Monday Market Update - October 1, 2012
I hope you had a great weekend and are looking forward to the week ahead. It was a bit overcast and cloudy all weekend here but certainly nice to have the cooler temperatures.
The GDP (a measure of economic activity) for the second quarter came in at a lower than expected 1.3%. Figures like these lend proof to the fact that improvement is still needed in our economy and which was the main reason for the QE3 we saw initiated by the Fed. The point of the Bond buying by the Fed (QE3) is to promote the economy and increase job growth. Last week the initial jobless claims came in 395,000 which was better than expected. Only time will tell how this injection of money will effect the economy.
On another note, the USDA announced last week that it won't make any changes to the USDA eligible areas for 100% financing until March 27, 2013...This is great news for our area. If you or anyone you know is considering buying a home, please have them contact us and we'll be happy to explain how the 100% USDA loan program works and help them determine if the are eligible. Call (910.202.2546) or email any time, we are here to help...
Have a great week and remember to call us for ALL your real estate needs.