Google eCity Awards Edmond, OK!

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Google eCity Awards recognize the strongest online business community in each state.

Congratulations Edmond we won!

Edmond’s small business community is leading the way on the web in Oklahoma. This city’s public art murals, stained glass and sculptures attract visitors from near and far, and its online presence further builds awareness.

The web is working for American businesses.

              In 2012, Google’s search and advertising tools helped provide $94 billion of economic activity for 1.9 million businesses, website publishers and non-profits across the U.S.

This is a pretty neat for Edmond, OK!!!

Oklahoma City Chamber Commercial

Today the Oklahoma City Chamber released a new commercial highlighting the city and it’s amenities.  I am proud to be a part of this City and State and excited about the growth and success of this community.  The real estate market is booming, call the R.E.D. Team today with any real estate needs.

Weekly Mortgage Update

Inflation was back in the picture this week as the core the consumer price index came in at an annualized rate of 3.6%, which pushed rates up.  Remember, the people who lend their money to Fannie & Freddie need to adjust their rate of return for what inflation takes away.  So, when inflation goes up, rates go up to compensate. 

But then concerns over riots in Greece created a mild panic and money flowed from the Euro-zone to the US bond market (of which mortgages are a part).  And, as I said last week, if you are going to give me your money anyway so that it’s safe, I don’t have to pay you as much interest because you are going to buy my bonds regardless.  This caused rates to tick back down.  All in all, we ended up with basically no change in rates this week.

There was some good news on the housing front.  Housing starts and building permits came in above expectations showing a reversal of last month’s decline.  Foreclosures also surprised and are down from May of last year by 33%.   Could we ACTUALLY be seeing a recovery?  I think maybe.

This week Freddie Mac’s 30 yr. fixed rate survey stayed at 4.5%, depending on program, credit and points.

 

Ted Clay
Senior Loan Officer
Senior Loan Consultant

NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644 x 102
Cell: 405-826-1320
Fax: 866-208-5309
tclay@wrstarkey.com
www.TedClay.com  

WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034

Best time for buying a home is NOW!

Right now is a great time to buy a home because there are an abundance of homes on the market, prices are affordable and interest rates are awesome! I was reading on the “Steve Sjuggerud’s
Daily Wealth” website today about how he thinks right “now is literally the best time in recorded history to buy a house in America…”. With rates being about 4.6% depending on program, credit and points a buyer can now afford more house than they have in the past. If you can afford a house now and are interested in purchasing one, call Kim and Terra today.  Houses are selling right and left in the Edmond/OKC metro area and you do not want to miss the home of your dreams for the best price possible!

 

Go to http://www.dailywealth.com/1747/U-S-Homes-Now-the-Best-Deal-in-Recorded-History to read more about what Dr. Steve Sjuggerud thinks about homes being the best deal in recorded history right now.

U.S. Homes: Now the Best Deal in Recorded History posted on Wednesday, June 1, 2011 

Weekly Mortgage Update

Good news! The employment numbers for March came out strong today.  The unemployment rate dropped too.  All of this underscores the fact that the economy is doing better.  Combine this with the Core PCE index, the Fed’s measure of inflation, coming in at an annualized rate of 2.4% and you have definite upward pressure on rates.

Yes, the Case-Schiller Index came out showing a net drop in the average price of homes in the top 20 cities.  Even though pricing is a LOCAL issue (remember don’t paint OKC with a Detroit housing number), let’s assume that buyers listen to this stuff and think the value of the house they buy today will be worth 2.5% less next year….so they want to wait.

Here is what the buyer needs to know:  “Yes I KNOW you’re concerned, but rates ARE going up because the economy is doing better – just look at the job numbers.  Even IF your home value drops 2.5% next year, do you know how much LESS home you could buy for the same monthly payment if you wait and rates jump up 1%. – because that’s what they did in December?  10%!  So, on a $200,000 home, you might save $5,000 by waiting a year, but you’d LOOSE $20,000 in buyer power due to higher rates…not to mention the tax benefits!  WAKE UP and SIGN!”

This week Freddie Mac’s 30 yr. fixed rate survey ranged between 4.75% and 4.875% depending on program, credit and points.

Ted Clay
Senior Loan Officer
Senior Loan Consultant

NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644 x 102
Cell: 405-826-1320
Fax: 866-208-5309
tclay@wrstarkey.com
www.TedClay.com

WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034

Weekly Mortgage Update

There is an old curse my mother once taught me:  May you live in interesting times.  Honestly, I don’t think it’s a curse because I’d rather have an  interesting time than a boring one.  But markets don’t always like interesting and so we continue to see the push pull dynamic between world uncertainty and economic recovery.  Uncertainty pushes money into bonds and rates drop.  Economic recovery spurs fears of inflation and rates rise.  This week we saw rates tick up a bit again as the GDP figures for the 4th quarter came in higher than expectations at 3.1%, signaling that our economy is recovering.  The stock market had a good week as well.  But even though this caused an uptick in rates, we are still below 5% on a 30 year fixed rate mortgage according to Freddie Mac’s weekly Survey.

What worries most people is all the news regarding housing.  Existing home sales were off a bit from last month, but NEW HOME sales were substantially down.  The blogs continue to site that values will be dropping and the housing market is still weak.  To this I say:  Location, Location, Location.  In our local market I’m hearing of multiple offers with homes just going on the market.  Yes, there are markets in the country that continue to drag, but don’t let your buyers apply a Detroit statistic to our local market.  We WILL have ups and downs, but overall the Edmond/Oklahoma City market continues to improve.

State Bond Money still has over $1.9 million available with a rate of 5.50% and 3.5% Down Payment Assistance.

This week Freddie Mac’s 30 yr. fixed rate survey ranged between 4.75% and 4.875% depending on program, credit and points.

Ted Clay
Senior Loan Officer
Senior Loan Consultant

NMLSR # 217991
OK License # MLO01963
Office: 405-341-8644 x 102
Cell: 405-826-1320
Fax: 866-208-5309
tclay@wrstarkey.com
www.TedClay.com

WR Starkey Mortgage, LLP NMLSR # 2146
10 E. Campbell
Edmond, OK 73034

Get Your House Ready for Spring

CountryLiving.com has some great suggestions for getting your house ready for spring. Take a look at the checklist and go ahead and get ready for Spring, because it will be here before we know it!

The return of spring heralds a flurry of activity around the house, when a welcome feeling of renewal inspires us to clean, freshen, and get organized — and thawing temperatures lure us outdoors to get back into the garden and help things grow.

Now is the time to swap heavy quilts and blankets for lighter-weight bedding. Be sure to wash and thoroughly dry all bedding before storing, suggests Donna Smallin, author of Organizing Plain & Simple (Storey), because body oils are what attract moths and insects. Stow them in under-bed boxes, zippered bags, or vacuum-seal storage bags, which save space and protect against insects. Insert cedar or lavender sachets for extra freshness.

CHECKLIST:

– Flip or rotate your mattress. Check the warranty card for the manufacturer’s instructions and recommendations.

– Air out throw rugs on a clothesline to freshen. Steam clean or shampoo wall-to-wall carpeting.

– Wash pillows and curtains to help reduce allergens and dust mites.

– Change smoke and carbon monoxide detector batteries.

– Organize and thoroughly clean out kitchen cupboards and the fridge, discarding canned goods and other items that are past their expiration dates.

– Organize the basement and inspect for mold. Open doors and windows to thoroughly ventilate the area.

Now it’s time to get to work! Have fun!

Find out more on FHA raising the MIP

Did you know that FHA is raising the Mortgage Insurance Premium, MIP, on all loans filed after October 4th, 2010?

FHA will raise the MIP on all FHA case numbers assigned on or after October 4th.  This is a value added proposition for any one out there that is on the fence about buying a house.  The monthly MIP is going from .52 to .90.  This means a customers payment will be around $67.00 per month more on a $200,000 FHA loan after Oct. 4th.

If you want more information I have the mortgagee letter from HUD with all of the MIP changes, just email me or call me and I can send it to you!

myerst@kw.com or 405.474.4242

Rates as of yesterday on a 30 year fixed were 4.250% and a 5/1 fixed arm was 2.875%.


Sales have slowed down, but still remain above last year.

Excerpt from Realtor.com
Daily Real Estate News  | July 22, 2010  |

Sales Slow But Remain Above Last Year
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said. “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.

The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.

NAR President Vicki Cox Golder said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.”

A parallel NAR practitioner survey shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.

Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May.

“The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.

Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.

Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.

Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago.

Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.

Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.

In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago.

Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.

Source: NAR