Mortgage and Market Update
Economic News...This was a great week for housing news. While this may not come as a surprise for those of us on the front lines of real estate in the Bay Area the increasingly positive vibe of housing markets around the nation is certainly welcome. The S&P Case-Shiller Home Price Index continues to climb. The 20 city index climbed .9% for the month while prices out west are experiencing 1-2 percent monthly gains. New Home Sales numbers blew away estimates with the 381K anticipated eclipsed by the 437K actual annualized number. Pending Homes Sales also sailed by expectations but were flat out west which is more than likely attributed to the inventory issues we are having. The consumer is also feeling rosy as both Consumer Sentiment & Consumer Confidence continue to move higher in 2013.
Mortgage Markets...The mortgage markets have stabilized and turned to the positive in recent days. The 10 Year Note is currently trading at 1.856% versus last week’s closing level of 1.981%.
Next Week’s Market Moving Reports...Tuesday: ISM Non-Manufacturing Index Wednesday: ADP Employment Report, Factory Orders, Beige Book Thursday: International Trade, Jobless Claims Friday: Employment Situation
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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