QUOTE OF THE WEEK… “We do not have to become heroes overnight. Just a step at a time, meeting each thing that comes up,…discovering we have the strength to stare it down.” –Eleanor Roosevelt
Our hearts go out to the Boston bombing victims and their families. Our pride goes out to the heroes who responded with sacrifice and courage. God Bless America.
INFO THAT HITS US WHERE WE LIVE… Last week Housing Starts were reported UP 7.0% for March to a 1.036 million unit annual rate, 46.7% higher than a year ago and the highest they’ve been since 2008. But wait. The boost was all due to multi-family units, up 31.1% for the month. Single-family starts were down 4.8%, although they actually are UP a very healthy 28.7% from a year ago. Analysts tell us the multi-family sector is super volatile from month to month, but they expect large gains for home building overall for at least two years.
Building Permits in March were down a bit, to a 902,000 annual rate, but almost all the drop was due to multi-families. Single-family permits slipped just 0.5% for the month and are now UP 27.7% versus a year ago. The National Association of Home Builders (NAHB) confidence index went to 42 from 44 in March. But get this. The NAHB index for future single-family sales rose from 50 to 53, a very positive sign. Economists say it’s OK in a recovery to see up and down indicators along the way, as long as the underlying trend is upward, which it is now in housing.
BUSINESS TIP OF THE WEEK… Focus. Set goals, make decisions, get organized. Don’t just watch life happen; take control of your destiny. As Yogi Berra said: “If you don’t know where you are going, you’ll wind up somewhere else.”
The Arizona housing market is rapidly growing. There are around 13,000 homes for sale which has made this a seller’s market. We have a strong pre-qualification process that includes contacting listing agents after our clients submit purchase offers to let them know that 1) we have completed the required work - essentially underwriting the loan before we complete the pre-qualification - to insure there is a loan to stand behind our pre-qualification and that we do not use an Appraisal Management Company but instead have our own internal appraisal desk which uses a list of vetted appraisers. Finally, we have a float down option available on most of our loans that allows our clients to lock a rate and then improve the rate later if the market improve – with no extra cost to the client! If you are not receiving these benefits from your lender, contact us. You should have a fantastic mortgage experience!!