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Keith CloakBranch ManagerAnnieMac Home MortgagePhone: (239) 676-3245Fax: (866) 474-5037LicenseNMLS [email protected]
A Good Start to 2015
A strong Jobs Report raised hopes of a stronger economy to start 2015. According to Labor Departmentfigures released in December, employers added 321,000 jobs in November, the most in one month sinceJanuary 2012. New job creations for September and October were also revised higher. The unemploymentrate stood at 5.8 percent, which was unchanged from October but down from 7 percent one year ago.
In early December, the Wall Street Journal reported that wage growth, which has been slow during therecovery, is accelerating. 'This is another sign that says we're taking off,' said Beth Ann Bovino, the U.S.Chief Economist at Standard & Poor's Ratings Services. As more people find work and income stability orincome growth, the housing industry will likely benefit. Stay tuned to see how the Federal Reserve will reactas the economy improves.
The housing market is ending the year better off than a year ago. Revised figures from October, as reported
by the National Association of REALTORS® (NAR), showed that pending home sales fell 1.1 percent froman upwardly revised September reading, but were still 2.2 percent higher than this time last year. Theinventory of homes for sale was also 5 percent higher in October than a year ago.
Sales of existing homes also rose in October to the highest level in a year, as home price gains continue toease. Home loan rates are still hovering near historic lows.
Good 'Starts' for the YearA good sign for new home construction in early 2015: in October of last year, builders were granted 4.8percent more permits to break ground—the highest amount in six years. Total starts of singlefamily housesalso advanced 4.2 percent annually in October to 696,000, according to the Commerce Department. Whiletotal housing starts fell 1.6 percent in November, the number of approved permits for new constructionprovides an optimistic start to the new year.
Licensed by the Dept. of Business Oversight under the CA Res. Mtg. Lending Act.; Regulated by the Division of Real Estate;
Residential Mortgage Originator: This is not an offer to enter into an agreement. Any such offer may only be made in accordance
with the requirements of MN. Stat. Section 47.206 (3) and (4); OR – ML2644; Licensed by the PA Department of Banking;Licensed by the SC State Board of Financial Institutions; NMLS ID #1041 (www.nmlsconsumeraccess.org); WA – CL1041.
