In a week light on economic news, the markets were relatively
quiet. Although there was some
intraday trading that caused the stock indices to make some significant moves,
here we are at the end of the week and the DOW is within 100 points of where it
started the week.
Housing seems to be quietly puttering along with no real indication of
direction. Housing inventories in
some areas of the country have increased slightly however demand seems to be
remaining somewhat stagnate. This
means that transactions continue to occur at a moderately slower pace but there
certainly continues to be activity.
In a few interviews in different parts of the country it seems that
confidence in the real estate market is beginning to return.
Homeownership since the market meltdown has been seen more as a “want’
than how it used to be viewed which was a “need” for long term wealth
building.
After the great recession the view on real estate certainly has been
impacted due to the extensive value declines experienced everywhere.
The good thing is that the sentiment towards housing is starting to
return in America where it is being seen once again as investment tool for the
future. The sentiment is changing
ever so slowly.
With the holiday shortened week, mortgage applications declined for
both purchases and refinances.
Some of the decline is related to children returning to school in some
parts of the country. Mortgage rates which have been trending slightly higher
are also seen as part of the reason for the drop in mortgage activity. Purchase applications according to the
Mortgage Bankers Association of American dropped 3.0 percent.
Refinance applications plummeted 11.0 percent.
Refinances will always be more sensitive to interest rate movements and
that is clearly shown in this past week’s
numbers.
First time jobless claims increased from 304K to 315K last week. This is the first significant increase
we have seen in recent weeks. It
is premature to take anything from the increase as far as looking for a
trend. Claims will always
vacillate from week to week. Moving
forward it will be important to keep our eye on the movement of claims as
employment, although greatly improved since the recession, still remains a
concern.
The big corporate news of the week was Apple’s announcement of the
IPhone 6 and the IWatch. Apple
users are one of the most loyal consumers that exist.
Some are so loyal that they started since last Friday lining up outside
the NYC Apple Store to be the first ones to get their hands on the new
phone.
As your mortgage professional, I am happy to assist
you with any information you may need regarding mortgage or real estate
trends. I welcome the opportunity
to serve you in any way I possibly can.
Please feel free to reach me at (209) 614
-6047.
quiet. Although there was some
intraday trading that caused the stock indices to make some significant moves,
here we are at the end of the week and the DOW is within 100 points of where it
started the week.
Housing seems to be quietly puttering along with no real indication of
direction. Housing inventories in
some areas of the country have increased slightly however demand seems to be
remaining somewhat stagnate. This
means that transactions continue to occur at a moderately slower pace but there
certainly continues to be activity.
In a few interviews in different parts of the country it seems that
confidence in the real estate market is beginning to return.
Homeownership since the market meltdown has been seen more as a “want’
than how it used to be viewed which was a “need” for long term wealth
building.
After the great recession the view on real estate certainly has been
impacted due to the extensive value declines experienced everywhere.
The good thing is that the sentiment towards housing is starting to
return in America where it is being seen once again as investment tool for the
future. The sentiment is changing
ever so slowly.
With the holiday shortened week, mortgage applications declined for
both purchases and refinances.
Some of the decline is related to children returning to school in some
parts of the country. Mortgage rates which have been trending slightly higher
are also seen as part of the reason for the drop in mortgage activity. Purchase applications according to the
Mortgage Bankers Association of American dropped 3.0 percent.
Refinance applications plummeted 11.0 percent.
Refinances will always be more sensitive to interest rate movements and
that is clearly shown in this past week’s
numbers.
First time jobless claims increased from 304K to 315K last week. This is the first significant increase
we have seen in recent weeks. It
is premature to take anything from the increase as far as looking for a
trend. Claims will always
vacillate from week to week. Moving
forward it will be important to keep our eye on the movement of claims as
employment, although greatly improved since the recession, still remains a
concern.
The big corporate news of the week was Apple’s announcement of the
IPhone 6 and the IWatch. Apple
users are one of the most loyal consumers that exist.
Some are so loyal that they started since last Friday lining up outside
the NYC Apple Store to be the first ones to get their hands on the new
phone.
As your mortgage professional, I am happy to assist
you with any information you may need regarding mortgage or real estate
trends. I welcome the opportunity
to serve you in any way I possibly can.
Please feel free to reach me at (209) 614
-6047.
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