Yesterday evening I learned that our down payment match grant that one of our lenders was
offering has already run out of funds. Bad news for people hoping to get some of that money, but still good news for those who got in while they could. Pricing should be pretty unstable for the rest of the week - rates were up today about .05% because of a menagerie of unflattering industry news. There was a report from RealtyTrack (c), a real estate data-mining firm based out west, which announced a spike in foreclosures for the month of July. It did list an interes
ting fact though: 57% of the US's foreclosures are coming from four (albeit large) states - California, Florida, Arizona, and Nevada. This firm has been releasing
reports for awhile now and from what I've seen, it hasn’t been a steady climb - I believe they reported a drop in June.
Let’s see, also, there was a drop in retail sales for last month - which I don't think is a huge surprise - July is a big vaca month where I'm from so that could have something to do with
that. Any negative news concerning the recovery of the economy is usually fair news for interest rates although I doubt we'll be seeing much improvement this week.
Also, tomorrow, a report on the consumer price index will be released - and as stated above, good news equals worse rates - and bad news, well you get the picture.
A must listen to item for this week is a piece NPR did on Detroit. An amazing tail of a slow but
fantastic rejuvenation of the urban downtown area. You can listen online here.>>
http://www.npr.org/templates/story/story.php?storyId=89831085 - if you've got some seed
money, desire some urban space where you can not only live but start your own business, this may be something you'd want to consider. I think it will become the new Brooklyn - cheap
buildings being bought up by artists for pennies per square foot. Listen, it will get you thinking. Tomorrow I'm going to outline some great first time home buyer options - same bat time - same bat channel. (Is that copyrighted?)
DNJ Mortgage
1350 Sunday Drive
Raleigh, NC 27607
919.459.6560
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