Market News 10-25-19
Mortgage Market Update
September’s factory orders for big-ticket manufactured goods tumbled by the largest amount in 4 months, indicating continuing struggles in the industry. Stocks improved this week as corporate earnings results helped investors shrug off signs that global growth is losing momentum. Despite an overall slowing economy, jobless claims fell last week. A strong labor market boosts consumer confidence and the economy.
The FHFA reports home prices rose 0.2% in August from July and were up 4.6% year-over-year. New home sales fell 0.7% in September, as low inventories continue to weigh on sales. The median new home price is $299,400, an 8.8% drop from a year ago. The latest housing trend is backyard “accessory dwelling units,” small second homes used for rentals or additional guest living space.