Are real estate’s supply woes over at last? {Market Report} January 28th

I always wondered why babies spend so much time sucking their thumbs. Then I tasted baby food.

Happiness is waking up, looking at the clock and finding that you still have two hours left to sleep.

They say you can’t have your bread buttered on both sides. I say, you can, but you might get your hands dirty in the process.

The one thing that unites all human beings, regardless of age, gender, or economic status, is that, deep down inside, we all believe that we are above-average drivers.

Now The Market Report . . .

The government shutdown continues to impact markets, with delayed economic reports keeping investors in the dark. Mortgage rates are unaffected so far.

Plenty of global economic reports are available to cause concern for traders, though. China and Europe both show signs of slowdown.

Jobless claims fell to a 49-year low last week. However, claims for several states were estimated and may be overstating the health of the labor market.

Existing home sales fell by 6.4% in December, an unusually large drop likely caused by October’s rapid rate increase. Rates have since retreated.

The supply of homes for sale rose more than 3% compared with a year ago. Low supply has been stifling sales since last spring.

Unconventional mortgages are making a comeback. Lenders issued $34 billion in non-QM loans in the first 3 quarters of 2018, a 24% increase year-over-year.

“Success is not final, failure is not fatal; it is the courage to continue that counts.”

Winston Churchill

This week’s potential market moving reports are: (Due to the government shutdown, some economic reports will be delayed)

Monday, January 28th:            Chicago Fed Activity Index

Tuesday, January 29th:           Case-Shiller Home Price Index, Consumer Confidence

Wednesday, January 30th:     FOMC Announcement, Pending Home Sales, ADP Employment

Thursday, January 31st:          First Time Jobless Claims, Consumer Spending

Friday, February 1st:                National Employment, Construction Spending

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