HUD Home Process: Step-by-Step Transactions

1. Property is deeded to HUD by the Lender

2. MCM ensures condition and marketability of property

3. FSM physically inspects property to ensure Safety, Security, and Marketability

4. AM Markets and ensures marketable condition

5. Property is placed on local Multiple Listing Service as well as LLB Listing Site

6. HUD registered Real Estate Agents show properties to potential purchasers

7. Agent and buyer complete a contract package

a. Sales Contract Package

b. Earnest Money

c. Lender Letter or Proof of Funds

8. Agent submits bid on purchaser‟s behalf

9. Bid is reviewed by the AM on behalf of HUD

10. The bid is tentatively accepted, rejected, or counter-offered and agent is notified

11. Agent submits Contract package of the accepted bid to the AM

12. Contract is reviewed and corrections are requested if needed

13. Asset Manager ratifies contract

14. Contract is sent to HUD‟s designated Closing Agent

15. Closing Agent orders Title

16. Purchaser secures finances if needed

17. Purchaser completes optional home inspection

18. Asset Manger performs the Ready to Close Inspection (five days prior to close)

19. Property closes

20. Purchaser changes locks on property (Purchaser Expense)

(Print this page as reference) Updated: 08/30/2011 PEMCO, Ltd Agent Manual 9

Buying a HUD Home

Anyone who can obtain financing can purchase a HUD Home. Buyers do not need to attend an auction or sign up for a “foreclosure notification” program, or pay any money to join any other type of mailing list or invitation to participate in the HUD Home Sales Process. The only stipulation on this is the Asset Managers‟ contractors, its subcontractors, Local Listing Broker, their employees, immediate family, and affiliates cannot purchase a HUD Home.

All HUD Homes for sale are available for viewing on a free, public-access website. HUD‟s official listing site for its properties is www.HUDHOMESTORE.com.

All a buyer needs to do to purchase a HUD Home is find a property for sale on PEMCO‟s website via the HUDhomestore, obtain financing, and work with a HUD-Registered real estate agent to submit the buyer‟s offer.

Buyer categories:

1. Owner-Occupant Buyers

 a buyer who will be living in the HUD Home they purchase as their primary residence

 are eligible for priority bidding on HUD Properties

 must live in the purchased house as their primary residence for at least one year

o buyer and agent must sign an „owner-occupant certification‟

 May not purchase another HUD property for two years after the close date of their current HUD purchase.

2. Investor Buyers

 a buyer who is investing in and not living in the HUD Homes they purchase

 Investors are not given any priority in the bidding process

 can purchase as many HUD homes as they want, as often as they want

3. Non-profit Organization Buyers

 are buyers who represent a Non-Profit Organization which has been approved by HUD

 receive the same priority bidding as do the owner-occupant buyers

 may also bid on properties which are in the lottery round and not yet for sale to the general public

 are not required to submit an earnest money deposit

 are not required to have a representing agent

o for this reason, agent‟ rarely work with non-profit organizations as a buyer-type

o to become a HUD-approved non-profit organization, please see page 9

Updated: 08/30/2011 PEMCO, Ltd Agent Manual 10

HUD-PEMCO Special Programs

Lottery Round

HUD offers properties which are eligible for pre-designated special programs available for sale in a “lottery round” to eligible buyers prior to the property being offered for sale to the general public.

The lottery round is a five or seven day bidding period that precedes a property‟ initial listing where offers from eligible purchasers accumulate on the property. Bids are reviewed on the 6th or 8th day. If an eligible purchaser places an offer on the property, the property will go under contract. If there are no offers from an eligible purchaser, the property rolls over to the General Listing period, where it is made available for sale to the public.

If more than one eligible purchaser places a bid on the same property in the lottery round, the winning purchaser is decided first come first serve basis. Precedence is given to Good Neighbor Next Door bidders with secondary precedence to non-profit organizations.

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was designed to enhance urban communities by offering discounts on HUD homes to firefighters, emergency medical technicians, police officers, and teachers (pre-k through grade 12). The Good Neighbor Next Door Program was ratified from the former OND/TND Programs into one cohesive program effective December 1, 2006.

GNND allows individuals working full-time in the above fields, with good faith to remain at that job, to purchase a home in a HUD-Designated Revitalization Area at a 50% discount from the list price and with a $100 down-payment if the buyer is using FHA-insured financing.

Requirements of purchaser:

 Live in the home as a primary residence for at least 36 months (3 years)

 Submission of earnest money deposit =1% of the list price, not to be less than $500 and not to exceed $2000 (earnest money is subject to forfeiture)

 Purchasers and spouses may not have owned title to any HUD property in the last year, nor have ever partaken in the GNND program, including the program‟ earlier versions

 Purchaser is responsible for all closing costs and broker commissions

 Purchaser must purchase within City, County or State in which they work based upon type of employment. (State patrol, purchase in State, Teacher purchase in city where school is located)

Updated: 08/30/2011 PEMCO, Ltd Agent Manual 11

GNND (Cont’d)

 50% discount is applied at closing.

 Buyer qualifies for full purchase amount

 Offer is made at the full list price

 If multiple offers are made on the property, the winner is chosen by random lottery drawing

GNND eligibility will be indicated on the property listing on www.hudhomestore.com.

NOTE: GNND Policies may vary depending on your state. Visit www.hud.gov for more information.

Non-Profit Lottery Program

Non-profit organizations approved by HUD are also able to make offers on HUD Properties which are listed for sale in the lottery round at discounted rates. Non-Profits are NOT eligible to participate in the $1 Home Sales Program – this program is only for government agencies.

Please visit www.hud.gov for more information on becoming a HUD-approved non-profit organization.

(Specifically the publications on link: http://www.hud.gov/offices/hsg/sfh/np/np_prog.cfm)

Publications on this site identify how to become an FHA-approved to:

1. Act as a mortgagor using FHA mortgage insurance

2. Purchase HUD homes at a discount

3. Provide secondary financing;

a. See “Application information for secondary financing/down payment assistance providers.”

Registration for HUD-approved Non-Profit

Submit an e-mail directly to your local Homeownership Center (HOC), indicating that your organization would like to apply for approval to participate in FHA Non-Profit activities. Contact information for processing requests for particular regions can be found on www.hud.gov.

The e-mail must include the following information:

 Organization‟ legal name

 Address

 Executive director‟ name and contact information (phone number and e-mail address)

Updated: 08/30/2011 PEMCO, Ltd Agent Manual 12

Non-Profit Registration (Cont’d)

 Identify if the organization is a nonprofit or instrumentality of government

 Date of your organization‟ 501 (C) (3) determination letter

 Identify a minimum of two years, within the last five years, of housing development experience. (Housing development experience is denied as acquisition, rehabilitation, and sale to low-to- moderate income persons.)

NOTE: An e-mail communication will be send from HUD with instructions for accessing the on-line application system outlining User information.

HUD Homeownership Incentives

$100 Down-Payment Program

 Available in certain markets and areas

 Available to owner-occupant purchasers

 Agent indicates that the purchaser will be utilizing the “$100 Down” program by identifying on Line 4 of the Sales Contract

 The lender will need to complete HUD‟ Mortgage Credit Analysis Worksheet and in include with the contract package

 The earnest money deposit is required when utilizing in the $100 Down Program.

Updated: 08/30/2011 PEMCO, Ltd Agent Manual 13

Expectations for Agents

Quality in all work and all aspects of working with HUD and this process

Professionalism when interacting with the buying public, other selling agents,

And everyone and every aspect involved in the HUD Selling Process

Communication with purchasers, others involved with the transaction,

and with the PEMCO team. Communicate concerns, suggestions or ideas

that become evident while being involved in HUD selling process

Motivation to make sales and ultimately move HUD Properties

Teamwork as a real estate community and with PEMCO to work toward the

continued betterment of the HUD sales process and ensure that the

HUD process is always operating as successfully as possible

Selling Agent’s Role

Selling Agents are one of the most important elements in the HUD Sales Process. PEMCO, Ltd. realizes that selling agents are in the field every day routinely showing and selling HUD‟ properties across the state and are critical to the success of the HUD Sales Program.

PEMCO, Ltd relies on Selling Agents to be the eyes and ears within the field. Selling agents help in reporting vandalism, noticing changes or trends in the properties, or identify ways in which PEMCO, Ltd can enhance the sales process. Lines of communication between PEMCO, Ltd and the Selling Agent are always open. Updated: 08/30/2011 PEMCO, Ltd Agent Manual 14

Working as HUD Selling Agent

All HUD Registered Brokers, associate brokers and selling agents are in some form representing HUD when showing and selling HUD homes. It is expected that all persons associated in any form with HUD and/or PEMCO conduct business in a professional and respectful manner when dealing with the purchaser‟ while in public as well as in all aspects, and with all persons involved in the HUD sales process.

A successful selling agent will be the agent who excels in business, energetic and motivated to make the sale, in addition to having a genuine and vested interest in the overall quality of the HUD Sales Program.

12 “Must Knows” of the HUD Home Sales Process

1. Principle Broker is registered with HUD with an active NAID number. NAID will be used by all agents in the brokerage to sell and show HUD Homes

2. Utilize Principle Broker NAID to set up associate broker account in HUD Home Store in order to place Bids

3. Identify perspective HUD properties by searching HUD‟ Listing site www.hudhomestore.com.

4. Show and Advertise available HUD Homes according to regulations

5. Once a property has been identified to purchase, complete a HUD sales contract package

6. Place a bid within the listed property on www.hudhomestore.com, for the purchaser within the appropriate bidding timeline

7. Check results of the bid by logging into associate broker profile from which the bid was made. Determination of bid acceptance is identified by noon the next business day post bid deadline

8. If bid is won, deliver the contract package to PEMCO, Ltd‟ (or applicable AM‟) office within two (2) business days of bid‟ acceptance

9. Once contract is fully ratified, begin TIME SENSITIVE pre-closing essentials (termite letters, utility activation, home inspections, etc.)

10. A Ready to Close inspection will be completed by the Local Listing Broker no more than 5 days prior to the scheduled close date.

11. Closing happens at the closing attorney‟ office with closing package received 72hrs prior to the scheduled close date.

12. LLB will assist in gaining access to property. HUD Keys will not be exchanged

Updated: 08/30/2011 PEMCO, Ltd Agent Manual 15

Registering With HUD

Any licensed agent can sell and show HUD Homes if their brokerage is registered with HUD. It is the brokerage, not individual agents, who register with HUD. To register, go to www.HUDhomestore.com and download the Broker Registration Package. The package must be completed by the brokerage‟ principle broker.

The application package consists of the below forms:

 SAMS 1111 (12/2007)

 SAMS 1111A

 IRS Letter 147C

 Broker Checklist

 Attachment of required documentation

 Broker Certification Checklist

Complete the package accurately and in its entirety. Errors or missing information will delay the HUD-Registration Process. After completing the package, mail or deliver to your region‟ Homeownership Center, at the attention of “Broker Registration Division”.

NOTE: Faxed packages will not be accepted.

The HOC will review the application and send to HUD‟ offices for processing. After processing, HUD will award the brokerage a NAID Number (Name and Address Identifier Number) which will be used by all agents in that brokerage to place bids on HUD Homes. The entire application process takes six to eight weeks.

Creation of a principle broker account is required prior to creation of an associate broker account within HUD Home Store, using the NAID number assigned.

Agents within that brokerage will need to create an account as an Associate broker in order to place bids for purchasers.

In order to complete the free process:

1. Go to www.hudhomestore.com

2. Click the “Bidder” in the upper right hand corner

3. Complete the form (Brokerage‟ NAID number is required)

Associate Broker name will appear in the “find a registered agent” section, where prospective purchasers can review and contact an agent. Associate Brokers can login to this account to manage HUD home bids and search criteria for purchasers. Updated: 08/30/2011 PEMCO, Ltd Agent Manual 17

Identifying HUD Homes

Finding HUD Homes

Properties acquired by HUD, but are not yet ready to go on the market, will display a white “Assigned to the FSM” sign in the window of the property before they are listed for sale. Properties generally go to market approximately 20 days after acquisition, however due to various occurrences such as title issues or other matters; it can sometimes take a longer period of time. PEMCO, Ltd personnel cannot advise as to when a property is going to list.

Once a property is made available for sale, a yard sign of the Local Listing Broker (LLB) assigned to the property will be present, it will be listed on an MLS, and it will also be listed on www.hudhomestore.com.

Utilizing HUD-PEMCO‟ website to search for HUD Homes is the recommended method of searching for HUD homes available for sale. Visit www.hudpemco.com and click the “HUDHomestore” button. This directs the browser directly to www.hudhomestore.com, HUD‟ Listing Site, where any person can search for HUD homes currently listed on the market. This site is HUD‟ official, comprehensive site of all, and only identifies HUD properties for sale.

An added benefit PEMCO‟ website is that important information regarding up-to-date news on HUD and PEMCO‟ processes, holiday notifications, announcements, training calendar and more are available at www.hudpemco.com.

HUD Home Store shows all properties which are available for sale and bidding, but does not include properties that have recently gone under contract or have won a bid in the property search results. Contact your Local Listing Broker to identify whether or not the property is under contract or if the bid is still under review.

Listing Days

Listings are posted daily and can be searched for and viewed seven (7) days a week. All lottery round properties (Special Program properties) are listed for five (5) days before becoming available to the general public. Properties which do not sell during the Lottery Round roll over into the General Listing period.

Availability of home is subject to the Asset Manager accepting a bid from an earlier bid period or removing the home from the market

Listing Codes

Additional information regarding the property can be found within the online listings. Codes representing the financing options and/or property conditions of the property for sale can be found accompanying the listing. Code

Stands For

Description

F

Flood Zone

Located in an area where coverage under the National Flood Insurance

Program may be required to obtain a loan approval

HOA

Homeowners‟

Association

Covered by a Homeowners Association which will most likely require HOA fees and dues to be paid by the home occupant after closing

LBP

Lead-Based Paint

Built before 1978 and may contain lead-based paint. The LBP Addendum Form must accompany the sales contract for such properties.

Thinking about buying a HUD home?

HUD-owned homes can be a great opportunity for owner occupants, especially for first-time buyers. All homes have a property condition report available for review prior to submitting a bid. In addition, an FHA appraisal as been completed prior to listing the property, and the appraised value is stated on the information page for each property. Only HUD-registered brokers can submit bids for one of these homes.

For FHA loans, HUD is offering to perform a Lead Based Paint inspection on properties built prior to 1978, and make up to $4000 in repairs if necessary. In addition, they will perform a Wood Destroying Organisms inspection, and clear section 1 items, up to $4000. These two inspections are only available at HUD’s cost for FHA loans. All other loans types can still make any inspections they choose, but any required repairs will be at buyer expense.

For complete information on the HUD program, including property listings, property condition reports, and a list of HUD-registered brokers, go to www.HUDHomeStore.com. For information on Sales Training for HUD homes, Buyer Outreach Events, or Buyer Information, go to www.HudPemco.com.

How to Get Your PMI Tax Deduction!

Home Taxes & Financing
Taxes & Incentives
Tax Deductions
A Home Owner’s Guide to Taxes
Private Mortgage Insurance
Home owners who are eligible to deduct private mortgage insurance, or PMI, premiums can shave hundreds of dollars off their income tax bills.
Effort: Low 1 hr (calculate LTV)
Saves: Med $438/yr (on $100,000 AGI)
Investment: Low $50-$100/mo (PMI premium)

If you put down less than 20% on a house, expect to be required to purchase private mortgage insurance, which protects the lender in the event you default on the home loan. That’s a good deal for the lender, considering you’re the one paying the PMI premiums.

But PMI is also a good deal for aspiring home owners. Many people, especially first-time buyers, can’t come up with big down payments. PMI encourages lenders to give them mortgages anyway.

Don’t pay PMI a day longer than you must, however. Canceling the insurance as soon as you’re entitled can save you thousands of dollars. For eligible home owners, deducting the premiums come tax time can save hundreds more.
Getting the PMI tax deduction
Starting with loans issued or refinanced in 2007, and continuing through 2011, you can deduct each year’s premiums paid on PMI for your principal residence and for a non-rental second home. The tax break was originally good for 2007 only, but the government keeps extending it. Unless it’s extended again, however, you won’t be able to take the deduction beyond 2011.

The deduction begins to phase out once your adjusted gross income reaches $100,000 ($50,000 for married filing separately) and disappears entirely at an AGI of $109,000 ($54,500 for married filing separately). In general, you can only deduct the premiums paid for the current tax year. If you pre-paid premiums for future years, that portion must be allocated to those future years. Rules can vary for mortgage insurance provided by the Federal Housing Administration, Department of Veterans Affairs, and Rural Housing Service, so consult a tax adviser.

To claim the PMI deduction, you must itemize you return. Enter qualified PMI premiums on Line 13 of Schedule A. The IRS instructions for Schedule A include a worksheet for home owners subject to the income phase-out. Basically, you’ll lose 10% of the deduction for each $1,000 over the $100,000 AGI limit you are.
How much can you save?
According to the Mortgage Insurance Companies of America, an industry trade group, PMI premiums on a median priced home ($198,100 in 2008) run between $50 and $100 per month. Justine DeVito Tenney, a CPA and financial planner with Weiser LLP in Lake Success, N.Y., says a good rule of thumb is $50 a month for every $100,000 of financing. The amount of the down payment, type of loan, and lender requirements can all affect the actual cost.

There are many online PMI calculators that will help you estimate your premium based on various assumptions. Put 5% down on a $200,000 house, for example, and you’ll pay monthly PMI premiums of about $125. Increase your down payment to 10%, and you’ll pay less than $80 a month.

How does all of this affect your tax bill? Let’s say a married couple filing jointly with an AGI of $100,000 bought a house on Jan. 1, 2009, for $200,000. They put down 5%. By the end of 2009 they paid $1,800 in PMI premiums ($150 times 12 months). By reducing their $100,000 AGI by $1,800, they lower their tax liability by $438.
Automatic cancellation of PMI
While the tax deduction is nice, at least while it lasts, getting rid of PMI altogether is even nicer. The Mortgage Insurance Companies of America estimates that 90% of home owners are done paying PMI premiums within five years of buying their homes.

If you bought your home after 1999 and are still paying PMI, you probably fall under the Homeowners Protection Act (HPA) of 1998. Your lender is required to automatically cancel your insurance once you’ve paid down your mortgage to a 78% (0.78) loan-to-value ratio, or LTV. Put another way, once you have 22% equity. Many lenders will treat pre-HPA loans in a similar fashion. Call to confirm.

To figure your LTV, divide the outstanding loan amount by the original price of your home. If you have a $190,000 mortgage on a house you purchased for $200,000, the LTV is 95%. You’d need to get the mortgage balance down to $156,000—78% of the original value—to qualify for automatic cancellation of PMI.
Requests for cancellation
You don’t have to wait for automatic cancellation. When your LTV hits 80%, you can petition your lender to end PMI. The process can take several weeks. Your lender isn’t required to oblige your request, but you’ll bolster your case if you have a good payment history.

Start by calling your lender, not the PMI provider. You’ll probably need to make a formal request in writing and pay out of pocket for an appraisal. While it’s conducted primarily for the benefit of the lender to confirm that your property hasn’t declined from its original value, a high appraisal can work to your advantage. As your property value increases, whether due to a general uptick in real estate prices or specific home improvements, your LTV decreases.

Tenney, the New York CPA, points out that even if you don’t meet the 78% or 80% milestones, you can get PMI canceled when you hit the mortgage midpoint. On a 30-year fixed-rate mortgage, that would occur after 15 years of payments. This can come into play for certain high-risk loans that call for a longer PMI period.
Piggyback loans dodge PMI
Looking for a PMI loophole? Try so-called piggyback loans, also known as 80/10/10 or 80/15/5 loans. Basically, the home lender finances 80% and immediately gives you a second loan for another 10% to 15%. You put down 5% to 10%. No PMI is required.

This alternative has traditionally been available for homebuyers with minimal capital but excellent credit. In tight lending environments, however, this arrangement is harder to come by. And even when piggyback loans are available, the extra interest you usually pay on the second mortgage may actually cost more than PMI premiums.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Chico Real Estate Update

Mortgage bond prices finished the weak near unchanged keeping mortgage interest rates relatively in check. Rates were positive the beginning of the week following reports that Greece would not make the deadline to persuade bondholders to restructure the debt they held. That all reversed by the end of the week when a large majority of bondholders looked to be on board. Greece was required to restructure the debt in order to obtain bailout funds from the European Union and the International Monetary Fund. Despite progress, there was still some uncertainty heading into the weekend. Most analysts agree that Greece still has challenges even if they obtain the bailout funds. Future instability in Greece could benefit our interest rates by reigniting the flight to quality buying that has factored into our low rates.

LOOKING AHEAD
Economic
Indicator Release
Date and Time Consensus
Estimate Analysis
Retail Sales Tuesday,
March 13,
8:30 am, et Up 0.3% Important. A measure of consumer demand. A smaller than expected increase may lead to lower mortgage rates.
Fed Meeting Adjourns Tuesday,
March 13,
2:15 pm, et No rate changes Important. Few expect the Fed to change rates, but some volatility may surround the adjournment of this meeting.
Weekly Jobless Claims Thursday,
March 15,
8:30 am, et 355k Important. An indication of employment. Higher claims may result in lower rates.
Producer Price Index Thursday,
March 15,
8:30 am, et Up 0.2%,
Core up 0.2% Important. An indication of inflationary pressures at the producer level. Weaker figures may lead to lower rates.
Philadelphia Fed Survey Thursday,
March 15,
10:00 am, et 8.8 Moderately important. A survey of business conditions in the Northeast. Weakness may lead to lower rates.
Consumer Price Index Friday,
March 16,
8:30 am, et Up 0.2%,
Core up 0.2% Important. A measure of inflation at the consumer level. Weaker figures may lead to lower rates.
Industrial Production Friday,
March 16,
9:15 am, et Up 0.1% Important. A measure of manufacturing sector strength. A lower than expected increase may lead to lower rates.
Capacity Utilization Friday,
March 16,
9:15 am, et 78% Important. A figure above 85% is viewed as inflationary. Weaker figure may lead to lower rates.
U of Michigan Consumer Sentiment Friday,
March 16,
10:00 am, et 70.3 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.

Chico Real Estate Market Update

Mortgage bond prices were slightly lower last week, which pushed mortgage interest rates higher. Rates were positive the beginning of the week following weaker than expected retail sales data but rose sharply following unfriendly data Thursday. Lower than expected weekly jobless claims started the negative trend. The figure was the lowest since 2008. A surge in the core producer price index also added pressure to rates. The core rose 0.4% in comparison to the expected 0.2% increase. Fortunately the core consumer price index was in line with expectations, which kept the rate increases in check. Debt trouble in Europe continued to dominate headline news, which also helped. Mortgage bonds ended the week worse by 1/8 of a discount point despite the volatility.

LOOKING AHEAD
Economic
Indicator Release
Date and Time Consensus
Estimate Analysis
2-year Treasury Note Auction Tuesday,
Feb. 21,
1:15 pm, et None Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.
Existing Home Sales Wednesday,
Feb. 22,
10:00 am, et 4.58m Low importance. An indication of mortgage credit demand. Significant weakness may lead to lower rates.
5-year Treasury Note Auction Wednesday,
Feb. 22,
1:15 pm, et None Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.
Weekly Jobless Claims Thursday,
Feb. 23,
8:30 am, et 345k Important. An indication of employment. Higher claims may result in lower rates.
7-year Treasury Note Auction Thursday,
Feb. 23,
1:15 pm, et None Important. Notes will be auctioned. Strong demand may lead to lower mortgage rates.
U of Michigan Consumer Sentiment Friday,
Feb. 24,
10:00 am, et 72 Important. An indication of consumers’ willingness to spend. Weakness may lead to lower mortgage rates.
New Home Sales Friday,
Feb. 24,
10:00 am, et 295k Important. An indication of economic strength and credit demand. Weakness may lead to lower rates.
EXISTING HOME SALES
The National Association of Realtors releases existing home sales data near the end of each month. The data is derived from a sampling of MLS data across the nation. The release shows the current sales rate for existing single-family, coops, and condos. A national figure and 4 regional figures are provided. The NAR Chief Economist indicated in February the current methodology used to calculate the benchmarks will be revised in the near future. There is no timetable for the revision.

The housing market is a critical component of the US economy. A house is usually one of the largest assets a consumer owns. Housing usually leads market recoveries. Unfortunately the housing industry remains in transition as the effects of massive foreclosures still weigh heavily. Most analysts agree that the housing market will remain wobbly for some time. The important thing to remember is that housing is a “local” issue. The maxim about housing being strongly tied to “location, location, location” still holds true. The overall housing market shows signs of trouble while there are areas that don’t follow the overall trend.

While the data usually isn’t a big market mover it still has the potential to result in some market volatility. The release usually includes remarks from the Chief Economist regarding prices, inventory, and interest rates.

« Previous Page — Next Page »