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Tony’s Mortgage Minutes – Aug 24th 2015

I am not going to dwell on the stock market’s dive this past week, or today, other than to say, “what happens overseas, doesn’t just stay overseas-especially when it comes to China’s economic woes.” I will venture to guess that this may just be what the markets needs in order to do a little correcting.

San Antonio’s unemployment rate held steady for the month at 3.5 percent. According to Federal Reserve Bank of Dallas Chief Economist, Keith Phillips, employers in some telling sectors were hiring at an unusual pace. “We saw a slight decline in June, but then July comes roaring back with a 5.7 percent job gain,” Mr. Phillips said. Two of the strongest sectors were leisure and hospitality and retail trade, with restaurant employment surging in July. The U.S. unemployment rate is 5.3%, Texas is 4.2%, Dallas is 37%, San Antonio’s is 3.5%, and the lowest of the larger metropolitan areas for the state is Austin who’s rate is 3.2%. Texas outshines every state in the nation in my opinion. Especially, the San Antonio/Austin areas, including the Texas Hill Country.

Nationally, purchases of previously owned U.S. homes unexpectedly rose in July to the highest level since February 2007, consistent with further strength in the housing market. Contract closings increased 2 percent to 15.9 million annualized rate, according to figures from The National Association of Realtors. Employment gains and low borrowing costs are helping encourage trade-up purchases, providing a little more fuel for the economy.

Locally, in July, home sales for the San Antonio market flirted with 3,000 but fell short according to data compiled by the Real Estate Center at A&M University. The 2,968 homes sold was the highest total since January 1990, when the university began tracking home sales in San Antonio. “It’s because of the low interest rates, and it’s also because of people moving to San Antonio being one of the most affordable cities still around,” said Mary Ann Jeffers, chairwoman of the San Antonio Board of Realtors.

With low borrowing costs still on the horizon, it is more crucial now, than ever , for home-buyers to get serious about buying the home of their dreams. Get pre-qualified, find a local Realtor, and begin the home search. It can be fun and exciting. But, please don’t waste time making “low-ball” offers as the serious home buyer could beat you to the punch on a home that could have been your dream home.

Please remember me should anyone you know that may need a mortgage!
Tony Stevenson
Sr. Loan Officer | NMLS# 216213
“Your Local Loan Officer”

Direct: 210.376.6133
Toll-Free: 800.460.6990
Cell: 210.846.4666
Fax: 866.782.9318
www.swbcmortgage.com
apply on-line to: www.swbcmortgage.com/stevenson
9311 San Pedro Avenue, Suite 100
San Antonio, Texas 78216

© 2015 SWBC. All rights reserved. This article is for informational purposes only and not intended for consumer distribution. Do not use it as financial and/or political advice. The opinions expressed in this article are not necessarily those of SWBC Mortgage, Century 21 The Hills Realty, or any of their affiliates. Information for this article from but, not limited to, the Wall Street Journal, S.A. Business Journal, NAMB, Real Estate on-line magazine, S.A. Express News and MBA News Link. For questions/comments contact Tony Stevenson at 1.800.460.6990 or email tstevenson@swbc.com. Loans are subject to credit and property approval. Other restrictions and conditions may apply. Programs and guidelines are subject to change without notice. Rates are subject to change daily. This email is an advertisement from SWBC Mortgage Corporation, NMLS #9741. Corporate office located at 9311 San Pedro Avenue, Suite 100, San Antonio, TX 78216. 8540-5937 NMLS#9741(www.nmlsconsumeraccess.org)