Mortgage News Roundup

 

Happy Thursday. We hope you have fun plans for the long weekend coming up. Are you planning one last barbecue? Some good hikes?

For today’s mortgage news roundup, we have both sides of flipping houses, a list of repairs every new homebuyer should make (and established ones should re-read to see what you’re missing), and an update on the government easing restrictions for down payments.

Repairs Every New Homebuyer Should Make

Just bought your home and not sure where to start? Here’s a list of maintenance and repairs you should do before move in and up to annually.

Move-In Week 

Make it a point to turn on all of your major appliances and let them run for a complete cycle, especially if your home is newly built. Believe it or not, contractors and home inspectors don’t always test out these devices after installing them.

It’s important to find out if the appliance was properly installed. A leak left undetected can become a nightmare. You should also read your home warranty to understand your rights and responsibilities should anything go wrong.

Read the article for more suggestions at 45 days, and 6 months. They also have suggestions for annual maintenance and every other year that you should put on your calendar or tickler file.

As they say, don’t put off small repairs because when you do,they get big and far more expensive very quickly.

15 Cities Where House Flippers Are Making Tons of Money

Have you ever thought of being a home flipper? This article on Yahoo Finance lists the 15 best cities where people are making the most money flipping houses. Not surprisingly, the majority of places are in Florida.

You can read the full report on Realty Trac and see how California is doing specifically.

Buying a ‘flipped’ home? Be careful

On the flip side (sorry, couldn’t resist), there are a lot of flipped homes on the market. MarketWatch has an article on what a home buyer should be aware of before buying a home that was bought cheaply and fixed up.

Current flipping activity is at its highest since RealtyTrac began tracking it in 2007. How do you make sure you don’t buy a home that has been renovated cosmetically, with serious underlying issues beneath the fresh paint?

1. Find out who did the work
2. Hire a good home inspector
3. Look for structural problems
4. Ask for and verify the permits

Government relaxes mortgage down payment rules

CBS News is reporting that the Government is relaxing mortgage down payment rules.

The proposed new Qualified Residential Mortgage rule, released jointly by six government agencies, was cheered by both consumer advocates and mortgage industry members–who typically don’t see eye-to-eye on much–largely because it eliminates much stricter down payment rules that the previous version of QRM would have created.
The six agencies–the Federal Reserve Board, the FDIC, the Federal Housing Finance Agency, the Department of Housing and Urban Development, the Office of the Comptroller and Currency and the Securities and Exchange Commission–are taking comments on the proposed changes through the end of October.

Under the old rule, the requirement was going back to a 20% downpayment. The new rule will have the mortgage lender evaluate the applicant on an individual basis.

Many of those comments attacked the original QRM rules. The proposed changes, on the other hand, are causing nearly universal joy to ripple through housing and mortgage groups. 

“This new proposal shows that regulators listened to the comments from the wide range of stakeholders involved,” said Chris Estes, president and CEO of the National Housing Conference, an affordable housing advocacy group. “Aligning the QRM rule with the QM rules will allow more American families to become homeowners and ensures that housing markets can remain strong in the future. This is especially important for communities that are still rebuilding from the foreclosure crisis.”

If you have questions about eligibility for a mortgage, talk to a professional loan officer. They diligently study the news and market and stay on top of the interest rate trends. They also are in touch with many lenders to find the best package for your situation.

Market Commentary for the Week of August 26th

 

This week has five economic reports scheduled for release that are relevant to mortgage rates in addition to two Treasury auctions that can potentially affect rates. There is data being posted four of the five days with Wednesday the only day with nothing scheduled, but none of the reports are considered to be highly important or key data. Still, most of the week’s releases carry enough significance to affect mortgage rates if their results vary from forecasts.

The Commerce Department will post July’s Durable Goods Orders early Monday morning, giving us an important measure of manufacturing sector strength. This report tracks orders at U.S. factories for big-ticket items, or products that are expected to last three or more years such as appliances, electronics and airplanes. Analysts are expecting to see a decline of 4.5% in new orders, indicating manufacturing sector weakness. This data is known to be quite volatile from month to month, so a decline of this size doesn’t raise too much concern about the economy. However, a decent sized decline is good news for the bond market and mortgage rates as it means manufacturing activity is likely softening. A secondary reading the excludes more volatile transportation-related orders is expected to rise 0.5%. The softer the reading, the better the news it is for the bond and mortgage markets.

Tuesday also has only one report worth watching. The Conference Board will post their Consumer Confidence Index (CCI) for August at 10:00 AM ET Tuesday. This index measures consumer sentiment about their personal financial situations, which helps us measure consumer willingness to spend. If consumers are feeling more confident in their own finances, they are more apt to make a large purchase in the near future, fueling economic growth. A decline in confidence would indicate that surveyed consumers probably will not be buying something big in the immediate future. That would be a sign of economic weakness and should drive bond prices higher, leading to lower mortgage rates Tuesday. It is expected to show a reading of 77.0, which would be a decline from July’s 80.3. The lower the reading, the better the news for bonds and mortgage rates.

Thursday’s only monthly or quarterly data is the first revision to the 2nd Quarter Gross Domestic Product (GDP) at 8:30 AM ET. The GDP is the total of all goods and services produced in the U.S. and is considered to be the best measurement of economic growth or contraction. This reading is the second of three that we see each quarter. Last month’s preliminary reading revealed that the economy grew at an annual rate of 1.7%. Thursday’s revision is expected to show that the GDP actually rose 2.1%, meaning the economy was stronger than thought from April through June. A smaller than expected reading should help lower mortgage rates, especially if the inflation portion of the release does not get revised higher. There will be a final revision issued next month, but it probably will have little impact on mortgage rates since traders will be more interested in the current quarter’s activity.

Friday is a multi-release day with two pieces of economic data set to be posted. July’s Personal Income and Outlays report is the first at 8:30 AM ET. This data will give us a measure of consumer ability to spend and current spending habits. Rising income means consumers have more money to spend. It is expected to show an increase of 0.1% in income and a 0.3% increase in spending. Since consumer spending makes up over two-thirds of the U.S. economy, weaker than expected numbers would be considered good news for the bond market and mortgage pricing.

The second report of the morning will be the University of Michigan’s revised Index of Consumer Sentiment for August. This sentiment index helps us track consumer willingness to spend similarly to Tuesday’s CCI. It is expected to show no change from August’s preliminary reading of 80.0. If it revises lower, consumers were less confident about their personal financial situations than previously thought. This would be good news for the bond market and mortgage rates because waning confidence usually means that consumers are less likely to make large purchases in the near future. As with the CCI index, the lower the reading the better the news for mortgage shoppers.

Also worth mentioning are a couple of Treasury auctions that may affect bond trading and mortgage rates this week. There auction several days, but the two relevant ones are Wednesday’s 5-year Note and Thursday’s 7-year Note sales. Results of the auctions will be posted at 1:00 PM ET each day. If investor interest is strong in the auctions, we can expect the broader bond market to rally and mortgage rates to move lower. However, lackluster demand could lead to bond selling and higher mortgage rates Wednesday and Thursday afternoons.

Overall, I am expecting to see the most movement in rates Thursday or Friday, but Monday’s Durable Goods report could be the week’s most important report if the GDP shows no surprises. Wednesday looks to be the lightest day with nothing of importance scheduled except the moderately important Treasury auction. We saw bonds rally Friday after a moderately important housing report showed much weaker than expected results. If that momentum can carry into this week’s trading and the data doesn’t show significantly stronger than forecasted results, we could see rates start a downward trend. The yield on the benchmark 10-year Treasury Note fell to 2.82% Friday from 2.90% at Thursday’s close. Look for Monday’s trading to help determine if Friday’s rally was a knee-jerk reaction that cannot be sustained or if the overall tone in the bond market has changed and rates will continue to move lower. Even though none of this week’s economic data is considered to be a market mover, we still should see plenty of activity and movement in rates. Therefore, please proceed cautiously if still floating an interest rate and closing in the near future.

Mortgage News Roundup

 

Possibly the biggest news story today is the announcement from Wells Fargo that they are going to lay off 2300 mortgage related positions nation wide. We’ll also look at four tips for an easier mortgage refinance, and what’s really happening with mortgage rates.

Wells Fargo Cutting 2,300 Mortgage-Related Jobs

The Wall Street Journal Online reported that Wells Fargo & Co. said Wednesday it is cutting 2,300 mortgage-related jobs across the country and concluded that the refinancing boom is over.

Wells Fargo is the largest mortgage lender for the U.S. housing market originating approximately 70% of the country’s mortgages. A Wells Fargo spokesman was quoted that the bank has refinanced 3 million home loans since 2011. The spike in interest rates in June had a dampening effect on refinances, and the Wells Fargo spokesman also stated that refinancing activity has fallen by nearly half across the industry.

Other banks could soon follow, say analysts. Already, J.P. Morgan Chase & Co. said in February that it plans to eliminate 17,000 jobs by the end of next year, and the majority will come from its mortgage group.
“This is just the beginning,” said Guy Cecala, publisher of Inside Mortgage Finance, an industry publication. “It’s clear that [refinancing activity] is not going anywhere but down in the foreseeable future.”

What’s Really Happening With Mortgage Interest Rates

Mortgage rates seem to be quite volatile right now, according to a Credit.com article posted on Yahoo Finance. It can be really frustrating for first time homebuyers who won’t know from one minute to the next if they can afford a home.

Yesterday’s afternoon release of the minutes from the last FOMC meeting did cause some volatility in the markets and mortgage rates even though they didn’t reveal anything significant. One of the biggest concerns was that the Feds didn’t reassure that they wouldn’t back off from their bond purchasing. This is important because currently, the Feds are buying $85 billion in mortgage securities and mortgage-related bonds each month. Once the Fed does begin to taper their purchases, there will be less liquidity in the market. This makes people nervous, and nervous people lead to volatile interest rates.

But should you lock in a rate? And what does that mean anyway?

Locking in an interest rate means you’ve committed to an interest rate that will be used for the term of the loan, e.g. 360 months for a 30-year fixed-rate mortgage. Mortgage lenders offer varying periods for locking in an interest rate ranging from 30 days to 90 days.

The opposite of this is floating your interest rate which means you don’t lock in, and won’t lock in until you have the offer in and need to finalize the loan.

Pro’s of Locking

• Monthly payment is clear and known.
• More time to budget and plan your finances during the escrow process.
• More time for the loan officer to get loan package through underwriting.

Con’s of Locking

• If the interest rate goes down, you don’t get lock in at that, and miss out on a lower monthly payment.

Pro’s of Floating

• You can take advantage of all opportunities for lower interest rates and costs.
• Depending on your individual lender’s policies/procedures,you can switch loan programs during the loan process, such as going from a 30-year fixed-rate mortgage to a 15-year fixed-rate mortgage.

Con’s of Floating

• You could end up with a high interest rate if the rates spike on the day you lock.
• You also could no longer qualify for a mortgage if the interest rate spiked.

So your best bet is to find a professional loan officer who follows the economic reports that impact interest rates as well as studies all of the mortgage programs available and can help you find the right plan for your situation.

Four tips for an easier mortgage refinance

Since the market is volatile, you want your loan process to go smoothly and quickly. Yahoo Homes published this list of four tips for an easier refinance:

1. Gather up all the documentation you need to prove the source of your money.
2. Don’t change jobs until your loan is in the clear.
3. Check your credit report six months prior to the refinance.
4. Don’t buy anything that requires you to take out a new loan.

Do you have any tips that have helped you with refinancing or getting a new loan?

Market Commentary for the Week of August 19th

This week brings us the release of only three pieces of monthly economic data, none of which is considered to be highly important. In addition to the economic data, the minutes from the last FOMC meeting will also be posted. There is nothing of relevance to mortgage rates scheduled for release Monday or Tuesday, so look for the stock markets to drive bond trading and mortgage rates until we get to mid-week.

The first piece of data will be July’s Existing Home Sales report late Wednesday morning. The National Association of Realtors will release this report, giving us a measurement of housing sector strength and mortgage credit demand. It covers a very high percentage of all home sales in the U.S., but usually does not have a major influence on bond trading and mortgage rates unless it varies greatly from analysts’ forecasts. It is expected to show an increase from June’s sales, meaning the housing sector strengthened last month. This would generally be bad news for the bond market and mortgage rates because a strengthening housing sector makes broader economic growth more likely. But unless the increase is much larger than current forecasts, the report will likely have a minimal impact on Wednesday’s mortgage pricing.

Also Wednesday, we will get the minutes from the last FOMC meeting. There is a pretty good possibility of the markets reacting to them following their release. Market participants will be looking for how Fed members voted during the last meeting and any comments about inflation concerns in the economy, economic growth and the Fed’s plans for their current bond buying program (QE3). The goal is to form opinions about when Chairman Bernanke and friends are likely to start tapering their current $85 billion monthly bond purchases. Since the minutes will be released at 2:00 PM ET, if there is a market reaction to them it will be evident during afternoon trading. This is one of those events that can cause significant movement in rates after its release or be a non-factor, so be prepared for a move, but not surprised if the impact on rates is minimal.

The Conference Board is a New York-based business research group that will post its Leading Economic Indicators (LEI) for July late Thursday morning. This index attempts to measure economic activity over the next three to six months and is considered to be moderately important. A higher than expected reading is bad news for the bond market because it indicates that the economy may be strengthening more than thought. However, a weaker reading means that the economy may not grow as much as predicted, making stocks less appealing to investors. This also eases inflation concerns in the bond market and could lead to slightly lower mortgage rates Thursday if the stock markets remain calm. It is expected to show an increase of 0.5 % in the index, indicating moderate economic growth over the next couple of months. It will take a sizable difference between forecasts and its actual reading for this report to noticeably influence mortgage rates.

July’s New Home Sales data is the final report of the week, which will be released at 10:00 AM ET Friday morning. This report will give us another indication of housing sector strength and mortgage credit demand, but only tracks a small portion of all home sales. It usually doesn’t have much of an impact on bond prices or mortgage rates unless it varies greatly from forecasts. Current forecasts are calling for a minor decline in sales of newly constructed homes from June to July. An unexpected increase in sales would hint at sector strength, making the data negative for mortgage rates.

Overall, Wednesday is likely to be the most active day for mortgage rates and Tuesday appears to be the best candidate for least important. Stocks will probably be a contributing factor to bond movement several days with no key economic data scheduled this week. Afternoon weakness in bonds Friday pushed the benchmark 10-year Treasury Note yield up to 2.83% Friday, continuing its upward trend. Unfortunately, I don’t believe we have a good chance of seeing that reverse until we get closer to 2.95%. Since mortgage rates tend to follow bond yields this is would be bad news for mortgage shoppers. Therefore, proceed cautiously if still floating an interest rate and closing in the near future.

Getting Ready to Go Back to School

Some schools have already started, some start next week, and some start the week after that. Private schools often start after Labor Day. In today’s post, we’ll offer up some tips and tricks to make the transition from the lazy summer back to the structured school schedule as painless as possible.

Getting Your Kids Ready

Most kids are secretly happy to go back to school so they can see their friends. If your little one has concerns, remind them that it’s a brand new year, and they have a chance to be different than last year if they want to.
Also, if you act excited and talk up how much fun they’re going to have, it will become infectious. Start a countdown calendar. Get them involved in picking out a new backpack and lunch box. Have them plan ahead what they want to wear on the first day and for their school picture.
Discuss any major milestones. If your baby is going into middle school and they get lockers, make it seem like it’s a really important achievement.
And the usual advice is the best advice: Start having your kids go to bed 10 minutes earlier each night and wake up 10 minutes earlier so they’re back in synch with getting up and getting to school on time.
WebMD has 9 Recommendations for Helping Your Child Prepare for Back to School:

• Re-Establish School Routines
• Nurture Independence
• Create a Launch Pad
• Set Up a Time and Place for Homework
• After-School Plans
• Make a Sick-Day Game Plan
• Attend Orientations to Meet and Greet
• Talk to the Teachers
• Make it a Family Affair

Get Yourself Ready

Most schools have emergency card forms to fill out as well as immunization forms, etc. Some schools mail them out during the summer so you can fill them out. If not, expect to get a lot of forms on the first day. You can prepare by finding all of the information ahead of time. Also, double check with your usual emergency contacts to see if they’re still willing, and if they had any change of information as well.
Plan ahead what the lunches will be that first week, if you send in lunch. And make sure you have enough of everything for everyone.
Don’t buy too many school supplies. Just have enough to get them through a few days. Teachers sometimes change their lists year after year and you don’t want to be stuck with a 12 pack of crayons when the teacher wanted them to have a 10 pack of markers.

When The Day Arrives

If you can, make the morning special with a homemade breakfast to mark the occasion. If you’re lucky, maybe you can even get a picture of everyone. What can be really fun is taking a picture on the last day of school and comparing how much they have grown.
Sneak a note of encouragement into their lunch boxes. The tween girl may roll her eyes but she’ll appreciate the thought.
If you don’t have a special routine like going out to dinner and hear all about the day, look into creating one that meets your family needs and will be special to you.
Did you enjoy going back to school?

Market Commentary for the Week of August 12th

This week brings us the release of seven pieces of economic data that are relevant to the bond market and mortgage pricing. There is no relevant data scheduled for release Monday, so look for the stock markets to drive bond trading and mortgage rates. There is data scheduled for every other day with most of the reports coming the latter part of the week but the key releases are set for the middle days. This means that the week may start off slow, however, we are likely to see plenty of movement in mortgage rates as the week progresses.

July’s Retail Sales data early Tuesday morning is the first and one of the highly important reports scheduled this week. This data is very important to the financial and mortgage markets because it helps us measure consumer spending. Since consumer spending makes up over two-thirds of the U.S. economy, any data related to it can cause a fair amount of movement in the markets. A smaller than expected increase would indicate that consumers are spending less than previously thought, pointing towards slower economic growth. This is good news for the bond market and mortgage rates as it eases inflation concerns and makes long-term securities such as mortgage-related bonds more attractive to investors. Current forecasts are calling for an increase of 0.2% in retail-level sales. Ideally, the bond market would like to see a decline in sales although no change from June would be construed as favorable.

One of the week’s key inflation indexes will be Wednesday’s only relevant data. July’s Producer Price Index (PPI) will give us an indication of inflationary pressures at the producer level of the economy at 8:30 AM ET. There are two readings in the report- the overall index and the core data reading. The core data is more important because it excludes more volatile food and energy prices that can change significantly from month to month. Current forecasts call for a 0.3% rise in the overall reading and a 0.2% increase in the core data. A larger increase in the core data could push mortgage rates higher Wednesday morning. If it reveals weaker than expected readings, we may see bond prices rise and mortgage rates improve as a result.

The PPI will be followed by the even more important Consumer Price Index (CPI) early Thursday morning. The Consumer Price Index is one of the most important reports we see each month as it measures inflation at the consumer level of the economy. As with the PPI, there are also two readings in the report. Analysts were expecting to see a 0.2% increase in the overall index and a 0.2% rise in the core data reading. Declines in the readings, especially in the core data, should lead to lower mortgage rates since it would mean inflation is still not a threat to the economy. On the other hand, stronger than expected readings will likely lead to an increase in mortgage pricing Thursday

July’s Industrial Production is Thursday’s second report with a release time of 9:15 AM ET. It gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is considered to be moderately important to the markets and can influence mortgage rates slightly. Expectations are for a 0.4% increase in production, indicating some strength in the manufacturing sector. Good news for the bond market and mortgage rates would be a decline in output, signaling sector weakness. However, the CPI report will draw the most attention Thursday.

Friday has the remaining three pieces of data scheduled, but none are considered to be highly important to mortgage rates. July’s Housing Starts is the first at 8:30 AM ET, which will give us an indication of housing sector strength and future mortgage credit demand. It usually doesn’t cause much movement in mortgage rates unless it varies greatly from forecasts and is expected to show a fairly sizable increase in construction starts of new homes. The lower the number of starts, the better the news for the bond market, as it would indicate a weaker than expected housing sector.

Employee Productivity and Costs data for the second quarter will also be posted early Friday morning. It will give us an indication of employee output per hour. High levels of productivity are believed to allow the economy to grow without fears of inflation. I don’t see this being a big mover of mortgage rates either, but it may influence rates slightly during morning trading. Analysts have predicted no change in productivity during the second quarter and a 0.3% decline in labor costs. A sizable increase in productivity reading and a larger than expected drop in costs could help improve bonds, contributing to lower mortgage rates Friday.

The final report of the week will come from the University of Michigan, who will release their Index of Consumer Sentiment for August at 9:55 AM Friday. This index gives us a measurement of consumer willingness to spend. If confidence is rising, then consumers are more apt to make large purchases, helping fuel economic growth. By theory, a drop in confidence should boost bond prices, but this data is considered moderately important and carries much less significance than some of the week’s other reports. Analysts are expecting to see a reading of 85.3, which would be a slight increase from July’s final reading of 85.1. The smaller the reading, the more concerned consumers are in their own financial situations and the better the news for mortgage rates.

Overall, I am expecting Tuesday or Thursday to be the most important days of the week. Tuesday’s Retail Sales report and Thursday’s CPI are the two single most influential reports scheduled over the next five days. Since Tuesday has the Retail Sales data and consumer level inflation is not expected to be an immediate threat, I am leaning towards it as the day that we will see the most movement in mortgage rates. I am expecting to see the least movement Monday, unless the stock markets stage a significant rally or sell-off. With so much going on this week, I strongly recommend maintaining contact with your mortgage professional if still floating an interest rate.

Surviving the Family Road Trip

 

We’re down to the final weeks of summer, and many of you are going to want to sneak in a quick vacation before school starts back up.  Today’s post will help you stay sane.

1. Tips for Surviving a Family Roadtrip - Their number one tip is to ensure all electronics are fully charged. We’d also add purchasing car chargers, and get one per kid so there’s no fighting when both of their ipads or DS’s run out of juice at the same time. Another great suggestion is to keep kids busy by having some planned activities like a scavenger hunt for items like cows or cars with different state’s license plates.

6 Family Friendly Road Trip Ideas -Real Simple brought up something major that you don’t often think of: get your car serviced before you leave. Nothing will ruin a vacation faster than having the car break down. Or look into rentals to save the wear and tear on your vehicle. Secondly, involve everyone is the planning of the vacation, but don’t let anyone over-schedule the day. And if you have a bunch of driving, make sure you plan in a day of nothing to let everyone relax and recuperate. Sitting in the car for long hours at a time is exhausting.

Surviving Family Road Trips – PBS recommends finding parks or interesting sites every two to three hours to let kids run off some steam. They also recommend getting kids to look out the window rather then keeping their nose in their books or movies or game players. Encourage them to ask questions about how mountains got formed, or the history of a man-made lake.

Planning – and surviving – a family road trip – This was a delightful travel article in a newspaper on her family car trip to see major monuments including Yellowstone and the Grand Tetons. One major tip she had was checking out the hotels. Find ones that will be kid friendly. Also look into if you get breakfast included with your stay (which saves money). Kids will no doubt want a pool. Also, if you want to line up activities like zip-lining or horseback riding, look into Tripadvisor.com and Fodors.com can help you decide which outfitter to choose. Be sure to bring along confirmation numbers for both hotels and activities.

Remember, there’s still time for even a short three or four day weekend trip before school starts. It’s good to get away and recharge before life gets routine again. And if you don’t have kids, look into planning a trip when everyone is back in school. The rates should be less and there will definitely be fewer people.

Are you going to start planning next summer’s vacation yet?

What to Buy in August

 

Anything to do with going back to school is generally going to be a good bargain in August. The stores have a lot of stock up sales for clothes and school supplies. And it’s considered end of the summer season, so all summer time items should be at great prices.
We weren’t able to find any freebies for this month, so if you find one, please put it in the comments for everyone.

What’s a good buy

• Cars: It’s the year end close-out sales because the new models are coming in, and the dealers want to clear the lots.
• Office and School supplies: Because of students going back to school, places like Target and Office Depot are having fire-sales.
• Hotels: Third-party booking websites such as Hotels.com and Orbitz.com usually offer the best coupons and rates during August. Last year, Orbitz saw a 15% decrease in booking costs, and Hotels.com gave special deals up to 50% off in conjunction with other coupons.
• Wine: ’Tis the season! If your dream wedding includes a scene of country fields, book a wedding at a vineyard in August, because it is harvest time for some areas of the country.
• Storage Solutions: Again because of students going back to college. You can look for some good deals.
• Clothes: Thank you student sales! Actually, there are great sales on Fall clothes, and even better deals on Summer clothes as the merchants want to free up rack space. It’s also the last chance for swimwear.
• Grills and Patio Sets: Now that summer is “over” according to the stores, you can pick up some wonderful outdoor furniture to enjoy during the rest of the season.
• Camping Equipment: Like grills and patio sets, now is a great time to pick up stuff to play with the rest of the summer
• Laptops: We’ll say it again, let’s hear it for back to school sales! You’ll find some really good bundle deals for laptops right now.
• Luggage: By August most people have already finished their summer travels. They may be planning a fall getaway, or their holiday travels, but since that’s not for months, that makes now a great time to replace or add to your luggage collection.
• Seasonal Produce: The late summer harvest yields fruits such as apricots, blueberries, grapes, mangos, melons, nectarines, kiwi, peaches, plums, raspberries, strawberries, and watermelon, all of which will be ripe and cheap. Readily available vegetables include corn, cucumbers, bell peppers, beets, eggplant, green beans, green onions, lettuce, okra, radishes, summer squash, and tomatoes.
• 55″ 3D HDTV’s:While July was the lowest price so far since November, the prices are still very low for this type of television.

What not to buy

1. Smartphones - New iphone models are usually announced in September or October. Here’s a guide for how to time buying a smartphone. The difficulty lies in different companies releasing at different times, and then different cell phone providers offering different deals. So, keep your eyes and ears open, and track the prices so you know what to expect.
2. Tablets – September is usually the date when Amazon releases the new Kindles, so hold off buying until the new model is out. Then you can pick up the older model for quite a bit less. Google introduced the second-generation Nexus 7 recently for $229, which is slightly more than the previous generation’s price point of $199. All eyes will then be on Amazon to see if the store does the same. If the new Fire is cheaper, and the slightly pricier Nexus tablet doesn’t sell like Google hopes, then we might see special promotions for the Nexus 7 that bundle the tablet with a media credit for music, videos, or books.
3. 32″ Televisions - f you’re going back to school and need a 32″ set for the dorm, wait until September to buy one. Current sets are priced higher than normal. Last September, stores reduced the prices to lower than Black Friday deals.