Weekly Mortgage Update

It was a rather quiet week regarding economic data.  The big news was Greece.  Apparently they have agreed upon a solution to handle their debt…but that is BEFORE their elections, which happen soon.  No one knows if the resolution will stick or not.  So the markets reacted accordingly and at the end of the week, it was about a break even for the bond market with rates remaining pretty much where they started.

We did have one bit of good news as the initial claims for unemployment insurance dipped by 15,000 to hit 358,000.  Initial claims below 360,000 are associated with monthly job gains in excess of 200,000. If we can maintain this pace through 2012, the economic landscape will feel progressively firmer.

Anecdotally, there was a news article today in CNN Money reporting that banks are starting to PAY troubled home owners to start the ‘short sale’ process.  In selected geographic areas, some banks are finding that it’s actually CHEAPER to pay a home owner to sell their own home at a loss (which the bank absorbs) than to go through the foreclosure process.  The good news is that the sale price is almost always higher than a foreclosure price.  Maybe there IS some light at the end of the foreclosure tunnel. 

This week Freddie Mac’s 30 year fixed remained at 3.87% depending on program, credit and points.  

Starkey Mortgage is an equal housing lender.

                           The views expressed are those of the author and do not represent Starkey Mortgage.

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

 

Do you have a clogged drain?

This past weekend I decided that my bathroom sink was draining way to slow. So, I thought about what one of my favorite home inspectors tells our clients. He always says when you have a slow draining sink then put equal parts vinegar and baking soda down the drain. So that is what I did. I put probably a 1/4 cup of baking soda down the drain and followed with a 1/4 cup vinegar.

It bubbled lots, but as soon as it calmed down, it drained so much faster. Everything went right down without a delay!

 

 

 

Setting up appointments

Last night I was planning my schedule for  today and Jagger wanted to help! I had to make appointments to see a few houses to some friends who are looking at homes for their in-laws. Hopefully they will be moving to town soon. Good times!

By the way, Jagger loves helping Mom with work especially when it involves getting to pound on the key board!

Edmond is the #1 Perfect Suburb to live in!!!

10 Perfect Suburbs

What makes a perfect suburb? We’re not talking about suspicious “Stepford Wives” perfect. No, for this list, we consulted Location, Inc., the data and analysis company and creator of the consumer reference site NeighborhoodScout . The analysts used their bank of databases to find the suburbs with the best mix of affordable housing, good schools, educated neighbors, low crime, employment, and reasonable commutes. Andrew Schiller of NeighborhoodScout explains why these good suburbs are hard to find: “Americans have been leaving the central cities for the suburbs for years in search of more elbow room, better schools, less crime, more affordable home prices, and other amenities. But as many suburbs matured, crime followed, schools declined, and housing prices crept up. So people moved further out. The result was … that to find those good schools and family-friendly environments, a family would have to trade off with a very long commute that itself can be costly in both real dollars and time lost. And those close-in suburbs that maintained low crime and great schools with nice homes? They became so expensive that most Americans were priced out.  Hardly a perfect suburb if one cannot afford to buy a home there.”

The analysts identified the 10 metropolitan areas with over 1 million people that have the lowest unemployment rates based on recent figures. They then used NeighborhoodScout’s database and search engine to uncover the perfect suburb in each area, using the most recent data available.

The winning communities range in size from under 5,000 population to over 100,000, in locales that include lakes, mountains, and coastlines. They’re situated near government, universities, and industries less affected by economic troubles. But they all share these outstanding attributes that bring together top amenities at enviable prices and close proximity to the most robust job markets in America.

10 Perfect Suburbs, counting down in order to the suburb with the lowest unemployment rate.

10. Columbia, Maryland

9. Morgan, Utah

8. Round Rock, Texas

7. Wexford, Pennsylvania

6. Midlothian, Virginia

5. Poquoson, Virginia

4. Reading, MA

3. Circle Pines, Minnesota

 2. Kensington, Maryland

 1. Edmond, Oklahoma

Suburb of: Oklahoma City
Metro area unemployment rate: 4.9%
Median house value: $201,770
Safer from crime than this percent of all U.S. communities: 71%

Edmond is the sixth-largest community in Oklahoma. It has better public schools than 59% of all U.S. communities, and its public schools are better than 96% of schools in the rest of the state. Just under half of Edmond’s populace holds a four-year degree (47.8%), and a majority are homeowners (69.7%). Further analysis of the suburb is found on its Neighborhood Scout profile .

By Colleen Kane. Information found on cnbc.com.

Free Smoke Alarms & Batteries

Did you know that in the Edmond and Oklahoma City area if you do not have a single smoke alarm that is working properly in your home that you can call the fire department and they can help? Each fire department has teamed up with merchants to help provide smoke alarms for each household. You can call the Edmond Fire Department at  (405) 216-7300 or the Oklahoma City Fire Department at (405) 297-3318 for a free battery or smoke detector and installation.  Depending on the circumstances they will deliver the alarm delivered and they may install it also. I think this is so neat.  What a great community to live in!

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

Call Kim and Terra

Just a friendly reminder to call Kim and Terra for all your real estate needs! They will work hard to get a contract pending on your home or your future home. You can always call the office at 405-330-2626 or Kim at 405-474-4774. We always appreciate referrals, too. Our team can help you, or anyone you know, buy or sell in the Edmond/Oklahoma City metro area or we can tap our nationwide network of real estate professionals to find the perfect one. Give us a call today!

Below is a picture of Kim about to put a contract pending sign in front of one of our listings. Go RED Team!

KW Ranked No. 1 in Home Buyer Satisfaction by J.D. Power & Associates

Keller Williams Realty Named Highest Ranked in Home Buyer Satisfaction by J.D. Power and
Associates for Third Straight Year
AUSTIN, TEXAS (July 30, 2010) —According to the J.D. Power and Associates 2010 Home Buyer/Seller StudySM, Keller Williams Realty, Inc., the third largest real estate company in the United States, has received the highest overall satisfaction ratings from home buyers among the largest full-service real estate firms for the third year in a row. The company also ranked second among home sellers in the study for the second year in a row.
“We are incredibly proud of our associates for earning this distinction and want to thank them for their commitment to their clients and communities,” said Mark Willis, CEO of Keller Williams Realty. “We see this honor as demonstration of our company philosophy that it is the agent’s brand that matters most and no amount of money spent on advertising can replace the influence and reputations our agents have in their local communities. Our associates have earned this on their own, by building relationships in their communities.”
The study was produced by J.D. Power and Associates to measure home buyers and sellers customer satisfaction. The results of the home-buying experience were determined by three factors including the buyer’s experience with their agent, the real estate office and a variety of additional services. Keller Williams Realty performed particularly well in the agent and office factors. And, overall satisfaction of buyers for the industry was up over last year.
Additionally, the study noted that the importance of real estate agents has increased substantially in the past year, with buyers and sellers relying on the negotiating skills of their chosen agent and help in navigating the market.
“It is thrilling to see our firm, once again, get public recognition for its incredible focus on customer satisfaction from such a prestigious group. Our associates continually demonstrate that it is possible to deliver the highest level of customer service in one of the toughest real estate markets on record,” said Mary Tennant, president and COO of Keller Williams Realty. “We feel incredibly fortunate to be in business with them, and want to congratulate them on their hard work and dedication.”
In the past year, Keller Williams Realty has continued to grow despite the well-publicized turmoil in the real estate industry. In addition to becoming the 3rd largest real estate company in the U.S., surpassing RE/MAX®, Keller Williams Realty was ranked as the No. 1 real estate franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine and was voted the Most Recognizable Brand of Real Estate Franchises and the Trendsetter of the year for 2009 in an industry-wide survey for the Swanepoel TRENDS Report.