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Mark Hemingway

Mortgage Market Update for December 4th

Tuesday, December 4, 2018 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

CoreLogic reports that home prices, including distressed sales, rose 5.4% from October 2017 to October 2018. That is down from the 7% gain seen year over year in March of this year. On a month over month basis, prices rose 0.5% from September 2018 to October 2018. Looking ahead, CoreLogic sees a 4.8% increase from October 2018 to October 2019. Frank Nothaft, Chief Economist at CoreLogic says, "Rising prices and interest rates have reduced home buyer activity and led to a gradual slowing in appreciation (in prices)."

Gas prices at the pumps continue to decline as the price of oil has fallen to its lowest level since September 2017. A strong dollar coupled slowing demand for oil are a few reasons behind the decline in prices. The national average price for a regular gallon of gas is at $2.44, down from $2.76 a month ago and below the $2.47 seen a year ago. The highest recorded price was hit back on July 17, 2008, of $4.11.

All U.S. financial markets will be closed tomorrow in honor of former President George HW Bush, who passed away last Friday at the age of 94. That has shifted the ADP Private Payroll Report release to Thursday morning from Wednesday morning. The USPS will not be delivering mail on Wednesday. Federal offices will be closed on Wednesday as well as some banks and courts.

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