Monday Market Update - July 9, 2012
Staying cool is getting tougher around here. We've had record breaking heat waves over the past week but hopefully a little dip in the temperature will come our way in the coming weeks.
The jobs report was a disappointment last week with the Labor Departments Jobs Report stating that only 80,000 jobs were created in June. The unemployment rate has held steady at 8.2%. This really needs to turn around and gain some positive momentum in order for the economy to improve. Locally, we are definitely seeing more activity with contracts and closings but news like this is a bit disheartening. It's still yet to be seen whether or not the jobs report was bad enough to guarantee another round of bond buying (Quantitative Easing or QE3). QE3 could push stock prices higher which would have a negative effect on home loan rates. We'll be watching this closely.
At any rate, interest rates are still incredibly low which increases your buying power. I'm in the process of refinancing myself. If you or anyone you know is thinking or refinancing or buying, please let us know. We're happy to refer you to the best loan officers in the business and of course, we'll take care of all your real estate needs.
Have a great week and stay cool!