Thanks to Brian Hill, Prospect Mortgage, for the this Economic Update!!!
As with all the latest housing news, the market is really responding. Inventories are lower than in the past year, rates are 4% and sellers are ready to sell.
Don't be dissuaded by the Consumer Confidence.....as I have read many economic sources, I am convinced that this measure is an emotional response to the latest news the day the survey is taken.
Keep the faith....it is time to buy while rates are great and before inventories get sparse(?) and before interest rates increase and inventories continue to decrease(a recipe for higher housing costs!).
Are you looking to buy? Or will you stay on the sidelines?? Register your thoughts today...lets see
the temp of the buyers!!
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Brian Hill |
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Last Week in the News
New home sales rose 5.7% in September to a seasonally adjusted annual rate of 313,000 units from a revised rate of 296,000 units in August. Compared to a year ago, new home sales were down 0.9%.
The Standard & Poor's/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 0.2% in August after a 0.9% increase in July. On a year-over-year basis, prices fell 3.8% compared with August 2010.
The consumer confidence index fell to 39.8 in October from 46.4 in September. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending October 21 rose 4.9%. Refinancing applications increased 4.4%. Purchase volume rose 6.4%.
Orders for durable goods — items expected to last three or more years — fell 0.8% in September after a 0.1% decrease in August. Excluding volatile transportation-related goods, orders posted a monthly increase of 1.7%.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at an annual rate of 2.5% in the third quarter of 2011.
Pending home sales, a forward-looking indicator based on signed contracts, fell 4.6% in September after a 1.2% decrease in August. On a year-over-year basis, pending sales are up 6.4%.
Initial claims for unemployment benefits fell by 2,000 to 402,000 for the week ending October 22. Continuing claims for the week ending October 15 fell by 96,000 to 3.645 million, the lowest level since September 2008.
Upcoming on the economic calendar are reports on construction spending on November 1 and factory orders on November 3. |
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| Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); Operates as Prospect Mortgage, LLC of Delaware in OH (Ohio Mortgage Broker Act, Lic # MB.803629.000); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp. Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law. |
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