The Consumer Finance Protection Bureau, created in 2008 by the Dodd-Frank Act to help monitor the finance sector (including mortgage and real estate), has a new director that is likely to embrace a more aggressive ‘watchdog roll.’ Previously Chopra held a seat on the Federal Trade Commission where he built a reputation of advocating for higher penalties and enforcement against companies that were found to have harmed consumers.
Rates – improved slightly this week as Mortgage Backed Securities (MBS) regained some of the territory they lost the previous week. Rates are similar to where they were this time last year.
Jobs – the number of people filing for unemployment claims for the first time increased by 11,000 this week to 362,00. The number of people receiving benefits of some type dropped by 6.5M due to Federal covid benefits expiring. There are now only 5M people receiving benefits which is down from 11M the previous week (pre-covid we were at 2M).
Home Sales – the number of signed contracts on existing homes (doesn’t measure new construction) jumped 8% in August and is down about 7% year over year. NAR chief economist Lawrence Yun says that rising inventory and less pricing pressure accounts for the surge. Demand for homes remains strong!
Values – The Case Shiller Home Price Index for September was released and it showed a nearly 20% year over year gain for both the national and 20 city index which are record highs.
Mortgage Applications to purchase homes were down 1% last week. Year over year purchases are down 12% but if you factor the increase in cash buyers, the actual number of purchase transactions is down closer to 5%. Purchase activity remains strong in spite of low inventory levels. Refinances are down 1% week over week and are unchanged year over year. Refinances make up approximately 2/3rds of total applications.
Join AREAA Portland for a screening of Paper Tigers followed by a Q/A session with writer and director Bao Tran. The screening will be held at Portland’s historic Hollywood Theatre.
Please note that Hollywood Theatre requires masks and proof of vaccination or a negative covid-19 test (PCR only taken within 72hrs) and ID. Children under 12 may attend accompanied by a a fully-vaccinated adult. For more info please see Hollywood Theatre’s website – https://hollywoodtheatre.org/covid-protocols/
Doors will open at 6:00 PM show starts around 6:15. Q&A with Bao will follow the film.
Tickets: Free for members $15 for Non-members
Tuesday October 5th Doors open 6:00PM
Hollywood Theatre
4035 NE Sandy Blvd Suite 212, Portland, OR 97212
Questions?
Jordan Lee – AREAA Portland President
503-887-3619
jordan@jordanleemortgage.com