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Mark Hemingway

Mortgage Market Update for May 29th

Tuesday, May 29, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Home prices continued to edge higher in March due in a large part to low inventories of homes for sale on the market. The S&P Case-Shiller 20-City Home Price Index rose 6.8% from March 2017 to March 2018, matching the February gain. David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said, "Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust. Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising."

Consumers assessments of the current conditions regarding the U.S. economy is hovering near a 17-year high with a focus on better business conditions. The May Consumer Confidence Index came in at 128.0 in May, just above the 127.5 expected. The Conference Board said that overall, confidence levels remain at historically strong levels and should continue to support solid consumer spending in the near-term, which would support solid economic growth.

U.S. Stocks are lower to begin the holiday shortened week as political turmoil in Italy and Spain weigh on the equity markets. In addition, the on again off again summit between the U.S. and North Korea leads to uncertainty and the Stocks markets hate uncertainty. The closely watched Dow Industrial Average is down 400 points today. However, the average is up nearly 30% since the presidential election in late 2016.

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