September 16th 2016 – This week in Housing and Financials

by
On Sep 16, 2016
Listed in Real Estate News

The number of American homes with positive equity is over 90 percent!

 
For the Week Ending September 16, 2016  
  Friends,

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Opinions vary on the likelihood of a Fed policy rate increase at next week’s meeting. Markets are volatile as traders prepare for what they think will happen.

 

Central bank economic stimulus overseas has been helping U.S. bond yields remain low but is now waning. Higher bond yields could cause mortgage rates to increase.

 

A strong jobs report and firming inflation pressured rates and fueled volatility this week. On the flip side, retail sales slumped.

 

According to CoreLogic, 548,000 homeowners regained equity in Q2. That brings the percentage of homes in the U.S. with positive equity to almost 93%.

 

Foreclosure inventory continues to dwindle. CoreLogic reports that foreclosure inventory declined 29.1% in July, and was down 16.5% year-over-year.

 

Mortgage applications for purchase transactions were up 9%, signaling a stronger fall market ahead. Although up slightly, mortgage rates are still near record lows.

 

 

 

The Games go on! Back in Rio, Mikey Brannigan just became the first American runner with autism to win the 1500 meter gold medal in the paralympics. He runs a sub 4 minute mile! Click HERE or on the image below to see more.

 

 

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

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