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Current issue:
By Tony Stevenson/SWBC Mortgage
Economic News Week: September 12, 2011
The DOW plunged this past Saturday as investors took notice of Europe’s financial failings and fears that the U.S. may still be in for another recession. Greece remains in danger of defaulting after a crucial bailout just 16 months ago. I heard one economist say that Europe is ruining the day, “like a snowball rolling down hill and holding the U.S. captive”. Fear overcomes greed. “Markets always vacillate between fear and greed, and today we’re coming down pretty much on the side of fear, said Kim Forrest, equity research analyst at Fort Pitt Capital Group. The DOW has been down six of the past seven weeks ending this past Friday at 10992.13. Still, U.S. wholesalers stockpiled inventories in July even though sales were flat. Regarding the Trade Deficit, a record level of exports and a drop in oil prices narrowed the U.S. trade deficit in July to its lowest level in three months-which to me is a good thing. Ben Bernanke spoke about how the FED has the tools to help correct the economy but, he did not elaborate.
Local Economic News
The Texas Workforce Commission will release the August Job count for San Antonio and other cities this coming Friday. July’s unemployment rate for San Antonio spiked to a 24 year high for July of 8.4%. The area lost 8,800 jobs in July, mainly in the government sector. Nationally, companies in July advertised the most job openings in three years which Is a bit of hope for a weak economy. Companies are finding it tougher to find “qualified or trained” employee prospects. Especially in the oil industry that has been a welcomed source of jobs locally.
Real Estate and Mortgage Industry News
New Texas homestead exemption laws are now in effect. The news rules affect those whose circumstances have changed: First-time home buyers, those who have moved, or those who have become eligible for a different type of homestead exemption, such as turning 65 or becoming disabled. Applicants for new or different exemptions ,must provide a copy of their Texas driver’s license or state issued identification cars or a copy of their vehicle registration receipt. The addresses on those documents must match the home on which the exemption is being sought. Those with existing homestead exemptions will see their tax discounts renewed automatically. All this in Sunday’s S.A. Express News.
Fewer San Antonian’s are falling behind on their mortgages according to another article by the S.A. Express News. San Antonio and New Braunfels mortgage delinquencies fell to its lowest level in nearly two years in June according to a report released by CoreLogic on Thursday. “I feel the worst of the real estate crisis is behind us, said Scott Norman, past president of the Texas Mortgage Bankers Association.
Mortgage rates dropped to their lowest level in decades this past week. The average rate on the 30 year fixed rate index was 4.125%, the lowest since Freddie Mac began tracking rates in 1971. The last time rates were this low was in 1951. A borrower with a $200,000 loan who is paying a 6% mortgage rate could save more than $200 per month by refinancing at current rates. This news is even better for buyers of existing or new homes. Home prices are low and mortgage rates are low. Now is a great time to take advantage of the times.
Kudos to the City of Blanco for being honored as “The City of the Month” by the Texas Hotel and Lodging Website. And for good reason. If you get an opportunity, stop by and visit Blanco. See the Old Courthouse and wander around a bit. You’ll see why Blanco was honored as City of the Month!
Economic Data Due This Week: Monday: News Conference regarding the European Central Bank. Tuesday: Treasury releases federal budget for August. Wednesday: Retail Sales Report for August. Wednesday: PPI (Producer Price Index)=prices at the wholesale level. Thursday: CPI (Consumer Price Index)=Prices paid at the retail level by consumers. Thursday: Weekly jobless claims. Thursday: Freddie Mac releases weekly Mortgage rates. Thursday: Trade Deficit for July. Friday: Consumer Sentiment.
Quote of the week!
Don’t worry that children never listen to you:
Worry that they’re always watching you.
-------Robert Fulghum
Stupid joke of the week!
A guy walks into a bar and said to the bartender:
“I’ve got this great polish joke.”
The bartender glared at him and warned him:
“Before you go telling that joke, I think you
ought to know that I’m polish, the two bouncers
at the door are polish, and so are most of my
customers.”
“OK,” said the guy. “I’ll tell it slowly.”
(This article is for informational purposes only. Do not use it as financial advice. If you do not wish to receive this email, please reply back and put “unsubscribe” in the subject line. For questions/.comments please contact Tony Stevenson at 1.800.460.6990 or email:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
).
SWBC
9311 San Pedro Ave., Suite 100
San Antonio, TX 78216
800.460.6990 - Toll Free
210.376.6133 - Direct
866.782.9318 - Fax
210.846.4666 - Mobile
NMLS# 216213
Visit our website at www.swbc.com
Apply on-line at: www.swbcmortgage.com/stevenson
By Tony Stevenson/SWBC Mortgage
Local Economic News
Governor Rick Perry tossed his hat into the GOP Presidential race over the weekend. There is no doubting what he and this State’s Congress have contributed to for jobs. It is a known fact that Texas oil and gas companies are reporting huge profits-and for years to come. This due in large part to the Eagle Ford Shale in South Texas. However, he has a hurdle to jump for statewide educators and students because of the budget cuts Congress has mandated across Texas. If our State was in such great shape, then why the cuts? Especially among the children which of whom are our basis for a better economy rests. Hopefully, Governor Perry will come to the rescue of Texas’ education system before the elections. Or he might not even carry his own state. One thing for sure, lower gas prices are a welcome sight. Now if we could only receive the rain we need. Rain, a sure fire way of putting everyone in a good mood.
Chase bank announced that it is adding yet another 475 jobs to the local San Antonio market. The Card Care Center and the Retail Sales Operations of Chase will be adding to their workforces. Wages at both centers start at $11 and $12 an hour. From San Antonio’s financial services sector to its oil and gas sector, San Antonio and the surrounding Hill Country seem to be the place people are responding to when it comes to jobs.
Real Estate and Mortgage Industry News
According to Freddie Mac, the average rate on a 15 year fixed rate mortgage fell to a record low of 3.5 percent; while the 30 year fixed rate index fell to 4.32 percent. Of course, depending on the markets, mortgage rates could dip below 4% for the 30 year index in coming days. But, don’t count on it. If stocks fall on one day, then correct upwardly the next, mortgage rates should do the same. But, not all the time. It all depends on MBS’s (mortgaged backed securities) and if that is where investors are putting their money. When investors are buying MBS’, then mortgage rates tend to drop and visa-versa. The markets are so volatile that I would suggest locking rate to head off any market wavering-good or bad.
Finally, I must congratulate my friends of Fredericksburg and members of the Gillespie County Board of Realtors for their participation in the MCE class “VA Boot Camp for Realtors”, sponsored by SWBC Mortgage. It goes without saying that our Veterans appreciate any help they can get when it comes to purchasing a home and the Realtors who attended the class showed just how much they care by keeping informed of the latest changes to VA loans/purchases and the Texas Veteran programs that are available to all veterans that qualify. This week, the Kerrville Board of Realtors is allowing the same class for its Realtors and SWBC Mortgage is the sponsor as well. Tamara Tapman is SWBC Mortgage’s VA/Texas Liaison and TREC approved trainer. Ms. Tapman came to SWBC Mortgage by way of the VLB (Veterans Land Board) in San Antonio for over 20 years and is a valuable asset to her Loan Officers as she is wealth of knowledge and can be depended on to help with any Veterans questions or concerns.
(This article is for informational purposes only. Do not use it as financial advice. If you do not wish to receive this email, please reply back and put “unsubscribe” in the subject line. For questions/.comments please contact Tony Stevenson at 1.800.460.6990 or email:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
).
SWBC
9311 San Pedro Ave., Suite 100
San Antonio, TX 78216
800.460.6990 - Toll Free
210.376.6133 - Direct
866.782.9318 - Fax
210.846.4666 - Mobile
NMLS# 216213
Visit our website at www.swbc.com
Apply on-line at: www.swbcmortgage.com/stevenson
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