Joey Titus, NMLS #326963

Joey Titus, NMLS #326963 Joey Titus NMLS # 326963 | loanDepot

07/30/2019

For the first time since the start of the recession more than a decade ago, the Federal Reserve Opens a New Window. is poised to cut interest rates in hopes of shielding the 11-year economic expansion from growing global uncertainties.

The central bank is expected to announce its decision on interest rates Wednesday at 2 p.m. ET.

07/18/2019

Growth in consumer borrowing held steady in May, growing five percent to reach $4.08 trillion for the month, according to last week's report from the Federal Reserve. That represented a $17.1 billion gain, which was in line with economists' forecasts of a $17 billion increase.

While this was slightly down from April's 5.2 percent increase, the continued growth at a healthy pace was good news given that it reflects consumer spending, which drives approximately 70 percent of U.S. economic activity.

Revolving debt, such as credit cards, grew at a solid 8.2 percent in May, to hit $1.07 trillion. This was better than April's 7.9 percent pace, and tempered jitters over revolving debt's weaker performance in the first quarter.

Non-revolving debt, such as car and student loans, increased 3.9 percent in May, to reach $3.01 trillion. This was slightly weaker than April's 4.2 percent increase in the prior month, but still relatively on track for the typically steady non-revolving credit category.

07/11/2019

Construction Spending

Construction spending in May sagged, falling to an annual rate of $1.293 trillion, which was 0.8 percent below April's rate of $1.304 trillion, the Census Bureau reported last week. Compared to the same period a year ago, May's spending was 2.3 percent below May 2018's pace of $1.324 trillion.

Private construction spending saw a similar decline, falling to an annual rate of $953.2 billion in May, which was 0.7 percent down from April's pace of $960.3 billion. Spending on residential construction dropped 0.6 percent to a rate of $498.9 billion, down from April's rate of $501.7 billion.

The reason for the drop was a reticence to spend on the part of homebuilders due to their concerns regarding the affordability of homes.

"Builders are busy catching up after a wet winter, and many characterize sales as solid, driven by improved demand and ongoing low overall supply," Greg Ugalde, the chairman of the National Association of Home Builders, told Housingwire. "However, affordability challenges persist and remain a big impediment to stronger sales."

Employment Situation

On the jobs front, the economy added 224,000 jobs in June, with key job growth sectors being professional and business services, healthcare, and transportation and warehousing, according to last week's report from the Bureau of Labor Statistics.

June's performance was well up from economists' forecasts of 170,000 new jobs for the month.

This put the unemployment rate at 3.7 percent, with the population of unemployed Americans holding at 6 million, which was little changed from May's unemployment. Also little changed was the population of long-term unemployed people - those without jobs for 27 weeks or longer - which hovered at 1.4 million in June. This accounted for 23.7 percent of the total unemployed population.

Average hourly earnings rose by 6 cents in June to $27.90, which followed May's 9-cent increase. Over the past 12 months, average hourly earnings have grown by 3.1 percent, according to the Bureau.

07/04/2019

Sales of new single‐family homes fell for the second month in a row, plunging to an annual rate of 626,000, which was 7.8 percent below April's pace of 679,000, the Census Bureau and Department of Housing and Urban Development jointly reported last week.

This was off from housing market watchers' forecasts of an annual rate of 669,000 for the month, and compared to the same period a year ago, May's sales were 3.7 percent down from May 2018's rate of 650,000.

While the drop was considerable, Stephen Stanley, chief economist at Amherst Pierpont Securities, pointed out that a 35.9 percent tumble in sales in the West was a key driver in May's overall report.

"Any time new home sales are up or down sharply because of one region, there is good reason to suspect that the move is fluky," Stanley wrote in a note to clients.

Looking at price, the median sales price of new homes sold in May was $308,000, down from April's $335,100. Looking at inventory, the estimated number of new homes for sale at the end of May totaled 333,000, which represented a 6.4-month supply at May's sales rate.

06/19/2019

One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.

05/28/2019

Monday

Tuesday
S&P Corelogic Case-Shiller HPI
FHFA House Price Index
Consumer Confidence
2-Yr Note Auction
5-Yr Note Auction
Wednesday
MBA Mortgage Applications
7-Yr Note Auction
Thursday
GDP
Jobless Claims
Pending Home Sales Index
Friday
Personal Income and Outlays
Consumer Sentiment
John Williams Speaks

05/23/2019

Starts on construction of private housing rose a healthy 5.7 percent in April to hit an annual rate of 1.235 million, the Census Bureau and the Department of Housing and Urban Development jointly reported last week. This was well above economists' forecasts for a smaller rise to a rate of 1.209 million. Compared to the same period last year, April's housing starts were 2.5 percent below April 2018's pace of 1.267 million.

Starts on single-family homes rose 6.2 percent to hit at an annual rate of 854,000, while starts on buildings with five units or more rose 2.3 percent to hit a rate of 359,000. Compared to last year, single-family starts were down 4.3 percent from April 2018's pace of 892,000 and starts on multi-family units were up 1.4 percent from a rate of 354,000 last year.

Meanwhile, building permits issued for construction of new housing - an indicator of future growth - ticked up 0.6 percent to an annual rate of 1.296 million. Permits issued for single-family home construction in April fell 4.2 percent to an annual rate of 782,000, while permits for multi-family units jumped 7.1 percent to a pace of 467,000.

"Single-family starts drove the bulk of the strength, in line with the rebound seen in new home sales lately," CIBC Capital Markets Economist Katherine Judge told MarketWatch. "That segment adds more value to GDP on a per-unit basis, a positive for residential investment. However, the slight acceleration in the pace of building permits to 1.296 million was driven entirely by the multi-family segment, suggesting that the strength in the building of singles could be fleeting. Still, today's report confirms that the U.S. housing market is on healthier footing, having moved off of the lows seen in recent months."

05/01/2019

After enjoying a growth spike in February, sales of existing single-family homes, townhomes, condos and co-ops fell 4.9 percent in March to an annual rate of 5.21 million, the National Association of Realtors reported last week. Compared to last year, sales were 5.4 percent below March 2018's pace of 5.51 million.

"It is not surprising to see a retreat after a powerful surge in sales in the prior month," NAR Chief Economist Lawrence Yun said in a public statement. "Still, current sales activity is underperforming in relation to the strength in the jobs markets. The impact of lower mortgage rates has not yet been fully realized."

The median price for existing homes of all types ticked up 3.8 percent in March to $259,400, marking the 85th consecutive month of year-over-year price gains. Looking at supply, the inventory of existing homes for sale at the end of March grew to 1.68 million, which was up from February's 1.63 million homes, representing a 3.9-month supply at March's sales pace.

"We had been calling for additional inventory, so I am pleased to see that there has been a modest increase on that front," NAR President John Smaby said. "We're also seeing very favorable mortgage rates, so now would be a great time for those buyers who may have been waiting to make a purchase."

04/26/2019

A growing economy with interest rates not moving...Nice!!!!
The numbers: Reports of the demise of the U.S. economy proved unfounded as first-quarter activity showed surprising strength. The U.S. economy expanded at a 3.2% annual pace in the first three months of 2019, the government said Friday.

The gain was well above forecasts. Economists polled by MarketWatch had forecast a 2.3% increase in gross domestic product. The economy grew at a 2.2% rate in the final three months of 2018.

Inflation moderated a bit in the first quarter.

04/19/2019

The U.S. News World Report’s has just released its top places to live in 2019 -- and Bakersfield made the cut. The annual report is based on the quality of life, desirability, job market, value and housing.

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11200 River Run Boulevard , Suite 100
Bakersfield, CA
93311

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