CoreLogic reports that home prices nationwide, including distressed sales, rose 5.6% year over year in September 2018 compared to September 2017. The 5.6% is down from June's 7.1% year-over-year increase as home price gains moderate to more historical levels. Month--over month saw a 0.4% rise. From September 2018 to September 2019, CoreLogic forecasts a 4.7% gain ... still a great story with rates at historically low levels.
Job openings remained elevated in September as employers look for qualified candidates to fill open positions. The Bureau of Labor Statistics (BLS) reports that on the last business day in September there were 7 million jobs available in its JOLTS (Job Openings and Labor Turnover Survey) report, just below the all-time high of 7.3 million hit in August. The 7 million exceeds the 6.08 million that are currently unemployed. In a separate report from the BLS showed unemployment rates were lower in September in 9 states, higher in 4 states, and stable in 37 states and the District of Columbia.
Mortgage credit availability increased in October after two months of tightening in August and September. The Mortgage Bankers Association reports that its Mortgage Credit Availability Index (MCAI) rose 2.5% to 186.7, its highest level since early 2008, up 3.1% from a year ago. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.
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