Fudged Unemployment Numbers add to Aftermath of Government Shutdown

Aftermath of the Government Shutdown

During the initial days of the government shutdown it was difficult to know just how far reaching the impacts would be.  Then as the days rolled on and many government employees were furloughed, services were shutdown and cutbacks were implemented, reality set in and many felt the pinch.  

And while many services weren't available and many people purchasing a home  (and those selling) became stalled in the loan underwriting process, eventually these closings were able to move forward.  

So what now, is it business as usual?   At the time it may have initially been difficult to understand just how deep the 

impact of the government shutdown would be.  We saw movement in the market and interest rates that had surged in previous weeks fell once more.  

Now the saga continues with reports now out reflecting fudged unemployment numbers.  One report has counted furloughed workers as employed and the other counts them as unemployed.  No wonder there's so much turbulence with mortgage rates!   So we end the week with higher rates and continued uncertainty over the direction of many economic factors and consumer sentiment is down. 

Much of this fall out is starting to show in other areas of the economy as well such as durable goods orders that many companies are pulling back or placing on hold.  

What have you noticed happening near you?  Chime in below if you've noticed other impacts we should be on the look out for.

Either way rates are still historically low and now is a great time to buy a home.  

If you're in Utah our housing market has just been ranked #2 in the nation by NAR Chief Economist Lawrence Yun.  So don't wait to make your dreams a reality!