What's up with the housing market? | November 11th

National Housing Report: November 11th

Melody and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

Economy

  • Construction job openings increased in Sept on a year-over-year basis. The estimated number of job openings was 338,000.

  • CoreLogic's House Price Index for Sept showed house prices continue to go up, rising 3.5% year-over-year. Prices were 0.4% higher in Sept than in August.

  • Down payment assistance on FHA loans increased from 30% in 2011 to 40% in 2018. Also, a new study debunks the myth that down payment assistance buyers are more likely to default.

 

Market News

  • Continued progress in trade talks with China is helping stocks rally to record highs and driving bond yields higher. Increased bond yields are pressuring mortgage rates higher.

  • U.S. service companies grew at a faster pace in Oct after sinking to a 3-yr low in Sept. Measures of sales, new orders and employment all rebounded from the previous month.

  • Jobless claims fell more than expected last week. Along with last week's payroll gains, this shows consistent strong labor market conditions and continued job growth.

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