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The Inside Edge
The market commentary material provided is from a third party vendor, MBSQuoteline. This information is intended for educational purposes only and should not be construed as investment and/or mortgage advice. Additionally, the material is deemed to be accurate and reliable, but there is no guarantee it is without error.

Fed Statement Little Changed
With a Fed meeting, Treasury auctions, and major economic data on this week's schedule, investors were watching closely for unfavorable news. In the end, there were no major surprises. Little changed in the Fed statement, auction demand was at average levels, and the economic data was generally close to expectations. The biggest influence on mortgage markets turned out to be turmoil in Greece, which caused investors to seek the relative safety of US bonds, and mortgage rates ended the week a little lower.
The economic troubles of Greece have been in the news frequently in recent weeks. Its ability to recover from significant budget deficits and to pay its debts has been questioned. The European Union (EU) and the International Monetary Fund (IMF) are working on a bailout package for Greece to allow enough time for the country to stabilize. Despite the coming assistance, though, the debt of Greece was further downgraded on Tuesday. In addition, investors grew more concerned that other smaller European countries will reveal similar problems. As a result, investors shifted funds to safer investments, including US Treasuries and mortgage-backed securities (MBS).
Prior to Wednesday's Fed meeting, it had been reported that support was growing among Fed officials to begin sales of mortgage-backed securities (MBS) from the Fed's portfolio. The Fed statement made no reference to MBS sales, however. As expected, the Fed made no change in the fed funds rate. The statement described the economy in slightly more positive terms. Otherwise, it was very similar to the prior statement. The Fed retained the "extended period" language regarding the fed funds rate. In short, nothing in the statement caused investors to alter their outlook for Fed policy.
Also Notable:

• Q1 consumer spending increased at a 3.6% rate, the highest level since early 2007
• The MBA weekly purchase activity index rose to the highest level since October
• One Fed official again dissented on the vote to hold the fed funds rate steady
• Fed Chief Bernanke strongly urged lawmakers to reduce the budget deficit

Average 30 yr fixed rate:

Last week:

+0.05%

This week:

-0.05%

Stocks (weekly):

Dow:

11,150

-50

NASDAQ:

2,500

-25

Week Ahead
The biggest economic event next week will be the important Employment report on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month. Before the employment data, Personal Income and the ISM manufacturing index will be released on Monday. Pending Home Sales, a leading indicator for the housing market, will come out on Tuesday. ISM Services will be released on Wednesday. Productivity, Construction Spending and Factory Orders will round out the schedule.

Brought to you courtesy of 

Home Buying Mistakes-Rich Ferretti- Charlotte NC

Top 10 Home Buying Mistakes

Buying a home is perhaps the most arduous, expensive and, ultimately, valuable acquisition you'll ever complete

Just one mistake could mean disaster -- perhaps the worst mistake you'll ever make.

In order to avoid titanic trip ups during such a trying transaction, buyers should get to know the most common home buying blunders.

To know them is to avoid them.

Going solo: Buying a house is a complex transaction. It should be a team effort. You'll need a REALTOR®, lender, inspector, insurer, perhaps a lawyer, and other team members to help you through each step of the way. Team build before you start the search.

Love at first sight: If you believe in fairy tales you probably shouldn't be buying a home. You won't live happily ever after if you emote your way through the home buying process. Your home should fit your real needs, not your yen for drama. Buy a home that fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you desire. Visit neighborhoods several times before you buy to check out schools, noise and traffic patterns.

'Loanless' shopping: Being pre-qualified gives you a general idea of how much you can afford to borrow. It's better to be pre-approved for a given loan. Sellers will take you more seriously. You'll stay on budget.

Overbuying: Home buyers buying more than they could truly afford, in part, led to the collapse of the housing market. Buy more than you can afford and your dream home will become the same nightmare. Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Don't forget to budget closing costs (often two to five percent of the home's purchase price), plus moving, redecorating and maintenance. Look ahead and allow for increases in ongoing expenses such as utilities and taxes.

Misplaced trust: You are engaged in what's likely your most valuable acquisition ever. It's a business transaction. Ask family, friends, co-workers, professionals and others you trust for referrals, but don't take their word for it. Vet your team members.

Accepting oral agreements: Get it in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you've got the details documented.

Skipping the fine print: Understand what's really in any document before picking up a pen. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing.

Forgetting or betting on resale: Avoid buying a home that costs 50 percent more than neighboring homes. Reconsider buying the most expensive home on the block. Neighbors' lower home values will weaken yours. Buy intending to flip your investment only to have the market fail means when it's time to sell your price may not cover your costs.

Making an unconditional offer: Protect yourself with these contingencies:

1. Mortgage financing: You may be preapproved but is the house? A formal appraisal confirms -- or not -- that there is sufficient value in the home to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.

2. Inspection: Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.

3. Insurance: Confirm you can get adequate insurance coverage. In some areas, or following certain disasters, it can be difficult to get types of hazard insurance.
Written by Broderick Perkins

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Wondering What Your Home Is Worth? -- Let me show you.

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Charlotte NC - Mint Hill NC Real Estate News you can use.

Confused by what's happening in the Charlotte NC Real Estate Market?

Relax, here's all the news you can use

Charlotte NC Real Estate Update

The Charlotte NC, Matthews NC and Mint Hill NC real estate market continues to improve providing buyers a great market to purchase a home. Prices are starting to balance..

Don't miss the opportunity to purchase a home in the Charlotte, Matthews or Mint Hill NC real estate market.

Rich Ferretti is a professional with over 20 years experience.

Call, email or text Rich today at 704.564.0807

Charlotte NC Real Estate Market

Number of Delinquent Mortgages Declines

The number of delinquent mortgages declined 8.6 percent in March, says LPS Applied Analytics, which tracks the performance of loans for investors. Totals also declined in February.
The biggest decline was in loans more than 30 days past due, which are now at about the same level as they were in spring 2008.
"We're not out of the woods, but this appears to be a turning point," says LPS Applied Analytics President Ted Jadlos. "This is the first time we've seen improvement across all stages of mortgage delinquency."
Source: The Wall Street Journal, Ruth Simon (04/19/2010)

Bringing you all the news you can use.

RIch Ferretti is your Charlotte NC Real Estate Professional.

704.564.0807

Mint Hill NC Real Estate -- Oxfordshire Community

Large home that features:

• 4 Bedrooms (1 on main floor)
• 3 Full Baths (1 on main floor)
• All brick home
• Cul de Sac Location
• Open floor plan
• Screened porch
• Large lot
• www.5617Sugarcane.com
• View on YouTube.com

 

Mint Hill NC, what a wonderful place to call home. Mint Hill NC where Mayberry meets the 21st century.

Rich Ferretti is your Mint Hill Real Estate Specialist.

www.MintHillRealty.com

Sunday Open House from 1 to 4===Charlotte NC Townhome priced at $88,500

Who do you know that is looking for an all brick townhome, end unit that has been recently painted and offers a very private court yard. This home is off Sharon Road West and close to Park road. It also allows you to walk to the New Light Rail System.

• All Brick End Unit
• 2 Bedrooms
• Very private Courtyard
• Pool
• Close to transportation
• Restaurants
• Close to Light Rail System

To learn more about this property call Rich Ferretti, your Charlotte NC real estate professional.

Charlotte NC Real Estate Market Update

Charlotte Regional Realtor® Association reports
residential real estate monthly activity for March 2010

CHARLOTTE, N.C. – Charlotte Regional Realtor® Association reports on the residential real estate market in this region based on Carolina Multiple Listing Services, Inc. (CMLS) data.  The number of closings for March 2010 (1,900) was up 13.7 percent over last March 2009 when closings totaled 1,671.  Closings increased 36 percent over last month (February 2010) when closings totaled 1,397.  The average sales price for March 2010 ($197,564) was up 3.2 percent over last year’s average sales price ($191,433), and is up by 3.3 percent over February’s average sales price of $191,288.  The average listing price of solds in March 2010 ($223,319) increased 3.1 percent over last month’s average listing price of $216,605 and is up 3.3 percent over the average listing price for March 2009.

The residential pending contracts figure reported in March 2010 (2,498) was up 23.2 percent compared to last March 2009 (2,028), and is up 27.8 percent over last month.

“First quarter has started out strong, with March statistics showing the third consecutive year-over-year gain in closings.  With pending contracts up substantially for a second consecutive month, Realtors® are optimistic that these indicators will bolster consumer confidence. However, inventory is increasing and we need this trend to continue in order for the inventory to decrease.  Nonetheless, consumers appear to be taking advantage of the homebuyer tax credit, which is due to expire at the end of the month,” says Lyn Kessie, 2010 association and CMLS president.

New residential listings in March 2010 totaled 6,147.  The average number of days a property was on the market from the time it was listed until it closed (list to close) was 144.9, which is nearly nine days less than last month.  The average number of days a property was on the market (days on market), excluding the days the property was off the market or pending, was 118, or nearly unchanged compared to last month.

For more residential-housing market statistics, visit the association’s Web site at www.CarolinaHome.com and click on “Community Data.”
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For more information regarding the Charlotte NC Real Estate Market, MInt Hill NC Real Estate and Matthews NC Real Estate Market call or email Rich Ferretti. Rich is your Mint Hill NC and Matthews NC Real Estate professional, specializing in the Charlotte NC real estate market.