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The economy is showing more coronavirus symptoms! {Market Report} April 6th

The economy is showing more coronavirus symptoms! {Market Report} April 6th
April 6, 2020 abryant

Market Report - American Family Funding

 

Tell someone that there are 300 billion stars in the universe and they will believe you. Tell them a bench has wet paint on it and they will have to touch it to be sure.

We all have a friend that only gets called by their nickname, and it sounds weird to even say their real name.

“I’ll see you in court” is the grown up version of “I’m telling Mom.”

Had a bad mix up at the store today…when the cashier said “Strip down facing me”, apparently she was referring to my credit card.

I thought the dryer made my clothes shrink. Turns out it was the refrigerator.

 

Now The Market Report . . .

 

After a record setting 3.28 million unemployment claims the previous week, claims doubled to 6.5 million last week, as shutdowns multiplied across the country.

March’s ISM manufacturing index was 49.1, signaling contraction as the coronavirus crisis hit the economy. Activity was driven down by a steep decline in new orders and production.

The U.S. trade deficit shrank in February to the smallest in more than 3 years. Imports declined more than exports ahead of the expanding pandemic’s hit to global commerce.

 

Fannie Mae reported that single-family mortgage delinquency had declined to 0.65% in February, from 0.66% in January. That rate is down from 0.76% in Feb 2019.

Pending home sales jumped over 9% annually in February, 2.4% over January. Homebuyer demand was strengthening markedly just before COVID-19 hit the U.S.

Home price growth ramped up in January, with the Case-Shiller index posting a 3.1% year-over-year gain. January’s numbers were 2.8% higher than December’s.

 

“Success is never final; failure is never fatal. It’s courage that counts.”
John Wooden

 

This week’s potential market moving reports are:

 

Monday, April 6th:         None Scheduled

Tuesday, April 7th:         Job Openings

Wednesday, April 8th:    MBA Mortgage Applications, FOMC Minutes

Thursday, April 9th:        First Time Jobless Claims, Consumer Sentiment

Friday, April 10th:           Consumer Price Index

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.

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