Well Consumer Confidence just hit the wire for the month of May at 57.2 missing estimates of 61.0, meaning consumers are losing confidence faster than expected. New home sales beat expectations by 6,000 and increased over last month by 17,000. Although this is positive, new home sales account for just 16% of the total housing market.
Standard & Poor's Case Shiller Index reported today a 14.4% drop in the last year and 16 consecutive months of decline. The index rates only the 20 Major Metro Areas and in my opinion should not reflect the entire nation numbers because of increase in those area was much greater than the average increase across the rest of the United States.
On Friday the Fed's favorite inflation gauge, the Personal Consumption Expenditure will be released, expect it to be a market mover.
For today however, mortgage bonds are trading off today below a key level of resistance, definitely in a locking mode for now. Rates are still in the low 6s!!!
I just signed up with a new website to help market my mortgage services to the consumer through a For Sale By Owner website. People trying to sell their homes by themselves can list it on this site. I just launched it last week and had some positive responds already. This free service draws in leads from potential buyers as well as providing a value-added service to sellers that if they eventually need to list with a real estate agent I can refer one to them.
Check out Worcester for sale by owner which is my site on HomesbyLender.com. This website features regularly updated home for sale by owner listings in Massachusetts and every other state in the nation.
I would like to hear any positive or negative feedback from agents out there about a mortgage broker working with FSBOs.
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