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Economic News Week: September 9, 2012
SWBC Mortgage
Wednesday, September 12, 2012 • Posted September 13, 2012

The DOW rose a bit on Friday despite all the negative news regarding U.S. unemployment. Keep in mind that unemployment is down compared to the peak in October 2009 when it was 10 percent. The numbers dropped from July’s 8.3 percent to August numbers at 8.1 percent. 96,000 jobs were added, which is a far better cry than losing 750K jobs as we were doing at the very beginning of the recession. The Dow closed at 13,306.64 on Friday. For the week the DOW rose an impressive 215 points. Economists are now thinking Uncle Ben- Fed Chairman-and the boys are going to step in and save the day by another round of asset purchasing (QE3) aimed at lowering borrowing costs and boosting investments. Just how low do rates need to go? In any case, expect the markets to fluctuate until we get the news on the Fed action on Thursday. A bit of wonderful news for the Auto industry last Tuesday stated that higher gas prices and a recovering housing market drove greater demand for trucks and fuel-efficient cars in August, as nearly every Automaker posted stronger sales over last year.

Real Estate, Mortgage Industry, and Other Economic News

Home prices jumped an impressive 3.8 percent in the 12 months ending in July, according to Corelogic. The year-over-year increase was the biggest jump in six years. Remember, when home builders are active-jobs are being created. Plus, read the small article below regarding Home Sales. These type of jumps in prices and sales will spur along prospective home-buyers.

Finally, the Texas Association of Realtors Conference was held at the Henry B Gonzales Convention Center in San Antonio this past weekend. Besides the numerous local San Antonio Realtors who stopped by and visited our SWBC Mortgage Booth, I must mention Realtors representing the Texas Hill Country were there too, from Boerne, Blanco, Fredericksburg, Kerrville, Marble Falls, and New Braunfels. I was also impressed to see how many Houston to El Paso realtors who attended. If I’m not mistaken, next year’s conference will be held in Dallas. Right now, with everyone so motivated after attending the conference, I expect to see Real Estate and Mortgage business to pick up briskly. Did any of you happen to see the guy with the guitar at the conference?

(This article is for informational purposes only. Do not use it as financial advice. Information for this article include , but not limited to, The Wall Street Journal, S.A. Express News, Boerne Hill Country Weekly. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email: tstevenson@swbc.com)

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