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Mark Hemingway

Mortgage Market Update for November 1st

Tuesday, November 1, 2016 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Home price gains remained solid in September as the U.S. has experienced 56 consecutive months of year-over-year gains. CoreLogic reported that home prices, including distressed sales, rose 6.3% from September 2015 to September 2016 and were up 1.1% from August to September. Looking ahead, CoreLogic forecasts a 5.2% increase from September 2016 to September 2017. A spokesperson for CoreLogic said that due to the recovery in home prices over the last five years, home-equity wealth has doubled during this time to $13 trillion.

Construction spending across the U.S. unexpectedly declined in September as private nonresidential structures saw their biggest decline in nine months. The Commerce department reported on Tuesday that construction spending fell 0.4% in September after a 0.5% loss in August and below the +0.5% expected. Within the report it showed that private construction declined, residential construction increased, while state and local government construction projects declined for a third straight month. In addition, federal government construction spending also fell after the big gains seen in August..

National manufacturing remained steady in October, while the overall economy grew for the 89th consecutive month, as reported by the Institute for Supply Management (ISM). The ISM Manufacturing Index rose to 51.9 in October, just above the 51.5 recorded in September and just above the 51.7 expected. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. Within the report it showed that the employment component increased, while the new orders index decreased.

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