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Richard Airey

Daily Mortgage Market Update 11/25

Monday, November 25, 2013 - Article by: Richard Airey - First Financial Mortgage - Message

The National Association of Realtors (NAR) reported today that October Pending Home Sales fell by 0.6% from September, marking the fifth straight monthly decline. A spokesman for the NAR said that the decline was due in part to the government shutdown in the first half of October as Realtors said that there were delays in waiting for the IRS income verification for mortgage approval.Over in the capital markets, the Dow (16,064.99) and the S&P 500 Index (1,804.76) closed at record levels on Friday fueled by positive corporate earnings, an improving economy and low interest rates. The closely watched S&P 500 hit a multi-year low of 666 back in March of 2009 at the height of the Great Recession. The S&P has gained 170% since the March of 2009 low and is up nearly 27% this year.A massive winter storm is wreaking havoc from the Midwest to the East coast with rain, sleet and snow and will most likely foul up travel plans when it moves east tomorrow. Heavy rains will hit the Southeast on Tuesday and will quickly move up the East coast throughout the day and snarl traffic while causing delays at the airports. There were 300 flights canceled at the Dallas-Fort Worth airport on Sunday. The storm is expected to clear out of the Northeast by Wednesday evening.

October Pending Home Sales decline. The Dow and S&P hit record levels. Massive Midwest storm moving east.

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