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East Bay Mortgage & Market Update for September 2nd 2011...Have a Great Labor Day Weekend!

By
Real Estate Agent with Tucker Associates Real Estate Services Broker, CalBRE 01165309

East Bay Mortgage & Market Update for September 2nd


East Bay Mortgage & Market Update - Doug Anderson Executive BrokersEconomic News: Another week full of ups and downs. We started out with Personal Income & Outlays. Income met expectations while consumer spending was well above forecast. Factory Orders for July were robust, especially in the auto sector, and mostly attributed to Japanese suppliers returning to the market. The ISM Manufacturing Index also beat consensus estimates. Now for the not so good news. The Pending Home Sales Index was worse than expected and the West was the only region with increased activity. Consumer Confidence fell precipitously to the lowest reading since April of 2009 and was most likely the result of the market swings and uncertainty August brought us. Lastly, the Employment Situation was disappointing to the stock market and has led to a broad sell off. The national unemployment rate remained at 9.1% with zero jobs added in August.

Mortgage Markets: Treasuries and Mortgage Backed Securities are ending the week with big rallies due to the employment report. The 10 Year Note is trading at 2.015% versus last weeks close of 2.197%.

Next Week’s Reports: Tuesday: ISM Non-Manufacturing Index Wednesday: Beige Book Thursday: Jobless Claims, International Trade

While I do not originate loans I make it a habit to keep abreast of mortgage & market conditions. If you are thinking of purchasing a home the first step is to meet with a mortgage professional. I will gladly provide several top notch Bay Area advisers for your review if you are in need of a referral.

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Comments (6)

Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Ouch on the pending index!  Our pending units are down about 520 units from 18 days ago HOWEVER so are our listing units and our sale units for Aug are at the highest level since I got my real estate license in 2005 here!  I guess that means we are burning off inventory :)

Sep 02, 2011 11:35 AM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

Now that is great news that you are burning off inventory Renee.

 

Sep 03, 2011 07:35 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Doug,

On a national level the news is as you say, "mixed." I'm amazed by the states with 3 to 7% unemployment. We are seeing CA communities becoming very agressive at attracting relocation businesses that carry jobs with them.

Happy Labor Day,

Steve

Sep 05, 2011 02:51 AM
EC, JF, Double R and Zoey the Cool Cat
Russel Ray Photos - San Diego, CA

The weeks of ups and downs seem to be followed by more weeks of ups and downs. I think it's only going to get uglier as the presidential politics season gets into full swing.

Sep 07, 2011 03:44 PM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

That is certainly good news Steve. Most of the communities I cover are well under the national average for unemployment. I hope your Labor Day Weekend was well spent.

Sep 07, 2011 04:38 PM
Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

The current cycle of events has led in that direction Eric. I agree the next year will be interesting and with the election cycle here I think some good debate is in order.

 

Sep 07, 2011 04:40 PM