Cute cozy 3 BR bi-level Near Lake Ann

2684 Virginia Avenue

Traverse City, MI

Cozy bi-level in Heather Ridge Estates. Home is on cul-de-sac providing a private setting tucked back in the trees. Fenced back yard w/countryside view, mix of HW’s, pine & cedar. Large back deck down to brick patio between garage & home, great setting for larger BBQ’s. Recent remodeling: wood floor thruout, carpeted LL, new cabinets, fresh paint, double-hung windows, newer roof & siding. 2-car+ heated garage & large shed. W/in 2 miles to Westwoods Elem & Long Lake beach. Excellent condition.

$164,000

Listing Details

For more information, please call Jennifer LaCharite at 231-645-2258 or jenniferlacharite@remerica.com

 

Weekly Mortgage Forecast

Week of: Monday, June 23, 2008

Present Market Conditions
Interest rates for fixed-rate mortgages fell slightly last week as a result of a late boost in the bond market. Part of the boost was based on the stocks loss on Friday led by another steep decline in financial shares and a bounce higher for oil.

Expectations
Investors will be waiting anxiously due to the number of economic reports due this week. “I think we’re going to have another volatile session,” said Peter Cardillo, chief market economist at Avalon Partners. The major factors that could affect pricing are Durable Goods Orders, Gross Domestic Products, Jobless Claims, and the two day meeting of the Federal Reserve.

Guidance
With housing prices favoring a buyers market and rates holding at historic lows, now is the best time to contact Georgie so she can structure a mortgage solution to meet your financial goals.

Mortgage Market News for the week ending June 20, 2008

Mortgage Rates Turn Lower

After rising for the past four weeks, mortgage rates showed a nice decline this week. A number of factors combined to shift investor sentiment in favor of the mortgage market. Signs of a slowing economy suggested a reduction in inflationary pressure, which was good news for mortgage markets. In particular, the manufacturing reports showed declining levels of activity, and the housing data was lower. On the inflation front, the Core Producer Price Index (PPI) matched the consensus forecast, and oil prices held steady. In addition, continued credit concerns and global geopolitical unrest produced a flight to the relative safety of bonds instead of stocks, and the stock market suffered significant losses.

Economic weakness changed the outlook for Fed policy as well, setting the stage for next week’s Fed meeting. In contrast to the nearly exclusive focus on fighting inflation expressed over the past four weeks, the Fed is now expected to assume a more balanced approach between promoting economic growth and restraining inflation. Investors don’t anticipate any change in the Fed Funds rate at the next meeting, and they reduced their expectations for Fed rate hikes later in the year.

In the housing sector, May Housing Starts fell 3%. May Building Permits, a leading indicator of future activity, also declined. The President of the National Association of Home Builders (NAHB) suggested that home builders are “doing the right thing.” A decline in the production of new homes will lower the supply of available homes, which is a key step in stabilizing the housing market. The NAHB also pushed for Congress to pass a housing stimulus package to boost demand.

Fixer-Upper/Starter Home in Interlochen

1863 Pine Lane Dr

Interlochen, MI

Sold As-In, bank owned and priced to sell! Close to lakes, Interlochen, skiing, gold and plenty of other outdoor activities. This house is a foreclosure and all offers will be entertained. A great starter home or fixer-upper.

Listing Details

$81,900

For more information, please call Jeff Yule at 231-392-6795 or jspyule@hotmail.com

 

Perfect Starter Home on Nearly 1 Acre

4704 N Manor Wood Dr

Traverse City, MI

All room sizes & square footage is approximate. Well maintained 4 bedroom bi-level with family room, close to one acre of private fenced yard. Open floor plan with attached 2-car garage, secluded back yard, a little paint & carpet will make this home shine again.

Listing Details

For more information, please call Judy Stovak at 231-649-9777 judy@remerica.com

 

Spacious Home on 3+ Acres near Mesick

130 Old PIneway Trail

Mesick, MI

Spacious 4 bedroom/3.25 bathroom home on a sprawling 3.65 acre parcel. This 2,520 sq. ft. home has it all and there is an additional 1,586 sq. ft. unfinished basement w/9’ceilings. The master bedroom has a walk-in closet and private bath w/double sinks. The kitchen has newer (2005) appliances with a large pantry for all the goodies. Beautiful split-stone fireplace in living room. Oversized (27×26) 2 car garage with storage trusses.

Listing Details     Virtual Tour.

For more information, please call the Nichols Team at (231) 941-8282 or tcinfo@remerica.com

 

Mortgage Time – Inflation Fears Persists

Global inflation concerns pushed average mortgage rates to the highest levels of the year. In both the US and in Europe, central bank officials have focused recently on the threat of higher inflation. Monday, the Fed’s Fisher pointed to increased global demand as a major source of inflationary pressures. Later in the week, the Fed’s Plosser described inflation as a very serious problem for the economy. Fed Chief Bernanke warned that the Fed will “strongly resist” a rise in long-term inflation. He also remarked that the surprising jump in the Unemployment Rate from 5.0% to 5.5% didn’t have much impact on the Fed’s outlook for economic growth and inflation.

With so much talk about the threat of higher inflation, many mortgage investors positioned their portfolios very conservatively ahead of Friday’s big Consumer Price Index (CPI) inflation report. The report, however, revealed no startling surge in inflation. May CPI came in slightly higher than expected, while May Core CPI, which excludes the food and energy components, matched the consensus forecast. Mortgage investors were pleased that the news wasn’t worse, and mortgage rates declined after the report was released, although they remained far higher than the prior week.

In the housing sector, the April Pending Home Sales index jumped 6% from March, far exceeding the consensus forecast for a small decline. Pending Home Sales are a leading indicator of future housing market activity, so the next Existing and New Home Sales reports may show increases. The National Association of Realtors (NAR) latest forecast predicted that conditions will remain soft in the short term, but that activity will pick up during the second half of the year

 
Compliments of
Corey Phelps
Front Street Mortgage

PHONE:
231-360-7283

FAX:
231-946-6321

corey@frontstreetmtg.com

805 W Front Street

Traverse City, MI 49684

 

Home on Long Lake

84 S South Long Lake Rd

Traverse City, MI

Premiere 63’ Long Lake private water frontage, hard, sandy bottom with gentle slope to deeper water. Prized, long views of the lake and islands while enjoying sunrises and sunsets! Terraced lot with minimal stairs to water. Needs new roof…otherwise very well maintained including new well in ’03, drainfield in ’04, water heater and on-demand water softener in ’06. Includes docking which is already in. Still time to purchase and enjoy 4th of July fireworks set off around the lake!

View Details

For more information, please call Diane Mack at 231-631-1462 or dianemack@remerica.com

 

Downtown Traverse City Space for Lease

108 E Front St

Traverse City, MI

Great location on Front St. A total of 2,185 Sq Ft lower level unfinished retail/office space for lease. Space has already been approved for stairway access off of Front St. Ability to make the space to your specifications. Long term lease available with heat included.

View Details

For more information, please call the Nichols Team at 231-941-8283 or tcinfo@remerica.com

 

 

Weekly Market Forecast – June 9, 2008

Week of: Monday, June 09, 2008

Present Market Conditions
Stocks gave back their gains from the week before and the short-lived boost in the U.S. dollar following Bernanke’s comments also retreated to previous levels. The unemployment rate jumped to 5.5%, it’s highest since 2004, however this tends to hold or reduce interest rates; a good sign for the mortgage industry. Fannie Mae’s president and CEO, Daniel Mudd commenting on the most sever housing slump since the Great Depression, said that we are “Likely to be about halfway through right now.” Fed Governor Randall Kroszner recently said the U.S. housing sector will gradually recover as an excess of home inventory is reduced. Fed Governors differ as to when the Fed should start tightening to stave off inflationary concerns, but agree it will likely not be until the end of the 2008.

Expectations
Mortgage rates are expected to continue to bounce up and down but fortunately within a tight range. Most all eyes will be on two primary economic reports due for release this week. Retail Sales, released by the Department of Commerce, is due out Thursday and the Consumer Price Index (CPI), released by the Department of Labor, is due out this coming Friday. Both are expected to have approximately a .5% increase. If the actual numbers are lower, rates will likely follow with a slight decrease; the opposite being true as well.

Guidance
Despite the volatility, rates continue to be at record lows. With growing speculation of inflation and potential interest rate increases be sure to leverage the knowledge and experience of Georgie to assist you in structuring a mortgage solution to meet your financial goals.

georgie@traversemortgage.com