This came this morning from Kirk Scrima, my good friend and associate at Summit Funding here in Redding…..
This week brings us the release of four economic reports for the markets to digest, but none of them are considered to be highly important to mortgage rates. However, this will be an extremely busy week for corporate earnings, which usually translates into stock volatility.
Today has September’s Industrial Production data scheduled to be posted. It will be released mid-morning, giving us an indication of manufacturing strength by tracking output at U.S. factories, mines and utilities.
September’s Housing Starts is the week’s second release, coming early Tuesday morning. This report will probably not have much of an impact on the bond market or mortgage rates.
The only report scheduled for release Wednesday will be released during afternoon trading when the Federal Reserve will post its Beige Book at 2:00 PM ET. This data details economic conditions throughout the U.S. by region. The last report is September’s Leading Economic Indicators (LEI) late Thursday morning. This index attempts to measure future economic activity, particularly during the next three to six months. Current forecasts are calling for an increase of 0.3% from August’s reading.
Overall, I don’t see a particular day that should be labeled the single most important. The week’s economic reports are all moderately important to the markets, so we can’t rely on any of them to drive rates.
Rates for Conforming & FHA 30 Year Fixed are running 3.875% – 4.50% & USDA 30 Year Fixed is running 4.00% – 4.50%. Make it a great week!
See You At The Top!…and if you have any questions, please call me at 530-248-5601 or e-mail ronlargent@kw.com or www.ronlargent.com
Monday, October 18, 2010
Liquor License for sale in Redding, Ca for $50,000.
On Site Liquor License for Sale for $50,000 in Redding, CA
This is an on-site California Code 47 beer, wine, and liquor license for sale in Shasta County, CA. The business that this was used at is now closed and the previous owner of the restaurant now wants to sell the license.
E-mail for details, etc or call me at 530-248-5601.
Downtown Redding. Redding is 165 miles north of Sacramento on Interstate 5. For details on Redding, go to my website www.ronlargent.com or www.visitredding.com
This is an on-site California Code 47 beer, wine, and liquor license for sale in Shasta County, CA. The business that this was used at is now closed and the previous owner of the restaurant now wants to sell the license.
E-mail for details, etc or call me at 530-248-5601.
Downtown Redding. Redding is 165 miles north of Sacramento on Interstate 5. For details on Redding, go to my website www.ronlargent.com or www.visitredding.com
Friday, October 8, 2010
Bank of America Takes Position on Foreclosed Homes
This article hit the news this morning….let’s see if other lenders follow:
A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.
The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers, without verifying the information in them.
Charlotte, N.C.-based Bank of America Corp., the nation’s largest bank, said Friday it would no longer complete foreclosures in all 50 states as it reviews documents used to process foreclosures. That applies to homes that the bank takes back itself and those that it transfers to investors such as mortgage giants Fannie Mae and Freddie Mac.
A week earlier, the company had said it would only do so in the 23 states where foreclosures must be approved by a judge.
The bank did so in reaction to mounting pressure from public officials inquiring about the accuracy of foreclosure documents. A document obtained last week by the Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically didn’t read them. The official, Renee Hertzler, said in a February deposition that she signed up to 8,000 such documents a month.
A company spokesman, Dan Frahm, said the bank still believes its documents are correct but wants to satisfy officials’ concerns. “Our ongoing assessment shows the basis for our past foreclosure decisions is accurate,” he said.
Senate Majority Leader Harry Reid, D-Nev., who had called for such a suspension, applauded the bank “for doing the right thing by suspending actions on foreclosures while this investigation runs its course.” Also Friday, Sen. Christopher Dodd, D-Conn, the chairman of the Senate Banking Committee, said he would hold a hearing on the issue next month.
“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. “Regulators at the federal, state, and local levels have a responsibility to uphold the law and protect consumers from unfair foreclosure, and lenders have a duty to not cut corners around the law.”
Banking and housing analysts, meanwhile, fear the foreclosure document problems could prolong the housing bust, and hundreds of thousands of inevitable foreclosures will be pushed off into some legal limbo for years.
“If you are looking at the key in this country to economic stability, it’s the housing industry,” said banking analyst Nancy Bush of NAB Research. “This is a huge mess that helps nothing.”
And some analysts feel that uncertainty about foreclosures could make potential buyers change their mind about purchasing foreclosed properties. That’s because of fears that the former owners will turn around and sue.
However, there could be a silver lining to the problem. A delay in foreclosures could actually prop up home prices in the short term because fewer low-priced homes would pour onto the market in the coming six months. When those properties ultimately do go up for sale, the overall economy could be in better shape, said Mark Zandi, chief economist at Moody’s Analytics.
“The irony is, it may actually support the recovery,” Zandi said. “It may be that when those properties actually hit the market, the economy is in a better place,”
Stay tuned….interesting times…but if you want to see some foreclosed homes in Redding and Shasta County, e-mail me please…. ronlargent@kw.com
A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states.
The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to growing concerns that mortgage lenders have been evicting homeowners using flawed court papers, without verifying the information in them.
Charlotte, N.C.-based Bank of America Corp., the nation’s largest bank, said Friday it would no longer complete foreclosures in all 50 states as it reviews documents used to process foreclosures. That applies to homes that the bank takes back itself and those that it transfers to investors such as mortgage giants Fannie Mae and Freddie Mac.
A week earlier, the company had said it would only do so in the 23 states where foreclosures must be approved by a judge.
The bank did so in reaction to mounting pressure from public officials inquiring about the accuracy of foreclosure documents. A document obtained last week by the Associated Press showed a Bank of America official acknowledging in a legal proceeding that she signed thousands of foreclosure documents a month and typically didn’t read them. The official, Renee Hertzler, said in a February deposition that she signed up to 8,000 such documents a month.
A company spokesman, Dan Frahm, said the bank still believes its documents are correct but wants to satisfy officials’ concerns. “Our ongoing assessment shows the basis for our past foreclosure decisions is accurate,” he said.
Senate Majority Leader Harry Reid, D-Nev., who had called for such a suspension, applauded the bank “for doing the right thing by suspending actions on foreclosures while this investigation runs its course.” Also Friday, Sen. Christopher Dodd, D-Conn, the chairman of the Senate Banking Committee, said he would hold a hearing on the issue next month.
“American families should not have to worry about losing their homes to sloppy bureaucratic mismanagement or fraud,” Dodd said. “Regulators at the federal, state, and local levels have a responsibility to uphold the law and protect consumers from unfair foreclosure, and lenders have a duty to not cut corners around the law.”
Banking and housing analysts, meanwhile, fear the foreclosure document problems could prolong the housing bust, and hundreds of thousands of inevitable foreclosures will be pushed off into some legal limbo for years.
“If you are looking at the key in this country to economic stability, it’s the housing industry,” said banking analyst Nancy Bush of NAB Research. “This is a huge mess that helps nothing.”
And some analysts feel that uncertainty about foreclosures could make potential buyers change their mind about purchasing foreclosed properties. That’s because of fears that the former owners will turn around and sue.
However, there could be a silver lining to the problem. A delay in foreclosures could actually prop up home prices in the short term because fewer low-priced homes would pour onto the market in the coming six months. When those properties ultimately do go up for sale, the overall economy could be in better shape, said Mark Zandi, chief economist at Moody’s Analytics.
“The irony is, it may actually support the recovery,” Zandi said. “It may be that when those properties actually hit the market, the economy is in a better place,”
Stay tuned….interesting times…but if you want to see some foreclosed homes in Redding and Shasta County, e-mail me please…. ronlargent@kw.com
Wednesday, October 6, 2010
RV Park Just on the Market in Redding, CA
This listing just came up and was presented to me by a cooperating broker, and this is a good park,
Pride of Ownership shows in this RV park adjacent to I-5. Almost half of the tenants are full time residents of the property. The park has full amenities including a convenience store with recreation room, well appointed bath and shower facilities, on-site laundry, swimming pool with picnic area; full cable t.v. and wifi access; on-site propane sales and dump site
Located off Interstate-5 at the Lake Blvd. exit in the north area of Redding, the property sits on a high knoll overlooking the freeway with excellent signage; the park is located on approximately 6 acres of terraces land with well maintained streets and pull thru for the larger r.v.’s
This is an excellent RV park and is priced right. E-mail for details, photos, financials, etc ronlargent@kw.com
www. ronlargent.com
Subscribe to:
Comments (Atom)
