recession

$8000 First Time Tax Credit to End for Arizona Home Buyers

September 2, 2009

If you have been thinking about taking advantage the government’s $8000 First-time Homebuyer tax credit, you are quickly running out of time. In order to qualify for the tax credit, the purchase needs to be completed by November 30, 2009. Several things have made this date be a lot closer than you think. The Phoenix […]

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Nation’s 3rd Largest FHA Lender Closes Up Shop

August 7, 2009

Taylor, Bean & Whitaker, the nation’s 3rd largest FHA lender shut down Wednesday due to allegations of wrong doing from HUD.  This leaves thousands of home owners who thought that they had their mortgage all squared away for their upcoming purchase scrambling to find new financing. This is an interview I did with Peter Busch […]

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The Fed Funds Rate May Fall, But Mortgage Rates May Not

December 16, 2008

The Federal Open Market Committee adjourns from its 2-day meeting at 2:15 P.M. ET today. It’s widely expected that the Ben Bernanke-led FOMC will reduce the Fed Funds Rate by a half-percent to 0.500 percent.

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Mortgage Markets In Review : December 8, 2008

December 8, 2008

In a week in which mortgage markets struggled to find direction, mortgage rates edged higher overall. The weekly increase was the first since mid-November and it may signal higher rates as we head into 2009. The week’s most talked-about story hit the wires Friday.

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How November’s 533,000 Jobs Lost Is Helping Mortgage Rates Improve

December 5, 2008

According to the government, American businesses are cutting staff at an accelerated pace, most recently paring 533,000 jobs this past November. It’s the largest one-month decline since December 1974 and raises the year-to-date job losses to 1.9 million workers. However, there is a silver lining in the data for all Americans — both employed and […]

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1 Penny = 1 Billon Dollars

December 4, 2008

The global recession has caused significant demand destruction of all commodities around the world. Arguably the hardest hit has been crude oil, down significantly from it’s peak. With the fall in crude oil prices, distillate prices have come down as well.

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1 Penny = 1 Billion Dollars

December 4, 2008

The global recession has caused significant demand destruction of all commodities around the world. Arguably the hardest hit has been crude oil, down significantly from it’s peak. With the fall in crude oil prices, distillate prices have come down as well. Most nobably for all of out here in radio land, GASOLINE!! I can’t speak […]

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Looking Back And Looking Ahead : October 27, 2008

October 27, 2008

Mortgage markets followed the recurring trading pattern of 2008 last week — volatility, volatility, and more volatility. After opening with a strong performance that drove rates down, late-week fears of a global recession reversed that path.  Mortgage rates ended the week unchanged. This was an unexpected outcome for the week considering that: The dollar gained […]

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Looking Back And Looking Ahead : October 27, 2008

October 27, 2008

Mortgage markets followed the recurring trading pattern of 2008 last week — volatility, volatility, and more volatility. After opening with a strong performance that drove rates down, late-week fears of a global recession reversed that path. Mortgage rates ended the week unchanged. This was an unexpected outcome for the week considering that: The dollar gained […]

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Looking Back And Looking Ahead : October 20, 2008

October 20, 2008

Last week, the Dow Jones Industrial Average recorded both its largest one-day point gain and second-largest one-day point loss in history. Mortgage markets got whipsawed, too. From day to day, huge rate swings made mortgage rate shopping difficult.  It wasn’t uncommon for lenders to change pricing 3 times per day. When the week closed, though, […]

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How Falling Gas Prices May Stave Off Recession

October 10, 2008

Given the stock market’s recent performance, it’s not surprising that gasoline’s falling prices are garnering very little attention. That doesn’t make it any less relevant, however. Since peaking in July, gas prices are off by 20 percent. Falling gas prices are an important positive for the U.S. economy because less money spent at the pump means […]

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What’s Good For Home Sellers Is Bad For Home Buyers : Builders Are Dialing It Back

September 18, 2008

In August, home builders broke ground on the fewest number of homes since January 1991. It was the 16th straight month in which Housing Starts declined. But, although the press labels these statistics indicative of a recession, home sellers nationwide quietly applaud them. With fewer new homes coming on the market, home sellers are finding that there’s […]

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Making English Out Of Fed-Speak (August 2008 Edition)

August 5, 2008

For the second consecutive meeting, the Federal Open Market Committee left the Fed Funds Rate unchanged at 2.000 percent. In its press release, the Federal Reserve addresses inflation, saying that it “has been high”, fingering energy and commodity costs as culprits.  The Fed does expects inflation to moderate later this year, however. Regarding recession, the Fed […]

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How Is The Economy Doing? It Depends Who You Ask.

July 11, 2008

“Economic uncertainty” is turning into a 2008 buzzword and there’s good reasons why. On the one hand, there are precursors to inflation in the economy: Rising oil costs Rising food prices Higher Cost of Living On the other hand, there are precursors to recession in the economy, too: Mounting job losses Less access to credit […]

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How Job Losses In The Economy Are Helping Home Affordability

July 3, 2008

On the first Friday of each month, the Bureau of Labor Statistics releases its Non-Farm Payrolls report. More commonly, it’s called the “jobs report”. The jobs report is a sector-by-sector look into the U.S. economy and whether businesses are hiring — or firing — workers.  This is one of the reasons why its release is so […]

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How The Fed’s Words Should Trump The Fed’s Actions Today

June 25, 2008

The Federal Open Market Committee adjourns from its 2-day meeting at 2:15 P.M. ET today.  It’s widely expected that the group will leave the Fed Funds Rate unchanged at 2.000 percent. However, it’s not what the Fed does today that has markets so interested.  It’s what the Fed will say. One of the Federal Reserve’s […]

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Making English Out Of Fed-Speak (June 2008 Edition)

June 25, 2008

The Federal Open Market Committee left the Fed Funds Rate unchanged at 2.000 percent this afternoon, as expected. In its press release, the Federal Reserve noted the co-existence of inflation and recession. On inflation, the Fed said that energy and food prices are contributing to an “elevated state” of inflation, but that it expects price […]

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Looking Back And Looking Ahead : June 9, 2008

June 9, 2008

There was no rest for the mortgage-rate weary last week. As mortgage bonds sold off early in the week, sharp rate hikes followed. A steady stream of better-than-expected economic reports had re-ignited inflation fears, drawing money from the bond market. On Friday, however, the money flow reversed on a triple threat to the U.S. economy: The […]

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Looking Back And Looking Ahead : June 2, 2008

June 2, 2008

Mortgage rates rocketed higher last week, stunning active home buyers and mortgage rate shoppers. Some conforming mortgage rates rose by as much as three-quarters of a percent before Friday’s closing. Even in a year in which mortgage rates have been extremely volatile, last week’s spike was a large one. The main driver of last week’s […]

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The “Inevitable” Recession That Never Was

May 15, 2008

Retail Sales measures total receipts at stores that sell tangible “things” and — aside from weak demand for automobiles and automobile parts — Retail Sales displayed surprising strength in April. So much strength, in fact, that many experts are changing their predictions about the U.S. economy’s fate. Several months ago, most pundits declared that a economic […]

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