Nashville Real Estate Forum

Weekend Market Update

April 24-25, 2010

Major stock indices moved higher for the week as the Dow Jones Industrial Average closed on its high (11,204) for the year and finished higher for the eighth consecutive week. Volume on the NYSE closed above its 200-day average for the third straight session.

The gains followed another report showing the economy is getting better. The Commerce Department said sales of new homes jumped 27 percent in March, bouncing off a record low in February. It was the best month since July and the biggest monthly increase in 47 years. However, much of the recent big gains in home sales were aided by customers who are trying to qualify for federal tax credits that will expire at the end of this month.

Oil stocks led the gainers as crude oil traded in the $85-a barrel range.

Mortgage rates rattled around a tight range for most of the week. Look for first-quarter GDP data to be next week’s most-watched economic news. The 10-year Treasury closed at a yield of 3.82%.

Goldman Sachs boasted about its profits in company emails while selling to investors a bundle of sub-prime mortgages that Goldman itself was shorting. The Securities and Exchange Commission has filed a civil fraud suit against the mammoth investment banking firm claiming that it was touting a mortgage product as AAA-rated while secretly taking massive positions in the market that the investment would fail. Those machinations by Goldman added fuel to the mortgage meltdown in 2007, the lawsuit contends.

30-Year Conventional Fixed

5% $100,000-$417,000


FHA-100% VA

5% $100,000-$393,300


30-Year Jumbo Fixed

5.875% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

5.35% $100,000-$393,300

4% of sales price Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658 Toll-free fax: 866-321-6513

“Anything you're good at contributes to happiness.” --Bertrand Russell


Visit my real estate website:

http://www.REALCarte.com

Visit my mortgage website:

http://www.BrentwoodHomeLoan.com

(0% points, 1% origination, subject to program and lock period. Market Update informs consumers and Realtors on market trends, offer subjective opinions and is not a quote for a unique borrower. Email info@REALCarte.com to receive Weekend Market Update and other resources via email.)