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Mortgage Market Guide Monthly – Views You Can Use August Issue 2017

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Mortgage Market Guide Monthly – Views You Can Use August Issue 2017

  IN THIS ISSUE…
     
  “I’m so lost without you.” Air Supply. Residential housing supply is coming up short across much of the country, leaving some prospective homebuyers feeling lost. We’ll take inventory on this story and more, including:

Please feel free to forward this newsletter to friends, family or co-workers who may find it helpful.

 
 

  The Price Gains Remain

     
  Data analytics firm CoreLogic reported home prices, including distressed sales, rose 6.7 percent from June 2016 to June 2017 due in part to the continued theme: limited homes for sale on the market. On a monthly basis, prices were up 1.1 percent.

June New Home Sales edged higher for the second straight month, the Commerce Department reported. New Home Sales rose a modest 0.8 percent from May. From June 2016 to June 2017, sales rose 9.1 percent. At June’s sales pace, there is a 5.4-month supply of homes for sale on the market, up 1.1 percent from May, though still below the six-month supply that is considered normal.

In contrast, the National Association of REALTORS® reported Existing Home Sales fell 1.8 percent from May to June to an annual rate of 5.52 million units. Year-over-year sales were up just 0.7 percent, the second lowest reading of 2017. Total housing inventory was at a 4.3-month supply at the June sales pace and has fallen year over year for 25 consecutive months.

Retail Sales posted the second monthly decrease in a row in June, falling 0.2 percent from May versus the expected rise of 0.1 percent. Consumers spent less at department and food stores; receipts at gas stations also declined. However, year-over-year sales in June saw a 2.8 percent increase.

The inflation-reading Consumer Price Index (CPI) was unchanged from May to June. Year over year, CPI fell to 1.6 percent, the lowest annual number since October 2016, as costs declined further for gasoline and phone services.

At this time, home loan rates remain near historic lows due to tempered economic growth, mild consumer spending and tame inflation. Now is a great window of opportunity for those in the market to purchase or refinance a home.

If you have any questions about current loan products, or home purchase or refinancing opportunities, please reach out at any time.

 

 

  What to Watch: Gross Domestic Product

     
  The first reading of second quarter GDP showed that economic growth rebounded.

What is the GDP report? GDP measures the total dollar value of all goods and services produced in a specific time period and helps gauge economic growth or stagnation.

What’s happened recently? The first reading on second quarter 2017 GDP was 2.6 percent, bolstered by increases in consumer and government spending. The final reading on first quarter GDP was revised lower to 1.2 percent from 1.4 percent.

What’s the bottom line? While the improvement in the second quarter reading is encouraging, the figures for the first and second quarter leave the U.S. in the same position as the last decade or so … at 2 percent growth.

Typically, a healthy GDP reading would fall between 2.5 and 3 percent. Investors, economists and the Federal Reserve will be watching to see if this number will trend higher to reach the optimal target range and be sustainable.

I’ll continue to monitor economic reports closely, but if you have any immediate questions, please call or email today.

 

 

  Troubleshoot Your Air Conditioning

     
  If your air conditioner struggles to keep up when temps hit record highs, check these common symptoms before calling for a repair.

It’s a no-go: If your air conditioner does not seem to be functioning at all, the most common culprit is a tripped circuit. Check the breaker box first.

Rooms are too warm: Check for open windows and detached or damaged weatherstripping, including around window AC units.

Air moves too slowly: AC units aren’t as efficient with dirty filters or floor registers. Filters on central units should be cleaned or replaced once a month during the summer, especially if you have pets. Floor registers should be vacuumed regularly and kept free of obstructions like furniture, plants and throw rugs.

Pan overflow: The drain pan below interior air conditioning units collects condensation, which is then drained by an electric pump. If the pan is overflowing, inspect the drainage line for kinks or blocks.

Running constantly: Ambient heat distributed by lamps and televisions near the thermostat can cause over-performance, as can sunlight falling directly on or near the thermostat or window unit. Keep blinds and shades drawn during the day to prevent your thermostat from registering a warmer temperature.

Owners manual check-in: You can usually troubleshoot many issues yourself. If you’ve misplaced the original owners manual, check the manufacturer’s website for a replacement download.

Most air conditioning problems are due to lack of regular maintenance. So save time and money with annual inspections by a qualified HVAC professional!

Sources: Consumer Reports, Trane

 

  Q&A: Save a Soaked Smartphone

     
  QUESTION: I accidentally dropped my smartphone in water. Can it be saved?

ANSWER: While recovery is never guaranteed, experts say your chances are better if you heed the following advice.

Don’t power on the device or plug it in. The most common reason wet phones can’t be recovered are electrical shorts.

Avoid heat exposure such as hairdryers, microwaves or direct sunlight to dry the phone, which can warp components.

Take it to a repair shop ASAP. Smartphone repair pros have the tools and know-how to get a soaked smartphone up and running.

Source: Popular Mechanics

 

 

 

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Christian Penner
712 U.S. Highway 1 North #300, North Palm Beach, FL 33408

Buyer Referral Hotline: (561) 316-6800 | Office Text Line: (561) 530-2223