Financial Update by Maurice Soussé

The weekend is here and the great news is rates are great for those weekend borrowers. The 10 year yield closed at 1.75 for the week with rates closing at 3% on 30 year fixed rates. Yeow is that low!!

Consumers must feel better about the economy as Apple and Microsoft unveil the new I pad Mini and Windows 8 this week driving flocks of consumers to the retail stores to purchase new electronics. In fact US new home sales have soared this year. The median price for a home rose 11.7% in August over the previous year. Shades of 2006??? Brace yourself…..buyers will be priced out of the market again if they don’t act quickly on these interest rates.

The housing market is on the mend after the 2006 crash that dragged the economy through its worst recession since the Great Depression. Home sales are increasing and giving a model lift to housing prices and encouraging new home builders to break ground on new homes in the highest numbers since 2005.

How about the talk of shadow inventory? I keep looking around every corner and they are no shadows right now. The housing market couldn’t look brighter and ask any of your colleagues about inventory. We can all commiserate about lack of homes for sale. I can’t tell you how many client we have pre-approved and fighting to get their offers accepted. We just don’t see the any shadow inventory.

I really like the quote from Dennis S Brown who said, “The only difference between a good day and a bad day is your attitude.”

Rates 102712, The Sousse Group, Luxury Irvine Condos