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Mark Hemingway

Mortgage Market Update for May 14th

Tuesday, May 14, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The NFIB reports that its April Small Business Optimism Index remains at a historically very strong level, consistent with solid growth, keeping the economy at full employment and says there is recession in sight this year. NFIB President and CEO Juanita D. Duggan said, "The continued economic boom is thanks, in a major way, to strong growth in the small business half of the economy." The index rose to 103.5 in April, up 1.7 points.

Delinquency and foreclosure rates in February fell to lows not seen in nearly two decades due in part to strong economic expansion along with unemployment at a 50-year low. Those two factors continue to drive down housing market distress, reports CoreLogic. CoreLogic reports that the 30 days or more delinquency rate for February was 4%, down from 4.8% in February of 2018. In addition, as of February 2019, the foreclosure inventory rate was 0.4%, down 0.2% from February 2018.

The National Association of REALTORS(R) reports that metro home prices saw a 3.9% increase in Q1 2019 from Q1 2018. The median price for existing single-family home was $254,800 in Q1 2019. At the end of Q1 2019, there were 1.68 million existing homes for sale on the market, up 2.4% from Q1 2018. Lawrence Yun, NAR chief economist, says the first quarter has been beneficial to U.S. homeowners. "Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated $9,500 in wealth over the past year."

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