Mortgage News:

Have you ever had a friend ask if they can refinance a home they have listed with you?  With conforming loans, many lenders will now allow home owners to refinance their loans one day after the listing has expired.  There are some restrictions: 

 

  • No Cash out;
  • Evidence home is no longer listed; and
  • Maximum loan to value of 70%.

Once the home has been off the market for six months, these limitations no longer apply.

 Economic News:

A relatively quiet week seems a blessing. (Even the devastation from the storms was downplayed by the press--though it doubtless shouldn't have been.) Bernanke's speech was a non-event. So what's next?

Friday's employment report, which could prove to be a market-mover, either buttressing the sense of mild optimism currently in the air or destroying it....or, like Bernanke's words, leaving us with little to go on. In any case, the employment report is one of the most crucial indicators we have at this point. If we don't have an improving jobs picture, we don't have a great deal of hope for recovery. And very important, we don't see the foundation for a strengthening real estate market.