Are you more of a "visual" person than a "text" person? Mint.com, a website and blog about personal money management, has a great graphical illustration showing the cause and effect of the housing and financial crisis. Check it out here. Fun stuff.
And if you liked that chart, then check out Mint.com’s graphical representation of who will pay for the 700 Billion Dollar Bailout.
downtownjunkie
I don’t want to hijack this thread but:
I am considering a refi on a property. It’s currently at a 30 yr fixed at 6.375%.
1. Assuming excellent borrower credit/financials, what should I expect on a 30yr refi? Rate/Fees/Etc?
2. Should I wait till next year?
3. Does anyone know a good bank/broker?
smarten
Even though none of us can predict rates,
If the property is a SFR;
If it is owner-occupied; and,
If the amount borrowed is $417K or less;
I’d hold out for 4.25% but be prepared to move on 4.5%.
I spoke to my Wells Fargo private mortgage banker the other day and she told me conforming loans are now at 5% fixed with no points [30 year term]. I’ve already posted that Pentagon Federal Credit Union [penfed.org] was offering 4.75% and no points on 15 year terms.
Good luck.
Martin
Look over to the right of the blog under the section called “Inman News”. Then click on the link “The 4.5% mortgage myth?”
Waldo
I see where the Silver Club in Sparks is going out of business in January. All 219 employees will get no severance. Add this to Fitzgerald’s workers who lost their jobs a couple weeks ago. But I’m sure all these people will be back to work just as soon as Mr. Leal, the Savior of Downtown Reno, has the Fitz all spiffed up and ready to reopen.
Yea, sure they will.
With echos of Bantering Bear in the background, tell me again how the bottom is near when unemployment goes to 10%?
stjoe56
The Fitz development is BS. It is the classic chicken and the egg scenario. You cannot have a high end boutique hotel downtown until you get ride of the riff-raff and bring in high quality stores. You cannot get rid of the riff-raff and bring in high quality stores until you have the high end hotels.
SJ
EYESWIDEOPEN
I just refi’d a 6.375% loan down to 5.125% at no points. Maybe I should have waited, but the terms were just too good to pass up. Can I post a link here? Ah, just google “Mark Hlubucek.” He’s a good guy.
DonC
Of course it depends on your FICO and other factors. The best rate that was more than an exception that I’ve heard of (workout partner who is a residential mortgage broker) was 4.5% without points. Seems consistent with Smarten’s recommendation.
On the thread itself, interesting interpretation of how things work. Not necessarily wrong but you could relabel the boxes easily – for example all that borrowed money is being borrowed at essentially 0% interest and loaned out at 8%.
Reno Ignoramus
Just an historical note. I believe that today marks the 3 year anniversary of the Reno Realty Blog.
Congrats to Diane for creating what has become the best place to get info about the Reno-Sparks real estate market.
MKchick
Off-topic, but for anyone who was wondering, I noticed two builders down here in Damonte/Curti Ranch who haven’t built a single new SFR/attached in over a year (Toll Bros & DiLoretto) finally have visable construction going on. Both builders have large signage saying they reduced pricing significantly.
Lennar’s Curti Ranch is sold out; there are quite a few phase 1 foreclosures and short sales on the market currently.
KB’s Ravenna is sold out (they sold that one single level, corner lot inventory house they had for awhile). Couple of foreclosures here as well (from my casul glance at assessors, they turn around within 30 so Countrywide is getting them done fairly quickly) and in their Calabria subdivision. KB also slashed prices by 10% and is now offering the three models they offered in Ravenna in their other larger subdivision but with smaller lots, Calabria.
I really don’t know how FEMA’s decision regarding the flood plan is affecting pricing in Double Diamond, but even though I’m a bit pissed about the builders’ price reductions two months after we closed, I’m still glad I bought… as we love our house and our views, and our flood insurance is still very affordable.
Guy Johnson
Thank you for the recognition for Diane, R.I. I’ll make sure she sees your comment.
billddrummer
I too, congratulate Diane for continuing this blog for the past three years. Even though I’m a relative newcomer, the data and insight on the Reno-Sparks market is invaluable.
Thanks again, and Happy Holidays!