Real Estate Market Update as of August 9, 2018

Builders Haven’t Kept Up
Home construction per house-hold is now at its lowest levels in nearly six decades, according to researchers at the Federal Reserve Bank of Kansas City. This isn't just a problem in San Francisco, Los Angeles or New York, where home prices and rents have gone sky high. It is also a problem in midsized, fast-growing cities farther inland, like Des Moines, Iowa; Durham, N.C.; and Boise, Idaho. In Boise, an analysis by the U.S. Department of Housing and Urban Development showed there is a demand for more than 10 times the number of homes being built right now.

Jobless Claims Improve
The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market weather ongoing trade tensions between the United States and a host of other countries. Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 213,000 for the week ended Aug. 4, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 more applications received than previously reported. The claims data is being closely watched for signs of layoffs as a result of the Trump administration's protectionist trade policy, which has left the United States embroiled in tit-for-tat tariffs with major trade partners including China, Mexico, Canada and the European Union.

 Prices Continue To Soar On The Coasts

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Courtesy of Sotheby's International Realty's in-house Lender Simon Atik, 310.880.8414, Simon.Atik@grarate.com, Vice President of Mortgage Lending, Guaranteed Rate Affinity.

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