Michael Orr at The Cromford Report made a presentation to the Pinnacle Peak Realtor Marketing Session on August 15th. Click HERE for the PDF of his presentation. It does not get any better than this in terms on the latest market trends and information.
There will be a new Sprouts store coming to City North in 2015. We have arrived apparently.
Here is the latest mortgage news from Stuart Crawford at V.I.P. Mortgage:
"The economic data released last week struggled to elicit a reaction in the market and investors focused on increased expectations for asset purchases by the European Central Bank (ECB). This news was favorable for mortgage rates, which ended near the lowest levels of the year.
The ECB has a reputation for being tougher on inflation than the Fed (our country’s equivalent group), and monetary policy has been tighter in the euro zone than here in America. Recent comments suggest that the ECB is headed in the opposite direction. While an improving U.S. economy has caused the Fed to wind down its bond purchase program, ECB officials have expressed growing support to implement an asset purchase program to counter weak euro zone economic growth. Investors have added European bonds to their portfolios ahead of this expected added demand from the ECB, pushing their yields lower. This has made global bond yields in other regions relatively more attractive, including U.S. mortgage-backed securities (MBS). The extra demand for MBS has helped push down mortgage rates.
Recent data on the U.S. housing market has been mixed. The Existing Home Sales report released showed nice improvement, while New Home Sales data revealed a slight decline. The July Pending Home Sales report, which is a leading indicator of future activity, rose to 105.9, the highest level since September 2013. The National Association of Realtors (NAR), which issues the report, defines a reading of 100 as an "average level of contract activity".
Looking ahead, there will be a summit on Saturday between EU officials and Ukrainian officials. This may lead to additional sanctions against Russia. In the U.S., the important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month and we closely watch this to see how interest rates will react."
Stuart can be reached at 480.776.2954