2009 Frisco Economic Forecast by Stewart Title North Texas

How is the Frisco buyer's market effected by the economy and how might home sales finish out in 2009 in relation to the first half of the year? Will 2010 be a better year for the home buying and mortgage markets than 2009?

2009 Stewart Title Economic Forecast

Discussion at Park Cities Club
with Ted C. Jones, PhD, Senior VP — Chief Economist for Stewart Title Guaranty Company

Please Join Ted C. Jones, PhD for this discussion

Ted is the Director of Investor Relations for Stewart Information Services Corporation and also Senior Vice President-Chief Economist for Stewart Title Guaranty Company...he addresses the information needs of stockholders, conducts on-going research and supports economic and financial analysis for the company and its customers. An accomplished speaker, he typically gives more than 150 presentations on real estate and the economic outlook each year.

Wednesday, September 2ND
3:00pm – 5:00pm
Park Cities Club
5956 Sherry Lane – Top Floor
view map
Hosted by:
The Mavis Kilgore Team
Stewart Title North Dallas Office
Space is Limited So Please Reply Early!
RSVP to teresa.lynch@stewart.com

Frisco Home Appreciation w/ Arrival of NBA League Team

You have to think that when a city brings in professional sports like Frisco has been doing in the last 5-10 years with the Minor League's Baseball team, the Frisco Rough Riders, the Major League soccer team FC Dallas, Arena Football's Frisco Thunder, Frisco's Texas Tornado minor hockey league team, and now NBA's D-League coming to Frisco Tx, the sport loving residence of this great city could very well see an appreciation in their home and property values soon. COME ON BULL MARKET!!!
Looks like Donnie Nelson will be the principal owner and operator. Congrats Frisco Texas!

Frisco Home Buyer Breathes Easy After Close of Home

Press Release
Frisco Home Buyer Breathes Easy at Closing

Frisco, TX - August, 18 2009 - Laura was buying in a time where, so she heard, "nobody could qualify for a home unless you had $20k or $30k to put down"...that just simply was not true and she found out the EASY way.

Brett Arends of the Wallstreet Journal said, "...the closely watched Case-Shiller Home Price Index, which tracks home prices across 20 major cities nationwide, the three-year housing slump slowed sharply in April and May." The National Association of Realtors reported that the inventory of unsold homes has come down. Like me, you ask, "how is this the case if nobody could qualify for a home loan..."?

You like me, hear the nightmare stories on the news and in the paper, but major media is selling their news and over dramatizing it and Laura, one of my recent clients found that out after they brought under $10,000 cash to closing on her $166,000 home. The fact of the matter is, today's loans aren't that hard to qualify for if you have decent credit and a job, it's just that there are so few experienced Loan Officers that know how to utilize the tools and opportunities banks are offering.

Service First Mortgage strives to live up to its name as it provides a full range of mortgage financing services to its clients and the real estate community through the execution of excellent customer service via a highly knowledgeable staff and professional business environment.# # #

WCR Newsletter for the Third Quarter

August Mortgage Rates Starting to Hike...Mortgage Trend Last Couple Months

In July, the national average for the 30 year fixed mortgage at one point got as low as 5.25%. Please note, from my long experience in this industry, I'm not sure where the national average is derived because it's always .125% or .25% higher than what most people in my market are seeing. None the less, I'm just using this as an illustration of how rates have moved upward in the recent months. Today, the national average is 5.47%. That is a full .25% higher than July's best rates. Going back to May, rates were at 4.75%. So, from May to August 7th, rates have increased over a half a point, or more than .5%.
If this becomes the trend, like economic forecasters have said it would eventually this year leading into 2010, by January we could see rates hit the 7% mark. If you are waiting on buying a home, or have not checked out of your refinance "procrastinator's anonymous class" yet, this would be the time. Take a look at this first chart on BankRate.com to see what it looks like in an image...for you brain type people that need pictures to subscribe to your long term memory.
On the positive side of this mortgage interest rate hike, I received my investment portfolio statement today and I made some money. Come on economy!

Frisco Mortgage News, FHA and Taylor Bean and Whitaker

The Federal Housing Administration or FHA suspended Taylor, Bean & Whitaker Mortgage Corp. Tuesday from making loans insured by the federal agency. This is another blow to one of the largest FHA lenders left, and how long they will be suspended, I don't know yet.
JAMES R. HAGERTY and LINGLING WEI wrote,
"The FHA said the Ocala, Fla.-based lender failed to submit a required annual financial report and to disclose to the FHA "certain irregular transactions that raised concerns of fraud." Taylor Bean has 30 days to appeal the suspension.
More
Colonial and Taylor Bean Offices Raided
Taylor Bean was the 12th largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Among originators of FHA loans, Taylor Bean was the third largest in May, with a market share of 4%, according to the publication. Only Bank of America Corp. and Wells Fargo & Co. were larger.
Taylor Bean's woes are a major blow for hundreds of brokers and smaller mortgage banks that sell the loans they originate to the privately owned company. Those small mortgage companies will have to scramble to find new partners if they are to remain in the booming FHA lending business.
FHA loans have surged in popularity over the past two years as other sources of mortgage funding have dried up.

Lee B. Farkas, chairman of Taylor Bean, said in response to questions that he was unaware of the FHA action.

Ginnie Mae, a government agency that guarantees payments to holders of securities backed by FHA loans, said Taylor Bean is also barred from issuing securities backed by Ginnie. Ginnie said it will take control of nearly $25 billion of mortgage securities issued by Taylor Bean.
The moves came a day after federal agents raided the Florida offices of Colonial BancGroup Inc. and Taylor Bean. Taylor had been leading a group of investors that proposed to shore up Colonial by taking a stake in the Alabama-based bank but that transaction fell through last week amid heavy losses at Colonial."

Wow, right!?!?! It was said over a year now that the true broker would slowly be pushed out of this industry, and this is another blow to support that fact.