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Housing is on Fire {Market Update} December 4th

Housing is on Fire {Market Update} December 4th
December 4, 2017 abryant

Market Report - American Family Funding

 

 

When all else fails, read the directions.

Define unfair advantage? Um…a crocodile in a smiling contest.

Funny how stressed spelled backwards is desserts.

It’s bad luck to be superstitious.

I hate how after an argument I think of more clever things I should have said.

 

Now The Market Update . . .

 

Third quarter GDP numbers showed the economy grew by 3.3%, in line with expectations. This was the quickest pace of growth in 3 years.

The likelihood of tax reform being signed into law by the end of the year is increasing. The tax reform is expected to spur economic growth for 2018.

The Fed is expected to raise policy rates this month, but that shouldn’t have much effect on mortgage rates. Markets have already anticipated the rate hike.

 

New home sales in October unexpectedly rose to the highest level in a decade. Single-family home sales rose 6.2% over September, the highest since October 2007.

Home prices rose in September 6.2% over last year and are expected to continue to increase. Prices are rising at the fastest annual rate since June 2014.

Pending home sales jumped 3.5% in October. Led by the hurricane stricken South, the growth was more than double what was expected.

 

What happens to a frog’s car when it breaks down?

It gets toad away.

 

This week’s potential market moving reports are:

Monday, November 27th:         New Home Sales

Tuesday, November 28th:         FHFA House Price Index, Corelogic Case-Shiller HPI

Wednesday, November 29th:   MBA Mortgage Applications, Pending Home Sales

Thursday, November 30th:       First Time Jobless Claims

Friday, December 1st:                 ISM Manufacturing Survey, Construction Spending