Exciting – Encouraging News!!!

The vote for the $8,000 tax credit extension is in the works.  It is looking very good for approval!!!  If you’re in contract right now because you thought it was going to expire, CLOSE.  No guarantees and interest rates right now are at very low levels. 

Some additional improvements mentioned are a $6,500 tax credit for other primary home purchases, repeat home buyers.  The income limits will hopefully be increased for both single individuals and joint taxpayers. 

More details will follow shortly!!

Are you still waiting for a lower interest rate?

Wall Street took a 249 point dive today, which helped rally the bond market.  Interest rates improved but don’t wait.  If Wall Street has the double dip which many are predicting, this can lower interest rates but don’t forget inflation and the Treasury auctions. 

This week was up and down because of another record Treasury Department auction of $123 Billion worth of securities.  This has been the largest auction this year and higher then the original prediction.  With the Feds purchase program slowly coming to an end, this has the potential to shake up the market instantly.  As you can see if the auctions DO NOT go as planned, interest rates increase!

3 trillion worth of commercial real estate is set to mature in 2010.  Will financial institutions be liquid to refinance?  Extend credit?  Because of the financial crunch, commercial real estate is expected to drop just as residential real estate. 

Media has announced the RECESSION is OVER.  Yes we had increased 3Q earnings but remember we had “Cash for Clunkers” and the “First Time Home Buyer Tax Credit.”  These alone spiked numbers!!  Don’t believe everything media announces!!! 

Unemployment is HUGE and we have not hit the peak as of yet.  Washington State has been allocated the largest amount of funds towards saving and creating more jobs.  We received more then CALIFORNIA!!  Seattle is unique and powerful with the local economy and will stabilize as employers have started to hire. 

www.recovery.gov

If you have questions please ask!!  Refinancing is HOT, Purchasing is HOT!!  We are here to help and assist the local economy!!

More details to follow, for instant updates:  www.twitter.themortgagereel.com

The Mortgage Reel

425.818.2078

info@themortgagereel.com

Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Reel Weekly October 30, 2009