Good day to all!  I have Bob Franklin's mortgage rate update for Monday 10/8/2012.  Bob is with Wells Fargo Home Mortgage with his office located in the city on the beach, Pismo Beach. For your home search needs go to www.myslohomefinder.com Week Ahead: No economic data until mid week Today: US Holiday: Columbus Day, Banks & Bond market closed, Stocks openTuesday: no economic dataWednesday: Beige Book (This report on economic conditions is used at FOMC meetings, where the Fed sets interest rate policy). Treasury Budget report, prior $-190.5B, consensus $0.0B Thursday: International trade gap, prior $-42.0B consensus $-44.0B. jobless claims, prior 367K, consensus 370K. Import Prices,  prior .7%, consensus .7% and Export Prices, prior .9%, consensus .4% Friday: producer price index, prior... 10/08/2012

I have this weekend's mortgage rate update for the weekend of 10/6 to 10/7/2012.  It is from Bob Franklin at Wells Fargo Home Mortgage on the Central Coast of California. See my web site www.myslohomefinder.com for all your San Luis Obispo County home search needs.   The Day Ahead: Jobs Report Dominates Friday's Calendar Of Events Today's report includes a surprise drop in the unemployment rate-but it is statistically questionable. Payroll numbers continued modest improvement. The unemployment rate unexpectedly dropped to 7.8 percent, following a decline to 8.1 percent in August. Nonfarm Payroll jobs in September gained about as expected with a modest 114,000 increase, following an rise in August of 142,000 (originally up 96,000) and an increase of 181,000 in July (previous estimate of ... 10/06/2012

I read this at at first I thought maybe this will take care of the truancy issue, but then I realized "Who's watching the kids now when mom's in jail?"  Plus there are some other arrests that make you really wonder! This is from the www.calcoastnews.com   California mom goes to jail for letting kids skip school October 4, 2012 Lorraine Cuevas A Kings County mother is spending 180 days in jail for allowing her children to repeatedly miss school [KPMH]. Lorraine Cuevas, 34, violated California’s chronic truancy law by allowing her second and third grade students to skip a combined 116 days of last school year, which exceeded the state maximum of 10 percent of the school year. Kings County Superintendent Tim Bowers said Cuevas had plenty of time to avoid going to jail. “It’s a process that... 10/06/2012

Sometimes we have to look outside the U.S. to see what we are missing!  It is easy to feel sorry for yourself, but sometimes you have to look at the situation of others to truely appreciate that our problems aren't as bad.  The Euro Zone is a prime example of this.  Look at Greece and Spain!  Unemployment at 25% in Greece and Spain!  On Friday the U.S.'s  was 7.8%!  Read the following article by Mike "Mish" Shedlock for some of the details that are now hitting Greece!   Greek Prime Minister Warns of Societal Collapse Like Weimar Germany; Citizens Storm Defense Ministry; Merkel Takes Gamble on Visiting Greece Greece is politically and economically bankrupt. Unemployment is 24.4% and destined to get much worse with the latest round of austerity measures.Worse yet, Greece is still encumber... 10/06/2012

Here is the mortgage rate update for 10/04/2012.  It is brought to us by Bob Franklin at Wells Fargo Home Mortgage in the beautiful city of Pismo Beach California. Go to www.myslohomefinder.com  for all you San Luis Obispo County home search needs. Here's Bob- The Day Ahead: Jobless Claims, Factory Orders, FOMC New Jobless Claims are steady and slightly higher than a month ago, at 367,000 in the September 29 week which is about the same level as late August. Unchanged is the four-week average which at 375,000 is 3,000 to 4,000 thousand above late August. A 5.2 percent decline in Factory Orders for August, but when excluding transportation equipment, which is where aircraft is classified, orders actually rose in the month, up a second straight 0.7 percent. FOMC Minutes later this morning... 10/04/2012

Here is today's mortgage rate update for 10/3/2012.  Bob Franklin at Wells Fargo Home Mortgage supplied the update to us.  His office is in Pismo Beach California. See my web site at www.myslohomefinder.com for all your home search needs. The Day Ahead: ADP, ISM Non-Mfg Index         ADP estimates that September private payrolls will rise by 162,000, which is stronger than the Econoday consensus for 140,000 and points to solid monthly acceleration from the disappointing 103,000 actual increase in the August employment report. Orders are surging in the non-manufacturing sector where the ISM index for new orders jumped four points to 57.7.Dow is trading at 13,522 +40.03, the 10 yr bond is at 1.63% from 1.63% Yesterday, . Currently mortgages are better from Yesterday   Conv. - 3.125%FHA. -... 10/03/2012

Are mortgage rates going lower?  Can we see sub 3% 30 year mortgage rates? Thanks to Bob Franklin from Wells Fargo Home Mortgage for the update.  Bob is with Wells Fargo Home Mortgage in Pismo Beach California. Please use my web site at www.myslohomefinder.com   The Day Ahead: Motor Vehicle Sales Motor Vehicle Sales of total light motor vehicles gained a sizable 3.1 percent in August, following a 2.0 percent dip in July. Sales for the month were an annualized 14.5 million units which matched February as the best rate of the year. Dow is trading at 13,349 -16.03, the 10 yr bond is at 1.63% from 1.64% Yesterday, . Currently mortgages are unchanged from Yesterday   Conv. - 3.25%FHA. - 3.0%      Make it a Great Day!!     Bob Franklin Mortgage ConsultantNMLSR ID 248760 Wells Fargo Home Mortg... 10/02/2012

Why are so many 24-34 year olds back living with their parents?  Is it because of college loan debt or lack of jobs or a combination of numerouts other factors.  Dr. Housing Bubble talks about this in  the article below.  They show some interesting charts.  Thanks to Dr. Housing Bubble for this great article. Young and living at home – Record percent of 25 to 34 year olds living with parents. Los Angeles employment figures back to 1990 levels. Rents rising are merely a sign of a squeeze on standard of living. When it comes to real estate, California seems to push things to the extreme. When the nationwide market was booming California was booming with even more bells and whistles. When things went bust, we went down like a boxer with a glass jaw. Now with housing values going up, some a... 10/01/2012

Good morning to all!  Here is Monday October 1, 2012 mortgage rate update from Bob Franklin at Wells Fargo Home Mortgage located in  the city of Pismo Beach California.  Go to my web site at www.myslohomefinder.com for all your home search needs. The Week Ahead: Manufacturing Data, FOMC Minutes, And Employment Situation         The ISM report is bouncing back following three months of contraction going back to June, but not for September with the index at a better-than-expected 51.5,from 49.6. Construction spending declined 0.6 percent in August, following a 0.4 percent drop in July (originally down 0.9 percent). The consensus called for a 0.6 percent gain. Tuesday: Motor Vehicle Sales, prior 11.6M,  consensus 11.7MWednesday: ADP Employment Report, prior 201k,  consensus 190k. ISM Non-M... 10/01/2012

 Here is a super article that caught my eye about the percentage of Californians that are paying more than 50% of the money they make for housing.  This is not just for mortgages but also rents.  The following article is from the Orange County Register.   High housing payments the new 'American nightmare' Millions of Californians are paying close to half their income for housing – a level once considered foolish. Even as home prices have tumbled, the cost of homeownership has continued to rise.         During the past decade millions of Californians have begun paying a much larger share of their income for housing. The map shows the counties where households with mortgages were paying half or more of their income for housing in 2010. Click on a county to see the percentage of households... 09/30/2012

I was shocked at how much more new housing starts went up!  We really need the inventory, especially in the moderate priced properties.  I talk with developers all the time, and they still are saying that it is hard to get financing and go through the bureaucratic nightmare of modern day California and the planning commissions.  But the banks are starting to lend again for developments and the plaining commissions are loosing up on the restrictions and getting realistic. Please review the chart below to see how the new housing starts are increasing!     09/29/2012

I don't know if anyone feels the same about the lower rates that I do, but is our economy shrinking that much!  Where are the jobs!  Are you better off now or 4 years ago? This really disturbs me!  I see housing picking up, but eventually this will become numbing!  Should our clients buy now, or should they wait!  I think they should buy since the inventory is low, and if you need a home you get all the tax savings!  Plus you own something!  But others say the prices will drop 20% more, and we may see inflation come back! Here are the mortgage rates for the weekend brought to us by Bob Franklin at Wells Fargo Home Mortgage in Pismo Beach California.  Visit my web site at www.myslohomefinder.com for all your home search and sales needs in San Luis Obispo County. August was a mixed month ... 09/29/2012

I have not been one of those that complained about taxes here in the U.S.  I had the  luxury of traveling when I was younger!  I recall the VAT tax in Europe and how expensive everything was.  I remember riding a train between Italy and France and seeing one middle aged woman arrested at the boarder by the French for bring too much money in cash into the country without declaring it. I don't know her story but I don't think the money was illegal!  Maybe I'm wrong!  I talked to a French policeman later and he said that many French tried to avoid taxes by placing money into "tax havens" and then smuggle it back into the country. He said this was a crime and you could do time in jail for this and have the money confiscated.  I read a story about Italy.  The story was about a special Italia... 09/29/2012

Here is a great article about the shadow inventory and the rising of home prices.  Thank you Dr. Housing Bubble for the information and the great charts. At the core of QE3 and every other program aimed at saving the financial system is the ultimate mission of stunting the natural market process. It is hard to find any system that is purely market based especially when it comes to housing. The US since the Great Depression has heavily subsidized housing via Fannie Mae, Freddie Mac, and other programs but also through more subtle benefits like those offered via the mortgage interest deduction. Yet each step that has been taken to “fix” the housing market has become more dramatic in fashion and is like using a bazooka to remove one cockroach. At first if you recall it was a suspension of ... 09/28/2012

I have been calling around to all the seasoned bankers and investors that I know to see if any of them have seen mortgage interest rates this low and attractive in their histoy!  Not one of them have seen anything like it!  One old friend Duane, who is a hard money guy, said everyone should be "loading up on real estate" at these interest rates, and at least refinancing their real estate.  Duane gave me the best financial advice I ever received when he told me in 2000 to "load up" on gold and silver!  He said he sees inflation coming in the near future with all the governmets printing money to stimulate their economies.  I still remember my dad having a 4% loan on his property, and being amazed when interest rates for a mortgage were over 13% in the 1970-1980's period. Here is Bob Frank... 09/28/2012

Good morning to all!  Here is today's mortgage rate update brought to us by Bob Franklin at Wells Fargo Home Mortgage in Pismo Beach California.  Use my web site at www.myslohomefinder.com for all your home search needs. The Day Ahead: Consumer Spending, Consumer Sentiment Index         August was a mixed month for consumer income, Consumer Spending and inflation. Income growth came in soft, spending was up on higher gasoline prices and autos, and inflation was high on the headline but modest on the core. Personal income in August rose a modest 0.1 percent after a gain of 0.1 percent the month before. The consensus expected a 0.2 percent rise. The wages & salaries component was sluggish with also a 0.1 percent rise and following the same pace in July. Consumers saw the second half of th... 09/28/2012

I have to agree with what the polls say.  There is too much regulation on the local front, county, state and federal governments.  I was at my local supermarket yesterday and I saw a sign the said the county had "banned" plastic bags and you had to bring in your own bags effective in October.  It said that if you didn't have a bag you would be charge 10 cents per paper bag.  This law was passed by the County Board of Supervisors!  As I was walking out of the market, a young man came up to me and asked for spare change.  I reached into my pocket and gave him several coins.  I asked him what he was going to do with the money he collected and he said he wanted to buy food in the store because he was hungry.  He went on to say he lost his job in an auto plant in the bay area, and he was hit... 09/26/2012

My colleague, Jeff Prostovich, and I had a hand in bringing the best new bakery-cafe to downtown San Luis Obispo by finding them the perfect spot to open their business and a great condo to live in. Breaking Bread Cafe opened just a few weeks ago, and owners Glenna and Mark Evans have already begun making a delicious name for themselves among local bread connoisseurs. The bakery-cafe, located at 1074 Higuera Street (at the corner of Santa Rosa), sports a sunny yellow awning that is easy to spot from anywhere on the street. It's part of the County Building, and access is from the main building or street level. Parking may be a bit of a hassle (and where in downtown SLO is it NOT a problem?), but you'll find a spot. Breaking Bread is open from 7 AM to 3 PM weekdays (closed weekends) and ... 09/25/2012

Here is the update for 9/25/2012.  Mortgage rates are at record lows 3.125% for a 30 year mortgage. The update is from Bob Franklin at Wells Fargo Home Mortgage in Pismo Beach California. The Day Ahead:  S&P Case-Shiller data, Consumer Sentiment        Home prices continued to trend higher in July but at a slowing rate, based on S&P Case-Shiller data that show an adjusted 0.4 percent monthly gain for the 20 city index. This is the sixth straight monthly increase for the adjusted index though it is the slowest gain since February. Consumer spirits are definitely picking up with the consumer confidence index, which had been lagging indications of strength in rival reports, jumping a very strong nine points to 70.3 in September (August upwardly revised to 61.3). This is the best reading si... 09/25/2012

Check out the record low mortgage rates at 3.1125%  This update is from Bob Franklin at Wells Fargo Home Mortgage in Pismo Beach California. Go to my web site at www.myslohomefinder.com for all your real estate needs.   The Week Ahead: Relatively Busy Week Of Data, Plus Treasury Auction And Month-End Trading       Tuesday: The S&P/Case-Shiller 20-city home price index, prior0.9%, consensus0.9%, Consumer Confidence, prior 60.6, consensus 64.8   Wednesday: New Home Sales, prior372K, consensus380K   Thursday: Durable Goods Orders, prior4.2%, consensus-5.0%, GDP, prior1.7%, consensus1.7%, Jobless Claims, prior382K, consensus376K, Pending Home Sales, 2.4%, consensus0.3%   Friday: Personal Income and Outlays, 0.3%, consensus0.2%, Chicago PMI, prior53, consensus53, Consumer Sentiment, prior79.... 09/24/2012