It is 9/29/2008 @ 1:08 P.M.

Mortgage Back Securties up 25bp on day, but near lowest level of the day. This will put us in a postition for a Re-Price for the worse. Stocks are down 600 points! Rescue Bill voted down. Markets do not like the uncertainty.  Locking for the short term would be wise!

If you find this information useful and want more up to the minute rate trends, please email me at tfrerking@pmzloans.com .  You will receive a one time auto reply anytime there is a change.  Make sure to check back often!  Thanks and have a great day!

 If you missed the first session, come join us for a second chance!!  Everybody that joined us for the past session found it very beneficial and informative!!  Details below!!

I am inviting you to come and join me for a one hour overview of the new bill passed, known as the HR 3221 and going into effect 10/1/2008.  During this hour we will cover:

What do you need to know about the HR 3221 The Housing and Economic Recovery Act of 2008 and how it affects your bottom line.

• Why this new law?
• First Time Buyer Tax Credit / How it works and how it can help you the real estate professional
• Future of down payment assistance
• New conforming loan limits ahead
• Changes to FHA / Down payment, upfront mortgage insurance and monthly mortgage insurance
• Learn the good, bad and hopeful and how you can use the changes for the good to better your business

Leave with a shortened overview of the HR 3221, be able to talk more educated to your clients and how you can use it to your advantage.  Material provided for a more extensive understanding of this new bill and its changes!

WHEN:  September 30th 2008
TIME: 2:00 p.m. – 3:00 p.m.
WHERE: PMZ University

I look forward to seeing you there!

“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: (209) 254-7142

Olympic Inspections provides agents, buyers and sellers with a variety of home inspection services including:

• Full Inspection
• Basic Inspection
• Pool/Spa
• Re-Inspects
• Private Septic Systems

Generally less than 24 hour turnaround time and reports by email, fax or mail. Olympic Inspections is here to serve you and your clients’ needs.

For PMZ agents Olympic Inspections is cutting $25 off the full inspection price. Normal full inspection is $375. This will run through the end of October. Please feel free to contact Katie Fuentes at (209) 450-1537 to schedule an appointment.

These are truly crazy and historic times. The current financial crisis was unimaginable just a year ago. The government’s financial rescue plan is set to be voted on by the House and Senate today, which will provide much needed liquidity for ailing banks and financial institutions, both nationally and internationally.

In other news, Citigroup has agreed to purchase the troubled bank of Wachovia–one of the nation’s largest banks–with the help of FDIC assistance. In addition, a major inflation report came in high this morning, but it is not having the negative impact on Mortgage Rates that would have been expected, since the government’s rescue plan is dominating the headlines.

So far, interest rates look to be improving, due to the significant uncertainty in the stock and financial markets. Therefore, I recommend floating cautiously. However, I will monitor the situation carefully and keep you advised of any changes.

Help the Oakdale Sunrise Rotary keep teen drivers safe by coming out to their Lobster Dinner and a Dance Too! Festival this Saturday, September 27^th, 2008. Enjoy live music, a raffle, a live auction and GIANT lobsters; one and half pounds of lobster for each person!Tickets are $60 per person for virtually all you can eat lobster! YUM!

Contact Rebecca Montgomery for tickets and more details at (209) 988-1577

Mike Zagaris noted several key points for successful real estate agents to take heed of at this mornings Modesto Residential Real Estate meeting.  Opportunity is ripe in this market. Foreclosed homes present the perfect opportunity for investors and first-time home buyers; “The Valley is covered in Gold.” Only a year ago, median home prices were at $332,000 and now, just last month, they have decreased to $186,000*. Phil Levin, Modesto Residential Manager, noted that the amount home prices are decreasing each month is becoming less and less and the past few months we have been seeing the month to month decreases level off. Whether or not that will continue to be the trend is unclear.  Zagaris noted that we could be in this market for the next couple years, but investors and first-time home buyers will be smiling all the way to the bank as the inventory of houses on the market continues to decrease (17 months of inventory only a year ago to 4 months of inventory presently*). Eventually the laws of supply and demand will shift home prices back up; less inventory available inevitably leading to higher price points.

For now, successful agents and their clients will take advantage of the opportunity available.

*(according to TrendGraphix)

I know a lot of our experienced agents already have contacts for things like home inspections, etc., but for our new agents (or those who don’t have a preferred vendor yet), here is an opportunity to take advantage of: Conway Inspections is having a Grand Opening Special where you can receive 20% off all inspections for October and November. Call 209-823-4950 or fill out “request an inspection” link at www.conwayinspections.com. Mention you found them on PMZBuzz.com!

The three MLSs in the San Francisco East Bay Area today announced they are participating with major MLSs in Northern California in a program to exchange MLS data. The Bay East Association of REALTORS® MLS, the Contra Costa Association of REALTORS® MLS and East Bay Regional Data, Inc will be sharing MLS listing data with MLSListings Inc and with Quattro (an existing data sharing initiative that includes San Francisco Association of REALTORS® [SFAR], Bay Area Real Estate Information Services, Inc. [BAREIS MLS®] and MetroList Services, Inc. [Metrolist®]).  Together, these seven MLSs represent 70,000 real estate brokers and agents from 21 counties in Northern California.

The cooperative agreement takes advantage of the unique character and rich data found in each participating MLS.  Real estate practitioners throughout this large area will be able to access any one of the MLS systems, enabling them to find property information across multiple market areas regardless of geographic boundaries. In addition to full reciprocal MLS access for users, the agreement allows each participating MLS to maintain separate databases that aggregate the data from all seven MLSs. Users who prefer to see all of the data in a single location can use one of the aggregated databases. They will no longer have to pay additional fees to access other MLSs. Brokers who maintain proprietary software systems for use by their agents will also benefit from the new data share. They will be able to download data from all of participating MLS’s databases in a single data stream instead of downloading data from each MLS individually.

Dear PMZ Family,

As you may know, Andrew Santana’s cancer has returned. A deposit account has been established at Washington Mutual for the benefit of Andrew and his family during this difficult time.

Andrew is the son of Ernestina and Jesse Santana, a loan officer in the PMZ Orangeburg office. Andrew has been battling synovial cell sarcoma, a rare form of cancer found in only 1% of Americans. It is an aggressive soft tissue cancer that all too often affects adolescents and young adults.

Andrew needs our support. If you would like to help, checks can be made out to Andrew Santana Fund and deposited at any WaMu location. Please reference benevolent account # 3411452430.

Contact Anne at the PMZ Home Loans office with any questions regarding this account: 209-572-2301 or awalton@pmzloans.com

In today’s economy of strict lending rules and less and less down payment assistance programs, many agents are starting to see the “parent factor” come back into play in their transactions.

The “parent factor” is when the parent(s) of a young couple or buyer have an interest stake in the property; they could be helping their kids buy their first home by gifting the down payment or co-signing on an application. In whatever way the parent is contributing, it is important to remember that, in some circumstances, their opinions can make or break the deal.

Remember to pay attention to all interested parties in your transaction so you can take it all the way to close without worrying about the deal falling through due to miscommunication or unhappy parents.