Mortgage Market News

The housing sector continues to see solid home price gains due to strong demand and tight supplies, in addition to low mortgage rates. CoreLogic reported on Tuesday that home prices, including distressed sales, rose 0.5% from October to November and are up 6.3% from November 2014 to November 2015. Dr. Frank Nothaft, chief economist for CoreLogic says, "Heading into 2016, home price growth remains in its sweet spot as prices have increased between 5% and 6% on a year-over-year basis for 16 consecutive months."
With the holiday shopping season over, sales figures are out for the period from Black Friday through Christmas Eve. MasterCard reports that total sales grew by a sold 7.9% this season, which excludes automobiles and gas, compared to the 5.5% gain in the same period in 2014. MasterCard went on to say that a delay in the onset of cold weather pushed back purchases of winter coats and winter-related apparel, so there was pent up demand after Black Friday. Consumers also had savings from lower gas prices, which they spent during the season.
After the holiday shopping season is over ... what comes next? The holiday return season. January is typically the month in which those gifts that are unwanted, the wrong size or the wrong color, will now have to be returned and exchanged or refunded. But know before you go: meaning, before you head out to the mall to return or exchange, be sure to know the retailers policies. Most retailers return policies remain pretty generous, but complicated, nonetheless. Go to ConsumerWorld.org for all the up-to-date return policies for retailers.
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