Goody's Blog
 
October 12th, 2017 By Goody
Mesquite, NV Building permits rise significantly in September
The construction industry is looking very healthy in Mesquite, Nevada.  Resales of existing homes are also on this same upward trend.  Being ranked #16 of the best American retiremnt towns by 55+ magazine is being noticed!  Building permits in September 2017 rose from 82 permits in 2016 compared to 120 permits in 2017. Del Webb/Pulte Homes took out 18 of those permits for new homes in Sun City Mesquite. That’s the second highest number of permits in one month the builder has taken in this calendar year.
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September 27th, 2017 By Goody
Building permits Slow Down in August

The city issued 17 permits for new homes in August. That compares to August 2016 when 22 permits were issued. Pulte Homes, which builds all new homes in Sun City Mesquite, only took out six permits in August. That matches the lowest number of permits the homebuilder took out since February.

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September 5th, 2017 By Goody
Changes To Reverse Purchase Coming (HECM)

This past week Ben Carson, and HUD has made some dramatic changes moving forward on the reverse purchase and the current reverse mortgage as it stands. HUD does not feel that the one time down payment used today to purchase a home is enough to sustain values for the remainder of the client’s lives and that the equity in the home will be too much exposure to FHA in the future.  This is probably true to some extent as we continue to live longer lives.  We had a similar reel back about three years ago as well.  We have always thought the program is a tremendous benefit to our homeowner’s regardless of the financial situation HUD will essentially increase the down payment by another 10% as of October 1.  Which is a substantial increase to our buyer’s and borrower’s? So, a 300,000 home cost a client 150,000 today to purchase the home and have no mortgage payments for life, it will cost 180,000 basically on October 1st.  Any client that is interested in buying a home with a reverse purchase must be under contract and we must pull a case number before the end of this month to protect the current rules.  If they do so, they will still fall under the current 50% down ratios. Thus, if you know any client’s looking at buying a home or family or friends that are interested in a reverse mortgage, please have them call our office, so we can order a case number even if we don’t close until October or November, they will still be covered per today’s guidelines. At the end of the day, the program will still be a tremendous benefit to seniors buying a home or staying in the home.  But, the advantages to the homeowner continue to decrease simply because of the economics.

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August 11th, 2017 By Goody
Mesquite Nevada July Building Permits HUGE

The city of Mesquite Building Department issued 142 permits in total in July 2016  vs the 117 issued this July.  Subtract 48 of last years permits (rennovation at Sandstone Condos) and the real numbers are 117 permits this year vs 98 last July.  The city issued Pulte Homes of Nevada, who builds all the new homes in Sun City, 17 permits. So far this calendar year, Pulte has taken out 92 permits for single family home construction.

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August 10th, 2017 By Goody
Mortgage Forecast
Despite lower Stock prices and the ongoing tensions between the U.S. and North Korea, Mortgage Bond prices are near unchanged this morning.  Wholesale inflation, as evidenced by the Producer Price Index, was tame in July and also failed to light a fire under Bond prices.  With Mortgage Bond prices at their best levels since November and mortgage rates at the lows for 2017, I am recommending locking
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July 23rd, 2017 By Goody
Mesquite Home Values Up
In the 89027 zip code home values have gone up 8.2% over the past year and Zillow predicts they will rise 6.1% within the next year. The median list price per square foot in 89027 is $146. The median price of homes currently listed in 89027 is $239,000.  Sun City Mesquiite 89034 has slighlty different stats and not reflected in these numbers.
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July 21st, 2017 By Goody
National Park Senior Pass Going up from $10 to $80
For those Seniors 62 and over and living in Mesquite having one of these passes is a must.  We are so close to so many National Parks.  Starting Aug. 28, the cost of a lifetime Senior Pass will increase from $10 to $80.  So get yours now!!
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July 19th, 2017 By Goody
June Building Permits, Numbers not seen in recent memory.

The Mesquite Building Department issued 42 permits for new homes in June 2017 compared to 19 permits issued in June 2016.  During the first six months of 2017, the city has issued 175 permits for new home construction vs 99 permits in the first six months of 2016.  Resale numbers are equally strong.  Contact Goody for more information.

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July 8th, 2017 By Goody
Mesquite Nevada Building Permits Soar
The June report is out and the Single Family Building (SFB) Permits have about doubled both for the month and Year to Date (YTD).  In June 2017 there were 42 Permits issued vs 19 for June 2016.  The YTD numebers show 175 Permits for SFB being issued in 2017 vs 99 Permits YTD in 2016.   Catch the wave and call Goody!!!  Now is the time to buy.
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June 15th, 2017 By Goody
Fed raises rates as expected—what to expect?

Federal Reserve Chair Janet Yellen and her colleagues voted to raise the key overnight lending rate another quarter percentage on Wednesday, moving the target rate range from .75% – 1.00% to 1.00% – 1.25%. Most analysts had been predicting the hike since the previous increase in mid-March, so equities and bond markets had priced in the news well before it hit.

Last week, mortgage rates were at their lowest levels of the year, perhaps in part due to employment data and mounting distractions in Washington. By Thursday morning, it was evident that the Fed’s decision wasn’t having a drastic impact on the downward trend. Though mortgage rates were slightly higher than last week according to Freddie Mac, the 30-year fixed rate average of 3.91% is nearly 40 basis points off its mid-March peak. Over the same time period, the 15-year fixed rate tumbled from 3.50% to 3.18%, and 5/1 ARM rates dropped from 3.28% to 3.15%.*

Looking forward, the Fed has not backed off its forecast to raise rates once more in 2017, though inflation projections will primarily guide them in the eventual decision. Another factor playing into a future increase is the Fed’s hefty $4.5 trillion balance sheet that’s over-stuffed with mortgage-backed securities. The plan is to divest a significant portion of this cache sometime in 2017, and Yellen and friends have to know that markets can’t handle another 25 basis-point rate hike in the midst of a huge sell-off. Good news for the bond market is coming out of China, which recently announced that it would be buying long-term U.S. notes once again after selling a record $200 billion in bonds last year.

Despite the current political environment in Washington, the stock market continues to soar and investors remain undeterred. The prospect of a comprehensive tax reform that was priced into the market after the election is likely at least a year away, but stocks haven’t corrected in response to the uncertainty defining the current administration’s agenda.

Despite the recent rate hike, homebuyers and those looking to refinance would be wise to take advantage of mortgage rates that are still hovering at or near yearly lows.

*FreddieMac.com, “Compilation of Weekly Survey Data”

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