Shelter Six:  July Home Sales Drop Slightly

1. July New and Existing Home Sales both decreased a little from June, while national inventory also dropped slightly from June to a 4.3 month supply.

2. With low inventory and a healthy economy, builders are diligently trying to ramp up production to meet the housing demand.

3. For decades, single-family housing starts averaged about 1.1M a year, hit a low of 350K in 2009, and are now holding steady around 850K.

4. Builders attribute the flat new construction figures to rising land, material, and labor costs.

5. Shelter’s SmartVest program is a great financing solution for experienced real estate investors who may have complex finances.

6. With SmartVest, income is calculated via a cash-flow analysis rather than the traditional Debt Ratio, no tax returns are required, and up to 15 financed properties are allowed.

Rate Update

Last week’s speech by Federal Reserve Chairman Jerome Powell contained no surprises and mortgage rates ended the week slightly lower.

This Week

Pending Home Sales will be released on Wednesday and the Core PCE Price Index on Thursday.

August 27, 2018 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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