Alia Rabat Realtor

In This Issue: The Economy & Your Finances: U.S. economy added fewer jobs than expected in January The Market & Industry: California market continues upward trend Around the State: Cases, deaths, hospitalizations declining... Health Check-Up: Johnson & Johnson applies for emergency-use authorization The Economy & Your Finances: U.S. economy added fewer jobsthan expected in January The U.S. economy added more jobs than it lost in January, putting the national unemployment rate at 6.3 percent. Still, added jobs were lower than expected, with only 49,000 jobs added in January compared with 227,000 jobs lost in December. On Monday, the Congressional Budget Office projected that even though the U.S. economy will return to its pre-pandemic size by mid-year Last Wednesday, Governor Newsom announced an additional $10.3 billion was added to the state budget. The funds will go toward supporting small businesses, vaccine administration and schools. Sources: Yahoo! Finance, The New York Times, AP News, NBC News, CNBC, Los Angeles Times, ABC 7 News, The Mercury News, The San Francisco Chronicle, KRON 4 The Market & Industry: California market continues upward trend Governor Newsom signed an emergency bill (SB 91) on Friday that extends the eviction moratorium for Californians suffering from financial hardship due to COVID-19 through June. SB 91 pauses evictions for tenants who declare under penalty of perjury an inability to pay rent for a COVID-related reason. Tenants will still be responsible for paying unpaid amounts to property owners, but they cannot be evicted as a result of those unpaid amounts. The bill also establishes a State Rental Assistance Program using the $2.6 billion in federal rental assistance funds allocated to California. The program will offer rent subsidies to help pay past-due rent by low-income tenants. C.A.R. took a neutral position on SB 91. With mortgage rates still low, the housing market remains a bright spot for California’s economy. California REALTORS continue to report strong demand and price growth, while supply remains tighter than the usu

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Mortgage rates did not move significantly this week and remain historically low. The S&P CoreLogic Case-Shiller home price index did not change month-over-month and appreciated moderately year-over-year. The Federal Housing Finance Agency (FHFA) appreciated at a slightly faster clip. Consumer confidence fell. New home sales increased at a record pace. New purchase mortgage application submissions increased but refinance mortgage application submissions decreased. Joble...ss claims have started to fall. Gross domestic product contracted. Personal income and consumer spending each increased. Consumer sentiment improved. MORTGAGE RATES CURRENTLY TRENDING THIS WEEK'S POTENTIAL VOLATILITY Could the Fed never hike rates again? Read More >> What the new flood risk score means for American homeowners. Read More >> Adverse Market Refinance Fee implementation delayed. Read More >> The Case-Shiller home price index appreciated 3.5% year-over-year in June, far below the average 6% annual gains the index showed just two years ago. The seasonally adjusted 20-city index showed no month-over-month change. Phoenix led the index in annual gains up 9% year-over-year, followed by Seattle up 6.5% annually and Tampa up 5.9% annually. In June, the FHFA house price index appreciated 0.9% month-over-month and 5.7% year-over-year. In August, the consumer confidence index fell to a level of 84.8, a new low since the onset of the coronavirus pandemic. New home sales, or the sales of newly constructed homes, surged 36.3% month-over-month in July, the highest single month gain since 2006. Annually, sales are up 13.9%. Despite record low mortgage rates, the weekly mortgage application index showed a composite decrease of 6.5% for the week ending 8/21. New purchase mortgage application submissions edged up 0.4% and refinance application submissions dropped 10.0%. For the second quarter of 2020, GDP was revised down to an annual decline of 31.7%. Despite the initial declines, economists expect GDP to rebound in the third and fourth quarters. The pending home sales index increased 5.9% month-over-month in July, the third straight month the index has posted increases. Though the gain is one-third of June’s monthly gain, annually sales are up 15.5%. In July, personal incomes rose 0.4% and consumer spending jumped 1.9%. In August, the consumer sentiment index rose slightly to a level of 74.1