Shelter Six:  Strong Jobs Report Boosts Economic Recovery

August 10, 2020 by · Leave a Comment

Employment figures again came in stronger than expected with the economy adding a massive 1.8M jobs in July (1.5M had been forecasted). The Unemployment Rate dropped from 11.1% to 10.2%.  Average Hourly Earnings increased and were 4.8% higher than a year ago. According to Black Knight, the average-priced home is now the most affordable it’s […]

Shelter Six:  U.S. Homeownership Rate Surges to 67.9%

August 3, 2020 by · Leave a Comment

June Pending Home Sales soared 16.6% from May and, in the space of two months, have catapulted from the lowest levels ever to the highest levels in over 15 years. The May U.S. National Home Price Index rose 4.5% year-over-year, according to S&P CoreLogic Case-Shiller Index, and is now 18.6% higher from where it peaked […]

Shelter Six:  June Housing Starts and Retail Sales Figures Surge

July 20, 2020 by · Leave a Comment

With record levels of mortgage volume clogging lenders’ pipelines, it is critical to set realistic expectations and deadlines with customers. Appraisals are taking a solid two weeks right now, so best to put 20 days in the Appraisal Contingency, as it can take the lender a few days to order and review the appraisal. It […]

Shelter Six:  Mortgage Programs Continue to Come Back

July 13, 2020 by · Leave a Comment

Service-related industries account for more than two-thirds of US economic activity, so last week’s higher-than-expected National Services Index figures seem to point to the economic recovery happening faster than expected. Mortgage purchase applications were up a very strong 5% from the previous week and 33% from the same week a year ago. The average purchase […]

Shelter Six:  May Pending Home Sales Jump a Record 44.3%

July 6, 2020 by · Leave a Comment

May Pending Home Sales increased an astounding 44.3%, representing the greatest single month increase since NAR started tracking this metric in 2001. For the second straight month, Employment figures far exceeded expectations. Against a consensus forecast of 3M, the economy added 4.8M jobs in June. The Unemployment Rate declined from 13.3% to 11.1%. Average hourly […]

Shelter Six:  New-Home Sales and Consumer Spending Surge

June 29, 2020 by · Leave a Comment

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 […]

Shelter Six:  Purchase Applications Soar to Highest Level in 11 Years

June 22, 2020 by · Leave a Comment

The housing market continues to rebound stimulated by low rates, surging applications, and a gradual improvement in consumer confidence. Mortgage purchase applications were up last week to the highest level in over 11 years and 21% higher than the same week last year. Jobless claims continue to improve and have now dropped 11 straight weeks. […]

Shelter Six:  Fed Using All of Its Tools to Support Economic Recovery

June 15, 2020 by · Leave a Comment

The Fed restated its commitment to keep buying bonds last week while announcing it will keep short-term rates close to zero for at least the next two years. Fed officials now forecast that the economy will shrink 6.5% in 2020 and then grow by 5% in 2021. Mortgage purchase volume was up 9.3% last week […]

Shelter Six:  Stronger Than Expected Jobs Reports Boost Optimism

June 8, 2020 by · Leave a Comment

Strong economic data released last week suggests an economic recovery is off to a much faster start than anticipated. On Wednesday, the monthly ADP Payroll Report was expected to show a loss of 9M jobs, however, only 2.76M jobs were lost. Then on Friday, the Employment Report came in substantially stronger than expected.  Projections were […]

Shelter Six:  NAR Upgrades Outlook for Home Sales and Prices

June 1, 2020 by · Leave a Comment

The financial markets, including mortgage rates, have not had much reaction to the rioting going on within U.S. cities, and have opened flat on Monday. Due to the surprising resiliency of the housing market in the midst of the pandemic, NAR has upgraded the outlook for both home sales and prices for the rest of […]

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