For The Week Ending January 8, 2016

For the Week Ending January 8, 2016

Please enjoy this quick update on what happened this week in the housing and financial markets
For the Week Ending January 8, 2016 Concerns over severe weakness in the Chinese economy have contributed to the worst 3-day start for Wall Street since 2008. The unrest supports low rates.
 
Oil prices continue to drop, now to the lowest prices since April 2004. Cheap oil also hurts stocks, supplying support for mortgage bonds and low mortgage rates.
 
Minutes from the Fed's last meeting revealed concern over low inflation. While the Fed would like to see 2% inflation, low inflation is supportive of low rates.
Construction spending was down slightly in November, but still up 10.5% year-over-year. Residential construction was actually up slightly though.
 
The Case-Shiller Index indicates that the housing market is continuing to rebound. Home values are up 36% since reaching a bottom in 2012.
 
First-time homebuyers made up about 30% of the market in 2015. It is expected that number will increase in 2016 with more renters entering the market.
What's a foot long and slippery?
A slipper.

Sincerely,
Don S.Riggs
Area Manager NMLS ID # 132702
(303) 429-7121
driggs@envoymortgage.com
NMLS ID # 6666 (www.nmlsconsumeraccess.org)
envoymortgage.com
Envoy Mortgage LTD, NMLS #6666

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This is not a commitment to lend. Envoy Mortgage Ltd. - NMLS # 6666