What to do????- check out this post by “a la mode, inc.”

What to do????- check out this post by “a la mode, inc.”  Interest rates are at an all time low!  Have you considered what you might be losing if you wait till the rates go up even 1% to buy your next home?  Call to discuss your options today 405-830-8500

Thursday’s bond market has opened in negative territory with no important economic being released this morning. The stock markets are showing gains with the Dow up 40 points and the Nasdaq up 2 points. The bond market is currently down 5/32, but we will likely see little change in this morning’s mortgage rates due to strength in bonds late yesterday.

Today’s only relevant data came from the Labor Department, who announced that 457,000 new claims for unemployment benefits were filed last week. This was below forecasts of 464,000, meaning this can be considered negative for bonds. However, this data is not considered to be important to mortgage rates and has had little influence on this morning’s trading.

Both of yesterday’s afternoon events were favorable for bonds and mortgage pricing. The 5-year Treasury Note auction went very well, indicating that investor demand for U.S. securities remains strong. That is good news for mortgage rates becaus e that interest should carryover to mortgage-related securities also. The second of the two relevant sales is taking place today with 7-year Notes being sold. These are a little longer term than yesterday’s securities, which is closer to mortgage bond terms, so another strong sale should lead to improved mortgage rates this afternoon.

The Federal Reserve’s Beige Book report was released yesterday afternoon. It did not give us any negative surprises about economic growth. Most regions had reported modest growth with a couple showing negative activity. The concerns about the economy, such as unemployment and housing, remained considerable in many of the regions. This was all good news for bonds because this information will be relied on heavily when the Fed meets August 10th for their next FOMC meeting.

There are three releases scheduled for release tomorrow morning, including one of the most important reports we regularly see. T hat one is the preliminary reading of the 2nd Quarter Gross Domestic Product (GDP), which is considered to be the best indicator of economic activity. It is the sum of all goods and services produced in the U.S. and usually has a great deal of influence on the financial markets. There are two revisions approximately one month apart, but the preliminary posting carries the most importance. Current forecasts are estimating that the economy grew at a 2.5% annual rate during the second quarter. A faster pace will probably hurt bond prices, leading to higher mortgage rates tomorrow. But a smaller than expected reading would likely fuel a bond market rally and lead to lower mortgage pricing.

The second report of the day is the 2nd Quarter Employment Cost Index (ECI) that measures employers’ costs for wages and benefits. It is considered to be an important measurement of wage inflation and can impact the bond market and mortgage rates if it varies much from forecasts. If it shows a rapid increase, raising inflation concerns, the bond market may drop and mortgage rates rise. It is expected to reveal an increase of 0.5%, but the GDP reading likely will have more of an influence on the markets and mortgage rates.

Tomorrow’s third piece of data is the revision to July’s University of Michigan Index of Consumer Sentiment that will help us measure consumer optimism about their own financial situations. As with Tuesday’s CCI release, this data is considered important because rising consumer confidence usually translates into higher levels of spending. This adds fuel to the economic recovery and is looked at as bad news for bonds. Tomorrow’s release is an update to the preliminary reading we saw two weeks ago, so unless we see a drastic revision to the preliminary estimate, I think the markets will probably shrug this news off. It is expected to be revised to 67.5.

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Float if my closing was taking place between 8 and 20 days… Float if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

©Mortgage Commentary 2010

Senate OKs Tax Credit Extension for Homebuyers

(AP) The Senate on Wednesday approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The proposal, approved by a 60-37 vote, would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

Read more at:  http://www.cbsnews.com/stories/2010/06/16/politics/main6588936.shtml

If you have questions or concerns you can contact Dennis Nevius at 405-830-8500

Senate OKs new tax credit closing deadline

http://www.linkedin.com/news?viewArticle=&articleID=137234812&gid=47380&articleURL=http%3A%2F%2Fwww%2Einman%2Ecom%2Fnews%2F2010%2F06%2F16%2Fsenate-oks-new-tax-credit-closing-deadline&urlhash=4hHb&trk=news_discuss

If you cannot click through, please copy and paste in your browser for the latest news on the Tax Credit deadline for closing.

Have a great weekend!

The Nevius Team

Way to go Oklahoma City

Best places for Business and Careers

#40 Oklahoma City

http://tinyurl.com/27t9h8w – check it out!

App of the week!

Do you own an iphone? Chances are if you don’t – you know someone who does.  Well, I have another question for you - Do you suffer with allergies? – well, there is a good chance you know someone who does if you are one of the lucky ones who do not!  Well, I am a major sufferer from allergies!

You might want to try this app to stay on top of things if you like….

This week’s App of the Week #2 is Allergy Alert.

Description: This app is good for telling you the allergy indicators for the day.  It also displays the asthma, cold/cough, and ultra violet alerts.

Cost: Free

Directions:

1. Download the application from the App Store.
2. Open the application.
3. The first thing it will ask is to use your location.  You need to say “allow” when it asks to use your current location.  Then it will retrieve the data and show you the 1 Day Alerts.  At the top will be the location and then it will list the allergy, asthma, cold/cough, and ultra violet alerts.  Next to the name will be an alert level and then the “count”.
4. To see the forecast, tap on the 4 at the bottom and it will take you to the forecast for the next 4 days.
5. The last option will take you to the information about the app.  The forecast information will tell you when the information is updated.  The Setting your location tells you how to change the location.  Pollen.com will take you to the website of the company the designed the app.  The Feedback will take you to your email to send them an email with comments and feedback.  The last item displays the version of the app

Options:

• If you do not want to allow the location information, you will have to go into the “settings” application and scroll down to the “allergy alert” application icon and tap on it.  It will ask you for a zip code.  Enter your zip code and then exit.  Your zip will be set for the one you entered
• as the default

Gorgeous executive home for sale in Hunters Creek

Gorgeous executive home for sale in Hunters Creek! This beautiful 4 bedroom home has 3 full baths and 3 half bathrooms!  You will also find tons of living space here!  Formal living, formal dining, family room with kitchen/club, Florida room/game-room with sitting area, upstairs media room with half bath and wet-bar area for serving, and large beautiful office/study with wonderful built-ins.  The master suite is to die for!  It is very large and an unbelievable bathroom suite with very large master closet, double vanities, make up vanity and jetted tub area separate from shower!  Outside you will find a large wooded lot with in-ground swimming pool/spa with waterfall!  3 car garage with side entry for wonderful street appeal!  This truly is a home you will not want to miss!  It is priced at $550,000.  Call us today for more info and a private showing  405-830-8500.  Check out the pictures posted below as well at our website:  http://www.NeviusTeam.com/421686

Who is Hot? Just for fun!

This has absolutely nothing to do with real estate but as you all may well know – this just happens to be spring break in Edmond Oklahoma and I am not one of the lucky ones that gets to go to a really fun place this week!  But I do catch myself sitting around at times and wondering – “I wonder what it would be like if we were … (you pick the place) – - well, I have done that many times this winter with all the awful weather we have had!  Sometimes you just wonder what it would be like where your friends live – well, here is a simple little app from the app store that might interest you.  Details below:

Who is Hot? (and I mean – weather wise!)

Description: This app gives you the weather conditions for all of the people in your contact list.

Cost: Free

Directions:

1. Download the application from the App Store.
2. Once you have downloaded the app, open it.
3. It will open to your list of contacts by first name.  Just like in the contacts, you can tap on the letter of the alphabet and it will take you to the names that correspond to that letter.  If you have a picture of the contact, it will show on the right and on the left will be the weather condition.  If you tap on the weather picture it will show the details of the weather.  You will see 4 tabs, “current”, “radar”, “forecast” and “warnings”.  You can tap on each tab, or just scroll down and it will show each of them.
4. At the bottom if you want to see your friends based on “temperature” or “distance” it will display best to worst weather with the temperature list on the right.  The distance will show closest to farthest away with the sliding scale of distance on the right.

Options:

• If you tap on the “i” at the bottom right corner, it will show you your settings.  In the settings you can change the list of friends to all your contacts, or groups if you have groups of contacts set up.  It also gives you the option to change to metric units and to turn on the ability to determine location by phone number.  This should be on already.
  

Well, that’s it for today- now if you are on spring break – or even if you are not – the weather is starting to look up and you just need to get out and enjoy the weather.  Have a great week.

SE Edmond you say? Well, we have the home for you!

Were you looking for that perfect floorplan in SE Edmond?  Well here it is!  Just listed and won’t last long. 4 bed, 3.1 bath home with 2 dining and 1 large living plus large office/study that could serve as 2nd living for sure.  Located in the Kensington Place addition just off Memorial and Bryant.  Prime location for Edmond and a great lot too!  Large back yard with mature Bradford Pear trees, 3 car garage and oversized 3 car driveway.  $250,000  If you are looking – then you need to give us a call today!  405-830-8500

Find more information on this home at http://www.NeviusTeam.com/418821

New Listing – 4885 Turtle Pt, Guthrie, OK

4885 Turtle Pt, Guthrie, OK

Hey, you won’t want to miss out on this great property if you love living out from town!  It is located at I-35 and Waterloo – East to Douglas and North 1.5 miles to Sweetwater Springs!  Great location with easy access to I-35 for commute if you dare to leave this peaceful location!  I guess you have to sooner or later to pick up a few groceries etc!  Oh well, it had to happen but look what you have to go home to!  Peace and quiet in this tranquil location.  $180,000 Call today for more information on this home or others in our area.  We truly are the real estate experts and we are here to help you buy or sell a home.  Call Dennis 405-830-8500 today!

Check out more details and pictures at http://www.NeviusTeam.com/418575

We also have listed the acreage lot just behind this property and they would make the perfect buy to purchase them together – for more information on this possibility, give us a call today.

The clock is ticking…

The Clock is Ticking… Extended and Expanded Tax Credit Expires 6/30/10 but you must be contracted by 4/30/10. For prospective homebuyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts as huge tax credits are about to expire. Here are important details for you to know: Tax Credit for First-Time Homebuyers (FTHBs) FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. Tax Credit for Current Homeowners The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. What Are the New Deadlines? In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available. What’s So Great About a “Tax Credit”? The benefit of a tax credit is that it’s a dollar-for-dollar benefit, rather than a “tax deduction”, or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing. Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000! Higher Income Caps The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000. It’s also important to note another upcoming deadline as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. The fact is that the lowest rates of 2009 were driven down to their attractive levels because of the Fed’s Mortgage Backed Securities (MBS) purchase program, which the Fed once again emphasized in its January 27, 2010 Rate and Policy Statement will end on March 31, 2010. As the Fed’s program winds down and ends, rates could rise over time since MBS will have less support from the Fed. If you have any questions regarding the tax credit, pick up the phone and call us. We are here to help you take advantage of one of the greatest opportunities homebuyers may ever have. Call us at 405-830-8500 – we are here for you! Tax information courtesy of Paige Shoemake of Bank of Oklahoma