The Housing Affordability Index is at its lowest since 1970. It is the most affordable time to buy a home. NOW IS THE TIME TO BUY
All posts tagged Economic News
Existing Homes Sales Fall
The AP reported this morning that “Sales of existing homes unexpectedly plunged in January to the lowest level in nearly 12 years as pessimism about the economy grew and buyers waited for President Barack Obama’s plan to help revive the U.S. housing market. The National Association of Realtors said Wednesday that sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million in December. It was the weakest showing since July 1997, and some analysts don’t see sales bottoming out until later this year as prices continue to sink. Sales had been expected to rise to an annual pace of 4.79 million homes, according to Thomson Reuters.”
http://finance.yahoo.com/news/January-existing-home-sales-apf-14464459.html
Is This Recession Worse?
I found this to be an incredible story from CNBC. “The current situation has nothing in common with the Great Depression,” says economist Steve Hanke of the Cato Institute and Johns Hopkins University. “The sooner they [in Washington] stop spinning the bad news story and say nothing, the sooner we’ll be more confident.”
Unemployment Rate Is Higher Than Expected
The AP reported this morning that The government says employers slashed payrolls by 598,000 in January, the most since the end of 1974, catapulting the unemployment rate to 7.6 percent. The Labor Department’s report is grim proof the nation’s job climate is deteriorating at an alarming clip with no end in sight.
http://finance.yahoo.com/news/Employers-slash-598K-jobs-in-apf-14276946.html
Initial Jobless Claims Are Higher Than Expected
The AP reported this morning that the government says new claims for unemployment benefits jumped to their highest level in more than 26 years. The Labor Department says the number of laid-off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000, from the previous week’s upwardly revised figure of 591,000. The latest total is far more than analysts’ expectations of 583,000.
http://finance.yahoo.com/news/New-jobless-claims-jump-more-apf-14262044.html
The ADP Report Is Better Than Expected
Reuters reported this morning that private sector job losses slowed slightly in January, ADP Employer Services said on Wednesday in a report that came in slightly below economists’ expectations.
ADP said private employers cut 522,000 jobs in January versus a revised 659,000 jobs lost in December. The December job cuts were originally reported at 693,000.
http://finance.yahoo.com/news/Private-sector-job-cuts-slow-rb-14248331.html
This is good news for the economy but not necessarily good news for interest rates although mortgage-backed securities are currently trading to the upside by 9 basis points.
Pending Home Sales Increase
The Associated Press report this morning that “an index that tracks signed contracts to purchase existing homes rebounded in December, as buyers snapped up properties at deep discounts, especially in the South and Midwest.”
I believe we are going to continue to see this trend. There are too many deals out there and interest rates are low. Now is the time to buy and the statistics are showing others agree with me.
http://finance.yahoo.com/news/Pending-home-sales-post-apf-14235513.html
Located in South Florida, Justin Miller has established himself as a leader in the mortgage community for his expert advice and understanding of the current real estate climate. 
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