Posts Tagged ‘economy’

Good economic news to start your week right

Monday, November 9th, 2009

This week is starting out with good news on the economic front. Happy Monday.

Today’s Economic Update comes courtesy of Eric Otfinoski, Senior Loan Officer at Prospect Mortgage. Let me know if you would like to talk with Eric about a home loan or give him a call at (619) 442-4725.
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Last Week in the News - Economic Update

The Institute for Supply Management reported the monthly index of manufacturing activity rose to 55.7 in October from 52.6 in September. It was the highest reading since April 2006 and well above the economic forecast of 53. A reading above 50 signals expansion.

The Commerce Department reported total construction spending rose 0.8% in September. Economists had expected a decrease of 0.2%. Private residential activity rose 3.9%, posting its best showing since July 2003.

The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 6.1% to 110.1 in September, following a 6.4% increase in August. It was the eighth consecutive monthly increase and the highest reading since December 2006.

The Commerce Department reported factory orders rose 0.9% in September. The report reflected increased demand for both durable goods and non-durable goods. Bookings for heavy machinery jumped 7.9%, the largest gain since March 2008.

The U.S. non-manufacturing sector grew for a second consecutive month in October. The Institute for Supply Management reported the monthly index of non-manufacturing activity was 50.6 in October, slightly down from 50.9 in September. A reading above 50 signals expansion.

The Labor Department said that productivity jumped at an annual rate of 9.5% in the third quarter of 2009. The increase was the biggest quarterly gain since a 9.7% increase in the third quarter of 2003.

Initial claims for unemployment benefits fell by 20,000 to 512,000 in the week ending October 31. The figure was lower than the 523,000 that economists had forecast. Continuing claims for the week ending October 24 fell by 68,000 to 5.75 million.

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Looks like hombuyer tax credit will be extended and expanded.

Thursday, November 5th, 2009

Looks like the homebuyer tax credit will be extended and expanded. Good news on the housing recovery front.

Currently there is a federal $8,000 tax credit available to qualifying first-time home buyers. That credit is set to expire on Nov 30, 2009. Due to the popularity of the program and the belief that it has helped with a housing recovery, the House and the Senate have voted to extend the credit expiration date and to include existing homeowners.

The bill is headed to President Obama for his signature. If the legislation is passed in its current form, the credit will be extended to April 2010. Qualifying first-time home buyers will continue to be eligible for a credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. (I will get more info on the existing homeowner credit thing.) Also the qualifying income limits have been increased.

This credit helps homebuyers afford to make the move and helps sellers or anyone who is waiting for the market to recover. So far more than 1.4 million homebuyers have taken advantage of this federal credit. Once passed, this bill will help many more across our nation.

Excellent!

If you want to buy now and take advantage of this credit, give me a call. I’ll be happy to help you find your San Diego home.

Thanks,
Margot
619-825-5086

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Last week’s economic indicators lookin’ good

Monday, October 12th, 2009

Heidi Odish, a Metro San Diego Mortgage loan officer, helps to educate her clients with an Economic Update newsletter.
Below is her latest newsletter, that I want to share with you because it’s all good news.
Please let me know if you would like to receive this newsletter yourself.

Economic Update
Courtesy Heidi Odish, Prospect Mortgage LLC
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The U.S. non-manufacturing sector grew for the first time since August 2008. The Institute for Supply Management reported the monthly index of non-manufacturing activity rose to 50.9 in September from 48.4 in August. A reading above 50 signals expansion. Big gains were made in new orders, up more than four points to 54.2; backlog of orders, up 10.5 points to 51.5; and productivity, up nearly four points to 55.1.

According to the ICSC-Goldman Sachs index, retail sales rose 0.3% in the week ending October 3. On a year-over-year basis, retailers saw sales increase by 1%, the second-best showing in a year.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending October 2 rose 16.4% to 756.3, the highest level since May. Purchase volume rose 13.2% to 306.1. Refinancing applications increased 18.2% to 3,377.1.

According to the Federal Reserve, consumer credit debt fell for the seventh straight month in August by $12 billion, an annual rate of 5.8%. Economists had forecast consumer debt would drop $10 billion. Total consumer credit debt in August was $2.46 trillion.

Initial claims for unemployment benefits fell by 33,000 to 521,000 in the week ending October 3. The figure was lower than the 540,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending September 26 fell by 72,000 to 6.04 million.

The Commerce Department said wholesalers reduced their inventories by 1.3% in August, following a revised 1.6% drop in July. It was the 12th straight monthly decline. Meanwhile, sales at the wholesale level rose 1% in August, the largest increase since June 2008.

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Housing market coming back. Bernanke agrees with me.

Tuesday, May 5th, 2009

It looks like I’m not the only person who thinks the housing market is showing signs of a turn-around.

The Associated Press put out an article today in which Bernanke says our economy should start to grow again later this year. Specifically, about the housing market, the article states, “The housing market, which has been in a slump for three years, has shown some signs of bottoming.”

Here you go if you want the complete article.

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