Mortgage Market News

Global Stock markets melted down overnight and the carnage is spilling over here in the U.S. markets. Economic weakness in both Europe and China coupled with big share price losses in European bank shares are a few of the reasons behind the recent decline. Yesterday, Federal Reserve Chair Janet Yellen said that the global economic malaise could be hit by the current turmoil, which added fuel to the decline in the major U.S. Stock indexes.
A recent report from the National Association of REALTORS® (NAR) found that receding housing inventories are constraining the housing market, causing potential buyers to remain on the sidelines. And the NAR said the problem is not going to end anytime soon. Tighter inventories coupled with an uptick in buyers have pushed home prices higher. “Without a significant ramp-up in new home construction and more homeowners listing their homes for sale, buyers are likely to see little relief in the form of slowing price growth in the months ahead,” said Lawrence Yun, NAR chief economist.
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