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A sign more inventory could be coming {Market Update} September 18th

A sign more inventory could be coming {Market Update} September 18th
September 18, 2017 abryant

Superman really isn’t that impressive, anyone can stop a speeding bullet at least once.

Unicorns are real. They’re just fat and gray and we call them rhinos.

Vegetarians are killing the rainforest.

I couldn’t repair your brakes, so I made your horn louder.

People have told me to never say never – they broke their own rule!

Now The Market Update . . .

Stocks soared to new record highs this week, in part because estimated financial losses from Hurricane Irma dropped from $200 billion down to $50 billion or less.

Higher gas prices and rent increases helped consumer prices jump in August, pointing to firming inflation. The Consumer Price Index rose 0.4% over July.

Low inflation, despite a strong labor market, is seen as causing the Fed to delay raising policy rates for a third time this year. It also supports low mortgage rates.

Mortgage applications jumped this week, as buyers took advantage of low rates. Refinance applications were up 9%, and purchase applications were up 11%.

CoreLogic reports that June mortgage delinquencies were the lowest in nearly a decade. Only 4.5% of outstanding mortgages were in some stage of delinquency.

Fannie Mae’s latest survey shows a record number of consumers who say now is a good time to sell a home. Over 36% agreed, up 8% from July’s survey.

Our computers went down at work today, so we had to do everything manually.

It took me 20 minutes to shuffle the cards for Solitaire.

This week’s potential market moving reports are:

Monday, Sept. 18th:         Housing Market Index

Tuesday, Sept. 19th:        Housing Starts

Wednesday, Sept. 20th:   MBA Mortgage Applications, FOMC Meeting Announcement

Thursday, Sept. 21st:       First Time Jobless Claims, FHFA House Price Index