Triangle Business Today

NC foreclosures drop; jobless claims decline

Posted November 23, 2012

I hope that everyone had a wonderful Thanksgiving holiday with family and friends. The markets sessions are truncated today, but we have much to cover as we end the holiday week, so let us get started.

North Carolina Foreclosures have dropped, according to the latest report out from Core Logic. Foreclosure inventory now stands at 2.4 percent for North Carolina: a figure which is a 0.2 percent drop from the same time last year.

“The foreclosure inventory is the share of all mortgaged homes in any stage of the foreclosure process” according to Core Logic.

Weekly mortgage applications dropped 2.2 percent for the week ending Nov. 16, according to the latest report out from the Mortgage Bankers Application Index. Refinances led the decline, but purchases saw a 3 percent improvement for the week.

Weekly jobless claims dropped by 41,000 to a seasonally adjusted figure of 410,000, according to the labor department. Elevated numbers remain due to Hurricane Sandy, so we’ll have to watch reports over the coming weeks to understand the true direction of claims heading into the Christmas holiday.

Consumers hit the malls and stores late last night and this morning. How are they feeling these days? Well, the most recent data out from the University of Michigan’s Consumer Sentiment report indicates a reading of 82.7 percent for November – only slightly better than October’s 82.6 percent number. Certainly sentiment has improved in housing – we’ll have to see how that translates into the retail sector for the holiday season.

Mortgage rates have moved up slightly over the past couple of trading sessions. However, they still remain very attractive for existing and potential homeowners.

Have a great weekend!

1 Comment

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  • Six String Nov 25, 2012

    No word from Republican friends on how the bottom is falling out of the economy? Is there no one left to twist the facts?

About this Blog:

Jeremy Salemson, CEO of Corporate Investors Mortgage Group, blogs about economic trends and data and their impact on Triangle business. Each week, he interviews a Triangle-area business leader for a personal look at the local economy.