World Cup
Wow, what a game! Congrats to the U.S.
Chico’s Foreclosures
| Asking | Address | Beds | Bath | Year Built | Sq Feet |
| $45,000 | 184 Camino Sur | 3 | 2 | 1999 | 1560 |
| $63,900 | 141 W Lassen Ave. | 2 | 1 | 1962 | 766 |
| $99,000 | 1114 Nord Ave | 3 | 2 | 1990 | 960 |
| $99,900 | 1415 Sheridan Avenue | 1 | 1 | 1981 | 714 |
| $129,900 | 2099 Hartford Drive | 3 | 2 | 2005 | 1375 |
| $130,000 | 862 E 5th Avenue | 3 | 2 | 2005 | 1408 |
| $147,800 | 2099 Hartford Dr. | 3 | 2 | 2005 | 1375 |
| $157,900 | 3152 Bell Road | 1 | 1 | 1954 | 1070 |
| $168,000 | 1643 Normal | 2 | 1 | 1948 | 658 |
| $172,900 | 1164 Lupin Avenue | 3 | 2 | 1992 | 1378 |
| $173,900 | 1192 LUPIN AVE | 3 | 2 | 1992 | 1228 |
| $174,900 | 9463 Gerke Street | 3 | 3 | 1986 | 1744 |
| $175,000 | 2558 E 20th St | 2 | 2 | 2004 | 893 |
| $179,900 | 7 Olympus Lane | 3 | 2 | 1985 | 1248 |
| $179,900 | 3265 Rockin M | 4 | 2 | 1970 | 2972 |
| $184,900 | 823 Oak Lawn Avenue | 2 | 2 | 1948 | 672 |
| $185,000 | 1039 Blue Ridge Ave | 3 | 2 | 1984 | 1039 |
| $187,900 | 3 Tradewinds | 3 | 2 | 1992 | 1236 |
| $189,900 | 18 Arbor Drive | 3 | 2 | 1960 | 1378 |
| $195,000 | 3640 State Highway 32 | 2 | 1 | 1937 | 984 |
| $196,900 | 23 Comstock Rd | 3 | 2 | 1976 | 1276 |
| $205,000 | 5203 Coleman Ranch Road | 2 | 1 | 1920 | 1716 |
| $208,500 | 773 Caprice Way | 3 | 2 | 1990 | 1248 |
| $224,900 | 910 Karen Drive | 4 | 3 | 1954 | 1669 |
| $227,000 | 1185 Deschutes Dr | 4 | 2 | 1999 | 1383 |
| $229,000 | 1622 Spruce Avenue | 2 | 1 | 1917 | 1687 |
| $248,950 | 796 Victorian Park Drive | 3 | 2 | 1986 | 1451 |
| $249,000 | 13 Venetian Court | 3 | 2 | 2010 | 1408 |
| $249,000 | 12 Venetian Court | 3 | 2 | 2010 | 1408 |
| $249,900 | 1913 Spruce Ave | 2 | 1 | 1950 | 4460 |
| $269,000 | 303 Legacy Lane | 3 | 2 | 1998 | 1780 |
| $270,000 | 33 Bunker Court | 3 | 2 | 2003 | 1734 |
| $274,000 | 28 RUBICON Court | 4 | 2 | 2006 | 1968 |
| $292,900 | 6 Heartwood Ct | 4 | 2 | 1996 | 1654 |
| $294,000 | 79 Pauletah Place | 3 | 3 | 2005 | 1914 |
| $459,900 | 217 Eagle Nest Drive | 3 | 2 | 2001 | 2739 |
Market Update
MARKET COMMENT
Mortgage bond prices rose last week pushing mortgage interest rates lower. Uncertainty in the Euro zone resulted in some flight to quality buying of US debt instruments. There were concerns that Spain could be the next economy to falter following the Greek instability. Most of the data showed a US economy that continues to struggle with little current price pressures. Weekly jobless claims were higher than expected and the consumer price data came in exactly as expected. Rates fell by about 1/2 of a discount point for the week.
The Fed meeting Wednesday will be the most important event this week. With the world economies in turmoil the Fed is expected to keep the course with the current low interest rate policy. Some Fed officials indicate that rate increases may eventually be necessary. Few expect the hikes to come this week. If there are surprises we could see huge swings in the financial markets.
LOOKING AHEAD
| Economic Indicator |
Release Date and Time |
Consensus Estimate |
Analysis |
| Existing Home Sales | Tuesday, June 22, 10:00 am, et |
Up 4.3% | Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates. |
| New Home Sales | Wednesday, June 23, 10:00 am, et |
Down 4.8% | Important. An indication of economic strength and credit demand. Weakness may lead to lower rates. |
| Fed Meeting Adjourns | Wednesday, June 23, 2:15 pm, et |
No change | Important. No rate changes are expected but some volatility may surround the adjournment of this meeting. |
| Durable Goods Orders | Thursday, June 24, 8:30 am, et |
Down 1.4% | Important. An indication of the demand for “big ticket” items. Weakness may lead to lower rates. |
| Weekly Jobless Claims | Thursday, June 24, 8:30 am, et |
460k | Important. An indication of US employment situation. A higher figure should help rates. |
| Preliminary Q1 GDP | Friday, June 25, 8:30 am, et |
3.0 | Very important. The aggregate measure of US economic production. Weakness may lead to lower rates. |
| U of Michigan Consumer Sentiment | Friday, June 25, 10:00 am, et |
75.2 | Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates. |
FED MEETING
The United States central bank, the Federal Reserve, coordinates the borrowing and lending activities of federally chartered banks. The principal reason the Federal Reserve was created was to reduce severe financial crises. One way of accomplishing this goal is to control the amount of money that flows through the economy. By manipulating the US money supply, the Fed influences inflation, unemployment, and the level of US economic activity. The Fed has a variety of tools that it uses to control the money supply, but its chief policy tool is the manipulation of short-term interest rates.
The Federal Reserve can adjust two distinct short-term interest rates. The discount rate is the interest rate which banks pay the Fed for primarily overnight loans. Despite its name, the Fed funds rate is the rate banks pay to borrow from other banks. The Federal Reserve has direct control over the level of short-term interest rates, the Fed’s influence over longer-term interest rates is less certain. All eyes will be focused on the Fed meeting Wednesday. Most analysts predict no rate change following the tame inflation data.
Keep in mind that Fed rate changed do not automatically mean mortgage interest rates will change. The Federal Reserve has direct control over the level of short-term interest rates. The Fed’s influence over longer-term interest rates is less certain. A cautious approach to float/lock decisions is prudent heading into the Fed meeting this week. Market volatility is likely.
71 CERES CIRCLE IS NOW ONLY $215,000
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Chico Home Must Sell Just lowered to $325,000! Bring all offers today.
