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Here's Why Housing Remains a Bright Spot in the Economy



Housing remains a bright spot for the economy in October. It’s not a statement you expect to hear as we look at the rising home prices and dwindling inventory, but it’s exactly what Freddie Mac stated today in its monthly Outlook for October.

Consumer spending will boost a better half in 2016 for gross domestic product leading to an annual growth of 1.6%, according to the report. Growth in 2017 will be slightly better at 1.9%.

The economy is still struggling to meet the Feds expectations. Consumer price inflation remains well below the Federal Reserve’s 2% target. The consumer price index increased 1.5% annually in September, while the Federal Reserve’s preferred metric of consumer price inflation, the core personal consumptions expenditure price index, rose 1.6% annually in August.

“Worldwide economic growth is weak and its prospects have gotten worse,” Becketti said. “This may all sound familiar because we’ve been here before… last year.”

While that may be true, the same can't be said about housing. In fact, Becketti calls the housing market a “bright spot” in the economy in an economy that is otherwise stalled.

Mortgage rates aren’t going to spike any time soon, but will rise gradually in 2016 and 2017, the report states. The 30-year fixed rate mortgage will average 3.9%.

For now, mortgage interest rates rose for the second week in a row to their highest level in four months to 3.52%, now hitting pre-Brexit levels, according to Freddie Mac’s weekly survey.

“We see new home sales improving some next year driven by increases in new single-family housing construction which will push total home sales slightly higher,” Becketti said.

Existing home sales increased in September driven mainly by the drastic increase in first-time homebuyers, which reached the highest share of homebuyers in four years, according to a new report from the National Association of Realtors.

Also, foreclosure inventory in August declined significantly from last year, hitting its lowest point since the housing boom, according to the August 2016 National Foreclosure Report from CoreLogic, a property information, analytics and data-enabled solutions provider.

(Sourced from HousingWire's Blog - HousingWire.com; Author: Kelsey Ramirez)

TOP 1% and I'm Grateful, Thankful, and Blessed!

Walked into the office today and opened up a letter from the President & CEO of NRT, welcoming me to the top 1% of approximately 47,000 sales associates nationwide for the Third Quarter of 2015! 

I just want to express that I'm grateful, thankful, and blessed!!

 

- Ginny

 

 

We're So Excited!!



Ginny is currently featured on the list for REAL Trends Best Real Estate Agents in America! She was ranked 28th in Illinois in Closed Transactions (Individuals By Sides), and 49th in Illinois in Volume (Individuals By Volume).

Individuals By Sides 

Individuals By Sides

Individuals By Volume

Individuals By Volume

REAL Trends ranks, collects and verifies all of the data in these reports to produce a completely unbiased and ethical report. REAL Trends is a consulting and comunications company for the residential real estate industry and has been widely known as the trusted source for data, news, and trends for the residential real estate industry.

Congratulations, Ginny!

The Second Quarter ROCKED...

...thanks to all of the clients that put their faith in The Leamy Team to help them with their real estate needs! We consider it a blessing to be able to continue to serve Elmhurst, DuPage County and the entire Chicago western suburban area.

Congratulations to all of our peers who made the Top 500 and the Top 1000 NRT Sales Associates lists for the second quarter of 2015!
 

Ginny Leamy
& The Leamy Team
121 N Addison Ave
Elmhurst, IL 60126
Phone: 708-205-9541
Email: ginnysells@aol.com

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