Snoqualmie Pass Real Estate, Mortgage, and the Economy – Interest Rates Break Thru Stubborn Barrier

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com


Interest Rates Break Through Stubborn Barrier:  There are growing concerns in the financial markets that a global recession may be coming soon. There is slowing in Asia and Europe cannot seem to stimulate their markets enough to produce growth. Up until now the US economy has shown resilience but a disappointing jobs number on Friday created some concern. This caused stock markets to move down to recent low points and mortgage bond markets to break through the 200 day moving average that has been the cap on better rates for months. On Friday the bond markets moved close to the best levels for all of 2015. That price point will likely be the next barrier that will cap rate improvements. For now it appears we moved a notch lower in rate pricing and will be here as long as concerns remain and stocks languish.

Industry News

"It's raining. It's pouring." The weather across much of the country wasn't the only soggy news in recent days, as September's Jobs Report was an unexpected stinker.

http://www.mmgweekly.com/templates/mmgweekly/reg_chart/548/images/top-image_2015-10-05.jpgA disappointing 142,000 new jobs were created in September, well below the 205,000 expected. The numbers for July and August also were revised sharply lower, indicating this summer's performance was worse than originally thought.

Average hourly earnings were down from the previous month, while the Labor Force Participation Rate (LFPR) also fell to 62.4 percent, the lowest since October 1977. This was due to 350,000 Americans dropping out of the labor force the month before. The LFPR measures the proportion of working-age Americans who have a job or are looking for one, and it should be moving higher in a recovery.

Analysts credit slowing global economies for the negative undercurrent here at home. U.S. factories are being hit especially hard, eliminating 9,000 jobs in September and 18,000 in August, according to the Labor Department.

If there is a bright side to the report, it's that the Unemployment Rate held steady at 5.1 percent. Also the U6 number, which includes anyone who wants a full-time job but can't find one, fell to 10 percent, the lowest since June 2008. The disappointing report did help Mortgage Bonds improve, which in turn benefitted home loan rates.

In housing news, home prices continued to rise in July. The S&P/Case-Shiller Home Price Index showed a 5 percent annual gain, which was in line with expectations. The index has risen at a rate of 4 percent or higher since September 2012. Overall, home prices continue to appreciate at normal levels.

The Federal Reserve will need to see strong, sustainable growth in the labor market and elsewhere before any decision is made to raise its benchmark Fed Funds Rate, which is the rate banks use when lending money to each other overnight. Many analysts believe an increase is off the table now until spring.

Despite the recent volatility in the markets, home loan rates remain attractive and near historic lows. If I can answer any questions at all for you or your clients, please get in touch!

What Is Going On In The Economy: Economic Conditions in the United States continue to modestly positive. There are positive and negative readings and trends that continue to cause analysts to say the recovery is not a strong one. Employment numbers continue to improve as unemployment rates drop but we have the worst labor participation rates since 1977. Labor participation rates are just under 63%. Ex Regan Administration financial advisor David Stockman says that is closer to the real unemployment rate in the US. While there is job growth there has been a huge loss in high wage jobs and wage increases are very low. Inflation remains low and dropping oil prices are helping households but there is also a concern that dropping commodity prices are a sign of a looming economic slowdown. A slowdown in national housing numbers in August was not significant in most markets and our local markets seem to be holding up well. At least we have a growing economy. Recent GDP numbers were strong contrasted with slowing economies around the globe. Supposedly China continues to grow but no one really knows if their data is real. It is agreed that China’s growth is slowing and Asia is experiencing it as a result. Japan continues to languish as their attempted stimulus by printing money is not working. Europe is in the same condition as Japan. One of the issues facing Japan and Europe is no population growth. The welfare state model does not work in a shrinking population. We face the same issue here. There are many proposed solutions to a tepid recovery: reduce taxes on companies that are holding dollars overseas. It is said there is $ 2 Trillion waiting to come here which would need to go in to the economy to some degree. Eliminate some of the most onerous rules of Dodd Frank. Lower corporate tax rates to a level consistent with the rest of the developed world to prevent companies from leaving the US. Close tax loopholes that make it too easy for the most creative minds in business to make money with paper trades so they have incentives to create businesses that employ people. Deal with unfavorable aspects of our unequal trade relations with other companies, especially China. For now it seems we are in a correction in the stock markets but are not facing a dramatic slowdown such as we had in 2008. In order to have robust growth some things need to change.

Real Estate Miscellaneous Stats

National Real Estate Markets Cool in August:  Tight supply continues to drive market conditions as US home sales slowed in August after experiencing a 6.2% increase this year. Existing home sales fell 4.8% from the previous month nationally, the NAR reports. They expect sales to be flat through the rest of the year. There are continued signs of normalizing as first time buyers moved from 28 to 32% of all buyers. Foreclosures and Short Sales are at the lowest levels in 7 years. New home sales were up 5.7% to their highest levels in 7 years after being up 12% in July. Builder confidence is at 7 year highs. 

New American Funding Recognized By INC Magazine:  New American has announced that it is again included in the Inc 5000. This is the list of the 5000 fastest growing companies in the US. New American Funding has reached this list the last 3 out of 4 years. This last year they grew 350% placing them 199thin the list of 5000. “We’re all about doing things better today than we did yesterday, and we’re focused on the experience of doing business with New American Funding,” said Rick Arvielo, CEO of New American Funding. “We’re consistent about asking our clients, partners, and employees for feedback about us. Then we do more of what they like and less of what they don’t, it’s how we remove inefficiencies and stay current with our markets. We couldn’t be happier with the results.”

Local Real Estate Markets Look Strong for August: Our markets still show resilience in the face of tight market conditions. We are starting to see people look for alternatives to high priced central markets with condos and outlying areas of the counties showing strong growth. For new households looking to live in the city researchers say a majority will rent instead of looking to buy. Condo construction is drying up in favor of apartment construction. Here are the numbers: Seattle closed sales up 1.3% from last year, Eastside up 5.6%, North King up 8.5%, Southeast King up 11.1% and Southwest King up 16.5%. Price increases continue to be high with Seattle up 15%, Eastside up 11.1%, North King up 10.3%, Southwest King up 14% and Southeast King up 12.9%. Snohomish County prices are up 11%.



 Loan Program Of The Month. Private Down Payment Assistance Program: New American Funding has access to the down payment assistance program through the Washington State Housing Finance Commission. We also have access to a private product offered by a major bank. The advantage to this program is it allows for higher household income. In our area this can make or break financing for some borrowers. Contact me for details.

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Tips for Single Female Buyers

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com
Since high school, Gaby Lorenzo has dreamt of a home that she can call her own - of a place she can decorate just the way she wants and where she has a sense of control.
"There's a huge sense of independence in owning my home and being comfortable in my own living environment where I make my own rules and my own decisions," said Lorenzo, 24, who works at a communications agency in San Francisco and recently bought a condo in Concord, California.
Among the things she loves about living in her own home: having the space to be able to do yoga in her living room without distractions.
Many single women like Lorenzo are buying their own homes. In fact, it is much more common for single women than single men to purchase a home. According to the National Association of Realtors' most recent data from 2014, 16 percent of home buyers are single women, while 9 percent are single men.
"More women than men think buying a home is a good financial investment," said Jessica Lautz, NAR's director of survey research and communications. "Many of them are thinking of the pure desire to own a home and to settle and make roots."
Here are three financial tips for prospective home buyers. (Note: these apply to single men, too.)
KNOW WHAT YOU CAN AFFORD
A first-time single female buyer spends a median of $135,000, according to the National Association of Realtors' 2014 Profile of Home Buyers and Sellers, which covers July 2013 to June 2014 home buyers. A single female repeat buyer spends $170,400. 
Affordability is a huge issue. That means not only affording the mortgage but also the taxes, the maintenance, the insurance and having money set aside for emergencies.
"Otherwise, you are house rich, cash poor," said Kathleen Grace, certified financial planner and managing director at financial services company United Capital.
The conventional wisdom for a down payment has not changed. Expect to put down 20 percent for the mortgage. At the same time, have an emergency fund to cover at least six months of expenses, experts say.
Even if you are purchasing a new property, you will need a reserve to cover repairs. Remember that you have to pay property taxes, too. A good way to make sure that you can is to divide the tax bill by 12 and set the money aside each month.
A spreadsheet can help you figure out all the costs of owning the property. Use a housing calculator like financial services company Fidelity's (here) to figure out what you can afford.
"Only take on buying a home if it's something you have ample funds for," said personal finance expert Farnoosh Torabi.
PROTECT YOUR ASSETS
When you are buying a property alone it becomes even more important that you have adequate insurance coverage. That includes life, disability as well as healthcare insurance.
You might also want to look into setting up a trust so that the proceeds from your insurance policies go to your independent beneficiary if something happens to you.
"All the responsibility lies on you," said Chantel Bonneau, wealth management adviser at Northwestern Mutual. "So it's even more important that you protect your income, which is your biggest asset."
If you get married, you can also look into shielding your home in the event of a divorce with a prenuptial agreement. Another option? Keep your property entirely in your name, said Torabi.
CONSULT EXPERTS AND TAKE YOUR TIME
Since buying a home is one of the biggest financial decisions most people make, it is a good idea to work with a real estate agent and consult with a financial adviser. Do your research and take your time.
That's exactly what Lorenzo did. The process of finding and buying the condo, which was priced in the $300,000-range, took about four months. She went through several offers before finding the right place.
"It's a demanding process that requires a lot of critical thinking," Lorenzo said. "You can only grow from the experience."

(The author is a Reuters contributor. The opinions expressed are her own.)
Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Tips for Single Female Buyers

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com
Since high school, Gaby Lorenzo has dreamt of a home that she can call her own - of a place she can decorate just the way she wants and where she has a sense of control.
"There's a huge sense of independence in owning my home and being comfortable in my own living environment where I make my own rules and my own decisions," said Lorenzo, 24, who works at a communications agency in San Francisco and recently bought a condo in Concord, California.
Among the things she loves about living in her own home: having the space to be able to do yoga in her living room without distractions.
Many single women like Lorenzo are buying their own homes. In fact, it is much more common for single women than single men to purchase a home. According to the National Association of Realtors' most recent data from 2014, 16 percent of home buyers are single women, while 9 percent are single men.
"More women than men think buying a home is a good financial investment," said Jessica Lautz, NAR's director of survey research and communications. "Many of them are thinking of the pure desire to own a home and to settle and make roots."
Here are three financial tips for prospective home buyers. (Note: these apply to single men, too.)
KNOW WHAT YOU CAN AFFORD
A first-time single female buyer spends a median of $135,000, according to the National Association of Realtors' 2014 Profile of Home Buyers and Sellers, which covers July 2013 to June 2014 home buyers. A single female repeat buyer spends $170,400. 
Affordability is a huge issue. That means not only affording the mortgage but also the taxes, the maintenance, the insurance and having money set aside for emergencies.
"Otherwise, you are house rich, cash poor," said Kathleen Grace, certified financial planner and managing director at financial services company United Capital.
The conventional wisdom for a down payment has not changed. Expect to put down 20 percent for the mortgage. At the same time, have an emergency fund to cover at least six months of expenses, experts say.
Even if you are purchasing a new property, you will need a reserve to cover repairs. Remember that you have to pay property taxes, too. A good way to make sure that you can is to divide the tax bill by 12 and set the money aside each month.
A spreadsheet can help you figure out all the costs of owning the property. Use a housing calculator like financial services company Fidelity's (here) to figure out what you can afford.
"Only take on buying a home if it's something you have ample funds for," said personal finance expert Farnoosh Torabi.
PROTECT YOUR ASSETS
When you are buying a property alone it becomes even more important that you have adequate insurance coverage. That includes life, disability as well as healthcare insurance.
You might also want to look into setting up a trust so that the proceeds from your insurance policies go to your independent beneficiary if something happens to you.
"All the responsibility lies on you," said Chantel Bonneau, wealth management adviser at Northwestern Mutual. "So it's even more important that you protect your income, which is your biggest asset."
If you get married, you can also look into shielding your home in the event of a divorce with a prenuptial agreement. Another option? Keep your property entirely in your name, said Torabi.
CONSULT EXPERTS AND TAKE YOUR TIME
Since buying a home is one of the biggest financial decisions most people make, it is a good idea to work with a real estate agent and consult with a financial adviser. Do your research and take your time.
That's exactly what Lorenzo did. The process of finding and buying the condo, which was priced in the $300,000-range, took about four months. She went through several offers before finding the right place.
"It's a demanding process that requires a lot of critical thinking," Lorenzo said. "You can only grow from the experience."

(The author is a Reuters contributor. The opinions expressed are her own.)
Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com

Snoqualmie Pass Real Estate, Mortgage, and the Economy – Tips for Single Female Buyers

Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com
Since high school, Gaby Lorenzo has dreamt of a home that she can call her own - of a place she can decorate just the way she wants and where she has a sense of control.
"There's a huge sense of independence in owning my home and being comfortable in my own living environment where I make my own rules and my own decisions," said Lorenzo, 24, who works at a communications agency in San Francisco and recently bought a condo in Concord, California.
Among the things she loves about living in her own home: having the space to be able to do yoga in her living room without distractions.
Many single women like Lorenzo are buying their own homes. In fact, it is much more common for single women than single men to purchase a home. According to the National Association of Realtors' most recent data from 2014, 16 percent of home buyers are single women, while 9 percent are single men.
"More women than men think buying a home is a good financial investment," said Jessica Lautz, NAR's director of survey research and communications. "Many of them are thinking of the pure desire to own a home and to settle and make roots."
Here are three financial tips for prospective home buyers. (Note: these apply to single men, too.)
KNOW WHAT YOU CAN AFFORD
A first-time single female buyer spends a median of $135,000, according to the National Association of Realtors' 2014 Profile of Home Buyers and Sellers, which covers July 2013 to June 2014 home buyers. A single female repeat buyer spends $170,400. 
Affordability is a huge issue. That means not only affording the mortgage but also the taxes, the maintenance, the insurance and having money set aside for emergencies.
"Otherwise, you are house rich, cash poor," said Kathleen Grace, certified financial planner and managing director at financial services company United Capital.
The conventional wisdom for a down payment has not changed. Expect to put down 20 percent for the mortgage. At the same time, have an emergency fund to cover at least six months of expenses, experts say.
Even if you are purchasing a new property, you will need a reserve to cover repairs. Remember that you have to pay property taxes, too. A good way to make sure that you can is to divide the tax bill by 12 and set the money aside each month.
A spreadsheet can help you figure out all the costs of owning the property. Use a housing calculator like financial services company Fidelity's (here) to figure out what you can afford.
"Only take on buying a home if it's something you have ample funds for," said personal finance expert Farnoosh Torabi.
PROTECT YOUR ASSETS
When you are buying a property alone it becomes even more important that you have adequate insurance coverage. That includes life, disability as well as healthcare insurance.
You might also want to look into setting up a trust so that the proceeds from your insurance policies go to your independent beneficiary if something happens to you.
"All the responsibility lies on you," said Chantel Bonneau, wealth management adviser at Northwestern Mutual. "So it's even more important that you protect your income, which is your biggest asset."
If you get married, you can also look into shielding your home in the event of a divorce with a prenuptial agreement. Another option? Keep your property entirely in your name, said Torabi.
CONSULT EXPERTS AND TAKE YOUR TIME
Since buying a home is one of the biggest financial decisions most people make, it is a good idea to work with a real estate agent and consult with a financial adviser. Do your research and take your time.
That's exactly what Lorenzo did. The process of finding and buying the condo, which was priced in the $300,000-range, took about four months. She went through several offers before finding the right place.
"It's a demanding process that requires a lot of critical thinking," Lorenzo said. "You can only grow from the experience."

(The author is a Reuters contributor. The opinions expressed are her own.)
Snoqualmie Pass Real Estate, Snoqualmie Pass Properties, Snoqualmie Pass Homes, Snoqualmie Pass Lots, North Bend Real Estate, Snoqualmie Real Estate, Carnation Real Estate, Suncadia Real Estate, Easton Real Estate, http://www.snoqualmiepassliving.com