The government shutdown has affected many people and services across the country. The much anticipated deadline for the debt ceiling later this week is going to bring a lot of issues to the forefront.
Why is this so important? Last week, the U.S. Treasury stated that, “In the event that a debt limit impasse were to lead to a default, it could have a catastrophic effect on not just financial markets but also on job creation, consumer spending and economic growth—with many private-sector analysts believing that it would lead to events of the magnitude of late 2008 or worse, and the result then was a recession more severe than any seen since the Great Depression.”
There was good news from the housing sector last week. Research firm CoreLogic reported that its Home Price Index, including distressed sales, showed a year-over-year increase of 12.4 percent from August 2012 to August 2013. August now marks the eighteenth consecutive month of year-over-year gains.
Several Reports, including Jobs, are due this coming week, if the Fed shutdown does not delay them. We will try to stay on top of all this, as it affects so many things in the real estate industry, home buying/selling, and mortgage rates. Very volitile time to say the least.
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