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Mark Hemingway

Mortgage Market Update for November 22nd

Tuesday, November 22, 2016 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The National Association of REALTORS(R) (NAR) reported on Tuesday that Existing Home Sales in October hit a 9.5-year high. Existing Home Sales rose 2% from September to an annual rate of 5.6 million units, above the 5.40 million expected. Year-over-year, sales are up nearly 6%. Lawrence Yun, NAR chief economist, says the wave of sales activity the last two months represents a convincing autumn revival for the housing market. "October's strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply," he said. "Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes."

The closely watched Dow Jones Industrial Averaged eclipsed the 19,000 level in early trading on Wednesday as the post-election rally marches on. The new administration is seen as Stock friendly with lower taxes, decreased regulation for businesses and higher infrastructures spending. To put it in perspective, the Dow hit a low of 6,547 at the height of the Great Recession on March 9, 2009 ... that's a 188% rise to yesterday's close of 18,956.

With Thanksgiving coming this Thursday, visions of Black Friday sales are dancing in consumers' heads. Black Friday is typically the busiest shopping day of the year with 30% of annual sales coming in the period between Black Friday and Christmas. It is estimated that dollars spent per shopper will hit $938.58 in 2016, above the $805.65 in 2015. Total spending is expected to hit $655.8 billion in 2016, a 4.6% increase from the $626.1 billion spent in 2015. The earliest origins of the name "Black Friday" was given in Philadelphia, where it was used to describe the heavy and disruptive pedestrian and vehicle traffic and was used until about 1961. Years later, the term was meant that it pushed retailers from the "red" to being in the "black."

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