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Real Estate Investing Is Off To A Slow Start In 2010 |
| Date Added: January 07, 2010 01:54:29 AM |
| Author: D. Brickman |
| Category: |
| The start of 2010 is getting off to a slow start which seems to always be the case for every new year. December has historically been a slow month in the real estate industry and last year was no different. A couple of things I think we as real estate investors and Americans need to pay attention too over the next few months are how many mortgage applications are being written and the unemployment rate in our country. As investors we need understand and use this information is our business. MBA - Mortgage applications down The Mortgage Bankers Association (MBA) released two Weekly Mortgage Applications Surveys - for the weeks ending December 25, 2009 and January 1, 2010. For the week ending December 25, 2009, the Market Composite Index decreased 22.8 percent on a seasonally adjusted basis from the prior week, and for the week ending January 1, 2010, it increased 0.5 percent on a seasonally adjusted basis. Both weeks’ results include an adjustment to account for the Christmas and New Year’s Day holidays. On an unadjusted basis, the Index decreased 46.9 percent the week before Christmas and increased 0.4 percent the week after. For the week ending December 25, 2009, the Refinance Index decreased 30.5 percent from the previous week and the seasonally adjusted Purchase Index decreased 4.0 percent from one week earlier, and the following week, it decreased 1.6 percent and the seasonally adjusted Purchase Index increased 3.6 percent. The unadjusted Purchase Index decreased 33.1 percent the week of Christmas and increased 5.0 percent the week following. This measure was respectively 26.2 percent and 28.2 percent lower than the same period a year ago. The refinance share of mortgage activity for the week ending January 1, 2010 is 68.2 percent, a decrease from 69.6 percent for the week ending December 25, 2009. Jobless rate to creep up again? National unemployment improved to a seasonally adjusted 10% in November from the 26-year high of 10.2% hit in October, but economists surveyed by Briefing.com expect the national rate to edge up to 10.1% again when the Labor Department releases its December jobs report Friday. The Labor Department said 17 of 372 metropolitan areas surveyed suffered unemployment rates of at least 15% last month, up from 15 metro areas in October. Three areas in Michigan posted jobless rates higher than 15%, including Detroit. The city wrecked by the collapse of the auto industry continued to lead the nation's areas of 1 million people or more with the highest unemployment rate in November at 15.4%. California's Inland Empire, including Riverside, San Bernardino and Ontario, ranked second to Detroit among larger areas with an unemployment rate of 14.2% in November. El Centro, Calif., held its place as the metropolitan area with the highest unemployment rate at 29.2%, down from an upwardly r evised 31.9% in October. The second highest rate was in Yuma, Ariz., at 21.1%, a drop from 23.3% in October. The three metro areas with the lowest unemployment rates in November were all in North Dakota, with Bismarck at 3.4%, followed by Fargo and Grand Forks at 3.7%. Large cities with the lowest jobless rates were New Orleans and the Washington, D.C. metro areas, each at 6.1%. Oklahoma City followed close behind with an unemployment rate of 6.4%. Overall, 143 cities in the Labor Department report had unemployment rates above the non-seasonally adjusted national figure of 9.4%, while 229 reported jobless rates below it. Make sure you plan accordingly and as always feel free to drop me a line info@vegaswholesalehouses.com or visit me online http://vegaswholesalehouses.com. Dante Brickman http://thelasvegaswholesaler.com http://vegaswholesalehouses.com |
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