As normal, our market takes moves in anticipation of reports and expectations. Early last week we saw higher interest rates because the expected outcome of inflation going into the last days before expected reports delivered the facts were fearful. On the other hand, the regional Vice President of Wells Fargo, Jennifer Eggen wrote last week that the CPI (consumer price index-go to the link to get a brief explanation of what the CPI is…your welcome)brought the facts, and the facts were that the inflation was not as expected and the week ended in a bettering of the interest rates. Lastly in Jennifer’s message, she made another note that was well worth sharing. Now, if you have bought a home recently and can remember the huge stacks of papers that you signed, you know that it was probably a little too much and therefore you didn’t read all of it and just trusted that your Title agent explained it to you. Well, recently RESPA (Real Estate and Settlement Procedures Act- go to the link for a brief…I know, your welcome)had been proposed to add another document for home buyer to sign. Finally, 240 House of Representatives sent the HUD a letter mentioning that with so many disclosures that must be signed at a closing, people already skip the reading, sign, and move on, and adding one more isn’t going to do anything but reinforce “skippage”. Long story short, we save a couple trees. (:
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