Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
Home prices rose by 0.20 percent in August. Three of the 20 cities tracked saw home prices drop, while Detroit, Michigan posted the highest price growth. The seasonally adjusted growth rate for cities tracked declined by 0.10 percent as compared to a decline of 0.10 percent in July.
After months of reports of slowing home price momentum and forecasts of a lagging housing market, we are pleased to report an increase in volume for existing home sales.
Last week’s economic highlights included the National Association of Home Builders (NAHB) Housing Market Index for October. The Commerce Department also released Housing Starts for September. Freddie Mac reported that the average rate for a 30-year fixed rate mortgage dropped below four percent. The Fed released its Beige Book report, and Weekly jobless claims came in lower than expected.
Last week’s economic news included multiple reports on housing and the labor sector. The good news is that job markets appear to be stronger, with new jobless claims and the national unemployment rate lower.
The stifling heat of July did not penetrate U.S. housing markets according to the S&P Case-Shiller 10-and 20 City Home Price Index reports.
Last week’s economic news included several housing-related reports that provided mixed results with lower than expected sales of previously owned homes and higher than expected sales of new homes.
Sales of previously owned homes fell in August according to the National Association of REALTORS. This was the first decline in sales in five months. Although not welcome news to homeowners and real estate pros, there is good news…
Wednesday’s customary post-meeting statement issued by the Federal Open Market Committee (FOMC) of the Federal Reserve provided some relief to investors and analysts concerned that the Fed may soon raise its target federal funds rate.
Last week’s housing related economic reports were slim, but an unexpected increase in weekly jobless claims gained attention. Analysts calmed concerns by noting that last week’s reading of 315,000 new jobless claims was not far removed from jobless claim levels before the recession.
Last week’s housing-related economic news was slim, likely due to the Labor Day holiday Monday. On Tuesday, the U.S. Commerce Department reported that construction spending for July increased by 1.80 percent as compared to June’s revised reading of 1.0 percent and expectations of a 1.0 percent increase for July.