Last week’s economic reports included readings on home prices, pending home sales and construction spending. Weekly reports on mortgage rates and new jobless claims were released along with labor-sector readings on Non-Farm Payrolls, ADP employment and National Unemployment.
Case–Shiller: Three Western Cities Hold Top Three Places for Home Price Growth
According to Case-Shiller’s June edition of its 20-City Home Price Index, the top three spots were again held by Seattle, Washington, Portland Oregon and Dallas, Texas. Seattle home prices outstripped Portland, Oregon with a reading of 13.40 percent home price growth on a seasonally-adjusted annual basis. Portland, Oregon home prices grew by a seasonally-adjusted year-over-year rate of 8.20 percent while Dallas, Texas held third place with its year-over-year reading of 7.70 percent growth.
David Blitzer, CEO and Managing Director of S&P’s Index Committee, said that he sees no indications that home prices will cool anytime soon. Strong labor markets and economic growth are encouraging home buyers while low inventories of homes for sale coupled with high demand continued to fuel home price growth.
Construction spending dipped in July by -0.60 percent as compared to expected growth of + 0.60 percent and June’s reading of 1.30 percent growth in spending. Real estate pros said that building more homes is the only way to ease demand for homes, but builders cited labor and lot shortages along with rising materials costs as obstacles to building more homes faster.
Mortgage Rates Fall, Weekly Jobless Claims Rise
Mortgage rates remain relatively low; Freddie Mac reported average mortgage rates for a 30-year fixed rate mortgage fell four basis points to 3.82 percent; interest rates for a 15-year fixed rate mortgage were four basis points lower at 3.12 percent and the average rate for a 5/1 adjustable rate mortgage was three basis points lower at 3.14 percent. Discount points averaged 0.50 percent for all three mortgage types.
First-time jobless claims rose by 1000 claims to 236,000. Analysts had expected no change from the prior week’s reading of 235,000 new jobless claims.
ADP payrolls rose to 237,000 new jobs reported for August as compared to 201,000 new private-sector jobs reported in July. The Bureau of Labor Statistics reported 156,000 new public and private sector jobs in August; Based on the ADP report and the expected reading of 170,000 new public and private-sector jobs, revision of the Non-Farm Payrolls report appears likely.
The National Unemployment rate ticked up from July’s reading of 4.30 percent to 4.40 percent in August. Low readings for unemployment indicate that layoffs are not significantly contributing to unemployment.
What‘s Ahead
No financial reports will be issued Monday in observance of the Labor Day Holiday. The Federal Reserve’s Beige Book report will be released along with reports on productivity and weekly readings on mortgage rates and new jobless claims.
It’s a very exciting time for most parents when their kids begin to crawl, but it can also be much more difficult to watch over your child and ensure their safety. If your child is starting to get along on their own and you’re preparing to baby proof, here are the main areas and items you’ll want to watch out for.
Are you ready for home ownership? The prospect of owning your own house or apartment is an exciting one, but with any financial transaction this large there are some things to consider. The first is your down payment – that is, the initial payment you’ll put against the cost of the house to reduce the amount that you’re borrowing in a mortgage. Let’s have a look at four habits that will help you to get your down payment saved up faster.
According to the Case-Shiller National Home Price Index for June, Seattle, Washington continued to lead home price growth for the tenth consecutive month with a June reading of 13.40 percent growth year-over-year. Portland Oregon held second place for home price growth in the 20-City Home Price Index in June but trailed Seattle by 5.20 percent with 8.20 percent year-over-year home price growth. Dallas Texas held third place with a year-over-year home price growth rate of 7.70 percent. The 20-City Home Price Index increased by 5.70 percent year-over-year and was unchanged from May’s reading.
Are you thinking about buying a new home? If you are going to make use of mortgage financing, you may be wondering about some of the costs attached. As you may have heard, all mortgages have a number of fees and other costs that are assessed at the “close,” or when you finalize the loan. Let’s take a look at a few expert tips that will help you to keep your closing costs to a minimum when you take out your next mortgage.
Last week’s economic news included readings on sales of new and previously-owned homes, Weekly readings on mortgage rates and new jobless claims were also released, along with coverage of Fed Chair Janet Yellen’s remarks at a conference in Jackson Hole, Wyoming.
Buying a home for the first time? If you plan on taking out a mortgage, you will likely want to know just how you can get pre-approved for enough financing to get the home of your dreams. In today’s post, we will share four tips that will help you to boost your chances of a successful pre-approval when you apply for a mortgage.
From a sophisticated couch to a stunning art print, there are plenty of ways that you can dress up your living room and instantly change its vibe. You may not realize it, but wallpaper is back in fashion and becoming another popular way to instantly revamp a room. If you’re contemplating ways that wallpaper can benefit your space, here are some options you may want to try out.
Are you thinking about buying a new home using a mortgage loan? If you’ve just graduated from college, you’re probably wondering how your student loans will impact a mortgage and what your options are. In today’s post we’ll share three things that you need to know about mortgages if you’re still working on paying off your student loan debt.
Take a look around your home. Do you feel that burning desire to renovate or upgrade certain areas? Perhaps it’s the kitchen countertops or the décor in the master bedroom. Whatever the case, if you’re itching to take on a home renovation project you’ll want to ensure it’s one that makes your life better – not worse! Let’s take a look at four tips that will help you to avoid experiencing “renovator’s remorse.”
