Market Wrap for week of May 10
Market Wrap for the week of May 10th what all happened..LOW RATES!!!!!:
Problems in the Europe market continue to dominate the market news. This caused investors to flock towards US Bonds, helping the interest rates to remain low. Good news for those trying to buy a home or those of you that are still waiting to refi—-buy the way—call me, lets work out a plan of action!!
In other news:
· April Retail Sales rose from March, the seventh straight monthly increase
· Federal Reserve member Plosser said that the economic recovery is “on a sustainable path
· The monthly federal budget deficit jumped to a record high for the month of April
· Gold prices rose to a new high above $1,200 per ounce
· The price of gas has decreased this week on account the US dollar is gaining strength
A few more thoughts: The chief economist of the National Association of Realtors (NAR) suggested that the home buyer tax credit has helped “stabilize the market”. Contracts had to be signed by the end of April to qualify for the tax credit, so many buyers rushed to take advantage before the deadline. As a result, the NAR chief economist expects “measurably lower sales” in May. The growth in housing sector activity will then depend largely on the performance of the economy and the labor market. The housing sector may also benefit from increased availability of jumbo mortgages and other forms of credit from non-governmental sources. I think the home sales will stay somewhat steady by the timely low interest rates that are available right now. This could change, I will keep you posted.
Call or email me if are looking to buy or refi-with so many options, lets come up with a good plan. I can be reached at
262-696-5041 or krissteinbach@inlanta.com
