Auburn, AL Real Estate News

By Laura Sellers, www.AuburnOpelikaALRealEstate.com
(Berkshire Hathaway HomeServices Preferred Real Estate, Inc.; www.AuburnOpelikaALRealEstate.com)
AUBURN KICKOFF KIDRegister YOUR child for their chance to be the “Kickoff Kid” at an Auburn home football game!At each home game this season, one lucky child between the ages of 5 and 12 will enjoy the once-in-a-lifetime opportunity of running out to retrieve the kickoff tee at Pat Dye Field and being recognized on the video boardEach winner will receive Four (4) game tickets Four (4) VIP pre-game hospitality passes Pre-game sideline access for Kickoff Kid and a guardian Recognition on the Jordan-Hare Stadium videoboard Auburn T-Shirt 2022 Home Game Schedule: September 3 vs. Mercer September 10 vs. San Jose State September 17 vs. Penn State September 24 vs Missouri October 1 vs. LSU October 29 vs. Arkansas November 12 vs. Texas A&M November 19 vs. Western Kentucky Eligibility: Parents c...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Wednesday's bond market has opened in positive territory after this morning's economic data eased inflation concerns. The stock markets are showing gains with the Dow up 105 points and the Nasdaq up 22 points. The bond market is currently up 7/32, but we will likely still see an increase of approximately .250 of a discount point in this morning's rates as a result of weakness in bonds late yesterday.The Labor Department reported that April's Consumer Price Index (CPI) rose 0.2% and that the core data reading rose only 0.1%. Both of those readings were 0.1% below forecasts, indicating that inflationary pressures at the consumer level of the economy were not as strong as expected. That is very good news for bonds and mortgage rates, however, limiting this morning's improvements are stron...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Tuesday's bond market has opened in negative territory following the release of this morning's only economic data. The stock markets are showing losses with the Dow down 80 points and the Nasdaq down 13 points. The bond market is currently down 13/32, which will likely push this morning's mortgage rates higher by approximately .250 - .375 of a discount point.The Commerce Department gave us April's Retail Sales data this morning, showing a 0.2% decline in sales. That matched forecasts, however, is more volatile auto sales were excluded, sales rose 0.5%. That reading was well above forecasts of a 0.2% increase, meaning with exception to auto sales, consumers were more active than many had thought. This is bad news for bonds because consumer spending makes up two-thirds of the U.S. econom...
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By Mara Hawks, Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL
(First Realty Auburn )
The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/  Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, just send your request to me at mhawks7@aol.com. http://www.marahawks.com/ ACTIVE REALTOR in AUBURN ALABAMA 36830
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
There are several important pieces of economic news scheduled to be released this week, but two stand out above the others. There are a total of five reports scheduled for release, so it can be considered a fairly active week. There is no relevant data due out tomorrow, so expect the stock markets to help drive bond trading and mortgage rates. The first piece of data is the release of April's Retail Sales data early Tuesday morning. This is an extremely important report for the financial markets as it measures consumer spending. Since consumer spending makes up two-thirds of the U.S. economy, this data can have a pretty significant impact on the markets. Current forecasts are calling for no change in sales from March to April. A weaker than expected level of sales should push bond pric...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Monday's bond market has opened fairly flat despite stock weakness. The major stock indexes are showing losses with the Dow down 53 points and the Nasdaq down 6 points. The bond market is currently down 3/32, which will likely push this morning's mortgage rates higher by approximately .125 of a discount point over Friday's rates.This week is very light in terms of economic releases scheduled to be posted. There are actually three reports scheduled that are worthy of addressing, but none of them are considered to be highly important to bonds and mortgage rates. The Institute for Supply Management (ISM) Services Index was posted this morning and came in stronger than expected. However, the variance between the actual reading and the forecasted reading was not enough to cause much concern...
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Wednesday's bond market has opened up slightly after this morning's economic data failed to give us any surprises. The stock markets are posting gains with the Dow up 98 points and the Nasdaq up 14 points. The bond market is currently up 3/32, which will likely keep this morning's mortgage rates close to yesterday's levels.Today's big report was the initial reading to the 1st Quarter Gross Domestic Product (GDP). It showed that the economy grew at a 0.6% annual pace. This was slightly stronger than expected, but not enough to create concern in bonds. Offsetting that reading was a key inflation reading in the data that came in lower than expected. The result was this report having little impact on today's bond market or mortgage rates.The second report posted this morning was the 1st Qu...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Monday's bond market has opened flat as investors await this week's economic news and events. The stock markets are following suit with the Dow down a few points and the Nasdaq up 1 point. The bond market is currently nearly unchanged from Friday's close, so we should see little change in this morning's mortgage rates.This week is packed with relevant pieces of economic news in addition to another FOMC meeting. All seven of the reports are considered to be at least moderately important while several are considered very important to the markets and mortgage rates. This makes it likely that we will see plenty of movement in mortgage pricing over the next several days.The first report comes late tomorrow morning when the Consumer Confidence Index (CCI) for April will be released. This Con...
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By Jay Knorr, Auburn Al Properties
(Prudential Preferred Real Estate)
Prudential Auburn, otherwise known as Prudential Preferred Real Estate located in Auburn, Alabama is a fast-growing, thriving real estate company, full of allstars of Lee County Alabama's real estate industry.I often tell people that with all of the negative media attention in the national real estate market, that Lee County is in the Twilight Zone! The rules don't apply. The numbers are not negative the way they are in Florida, California, and the other hurting areas of the country. We have excellent school systems and thriving industry.It is a GREAT time to buy here.At the forefront of the Lee County Association of Realtors is Prudential Preferred Real Estate, a quasi-bolier room of good agents with an excellent support staff, a broker with a Ceasar-like persona, and a state-of-the-ar...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Friday's bond market has opened down slightly despite early stock losses and a weaker than expected consumer sentiment reading. The stock markets are reacting to earnings news with the Dow down 87 points and the Nasdaq down 30 points. The bond market is currently down 4/32, which should push this morning's mortgage rates higher by approximately .125 of a discount point.Today's only economic data was the University of Michigan's update to their Index of Consumer Sentiment for April. It showed a reading of 62.6 that was lower than forecasts. This is considered good news for bonds since it indicates consumers may be less apt to spend than previously thought, but since it is a revision it is considered only moderately important to the markets. I am expecting a fairly quiet day in the bond ...
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Wednesday's bond market has opened in negative territory as investors turn their attention towards stocks and earnings. The stock markets are showing gains with the Dow up 88 points and the Nasdaq up 30 points. The bond market is currently down 6/32, which will likely push this morning's mortgage rates high by approximately .125 of a discount point. There is no relevant economic news scheduled for release today. Tomorrow morning brings us the release of March's New Home Sales report that will likely be of little importance to traders. It is expected to show another decline in sales of newly constructed homes.The big news tomorrow will be March's Durable Goods Orders. This report gives us an indication of manufacturing sector strength by tracking orders for big-ticket items at U.S. fact...
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By Mara Hawks, Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL
(First Realty Auburn )
The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/  Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, just send your request to me at mhawks7@aol.com. http://www.marahawks.com/ACTIVE REALTOR in AUBURN ALABAMA 36830
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By Mara Hawks, Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL
(First Realty Auburn )
Walking... everyone applauds your very first steps. It's a grand achievement... a pivotal point in your developmental history. The world looks different now, after schlepping around like a snake and then on all-fours. Now you can explore your world in new ways. Walking...a primal progression, and STILL a daily opportunity. Connect with the land where you live...go on "a walkabout"... anticipate the journey as the miles become s-miles. On Mondays, Wednesdays and Friday mornings in Auburn, Alabama, THE AUBURN STRIDE WALKERS CLUB ventures out together on the various city walking trails. The monthly schedule is always available at http://www.auburnalabama.org/, and I'm posting the current one here. Begin walking today, and, before you know it, you'll have gone the extra mile!            © C...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Tuesday's bond market has opened up slightly as investors await today's news. The stock markets are showing early losses with the Dow down 20 points and the Nasdaq down 8 points. The bond market is currently up 5/32, which should improve this morning's mortgage rates slightly. Today's only relevant news comes this afternoon when the minutes from the last FOMC meeting will be released at 2:00 PM. Market participants are interested in how divided the Fed is towards rate cuts and possible future moves. The minutes give us insight to their current thought process and individual Fed member opinions. Any surprises could cause afternoon volatility in the markets later today and possible changes in mortgage pricing.The first piece of monthly data is February's Goods and Service Trade Balance r...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
      This week brings us the release of only two relevant economic reports in addition to the minutes from the last FOMC meeting and a Treasury auction. Both of the relevant reports are scheduled for release late in the week, so the most movement in rates may come the latter part of the week. There is nothing of relevance on tap for tomorrow. There is no relevant news scheduled until Tuesday afternoon when the FOMC minutes will be released. Market participants are interested in how divided the Fed is towards rate cuts and possible future moves. The minutes give us insight to their current thought process and individual Fed member opinions. Any surprises in the 2:00 PM ET release could cause afternoon volatility in the markets Tuesday and possible changes in mortgage pricing.The first p...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Mortgage interest rates increased during the week ended March 13, in some cases more than wiping out the substantial declines reported for the week ended March 6.According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) had an average rate of 6.13 percent, an increase of 10 basis points from the previous week during which the average had dropped 21 basis points. Fees and points last week were unchanged at 0.5.The 15-year FRM which had dropped from 5.72 percent to 5.47 percent the week before was back up to an average of 5.60 percent in the current week. Fees and points were unchanged at 0.5.Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.58 percent this week, with 0.6 point, up from last week when it averaged 5.34 perc...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Wednesday's bond market opened well in positive territory but has since given back part of those gains. The stock markets are showing losses after yesterday's huge rally. The Dow is currently down 25 points while the Nasdaq has fallen 15 points. The bond market is currently up 17/32, which should improve this morning's mortgage rates by approximately .250 of a discount point. However, if bond prices continue to slip, we may see upward revisions to rates later today.There is no relevant economic news scheduled for release today. The Conference Board will post its Leading Economic Indicators (LEI) for February late tomorrow morning. That index attempts to measure economic activity over the next three to six months. Current forecasts are calling for a 0.3% decline, indicating that economic...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
TUESDAY AFTERNOON UPDATE: Today's FOMC meeting adjourned with an announcement of a three-quarter of a percent cut to key short-term interest rates. This led to a significant stock rally with the Dow up 420 points and the Nasdaq up 91 points. The bond market is currently down 42/32, which will likely lead to upward revisions in mortgage rates of approximately .250 of a discount point.The stock rally hurt bonds by investors shifting funds from bonds into stocks. Also contributing to this afternoon's selling was the post-meeting statement that indicated the Fed was concerned about inflationary pressures within the economy. Investors took the opportunity to sell bond holdings and buy stocks.The Labor Department gave us bad news this morning with the release of February's Producer Price Inde...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Housing starts and the pulling of construction permits continued to decline in February according to a monthly report issued by the U.S. Census Bureau and the Department of Housing and Urban Development.Building permits for all residential construction were issued at a seasonally adjusted annual rate of 978,000 units, 7.8 percent below the revised January rate of 1,061,000 and 36.5 percent lower than the revised February 2007 estimate of 1,541,000.Permits for single family houses were issued at an annual rate of 639,000, 6.2 percent less than last month's estimate of 681,000.The only region of the country where permitting was up month-over-month was in the west where it increased 11.7 percent from January. All regions were down a minimum of 26 percent (Northeast) year over year with the...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Let's preface "mild correction" by admitting that there are fewer more hotly contested debates among compliance gurus than disclosure of PFC's and YSP. After working over the years with numerous people who I consider highly educated regarding compliance (and some of them with ties to state auditors), I still have yet to see a conclusive argument regarding a uniform method of selecting PFC's ("prepaid finance charges" that mortgage brokers must "select" to be included in the APR calculation), or a uniform method of disclosing YSP (yield spread premium).So let's clear the air with some facts.  The phrases from the article that are in question are obviously: "One feature of The Good Faith Estimate is not going to make lenders and brokers happy. It would require that lender payments to mort...
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By Chris McDonald
(WR Starkey Mortgage, LLP.)
Friday's bond market opened up sharply following weaker than expected inflation readings, but has since given back some of those gains. The stock markets are showing sizable losses with the Dow down 150 points and the Nasdaq down 35 points. The bond market is currently up 20/32, which should improve this morning's mortgage rates by approximately .250 - .375 of a discount point. However, if bonds give back more of their earlier gains, we may see upward revisions to mortgage rates later today.The Labor Department gave us the big news for the day with the release of February's Consumer Price Index (CPI). It showed no change in the overall index and the same in the core data reading. Both of these readings were well below analysts' forecasts of 0.3% and 0.2% increases respectively. This me...
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