Freddie Mac: Housing is a Bright Spot for Economy

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first_img Previous: Student Loan Debt Hinders Economic Mobility Next: Are Some Housing Markets Bubbling Over? Home / Daily Dose / Freddie Mac: Housing is a Bright Spot for Economy Freddie Mac recently released its monthly outlook for September which noted that housing remains a bright spot for the U.S. economy.”The housing market remains a bright spot for the U.S. economy, with solid job gains and low mortgage interest rates sustaining the economy’s momentum in September,” says Sean Becketti, Chief Economist, Freddie Mac. “In most markets, low mortgage rates have more than offset the rise in house prices, preserving homebuyer affordability for the typical household. Homeowners are also taking advantage of low rates and house price appreciation that is increasing their home equity. The share of cash-out refinances grew to 41 percent in the second quarter of 2016, compared to 38 percent in the first quarter and 15 to 20 percent during the housing crisis.”Specifically, the report shows that Freddie Mac is anticipating the 30-year fixed rate mortgage to average 3.6 percent in 2016. This will be the lowest annual average in over 40 years. The report states that the current record low annual average was in 2012 with a percentage of 3.66. Additionally, Freddie Mac reports that falling mortgage rates from 4 percent at the end of 2015 to about 3.5 percent in the third quarter of 2016 have more than offset the rise in house prices in most markets. The report highlights that this has helped to preserve homebuyer affordability.The report also states that Freddie Mac is revising their forecast of home price appreciation to 5.6 percent and 4.7 percent in 2016 and 2017, respectively. The GSE states that this is up from last month’s forecast of 5.3 percent for 2016 and 4.0 percent for 2017. In regards to cash-out refinance activity, Freddie Mac shows this market sector to be on the rise in the second quarter, with an estimated $13.3 billion net dollars of home equity converted to cash during refinancing. This is up from $11.4 billion in the first quarter of 2016, according to the report, but noted as substantially less than the peak cash-out refinance volume of $84.0 billion during the second quarter of 2006.In addition to these points, Freddie Mac discusses the conditions of the labor market, stating that despite a disappointing August employment report, the market “keeps chugging along”. Specifically, the report shows year-over-year job gains are over 2 million and the unemployment rate remains below 5 percent. In addition, the GSE states that job gains are now being translating into some modest real income gains with average hourly earnings up 2.4 percent year-over-year. This is a reported 2.3 percent increase from last year. Finally, the GSE reports that the best signal of labor market strength in their opinion is the fact that total job openings in July were 5.9 million, the highest on record.To read the entire Freddie Mac September 2016 Outlook click HERE. Sign up for DS News Daily September 21, 2016 1,160 Views Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Economic Outlook Freddie Mac 2016-09-21 Kendall Baer Freddie Mac: Housing is a Bright Spot for Economy About Author: Kendall Baer Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Tagged with: Economic Outlook Freddie Mac The Week Ahead: Nearing the Forbearance Exit 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. in Daily Dose, Featured, Newslast_img read more

Watch The Complete “Love Rocks NYC” Concert, Featuring Derek Trucks, Gary Clark Jr., & More

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first_imgLast week, an incredible lineup of musicians turned up at the Beacon Theatre for a very special benefit concert. Dubbed Love Rocks NYC, the show brought together dozens of talented artists for a musical celebration of all things love, to benefit the organization God Loves We Deliver. The non-profit group delivers meals to those who are terminally ill; it’s no surprise that so many all-star musicians came together in honor of such an important cause.The lineup featured: Joe Walsh, Mavis Staples, Jackson Browne, Warren Haynes, Michael McDonald, Cyndi Lauper, Dr. John, Gary Clark Jr., Bruce Willis, Derek Trucks, Keb’ Mo’, Aaron Neville, Lisa Fischer, Marc Cohn, Anthony Hamilton, Cece Winans, Susan Tedeschi, William Bell, Amy Helm, Blind Boys of Alabama, Jackie Greene, Sam Moore, Catherine Russell, Joan Osborne, Tash Neal, and Marcus King.The house band consisted of: Will Lee, Paul Shaffer, Jeff Young, Larry Campbell, Eric Krasno, Shawn Pelton and Steve Gadd, with singers Elaine Caswell, Chrissi Poland, Nicki Richards, Alicia Chakour, and Mark Rivers. The horn section brought Evan Barker, Jim Hynes, Joe Fiedler, Andy Snitzer, Aaron Heick and Ron Blake.It was a packed-beyond-belief evening of incredible music, to say the least. For 4.5 hours, the city belonged to soul music. Thanks to sgibson818, you can watch the full performance below:Setlist: Love Rocks NYC | Beacon Theatre | New York City | 3/9/17House Band Set One: Tenth Avenue Tango (w/ Bruce Willis), Yes We Can Can (w/ Amy Helm & Jackie Greene), Will The Circle Be Unbroken (w/ Mavis Staples & Amy Helm), I’ll Take You There (w/ Mavis Staples), In My Life (w/ Keb Mo), The Thrill Is Gone (w/ Keb Mo, Billy Gibbons & Tash Neal), Night Time Is The Right Time (w/ Anthony Hamilton & Catherine Russell), Hey Devil (w/ Cece Winans), Born Under A Bad Sign (w/ Gary Clark Jr. & William Bell), Soulshine (w/ Warren Haynes), Bring It On Home To Me (w/ Warren Haynes, Marcus King & Bruce Willis), Crazy Love/Tupelo Honey (w/ Marc Cohn), Whole Lotta Love (w/ Patty Smyth & John McEnroe), Ain’t No Mountain High (w/ Michael McDonald & Catherine Russell), Ain’t That Good News (w/ Sam Moore), Soul Man (w/ Sam Moore, Joe Walsh & Bruce Willis), Gimme Shelter (w/ Lisa Fischer)Gary Clark Jr. Mini-Set: The Healing, When My Train Pulls InHouse Band Second Set: Running On Empty (w/ Jackson Browne), I Shall Be Released (w/ Jackson Browne, Michael McDonald & Blind Boys Of Alabama), People Get Ready (w/ Aaron Neville & Blind Boys Of Alabama), A Change Is Gonna Come (w/ Aaron Neville), Loving You Is Sweeter Than Ever (w/ Derek Trucks & Susan Tedeschi), Space Captain (w/ Derek Trucks, Susan Tedeschi & Warren Haynes), Turn On Your Lovelight (w/ Derek Trucks, Susan Tedeschi, Jackie Greene & Sam Moore), Get Out Of My Life Woman > La Grange (w/ Billy Gibbons), Life’s Been Good (w/ Joe Walsh), Such A Night (w/ Dr. John), With A Little Help From My Friends (w/ many of the evening’s performers)[cover photo via Scott Gibson]last_img read more

Spaulding ends absence from victory lane at Oshkosh

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first_imgBy Dave Panske OSHKOSH, Wis. (May 30) – Travis Spaulding moved into the top spot on lap nine and following a fi­nal caution on lap 11, settled in for a long run to the end of Friday’s Automotive Supply Company IMCA Modified feature at Oshkosh SpeedZone Raceway.Sean Jerovetz, Chris Engels, Brian Drexler and Eddie Muenster ran behind the leader to the fin­ish.This win by Spaulding was his first here since Aug. 3, 2010. The Karl Chevrolet SportMods started off with Bernie Miller grabbing the lead and Cory Wegner, Brekken Kleinschmidt, Kevin Bethke and Jeff Schmuhl close behind. After a lap two caution, Bethke took the lead for one lap before Ryan Besaw took charge. A final caution on lap seven gave Colten Van Hierden a shot at the lead with Schmuhl, Besay and Steve Schneider behind. For the rest of the contest Van Hierden held off all challenges until lap 19, when Schmuhl was able to work into the top spot and drove to his first-ever feature win at the Speedzone. Besaw was also able to sneak by to take the runner-up spot with Van Hierden taking third. Brock Saundes and Jon Schulz rounded out the top five. Jake Linderby took the Total Power Sales IMCA Stock Car lead followed by Harley Simon, Dylan Heilmann, Justin Jacobsen and David Hoerning. A flat tire forced Simon out of the running on lap seven as point leader Travis Van Straten moved into second. Following a caution on lap eight, Van Straten overtook Lunderby, settled into the lead and pulled away from the field. A late caution on lap 17 bunched the field but Van Straten was able to collect his third straight feature win. Dustin Lowberger took second from Lunderby after the last restart and followed Van Straten to the checkers. Lunderby took his best finish so far with third. John Heinz was fourth followed by Hoerning.last_img read more