In a week light on economic news, the markets were relatively quiet. Although there was some intraday trading that caused the stock indices to make some significant moves, here we are at the end of the week and the DOW is within 100 points of where it started the week.

Housing seems to be quietly puttering along with no real indication of direction. Housing inventories in some areas of the country have increased slightly however demand seems to be remaining somewhat stagnate. This means that transactions continue to occur at a moderately slower pace but there certainly continues to be activity.

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In a few interviews in different parts of the country it seems that confidence in the real estate market is beginning to return.  Homeownership since the market meltdown has been seen  more as a “want” than how it used to be viewed which was a “need” for long term wealth building.

After the great recession the view on real estate certainly has been impacted due to the extensive value declines experienced everywhere. The good thing is that the sentiment towards housing is starting to return in America where it is being seen once again as investment tool for the future. The sentiment is changing ever so slowly.

Santa Clarita Real Estate Report

With the holiday shortened week, mortgage applications declined for both purchases and refinances.  Some of the decline is related to children returning to school in some parts of the country. Mortgage rates which have been trending slightly higher are also seen as part of the reason for the drop in mortgage activity.

Purchase applications according to the Mortgage Bankers Association of American dropped 3.0 percent. Refinance applications plummeted 11.0 percent. Refinances will always be more sensitive to interest rate movements and that is clearly shown in this past week’s numbers.

First time jobless claims increased from 304K to 315K last week. This is the first significant increase we have seen in recent weeks. It is premature to take anything from the increase as far as looking for a trend. Claims will always vacillate from week to week. Moving forward it will be important to keep our eye on the movement of claims as employment, although greatly improved since the recession, still remains a concern.

The big corporate news of the week was Apple’s announcement of the IPhone 6 and the iWatch. Apple users are one of the most loyal consumers that exist. Some are so loyal that they started since last Friday lining up outside the NYC Apple Store to be the first ones to get their hands on the new phone.

Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.

Next week has very few market moving economic reports:

Monday September 15th – Industrial Production

Tuesday September 16th – Producer Price Index

Wednesday September 17th – MBA Applications, Consumer Price Index & FOMC Announcement

Thursday September 18th – First Time Jobless Claims and Housing Starts

As your mortgage professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends.  I welcome the opportunity to serve you in any way I possibly can.  Please feel free to reach me at 661-505-4300.

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Source: Santa Clarita News
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