Shelter Six:  Unemployment Drops to 3.9%

May 7, 2018 by · Leave a Comment

1. The economy added 164K jobs in April.  Although 190K were expected, upward revisions added 30K jobs to results for prior months bringing net gains very close to expected levels. 2. The unemployment rate declined from 4.1% to 3.9%, the lowest level since December 2000. 3. The decline in Unemployment was mostly due to workers […]

Shelter Six:  Credit Reports to No Longer Include Tax Liens

April 30, 2018 by · Leave a Comment

Three years ago in the aftermath of a settlement with 31 state attorney generals, the three national credit bureaus launched the National Consumer Assistance Plan (NCAP) in an effort to make credit reporting more accurate and credit problems easier to fix. Last year, as a key NCAP initiative, Equifax, TransUnion, and Experian removed all civil […]

Shelter Six:  Potential Trade War Biggest Risk to Economy

April 23, 2018 by · Leave a Comment

1. According to Fannie Mae’s latest economic report, U.S. economic fundamentals remain strong with the stimulus from the tax cut and new federal budget working well. 2. According to the report, the biggest economic downside risk at this time is the potential trade war with China. 3. Fannie Mae expects the Fed to raise interest […]

Shelter Six:  Optimistic Survey Points to Healthy Spring R.E. Market

April 16, 2018 by · Leave a Comment

1. Fannie Mae’s March National Housing Survey painted a very optimistic picture with more respondents indicating that it is a good time to both sell and buy a home. 2. Detailed minutes from the Fed’s March 21 meeting gave insight that Fed officials expect US economic growth to be stronger than average for the next […]

Shelter Six:  Mortgage Option for Buyers with Credit Problems

April 9, 2018 by · Leave a Comment

1. Buyers with significant credit problems can still get a mortgage up to $1M with 20% down. 2. Shelter’s SmartTrac program requires only a one year waiting period for a Bankruptcy or Short Sale, only two years for a Foreclosure, and even allows for multiple mortgage late payments over the last 12 months. 3. The […]

Shelter Six:  Pending Home Sales Up

March 30, 2018 by · Leave a Comment

1. After a disappointing January, Pending Home Sales rebounded nicely in February with contracts signed to purchase previously owned homes increasing 3%. 2. This is an important metric because contracts signed are viewed as a leading indicator of future closings. 3. Millennials, or people roughly between 23 and 37 of age, were the most active […]

Shelter Six:  The Fed Bumps Up Short-Term Rates

March 26, 2018 by · Leave a Comment

1. As expected, the Federal Reserve bumped up short-term rates .25% last week. 2. .New Fed Chair Jerome Powell’s first press conference left investors divided about whether there will be three or four total rate hikes this year. 3. Also last week, the Trump administration announced about $50B in new tariffs on Chinese imports.  Although […]

Shelter Six:  More Lenient Jumbo Product Helps More Qualify

March 19, 2018 by · Leave a Comment

Shelter is proud to launch Smart Edge, a new “Non-QM” product that will enable Jumbo customers to qualify even with a Bankruptcy, Foreclosure, or Short Sale only two years ago. The product requires only 10% down, no PMI, a credit score of only 620, and up to a 50% debt ratio. Smart Edge is also […]

Shelter Six:  Jobs Way Up in February

March 12, 2018 by · Leave a Comment

1. The economy gained an enormous 313K jobs in February, much higher than expected and the largest gain since July 2016. 2. Construction firms added 61K of the jobs, the highest monthly increase in 11 years! 3. As job growth continues to surge, wages continue to remain flat as average hourly earnings did not increase […]

Shelter Six:  New Fed Chairman Paints Rosy Picture for Economy

March 5, 2018 by · Leave a Comment

1. New Federal Reserve Chairman, Jerome Powell, gave his first testimony to Congress last week and painted a rosier picture for the economy than expected. 2. Powell’s forecasts for higher inflation and wage growth as well as comments that the economy had “strengthened since December” caused mortgage rates to rise. 3. Investors now expect another […]

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