Inside Lending Newsletter From Kristen Zorda, Mortgage to Rent Ratio Low
QUOTE OF THE WEEK… “Losers have goals. Winners have systems.” –Scott Adams, American creator of the Dilbert comic strip and nonfiction author
INFO THAT HITS US WHERE WE LIVE… Real estate professionals better have their systems in place to take advantage of the opportunities Freddie Mac sees going forward. Their latest U.S. Economic and Housing Market Outlook notes that the labor market has picked up steam, adding an average 230,000 net new jobs the first seven months of the year. Yet homes remain affordable, with the monthly mortgage payment-to-rent ratio near the lowest it’s been in more than 35 years.They see economic growth averaging 3.3% in 2015 and an unemployment rate that gradually drops.
Freddie Mac’s chief economist sums it up: “The economic growth and labor market gains we saw in the second quarter of this year are projected to continue, strengthening household formations and the housing sector. A recovering housing sector will sustain the rally in homebuilding…. Increased construction activity will further accelerate the improvement in labor markets and fuel even more household formations and more housing demand. The result is an economy that gradually recovers back towards its potential.” For now, we’re happy to see mortgage applications for new homes were up 2% in July, according to the Mortgage Bankers Association.
BUSINESS TIP OF THE WEEK… Get comfortable being uncomfortable. The more you embrace discomfort, the bigger your comfort zone becomes, giving you the confidence to overcome larger challenges down the road.
Orson B.Klender, Associate Broker
38 High Rock Ave, Saratoga Springs, NY 12866
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