WELCOME…

Hello, and  welcome to my blog www.mortgagediaries.com… a place for current mortgage, real estate, and financial market information.   I’ve designed this blog to provide clients, referral partners, and anyone else who seeks it, insight regarding our real estate and financial markets.  Sadly, our current media outlets  have become  an awful source of information and tend to be very biased with their reporting.    Coincidentally, most in the mortgage industry who call themselves “professionals,” really aren’t much different.  Even those ranked as top-tier members of our industry are flat-out uninformed, or too persuaded by lining their own pockets.   The intent of this site is to go against the grain, and actually provide honest information, as well as “the why” behind the markets.  Knowledge is power, and I work diligently to be a central source of information.

For my clients, my goal is to educate you so that you can be more “consumer savvy.”   A mortgage is not just a debt, but a financial instrument that can be woven through ones financial picture to enhance their overall quality of life.  If not handled properly, it can do the exact opposite, so it’s a job I take very seriously.  

For my referral partners, my goal is to be a resource for you.  To be someone that you can rely on for current market knowledge, and sound advice.  More  importantly, to ultimately create value for your business, and to help it grow.  My best partners are my  friends, and my choice early in my career to work with only those I like, has paid off greatly.   I have no hidden motives or intentions but to merely give back to the industry that has given me so much. 

ABOUT ME:  I am currently the General Manager of  Benchmark Mortgage, an Award Winning Mortgage Company and Direct Lender.  A business that I started from the ground-up, and is now an award winning mortgage team.  I am a Banker with my own lending line and personal underwriting team, as well as licensing with 57 additional lenders to pursue the strongest financing options for buyers and refinancers.   As a Mortgage Professional, I learned early in my career that my job is my hobby, and this has played a major role in the success of the company.   Along those same lines of enjoying my profession, I am  also the  host of “REAL TIME REAL ESTATE,” on 1170am on Saturdays from 2:00-3:00  where we will be discussing current market trends related to finance, real estate, and credit. 

I have surrounded myself with a team of  seasoned professionals that are the industries finest.  Through the years they have assisted me in personally closing thousands of mortgage transactions, and rewarding these homeowners with better paths to financial freedom.   A properly designed mortgage translates to a long term debt strategy that can lead one to financial wealth and stability.   This is my goal for every client, a comfortable livelihood, and long term wealth creation.  We are a company that operates on some very steady principles.   Hard work, Integrity, Education, and Innovation.   These qualities have made us leaders in the Mortgage World where  everyday, our goal  is to set the industry standards.    Our clients and our valued referral partners are our family, and we work vigorusly to take customer service to an unprecedented level.  I truly am available 24/7, its not just a redundant cliche.    Last but not least, we never stop learning.   There will never be a day we stop the education process, as the markets and this industry are constantly evolving.

Youll notice the website is titled mortgagediaries.com.  I came up with this title because I want this to be something more then just an education for you.  When you truly dive into it, the mortgage industry and financial markets are incredibly fascinating.   Not only psychologically, but also with day to day experiences that I encounter.    Our industry and country have become saturated with those who are simply in it for a buck, and selfless acts have become pretty difficult to discover.  I wake up everyday with the intentions of differentiating myself from these people.  Oddly enough this principle has allowed me to be successful despite what many would call a tough economic climate.   This blog is my simple attempt to educate, enlighten, and maybe even entertain a bit .  I hope you can enjoy…and I genuinely thank you for reading.  If you ever have any questions or concerns, please do not hesitate to contact me directly.  619 846 9333, craigsewing@yahoo.com, craig@nationstoplender.com.  Thanks again…and here we go!

3-9-2010, Real Estate Market Update & Video

I think today video is worth watching because it really puts things in perspective!

There is no guarantee ever that now is the most opportunity to buy…However, lets look at the example the Dow is giving us today.  It is up 62% from is bottom.  On this same day last year the Wall Street Journal stated, “Dow to 5000?”…. For those who don’t rely on the media to take advantage of market opportunities…Theyve done pretty well!

VIDEO:

Tuesdays Market Update (Must Watch for Perspective on Real Estate)

Other then than, wild week until Thursdays Job Reports—Should be big market mover! 

Real Time Real Estate, Live March 6th, 2010

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3-8-2010, Real Estate Market Update & Video

Hope you had a great weekend!
Thank you Prem Advani for sharing your insight into the markets on “Real Time Real Estate,” we’ve gotten great feedback.
 
Relatively quiet week in the markets this week, bonds and mortgage rates will most likely take their direction from technical factors which I discuss a little bit in todays video.
 
 
Important Points for the day:
 
*Its looking like the European Union will be bailing out Greece.  This creates a little more certainty in the marketplace.
 
*Last Fridays employment numbers were stronger then expected.  Personally, I think we’ve rounded the corner in this economy, but there is still quite a bit of headwind. Will not be a steady climb.   Keep in mind, as the economy improves, this pulls money out of the bond market causing mortgage rates to rise.
 
*Pretty light week ahead of us on reports until Thursdays Initial Jobless Claims, and Fridays Retail Sales.
 
Currently floating as mortgage bonds trade along a 100day moving average, and it has been a pretty comfortable level of support thus far!
Have a great week!

3-4-2010, Real Estate Market Update & Video

 
 
Quick Points for Today
 
*The bulls in the mortgage bond market continue to keep prices above the 100day moving average.  This has treated mortgage rates well, and I continue to be biased towards locking in.
 
*Initial jobless claims were report at 469,000, meeting expectations.  Continuing claims, those who continue to receive benefits for up to 26 weeks fell by 134,000.  These #s are decent at best.
 
*Pending home sales came in at -7.6%, much worse then the expected 1%.  Quite possibly from the lousy weather we’ve experienced recently. 
 
Please watch todays video for more insight on housing and unemployemt, as well THE WHY behind the market. 
 

3-3-2010, Real Estate Market Update & Video!

Happy Wednesday…Hopefully you have a great start to the week…Lets make sure we have a great finish.
 
FYI -Tomorrow there is a seminar at the Doubletree in Mission Valley- “Rich Dad Poor Dad,” real estate related.  I do not know too much about it, but if anyone would like to join me I have a few slots I can give out.  Should be interesting.
 
Relatively quiet day in the real estate markets…Heres what you need to know…
 
 
Important Points:
 
*ADP employment report provides the reading on private sector jobs showed 20,000 jobs lost in February.
 
*Bond prices are currently floating along the 100day moving average.  Given the recent gains, I am of a locking bias depending on a where a client is in the transaction.
 
*Keep in eye out:  10:45 pacific time.  Obama plans to speak about a last bid push to overhaul the healthcare system.  If he doesnt get the support, democrats may proceed with a “reconciliation option.”  This means the bill could be passed with a simply majority of 51 votes rather then the 60 that is normally required.  This is important because it effects 15% of our overall budget!  Lets keep a close eye on.
 
HAVE A GREAT DAY!
This Saturday, Real-Time Real Estate guest—>Prem Advani from downtown!
Should be a good one.

Real Time Real Estate Live - Feb. 27, 2010

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3-1-2010, Real Estate Market Update & Video!

What a beautiful morning to start the week in Real Estate…Nice to see the rain has passed us.  
First and foremost, THANK YOU to George Lorimer for being on “Real Time-Real Estate.” George was awesome, and very understandable why he’s a leader in the real estate industry.
 
 
Quick Points:
 
*Inflation measures came in tame. This is very healthy for the bond market and interest rates!
*Consumers are making less, saving less, and SPENDING MORE!  Personal income rose by .1% well below expecations of .4%.  But that didnt stop them from spending which increased to .5% above expectations of .4%.  Personal savings rate fell to 3.3% from 4.2% in December. This is the lowest savings rate since October of 2008.
 
*I am currently floating on the VERY short term, but very much of a locking bias.  Case by case basis depending on clients situation. 
 
*Quick Randem Fact:  We are now in the month of March. March is the 5th highest ranking month over the past 20years for performance by the S&P 500.
 
Reminder:  The governments MBS program ends March 31st.  Get your buyers off the fence, we are going to see higher mortgage rates soon!

2-26-2010, Real Estate Market Update & Video!

What a week in the market.  Lots of volatility and we’ve seen mortgage rates significantly improve.  GREAT TIME TO LOCK!
 
Todays Video a Must Watch!
So much, that Im not going to type out todays important points in this email…I want you to watch the video and listen to the #s and information thats relevant!  But I will say GDP #s came in strong, but are inflated at 5.9%, strongest # in 6 years.
 
I have a question for everyone reading this email…
 
This year ARE YOU ALL-IN?
 

2-23-2010, Real Estate Market Update & Video!

Good News in Housing today…and very volatile rates due to mixed messages from our economy.

 
 
Important Points for the day:
 
*Consumer Confidence was reported at 46.0, much lower then 55.0 expected.  This signals that there is a disconnect between Washington, the Media…vs. How we feel at home.  If the consumers not happy, then moneys not being spent, and the economy is suffereing.  The Dow is presently down about 90 points.
 
*Due to the negative news in the economy, as well as a correction in the bond market, bond prices have increased….causing lower mortgage rates!   Expect prices and rates to shift quickly in one direction or another depending on the remaining reports this week.
 
*Good news in housing.  The Case Shiller Home Price Index rose by .3% in December, 7th straight monthly increase.  This guage measures house prices in 20 of the largest US cities.  Down 3.1% year over year, marking the smallest decline since May of 2007.
 

2-24-2010, Real Estate Market Update & Video!

Despite yesterdays positive housing figures, today wasnt so pretty!
 
Quick Points:
 
*Bernanke spoke today- anticipates subdued inflation.  Nice in theory, but as we know by some of Bens historical predictions, hes not always accurate.  i.e. “the subprime crisis was contained.”  “2009 unemployment being between 4.8 -4.9%”
Bens a brilliant guy, but nobody bats 1000%… I think inflation is something to be very fearful of…and he is SELLING the markets right now.
 
*New home sales for January were reported at 309,000, below expectations of 354,000.  Inventory went from 8months to 9.1 months.
 
*Loan applications are down as a whole…NOT IN THIS OFFICE!  Maybe its because I work with some of the best agents in the world!  We’ll put this housing market on our backs if we have to.
*Big reports coming out tomorrow and Friday. Expect this to have a big impact on the markets and mortgage rates.  Thursday- Durable goods, and Jobless claims.  Friday - Gross Domestic Product.
 

2-17-2010, Real Estate Market Update!

*Housing Starts for January:  reported at 591,000 vs the 580,000 expected. Also Decembers numbers were revised to 575,000 from originally 557,000.  These postive signs are most likely due to the tax credit and MBS low mortgage rate program. Nonetheless, anything positive in housing we absolutely want to embrace.  I would expect to see even more positive numbers come spring.

*Turmoil continues in Greece.  If this seems incredible to you…Be very careful to judge.  The current U.S trends are headed down the same path.  Kansas City Fed President Thomas Hoenig is expressing tremendous concern regarding our economy.  Using words such as HYPERINFLATION.  This is when prices rise so fast that the currency becomes worthless.  This happened to Germany after World War I.  Scary.

2-16-2010, Real Estae Market Update & Video!

Despite this VOLATILE economy with turbulent swings in all directions…There are still days that lack much excitement.  TODAY IS ONE OF THEM!
 
However, the rest of the week will be JAM PACKED with impactual news.  Unfortunately I will not be able to create videos for the rest of the week to discuss “the why” behind the market, but I will do my best to at least email the news as it relates to housing!
 
 
Important Points:
 
*Empire State Manufacturing Index came in at 24.91, higher then expected 18 measure. This is a postive sign for the economy, and the DOW is up 80points because of it.
 
*Greece continues its tailspin.   The European Union is inching towards a bailout.
 
*Later this week BIG ECONOMIC reports…
 
Wedensday:  Housing Starts, and Building Permit Reports- Will show the health of the housing market.
 
Thursday:  Consumer Price Index:  Measurement of inflatoin.  Any signs of inflation will be BAD NEWS for mortgage rates.
 
Thursday:  Initial Jobless Claims:  Good #s = good for the economy- bad for mortgage rates.
 
I apologize that today is uneventful, but more impactual news will certainly be occuring this week.  I will do my best to still get you these reports.
 

Save Money San Diego - Feb. 13, 2010

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2-11-2010, Real Estate Market Update & Video!

 

 
I think this video is worth watching as the information is very relevant to todays marketplace!
 
Important Points Today:
 
*Foreclosures are down last month by 10%, but still up 15% year over year.
 
*Initial Jobless Claims in the latest week were 440,000, below expectations of 465,000.  This has caused a small rally in the market. 
 
*Bond Prices are at steady levels—> thus so are interest rates.
 
*White House Forecast:  95,000 Jobs created per month in 2011…
NOTE- Due to population growth jobs must grow at 125,000 per month to hold steady!
Isnt it odd that the White House budget estimates unemployment to be 6% by 2015? Seems like a contradiction!  Something pretty common from both parties these days.
 
CURRENT STATUS ON LOCKING RATES:  50/50 Lock Vs. Float. Depends on the sentiment of the client, and where we are in the transaction.  Aggressive clients should float, conservative clients should lock in.

2-10-2010, Real Estate Market Update & Video!

 
 
ALL I CAN SAY IS GOOD THING WE LOCKED. 
Bond prices have been damaged due to market conditions.  Clients closing soon will suffer.  DO NOT underestimate the importance of working with a mortgage professional
 
“Although at present the U.S. economy continues to require the support of highly accommodative monetary policies, at some point the Federal Reserve will need to tighten financial conditions,” Bernanke said in remarks prepared for a hearing of the House of Representatives Financial Services Committee.
 
Whats this mean?  Expect the Fed to start tightening monetary policy to hedge against inflation.  Short term rates will be raised soon.

Good thing to do some homework on…Carry Trade!

Ill be discussing this soon…

2-9-2010, Real Estate Market Update & Video!

Not too many major reports, but ALOT of interesting “stuff” happening in the marketplace.  My video discusses in detail…with the main point of discussion being how we are tied into the global economy.  Take a look…

 
 
Important Points:
 
*James Bullard, Fed member out of St. Louis discusses his fears of inflation. Remember, this will have a very negative effect on mortgage rates
 
*Bernanke speaks tomorrow, very important to listen for some of the verbage used…Specifically about the future plans regarding short term interest rates. Raising these rates would fight inflation, but put the economy at risk.
 
*European markets continue to struggle. This is increasing the foreign appetitie for our bonds.  Treasury auctions come out today, will be interesting to see how aggressive the buying is.  Will undoubtedly effect mortgage rates.
 
TO LOCK OR NOT TO LOCK?
 
We’re not in Vegas.  We have to continue to lock into these gains..  However, could see further improvement to mortgage rates if the foreign appetite for our bonds is strong.

Save Money San Diego, Live Feb 6th

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2-4-2010, Real Estate Market Update & Video!

Wow! Shocker in the marketplace…
Remember- when it comes to mortgage rates, news trumps technicals…and some negative news has hit the market causing bond prices to FINALLY break the 100day moving average.
 
THE JOBS MARKET IS CLEARLY HAVING THE BIGGEST IMPACT ON OUR MARKETS THESE DAYS…certainly relevant to housing.
 
 
Important Points:
 
*Initial jobless claims last week were 480,000 quite a bit worse then 455,000 that was expected.  This has caused the DOW to plummet and bond prices to increase (mortgage rates have improved).
 
*Continuing claims of unemployment increased to 4.6million.  THIS DOESNT COUNT THE 6 MILLION WHOSE UNEMPLOYMENT BENEFITS HAVE EXPIRED AND ARE NOW RECEIVING EXTENDED EMERGENCY UNEMPLOYMENT BENEFITS..
 
*4th quarter productivity numbers rose 6.2%, below expectations.
 
*Continued locking stance to protect these nice gains we’ve seen.

2-2-2010, Real Estate Market Update & Video!

Puxsutawney Phil predicts 6 more weeks of Winter….Does anyone really care here in Southern California?!  Heres a prediction for you…52more weeks of perfect weather here in San Diego.  I should get a holiday named after me:)
 
Ok…On to more serious stuff…
 
Quick Video:  Tuesdays Update–Housing News, Lock Rates!
 
Important Points:
 
*Pending Home Sales were up!  December year over year #s = 10.9% increase
 
*Dow is up about 80points due to the good news in housing
 
*Mortgage bonds are trading at the top of their trading range approaching the 100day moving average.  We have not been able to break through this 5 times now!….This makes locking rates in a pretty obvious decision..