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You Won’t Believe This Statement from the CDC
Did you see this story last week? The CDC released SHOCKING STATISTICS on Covid’s death numbers in America. The CDC discovered that only 6% of all Covid deaths was Covid-19 the ONLY cause of death. This 6% is fewer than 10,000 deaths.For the 94% of other deaths, on average, there were 2.6 additional conditions or…
Will the Fed Fall Behind Inflation?
Different members of the Fed spoke further last week about their policy change to how they view inflation. Here is an example-The Phillips Curve which stated that a falling unemployment rate would lead to higher wages and thus higher inflation. But, this has not happened over the last 10 years at least. And the Fed…
4 Ways Real Estate is Changing Right NOW
The Denver Post ran a story last week on the exploding popularity of backyard sheds and extended mountain stays. Aldo Svaldi said, “About one in five employers expects to have 40% or more of their staff at a remote location come next spring, according to a survey in July from The Conference Board. Before Covid-19…
This Policy Shift by the Fed Is Not Good News For Mortgage Rates
Last Thursday morning the Fed announced a MAJOR POLICY SHIFT ON INFLATION. Instead of setting a hard target of 2% like they have for the last 8 years, the Fed is now going to use “Inflation Averaging”. And they will allow inflation to run higher than 2%; but they didn’t say how much higher. …
A Little Bit of Good News on the Refinance Cost Increase
Fannie and Freddie announced last Tuesday that they are delaying their 50 basis point price hit on refinance loans on loans delivered or sold to them from September 1st to December 1st. We as a lender sell loans to both large correspondent lenders and banks like US Bank, Wells, Chase, PennyMac and others and our…
Apartment Construction Slowing Down
Yardi Matrix reported last week that they believe that new apartment completions in metro Denver will drop by 51% this year from last year when 11,618 new apartments were added according to them. Why the big drop this year? Yardi Matrix cited slowing rent growth at the end of last year, construction financing that went…
Why a Housing Crash is Not Happening
I read a great article in Housing Wire last week written by their Lead Analyst Logan Mohtashami on why a housing crash is not coming our way. Logan says “there are several economic conditions today that were not present before the previous housing collapse that almost ensure that a catastrophic failure will not happen.” First,…
Urge Congress to Reverse the New Refinance Fee
Recently, the Federal Housing Financing Agency announced that mortgage buyers Fannie Mae and Freddie Mac will begin charging a new 0.5% fee on mortgage refinances. Their decision is expected to cost the average consumer an extra $1,400 when refinancing their mortgage. While this fee thankfully does not apply to homebuyers, it is still an unnecessary…
We Have A Supply Problem
Freddie Mac last week estimates that our national housing market needs to build and complete 1.6 million new single-family homes a year to keep up with demand. The last time our country built this many new homes was in 2006. Over the last 4 years home builders have built on average 1.163 million new homes…
Solar Systems May Now Kill Your Deal
Fannie Mae rolled out new rules on properties with solar panels last week. If the solar system is being purchased and financed by the current homeowner and the solar company places a UCC filing against the home for their solar system, then here are Fannie’s new rules- The payment to the solar company must be…
Is Our RE Market Booming or Catching Up?
I performed some detailed analysis of our real estate market through the first 7 months of the year this last week looking at 3 key metrics- New Listings-down a cumulative 2,408 this year Under Contracts-down a cumulative 31 this year Solds-down a cumulative 1,116 this year It’s not surprising to see Solds down when New…
Refinances Are Now More Expensive
On August 12th Fannie Mae and Freddie Mac announced a new extra charge on all refinance mortgages going forward effective immediately. In fact, to avoid this charge we must have our closed loan delivered to Fannie and Freddie by 8/31. This announcement SHOCKED the mortgage industry and we are demanding that they reverse this charge.…
