East Bay Mortgage & Market Review for July 22nd 2011
Economic News: The economic news for this week was primarily focused on the housing sector. The Housing Market Index, as reported by the National Association of Home Builders, rebounded from May’s poor report. The index increased from 13 to 15 and the “future sales” segment rose by 7 points. June’s Housing Starts showed a nice increase. While this was primarily led by the multi-family sector single family starts rose by 9.4%. The numbers released for Existing Home Sales were a bit disappointing but on the positive side there was an increase in the average price by 2.7% year over year. Rounding out the week were Jobless Claims which continued above the 400,000 level and were slightly worse than last week’s reading.
Mortgage Markets: Treasuries and Mortgage Backed Securities have had a choppy week but are closing at basically the same levels of last Friday. The 10 Year Note is currently trading at 2.968%.
Next Week’s Reports: Tuesday: Case-Shiller Home Price Index, Consumer Confidence & New Home Sales Wednesday: Durable Goods Orders & Beige Book Thursday: Jobless Claims & Pending Home Sales Index Friday: GDP & Consumer Sentiment
While I do not originate loans I make it a habit to keep abreast of mortgage & market conditions. If you are thinking of purchasing a home the first step is to meet with a mortgage professional. I will gladly provide several top-notch Bay Area advisers for your review if you are in need of a referral.