Tuesday, November 29, 2016

Big Valley Mortgage is Teaming Up with the Vacaville Fire Fighters for their Annual Toy Drive/ Christmas Wish and St Mary’s Food Locker



Big Valley Mortgage is teaming up with the Vacaville Fire Fighters for their annual Toy Drive/ Christmas Wish and St Mary’s Food Locker. 

Please help us in helping our community by bringing NEW unwrapped toys for Boys & Girls up to age 14 and\ or canned food (such as Tuna, Fruit, Veggie, soup, chili and/ or Mac & cheese). 

We will be collecting through Thursday Dec. 22, 2016. Big Valley Mortgage is located at 479 Mason St. #109, Mon-Fri 8:30 AM – 5:30 PM.

Every Christmas Eve morning, the Vacaville Firefighters Association loads up hundreds of toys on to fire engines and heads out into the community and delivers toys to children that may not have otherwise received Christmas presents.

Food collected will be transported to St. Mary's Food Locker for distribution for those in need. Food items especially needed are boxed cereal, individual packaged oatmeal, 16 oz. peanut butter, "meal in a can" canned good such as canned chili, ravioli, or soups. No glass containers. 


Sunday, November 27, 2016

Home Sales Boom As Mortgage Rates Inch Upward


The stock market is continuing its rise to new record highs.  For the first time ever, the DOW rose above the 19,000 mark.  Although the initial craziness related to the Trump presidential victory has subsided, confidence continues to remain high that the economy is likely to grow significantly with his economic initiatives.  The market continues to improve however in a more controlled manner.

The latest surveys show that virtually 100% of investors and analysts believe that the Fed will raise interest rates at their December meeting.  The market is already factoring in this increase which is why we have seen the 10 Year Bond yield steadily rising.  Since the election, the yield on the 10YR Treasury has risen approximately 50 basis points.  Although mortgage rates are not directly tied to the movement of this index, it is an indicator on the direction of mortgage rates, which are now about ½% higher since Donald Trump won the election.

It appears that with the recent rise in mortgage rates, many home buyers who have been sitting on the fence have now jumped into the water. After last week’s decline of purchase loan volume of 6.0 percent, the purchase index soared 19.0 percent for last week.  The media has been reporting that the increase in mortgage rates is reducing homeownership affordability.  Since the chances are that rates are going to continue to rise, it seems that many purchasers are acting now to avoid being priced out of the market.  Refinance activity continues to decline as this type of financing is far more sensitive to any movement in mortgage rates.

Existing home sales in October jumped 2.0 percent to an annualized rate of 5.6 million.  This is the highest pace for sales since February 2007.  September’s numbers were also revised slightly higher to a rate of 5.490 million.  Sales compared to the same time last year are up by 5.9 percent.

The best part of the housing report is that the greatest strength was in single family home sales, which increased by 2.3 percent.  The median price of homes is also up by 6.0 percent from a year ago at $232,200. Home supply continues to remain a challenge as available properties for sale declined 0.5 percent leaving supply at 4.3 months. 
Home prices according to the Federal Housing Finance Agency increased 0.6 percent for the month of September.  The rate of increase slowed slightly from the prior month however overall prices are up p6.1 percent from the same time last year.


Next week’s potential market moving reports are:

·        Monday November 28th - Dallas Fed Manufacturing Survey
·        Tuesday November 29th – GDP and Case-Shiller Home Price Index
·        Wednesday November 30th - MBA Applications, ADP Report, and Pending Home Sales
·        Thursday December 1st – ISM Manufacturing Report, Consumer Confidence, and Jobless Claims
·        Friday December 2nd – National Employment Situation

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at (707) 455-7070.

Thursday, November 24, 2016

Happy Thanksgiving!


Happy Thanksgiving! 
From All Of Us At Big Valley Mortgage in Vacaville

Tuesday, November 22, 2016

Big Valley Mortgage Helps Sponsor KUIC's Mission Solano Radiothon


Mike O'Rourke represented Big Valley Mortgage as a Power Hour sponsor for KUIC's Mission Solano Radiothon! So happy to donate to such a wonderful cause!

There's still time to give you haven't had a chance at http://missionsolano.org/donate

Monday, November 21, 2016

Amid Some Change, Housing Market Remains Strong



After the initial market jubilation in belief that President Elect Trump might actually be good for the economy and markets, things have settled down.  The Dow Jones Industrial Average is basically poised to finish the week in about the same place it started. 

Helping matters is that it appears that Mr. Trump has toned down much of his rhetoric and inflammatory comments which is giving investors reason to believe that he will not make rash decisions on economic policy.  Time will tell as to exactly what will happen.  For now, investors are paying close attention to his staff appointments.

Mortgage rates have shot up .50 percent since the election in response to bond yields rising rapidly.  The mortgage industry is feeling it in that applications for purchases and refinances have been declining.  Refinance applications dropped 11.0% for the week of November 11th.  Purchase apps declined 6.0%.

Already there is much chatter that housing affordability is being directly impacted due to the higher rates increasing the cost of homeownership.  Higher rates means higher monthly housing payments.  The one thing to keep in mind is that home prices will move towards a point where there is balance to meet demand.  For example, sellers may find that they might have to lower the price of their home slightly to offset the interest rate increase to keep buyers interest. 

We have been in a market in which mortgage rates have been artificially low for an extended time.  The talk of rising rates has been around for more than five years.  It is just that now it has finally become reality.  Anyone who has been around long enough in the housing market knows that regardless of interest rates, homes will be purchased and sold.  There will always be back and forth movement related to rates, home prices and housing demand.

On a positive note for housing, starts of new construction surged 25.5 percent in October to an annualized rate of 1.323 million. This is the highest number since August of 2007.  The monthly jump in percentage is the strongest since 1982.  The best part of the report is that single family construction jumped 10.7 percent which follows September’s increase of 8.4 percent.

Inflation excluding volatile food and energy prices, inflation remains very low on both the wholesale and retail levels.  Rising inflation is starting to become more of a concern related to Donald Trump’s plans for spending and economic stimulus, however for now it is speculation.

Next week’s potential market moving reports are:

·        Monday November 21st – Chicago Fed National Activity Index
·        Tuesday November 22nd – Existing Home Sales
·        Wednesday November 23rd - MBA Applications, Jobless Claims, FHFA HPI, New Home Sales, FOMC Minutes, Consumer Sentiment
·        Thursday November 24th – Thanksgiving Giving: Markets Closed
·        Friday November 25th – International Trade in Goods

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at (707) 455-7070.

Friday, November 18, 2016

Vacaville's 26th Annual Festival of Trees is November 29th - December 1st


Vacaville's 26th Annual Festival of Trees

11 a.m. to 9 p.m. Tuesday, Nov. 29 – Thursday, Dec. 1 
 Vacaville Skating Center, 551 Davis St.

Festival Admission: Free 
Donations always welcome

About the Festival:

Vacaville Festival of Trees is the premier fundraiser for Opportunity House, Vacaville's homeless shelter, raising more than $1.8 million since its inception in 1991.

The three-day festival, which kicks off with a Gala Dinner the Monday after Thanksgiving, magically transforms the Vacaville Skating Center on Davis Street into a glowing gallery filled with 50 exquisitely decorated, full-size Christmas trees, plus another 50 table-top mini-trees - all for sale to the highest bidder.

The holiday showcase also features a bazaar of finely crafted gifts and homemade baked goods; regular visits and photo opportunities with Santa and Mrs. Claus; and entertainment by talented musicians, choral groups and performers. Hundreds of volunteers give their time and talent to the Festival, which draws thousands of visitors.

For many, Vacaville Festival of Trees signals the start of their holiday season, providing a taste of Christmas magic as well as a tangible way to support a program that offers the homeless a real opportunity to put their lives back on track.

Wednesday, November 16, 2016

Downtown Vacaville's Merriment on Main is November 29th!


Merriment on Main 
Downtown Vacaville
Tuesday, November 29th
5:00 - 9:00pm 

Join the City of Vacaville, the Downtown Vacaville on Main Street for this very special Tree Lighting Ceremony. Activities begin at 5:00 pm. Check the Vacaville Reporter for exact times and full list of entertainment.

Saturday, November 12, 2016

5 Front Yard Landscaping Secrets


Your front yard landscaping is one of your home's focal points. Follow these five tips to maximize your curb appeal.

Thursday, November 10, 2016

Don't Waste Your Time!: Get A Mortgage Pre-Approval


You've made that very personal decision, to consider buying a house of your own! You may have put off this moment, for a variety of reasons, including; indecisiveness; geographic; job-related; financial, etc, but now, you think, you're ready! So, what should you do first! The logical first-step is to discuss finance, and the all-important mortgage information, with a qualified mortgage broker or banker. If you have received a recommendation from someone you trust, and is knowledgable, begin with a conversation with that professional. If not, interview, and hire, a real estate professional, who will take care of your needs, and provide you with recommendations of reliable mortgage professionals. Either way, be certain to get a Mortgage Pre-Approval, before you begin your quest for the house of your dreams.

1. A pre-qualification is not a pre-approval: Beware, there is huge difference between being pre-qualified, and pre-approved! The former means that based on the basic information you have provided, you would be able to qualify to get a certain size mortgage. On the other hand, the latter means the broker/bank, has done a thorough review of your income, liabilities, etc, as they would before they issued a mortgage, and, as long as the house comps out, you will get a mortgage.

2. Other debts/liabilities: Lending institutions use a formula to determine how much mortgage one might qualify for. It takes into consideration all debt owed, and that combined with your new mortgage debt, cannot exceed a certain percentage. That is, in addition to, the mortgage must fall within a certain percentage of one's income.

3. What can you afford as a down-payment?: Traditionally, you are asked to put down 20% down-payment, and you can then use your mortgage for the balance. However, there are loans available, which require less down, but that means a higher monthly payment! You may also be in a position to put down more, and carry a smaller mortgage. This must be a combination of what you can actually afford, as well as your comfort level.

4. What can you afford monthly: The lending institution will come up with a maximum figure, they say you can carry monthly. They base this as a percentage of one's income. However, you may not feel comfortable with that amount of debt, so you must take that into consideration. All this valuable information will help you decide the price ranges you should look at, when you search for a home.

5. Move to the front of the line: Let's say you've taken into consideration the above information, and now are prepared and ready, to begin your search, in earnest. You have searched, and found the house you want, but others feel the same way. When there are competing offers, the buyer with a Pre-Approval, often is given more consideration, because it is considered a better bet, for the seller.

It is the responsibility of a qualified real estate professional to help you find the right house, at the best available price, with the least amount of hassle or wasted time! Make it easier on yourself, by beginning properly, by getting a Mortgage Pre-Approval.

Article Source: http://EzineArticles.com/expert/Richard_Brody/492539

Article Source: http://EzineArticles.com/9501868

Friday, November 4, 2016

Presidential Election In The Drivers Seat


It seems that the presidential election is in the driver’s seat in the minds of investors.  Many experts were expecting the Fed to raise interest rates at this week’s Fed meeting.  Despite the Fed decision to leave rates where they are, the markets reacted with little more than a yawn.  The stock indexes remained little changed since the announcement.

What seems to be driving the market is speculation on who our next president will be.  The country is very clearly divided on who will be best to serve as President and who will be the right person for economic growth.  (At this point I am so disgusted with the negative campaigning it will be a relief just for it to be over next week)

In previous Fed meetings, the language often used would give insight into the Fed’s plan for rate adjustments.  This past meeting there appears to be very little in the way of wording that gives any indication on when the Fed will take action to raise rates.  The Fed continues to express concern about international influences that can negatively impact the U.S. economy as well as on-going mixed economic data from housing to manufacturing here in the United States.

ADP’s employment report points to less growth in the labor markets for the month of October.  On Friday, the labor department will release their numbers, and they too are expected to show weakness.  You may recall that last month’s report came in weaker than expected and many analysts feel that there may be a slowing in the growth of the labor force.

First time jobless claims continue to remain very low which leads many to believe that we are not far from what is considered full employment. This being the case has experts believing that the ability for the labor force to continue to grow at a healthy pace is limited because of the lack of people available in the talent pool.

As mortgage rates continue to creep higher, loan volume inches lower.  The Mortgage Bankers Association of American reported that for the week ending October 28th applications for purchases and refinances both declined by 0.4 percent and 2.0 percent respectively.  Purchase applications however continue to be higher by 9.0 percent from the same time last year.

Furthering the Fed’s concern about a slowing economy, construction spending declined 0.4 percent for the month of September.  The bright side of the report is that residential construction rose by 0.5 percent and remains just under 1.0 percent higher than from the same time last year.

Next week’s potential market moving reports are:

·        Monday November 7th – Labor Market Conditions Index
·        Tuesday November 8th – Job Opening and Labor Turnover Report
·        Wednesday November 9th - MBA Applications
·        Thursday November 10th - First Time Jobless Claims
·        Friday November 11th – Consumer Sentiment

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at (707) 455-7070

Tuesday, November 1, 2016

Home Prices Appear To Be Surging


Throughout the week the stock market has remained within a narrow trading range of 100 points up or down.  The flood of housing reports this week did little to impact the indices.  It appears that investors are going to wait on the decision next week of the Fed on what will happen with interest rates.  Many investors believe that this is going to be when the Fed acts to move rates higher.  There are however others, a smaller segment, that believe that the increase will not happen until either December or January.

The Federal Housing and Finance Agency reported that home prices appear to be surging for single family residences.  For the month of August prices jumped 0.7 percent which was the high end of analyst’s expectations. This increase follows July’s jump of 0.5 percent.  From the same time last year, the FHFA index is higher by 6.4 percent.  The spread between prices this year and last year is also increasing as the difference was 5.9 percent in July.

In contrast to the FHFA report, the Case-Shiller Home Price Index reported that prices only increased 0.2 percent in August.  This index measures single family home prices on re-sales in 20 major metropolitan cities.  Prices compared to the same time last year remain higher by 5.1 percent.  This is slightly less than where the year started at a 5.6 percent spread.

The West continues to lead the way in home price appreciation with an increase of 1.0 percent for San Francisco and an 0.8 percent rise in Seattle.  If you compare home prices to a year ago, Portland Oregon is out in front with an increase of 11.8 percent, and once again Seattle at 11.4 percent.  On the opposite end of the spectrum, New York and Cleveland showed only 1.8 percent and 2.9 percent respectively.

New homes sales jumped 3.1 percent for September.  This proved to be a very solid gain after the prior two months were revised downward from 609,000 to 575,000 in August and 659,000 to 629,000 in July.  The question that exists is given the previous two downward revisions, will September be revised downward as well?

New home prices are up for the month by 6.7 percent.  Limited inventory continues to keep upward pressure on prices.  Currently available inventory is rated at 4.8 months, which is a decline of 0.1 percent from the prior month.  Sales compared to the same time last year are up 1.9 months.

Finally, pending home sales have increased.  The index for the month of September was up 1.5 percent.  This is a healthy reversal from the prior month’s 2.5 percent decline.

Next week’s potential market moving reports are:

·        Tuesday November 1st – ISM Manufacturing Index
·        Wednesday November 2nd - MBA Applications, ADP Employment Report, FOMC Announcement
·        Thursday November 3rd - First Time Jobless Claims & Factory Orders
·        Friday November 4th – National Employment Report

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at (707) 455-7070.