Exciting Announcement!

I have some exciting news to share! You might have seen my posts on social media, but in case you didn’t, I’ll be hosting my own radio show on KHTS Radio, called Starting Over with Patti Handy, beginning Wednesday, March 14th at 12:00-1:00 p.m., PST!!

Wonderful guest speakers and I will help those starting over in life navigate finances, health, fitness, emotions, legal issues and so much more! Be sure to tune in!! We’ll be Facebook live as well.

Stay tuned for updates and for now, mark your calendars!

Onto the market update…

Coming off the President’s Day Holiday on Monday, the stock market is showing stability. Although there can be movement up and down a couple of hundred points within a single trading session, this seems to be the new normal. Market volatility creates opportunities for investors to make or lose significant money within hours, and it’s this pattern of trading that is becoming more common.

Existing Home Sales:

Even though the supply of homes increased 4.1 percent from December to January, it failed to result in an increase in existing home sales. The latest report showed sales unexpectedly decreased 3.2 percent in January. The annualized rate of 5.380 million was the lowest pace dating all the way back to January of 1999. The January report shows that existing home sales are down 4.8 percent from the same time last year. Inventory is down a whopping 9.5 percent from last year at a level of 3.4 months. This is only slightly higher than the 19 year low of 3.2 months set in December.

Mortgage Applications

It is clear now that rising mortgage rates is impacting loan activity. For the week ending February 16th, The Mortgage Bankers Association of America reported that applications for purchases are down 6.0 percent, and refinances are off by 7.0 percent.  For years, applications for refinancing represented more than 50 percent of all loan activity.  The latest report has refinances only representing 44.4 percent of loan applications in process.

Employment:

Despite some weakening economic data in recent weeks, one area that remains very strong is the labor market. First time jobless claims remain near historic lows, at 222,000 in the week of February 17th.  This is a decline from the prior week of 7,000.  These latest figures are just shy of the 45-year low that was hit only two weeks ago.  Compared to the same time last month, claims are down 13,500.  Further strength in the labor market is evidenced by the data on continuing claims, which are down significantly, as well as the 4-week moving average.

Next week’s potential market moving reports are:

  • Monday February 26th – New Home Sales
  • Tuesday February 27th – Durable Goods Orders, Case-Shiller HPI, FHFA HPI
  • Wednesday February 28th – MBA Applications, GDP
  • Thursday March 1st – First Time Jobless Claims, Construction Spending
  • Friday March 2nd – Consumer Sentiment

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.

 

Radio fun!

Tori is live with Patti Handy discussing her new book "Money R…

Tori is live with Patti Handy discussing her new book "Money Rules 101" – KHTS AM 1220

Posted by KHTS AM 1220 on Wednesday, February 8, 2017