Back HomeTHIS WEEK’S MARKET UPDATE
QUOTE OF THE WEEK… “I’ll give you a definite maybe.” –Samuel Goldwyn, American film producer
INFO THAT HITS US WHERE WE LIVE … The above ‘Goldwynism’ is an appropriate answer to the question, “Will the U.S. housing market ever recover to the levels it once enjoyed?” Thankfully, we do keep seeing signs of progress. Supply is a challenge in many markets, so it was encouraging that Freddie Mac’s March 2016 monthly outlook projected single-family and multifamily housing starts will go up by 200,000 units this year, hitting 1.3 million units. They expect home price appreciation to slow from 6% in 2015 to 4.8% this year, which should be enough to encourage sellers, while still keeping homes affordable for a good many buyers.
Low mortgage rates also help, and Fed chair Janet Yellen recently said they’ll proceed “cautiously” with hiking interest rates. But buyers aren’t taking any chances, as appraisal volume shot up 20.1% last week! One of the three major credit bureaus reported that a whopping $1.82 trillion in first mortgages were originated in 2015, a 42.9% jump over 2014’s $1.27 trillion total. There were also 7.71 million new first mortgages originated in 2015, a healthy 31.6% more than the 5.86 million originated in 2014. Their chief economist averred, “While low interest rates are helping, continued gains in employment and consumer confidence are key.”
BUSINESS TIP OF THE WEEK… Make sure all your communications are targeted to the goals of your audience, relevant to their needs, and focused on the unique value you deliver.
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