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2018
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Home prices rose steadily across the nation in May though affordability issues may come into play in the months ahead. The S&P CoreLogic Case-Shiller 20-City Home Price Index rose 6.5% from May 2017 to May 2018. This was in line with expectations and just below the 6.7% recorded in April (revised...
07/31/2018
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This week, the U.S. capital markets will receive a full dose of economic data and risk-filled headlines that will impact investors. Coming up is the the two-day Fed meeting that kicks off on Tuesday and ends Wednesday at 2:00 p.m. ET with the release of the monetary policy statement. The Fed is e...
07/30/2018
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Economic growth surged in the second quarter of 2018 due in part to a big rise in consumer spending. The Bureau of Economic Analysis reported that Gross Domestic Product rose 4.1% from the 2.2% recorded in the first quarter, which was revised up from 2%. The 4.1% was in line with expectations. Wi...
07/27/2018
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Mortgage rates edged a bit higher this week and are at their highest level since late June, though from an historic perspective, they remain at the low end of the spectrum. Freddie Mac reports that the 30-year fixed-rate mortgage rose two basis points to 4.54% with an average 0.5 in points and fe...
07/26/2018
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A shortage of homes for sale on the market continued to drive home prices higher in May, reports the Federal Housing Finance Agency (FHFA). The FHFA's House Price Index (HPI) rose 0.2% in May from April, +6.4% from May 2017 to May 2018. The FHFA monthly HPI is calculated using home sales price in...
07/24/2018
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Home purchase loan closings rose in June while refinancing activity declined, reports Ellie Mae. Ellie Mae's Origination Insight for June revealed that 71% of all loans in June represented home purchases, up from 70% in May and a new high since the report began in 2011. Refinance closings fell to...
07/20/2018
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The number of Americans filing for first-time unemployment benefits fell to the lowest levels in more than 48 years as the labor market continues to gain strength. Weekly Initial Jobless Claims fell by 8,000 to 207,000, below the 220,000 expected, in the week ended July 14. It was the lowest leve...
07/19/2018
U.S. home builders broke ground on fewer homes than expected in June, due in part to higher costs for lumber, a lack of available land to build on land and a shortage of construction workers. June Housing Starts fell 12.3% in June from May to an annual rate of 1.173 million units versus the 1.318...
07/18/2018
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Foreclosure activity continues to decline and is down significantly from the peak seen in early 2010. ATTOM Data Solutions reports that there were 362,275 properties with foreclosure filings, default notices, scheduled auctions or bank repossessions in the first half of 2018, down 15% from the sa...
07/17/2018
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Consumer Sentiment edged lower in early July but remains near lofty levels. The continued strength in the index is due in part to favorable job and income prospects. The preliminary July Consumer Sentiment Index came in at 97.1 versus the 97.8 expected and down from 98.2 in June. Looking ahead, t...
07/13/2018
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans