The last week of September was jam-packed with news on housing, inflation, and jobless claims.

The Case-Shiller Home Price Index showed that prices rose 1.6% from June to July and they were up a record 20% annually. The Federal Housing Finance Agency (FHFA), which measures home price appreciation on single-family homes with conforming loan amounts, also showed strong appreciation. Home prices rose 1.4% from June to July and 19% year over year.

The Federal Reserve Board (the Fed) is the central banking system of the U.S. The Fed supports the U.S. economy with monetary policy. They recently met to discuss and comment on policy.

The Fed indicated it could start raising rates in 2022. These are charges for overnight loans from bank to bank and will often indirectly impact mortgage rates.

Housing data and the Fed meeting highlighted a jam-packed week of news for the markets to digest.

Sales of existing homes fell 2% from July to August, reaching an annual pace of 5.88 million units. Much-needed inventory also ticked lower, unfortunately, falling 1.5% from July to August and 13% year over year.

However, sales of new homes beat expectations, rising 1.5% from July to August. There were also positive revisions to July’s data, which means the gain is really like a 4.5% rise month over month.

August brought disappointing news from the labor sector, as job growth was much lower than expected. Meanwhile, home price appreciation continues at a record-setting pace.

Just 235,000 jobs were created in August, the Bureau of Labor Statistics (BLS) reported, which was much lower than expectations of 750,000 new jobs. However, positive revisions to the data for June and July adding 134,000 new jobs in those months combined took some of the stings out of the disappointing news. The Unemployment Rate fell from 5.4% to 5.2% but an increase may be ahead, as explained below.

A summary and detailed description of this month’s real estate and mortgage trends for August 2021.

A detailed description of real estate and mortgage trends for August 2021.

A blog where mortgage professionals debate the housing bubble, including the correlations and causations across the board throughout the real estate market.

A detailed list describing the Home Loan Programs available to homebuyers.

Assist My Realtor shares updated information from the Federal Housing Administration to announce that the regulations between student loans and home purchases have changed.

Home inspection questions and answers provided by Assist My Realtor for anyone in the homebuying process.

The Fed’s favored measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation was up 0.6% in April, which was in line with estimates. Year over year the index increased from 2.4% to 3.6%, which is the hottest reading in 13 years!

Well, home values are at an all-time high, home equity at an all-time high, and interest rates are still at historic lows. Who would have thought we would be in this position a year ago? If you are thinking of selling your home, you may reap a healthy profit; however, if you are then to buy a new home you would be paying top dollar.

Housing Starts, which measure the start of construction on homes, fell 10.3% in February and 9.3% year over year. Starts on single-family homes were also down almost 9% from January to February and were pretty flat compared to February of last year. Bad weather across the US is the likely culprit for the decline.

Whether you’re a new homeowner or a seasoned, home-owning veteran, we pulled together a quick home maintenance checklist that will help keep your biggest investment organized and looking great all year long.

Housing Starts were also on the rise in July, up 22.6% from June and coming in 23.4% higher when compared to last July. Though the gain was mostly in Multifamily Starts, Single-Family Starts were up a solid 8.2%.

Understanding the difference between forbearance and deferral.

Full appraisal requirements reinstated for MI Home Loan (bond), Flex loans, and Mortgage Credit Certificates

On June 1, Governor Gretchen Whitmer signed Executive Order 2020-110, rescinding Michigan’s “Safer at Home” order.

Pros and cons of buying a home compared to building a home.

Below is information regarding the reopening of residential and commercial real estate in Michigan as stated on the MI Realtor website: www.MIRealtors.com

Executive Order 2020-70, eases restrictions on residential and commercial real estate and construction.

As we are coming up on the sixth week of quarantine here in Michigan, it is taking a toll on the Real Estate and Mortgage industry. Where does it end? Last week Chase Bank announced it will require any borrower to have a minimum of a 700 credit score and will require a 20% down payment to purchase a home. Today I read a report that Chase will also suspend its HELOC or (Home Equity Lines of Credit) until further notice. We at highlands Mortgage still have our low down or no down programs, with minimum credit scores at 640