Monday, November 02, 2015

This week in real estate

Solid domestic consumer demand helped 3rd quarter GDP estimates to increase 1.5%. Strong economic news can lead to higher rates.

As expected, the Fed did not raise policy rates at this month's FOMC meeting. However, the statement contained language making a hike in December possible.

The four-week average for jobless claims is the lowest since 1973. A strong labor market helps strengthen the economy and could lead to higher rates.

New home sales fell in September after two straight months of gains. However, the drop is seen as temporary, and demand for housing remains strong.

In fact, the homeownership rate rose between July and September, the first rise after 7 quarterly declines. Buyers under 35 years old had the highest increase.

First time homebuyers are depending less on gift funds for down payments. More young buyers are using personal savings for down payments and closing costs.
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