Napa Mortgage News

Housing News...Cabo & Cannes

June 24th, 2018 9:01 PM by Dale DiGennaro

Dear Gena,

In the "housing" news this week...

"US existing home sales fall for second straight month!"

Existing home sales fell in May.
The number of transactions was expected to increase.
This is the second straight month of declines. CLICK HERE for all the details!

"Borrowers returning to mortgage market."

10:01 AM ET Wed, 20 June 2018

Mortgage application volume increased 5.1 percent last week from the previous week, according to the Mortgage Bankers Association. The rise came even as home borrowers have been dissuaded by interest rate volatility. The gain was driven by applications to refinance a home loan.

Cannes: How one city is capitalizing on big festivals

2:41 AM ET Fri, 22 June 2018

Cannes, France is home to some of the biggest festivals in the film and advertising industries, CNBC's Elizabeth Schulze reports about how the economic impact of these events goes beyond the main stage.

Learn More

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

Housing Data

After last week's packed economic calendar, this week there was virtually no significant news except for some housing market data. It was an extremely quiet week, and mortgage rates ended almost unchanged

In May, sales of previously owned homes decreased slightly from April, and they were 3% lower than a year ago. The inventory of previously owned homes for sale rose 3% from April to a 4.1-month supply, but it was 6% lower than a year ago. Even with the increase, inventory levels remain very low by historical standards and are holding back sales. A 6.0-month supply is considered a healthy balance between buyers and sellers. The median home price was 5% higher than a year ago.

In an encouraging sign, home builders may be helping to address the shortage of inventory. In May, housing starts jumped a stronger than expected 5% from April, to the highest level since July 2007. Both single-family and multi-family units rose by a comparable amount. Despite rising labor and lumber costs, builders appear to be eager to supply more homes to the markets.

Looking ahead, New Home Sales will be released on Monday. Durable Orders, an important indicator of economic activity, and Pending Home Sales will come out on Wednesday. Core PCE, the inflation indicator favored by the Fed, will be released on Friday. In addition, Treasury auctions on Wednesday and Thursday could influence mortgage rates.

Our last couple of days of Jenae's graduation trip to Cabo were amazing!

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"