Shelter Six:  New-Home Sales and Consumer Spending Surge

May Existing-Home Sales were down 10% from April but this is simply a reflection of the economic shutdown and shelter-in-place stipulations of March and April. 

May New-Home Sales reflect more current data and were up 17% from April.

Consumer spending surged by a record 8.2% in May as Americans started spending more freely again.

With parts of the economy potentially shutting down again, it is increasingly looking less like a “V” or “U” shaped recovery, and more like a series of “W’s.”

Self-employed borrowers are facing temporarily stricter guidelines and will need to provide YTD P&L’s and written business analysis to establish income stability.

Shelter Home Mortgage’s parent company, NewRez, jumped 12 spots to #8 on Scotsman’s Guide of the top residential mortgage lenders in 2019 based on overall volume.

Rate Update

The 30-year mortgage rate continues to hover around 3% and most investors anticipate this continuing as long as the pandemic and economic concerns continue.

This Week

ISM National Manufacturing Index will be released on Wednesday and Employment figures on Thursday.  Mortgage markets will be closed on Friday in observance of July 4.

June 29, 2020 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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