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Bay Area Mortgage & Market Update for January 25th

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

Mortgage and Market Update


Bay Area Mortgage & Market Minute - Doug Anderson Executive BrokersEconomic News...Existing Home Sales were reported lower than anticipated. While typically this could be seen as a negative a closer look reveals that the lack of inventory of homes for sale is to blame. So, on the positive side is a simple story of supply and demand where lack of supply (coupled with greater demand) will drive prices higher. This was also evident in the New Home Sales numbers. Weekly Jobless Claims were much better than expected for the second week in a row. Keep an eye out on jobless number revisions as three states, including California, did not report their totals leading to the utilization of estimates in the report. There is certainly a lot of economic news on tap next week which could continue the upward pressure on mortgage rates.

Mortgage Markets...The debt markets continue to struggle. Positive news overnight on the German economy, coupled with strong domestic corporate earnings, led to a sell-off. The 10 Year Note is currently trading at 1.952% versus last week’s closing yield of 1.852% while the S&P 500 closed above 1500 for the first time in five years. You know what though?...mortgage rates are still fantastic!

Next Week’s Market Moving Reports...Monday: Durable Goods Orders, Pending Home Sales Index Tuesday: S&P Case-Shiller Home Price Index, Consumer Confidence Wednesday: ADP Employment, Gross Domestic Product, FOMC Meeting Announcement Thursday: Jobless Claims, Personal Income & Outlays Friday: Employment Situation, Consumer Sentiment, ISM Manufacturing Index

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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Thinking of Buying, Selling or would just like to discuss what's going on in your neighborhood?

 Call...

Doug Anderson

Doug Anderson An Independent Real Estate Broker - Executive Brokers, sm

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Any statistics were compiled from Public Records and other industry sources and are deemed reliable but not guaranteed. Any square footage quoted is approximate and requires buyer verification. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, family status or national origin.

 

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Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker Realty, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Doug - Another excellent Bay Area Mortgage and Market update.  I really like how you identify the upcoming key economic report that will be released next week and on what day.  Great information for anyone watching the markets!

Jan 25, 2013 08:14 AM
John Pusa
Glendale, CA

Doug - Thank you for the information about Bay Area mortgage and market update for January 25th.

Jan 25, 2013 09:03 AM
Nevin Williams
Fairway Independent Mortgage Corporation - Cary, NC
Senior Mortgage Advisor

Hey Doug -  You hit the nail on the head.  Upward pressure on mortgage rates is being seen.  Fence sitters sit no more.  Contact Doug to find your dream home today before the price makes it out of reach!

Jan 25, 2013 10:44 AM