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Mark Hemingway

Mortgage Market Update for June 9th

Friday, June 9, 2017 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Fannie Mae released its Home Purchase Sentiment Index (HPSI) for May showing that the net share of Americans that think now is a good time to buy a home reached a record low. The HPSI fell 0.5 percentage points to 86.2 after a 2.2 point gain in April. Those Americans who feel that now is a good time to sell a home reached a record high. This is only the second time in the surveys history that the net share of those saying it's a good time to sell surpassed the net share of those saying it's a good time to buy.

The major Stock indexes hit record intraday highs in today's trading session after investors shrugged off the testimony from former FBI Director Comey and the elections in the U.K. The Dow (21,287), NASDAQ (6,341) and S&P (2,445) all rose as the week comes to an end. The markets have been on a torrid pace higher since the November elections and were given an additional boost after strong corporate quarterly earnings.

The retail sector has taken a beating lately due to lower revenues and store closings across the country. It has been reported that more than 1,000 stores closed their doors for good in recent weeks. Luxury retailer Michael Kors said it will be closing 100 stores this week. Since October 2016, more than 10,000 retail workers have lost their jobs. One industry insider feels that all is not lost for retail, it just needs a face lift.

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