Mortgage Market News

The manufacturing sector of the U.S. economy continues in its malaise due to a strong dollar and weak demand from overseas. The national ISM Manufacturing Index slid to 48.2 in December, slightly lower than the 48.6 recorded in November. A reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 indicates contraction. Within the report it showed that the employment component declined, while the new orders index climbed.
Black Knight Financial Services reported on Monday that its Home Price Index report for October showed that prices rose 0.2% from September to October. In addition, home prices rose 5.5% higher in October 2015 from one year prior. It was the 42nd straight month of year-over-year home price appreciation. Black Knight went on to say that October's national home price index of $254,000 now puts prices up nearly 27% since the bottom of the market of 2012.
The U.S. Stock markets are getting off to a rocky start in 2016 as the major indexes plunge due to heightened tensions in the Mideast coupled with weak economic data out of Asia. Stock prices in China fell so hard that it caused the Shanghai Exchange to suspend trading for the session after a 7% decline. Here in the U.S. the closely watched S&P 500 Stock Index is down 2.50% or 52 points, while the Dow Jones Industrial Average plunged 450 points.
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