April, 2008
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Team Yaeger is pleased to share our newly redesigned web site with you www.TeamYaeger.com.
Find information on:
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You can:
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MORE IMPORTANTLY! By now, you or someone you know is being hit negatively by the current housing market. Whether being forced to move as a result of illness, relocation, loss of retirement, loss of employment, everyone knows someone who is looking for answers to questions such as:
How do I keep from losing my house?
What is a Sheriff Sale and how long can I stay without making my mortgage payments?
How much is my house worth?
My house is worth less than I can sell it for, what do I do?
What is a
Short Sale?
Foreclosure?
Deed in Lieu of Foreclosure?
And, how will each impact our credit?
What are the tax implications?
Can I sell short on one house and buy another?
FROM A SELLER’S POINT OF VIEW: These are just some of the questions that we are receiving on a regular basis from our friends, family, customers, and clients. Calls to us are free, and we love receiving them. More importantly, we love helping where we can. Some homeowners are eligible for:
The tax changes currently passed and currently in the House for approval
A Freeze on your Adjustable Rate Mortgage (ARM)
Refinance
Short Sale
Deed in Lieu of Foreclosure
FROM A BUYER’S POINT OF VIEW: This is a Buyer’s Market! It’s a great time to Buy Up! Moving to a higher priced home in a Buyer’s Market can benefit you financially. If you’re a buyer you’re wondering how to take advantage of the market. You’re wondering:
How to find and buy HUD, Foreclosed or Bank Owned housing?
What a Short Sale is?
What financing is available?
FHA and MSHDA are offering some incredible incentives for home buyers, from down payment assistance to repair assistance. The options are numerous.
CONTACT US FOR ANY REASON! We want to help you. We love referrals and really appreciate and thank you for all your business in this challenging economy.
800-722-5596 or www.TeamYaeger.com
Rick & Christina Yaeger
TEAM YAEGER
ABR – Accredited Buyer Representative
GRI – Graduate, REALTOR Institute
Fed Cuts Rates
It was another volatile week in mortgage markets, with major news out on each of the first three days. The net effect of the ups and downs was a nice reduction in mortgage rates. Two stories surprised investors Monday morning. In an uncommon emergency meeting over the weekend, the Fed decided to lower its discount rate to 3.25% from 3.50%. The other major announcement was the sale of Bear Stearns, a large investment bank, to avoid bankruptcy. Bear's stock, which had been trading around $80 per share in January, would be sold for just $2 per share. Investors took the news to mean that the risks to the credit markets were even greater than they thought, and they embarked on a flight to relatively safe investments, which lowered mortgage rates.
Tuesday, the Fed cut the Fed Funds rate by three quarters of a point to 2.25%, as expected by many investors, although two of the ten voting Fed members were in favor of a smaller rate cut. Stocks rallied on the news, and the Dow closed higher by a whopping 420 points, but the Fed's emphasis on the risk of higher inflation hurt mortgage markets. Overall, the Fed's statement described reduced economic growth and higher inflation expectations. The Fed believes that inflation should moderate over coming quarters, but that the uncertainty over the inflation outlook has increased. Mortgage investors require higher yields to offset future inflation, and mortgage rates rose, offsetting some of Monday's reduction.
Another big news story hit the wires on Wednesday. OFHEO, the regulator for Fannie Mae and Freddie Mac, relaxed the capital requirements for the two firms. Early estimates are that the changes will enable Fannie and Freddie to make an additional $200 billion in loans. The additional capacity for mortgage investments boosted mortgage markets, and mortgage rates fell again.
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