Mortgage Marketing News

A recent report by Black Knight Financial Services showed that rising home prices lifted 1.5 million borrowers from negative to positive equity in 2015. However, there are still nearly 3.2 million homeowners across the nation that still owe more money on their current mortgage than what their homes are currently worth. The average negative equity rate is 6.5%, well improved from the worst levels during the housing market crash.
The Institute for Supply Management (ISM) reported on Tuesday that its ISM Service Index, rose to 54.5 in March, above the 53.5 recorded in February. The service sector has now grown for 74 consecutive months. Both the new orders and employment components saw gains last month. The data is signaling that business conditions are improving, just not at a robust pace that would be normal after a recession. A reading above 50 indicates expansion in the service sector and a reading below 50 indicates contraction.
In a slight blow to the job market, the Labor Department reported that job openings fell by 159,000 at the end of February from the end January. There were 5.445 million openings at the end of February compared to 5.604 million at the end of January. The numbers come from the Job Openings and Labor Turnover Survey (JOLTS). The report is produced monthly by the Labor Department, is closely watched by Fed Chair Yellen and is a key barometer for monetary policy.
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