Tsing gets paid 250k a yr as a CFO but he’s in here everyday posting for hrs.. hmmm.. GWB sucked all he could from the defense dept, no doubt on some inflated pension.. Captn ? Who the fuck knows but I’m sure he’s rung up a huge tab @ The VA hospital With his hemorrhoids, ticker, drinking etc. you 3 yammers should open up a beautician.
LOL. Never been to a VA hospital. Have always been fortunate enough to have good insurance. Hemi's, they are a bitch though. Can make a man cantankerous.
Looks like housing is still moving forward... Mortgage applications from buyers jump 11%, signaling the spring housing market may not be a total loss https://www.cnbc.com/2020/05/13/mor...signaling-life-for-spring-housing-market.html Applications to purchase a home rose for the fourth straight week, jumping a decisive 11%. The gain came even though average contract interest rate for 30-year fixed-rate mortgages rose from a record low 3.40% to 3.43%. As some states reopen from the nationwide coronavirus shutdown and open houses reemerge, buyers are coming back to the housing market much faster than expected. Buyer demand kept mortgage application in the positive last week, up 0.3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications to purchase a home rose for the fourth straight week, jumping a decisive 11%. They were still 10% lower compared with the same week one year ago but that annual loss has been shrinking markedly. Last week, purchase volume was down 19% annually, and one month ago it was down 35%. ″“There continues to be a stark recovery in purchase applications, as most large states saw increases in activity last week,” said MBA economist Joel Kan. “We expect this positive purchase trend to continue — at varying rates across the country — as states gradually loosen social distancing measures, and some of the pent-up demand for housing returns in what is typically the final weeks of the spring homebuying season.” In the 10 largest states in MBA’s survey, New York led the purchase demand with a 14% jump in those applications. Illinois, Florida, Georgia, California and North Carolina also had double-digit increases last week. Low mortgage rates are certainly buoying demand. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 increased from a record low 3.40% to 3.43%. Points, including the origination fee, decreased to 0.29 from 0.30 for loans with a 20% down payment. At an open house in Atlanta last weekend, about a dozen potential buyers, mostly masked, came through the six-bedroom home in two hours. Mike and Anna Elmers said they were well aware that mortgage rates had hit a record low the previous week. “It’s quite advantageous to pull the trigger right now to get a mortgage,” Mike Elmers said. Applications to refinance a home loan have been falling for four straight weeks and dropped another 3% last week. They were still 201% higher than a year ago, when interest rates were nearly a full percentage point higher. Lenders already overloaded with demand are not offering the lowest rates on refinances and also are facing higher risk due to the government’s coronavirus mortgage bailout program. The refinance share of mortgage activity decreased to 67% of total applications from 70% the previous week.
3.5% is pretty low to lock in. Says refinancing share is down so more new mortgages on new purchases. Good to see as it keeps lots of other businesses employed.
Title companies are going balls out. When we closed on our home a couple weeks ago they told us that working till 9 or 10 at night was the norm. Loan officer and home inspector said the same thing, buried in work Anyone wanting to move or buy and has the capital and credit is doing so. Home prices in this area holding or rising.
Two things in the refi business. One, pretty much anyone who wanted to has already done it, and two, with all the job losses and uncertainty good credit is paramount.
the job losses are horrible and bad but where are the job losses really hitting Americans? Apart from medical staff at hospitals being half shutdown, I woudl say 50% are in the service sector and do not represent a large portion of potential homebuyers. I would guess most are renters are already in a home they will stay in. Refis take a while to work through the system as banks afraid to lose clients begin to proactively offer no cost refis so the client does not go to another bank or the bank wants to earn the origination fee for the refis since most loans are packaged off anyway. refis are done to save money so when rates drop and other issues pop up I can see them being popular but we are in the Spring and the hot time for housing markets in general. Since it is a regional thing I could see a robust housing market despite the lockdowns for the next month or two. people who had been planning their moves months in advance are finally being let out of their houses a bit and they dont want to spend 6 months searching so you will see a lot of escalation clauses and bids over asking price.
True, but there are more layoffs in manufacturing than one might think, especially in the smaller shops, least in the Chicago area. I had my realtor tell me a couple of her deals went south due to job losses, one the day before closing. Still the market is rather strong despite that. Like anything else I guess, one mans loss is anothers opportunity