Mortgage applications, ADP jobs rise
Posted October 3, 2012
Mortgage Applications rose significantly for the week ending September 28th, thanks to wonderfully low mortgage rates. The weekly application index from the MBA gained 16.6% for the week, and has pushed refinances to now account for almost 83% of all mortgage volume.
The ADP Private Sector Jobs number rose by 162,000 in September, setting the stage for what will hopefully be a stronger than expected Government Jobs report this Friday. The overall strength of housing fundamentals seems to be improving, and we’re seeing signs that point to a sustainable recovery. Per the Fed’s mandate, Jobs are the central focus right now, as lowering the Unemployment Rate in the US is critical to the overall success of our economy.
Speaking of Jobs, Orange County’s Unemployment rate has now dropped to 6.5%, which is the second lowest rate in North Carolina. Let us hope that this trend continues not only for Orange County, but for the entire region, state and nation.
The Parade of Homes is well underway, and based on anecdotal feedback that I’ve received this week, this year’s Parade so far has been one of the most heavily attended in recent history. Even with the rain last Saturday, the Parade enjoyed solid consumer support over the weekend.
I’ll be interviewing Jenn Nowalk from Homes by Dickerson on Thursday to discuss the current state of the Triangle Real Estate Market, along with updates from this year’s Parade of Homes Tour.