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Mortgage and Freeway Update

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Blog by Doug Ingersoll | July 8th, 2013

From Stuart Crawford at V.I.P. Mortgage:

"The big event last week was Friday's Employment report.  The labor market data came in stronger than expected, which was great news for the economy, but it caused mortgage rates to end the week higher (once again).

Against a consensus forecast of 160K, the economy added 195K jobs in June, and upward revisions to the figures from prior months added another 70K (the Unemployment Rate remained unchanged at 7.6%).  Since the jobs data exceeded expectations in nearly every area, mortgage rates took a “double blow” on Friday.

Unfortunately many consumers are going to face a higher interest rate reality when they check in on mortgage rates today (as compared to where rates were right before the 4th Holiday).

Although, last week we began to hear some “bad news” once again from other countries.  China's central bank unexpectedly tightened monetary policy to try to rein in bank lending.  This comes at a time when recent economic data from China has reflected slower economic growth.  In addition, the Portuguese government is having difficulty generating support for its austerity program, calling into question the political will to institute reforms in other European countries.  Finally, protests and violence in Egypt increased in scale.  Uncertainty in China, Europe, and the Middle East adds to the already high levels of volatility seen in mortgage markets recently.

The Economic Calendar will be very light this week.  Investors will be focused on Wednesday's release of the FOMC Minutes from the June 19th Fed meeting.  These detailed minutes often offer additional insight into the thinking of Fed officials"

Stuart can be reached at 602.710.8975

And from the fine folks at the Aviano Community Center comes this information about the Black Mountain Blvd project:

"The Black Mountain Blvd Project is currently being planned to be built next to our neighborhood with construction set to start in 2014. The SR 51 freeway will have an on/off ramp that will overlook Wildcat Ridge Community and then exit onto Black Mountain Blvd.  This freeway access will be above the road and therefore will be visible from the neighborhood.  The road will then widen and continue adjacent to Fireside Community, Fireside Elementary school and Pinnacle High School.  Ultimately, Black Mountain Blvd north of Deer Valley Rd. will be a 6 lane thoroughfare which will eventually loop around and join I-17 North toward Flagstaff.  This will create a connection between SR 51 and I -17, allowing drivers to use the neighborhood to avoid 101W.

There are two steps that can be taken as a homeowner in the Desert Ridge Community to express your opinion.
1.    Submit a comment on the website BEFORE JULY 8TH:
2.    Call Councilman Jim Waring’s office at 602-262-7445"

Check out the website as it contains some good information.

Tags:aviano,desert ridge,phoenix,real estate,villages at aviano,fireside,Arizona,short sale,foreclosure,fireside at desert ridge,Toll Brothers,pulte,bella monte,north phoenix. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Charts courtesy of The Cromford Report and Michael Orr.