There was a lot of downward trending for the stock market last week, but overall, that’s positive for the bond market and interest rates, says Bob Johnson (AKA Bob Mortgage) the senior mortgage adviser at the nation’s oldest private lender, Wallick & Volk

Our most-trusted mortgage adviser explains that, as people react to the plummeting stock market trends and fear-inducing rhetoric from the Federal Reserve, they look for a safe haven for that money. Hence, the overarching growth in relatively safe bond market investments. Plus, less-than-stellar economic reports in the housing industry have made for some negative reactions, too. So, how does that influence whether you should lock or float? Find out today in the Mortgage Report:


As Bob Johnson (AKA BobMortgage) notes in the 78th episode of The Mortgage Report, our market is at a very exceptional place right now. According to the minutes released by the Federal Reserve, another interest rate hike is on its way in December. And as our most-trusted mortgage expert told us in last week’s episode of the BobMortgage Zone, consumer spending — and consumer debt — are both at high points. 

So, what does all of this mean? And what should you do if you’re looking to secure a home loan in this volatile market? Find out from the senior mortgage adviser at the nation’s oldest private lender, Wallick & Volk, in today’s Mortgage Report:


How does Bob Johnson (AKA BobMortgage) decide whether it’s time to carefully float or lock in interest rates for his clients? This past week’s stock market slide and brief rally provide an excellent example. The stock market, heavily influenced by the affects of President Donald Trump’s tariffs and the recent increase in interest rates by the Federal Reserve, took a nosedive last week. The brief reprieve on Friday, though, and how it plays into the bond market, added another variable.

So, should you lock or float? As the senior mortgage adviser at the nation’s oldest private lender, Wallick & Volk, Bob Johnson can easily explain how he arrives at his lock or float position, as well as why his clients choose Wallick & Volk to get them funded with tight turn-around times. Find out more in this week’s Mortgage Report:


Last week, stocks rallied on news of a trade deal between the United States and Canada, which put pressure on bonds, says Bob Johnson (AKA BobMortgage) in this week’s Mortgage Report. Instagram followers got that up-to-the-minute news on Wednesday, where our most-trusted mortgage expert converted his “float” position to “lock.” 

In this week’s 71st episode of the Mortgage Report, BobMortgage, the senior mortgage adviser of the nation’s oldest private lender, Wallick & Volk, keys us into just what market dynamics are at play and how to interpret the fluctuations in the stock and bond markets. 

Keep your finger on the pulse of the market by following BobMortgage on Instagram. For a more detailed breakdown of all the myriad forces that impact mortgages, tune into this week’s Mortgage Report:


The Dow plummeted 666 points, the largest dive in the past two years. Though a weak stock market usually means a boost in bonds and therefore lower interest rates, there’s another point of influence that is keeping rates up: inflation.

If it sounds like it’s time to panic about locking or floating, just listen to our most trusted mortgage expert, Bob Johnson (AKA BobMortgage), as he walks us through this week’s Mortgage Report. Are you shopping for a home? No matter what price range you’re buying in, BobMortgage, the senior mortgage adviser at the nation’s oldest private lender — Wallick & Volk — has the market knowledge to help you make the right decision. 

Don’t panic! Watch this week’s Mortgage Report instead!


It’s a critical week for housing, says Bob Johnson (AKA BobMortgage) in our Mortgage Report. With the federal government thrown into chaos after a shutdown and a turbulent stock market, should you lock or float? 

Arm yourself with information in these quickly changing times from our most-trusted mortgage expert, senior mortgage adviser for the nation’s oldest private lender — Wallick & Volk. 


Note to self: never wear white or Pucci when you are standing next to four gorgeous women, three of whom are Virginia Cook agents! I believe the prerequisite for being a Virginia Cook agent is to be shapely, blonde and beautiful. Or a curvy, gorgeous brunette like Jolene Crawford, who kept us blonde babes at bay! One of my favorite peeps in the whole wide world is Diane Duvall-Rogers who gathered us at the Dallas Country Club, newly nipped and tucked with a $60 million facelift,  this week for lunch in the newly-finished Ladies Lounge!  And take a look at those chairs!

We talked state of the market, and Virginia told me it’s hot hot hot. Four reasons: buyers waited for three or four years and there are now way fewer homes on the market. The stock market has left a lot to be desired, many investors would rather put their money into real estate where we may have some inflation. Interest rates are so dang low you can trip on them — lower, says Virginia, than they were during the Great Depression: get a 15 year note for 3%, one point higher for a 30 year.

It’s also an election year, says Virginia, so both parties are trying to pump it up. But the biggest problem, she says, remains our lack of jobs in the USA: one of every ten Americans is out of a job. Can’t buy a house or get a mortgage without a job.

We solved the world’s real estate problems where they usually get solved: in the Ladies Lounge. Then I grabbed my trusty camera to get you some great shots of the DCC’s $6o million renovation:


The clubhouse is breathtaking, one of the most gorgeous I’ve seen, and I’ve seen a lot. It’s English Tudor all right, but I felt a smattering of Querencia in Cabo on the interiors, with an almost haute Colorado feel — think The Timbers Club at Snowmass — but a distinct Scottish frosting of the Carnegie Club at Skibo Castle. As far as the green turf, I turn to Mike Hiller of EscapeHatch Dallas who is to golf what I am to real estate. Here’s what he said about the course, which was designed by Scottish-Americana golf course architect Tom Bendalow in 1912. The new course renovation began in 2010 and was masterminded by John Fought:

“When John Fought completes the course renovation at the prestigious Dallas Country Club this fall, the 18-hole layout will possess the character and charm of a vintage Donald Ross design.”

The Dallas Country Club was established in 1896. Hiller says the course is practically “new construction,” and the 18-hole layout will remain as a par 70, lengthened modestly to approximately 6,600 yards. The media’s been mum on that little property tax skirmish last year: looks like they settled at $36,406,010. I’m told the clubhouse just re-opened this spring, and it looks nothing, nothing like the old one where I recall many Tripper dances on that hardwood dance floor.

Oh PS: This is something I haven’t seen. In the ladies powder room, each stall is equipped with an emergency switch above the crema marfil walls and floors in case a member becomes ill or needs assistance. That is a true caring touch for members and really, better than the security available in most homes.

6224 Aberdeen $1.65 ish multiple offers sold in 6 days in February


6238 Aberdeen listed for $1.79ish in March

Recent convo with an agent who is seeing a problem in the market with new listings right now. Because the first quarter of 2012 was brisk, he thinks maybe prices are goosing up. Quarter One was brisk because buyers and sellers had become more reasonable, not because prices were up. When that excitement is “improperly communicated”, sellers start “overpricing” their homes, because of the perception that the market is busy, he says.

“I think it is seller driven,” he says. “The seller hears chatter in the marketplace that the market is stronger so the SELLER gets a little too optimistic. I have gone into listing presentations where I show all the sales for the last 12 months. Dollars are flat, but transactions are up – I suggest a list price of say $600,000. The SELLER will respond, “But I hear from other people that the market is sooo hot right now, let’s list at $675,000 and see what happens.”

What happens is that you go 60 days with no action, and end up selling for less, say $530,000 and eating up all that time.

I sat through listing presentations last week where the seller just did not want to hear the market value of his home. “But I’d like to get XX,” he said, ” that is my comfortable number.” Well, comfort or not, the truth is the market sets pricing, not your comfort levels, just as it does in the stock market. My comfort level with my AOL stock (please pass the Tums) is $20 or $25 a share, ain’t happening.

But I have to ask: isn’t this just how a bull market begins? I know Robert Shiller keeps beating us with that wet noodle of “home prices falling” and he has an excellent point. Nationally, home sales fell in January to a new cycle low but even Shiller says it is not as bad as he even thought it was. However, it ain’t Miller time. Far from it. We just don’t know what the future could bring. As he says: prices could go up, prices could go down. Don’t expose yourself to too much real estate.  Like most of the problems in our business world, the uncertainty out of Washington is killing us. I recently tried to refinance our home: it was a disaster.  I can hardly wait to share the story. I will soon be knocking on Richard Fisher’s door to get in on the “Break Up The Big Banks” movement. Federal regulators are stifling lending because, of course, of all the bad lending that took place and got us in this mess. So it’s corporate punishment: a few screwed up, so now we just say no to almost everybody. Fannie and Freddie are a mess and really the only source of home financing for anything under $417,000. Jumbo money is starting to loosen up and there is promise of more on the horizon. Then, as Steve Brown wrote last week (paywall) about home appraisals: even though the market is picking up, the appraisals are not keeping up because often appraisers use sales from three months ago that might be lower. So a buyer comes in, makes an offer, only to have the appraisal come in and blow the deal.

Appraisers, in turn, say don’t stone us, we are just doing our jobs, and if a house can’t be valued at the proposed purchase price, that’s just what the market is telling us. (Who cares about your comfort level.) Lenders for sure don’t want to provide mortgages if properties are overvalued. That was part of the reason for the home market bust. Expect more of this friction in the year ahead as the North Texas housing market recovers.

As home prices rise — and they already are in some neighborhoods, and in San Antonio, see example above — appraisals will trail behind. Like I’ve said, a home may be priced at the greatest price in the world but if you cannot get financing, it’s not selling. And you aren’t going to get financing if the appraisal come in low. Mortgage companies are sticking with tough underwriting standards when it comes to appraisals and standards. The appraisal process is much, much tougher with new requirements, giving the perception that appraisers are holding values in check. In reality, they are taking marching orders from the feds.

Then there are the Z sales… don’t get me started.

So what our writer is saying is take heed. We’ve got a great spring market ahead, we’ve got multiple offers and the big properties are finally starting to turn. But let’s not get “irrationally exuberant”. Price those properties right, else they may get stuck in the constipation of the appraisal/financing system.