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Mark Hemingway

Mortgage Market Update for April 6th

Tuesday, April 6, 2021 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Due to severe shortages, home prices across the country jumped annually as the spring buying season is now underway. CoreLogic reports that home prices nationwide, including distressed sales, rose 10.4% in February 2021 compared with February 2020, the biggest gain since February 2006. Prices were up 1.2% monthly in February 2021 compared with January 2021. CoreLogic is forecasting a 3.2% gain from February 2021 to February 2022. "As affordability challenges persist, we may see more potential homebuyers priced out of the market and a possible slowing of price growth on the horizon," said Frank Martell, President and CEO of CoreLogic.

Job openings rose in February as many states have now fully reopened while some remaining states are partially open. The Bureau of Labor Statistics reports that there were 7.4 million job openings on the last day in February, up from 7.09 million at the end of January. Job openings increased in health care and social assistance, accommodation and food services, arts, entertainment., and recreation. The data is collected for the Bureau's JOLTS (Job Openings and Labor Turnover Summary) report.

Slightly higher stock levels coupled with easing oil prices from recent highs have steadied gas prices at the pumps after increases seen since January. Jeanette McGee, AAA spokesperson said, "These are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet." The motor club reports that the national average price for a regular gallon of gasoline was essentially unchanged this week at $2.87. A year ago the price was $1.92 with the highest ever seen back in July 2008 at $4.11.

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