If you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed.Last week,
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Other good news included the research data that demand for purchase mortgages in the last three months gained a cumulative 9%. On the pricing front, a national listing site said prices are beginning to stabilize. Their chief economist explained: "...home price changes are looking more balanced, sustainable and widespread than at any point since the price recovery began." With home prices still rising, but in a more controlled fashion, there are now more than 43 million homes with equity. This should encourage more people to put their properties on the market, improving the inventory situation.
BUSINESS TIP OF THE WEEK... Take a technology break at least once a week. Turn off all technology for three to four hours and focus on something important. Finish an existing project, start a new one, or call all your best referral sources. >> Review of Last Week
More encouraging details in the report included total hours worked and average hourly earnings, each up 0.2%, for a combined 0.4% increase. This reading of total cash wages is up 4.2% the last year, a good sign for continued gains in consumer spending. However, the Trade Balance did balloon to more than $47 billion in April and Productivity dropped 3.2% in Q1. Back to the good news, both ISM indexes showed the manufacturing and services sectors of the economy expanding. Nonetheless, the Fed's Beige Book painted a picture of the economy growing at a modest to moderate pace around the country.
The week ended with the Dow up 1.2%, to 16924; the S&P 500 up 1.3%, to 1949; and the Nasdaq up 1.9%, to 4321.
The economic data was mixed, so you'd think bonds would have done better. But investors stayed focused on stocks and bond prices suffered. The 30YR FNMA 4.0% bond we watch finished the week down .09, at $105.20. After last week's record lows, national average fixed mortgage rates were up only slightly in Freddie Mac's Primary Mortgage Market Survey for the week ending June 5. They're also only slightly higher than a year ago. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up to the minute information.
DID YOU KNOW?... The ISM manufacturing index reported new single-family and multifamily housing construction up 1.6% in April and up 17% in the last year. Construction spending has now been up three months in a row. >> This Week’s Forecast
Economic Calendar for the Week of Jun 9 – Jun 13 Date Time (ET) Release For Consensus Prior Impact W
Jun 11 10:30 Crude Inventories 6/7 NA –3.431M Moderate W
Jun 11 14:00 Federal Budget May NA –$138.7B Moderate Th
Jun 12 08:30 Initial Unemployment Claims 6/7 315K 312K Moderate Th
Jun 12 08:30 Continuing Unemployment Claims 5/31 2.638M 2.603M Moderate Th
Jun 12 08:30 Retail Sales May 0.7% 0.1% HIGH Th
Jun 12 10:00 Business Inventories Apr 0.4% 0.4% Moderate F
Jun 13 08:30 Producer Price Index (PPI) May 0.2% 0.6% Moderate F
Jun 13 08:30 Core PPI May 0.1% 0.5% Moderate F
Jun 13 09:55 Univ. of Michigan Consumer Sentiment Jun 82.9 81.9 Moderate >> Federal Reserve Watch
Probability of change from current policy: After FOMC meeting on: Consensus Jun 18 <1% Jul 30 <1% Sep 17 <1%
THE CHIODO TEAM - Ralph Chiodo Broker / Owner 610-792-4800 x 111 Karen Chiodo Realtor / Owner 610-792-4800 x 102 Together Ralph and Karen (and their dedicated Tea....