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Find out who’s buying new homes! {Market Report} May 11th

Find out who’s buying new homes! {Market Report} May 11th
May 12, 2020 abryant

 

“Luminous beings are we…not this crude matter.” Yoda

My idea of housework is to sweep the room with a glance.

Taking naps sounds so childish. I prefer to call them horizontal life pauses.

You can’t be sad when you’re holding a cupcake.

 

 

Now The Market Report . . .

 

The U.S. services sector contracted for the first time in about a decade last month, as the coronavirus pandemic brought economic activity to a screeching halt.

Household debt increased to a total of $14.3 trillion last quarter, the 23rd straight quarterly increase. Mortgage borrowing rose by $156 billion to $9.71 trillion.

Jobless claims came in at 3.17 million last week, bringing the 7-week total to 33.5 million. Despite huge numbers, the weekly decline in initial claims is a positive sign.

 

Over 3.8 million homeowners are in forbearance plans, representing 7.54% of all mortgages. The good news is that forbearance requests are now coming in more slowly.

A new study by ATTOM Data Solutions shows that May and June are the best months to sell a home, based on a study of 33 million single-family home sales from 2011-2019.

New-home transactions have reportedly doubled in the last two weeks as millennials from 31 to 40 years old show an increasing desire to buy.

 

“What would life be like if we had no courage to attempt anything?”
Vincent Van Gogh

 

This week’s potential market moving reports are:

 

Monday, May 11th:         None Scheduled

Tuesday, May 12th:         Consumer Price Index

Wednesday, May 13th:    MBA Mortgage Applications, Producer Price Index

Thursday, May 14th:       First Time Jobless Claims

Friday, May 15th:           Retail Sales, Industrial Production

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