Loan Applications Down - Not in New Mexico!

Mortgage application volume was down last week as interest rates declined on long-term mortgages, according to the latest survey from the Mortgage Bankers Association.

The market composite index, a measure of mortgage loan application volume, was 552.6, a decrease of 6 percent on a seasonally adjusted basis from 588 one week earlier. On an unadjusted basis, the index decreased 6.2 percent compared with the previous week and was down 23 percent compared with the same week one year earlier.

The seasonally-adjusted purchase index decreased by 7.1 percent to 396.4 from 426.7 the previous week whereas the refinance index decreased by 4.3 percent to 1480.5 from 1546.8 one week earlier

Inflation and the Interest Rate

Just when the Fed stated yesturday they probably were not going to increase Interest rates any higher, they will have to. With the high costs of gasoline, businesses can no longer absorb the fuel delivery costs of their wholesale items and will have to raise there prices. Can the Fed keep Inflation in check? Time will tell? my personal opinion is no.

Forbes: Albuquerque Best Place for Business!!

Forbes announced yesturday that it has ranked Albuquerque as the Best Place for Business and Careers in the United States. AED Chairman of the Board Carolyn Monroe said "these are exciting times in New Mexico and a significant achievement for our community and state. This ranking is a testament to the incredible partnership that exists between thepublic and private sector, and to the collective effort of so many people working to improve our business climate. We express our thanks to Forbes, and to the Governor and Legislature, Congressional Delegation, Mayor and City Council, County Commission and Manager, and to other partners of ours within the region. Additionally, we come to this point through the investment, risk and vision of so many business leaders who have made a difference for our economy and for our citizens. Our future has never lookedbrighter."

To See The News Release from Forbes Ctrl +Click: ALBUQUERQUE, NEWMEXICO TOPS FORBES' 8th ANNUAL BEST PLACES FOR BUSINESS AND CAREERS SURVEY

CBOE - Chicago Board of Options Exchange

Announced in March the launch of housing futures contracts using NAR's monthly existing home sales data. These contracts are based on the direction of home prices either nationally or regionally. These contracts will allow, homeowners, lenders and home builders a chance protect investments with the same strategies as Wall Street investors.