Late yesterday afternoon a judge denied the motion from the National Mortgage Brokers Association to issue a temporary restraining order on the Federal Reserve rule regarding loan officer compensation. This is a historic move that will change the landscape of both mortgage lending and more importantly the cost of borrowing to consumers. To see the ruling:
CLICK HERE
Thursday, March 31, 2011
Wednesday, March 30, 2011
Gerry Letourneau
Gerry is a real estate agent that works with Chris. Listen to what she has to say about her experience with Chris and Cornerstone Mortgage.
Koven Carlson and Tracy Welsh
Koven and Tracy just closed on the purchase of their new home. Listen to what they have to say about their experience with Cornerstone Mortgage.
Monday, March 28, 2011
Pam and Michael Richards
Pam and Michael just closed on the purchase of a new home with Cornerstone Mortgage. Listen to what they have to say about their experience.
Friday, March 25, 2011
Thursday, March 17, 2011
Here is an interesting set of charts on labor pool statistics and housing. First consider a chart of various civilian population numbers.
Civilian Population, Workforce, Employment
The civilian population is steadily rising. However, none of that increase in recent years is looking to buy a home.
Those not in the labor force are not looking
Those unemployed are not looking
Those afraid of losing their job are not looking
Those in a house and underwater are not looking
Those just out of school and deep in school debt are not looking
Those facing retirement may be looking to sell or downsize
Mortgage standards are much tighter for those who are looking
New Home Sales
Here is an interesting set of charts on labor pool statistics and housing. First consider a chart of various civilian population numbers.
Those struggling to understand why home sales are so bad and why they are unlikely to improve much soon, need only consider the previous set of bullet points.
Annualized New Home Sales to Civilian Labor Force Ratio
People do not realize how much of our economy depends on the housing market.
Think of 1,000,000 homes sold in the mid '00's at an average of $290,000 each and you have $290,000,000,000 in GDP.
Today we are down to $200,000 homes and 284,000 of them. That is $56,800,000,000 in GDP, a decrease of $233,200,000,000 plus whatever multiplier, if any, you want to assign to that.
Civilian Population, Workforce, Employment
The civilian population is steadily rising. However, none of that increase in recent years is looking to buy a home.
Those not in the labor force are not looking
Those unemployed are not looking
Those afraid of losing their job are not looking
Those in a house and underwater are not looking
Those just out of school and deep in school debt are not looking
Those facing retirement may be looking to sell or downsize
Mortgage standards are much tighter for those who are looking
New Home Sales
Here is an interesting set of charts on labor pool statistics and housing. First consider a chart of various civilian population numbers.
Those struggling to understand why home sales are so bad and why they are unlikely to improve much soon, need only consider the previous set of bullet points.
Annualized New Home Sales to Civilian Labor Force Ratio
People do not realize how much of our economy depends on the housing market.
Think of 1,000,000 homes sold in the mid '00's at an average of $290,000 each and you have $290,000,000,000 in GDP.
Today we are down to $200,000 homes and 284,000 of them. That is $56,800,000,000 in GDP, a decrease of $233,200,000,000 plus whatever multiplier, if any, you want to assign to that.
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