Half Time for the Economy 2017

The better than expected June jobs report and Federal Reserve Chair Janet Yellen’s upcoming Congressional testimony is a good opportunity to review where the U.S. economy stands at the mid point of 2017. Economic Growth: The broadest measure of economic growth is Gross Domestic Product (GDP). Over the past fifty years or so, the economy has grown by 3 percent annually. In the past decade, that rate has dropped to about 2 percent, with 2015 being the best year (+2.6 percent) and 2009 the worst year (-2.8 percent).

Hot Housing

Bidding wars, no contingencies and frustrated buyers...the housing market is heating up! Existing home sales have jumped to their highest level since early 2007 and new home sale activity has been equally as brisk. Additionally, nearly a decade after the housing market peaked, foreclosure filings, which includes default notices, scheduled auctions and bank repossessions, dropped to the lowest level since November 2005, according to ATTOM Data Solutions.

Housing Market 2017: 6 Tips for Buyers and Sellers

The improving economy, a tighter labor market and rising consumer confidence are fueling the continued housing market recovery. In January, existing home sales jumped to their highest level since early 2007 and nationally, prices rose to a 31-month nominal high, with prices up 5.9 percent from a year ago. The National home price index is up nearly 38 percent from the post-bubble low set in December 2011. (Don’t get too excited-when factoring in the rate of inflation, prices are still at April 2004 levels.)

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