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QUOTE OF THE WEEK... "The way to get started is to quit talking and begin
doing." --Walt Disney, American entrepreneur and animation pioneer
INFO THAT HITS US WHERE WE LIVE ... There's always lots to talk about in the housing market, but happily what more people have begun doing is actually buying homes. The National Association of Realtors (NAR) reported existing home sales saw their best first quarter in almost a decade. The NAR chief economist painted this picture: "In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing sales since 2007." For single-family homes and condos, that was a 5.29 million unit annual rate--4.8% higher than a year ago.
Seeing this excellent Q1 performance, an NAR economic forecast forum predicted existing home sales would post their best year in the last ten, finishing 2016 at a 5.40 million annual pace. They expect median existing home price gains to moderate from 6.8% in 2015 to 4% to 5% this year. A major real estate information firm's report on Q1 loan originations showed purchase mortgages up 3% and home equity lines of credit up 10%, versus a year ago. Oddly in this low rate environment, refinance originations dropped, but the firm's senior VP pointed out, "the purchase loan market continued the pattern of slow-and-steady growth that it has been following the past two years."
BUSINESS TIP OF THE WEEK... In every endeavor, always choose to succeed. People are successful for many different reasons, but they all share this one: they chose to succeed.
INFO THAT HITS US WHERE WE LIVE ... There's always lots to talk about in the housing market, but happily what more people have begun doing is actually buying homes. The National Association of Realtors (NAR) reported existing home sales saw their best first quarter in almost a decade. The NAR chief economist painted this picture: "In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing sales since 2007." For single-family homes and condos, that was a 5.29 million unit annual rate--4.8% higher than a year ago.
Seeing this excellent Q1 performance, an NAR economic forecast forum predicted existing home sales would post their best year in the last ten, finishing 2016 at a 5.40 million annual pace. They expect median existing home price gains to moderate from 6.8% in 2015 to 4% to 5% this year. A major real estate information firm's report on Q1 loan originations showed purchase mortgages up 3% and home equity lines of credit up 10%, versus a year ago. Oddly in this low rate environment, refinance originations dropped, but the firm's senior VP pointed out, "the purchase loan market continued the pattern of slow-and-steady growth that it has been following the past two years."
BUSINESS TIP OF THE WEEK... In every endeavor, always choose to succeed. People are successful for many different reasons, but they all share this one: they chose to succeed.
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