A much better than expected February jobs report fuels consumer confidence This Week in Real Estate. Below are a few highlights from the second week of March that influence our business:
* Mortgage Rates Looking Favorable for Spring Home Buying Season. Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) this week, showing mortgage rates moving higher for the second week in a row, while also only posting the second increase this year making mortgage rates very attractive for the upcoming spring home buying season. “The 10-year Treasury yield ended the survey week exactly where it started, however the solid February employment report boosted the yield noticeably on Friday and Monday. Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level,” said Sean Becketti, Chief Economist at Freddie Mac.
Full Story… http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-looking-favorable-for-spring-home-b-otcqb-fmcc-1248416?feed=429e0be3-9aef-4a3a-9775-43f8e470d510
* 1 Million Borrowers Regained Equity Last Year. Approximately 1 million borrowers regained equity in 2015, boosting the total number of mortgaged residential properties with equity at the end of the fourth quarter 2015 to 46.3 million, or 91.5% of all mortgaged properties, a new report from CoreLogic said. Borrower equity increased year-over-year by $682 billion in Q4 2015. “In Q4 of last year home equity increased $680 billion or 11.5%, the 13th consecutive quarter of double digit growth,” said Frank Nothaft, Chief Economist at CoreLogic.
Full Story… http://www.corelogic.com/about-us/news/corelogic-reports-1-million-us-borrowers-regained-equity-in-2015.aspx
* Completed Foreclosures Drop 16.2%. Foreclosure inventory declined by 21.7%, and completed foreclosures declined by 16.2% compared with January 2015, CoreLogic’s latest January 2016 National Foreclosure Report showed. The number of completed foreclosures nationwide decreased year-over-year from 46,000 in January 2015 to 38,0000 in January 2016. The number of completed foreclosures in January 2016 was down 67.6% from the peak in September 2010 of 117,743. “In January, the national foreclosure rate was 1.2%, down to one-third the peak from exactly five years earlier in January 2011, a remarkable improvement,” CoreLogic Chief Economist Frank Nothaft said. “The month’s supply of foreclosure fell to 12 months, which is modestly above the nine-month rate seen 10 years earlier and indicates the market’s ability to clear the stock of foreclosures is close to normal.”
Full Story… http://www.housingwire.com/articles/36469-corelogic-completed-foreclosures-drop-162?eid=322520585&bid=1333280
* Unemployment Scrapes Lowest Level Since 2008. In great news for the U.S. economy, 242,000 jobs were added in February, with the unemployment rate flat at 4.9 percent, according to recently released Bureau of Labor statistics. This was well above market expectations of 190,000 new jobs, and the lowest unemployment level since May 2008. “February’s employment situation report should strengthen consumer confidence,” says realtor.com Chief Economist Jonathan Smoke. “Additionally, the strong pace of job creation should lead to continued positive household formation. Combined with substantial pent-up demand for home purchases, we remain confident we will see the strongest spring buying season in a decade.”
Full Story… http://rismedia.com/2016-03-06/unemployment-scrapes-lowest-level-since-2008/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews
Have a productive week!