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Lending Market Update 9.26.11

September 27, 2011

QUOTE OF THE WEEK…”Success is the maximum utilization of the ability that you have.”–Zig Ziglar, American author and motivational speaker

INFO THAT HITS US WHERE WE LIVE…To help the economy succeed, the Fed is certainly using its ability to the max. Coming out of the FOMC meeting Wednesday, the Fed announced “Operation Twist”–a strategy of selling its short-term securities to buy long-term bonds to drive down long term interest rates, especially for mortgages. This latest Fed effort to help the housing market is great news for anyone thinking of buying a home, as mortgage rates should stay very very low.

Wednesday’s other great news for housing was August Existing Home Sales came in UP 7.7%, to an annual rate just the other side of 5 million units, the best reading since March. This dropped the supply of existing homes to 8.5 months. Tuesday, August Housing Starts were down 5%, to a 571,000 unit annual rate. But, hey, dealing with a hurricane and floods, builders across a good part of the East were hesitant to break ground. Better news came with building permits–UP 3.2% for the month and now UP 7.8% versus a year ago

BUSINESS TIP OF THE WEEK…Don’t avoid taking a prudent risk just because risks sometimes result in failure. Without the possibility of failure, there is no possibility of success.

For more Lending Info Please contact
George Hagar
Prime Lending
Mortgage Loan Officer
4 Venture #100
Irvine, CA 92618
714.309.5665 | P
877.895.1813 | F

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