
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

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*Based on the purchase of a $200,000 home with 10% down on a 30-year fixed-rate mortgage.

How Low Can They Go?
Doug Duncan, Fannie Mae’s chief economist, notes that the current market is highly
favorable for home buyers. “Interest rates are at historic lows. It’s hard to imagine rates
going any lower than they are now. House prices have come down considerably, and if your
credit is good, there’s lots of money available.”

John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street Portland, Maine 04101
207-775-2121 Office 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us

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All registered Maine voters can now apply for an absentee ballot for the November 2nd election. Absentee ballots will be mailed to voters who have requested them when they arrive from the Secretary of State near the end of the month. Registered voters can request an absentee ballot by phone, fax, or in person at the City Clerk’s Office. The absentee ballot application is available online at http://www.portlandmaine.gov/voter/absentee.pdf. Voters may also request an absentee ballot by email at http://www.maine.gov/cgi-bin/online/AbsenteeBallot/index.pl.
College students interested in voting this election should consider applying for an absentee ballot before leaving the state. Parents visiting a college student may request a ballot in writing and bring it to their child at school. The ballot can be brought back with the parents after voting or returned by mail. Voters living overseas should make sure to return their ballots with enough time to ensure that they are received by the City Clerk by 8:00 PM on Election Day.
To receive an absentee ballot, you must be a registered voter. To register to vote in Portland, you must bring identification and something that shows a current Portland address to the City Clerk’s office. A driver’s license or state identification card with the current address meets both criteria; otherwise, a checkbook, car registration, or personal mail addressed to the applicant at the current address will suffice. On Election Day, Portland residents can register to vote at their polling place.
Polling places may have changed since voters last voted. To check the location of your polling place, go to www.portlandmaine.gov/voter/distlook.asp.
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After falling for several weeks, stronger than expected economic data caused mortgage rates to turn a little higher late this week. Upside surprises in important labor market, housing, and manufacturing reports were negative for mortgage markets and positive for stocks.
Following Friday morning's better than expected Employment report, mortgage rates moved higher. Against a consensus forecast for a decline of 110K jobs, the economy lost 54K jobs in August. Temporary census workers accounted for a loss of 114K jobs, and the private sector added 67K jobs. The June and July figures saw significant upward revisions as well. The Unemployment Rate rose to 9.6% from 9.5%, matching expectations, as the labor force grew by about 550K workers.
After several months of housing data which has failed to meet expectations, this week's data contained relatively good news. Investors were expecting July Pending Home Sales to remain at June's record low levels, but instead they rose 5% from June. Pending sales are a leading indicator for the housing market, so home sales may pick up a little in coming months. The chief economist of the National Association of Realtors (NAR) expects "improved affordability conditions" to boost home sales, but warned that a housing market recovery will be a "long process."
Also Notable:
This Week
After a busy week last week, the Economic Calendar will be very light this week. The Fed's Beige Book will come out today. The Trade Balance will be released on Thursday. There will be Treasury auctions on Tuesday,Wednesday, and Thursday. Mortgage markets were closed on Monday for Labor Day.
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