The North County Life's Blog
"IT'S ALL GREEK TO ME." The markets continue to be focused on - and influenced by - Greece's ongoing financial saga. Stocks took a hit last Thursday when Greece's budget deficit was reported to be worse than previously thought, causing uncertainty and anxiety in the markets.
"NOTHING GOLD CAN STAY"...or so says Robert Frost's famous poem. But the whole market wonders if Goldman Sachs can "stay gold", following last week's shocker headline that the Securities and Exchange Commission is charging the financial giant with fraud.
Washington, D.C., April 16, 2010 — The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.
Metrics for the Making Home Affordable Program (HAMP) improved substantially during March according to data released late Wednesday by the Treasury Department. The foreclosure prevention program, a joint effort by Treasury and the Department of Housing and Urban Development, has been widely criticized for its effectiveness in moving distressed borrowers into permanent loan modifications.
The past 7 days have brought a solid ray of sunshine to the housing market. Not only did the January S&P/Case-Shiller Home Price Index rise for the eight straight month but SUPPRISE, SUPPRISE, SUPPRISE, February’s Pending Home Sales beat market expectations 8.2% (a decline of 0.2% was anticipated.
“The S&P/Case-Shiller 20-City Home Price Index ROSE by 0.3% (seasonally adjusted) in January to 146.3, its eighth consecutive increase for the first time since September 2005 - April 2006 at the end of the boom.”
The New Home / First-Time Buyer Credits are available only for purchases that close escrow on or after May 1, 2010.
Applying for the 2010 New Home/First-Time Buyer tax credits: Applications must be faxed after escrow closes. The new application will be available by May 1, 2010. We will deny the application if the 2009 form is used or if we receive the 2010 application before May 1, 2010.
Check this page often. We will add updates as they become available.
"THE FUTURE INFLUENCES THE PRESENT JUST AS MUCH AS THE PAST." While getting your mind around that brain-bender from philosopher Friedrich Nietzsche might be a bit of labor...the point of influence is very well-taken. And while the present health of the housing market is certainly influenced by the present health of the labor market - last week brought a bit of welcome good news on the housing front.
"YOU DON'T KNOW WHAT YOU GOT UNTIL IT'S GONE - AND I FOUND OUT A LITTLE TOO LATE..." The words from Chicago's hit song from the 80's sums up the market's sentiment on the ending of the Federal Reserve's Mortgage Backed Security buying program, and the resulting volatility for home loan rates that has already begun.