The number one complaint we hear from agents is that we are short on “real” inventory; properties that are able to go into escrow this weekend and close in 30 days. This is stage 1 to an upward movement in values…not next week, but, as we move forward. Watch and see.

Take a look at the 30 year fixed rates. With 25% down or more and a 740 or higher FICO the 30 year fixed rate on a conforming loan at no points is 3.75% on a purchase. Yeow…

BC Forbes said “It is only the farmer who faithfully plants seeds in the Spring, who reaps a harvest in the Autumn” Keep farming.

Rates are holding steady this week with the 10 year bond at a new record low of 1.88%. In my 25 year career, I don’t remember the 10 year yield ever being that low, pushing mortgage rates down.

Great news on turn times; we have just closed a few conventional purchases start to finish in 18 days. There were some short sale deadlines we were able to meet and the realtors and borrowers are very happy.

Classic line of the week… if you are feeling down, there is nothing like a quote from Rocky Balboa “It ain’t about how hard ya hit. It’s about how hard you can get it and keep moving forward. How much you can take and keep moving forward. That’s how winning is done! Now if you know what you’re worth then go out and get what you’re worth.”

Home buying jumps in 42 OC zip codes! See February ending data below…

IN ESCROW – 8031 Scholarship, $724,000

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Financial Update by Maurice

Interest rates are very flat from last Friday’s report. What was supposed to be an eventful week in the mortgage and financial markets turned out to be boring and flat. Sometimes that can be a very good thing…

We have had some great success this week in closing several 20-30 day purchase transactions from start to finish. As a lender working with mostly all purchase transactions, we recognize the need to meet these time frames and push as hard as possible to make sure we come in right on time.

Take a look at the 5/1 JUMBO arm this week. 3%!!!! This is a great financing option for someone who will be selling soon or paying off the loan within 5 years. This program goes to $5 million in loan amount, so we have you covered on the jumbo market as well.

Ralph Nicholas said The most basic of all human needs is the need to understand and be understood. The best way to understand people is to listen to them.

How about 2.75% fixed rates today??? Joke? Hardly. Take a look at the 15 year fixed conforming rates. 2.75%. Wow.

The bond markets have a complete flat line right now showing no signs of life, up or down. The 10 year treasury bills have been as flat as a pancake and just treading water. Maybe this lack of excitement is good for a change; especially when rates are this low.

We do have a heck of a week coming our way as new Treasury Auctions, FOMC Announcements, Chairman Bernanke and the first quarter GDP (Gross Domestic Product) numbers will be released. Let’s call today the calm before the storm.

A quick reminder about flip properties. If a property was purchased by the seller of the transaction in the last 90 days, we need to know upfront. Several rules are in place and certain investors on the secondary mortgage markets will not allow a “flip” so it is important for us to know this right up front. If we don’t know in advance then we may have to order a different appraisal and it can delay the transaction.

Vince Lombardi said “Individual commitment to a group effort – that is what makes a team work, a company work, a society work, a civilization work”. Let us know how we can help your team succeed.

Chelsea. 724 Rockefeller Residence 5. 2 Bedroom, 2 Bathroom, Bonus Room, Loft, Den,Deck, 2 Bay Garage, approx 2,256 Sq Ft., $599,000. SOLD.

These elegant luxury condos in Orange County consist of 98 residences of two to four level town homes ranging in size from 1,702 to 2,389 square feet of living space from 2 to 3 bedrooms, plus flex & loft and private 2 bay-style garage with direct access feature open floor plans with soaring ceiling heights and large picture windows to take in the view. These Irvine condos are one of the best condos for sale. Central Park West….Irvine.

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Granville Lease. 31 Delancy, Townhome, Residence 4, 3 Bedroom, 3 Bathroom, Loft, Private 2 Bay Style Garage with Direct Access, Approx 1,878 Sq. Ft., $3,200 Leased.

Contemporary Granville Town Home Residence ( 4 ) end unit featuring approximately 1,878 square feet of living space, three bedrooms, three bathrooms, loft and private 2 bay-style garage with direct access. Home includes European cabinetry and stylish slab granite-counter tops in kitchen and bathrooms, stainless steel GE appliances with slab granite-counter tops with full back splash in kitchen, upgraded carpet on the stairs, upgraded tiles in bath rooms, recessed lights and vaulted ceilings and convenient ground-level entry. The 8,000 square-foot Clubhouse / Recreation Center provides you with a bounty of amenities. Live in Orange County’s newest , resort-style & recreational Oasis master planned community….. The Central Park West.

Virtual Tour: 31 Delancy

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Pending Home Sales Rise to 22-Month High!

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Financial Update by Maurice

Rates came down a touch this week with the 10 year Treasury Yield easing off a bit from last Friday.

We have had overwhelming requests for the HARP II loans that FNMA and FHLMC now have for borrowers with limited equity. The program has been somewhat challenging as the agencies state they are unlimited loan to values, but, the banks have restricted the loan to values to 150% for owner occupied and 105% for investor properties. It has not been quite as glorious as promised.

Take a look at the 15 year fixed rates down in the 2′s…Wow.

We have had overwhelming requests for the HARP II loans that FNMA and FHLMC now have for borrowers with limited equity. The program has been somewhat challenging as the agencies state they are unlimited loan to values, but, the banks have restricted the loan to values to 150% for owner occupied and 105% for investor properties. It has not been quite as glorious as promised.

Take a look at the 15 year fixed rates down in the 2′s…Wow.