Market Update – March 7th, 2016

 

February job creation was something to sing about. But lackluster wage growth might not provide the financial security workers hope for.

In February, 242,000 jobs were created, well above the 190,000 expected, the Labor Department reported. Plus, December's and January's numbers were revised higher. The Labor Force Participation Rate also ticked up to 62.9 percent, the highest since January 2015, while the Unemployment Rate remained at 4.9 percent (which is near what the Fed considers full employment).

Despite this positive news, wage growth is still a concern, falling -0.1 percent from January. Year-over-year wage growth rose a modest 2.2 percent from February 2015 to February 2016.

In housing news, January home prices, including distressed sales, rose 6.9 percent from January 2015, according to CoreLogic, a leading provider of property information and analytics. On a month-over-month basis, prices were up 0.5 percent from December 2015 to January 2016. Looking ahead, CoreLogic has forecasted a 5.5 percent increase from January 2016 to January 2017.

Finally, home loan rates continue to hover just above all-time lows, which is great for homebuyers and homeowners considering a refinance.

If you or someone you know has any questions about home purchases or selling, please don't hesitate to email or call me.

Posted on March 7, 2016 at 9:48 pm
Randy Jeremiah | Category: Uncategorized

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