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June 2010
Inside This Month’s Newsletter:
Sales climbed in April Jumbo mortgage market's slow return to normal - Mortgage demand jumps after tax credit payback
Simple tools to do a home-energy audit - and save Recipe of the Month Alexander is GAMB Broker of the Year 2009!
Mortgage veteran, President of Buckhead-based National
Guaranty Mortgage Corporation Chosen For Annual Award
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 Sales climbed in April
June 2 2010 Mortgage Lending News
Americans took advantage of the last month of a tax credit, and the contracts to buy previously owned homes climbed in April.
The National Association of Realtors said this Wednesday in Washington that the index for pending home resales rose a 6 percent, and is the highest level since October.
This recovery in housing brings stability in financial markets, and employment despite the European crisis.
Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit thinks that “This is the last hurrah for the housing market for a while; there will be a temporary hangover that will last few months. The recovery will be a slow process that will take a few years”.
According to Freddie Mac, the rate on a fixed 30-year mortgage fell to 4.78 percent in the week ending May 26.
Lawrence Yun, chief economist at the National Association of Realtors said last week in an interview that foreclosures may reach a record 1.1 million this year, another 600,000 homes may change hands in the so called short sales, where the banks agree to accept less than the full value of the mortgage.
The number of houses under contract but not sold yet has increased for the first time in four years to Toll Brothers Inc., the largest U.S. luxury homebuilder. “It appears our business has finally emerged from the tunnel and into a little bit of daylight because the past few months’ activity has been driven by an increase in confidence among our buyers.” Said Chairman Robert Toll, on a statement May 26th.
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Jumbo mortgage market's slow return to normal
 June 11, 2010 MarketWatch
Question: I keep reading about how low mortgage rates are for Federal Housing Administration insured loans and mortgages under the conventional loan limit. But what's going on in the jumbo market? Are things going to loosen up any time soon?
Answer: From what I read and hear, the jumbo sector is unwinding a bit, but it will be a long, slow process for the market to return to any semblance of normalcy, whatever that is.
For the uninitiated, the mortgage world right now is divided into three parts: Conforming, jumbo conforming and jumbo. A conforming loan is one at $417,000 or less, a jumbo conforming loan is between $417,000 and $729,750, and a jumbo -- also known as super jumbo -- is anything above that.
Usually, there are only two segments, conforming and jumbo. But because of the mortgage crisis, there is currently a middle ground, the jumbo conforming level. Unless Congress extends the high-cost limits on loans that can be purchased and securitized by Fannie Mae and Freddie Mac, or can be insured by the FHA, though, that middle tier is scheduled to go away on Dec. 31.
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 Mortgage demand jumps after tax credit payback
June 16, Reuters
Mortgage demand jumped to a five-month peak last week, with applications to buy homes up from 13-year lows set in the wake of buyer tax credits while refinance loans hit the highest level since May 2009.
Mortgage purchase applications rose 7.3 percent after sinking five weeks in payback for steamy demand before the April 30 deadline for $8,000 in tax credits, the Mortgage Bankers Association said on Wednesday.
Borrowing costs hovering near record lows sparked a rush last week to cut costs on existing loans, driving the refinance applications index up 21.1 percent to the highest level in 13 months.
Total home loan applications, up 17.7 percent in the week on a seasonally adjusted basis, have not been higher since mid-December, according to the industry group.
It is premature to determine that the tax credit hangover has fully played out and the U.S. housing market is crossing the threshold into recovery.
"While it is clear that purchase applications in May dropped sharply as a result of the tax credit induced increase in applications in April, it is unclear whether we are seeing the beginnings of a rebound now," Michael Fratantoni, MBA's vice president of research and economics, said in a statement.
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 Simple tools to do a home-energy audit - and save
June 14, CHICAGO (MarketWatch)
Devices help you measure your energy use; plus, tips on how to cut your costs. For many homeowners, electricity use is highest during the summer -- that means steeper energy bills are just around the corner.
But a lot of the energy you're paying for is squandered through air leaks around doors and windows, or through cable boxes and appliances that sap energy when no one is around. Before you shell out the cash for a professional home-energy audit, however, here are some do-it-yourself ways to measure -- and then curb -- your energy use.
Measure it
The average household will spend about $2,140 on residential energy consumption in 2010, according to the Washington-based Alliance to Save Energy. What's running up that bill? A home power monitor is one way to find out, said Tom Simchak, a research associate at the Alliance to Save Energy.
Simchak said he purchased one -- The Energy Detective, or TED (see the site at TheEnergyDetective.com) -- for about $200. It's connected to his circuit-breaker box and to his Internet router. The monitor records and calculates the cost of his electricity use and sends that information (current and projected consumption, plus cost, among other things) to a small box with an LCD display that he keeps in his living room.
The monitor also sends the information to his laptop, where TED's proprietary software lets Simchak assess his energy-use history and projected use in greater detail. In addition, the monitor uploads the data to Google PowerMeter, a free online home-energy monitoring tool.
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Tex-Mex Chicken - Easy Southwest Chicken and Marinade
 By Diana Rattray, About.com Guide
Feel free to use this marinade with bone-inch chicken parts and adjust the cooking times as needed. It's an easy marinade for any grilled or broiled chicken.
Ingredients:
1/3 cup vegetable oil
1/3 cup water
1 envelope taco seasoning mix
1/2 teaspoon salt
1/2 teaspoon garlic powder
4 to 6 chicken breast halves, boneless
Preparation:
Combine oil, water, and seasonings in a food storage bag. Add chicken pieces, seal the bag, and marinate for 2 to 4 hours, turning occasionally to keep chicken coated. Makes about 3/4 cup marinade.
Take the chicken from the marinade and grill or broil for 5 to 7 minutes on each side, depending on thickness. If you wish to use the marinade as a basting sauce, bring it to a full boil in a saucepan on the stovetop before using. Chicken is done when juices run clear when pricked with a fork.
Serves 4 to 6.
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