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Market Monitor March 30, 2012
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Market Monitor March 30, 2012

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Spring season best in six years

Spring season best in six years

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  • 1. I s su e 13 , Vo lu me 1 2 / Mar c h 3 0, 2 012Positive Market Tidbits from the Past Week The Week Ahead -> The “Keys”Tim McLaughlin - Fed Minutes and Employment Data highlight the week According to the “Winter 2012 Rent vs. Buy Index” fromTrulia, homeownership is currently more affordable than Date Economic Release Prediction Lastrenting in all but two of the 100 largest U.S. metropolitanareas. 4/2 Construction Spending (MoM) 0.8% -0.1% The latest index, which is based on asking prices for 4/2 ISM Manufacturing 53.4 52.4rental units and for-sale homes between Dec. 1, 2011, andFeb. 29, 2012, shows that homeownership is often a 4/2 ISM Prices Paid 62.3 61.5relatively affordable option even in expensive real estatemarkets, such as New York, Los Angeles and Boston. Only 4/3 Factory Orders 1.4% 1.0%in Honolulu and San Francisco is renting currently a betterdeal than buying. 4/3 FOMC Mtg Minutes (3/13) - -====================== 4/3 Total Vehicle Sales 14.50M 15.03M The U.S. housing market, a notable soft spot in the 4/3 Domestic Vehicle Sales 11.40M 11.70Mnations weak economy for the past four years, is showing 4/4 MBA Mortgage Applications - -2.7%marked signs of recovery. 4/4 ADP Employment Change 205K 216K Real estate markets are showing signs of life as fallingprices spur buyer demand, lifting home sales and new 4/4 ISM Non-Manufacturing 56.7 57.3construction from the depressed levels of the past threeyears. The spring selling season, traditionally the busiest 4/5 Challenger Job Cuts (YoY) - 2.0%period of the year, appears to be off to its best start in fiveyears. Sales of existing homes in January and February 4/5 RBC Consumer Outlook - 47.5were at their highest level since 2007, according to data out 4/5 Initial Jobless Claims - 359Kearly this week. The decline in real estate prices has slowedits pace, making Americans less cautious about spending 4/5 Continuing Claims - 3340Kand potentially more disposed to buy a home. 4/5 BB Consumer Comfort - -34.7 For the first time since 2005, investment in residential realestate, including home building and renovation, has 4/5 ICSC Chain Store Sales - 4.1%contributed to U.S. economic output for the past 3 quarters. 4/6 NonFarm Payroll 210K 227K====================== 4/6 Private Payroll 223K 233K Bidding wars, absent from most parts of the U.S.residential market since its peak in 2006, are erupting from 4/6 Manufacturing Payroll 20K 31KSeattle to Washington, D.C. The inventory of homes hoversclose to a six-year low, while an increase in jobs and record 4/6 Unemployment Rate 8.3% 8.3%affordability are tempting more buyers. The number of 4/6 Avg Hourly Earnings (MoM) 0.2% 0.1%contracts to buy previously owned homes jumped 14% inFebruary from a year earlier, the National Association of 4/6 Avg Hourly Earnings (YoY) 1.9% 1.9%Realtors reported earlier this week. 4/6 Avg Weekly Hours 34.5 34.5 The U.S. metropolitan areas with the strongesteconomies appear ready to absorb the additional inventory, 4/6 Underemployment Rate - 14.9%said Mark Zandi, chief economist for Moody’s Analytics Inc. Mortgage Access Corp. d/b/a Weichert Financial Services, Executive Offices, 225 Littleton Road, Morris Plains, NJ 07950. 1-800-829-CASH. NMLS Company ID: 2731. Licensed by the NJ Dept of Banking and Insurance. Licensed Mortgage Banker with the State Dept of Banking in NY and CT. Licensed by the Pennsylvania Department of Banking, Mortgage Lender 21042. Licensed Lender in AK, AR, DE, MD, D.C., GA, ME, MI, MN, WI, IA, IL, IN, LA, VT, FL, WV, RI, KY, NC, ID, MS, NE, WY, OK,TN, WA. Licensed by the Virginia State Corporation Commission, License #ML105. Licensed Mortgage Lender in the Commonwealth of Massachusetts. License #ML1713, Certificate #43155. Certificate of Authority to transact business in CO, SC. Registered Mortgage Lender in TX. Licensed with the Financial Institutions Division in New Mexico, License # 01297. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Licensed Mortgage Broker and Lender Ohio. Licensed Loan Broker and Lender Rhode Island. Kansas Licensed Mortgage Company, License #MC.0001229. Licensed by the New Hampshire Banking Department, License # 8714-MB. Licensed Oregon Mortgage Lender License #ML2528. Weichert Financial Services arranges loans with third-party providers. Equal Housing Lender.

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