Great news, all around!

If you’re in the Santa Clarita Valley this weekend, be sure and come visit me at the Home and Garden show! I will be there Saturday till 1:30 or so and would love to see you! It’s a great and fun event, with a ton of vendors for everything Home and Garden, including an Emergency Expo. The event will be at Central Park and it’s free!

Hope to see you there! I also hope this wind stops!! I do not like the wind…never have, never will. I think it’s a childhood trauma thing.

Also, be sure and view my Home Buying Videos- share with anyone you know who is considering buying a home, especially a first time home buyer. I will add videos weekly, so continue to visit!

Onto the market update…

Just in case you were not sure, this year the government has been so kind to provide tax filers 3 extra days to get their tax returns done.  Monday, April 18th is the deadline for filing and paying your taxes.  Remember, even if you go on extension, you must pay the tax that you believe is owed by the 18th, otherwise interest and penalties will be assessed to you and they will be calculated from the date the tax was due, which is Monday.

With the exception of the beginning of the week, the stock market has been continuing to rise.  With little economic data released this week, both domestically and internationally, there has not been much for investors to be concerned about and the rising stock market is a clear indication of this.  Through the first 4 trading days of the week, the market is up just under 250 points, and within 75 points of reaching 18,000.

Clarity in the strength and direction of the housing market will be shown to us next week with the release of three major reports, the Housing Market Index, Existing Home Sales, and Housing Starts.  Thus far, few surprises are expected from these reports.

For this week, the little economic news we did receive, show that inflation is once again slowing.  The Consumer Price Index rose only 0.1 percent after the prior month’s increase of 0.3 percent.  Expectations were for an increase of 0.2 percent.  With the rate of inflation slowing, this once again creates a potential challenge for the Fed to raise interest rates.  Inflation on the wholesale level as indicated by the Producer Price Index showed virtually no price increase as well.

As I am sure you can guess, since interest rates on mortgages declined last week, purchase and refinance applications jumped.  According to the Mortgage Bankers Association of America, applications for purchase loans jumped 8.0 percent and refinance applications rose 11.0 percent.

Although it never seems to happen as fast at the pumps as it does in the trading markets, oil prices have been dropping.  After rising rapidly for a number of weeks, the price for a barrel of oil is back down to just over $40 a barrel.  Of course, we as consumers will see the prices at the pump decline much slower than they do in the world of trading.  Excess inventory is the main driver for the declines.  The world is using much less oil than is being pumped out of the ground so reserves are overflowing.

The labor market continues to show strength with initial jobless claims remaining well below 300k.  The latest report for the week ending April 9th showed only 253K claims were made.  This matches the lowest level since 1973, when the labor market was much smaller.

Next week week’s potential market moving reports are:

 

  • Monday April 18th – Housing Market Index
  • Tuesday April 19th – Housing Starts
  • Wednesday April 20th – MBA Applications, EIA Petroleum Status, Existing Home Sales
  • Thursday April 7th – First Time Jobless Claims

 

As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at 661-618-1789.