Whats Happened this week in the housing market

In testimony to Congress, Fed Chair Janet Yellen signaled that the Fed would likely raise policy rates later this year. The first hike is expected in September. Retail sales slipped slightly in June, raising some concerns that the economy could be slowing down. Slow economic growth is good for mortgage rates. Greece has finally agreed to terms for financial bailout in Europe. The recent turmoil supporting rates will likely no longer be a factor. The NAHB reports builder confidence at the highest level since 2005. More builders are optimistic about current and future sales conditions for new homes. Foreclosure activity was at the lowest level in a decade during the first half of 2015. Foreclosure starts are below pre-crisis levels, signaling housing market strength. First-time buyers are gaining confidence and continue to join the housing market. Their participation has increased from 27% to 32% of the market year-over-year. A young businessman had just started his own firm. He rented a beautiful office and had it furnished with antiques. Sitting there, he saw a man come into the outer office. Hoping to look like a hot shot, the businessman picked up the phone and started to pretend he was working on a big, important business deal. He threw huge figures around and made giant commitments. Finally, he hung up and asked the visitor, "Can I help you?" The man said, "Yeah, I've come to activate your phone lines." Shared with me By Shannon Martinez  Mortgage Banker NMLS 267394 (626) 255-7605 smartinez@envoymortgage.com ShannonMartinezLender.com Envoy Mortgage, NMLS #6666