Economy/Housing Updates: Low Rates Helped By Chinese Economy Weakness
Would you believe that Chinese economic weakness is helping low rates? As noted in The Markets In A Minute edition for the week ending January 8, Wall Street had the worst 3-day start since 2008 in part due to concerns over the severe weakness of Chinese economy. Further supporting low rates are low inflation and the continued drop of oil prices, the lowest since 2004, which also happen to hurt stocks.
On a different note, although down slightly in November, construction spending is still up 10.5% year-over-year. Residential construction, on the other hand, was actually up slightly though. Home values are up 36% since reaching a bottom in 2012, according to the Case-Shiller Index, indicating a housing market continuing to rebound.
And in line with what we've shared last year, 2015 saw first-time homebuyers make up about 30% of the market and that figure is expected to increase this year as more renters enter the market.
Thanks to Jordan Vreeland of 14 Days to Close for forwarding The Markets In A Minute edition for the week ending January 8. Contact Jordan and his team if you're looking for a lender in Utah!
Jordan Vreeland
14 Days to Close
Branch Manager
795404
(866) 596-6356 x 101
Jordan@14daystoclose.com
www.14daystoclose.com
14 Days to Close
Branch Manager
795404
(866) 596-6356 x 101
Jordan@14daystoclose.com
www.14daystoclose.com
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