stimulus (QE3) will be moved.’” One piece of positive news is that those seeking U.S. jobless benefits dropped 15,000 last week-the fewest since December 2007—a sign of dwindling layoffs and steady if modest job growth the Labor Department said last Thursday. Companies are laying off fewer workers, a trend that has lowered applications for unemployment benefits by 14 percent this year. The Dow slid 30.72 points last Friday ending at 15,081.47. I personally expect to see a back and forth in the DOW if for anything other reason than reaction to the Fed and what they do or what economists “think” the Fed will do. Real Estate, Mortgage Industry, and Other Economic News Stepped up hiring in retail and financial services helped San Antonio’s unemployment rate fall for the second consecutive month to 6.0 percent for July from 6.1 percent in June. Keith Phillips, chief economist for the Federal Reserve bank of Dallas for the San Antonio branch said federal budget cuts were continuing to weigh heavily on a city (S.A.) largely reliant on defense and healthcare spending. “I think San Antonio’s hanging in there, but I think sequestration and those cuts are affecting growth,” he stated. The U.S. unemployment rate is 7.4%, Texas is 6.5%, whereas Austin gets to tout the lowest metropolitan area at 5.2%. The fact still remains that S.A.’s jobless rate went down and that in any sense of the word is a good thing. Confidence among U.S. homebuilders is at its highest level in nearly eight years fueled by optimism that demand for new homes will drive sales growth into next year. The National Association of Home Builders/Wells Fargo builder sentiment index jumped to 59 this month from 56 in July. Demand for housing in the San Antonio area continues to surge as well, with sales hitting a five-year high in July. Last month, 2430 family homes sold, a 27 percent jump compared to the same period last year when there were 1907 sales-data from the San Antonio Board of Realtors shows. That’s the highest sales figure recorded during the month of July, dating to 2008. Mortgage rates on U.S. long-term fixed rate mortgages remained steady for a second straight week, giving prospective homebuyers more time to lock-in at historically low levels. Freddie Mac said the average rate on a 30-year loan remained unchanged at 4.4 percent this past week. The average rate on the 15-year fixed loan edged up to 3.44 percent from 3.43 percent. There is no argument from anyone I have spoken to that rates remain at very attractive levels. The so called “fence-sitters” may have missed out when rates were a little lower but there is still time to take advantage of today’s mortgage rates and programs before January 2014 changes take effect. What changes? That’s another story-‘til next week! One of the biggest economic boons for our state is hunting and hunting season is almost upon us. From South Texas to the Texas Hill Country, including Fredericksburg, Kerrville, Johnson City, Blanco, Bandera, Llano, Mason, Marble Falls and beyond. That being said- The South Texas Trophy Hunter’s Extravaganza is this coming August 23-25th (Friday-Sunday) at the Alamo Dome in San Antonio. Just thought I’d let you know….. (This arrticle is for informational purposes only. Do not use it as financial advice. Any opinions expressed here are not necessarilty thos of SWBC or any of their affiliates. For questions/Comments contact Tony Stevenson at 1.800.460.6990 or email: tst
Posted on: Mon, 19 Aug 2013 19:27:47 +0000
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