Monday, April 28, 2008
Without any real news to sink our teeth into today, traders will be alert for anyone who sneezes the wrong way to decide which way to invest. With that being said, Warren Buffet spoke out today on how he not only believes that we are in a recession, but that it will be much more severe than most expected. When the world's richest man speaks, more people listen than those in the old EF Hutton commercials. Oil is making the news as usual with the price per barrel creeping up once again to $120. Bonds are doing pretty well today up 34 Bp for the day. With most investors now keenly eying Wednesday's rate decision, expect the market to move more on innuendo and suggestion until then. As always, if anything changes I will let everyone know.
Karl Menzer
435-849-0212
Saturday, April 26that the Tooele High School, the Tooele County Board of Realtors® is putting on a concert to benefit our homeless population in Tooele County. Although it may not seem it, we have a growing number of people in our community who have become homeless. The concert will start at 7:00 pm. Playing will be The KAWZ and Veign. You can purchase tickets in advance from Robin Stewart (435-224-2122), or at most Realtor® or mortgage office. Ticket prices are $7.00 in advance and $8.00 at the door.
You can also call me for more information.
Karl Menzer
435-849-0212
It's been almost 2 years since the collapse of the first mortgage company listed on the implode-o-meter. Own it Mortgage (one of the first big boys) failed a little over a year ago, touching off the "official" mortgage crises. With so many out of the picture today (Washington Mutual being the most recent), it is easy to understand the increased documentation requirements, capped loan LTV's, and all but A paper loans becoming the norm. The latest casualty of this mess is now the 100% financing programs. The interesting thing is that the change didn't come from the lenders, but rather the companies that insure them. MyCommunity, HomePossible, and the Flex 100 are the latest programs to be essentially removed from the picture. Loans to 100% are still available to those who know where to look. FHA (although technically a 3% down program), can still, with a proper grant, essentially be closed with little to no money down. USDA is an option for those in a rural area (all of Tooele County), and VA still allows 100%. There is much more on this that I can't cover today, but please feel free to call and I will be more than happy to go over what is still out there and what is now needed to qualify your clients.
Number of lender who have shut their doors over this: 249
as always, if you jabe any questions, please don't hesiatate to call or e-mail me at 435-849-0212 or karl@karlmenzer.com
Karl Menzer
http://www.buyatooelehome.com/
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