Move My Realty - Real Estate News

Economic Summary from Bank of America

November 16th, 2012 12:19 PM by Ron Mastrodonato


Contact me

November 7, 2012

Last week in review (October 29 - November 2, 2012)

The events surrounding Superstorm Sandy certainly put this sentiment into perspective, as many communities continue to recover from last week’s storm.


Table source: Mortgage Success Source


There was also some important economic news to note last week. The biggest news came on Friday, with the Jobs Report for October showing 171,000 new jobs created, with a healthy 184,000 private job creations being offset by modest government job losses.

Adding to the good news were some upward revisions to the prior two months’ reports, adding a net 84,000 jobs to what had been previously reported.

The unemployment rate held steady at 7.9% as expected, and the more important Labor Force Participation Rate (LFPR) improved by a tick. The LFPR calculation is quite simple. If you are 16 years old and not in the military, then you either have a job or you don’t. The ratio of people "participating" or working is then compared to the total population. All in all this was a positive report and, on the heel of the modest improvement in initial jobless claims, shows that the labor market is still improving.

And the other big economic story from last week: inflation as measured by the Core Personal Consumption Expenditure (the Fed’s preferred measure of inflation) remained modest last month. This is significant because inflation can have a negative effect on bonds and home loan rates (which are tied to mortgage bonds), since it reduces the value of fixed investments like bonds. Remember, though, that one of the goals of the Fed’s latest round of bond buying (known as Quantitative Easing or QE3) is actually to increase inflation. This is an important story to monitor in the weeks and months ahead.

The bottom line is that home loan rates remain near historic lows, making now a great time to consider a home purchase or refinance.

In the news this week (November 5 - 9, 2012)


Table Source: Mortgage Success Source

Contact me.

Mitch Canada | Sr. Mortgage Loan Officer
NMLS ID: 118960
866.861.0702 | visit my website


Mortgage Success Source, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Mortgage Success Source, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

Any opinions expressed herein are that of Mortgage Success Source only. Mortgage Success Source is not owned, operated or controlled by Bank of America, N.A. or its parent or affiliates. This publication is provided for your general information only and the observations and statements expressed herein do not necessarily represent the views of Bank of America, N.A. or its affiliates. Bank of America and Mortgage Success Source assume no liability for loss or damage as a result of your reliance on information in this publication. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, no representation is made as to its accuracy or completeness and as a result, there is no guarantee it is not without errors. THIS INFORMATION IS INTENDED FOR MORTGAGE, REAL ESTATE AND/OR BUILDER PROFESSIONAL USE ONLY AND IS NOT AUTHORIZED FOR CONSUMER OR PUBLIC DISTRIBUTION.

Bank of America, N.A., Member FDIC  Equal Housing Lender © 2012 Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

 
 

Opt-Out Instructions 
This is a promotional email from Bank of America. You can opt-out of future promotional email, now or anytime in the future, by updating your Email Preferences. 

Contact us about this email 
Please do not reply to this e-mail with sensitive information, such as an account number, PIN, password, or Online ID. The security and confidentiality of your personal information is important to us. If you have any questions, please either call the phone number on your account statement or use the Contact Us page, so we can properly verify your identity. 

Privacy and Security 
Keeping your financial information secure is one of our most important responsibilities. For an explanation of how we manage customer information, please read our Privacy Policy. You can also learn how Bank of America keeps your personal information secure and how you can help protect yourself. 

Bank of America Email, 8th Floor-NC1-002-08-25, 101 South Tryon St., Charlotte, NC 28255-0001 

Bank of America, N.A. Member FDIC. Equal Housing Lender Equal Housing Lender 
© 2012 Bank of America Corporation. 
Posted in:General
Posted by Ron Mastrodonato on November 16th, 2012 12:19 PM

Archives:

Sites That Link to This Blog:


English French German Portuguese Spanish