I definitely need to go through my database and see how my past clients are doing. What are some of your favorite follow up techniques when calling past clients?
Despite slowing economies across the globe, here in the states, economic data remains impressive. This morning, June Durable Orders came in better-then-expected rising 2% versus the 1% expected and up from the -1.3% reported in May. Weekly Initial Jobless Claims remain near 50-year lows falling 10,000 to 206,000 in the latest week.
Mortgage rates edged lower in the latest survey after a slight increase in the previous week. Freddie Mac reports that the 30-year fixed-rate mortgage fell six basis points to 3.75% and is hovering near three-year lows. "While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year,” said Sam Khater, Freddie Mac's chief economist.
The US Census Bureau reports that the homeownership rate in Q2 2019 slightly declined to 64.1% from 64.2% in Q1 2019. Across the nation, the rate was the highest in the Midwest at 68%, followed by the South at 66Z%, the Northeast at 61.2% while the West saw a 59.3% homeownership rate. The rate has been declining in the past year due in part to rising prices and low inventories of homes for sale on the market.