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Home Sales Up and Down

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inside lending icon market update
National Market Update
  

 After their upside surprise in April, New Home Sales blasted ahead 16.6% in May, to a 676,000 annual rate. Sales are up 12.7% from a year ago, the 12-month average just 1.1% below February’s post-2008 high.Existing Home Sales dropped 9.7% in May, to 3.910 million annually. But those contracts were signed at the height of the lockdowns, while New Home Sales, logged at contract signing, are a timelier indicator of current activity.Freddie Mac: “After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks,” helped by “the low mortgage rate environment.”

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 inside lending icon review REVIEW OF LAST WEEK 
  

 WALL STREET DIDN’T FEEL WELL… Investors lost their appetite for risk and the resulting selloff sank all three major market indexes. A rising coronavirus case count in some Southern states was all it took. Before the unfortunate case count news, stocks were doing fine, just like the recovering economy. Durable Goods Orders rebounded 15.8% in May and Personal Spending spiked 8.2%, the largest monthly gain in history.Initial jobless claims dropped 12 weeks in a row. Personal income fell in May versus April, which was inflated by government stimulus checks. Take those out and income grew 1.6%. Continued economic progress is expected.The week ended with the Dow down 3.3%, to 25,016; the S&P 500 down 2.9%, to 3,009; and the Nasdaq down 1.9%, to 9,757.
With stocks under pressure, bonds rose. The UMBS 3.5% ended up 0.01, at $105.17. The national average 30-year fixed mortgage rate remained unchanged from its prior week all-time low in Freddie Mac’s Primary Mortgage Market Survey. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.DID YOU KNOW?… Zillow says homes are flying off the market at the quickest pace in two years. Homes sold in the second week of June were on the market about 22 days, the lowest number since June 2018.

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 inside lending icon forcast THIS WEEK’S FORECAST 
  

 PENDING HOME SALES, JOBS, CONSUMER CONFIDENCE REBOUND… The  Pending Home Sales index of contracts signed on existing homes, a good read on buyer activity, is forecast to bounce back substantially in May. Also bouncing should be Nonfarm Payrolls, expected to report several million more jobs, giving a nice boost to Consumer Confidence.The bond market will close early on Thursday, and all financial markets will close Friday, July 3, in observance of Independence Day. Have a safe and Happy Fourth!NOTE: Weaker economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and higher loan rates.

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 inside lending icon watch FEDERAL RESERVE WATCH 
  

 Forecasting Federal Reserve policy changes in coming months… The Fed funds futures market currently sees no rate hikes for quite a while. Note: In the lower chart, a 0% probability of change is a 100% certainty the rate will stay the same.Current Fed Funds Rate: 0%-0.25%AFTER FOMC MEETING ON:CONSENSUSJul 29 0.00%-0.25%
Sep 16 0.00%-0.25%Nov 50.00%-0.25%
Probability of change from current policy:AFTER FOMC MEETING ON:CONSENSUSJul 29     0%Sep 16     0%Nov 5    0% 

The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice, or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in this message is the property of Supreme Lending and cannot be reproduced for any use without prior written consent. This message is intended for business professionals only and is not intended for distribution to consumers or other third parties. The material does not represent the opinion of Supreme Lending. ADVERTISEMENT. Offer not contingent on use of specific settlement service provider. 

Posted in: NAR Housing Minute

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Client Review

He is very attentive to client Real Estate needs and belives in quality client care.

RP worked with me through the purchase of a new home and sale of my existing home. He quickly learned what I wanted and found it for me in a few days. He directed me in what I needed to do to sell my existing home and it sold very quickly for very close to my asking price when we listed it. He is very attentive to client Real Estate needs and belives in quality client care.

Roger Smith Middle, TN

I will definitely recommend him to all my friends and family

Home sale is a daunting ordeal and RP made it very seamless. For every small detail that came up RP had an answer or got one at the earliest. I will definitely recommend him to all my friends and family.

Stevenson Middle, TN

I am glad I made right choice by picking RP for my home purchase

" I am first time home buyer, RP is a wonderful person and a wonderful person to work with. RP was just awesome throughout the whole process of buying my home. I've already recommended him my close friends and family members who are first time home buyers.
The home he helped me pick out, me and my family could not be happier!!!!!!!!!!!!!"
RP helped me think as home owner even before buying, what can be expected being home owner for first couple of years, 5 yrs, 10 yrs, what kind of expenses I need to look through etc... I am glad I made right choice by picking RP for my home purchase.

Robin Robinson Middle, TN

My experience with RP was simply outstanding

My experience with RP was simply outstanding. My wife and I were looking to downsize to a smaller home with in middle TN area. RP worked with us on a very personal basis and helped us to understand what we really wanted. At one point, RP even told us that "You might decide to buy this house, but I will not sell it to you. RP is knowledgeable and always available. he would always show up on short notice and take us to see potential homes. I have been watching the listing since our offer was accepted and there has still not been another home like the one RP found!

Ravi Singh Middle, TN

RP, you are a true professional

RP, you are a true professional. This entire experience can be so overwhelming and you walked us through every step of the way from selling our home, believing in us, our vision for a new home and all the business details in between. Your expertise in this field is outstanding and your patience is commendable. Thank you RP. It was our pleasure working with you. You were always there for us.

Pete Klingsick

Regardless of whether you are buying or selling, I would highly recommend RP

The service and personal attention I received from RP was exceptional. He is truly a high-caliber professional and his knowledge of the local market and negotiating skills were key in ensuring that I received the best offer for my home. Regardless of whether you are buying or selling, I would highly recommend RP. I could not have asked for a better Realtor to facilitate the process of selling my home.

Arieal B Middle, TN

We would highly recommend your services to anyone moving.

RP, thank you for your help and suggestions that greatly speeded up the process of selling our home. We can't believe it sold in less than a week! We would highly recommend your services to anyone moving. You acted in a highly professional and informative manner and it was great getting to know you.

Laxman Middle, TN

We were first time home buyers and had no idea of the steps to take in purchasing our first home

We were first time home buyers and had no idea of the steps to take in purchasing our first home. Every step was explained by RP ahead of time. RP was there when we looked at our first property and continues to be there a month after moving into our new home as follow up on how it is going...

Shyam Sundar Middle, TN

RP symbolizes the integrity and commitment that are vital to his profession.

We felt very fortunate to work with RP on our recent Real Estate transaction. From the beginning of our moving process to the end, Michael was a professional, efficient agent. All aspects of selling and purchasing were explained with precise detail. RP used a variety of resources to advertise our home which led to a sale! He was also keenly aware of our needs and subsequently found our new home. The entire closing process went very smoothly. We found ourselves in a new home in less than two months. RP symbolizes the integrity and commitment that are vital to his profession.

Nina & John Middle, TN

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