THE MONTH IN BRIEF
Stocks do poorly in October - right? Well, they didn't do so poorly in October 2010, a month in which the S&P 500 gained 3.69%.1 Wall Street considered the mid-term elections, the fall earnings season and the all-but-certain resumption of quantitative easing from the Federal Reserve with a lot of anticipation (and a little bit of anxiety). Away from Wall Street, unemployment remained high and consumer spending seemed to be slowing again. With Americans losing faith in incumbent politicians and their claims of moderate economic growth, the Fed and the Obama administration thought about a proper response.

REAL ESTATE
Home sales basically had nowhere to go but up - so up they went. Existing home sales rose by a gratifying 10.0% in September, while new home sales climbed 6.6% in that month with the median price up 3.3% from 12 months ago. The August S&P/Case-Shiller home price index showed a year-over-year gain of 1.7%. However, another wave of foreclosures and persistent unemployment and underemployment still stood in the way of any pronounced housing sector recovery.

If your home was worth more than its mortgage, it was a great time to refinance. Comparing Freddie Mac's September 30 Primary Mortgage Market Survey with the October 28 edition, average rates on 15-year FRMs dropped still further from 3.75% to 3.66%. Average rates on 30-year FRMs went from 4.32% to 4.23%. By October 28, average rates on 5-year ARMs (3.41%) and 1-year ARMs (3.30%) had moved lower as well.

Keller Williams Real Estate 

Jeff and Heather Rickert, Realtor, RSPS
215-850-9640 cell
215-631-1900 office
215-631-1999 fax
e-mail: jeffheather2@verizon.net

Website: www.jeffrickertteam.com

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    Jeff & Heather Rickert
    Keller Williams Real Estate
    Jeff Direct: 267-456-8844

    Heather Direct: 215-850-9640

    Office: 215-631-1900
    Jeff  jeffheatherkw@verizon.net

    Heather jeffheather2@verizon.net

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    The Jeff Rickert Team Pocono Realtor®, RSPS, SRES

    Pocono Lake, PA

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