Neighbor Sam sent an article on how our culture is changing with many generations living under the same roof for a variety of reasons. "Demand rising for properties that can house more than one generation" from the Washington Post. Larger homes like those in Desert Ridge should benefit from this trend. Thanks Sam.
From Stuart Crawford at VIP Mortgage:
Weaker than expected economic data released last week reduced the outlook for future inflation. This caused mortgage rates to slightly improve across the board, but then we saw most of the gains disappear.
Friday's key Employment report was disappointing nearly across the board. Against a consensus forecast of 205K, the economy added just 142K jobs in September. In addition, there were large downward revisions to the results from prior months. The economy has added an average of 167K jobs over the last three months. This level is consistent with an improving labor market, but it is well below the average monthly job gains of 260K seen in 2014. Wages also missed the mark with a slight decline from August. They were just 2.2% higher than a year ago. The Unemployment Rate was unchanged at 5.1%.
The Employment report and other recent economic data suggest that the U.S. is feeling the effect of a stronger dollar and economic troubles overseas. Exports are on track to post their first annual decline since the financial crisis. The ISM national manufacturing index released on Thursday dropped to the lowest level since May 2013, and weakness in the recent data caused expectations for a Fed rate hike in 2015 to decline substantially.
Looking ahead, we have the latest Fed Minutes from the September 17th meeting will coming out Thursday (these detailed Minutes provide additional insight into the debate between Fed officials and have the potential to significantly move markets). In addition, investors will be watching for any escalation of Russian involvement in the Middle East.
Stuart can be reached at 480.776.2954