Jobs report disappoints – weaker than expected number driving mortgage rates lower

by John McClellan on April 5, 2013

Nonfarm payroll employment edged up in March (+88,000), and the unemployment rate was
little changed at 7.6 percent, the U.S. Bureau of Labor Statistics reported today.
Employment grew in professional and business services and in health care but declined
in retail trade.

Household Survey Data

Both the number of unemployed persons, [click to continue…]

{ 1 comment }

Jobless Claims Significantly Higher Than Expected

by John McClellan on April 4, 2013

Wrong direction for the economy.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending March 30, the advance figure for seasonally adjusted initial claims was 385,000, an increase of 28,000 from the previous week’s unrevised figure of 357,000. The 4-week moving average was 354,250, an increase of [click to continue…]

{ 0 comments }

Where have all the homes gone?

April 1, 2013

Where have all the homes gone?  When did the incentives for home buying move from the negative (against home buying) to the positive (for home buying) here in the Austin Metro area?  I am a firm believer that our world is controlled by incentives; i.e., we do things in life because of incentives—financial, moral, and [...]

Read the full article →

Current USDA-designated eligible areas are to remain eligible until September 30

March 26, 2013

Both the House of Representatives and the Senate approved the Continuing Resolution last week.  The Continuing Resolution has clear guidance that current USDA-designated eligible areas are to remain eligible until September 30 – kicking the can down the road. The President signed this into law on March 27.

Read the full article →

Inventory has reached levels not seen since the year 2000!!

March 25, 2013

Months of inventory are at the lowest since January 2000 in the Austin Metro area.  What also needs to be considered is that our population was 1.2 million in 2000 and is projected to be 1.8 million this year!  What effect is this having on the market?  Frustrated buyers and rising appreciation.

Read the full article →

Weekly Jobless Claims Up 2,000 to 336,000

March 21, 2013

Not much of a market mover for mortgage-backed securities as the Fed comments on QE3 and the Cyprus debacle seem to be holding them in a tight range this a.m., albeit after a sharp rise in rates yesterday afternoon. TRS- US CONTINUED CLAIMS RISE TO 3.053 MLN (CONS. 3.050 MLN) MARCH 9 WEEK FROM 3.048 [...]

Read the full article →

Total housing starts in February were up 27.7% from the February 2012 pace

March 20, 2013

Total housing starts in February were up 27.7% from the February 2012 pace.  Single family starts were up 31.4%.  This is a very strong year-over-year increase. Even with this significant increase, housing starts are still very low.  Starts averaged 1.5 million per year from 1959 through 2000, and demographics and household formation suggest starts will [...]

Read the full article →

Unemployment rate dropped to 7.7% for February

March 8, 2013

mbsThe unemployment rate dropped to 7.7% for February, and RTRS reports that U.S. FEB NONFARM PAYROLLS +236,000 (CONSENSUS +160,000). That is a VERY large jump:  Mortgage rates reacted badly, and we will see significantly higher mortgage rates today. On the flip side,  a stronger economy means more demand for housing.  Now, if Central Texas just [...]

Read the full article →

How to be a Flipper not a Flopper

August 31, 2012

How to make money, not lose money, when flipping real estate I want to get into real estate and flip houses! That statement or the question that follows (How do I do that) is said over and over again to me on a weekly basis.  There are a few Flippers out there who do very [...]

Read the full article →

The Dead Cat Story……….

January 1, 2012

Dead Cat StoryClose your eyes.  Relax.  Think back to a simpler time—a time before cell phones, before email, before PDAs and internet search engines.  Think back to a time when real estate agents had glamour-shot photographs on their business cards and online was not around. Now, ask yourself these questions:  How did real estate agents [...]

Read the full article →

← Previous Entries