a few pieces of furniture with mainstream appeal. Pull pieces away from walls to make rooms look bigger.

For the next 5 tips, click here.

Here is a reminder of some very important dates coming up very soon.

March 31^st  ————— The Feds will stop purchasing the mortgage backed securities (MBS).  

This move is being carefully monitored.   It is anticipated that this action could move mortgage rates

higher by ¼ – ½ percent almost immediately and higher if other investors are overly cautious.  

The Fed has been in the MBS market for almost a full year and are credited with keeping rates

down at or below the 5% level for almost the entire year.        

April 5^th —— FHA raises the up front mortgage insurance premium from the current 1.75% to 2.25%.

  While 99% of the FHA borrowers add this premium to their loan amount “ it could lower the qualifying

limit of your borrowers.   3 ½% is the current minimum down payment requirement for FHA.  

There was speculation of raising the down payment “ but this has been put on the back burner by FHA.        

 April 30^th —– The home buyers credit program ends.   All contracts for this program MUST be dated

(executed) by April 30^th and close by June 30^th.   The ONLY exception that I am aware of is for our military

serving outside the US.   These servicemen and women have a 1 year extension until April 30, 2011.

THE TIME IS NOW!!!!Procrastination by homebuyers is likely to be very costly.   There will be a decrease of attractive

homes because others have beat them to the punch.   An interest rate increase will likely decrease their qualification point.  

 In our market “ a 1% increase in rate equates to a 10% decrease in purchasing power.  

The following update was provided by Randy Lipp, Senior Loan Officer, WR Starkey Mortgage.   You can reach Randy at 678-298-1631.

Market Comment – Week of March 15th, 2010
Mortgage bond prices fell last week applying slight upward pressure on home loan rates. The market remained very volatile within a narrow range. With the lack of data the first portion of the week, oil prices factored into trading. Oil remained above $80 a barrel, which reignited inflation concerns. The retail sales report released Friday was much stronger than expected, indicating the US economy may be getting stronger.Rates rose about 1/8 of a discount point for the week.The Fed meeting Tuesday afternoon will be the most important event this week. The inflation data from both the consumer and producer sides will also take center stage. Signs of inflation are generally not received well by the mortgage bond market. If inflation remains in check, mortgage bonds could benefit.

 The article below was sent to me from Lowe’s which always has great   information.

 RISMEDIA, March 12, 2010”As spring approaches, many homeowners grow eager to start remodeling projects to update and refresh their surroundings. Before getting started, it™s a good idea to hire a professional remodeler for a workable plan and better results, according to the National Association of Home Builders (NAHB).

 œA professional remodeler knows how to translate a homeowner™s dreams and budget into a beautiful reality, said Donna Shirey, CGR, CAPS, CGP, president of Shirey Contracting in Issaquah, Wash. and 2010 chairman of NAHB Remodelers. œThey have the expertise and skills to satisfy a customer while keeping the budget in check.

Here are five tips for planning a successful home remodel that you can enjoy for many years to come.

1. Compile a list of home remodeling ideas and draft a budget for the work.
You likely have some projects in mind, such as modernizing the bathroom, renovating the kitchen, replacing windows or repairing the roof. Prioritize your wish list: Maybe you don™t have the budget for your dream remodel, but professional remodelers can maximize your dollars by doing the work in phases, suggesting budget-friendly products and materials and implementing creative design solutions.

2. Look for a professional remodeler to help plan the project.
Start by searching NAHB™s Directory of Professional Remodelers at www.nahb.org/remodel. You™ll get a list of nearby remodelers to contact. Asking friends and neighbors for names of qualified remodelers will also help you find a match for your project.

3. Check the references and background of the remodeler.
After you start speaking with remodelers and find one or two who match your project™s needs, be sure to conduct some background research by checking with the Better Business Bureau, talking to their references and asking if they are a trade association member (such as NAHB Remodelers). Remodelers with these qualities tend to be more reliable, better educated and more likely to stay on top of construction and design trends.

4. Agree on a contract.
Talk over the details of the home remodeling project and begin reviewing the contract. You™ll want to check the remodelers™ insurance coverage, ask about any warranties on their work, know who is responsible for obtaining any building permits and understand the process for making any change orders after the contract is signed. Make sure that you and your remodeler see eye to eye before you sign on the dotted line.

5. Take advantage of the energy efficiency tax credits.
If your remodel includes replacing windows or doors, adding insulation, installing new roofing, upgrading heating or air-conditioning units, updating the water heater or installing energy generating products (such as solar panels, heat pumps or wind turbines) then you can take advantage of federal energy efficiency tax credits through 2010 that will help defray costs and maximize your remodeling budget while reducing home energy bills.

For more information, visit www.nahb.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, be sure to see:
Short Sale Buyers Face Difficulty Closing Deals Quickly
A Curse or a Code “ Where Do Ethics and Practices Meet?

RISMEDIA, March 10, 2010”Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of Realtors ®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January 2010, fell 7.6% to 90.4 from an upwardly revised 97.8 in December, but remains 12.3% higher than January 2009 when it was 80.5.

Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. œJanuary pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February, he said.

As such, abnormal swings are expected in housing data. œWe will see weak near-term sales followed by a likely surge of existing-home sales in April, May and June, Yun said. œThe real question is what happens in the second half of the year. If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward.

The PHSI in the Northeast fell 8.7% to 71.3 in January but is 20.5% higher than January 2009. In the Midwest the index dropped 8.9% to 81.2 but is 11.8% above a year ago. Pending home sales in the South slipped 2.1% to an index of 98.1, but the index is 18.0% higher than January 2009. In the West the index dropped 13.2% to 102.9 but is 1.4% above a year ago.

For more information, visit www.realtor.org.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more top headlines on RISMedia.com, don™t miss:
Home Buyers Rush to Take Advantage of Tax Credit Before It™s Gone
Homeowners Rent Out Rooms to Stave off Foreclosure