PMZBuzz

Hello,

My name is Stacy Kendrick with PMZ Real Estate out of our Stockton office and I have some information that I would like to share with you.  Just 17 days ago, I had a deal that was falling apart and the Selling Agent had tried every lender she could to accept my clients.  But, in the end she could not find a lender, so she had to call to tell me that she had to cancel my clients.

After hearing the news of their cancellation, the buyers called begging me to help them get this house.  I then transferred the call to our “In House Lender,” Daniel Sosa.  And, within just a few hours, he came back to tell me that the could see no real problem with this deal and felt that he could get it through.  Moving forward, this was the toughest deal.  It was FHA and the appraiser was less than helpful; and although the clients were assertive, the language barrier was difficult.  Luckily, Daniel held in there the whole way, keeping me informed and giving me daily updates.

This property was bank owned and the Asset Manager tried to cancel several times.  Each time she asked for something new, Daniel steppped up and got it taken care of.  My Broker Mike Oldham also with PMZ and myself felt that Daniel went over the call of duty on this deal and without him, it would have been dead long ago.  Today, we are recording, and it’s the 17th day!  He certainly worked his magic.

To each Realtor within this company: If you are not using Daniel Sosa, think twice!  I will request that my buyers get Pre-Approved with him and I will strongly make the request when I have Buyers Agents making offers on our REO Properties to do the same!  We, on the Oldham Team, are confident that if Daniel says that he can get the deal to go through, then that is just what will happen.  In this market, as we all know, it is the honesty and integrity that is still standing in lending.  Every day we still see those lenders trying to blow smoke, and I am thankful that we have Daniel right down the hall.

Do yourself a favor to relieve your stress and call Daniel Sosa for your next deal.  You will find that as a Realtor, he lets you go about your business and leaves the lending part to him.  It is a nice change from what we go through with other lenders on a daily basis.

Sincerely,

Stacy Kendrick
Mike Oldham Team
PMZ Real Estate
Realtor
3516 Deer Park Drive, Suite A
Stockton, CA. 95219
Cell (209) 470-7603
Office (209) 954-1736
Fax (209) 887-9519

The number of homes under contract to sell increased in May.  It’s the fourth straight month in which sales volume increased, corroborating the growing notion that housing is on the mend in most U.S. markets.  Consider these other housing-related stories from the past month:

• Existing Home Sales are rising
• New home supplies are falling
• The Case-Shiller Index is turning positive-like

Put it all together and it looks like the housing market is about to reach its bottom (if it hasn’t already).  But just because homes are going under contract to sell doesn’t mean that they actually will sell.  A “deal” can fall apart for all sorts of reasons including failed home inspections, buyer-seller disputes, and mortgage-related problems…

To read the rest of this mortgage indsustry blog, visit:

http://www.loanapproval411.com/info_01/page_1.rad

Sincerely and respectfully,

Daniel A. Sosa

PMZ Mortgage Consultant

Office: 209-472-2010 x4716

Cell: 209-298-8017

Email: dsosa@pmzloans.com

Website: www.loanapproval411.com

Mortgage prices started weaker this morning; at 9:00 eastern -.34 bps. The 10 yr treasury note yield at 9:00 up 7 BP to 3.54%, down 0.53 bps,  as it failed to hold at its resistance level at 3.50%

The Johnson Redbook chain store sales were down 4.3% yr/yr but fractionally better than -4.4% yr/yr last month. Consumers remain mostly sidelined on job losses and the fear of future jobs being lost.

  
At 9:00 the Case/Shiller Home Price Index was down 18.1% in April after declining 18.70% in March and better than -18.75% expected. Foreclosures continue to depress prices. The measure declined 19%

At 9:45 the June Chicago purchasing mgrs index, expected at 40.0 frm 34.9, hit at 39.9. New orders component at 41.6 frm 37.3, prices pd at 36.6 frm 29.8 and employment  at 28.9 frm 25.0. All components imp[roved but are still contracting—below 50.

At 10:00 eastern the final economic release today, June consumer confidence index; expected at 55.0 frm 54.9 was weaker at 49.3 and May was revised to 54.8. The present situation index fell from 29.7 in May to 24.8 in June. The report is opposite what we had with the U. of Michigan consumer sentiment index but we would put more credibility in the report today.

The Fed is scheduled to buy more treasuries today on the $300B announced bond purchase program announced in March.

Treasuries and mortgage prices continue to fall at 10:15 eastern. Trade is thin and selling today is more technical than substantive so far.  

in January, the most since the data began in 2001. The home-price index figures aren’t adjusted for seasonal effects so economists prefer to focus on year-over-year changes instead of month-to-month

.

“Your Partner In Success!” 

Tony Frerking
Sr. Mortgage Consultant
PMZ Home Loans
1600 N. Carpenter Rd. Ste. C
Modesto, CA 95351
Direct: (209) 404-2200
Fax: (888) 345-2768 **NEW**

This weeks economic calendar is compacted into three days instead of the usual five, with no reports due out on Monday and with the markets being closed on Friday ahead of the 4th of July weekend. Tuesday information on chain sores sales from ICSC-Goldman & Redbook, the S&P Case-Shiller Home Price Index (HPI), Chicago Purchasing Manager Index (PMI), and Consumer Confidence all set to released. In addition, there is prominent Fed officials giving speeches, so investors will be paying close attention. On Wednesday, we get a glimpse of the labor market from the Monster Employment Index, Challenger Job-Cut Report and ADP Employment Report. Mortgage application information is provided by the Mortgage Bankers Association’s weekly survey. Major reports due are the ISM Manufacturing Index, Construction Spending and Pending Home Sales Index, all set for 7am pt. Then comes Thursday, when the all important June Employment Situation will be released by the Labor Department, detailing the non-farm payroll numbers, unemployment rate and average hourly earnings. To further increase the drama, Jobless Claims, Factory Orders and the Treasury’s announcement of the size 3yr, 10yr and 30yr securities to be auctioned the following week finish the short week. The amount of information in such a short time frame needed to be digested by traders can lead to extreme volatility, especially in front of a 3 day weekend. Buckle up, it may be a bumpy ride.

“Your Partner In Success!” 

Tony Frerking
Sr. Mortgage Consultant
PMZ Home Loans
1600 N. Carpenter Rd. Ste. C
Modesto, CA 95351
Direct: (209) 404-2200
Fax: (888) 345-2768 **NEW**

Mortgage backed securities (MBS) prices continue to trade higher (rates lower) as signs emerged that foreign buyers are scooping up record amounts of U.S. debt speculating the economy’s recovery may be slow; FNMA 5.0% coupon 101.89bps, +6bps & FNMA 4.5% coupon 99.83bps, +6bps. MBS rallied last week as indirect bidders purchased 67% of the record $27 billion in 7yr notes, double the amount at the last sale. The 5yr note sale drew the highest demand since 2004 and the 2yr note sale attracted the most demand in six years. The U.S. relies on foreign central banks to finance the huge federal deficit, with over 50% of the $6.45 trillion in marketable securities held outside the U.S., up from 35% in 2000, with China holding $764 billion. The Treasury will resume debt sales on July 6 with an auction of 10yr Treasury Inflation Protected Securities (TIPS) then will sell 3yr, 10yr & 30yr debt July 7-9. The Fed is scheduled to purchase Treasuries tomorrow and July 1, part of the central banks plan to lower consumer borrowing costs. Yields have fallen in parts of the credit markets as the 3mo LIBOR is at a record low 0.597%, 35bps above the upper range for Fed funds & the least in 15 months. Mortgage rates have risen, potentially delaying a rebound in the housing market as central bankers have indicated they accept the rising yields as long as they reflect expectations for an economic recovery. However, further increases may put such an outcome in jeopardy. Home sales, the engine that has powered every U.S. recovery since 1960, have stalled due to stricter qualifying rules and rising rates. The $8,000 first time homebuyers tax credit and a government program to subsidize some mortgage payments have had little effect. Mortgage lending is at a 13 year low and the 3.8 million homes for sale (2.1 million unoccupied) does not help the situation. At the current pace it would take 9.6 months to unload them all, while the 5yr historical average is 3.6 months. More than 20% of all homes in U.S. are under water or worth less than their loans. Crude oil advanced to $70.41 a barrel and is poised for a 42% quarterly gain, 57% this year on increasing optimism the economic slump will be ending soon. While the economic slump tempers global demand growth, it may also cause supply to shrink as lower exploration and production spending delays projects and reduces spare capacity. There are no economic reports due out today.

“Your Partner In Success!” 

Tony Frerking
Sr. Mortgage Consultant
PMZ Home Loans
1600 N. Carpenter Rd. Ste. C
Modesto, CA 95351
Direct: (209) 404-2200
Fax: (888) 345-2768 **NEW**

Mortgage markets improved last week on the heels of benign economic data and a non-inspired press release from the Federal Reserve.  Aside from trader momentum, 3 market-moving events helped set the pace last week:

1. Housing data hinted at strength
2. Jobless data showed softness
3. The Fed said growth appears on-track

The combination of the three created volatility that — for just the second time in the last 8 weeks — worked in favor of rate shoppers.  Mortgage rates changed a lot last week, but they trended lower overall.  Already, however, markets are looking ahead to this week’s holiday-shortened trading sessions.  There is a ton of data to be released and as the week progresses, the ever-falling market volume could create some wide swings in mortgage rates.  The mystery is whether rates will be getting better or worse….

To read the rest of this mortgage industry blog, visit:

Sincerely and respectfully,

Daniel A. Sosa

PMZ Mortgage Consultant

Office: 209-472-2010 x4716

Cell: 209-298-8017

Email: dsosa@pmzloans.com

Website: www.loanapproval411.com