ARCHIVED BLOG POSTS
2017
The housing market continues to grapple with rising home prices and limited supplies of homes on the market for sale. The National Association of REALTORS® (NAR) reported on Wednesday that Pending Home Sales fell 2.4% from July, well below the -0.4% expected. The index, 106.3, is now at its lowes...
09/27/2017
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The Commerce Department reported on Tuesday that Hurricanes Harvey and Irma impacted New Home Sales data in August, driving it down 3.4% from July to an annual rate of 560,000 annualized units. This was below the 577,000 expected and an eight-month low. The storm destruction hampered reporting, t...
09/26/2017
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Increasing tensions between North Korea and the U.S. are boosting Bond prices this morning as yields ease a bit across the globe. President Trump has imposed new sanctions and China has told their banks to stop doing business with North Korea. In response, Kim Jong Un is threatening to test fire ...
09/22/2017
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The National Association of REALTORS® (NAR) reports that Existing Home Sales in August fell 1.7% from July to an annual rate of 5.35 million units versus the 5.42 million expected. From August 2016 until August 2017, sales were up 0.2%. Sales fell for the fourth time in five months due to the ong...
09/20/2017
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Home builder's confidence slipped a bit in September from August as the latest hurricanes here in the U.S. raised members' concerns about the availability of labor and the cost of building materials. The National Association of Home Builders (NAHB) reported on Monday that its Housing Market Index...
09/18/2017
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Consumer inflation heated up in August fueled by a spike in gasoline and rental prices. The Bureau of Labor Statistics reported that the Consumer Price Index (CPI) grew at its fastest pace in seven months rising 0.4% in August from July. On an annual basis, CPI rose 1.9% from 1.7% in July. Within...
09/14/2017
Mortgage originations surged in the second quarter of 2017 despite a decline in refinancing. Black Knight Financial Services reports that first lien mortgages rose 20% from the first quarter and are up 16% from a year ago, totaling $467 billion in the second quarter. During the second quarter, re...
09/11/2017
The chances for a hike to the Fed Funds Rate are moving lower, due in part to low inflation levels. Fed Fund Futures show a 26% chance of a hike to the Fed Funds Rate in December, down from 44% last week. With no chance of a hike at the mid-September meeting and a slimmer chance of even seeing an...
09/08/2017
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans