Greenway's Markets in a Minute I Rates are Low & Values are Up!
Mortgage rates continue to hover at record lows, and the FHFA reports April home values up 5.5% over last year. Low rates and strong prices create opportunities for homebuyers and owners. |
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The International Monetary Fund now expects the U.S. economy to contract by 8% this year, more than the 5% they forecast in April. Negative growth can keep rates low. |
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Initial jobless claims were 1.48 million last week, lower than the previous week but above expectations. Continuing claims declined more than expected to 19.5 million. |
The NAR expects home sales to climb as in-person showings return. With the nationwide lockdown, May's existing home sales fell 9.7% from April and 26% annually. |
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Sales of newly built homes jumped far more than expected in May, up nearly 13% annually. After slowing dramatically in March, they posted the strongest May pace since 2007. |
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However, May's single-family housing starts were nearly 18% lower annually, and building permits, an indicator of future construction, were down about 10%. |