And we’re back. Florida was great. The weather was terrific, we ate tangerines straight off the tree, and my wife’s family is wonderful. Special thanks to the Florida Jensens who sacrificed more than most for this trip. See my review of Disney World here.
Let’s see, where are we? The market is essentially flat. Thanksgiving was not a downer for bonds, which it generally is, and we’re still hovering in the high 4.4s on the 10-year price. That makes the 30-year full-doc conforming loan about 6%, give or take. ARMs remain not much better, with the 5-1 ARM hovering at 5.75%. Needless to say, we’re not doing too many of those.
New home sales shot up in October by the largest margin in 12 years. This accompanied a small decline in existing home sales and a good-sized jump in housing inventories. All this means is that higher interest rates are having a depressive effect on some parts of the housing market. Amazing.
Meantime, one of our clients (you read about his situation here) got his appraisal back today and his house is worth roughly $30,000 more now that it’s built than it was projected to be worth three months ago. Did you make $10,000/mo for the last 3 months from someone else’s labor? No? Come to think of it, neither did I. A situation, mind you, that I am rectifying immediately. Call me (801-310-3407) or email me and let’s do it together.
Plans for Twelfth Night are rolling along, and you are definitely not going to want to miss this event. I have three words for you: Two Chocolate Fountains. And one other word: Free. RSVP right here. We’d love to have you. January 6, from 7-9pm at the Apollo Theater in American Fork (50 East 50 North).
Oh, yeah, and the Cougars lost to the Utes.