Today Citi is leading the charge again, after getting completely out of the market yesterday. Today rates improved initially because jobless claims came in higher than expected; again, such signs of economic weakness typically portend lower rates. BUT, we just received several “price change for the worse” announcements from some of our lenders. So we’ll see how long Citi’s 4.0% rate lasts.
Lastly, it was reported that Fannie and Freddie owned almost 200,000 properties at the end of June. This is almost twice the number they owned last year at the end of June. In addition, Fannie and Freddie have already foreclosed on more properties this year than they did in all of last year.
Obviously, we’ll continue to see a tremendous quantity of foreclosure inventory, boding well for buyers and Realtors representing them.
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