Feel-Good Fed Reports
See Spot Run
FHA spot approvals are fading into the sunset as more and more lenders decide on their own whether to take on FHA condo loans. One note: getting lenders to approve FHA loans on condos is like wedging a square peg in a round hole, as lenders can’t discriminate – but they are toeing the fine line. 95% of today’s FHA loans are yesterday’s sub-prime loans; add this to the fact that lenders don’t like condos to begin with – and it makes for a tough, tough approval process.
Inspirational Quote 1
“Excellence is to do a common thing in an uncommon way.” – Booker T Washington
Did’Ja Know 1
Once a month there’s an economic report that is released based on people’s feelings. It’s called the University of Michigan Consumer Sentiment Report – and it’s a piece of data that’s used to measure consumer attitudes. (I know there’s a joke in here somewhere about U of M’s football team putting a damper on this report the last few years; I just have to figure out how to word it). If it indicates a weakness in consumers’ willingness to spend, that will bring the rates down. If consumers say they are in a spending mood, rates go up. (just got my Visa bill – so according to my wife, rates should be going way up!)
Rates continue to move up and down like a super ball on steroids – not knowing where to land and showing no signs of stabilizing. The good news? They are still historically low. A 30yr fixed remains in the low 5s. Will we see rates dip into the 4s again? I still hold out hope. But then again, I’m still holding out hope that my 9th grade girlfriend, Susie Richman, will call and tell me that dumping me was the worst mistake she ever made.
Inspirational Quote 2
Yes, there are thousands and thousands of uses for corn, all of which I’m going to tell you about right now!” – Tina (Jan Hooks), Pee-wee’s Big Adventure, 1985.
Congratulations to all of you last week who guessed Brian Austin ‘it’s not easy being’ Green. Want to be a winner of a $5.00 Starbucks card this week? Just be one of the first ten people to correctly guess this week’s Who Am I? question. Good luck: “I turn 63 today, but you won’t hear me utter my famous line, “I’m too old for this s___,” as I did in my breakout movie in 1987. This movie ended up being so big we made four of them – all of which I played a good cop in. Some of you may have witnessed the movie I played a bad cop in three years earlier with Harrison Ford.”