Mortgage Market News

Home prices experienced solid gains across the U.S. as the sector continues to improve. The Case Shiller 20-city Index saw home price gains rise 5.5% on an annual basis from September 2014 to September 2015, up from the 5.1% recorded in August on a year-over-year basis. However, the lofty gains could be shutting many buyers out of the market. The national index rose 0.8% from August to September. "Home prices and housing continue to show strength with home prices rising at more than double the rate of inflation,” said David Blitzer, managing director at S&P Dow Jones Indices, which produces the numbers for the Case Shiller report.
The Bureau of Economic Analysis reported on Tuesday that the second reading for economic growth in the third quarter was revised higher from the initial reading, led by a buildup in inventories. Gross Domestic Product rose to 2.1% from the 1.5% originally reported, but well below the 3.9% recorded in the second quarter. Within the numbers it showed that consumer spending edged lower, though it still remains at a brisk pace of 3%. Gross domestic product is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.
Consumer Confidence declined to the lowest levels since September 2014 as Americans were less favorable on the job market. The Conference Board reported that its Consumer Confidence Index fell to 90.4 in November, below the 99.6 expected and down from the 99.1 registered in October. Within the report it said that those anticipating more jobs in the months ahead declined, while those anticipating fewer jobs increased.
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