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Market news in June:
Clear Capital reports that national home prices rose 8.2% in the year ended
in May. CoreLogic reports that home prices, including distressed sales, rose
12.1% from April 2012 to April 2013.
Non-farm payrolls rise to 175K in May, above the 159K expected. Revisions
for March and April were -12K. ADP reports that private employers added 135K
new jobs in May, below the 157K expected. The Labor Force Participation Rate
rises a tenth to 63.4. Fitch reports that the May jobs report supports
continued monetary easing. Challenger, Gray & Christmas reports that
planned layoffs at companies across the nation fell by 4.5% in May for the
third month in a row.
Freddie Mac reports that the 30-yr fixed is at 3.91% when paying a 0.7
point. If no point is paid, the rate is 4.09%. The refi index plunged by 15%
with home loan rates jumping.
I am thrilled to see a healthier residential home market!
Happy Fourth of July everyone!
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