Upgraded five bedroom 3 bath Scottsdale foreclosure home for sale. Open kitchen with island & walk-in pantry.  Great backyard with private pool.  No homes behind this mountain view lot!

This beautiful Scottsdale home for sale is priced at $345,000 and is offered $45,000 below market value.

The total monthly payment (excluding HOA) on this home with an Arizona FHA loan at 5%/5.24% APR would be $2,062 per month.  All offers on this home MUST be accompanied by an underwritten loan approval.

Home Features; 5 bedrooms, 3bath, 2 car garage and 2660 square feet.  The property taxes for 2008 were $2,671

When it comes to Scottsdale, Arizona activities for the whole family to enjoy, McDowell Mountain Ranch features a wide selection of amenities for outdoor and indoor use. This family oriented community was designed for those living an active lifestyle. Scottsdale McDowell Mountain Ranch homes for sale offer convenient access to these great facilities: a five acre park, a community center with a swimming pool, spa, and courts for basketball, tennis and beach volleyball as well as the wildly popular splash fountain. Several miles of trails for running, walking and getting around connect the area neighborhoods and public buildings. If you’re interested in Scottsdale McDowell Mountain Ranch homes for sale you may fill out an information request and we will contact you regarding your specific requirements.

My wife and I form one of the most successful real estate and mortgage teams in the country.    Our SmartBuyer System is GUARANTEED to save every Scottsdale AZ homebuyer a minimum of $50,000, so hiring the right advisers MAKES A DIFFERENCE!

Call our office at (602) 291-4362 to see how our SmartBuyer System can save you at least $50,000 when buying and financing a home.

Would you like to buy homes 10% to 20% below market value? Call our office at (602) 291-4362

cforms contact form by delicious:days

We warned of increased volatility this week, the rate markets are near term bearish but with not much enthusiasm for massive selling. Yesterday mortgage prices started better, this morning starting lower. We suggest floating to start the day, but remind to stay close for our updates. Not willing to press the markets but with the pricing this morning lower we hang in there for a pop. Unless prices improve frm morning levels we will lock at the end of the session if not sooner based on market movements.

Treasuries were weak from the get-go this morning with the stock indexes roaring higher; the DJIA at 8:00 was trading +90. The 10 down 13/32 and mortgages off 7/32. At 8:30 the 10 -21/32 at 3.42% +7 bp, and mortgages -13/32. At 9:00 the 10 yr -16/32 3.41% +6 BP, mtg prices -15/32 and the DJIA +109. JP Morgan profits were well above forecasts (about 7 times better), and is driving all bank and financial stocks higher this morning, taking the entire market up with it. Most all earnings in Q3 are beating the Street estimates although only a few are out so far. Intel is saying sales will to $1B and earnings from Alcoa and others have been better. In China their exports were down 15%, but that is the best in a year. At 9:30 the DJIA opened +90, 10 yr note -14/32 3.40% +5 BP and mortgages at 9:30 -11/32 on 30s, -9/32 on FHAs and -7/32 on 15s.

Sept retail sales hit at 8:30, better than expected; -1.5% overall but when auto sales are extracted +0.5%, expectations were for a 0.2% increase. August retail revised to +2.2% frm +2.7% overall and ex autos +1.0% frm +1.1%. The initial reaction to the better ex auto sales sent treasuries and mortgages lower but both managed to recover a little from the knee jerk. The DJIA and the other key indexes are on fire this morning on better Q3 earnings being reported. No signs of any weakness in the equity markets as the DJIA is now seen headed to 10K.

Earlier this morning at 7:00 the weekly MBA mortgage applications index fell 1.8%; purchases declined 5.0% while re-finance applications were down 0.1%. 64.7% of all apps were for re-finances. The four week moving average for the seasonally adjusted Market Index is up 5.6%.  The four week moving average is up 1.6% for the seasonally adjusted Purchase Index, while this average is up 8.0% for the Refinance Index.  The average contract interest rate for 30-year fixed-rate mortgages increased to 5.02% from 4.89%, with points decreasing to 1.11 from 1.13 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 4.44% from 4.32%, with points remaining unchanged at 1.04 (including the origination fee) for 80% LTV loans. The decline in apps on an increase of 13 basis points in rates tells a big story. With interest rates headed higher the volume is likely to continue to fall until buyers and re-financers believe the best has likely passed for rates.

August business inventories were out at 10:00, expected to be down 0.9%, inventories were down 1.5%; sales were up 1.0%. The inventory to sales ratio at 1.33 month frm 1.36 months in July.

At 2:00 the FOMC minutes are the day’s biggest known-unknown, with the market sniffing for hints of dissention on rate hike timing among the ranks and inflation concern. We know what the statement said, what markets will look for in the minutes is the debate that focuses on when the Fed will decide to wind down the easing. Most Fed watchers are expecting the Fed will start by doing re-pos to drain money from banks before it actually starts raising the FF rate. No matter, the bond market will as usual be ahead of what the Fed actually does, so we don’t wait to see the whites of the eyes before markets discount any tightening. While no one is expecting a tightening move from the Fed for many more months until unemployment bottoms, markets will be way out front in driving rates higher—-slowly, but moving higher.

To apply for an FHA, VA or USDA loan, visit my site

I am starting today by floating; not willing to hold overnight however unless mortgage prices improve from morning pricing levels. We very rarely hold any positions in the market leading into employment reports.

At 8:00 this morning the stock index futures were trading weaker and supporting the rate markets; 10 yr note +4/32 and mortgages +3/32. At 8:30 economic data added more strength to the 10 yr and therefore mortgages; 10 yr +8/32 at 3.28% and mortgages +4/32, the DJIA -38. At 9:00 the 10 yr note was still unable top crack resistance, sitting at 3.28% +6/32, mtgs at 9:00 +2/32 and the DJIA index traded -16. At 9:30 the DJIA opened -26, 10 yr at 3.25% +16/32 and mortgage prices +4/32. (see below for 10:10 levels)

Weekly jobless claims were up more than expected, +17K to 551K against estimates of +7K; continuing claims at 6.09 mil, down a little from last week. The four-week average is at 548,000 — down nearly 25,000 from this time last month and the lowest level since early in the year. Continuing claims fell 70,000 to 6.090 million and show slight month-to-month improvement with the four-week average at 6.155 million vs. 6.220. A gradual improvement but not as swift as what equity markets want to see; however trade in the pre-open improved slightly from prior to 8:30.

August personal income increased 0.2% against estimates of +0.1%; personal spending was expected to be +1.0% but was up 1.3%. August income, originally reported unchanged was revised to +0.2%. Yr/yr income -2.6%. Personal spending yr/yr -0.3%. Spending in August is largely attributed to back to school spending.

At 10:00 Sept ISM national manufacturing index, expected to have improved to 53.5 frm 52.9 in August, hit at 52.6.

August construction spending increased 0.8% against forecasts of -0.2%, but July spending was revised to -1.4% frm -0.2%.

Finally today, the last of the scheduled data; August pending home sales, estimates were for +1.0%, as reported pending sales increased 6.4%. Pending home sales are contracts signed but not yet closed, the lag between existing home sales and pending home sales is due to the time it is taking to get to the closing table.

All of the economic releases this morning have put a strong bid in the rate markets; the 10 yr note broke its resistance and is now projected to fall to 3.10% on a technical basis, but won’t get there unless the stock market rolls over which looks more likely now than anytime in the past two months.

Bernanke is testifying this morning at 9:00 at the House Committee on Financial Services on regulatory reform. Likely nothing that will have any direct market impact.

At 11:00 Treasury will officially announce the amounts of next week’s auctions; likely in the $75B area for 3 yr, 10 yr notes and 30 yr bonds.

Beleagured BofA CEO Ken Lewis announced he will retire at the end of the year. He has been harassed by Congress and NY Atty General Cuomo for months about the acquisition of Merrill Lynch at the onset of the financial crisis, many calling for his head. Led by the likes of Barney Frank, a politician with the largest ego trip ever seen; and followed by Cuomo, the second biggest egomaniac. Frank’s chairmanship of the House Financial Services Committee is the worst consequence of a Democratic controlled House given his attack on the mortgage industry while sweeping away the real culprits, Wall Street and rating agencies that put lipstick on the sub-prime pig and sold them around the world to investors that only saw a AAA rating on the junk.

A very positive move in treasuries this morning, pushing mortgage rates lower. The 10 yr has actually cracked the resistance at 3.28%, a level that has been difficult to break through, we want a close below it however and that will depend on how equity markets trade the rest of the day and tomorrow’s employment report. If the 10 breaks 3.28% on the close the next target is 3.10% and will take mortgage rates down another 15 basis points from current levels. As previously noted, the bond and mortgage markets are bullish, but we need a close under the resistance to drop rates further. Mortgage rates are now on the way to their lowest levels in years.

Tomorrow’s employment report will dominate trade the remainder of the day. Always a hard one to estimate, usually sets off increased volatility. Recent data on the economy has been weaker than expected on almost all releases, putting the stock market in a vulnerable position. If non-farm job losses tomorrow are over 200K it may be enough to finally nail the equity markets. We believe recent treasury buying as equity markets were improving is large investors setting up safety moves when the stock market does give up in a corrective move lower.

This is very favorable news this morning for FHA, VA and USDA loans. Do you need to improve your credit score to get the best rates? I can help restore your credit

Visit this site to apply for an Arizona Home Loan Need to know your mortgage payment?

Visit the best online Mortgage Calculators here.

Buy AZforeclosures homes for $100 Down For more information call my office at (602) 291-4362

Hold rate locks and continue floating this morning; while not much change from Friday’s closing levels, holding in the face of a strong stock market this morning. Keep focused on our rate alerts; we have nice profits from floating last week and we are not willing to give them back on any potential reversal in sentiment.

Get started on an FHA or USDA loan

Treasuries and mortgages opened fractionally lower this morning after two strong days to end last week, taking the 10 yr to 4 basis points from its key resistance. At 8:30 the 10 yr -2/32, mtgs -2/32, the DJIA futures +20. At 9:00 the 10 unchanged, mtgs -1/32 and the DJIA +27. At 9:30 the DJIA opened +33, the 10 yr +1/32 and mortgages unchanged. (see below for 10:10 levels)

No economic data to think about today, but the week has a lot to consider with the Sept employment anchoring all of it on Friday.

Still no confidence that the equity markets are ready to roll over in the long-awaited and overdue correction that even the most bullish are expecting. Last week the three key indexes were lower on the week and there was a technical reversal on the DJIA but the NASDAQ and S&P, broader measures, didn’t demonstrate that weakness. After today the markets will have a lot to work from.

This Week’s Economic Calendar:

Tuesday;

9:00 July Case/Shiller Housing price index (-14.2%, June -15.44%)

10:00 Sept consumer confidence index (57.0 frm 54.1 in August)

Wednesday;

7:00 weekly MBA mortgage applications

8:15 Sept ADP jobs estimate (-200K)

8:30 final Q2 GDP (-1.2% frm -1.0% on the preliminary report)

9:45 Sept Chicago purchasing mgrs index (52.0 frm 50.0, 50 is equilibrium)

Thursday;

8:30 August personal income and spending (+0.1% on income, +1.1% on

spending)

Weekly jobless claims (+5K to 525K)

10:00 August construction spending (-0.2%)

ISM manufacturing index (54.0 frm 52.9, 50 is equilibrium)

August pending home sales (+1.0%)

11:00 Treasury will announce the details next week’s 3 yr, 10 yr and 30 yr auctions (likely in the neighborhood of $72B)
2:00 Sept auto and truck sales

Friday;

8:30 Sept non-farm job losses (-180K)

Sept unemployment rate (9.8% frm 9.7% in August)

10:00 August factory orders (+0.5%)

The Fed will raise its target interest rate for overnight loans between banks by April, based on futures data compiled by Bloomberg. Central bank officials said in a statement last week after leaving borrowing costs unchanged that data indicates “economic activity has picked up following its severe downturn.” Most dealers forecast that yields will remain near current levels into 2010 with consumer prices falling 1.5% from a year earlier and foreign buyers increasing the pace of Treasury purchases as issuance of alternatives such as so-called agency securities decrease. We report it, but we don’t agree with it yet; yes the economic bottom has been achieved but a recovery isn’t likely to be at the pace markets and The Street are believing now. We do not believe the markets are correctly anticipating increased consumer spending, since consumer spending accounts for most of the growth in GDP, markets are expecting consumers are going to return to increased discretionary spending, we disagree but won’t fade the market for now.

The stock market is rallying this morning, fortified with Xerox’s announced purchase of Affiliated Computer Services for $6.4B. Not important that its Xerox or the purchase itself; it is however juicing up thoughts that acquisitions and mergers will increase. Mergers and acquisitions are evidence of recovery in the business sector and increasing optimism that the road ahead is paved with opportunity.

With demand for US Treasuries strong, interest rates are as low now as back in early July. The 10 yr note found very strong support at 3.50%, now trying to test its strong resistance at 3.28%. A full calendar of data this week with employment the key on Friday. Technically the bond and mortgage markets are bullish, but equity markets still rule.

Bookmark this blog if you need to follow interest rates on a daily basis.  Not sure when to lock your loan? Follow my posts on Twitter

Visit this site to apply for an Arizona Home Loan

Need to know your mortgage payment? Visit the best online Mortgage Calculators here.

Buy AZforeclosures homes for $100 Down

For more information call my office at (602) 291-4362