San Francisco Real Estate - Residential

Mortgage Weekly Update - Last Week in Review

Foster Weeks publishes a weekly mortgage report which is updated every Monday morning. How is this affecting the San Francisco real estate market? Read our weekly and monthly market reports. Here’s what Mr. Weeks says about last week’s activity:

“I WILL ACT NOW. I WILL ACT NOW. I WILL ACT NOW.” Og Mandino. The markets took those words to heart last week, with plenty of timely action ranging from telling economic reports to interesting announcements from the government, related to homebuyers.

On the economic news front, the headlines were mixed. On the disappointing side was a worse than expected Retail Sales Report, which showed that consumers are continuing to tighten their purse strings. Not entirely surprising, but it did mark the eighth decline in the past ten months for Retail Sales. Initial Unemployment Claims were also reported worse than expected - which some said were due to massive Chrysler layoffs - but still was disappointing after there had been some recent signs of improvement in the labor markets.

However, there was positive economic news as well, including improved readings from the manufacturing sector, as the New York Empire State Manufacturing Index improved for the third month straight. Consumer Sentiment was also better than the previous reading and the best since September of last year. So although the consumer isn’t out spending money with abandon just yet, this report shows that most folks are indeed starting to feel better about the economic outlook, likely due in part to the values of their investment accounts improving as Stock values move higher.

Read the entire report on our website.

posted by SFResidence.com @ 12:22 PM