The Dow was up 391 points yesterday as Wall Street is optimistic that the worst of credit crisis is behind us and that the economy is faring better than expected. With all of the money rushing into stocks, treasury yields rose on the 10 year note 13 basis points, causing rates on 30 year fixed rate mortgages to go up by 1/8 to 1/4 of a percent.
In other news...
1.New home construction fell nationally for the 24th straight month
2.National City, Ohio's biggest bank, may sell itself as it faces the prospect of more losses from subprime loans.
3. MN received a $4.3 million federal grant that could help prevent up to 7,000 foreclosures across the state. Some of that money will be used to hire additional foreclosure counselors to help homeowners work with their lenders.
4. A MN real estate investment company, TJ Waconia, is being sued by North Minneapolis communities for fradulent dealings in their communities leading to a high number of foreclsoed properties.
Jim Steel
Fairway Residential Lending/IBR Realty
jsteel@frlcorp.com
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