Real Estate News

Real Estate News

THE ECONOMY

  • Although business spending is a bit tepid, the economy continues to show signs of improvement. Growth estimates for the third quarter are as high as 3.3%.

  • The Fed meets this week and on Wednesday will announce if there will be a policy rate increase. Most economists think the Fed will wait until December to hike.

  • If the Fed does make it clear that they plan to raise policy rates in December, markets will likely price that move in immediately, and mortgage rates may rise.

HOUSING NEWS

  • Case-Shiller reports that home prices rose 5.3% in August over July. Home price increases continue to be supported by low mortgage rates and tight inventory.

  • Pending home sales were up 1.5% in September, reversing an August decline. First-time buyers represented the highest share of closed sales in 4 years.

  • New home sales also rose in September, close to a 9-year high. Sales increased 29.8% from a year ago, and demand for new homes remains strong.


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Phone: 561-789-3072
Dated: November 1st 2016
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