Week's Data affecting Home Ownership in the Fairfax area

Posted by Super Admin on Monday, February 9th, 2009 at 9:34am.

Feb 3 – The number of new sales contracts on existing homes JUMPED in December as buyers took advantage of lower mortgage rates and falling home prices.  Pending home sales went up 2.1% compared to a year earlier.  The increase points to a healthy gain in existing-home sales in January ad February.

Feb 4 – The service sector of the economy continued to contract in January, but at a slower pace.  The service index reached a low in November but rose in December and January.

Feb 5 – Car buying came to almost a halt in January as sales, annualized at 9.5 million, was the lowest pace since 1982.

Feb 6 – As expected, payrolls plunged by 598,000, the most since 1974.  This is on the heels of a revised loss of 577,000 jobs in December.  The unemployment rate hit 7.6%, the highest since 1992, and it expected to climb to 9+%.

Feb 6 - Oil closed the week at $40.17 a barrel down from $41.68 last Friday.

Centreville homes and McLean homes are impacted by the following.  Rates are now up about .25% since just before the Inauguration.  The influential 10-year Treasury has also moved higher, closing in on 3.0%, which is up .75% since late December.  Everyone is anxiously awaiting the final details of the stimulus package and the administrations bank recovery plan that it to be announced on Monday.

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