Friday, November 21, 2008
Real Estate Market Update
Housing in Recovery, an article from Realty Times, reports that despite the recent economic headlines, the real estate sector is experiencing some positive news. Last week, new mortgage applications rose 12% and mortgage rates dropped a quarter of a percentage point. Pending home sales were up from year-earlier levels for the second straight month - up 1.6% from September 2007. Pending home sales in western states were up 3.7% for the month - 39.7% higher than they were at the same time in 2007. Lawrence Yun, chief economist for the National Association of Realtors doesn't expect the housing market to recover overnight. However, believes there will be a "slow, steady, multi-year upward trend." Sales are already up significantly in major markets in many parts of the U.S., such as Phoenix and Minnesota. It's important to remember that the stock market is NOT the housing market.http://realtytimes.com/rtpages/20081118_realestateoutlook.htm
Wednesday, July 23, 2008
Luxury resort in works for north ScottsdaleComments Recommend
Ari Cohn, Tribune
A “high-end, ultra-luxury resort” is planned for 17 acres in north Scottsdale near Pinnacle Peak Park.
John Wanninger, of the development group JTW PPL, bought the land just southeast of the 150-acre Pinnacle Peak Park at an Arizona Land Department auction last month for nearly $13 million.
Wanninger said he’s met with Scottsdale officials about providing overflow parking for the park, near Jomax and Alma School roads.
“I’m sure we’ll find a solution for that,” Wanninger said.
Bob Vairo, Coalition of Pinnacle Peak president, had asked the city to consider buying the parcel at auction to preserve overflow parking from Pinnacle Peak Park on 102nd Way, which bisects the land. COPP, an area watchdog group, supports adding 100 parking spaces to the park’s 50 spaces.
The proposed Pinnacle Peak Resort plans are still in the preliminary stages, Wanninger said. However, the resort is expected to be environmentally friendly and feature a spa, according to Wanninger’s publicist, Dave Cieslak.
JTW has acquired a roughly nine-acre parcel immediately east of the land it purchased at auction, Cieslak said. The land is home to the Pinnacle Peak Patio Steakhouse. Restaurant owner Harvey McElhanon was made a partner in the resort project last year, and plans include a new incarnation of the steakhouse on the site.
Wanninger is also partnering on developing the $650 million Solis Scottsdale resort north and east of Scottsdale and Camelback roads in downtown Scottsdale. The project, formerly called Waterview, is expected to include 250 hotel rooms in the five-star urban resort, about 140 residences, 15 penthouse single-family homes, retail, restaurant and office space, and a one-acre park.
The developers’ plan to move the Salt River Project electrical substation now sitting on the Solis site to the northeast corner of Indian School Road and 68th Street, a commercial site they bought for about $7 million. The proposal has raised objections from some potential neighbors worried that the substation will harm their businesses and property values.
Ari Cohn, Tribune
A “high-end, ultra-luxury resort” is planned for 17 acres in north Scottsdale near Pinnacle Peak Park.
John Wanninger, of the development group JTW PPL, bought the land just southeast of the 150-acre Pinnacle Peak Park at an Arizona Land Department auction last month for nearly $13 million.
Wanninger said he’s met with Scottsdale officials about providing overflow parking for the park, near Jomax and Alma School roads.
“I’m sure we’ll find a solution for that,” Wanninger said.
Bob Vairo, Coalition of Pinnacle Peak president, had asked the city to consider buying the parcel at auction to preserve overflow parking from Pinnacle Peak Park on 102nd Way, which bisects the land. COPP, an area watchdog group, supports adding 100 parking spaces to the park’s 50 spaces.
The proposed Pinnacle Peak Resort plans are still in the preliminary stages, Wanninger said. However, the resort is expected to be environmentally friendly and feature a spa, according to Wanninger’s publicist, Dave Cieslak.
JTW has acquired a roughly nine-acre parcel immediately east of the land it purchased at auction, Cieslak said. The land is home to the Pinnacle Peak Patio Steakhouse. Restaurant owner Harvey McElhanon was made a partner in the resort project last year, and plans include a new incarnation of the steakhouse on the site.
Wanninger is also partnering on developing the $650 million Solis Scottsdale resort north and east of Scottsdale and Camelback roads in downtown Scottsdale. The project, formerly called Waterview, is expected to include 250 hotel rooms in the five-star urban resort, about 140 residences, 15 penthouse single-family homes, retail, restaurant and office space, and a one-acre park.
The developers’ plan to move the Salt River Project electrical substation now sitting on the Solis site to the northeast corner of Indian School Road and 68th Street, a commercial site they bought for about $7 million. The proposal has raised objections from some potential neighbors worried that the substation will harm their businesses and property values.
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Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates629 Views - Printer Friendly - Email This Story To A Friend
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Rates for both short- and long-term mortgages tumbled last week according to Freddie Mac's Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) dropped to an average of 6.26 percent with 0.6 point for the week ended July 17. The previous week the 30-year averaged 6.37 percent also with 0.6 point.
The 15-year FRM averaged 5.78 percent with 0.6 point, down from the previous week when it averaged 5.91 percent with 0.6 point.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) carried an average interest rate of 5.80 percent, 2 basis points below the average a week earlier. Points averaged 0.6 both weeks.
One-year Treasury-indexed ARMs averaged 5.10 percent with 0.6 point compared to 5.17 percent with 0.5 the week before.
"Mortgage rates fell this week amid market speculation that the Federal Reserve (Fed) may not raise the overnight bank-lending rate this year after all," said Frank Nothaft, Freddie Mac vice president and chief economist. "Some of the factors motivating the change in market perceptions this week included retail sales for June rising at the slowest pace since February and consumer sentiment in July holding at low levels not seen since 1980.
"In addition, in his July 15th semi-annual testimony before Congress, Fed chairman Bernanke indicated that the FOMC participants had considerable uncertainty surrounding their outlook for economic growth."
The Mortgage Bankers Association (MBA) released the results of its Weekly Mortgage Applications Survey for the week ended July 18 on Wednesday. Mortgage activity as measured by the volume of loan applications dropped 6.2 percent from a week earlier when seasonally adjusted and 6.1 percent unadjusted. Volume was down 19.6 percent from the same week in 2007.
Interest rates in the MBA survey were up, increasing to 6.59 percent with 1.05 points (including the origination fee) from 6.22 percent with 1.21 points for the 30-year FRM.
15-year fixed-rate mortgages increased 36 basis points to 6.10 percent with points decreasing to 1.11 from 1.13.
One-year ARMs were unchanged at 7.16 percent with points decreasing from 0.36 to 0.29.
Refinancing as a share of all mortgage activity increased to 39.4 percent from 39.2 percent the previous week while adjustable-rate mortgages generated only 8.5 percent of all mortgage applications compared to 9.1 percent a week earlier.
But interest rate trouble may be lurking in the wake of Fannie Mae and Freddie Mac's problems.
As we have seen time after time, market rates for mortgages can vary widely depending on the nature of survey respondents. Freddie Mac's weekly survey is conducted primarily among lenders dealing in conforming paper while the larger data collection by MBA tends to include a wider variety of lenders and loans.
Now financial publisher HSH Associates is reporting, based on its weekly survey of 2000 lenders, that home loan rates are approaching their highest levels in five years and the average rate for jumbo loans which cannot be sold to Freddie or Fannie was 7.8 percent, the highest since December 2000. Average rates for 30-year FRMs rose to 6.71 percent on July 22 from 6.44 percent the previous Friday.
HSH said that bond investors, worried about the two government sponsored enterprises (GSEs) are driving up rates on their debt and the added cost is being passed on to consumers through the mortgage markets. The rate increase in the last few days alone would add $852 a year to the mortgage payment on a $400,000 loan.
The company said that the rate increases are adding to the pressures on the housing market, making it harder and more expensive to refinance or to buy a home and urged greater urgency in the government's efforts to restore confidence in the two mortgage giants.
Mortgage Rates Fall in Response to Speculation about Overnight Bank Rates629 Views - Printer Friendly - Email This Story To A Friend
RSS
COMMENTS(0)
LINK HERE
ADD NEWS TO YOUR WEBSITE
Rates for both short- and long-term mortgages tumbled last week according to Freddie Mac's Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage (FRM) dropped to an average of 6.26 percent with 0.6 point for the week ended July 17. The previous week the 30-year averaged 6.37 percent also with 0.6 point.
The 15-year FRM averaged 5.78 percent with 0.6 point, down from the previous week when it averaged 5.91 percent with 0.6 point.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) carried an average interest rate of 5.80 percent, 2 basis points below the average a week earlier. Points averaged 0.6 both weeks.
One-year Treasury-indexed ARMs averaged 5.10 percent with 0.6 point compared to 5.17 percent with 0.5 the week before.
"Mortgage rates fell this week amid market speculation that the Federal Reserve (Fed) may not raise the overnight bank-lending rate this year after all," said Frank Nothaft, Freddie Mac vice president and chief economist. "Some of the factors motivating the change in market perceptions this week included retail sales for June rising at the slowest pace since February and consumer sentiment in July holding at low levels not seen since 1980.
"In addition, in his July 15th semi-annual testimony before Congress, Fed chairman Bernanke indicated that the FOMC participants had considerable uncertainty surrounding their outlook for economic growth."
The Mortgage Bankers Association (MBA) released the results of its Weekly Mortgage Applications Survey for the week ended July 18 on Wednesday. Mortgage activity as measured by the volume of loan applications dropped 6.2 percent from a week earlier when seasonally adjusted and 6.1 percent unadjusted. Volume was down 19.6 percent from the same week in 2007.
Interest rates in the MBA survey were up, increasing to 6.59 percent with 1.05 points (including the origination fee) from 6.22 percent with 1.21 points for the 30-year FRM.
15-year fixed-rate mortgages increased 36 basis points to 6.10 percent with points decreasing to 1.11 from 1.13.
One-year ARMs were unchanged at 7.16 percent with points decreasing from 0.36 to 0.29.
Refinancing as a share of all mortgage activity increased to 39.4 percent from 39.2 percent the previous week while adjustable-rate mortgages generated only 8.5 percent of all mortgage applications compared to 9.1 percent a week earlier.
But interest rate trouble may be lurking in the wake of Fannie Mae and Freddie Mac's problems.
As we have seen time after time, market rates for mortgages can vary widely depending on the nature of survey respondents. Freddie Mac's weekly survey is conducted primarily among lenders dealing in conforming paper while the larger data collection by MBA tends to include a wider variety of lenders and loans.
Now financial publisher HSH Associates is reporting, based on its weekly survey of 2000 lenders, that home loan rates are approaching their highest levels in five years and the average rate for jumbo loans which cannot be sold to Freddie or Fannie was 7.8 percent, the highest since December 2000. Average rates for 30-year FRMs rose to 6.71 percent on July 22 from 6.44 percent the previous Friday.
HSH said that bond investors, worried about the two government sponsored enterprises (GSEs) are driving up rates on their debt and the added cost is being passed on to consumers through the mortgage markets. The rate increase in the last few days alone would add $852 a year to the mortgage payment on a $400,000 loan.
The company said that the rate increases are adding to the pressures on the housing market, making it harder and more expensive to refinance or to buy a home and urged greater urgency in the government's efforts to restore confidence in the two mortgage giants.
Tuesday, July 22, 2008
Scottsdale unveils draft of new downtown plan
an article from the East Valley Tribune, reports that Scottsdale unveiled a vision for downtown that includes a more urban setting with taller buildings, better access for walkers and transit riders, and a continued dedication to arts and medical uses. Also emphasized in the plan is the desire to preserve the historic Old Town and Marshall Way districts without allowing additional height. The city will be seeking public feedback with public hearings to start in September. The draft version of the downtown plan supports increasing the roughly 700-acre downtown area in five areas, which would allow for greater flexibility in development, including greater height. Also included in the plan is the continuation of free parking and encouraging mixed-use development, with a shop or office on the first floor and residences above.http://www.eastvalleytribune.com/story/121295
an article from the East Valley Tribune, reports that Scottsdale unveiled a vision for downtown that includes a more urban setting with taller buildings, better access for walkers and transit riders, and a continued dedication to arts and medical uses. Also emphasized in the plan is the desire to preserve the historic Old Town and Marshall Way districts without allowing additional height. The city will be seeking public feedback with public hearings to start in September. The draft version of the downtown plan supports increasing the roughly 700-acre downtown area in five areas, which would allow for greater flexibility in development, including greater height. Also included in the plan is the continuation of free parking and encouraging mixed-use development, with a shop or office on the first floor and residences above.http://www.eastvalleytribune.com/story/121295
Wednesday, July 16, 2008
Housing rebound:
When to spot one, an article from CNNMoney.com, reports that real estate is a local game and your region could be doing better than the country as a whole. According to the National Association of Realtors, median prices for existing single-family homes in a third of the country's metro areas are actually higher than they were a year ago. NAR president Richard Gaylord said just as cities moved independently on the way up, they're not moving in lockstep on the way down. That's why "it's more important than ever to examine what's happening in your city." One indicator that a turnaround in your market is near is changes in your local job market. The more new jobs created, the greater the demand for homes. Conversely, an increase in unemployment, or a persistently weak labor market, can let you know a recovery may still be far away. Mike Larson, a real estate analyst with Weiss Research said the best signposts to look for are a significant reduction in the supply of homes and a jump in sales.http://money.cnn.com/2008/07/07/real_estate/price_to_rent.moneymag/index.htm?postversion=2008071604
When to spot one, an article from CNNMoney.com, reports that real estate is a local game and your region could be doing better than the country as a whole. According to the National Association of Realtors, median prices for existing single-family homes in a third of the country's metro areas are actually higher than they were a year ago. NAR president Richard Gaylord said just as cities moved independently on the way up, they're not moving in lockstep on the way down. That's why "it's more important than ever to examine what's happening in your city." One indicator that a turnaround in your market is near is changes in your local job market. The more new jobs created, the greater the demand for homes. Conversely, an increase in unemployment, or a persistently weak labor market, can let you know a recovery may still be far away. Mike Larson, a real estate analyst with Weiss Research said the best signposts to look for are a significant reduction in the supply of homes and a jump in sales.http://money.cnn.com/2008/07/07/real_estate/price_to_rent.moneymag/index.htm?postversion=2008071604
Monday, July 14, 2008
Market Fireworks!
Last Week in Review
"I GUESS WE ALL LIKE TO BE RECOGNIZED NOT FOR ONE PIECE OF FIREWORKS, BUT FOR THE LEDGER OF OUR DAILY WORK." Neil Armstrong. And while the summer's fireworks started in full force on the July 4th holiday, they continued daily last week in the financial markets as Bonds and home loan rates ignited and began the week by improving sharply. This early-week rally was sparked by a speech made by Fed Chairman Ben Bernanke, who said that the Fed may continue to provide emergency loans to investment banks to help them overcome credit problems. This led to improvement in the Bond market because the markets saw this as a sign that the Fed is willing to take action to maintain stability and counter any turbulence or explosions that may occur.
And speaking of explosions, some explosions in the Middle East helped douse the rallying flames mid-week after Iran test fired nine medium- to long-range missiles, one of which has the range to reach Israel. The instability of that situation...and new testimony by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke before the House Financial Services Committee regarding ways Congress can overhaul the financial regulatory system to prevent future crises (the first hearing of its kind)...caused the improvements in the market to fizzle as Traders watched and waited for the finale these events would cause.
As it turned out, last week's finale was a bit of an implosion. Despite Paulson's encouraging words about Fannie Mae and Freddie Mac, Bonds and home loan rates worsened after reports on Friday that the government is considering a plan to take control of both companies if financial problems threaten their collapse. Stock prices of Fannie and Freddie would essentially become worthless if this happens, and Stocks and Bonds both reacted poorly to this news as investor confidence plunged.
Also, another record high for oil (remember higher oil prices means higher inflation, which is the arch enemy of Bonds and home loan rates) added to the implosion and worsening of Bonds and home loan rates on Friday. However, when all the smoke cleared, Bonds and home loan rates still managed to end the week slightly better than where they began.
FIREWORKS MAY BE A FUN PART OF SUMMER, BUT HIGH ENERGY BILLS CERTAINLY AREN'T. CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW TO LEARN SOME GREAT WAYS TO SAVE ON COOLING COSTS.
Forecast for the Week
We could be in for another explosive week, as several reports will show the impact inflation continues to have on the economy. Tuesday will bring the wholesale inflation measuring Producer Price Index as well as the Retail Sales Report, which measures the total receipts of retail stores. Since these numbers reflect consumer spending patterns, this report will show how much of an impact inflation and high oil prices are having on consumer pocketbooks.
On Wednesday, the Consumer Price Index report will be released, and this widely-watched report will reveal the level of inflation at the consumer level since it shows how much more expensive goods and services are this month over last month. Also, on Wednesday, we'll get to see the minutes of the Fed's last Federal Open Market Committee meeting. These minutes could cause some sizzle in the markets especially if they give any indication of what the Fed will do about its benchmark rate, the Fed Funds Rate, at the next meeting.
Thursday we will see a read on the housing market via the Housing Starts and Building Permits Report. We'll also learn how much of an impact inflation has had on manufacturing via the Philadelphia Fed Report, which is a monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware.
Remember when Bond prices move higher, home loan rates move lower...and vice versa. The chart below shows how the rally for Bonds and home loan rates fizzled late last week. And since inflation also tends to stop rallies for both Stocks and Bonds, I'll be watching closely as always. If this week's reports indicate inflation is heating up, this could cause Bond pricing and home loan rates to worsen in response.
Chart: Fannie Mae 6.0% Mortgage Bond (Friday Jul 11, 2008)
The Mortgage Market View...
Ways to Save on Cooling Costs
Heating and air conditioning usually represent the biggest portion of home energy bills. As we head into the hottest part of the year, here are some ideas from author and home improvement expert Don Vandervort that will help you stay cool...and save money in the long run:
Get 'In the Zone': Creating heating and cooling zones that let parts of your house become warmer and cooler than other parts is a great way to save both energy and money. If your home has a ducted system and wasn't originally designed with a zone system in mind, you can have a professional install a series of motorized dampers in certain ducts that will create a zone effect.
Install Room Air-Conditioning Units: If your family spends a majority of time in one room or area of your home, like the family room or TV room, you can install a window unit or portable unit in that room and use that unit for part of the day instead of turning on your central air conditioning. You can always turn your central air conditioner on for those times of the day when your family is dispersed throughout the house.
Install Ceiling Fans: The latest technology means that ceiling fans achieve better air circulation and can now help you save as much as 30% on your energy bill. Be sure to look for the Energy Star designation for energy efficiency.
Inspect Your Ductwork: Recent research has shown that central heating and cooling systems that use ductwork can lose as much as 50% of their energy through leaks. It is important to have your ductwork inspected by a contractor every three years to make sure your system is operating at maximum efficiency.
Install Heat-Recovery Ventilators (HRVs): Not only do HRVs get rid of air contaminants like odors, dust, and mold, they also grab much of the cold or heat from the outgoing air and recycle it back into your home with the incoming fresh air. These units are especially helpful if your home is tightly sealed.
For even more great home tips and ways to save this summer season, visit www.hometips.com.
The Week's Economic Indicator Calendar
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Economic Calendar for the Week of July 14 – July 18
Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Tue. July 15
08:30
Core Producer Price Index (PPI)
Jun
0.3%
0.2%
Moderate
Tue. July 15
08:30
Producer Price Index (PPI)
Jun
1.3%
1.4%
Moderate
Tue. July 15
08:30
Empire State Index
Jul
-4.0
-8.7%
Moderate
Tue. July 15
08:30
Retail Sales
Jun
0.3%
1.0%
HIGH
Tue. July 15
08:30
Retail Sales ex-auto
Jun
0.8%
1.2%
HIGH
Wed. July 16
08:30
Core Consumer Price Index (CPI)
Jun
0.2%
0.2%
HIGH
Wed. July 16
08:30
Consumer Price Index (CPI)
Jun
0.7%
0.6%
HIGH
Wed. July 16
09:15
Industrial Production
Jun
0.2%
-0.2%
Moderate
Wed. July 16
09:15
Capacity Utilization
Jun
79.4%
79.4%
Moderate
Wed. July 16
10:30
Crude Inventories
7/12
NA
-5840K
Moderate
Wed. July 16
02:00
FOMC Minutes
6/25
HIGH
Thu. July 17
08:30
Building Permits
Jun
970K
969K
Moderate
Thu. July 17
08:30
Housing Starts
Jun
968K
975K
Moderate
Thu. July 17
08:30
Jobless Claims (Initial)
7/12
NA
346K
Moderate
Thu. July 17
10:00
Philadelphia Fed Index
Jul
-15.2
-17.1
HIGH
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"I GUESS WE ALL LIKE TO BE RECOGNIZED NOT FOR ONE PIECE OF FIREWORKS, BUT FOR THE LEDGER OF OUR DAILY WORK." Neil Armstrong. And while the summer's fireworks started in full force on the July 4th holiday, they continued daily last week in the financial markets as Bonds and home loan rates ignited and began the week by improving sharply. This early-week rally was sparked by a speech made by Fed Chairman Ben Bernanke, who said that the Fed may continue to provide emergency loans to investment banks to help them overcome credit problems. This led to improvement in the Bond market because the markets saw this as a sign that the Fed is willing to take action to maintain stability and counter any turbulence or explosions that may occur.
And speaking of explosions, some explosions in the Middle East helped douse the rallying flames mid-week after Iran test fired nine medium- to long-range missiles, one of which has the range to reach Israel. The instability of that situation...and new testimony by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke before the House Financial Services Committee regarding ways Congress can overhaul the financial regulatory system to prevent future crises (the first hearing of its kind)...caused the improvements in the market to fizzle as Traders watched and waited for the finale these events would cause.
As it turned out, last week's finale was a bit of an implosion. Despite Paulson's encouraging words about Fannie Mae and Freddie Mac, Bonds and home loan rates worsened after reports on Friday that the government is considering a plan to take control of both companies if financial problems threaten their collapse. Stock prices of Fannie and Freddie would essentially become worthless if this happens, and Stocks and Bonds both reacted poorly to this news as investor confidence plunged.
Also, another record high for oil (remember higher oil prices means higher inflation, which is the arch enemy of Bonds and home loan rates) added to the implosion and worsening of Bonds and home loan rates on Friday. However, when all the smoke cleared, Bonds and home loan rates still managed to end the week slightly better than where they began.
FIREWORKS MAY BE A FUN PART OF SUMMER, BUT HIGH ENERGY BILLS CERTAINLY AREN'T. CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW TO LEARN SOME GREAT WAYS TO SAVE ON COOLING COSTS.
Forecast for the Week
We could be in for another explosive week, as several reports will show the impact inflation continues to have on the economy. Tuesday will bring the wholesale inflation measuring Producer Price Index as well as the Retail Sales Report, which measures the total receipts of retail stores. Since these numbers reflect consumer spending patterns, this report will show how much of an impact inflation and high oil prices are having on consumer pocketbooks.
On Wednesday, the Consumer Price Index report will be released, and this widely-watched report will reveal the level of inflation at the consumer level since it shows how much more expensive goods and services are this month over last month. Also, on Wednesday, we'll get to see the minutes of the Fed's last Federal Open Market Committee meeting. These minutes could cause some sizzle in the markets especially if they give any indication of what the Fed will do about its benchmark rate, the Fed Funds Rate, at the next meeting.
Thursday we will see a read on the housing market via the Housing Starts and Building Permits Report. We'll also learn how much of an impact inflation has had on manufacturing via the Philadelphia Fed Report, which is a monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware.
Remember when Bond prices move higher, home loan rates move lower...and vice versa. The chart below shows how the rally for Bonds and home loan rates fizzled late last week. And since inflation also tends to stop rallies for both Stocks and Bonds, I'll be watching closely as always. If this week's reports indicate inflation is heating up, this could cause Bond pricing and home loan rates to worsen in response.
Chart: Fannie Mae 6.0% Mortgage Bond (Friday Jul 11, 2008)
The Mortgage Market View...
Ways to Save on Cooling Costs
Heating and air conditioning usually represent the biggest portion of home energy bills. As we head into the hottest part of the year, here are some ideas from author and home improvement expert Don Vandervort that will help you stay cool...and save money in the long run:
Get 'In the Zone': Creating heating and cooling zones that let parts of your house become warmer and cooler than other parts is a great way to save both energy and money. If your home has a ducted system and wasn't originally designed with a zone system in mind, you can have a professional install a series of motorized dampers in certain ducts that will create a zone effect.
Install Room Air-Conditioning Units: If your family spends a majority of time in one room or area of your home, like the family room or TV room, you can install a window unit or portable unit in that room and use that unit for part of the day instead of turning on your central air conditioning. You can always turn your central air conditioner on for those times of the day when your family is dispersed throughout the house.
Install Ceiling Fans: The latest technology means that ceiling fans achieve better air circulation and can now help you save as much as 30% on your energy bill. Be sure to look for the Energy Star designation for energy efficiency.
Inspect Your Ductwork: Recent research has shown that central heating and cooling systems that use ductwork can lose as much as 50% of their energy through leaks. It is important to have your ductwork inspected by a contractor every three years to make sure your system is operating at maximum efficiency.
Install Heat-Recovery Ventilators (HRVs): Not only do HRVs get rid of air contaminants like odors, dust, and mold, they also grab much of the cold or heat from the outgoing air and recycle it back into your home with the incoming fresh air. These units are especially helpful if your home is tightly sealed.
For even more great home tips and ways to save this summer season, visit www.hometips.com.
The Week's Economic Indicator Calendar
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.
Economic Calendar for the Week of July 14 – July 18
Date
ET
Economic Report
For
Estimate
Actual
Prior
Impact
Tue. July 15
08:30
Core Producer Price Index (PPI)
Jun
0.3%
0.2%
Moderate
Tue. July 15
08:30
Producer Price Index (PPI)
Jun
1.3%
1.4%
Moderate
Tue. July 15
08:30
Empire State Index
Jul
-4.0
-8.7%
Moderate
Tue. July 15
08:30
Retail Sales
Jun
0.3%
1.0%
HIGH
Tue. July 15
08:30
Retail Sales ex-auto
Jun
0.8%
1.2%
HIGH
Wed. July 16
08:30
Core Consumer Price Index (CPI)
Jun
0.2%
0.2%
HIGH
Wed. July 16
08:30
Consumer Price Index (CPI)
Jun
0.7%
0.6%
HIGH
Wed. July 16
09:15
Industrial Production
Jun
0.2%
-0.2%
Moderate
Wed. July 16
09:15
Capacity Utilization
Jun
79.4%
79.4%
Moderate
Wed. July 16
10:30
Crude Inventories
7/12
NA
-5840K
Moderate
Wed. July 16
02:00
FOMC Minutes
6/25
HIGH
Thu. July 17
08:30
Building Permits
Jun
970K
969K
Moderate
Thu. July 17
08:30
Housing Starts
Jun
968K
975K
Moderate
Thu. July 17
08:30
Jobless Claims (Initial)
7/12
NA
346K
Moderate
Thu. July 17
10:00
Philadelphia Fed Index
Jul
-15.2
-17.1
HIGH
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Friday, July 11, 2008
Scottsdale housing on green streak,
an article from The Arizona Republic, reports that according to a Scottsdale green building progress report, about a quarter of the 891 homes built in Scottsdale last year included enough energy-saving and sustainable-building features to earn a green rating. The city's report said the green building program has reduced greenhouse-gas emissions annually by about 2,700 pounds of carbon dioxide per home. In 2007, the American Institute of Architects issued a Local Leaders in Sustainability report praising green-building programs in Scottsdale and five other cities - Austin, Atlanta, Chicago, San Francisco and Portland, Ore. The report said, "Scottsdale is a pioneering community that has helped lead the way on green building."http://www.azcentral.com/community/scottsdale/articles/2008/07/11/20080711sr-greenbuilding0712-ON.html
an article from The Arizona Republic, reports that according to a Scottsdale green building progress report, about a quarter of the 891 homes built in Scottsdale last year included enough energy-saving and sustainable-building features to earn a green rating. The city's report said the green building program has reduced greenhouse-gas emissions annually by about 2,700 pounds of carbon dioxide per home. In 2007, the American Institute of Architects issued a Local Leaders in Sustainability report praising green-building programs in Scottsdale and five other cities - Austin, Atlanta, Chicago, San Francisco and Portland, Ore. The report said, "Scottsdale is a pioneering community that has helped lead the way on green building."http://www.azcentral.com/community/scottsdale/articles/2008/07/11/20080711sr-greenbuilding0712-ON.html
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