Julie Herrmann Your Mortgage Gal for Life Nmls#1563583

POV: Inside my head...while I binged Selling Sunset last weekend.

Okay, let's talk. First off, the outfits. I swear, they got progressively worse as the season dragged on. Like, seriously…who’s approving these? 👗👀 Is this fashion, or are we just throwing random sparkly things together and calling it a day? And don't even get me started on the drama. It’s like they’re pulling storylines out of a hat at this point.

Also, I'm 99.9% sure that one of those houses was on Million Dollar Homes like two weeks ago. Same developer, same house. Am I seeing double, or is it all just starting to blend together? 🎬🏠

And these glasses. I mean, are these what you need to sell real estate now? Is this the secret? 🕶️ Because if so, I’m clearly missing out. But let's be real…did I binge-watch the ENTIRE season? Absolutely. Did I even realize the last episode was the finale? Nope. It ended so abruptly, it was like watching a cheese magic trick—poof, gone! 🧀✨

But hey, if you’re curious, just Google what people are saying about the new season. Spoiler: It’s as ridiculous as you’re imagining. 😜

🚨 Breaking News for Student Loan Borrowers! 🚨

Navient just reached a $120 million settlement with the CFPB for misleading borrowers, and this is BIG news if you have student loans! Navient was steering borrowers into costly repayment options, making many pay way more than they should have. Now, they’re banned from servicing federal loans and must pay $100 million to affected borrowers. 💸

If you’ve had loans serviced by Navient, you could be entitled to compensation. Here's what you should do:

1. Check your mail. The CFPB will be sending out checks to eligible borrowers automatically. No need to apply!
2. Beware of scams. Scammers love moments like this—stay alert and don’t give out personal info to anyone claiming to help.
3. Stay informed. Keep an eye on updates from the CFPB or your loan servicer for more details on next steps.

This could be a great time to review your repayment plan and make sure you’re on the best track for your future! 👏

Today, we remember and honor the lives lost on September 11th, 2001. May we never forget the courage of the heroes and the strength of the survivors. Our hearts are with the families and all those who were forever changed. Together, we stand united in love, hope, and resilience. 🕊️

When selling a home, what’s been the hardest part for you? 🏡💔 sometimes that "For Sale" sign feels heavier than expected. 😔

🎒 Back to School, Back to Planning! 📚

With the school year in full swing, it's the perfect time to also review your financial goals! Whether you're planning for your child's education or looking to adjust your own mortgage, here are some key tips to get you started:

✅ Consult with a Mortgage Professional – Have questions about your options? Let’s chat!
✅ Review Your Budget – See how your monthly payments fit into your current lifestyle.
✅ Plan for Future Education Costs – Now's the time to think ahead for college expenses.
✅ Explore Refinancing Opportunities – You might be surprised at how much you can save!

Let's make sure your mortgage plan is working for you as you plan for the future. Reach out for a personalized consultation today!

🔑 Your trusted mortgage gal for life,
Julie

It's officially Gilmore Girls season, and fall is knocking! 🍁☕️ Time to get cozy and tackle your Homeowner's Fall Checklist. Here’s a quick look:

🍂 Clean gutters
🔧 Tune-up lawn tools
💨 Service HVAC
🚪 Seal windows
🔥 Inspect your chimney
👩‍🚒 Check fire extinguisher
🧹 Sweep the garage
🌻 Add fall flowers to your porch

And don't forget—prep that sprinkler system for winter! Need the full 12-month checklist? Comment CHECKLIST and I’ll send it over! 📝✨

Home listings are up more than 60% in some cities
Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. That was the 10th straight month of annual growth. Supply is still, however, 26% lower than in August 2019, pre-pandemic.

Some cities experienced even larger spikes in inventory, with Tampa up 90%, San Diego 80%, Miami 72%, Seattle 69%, and Denver 67%.

Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast.

“This August, as the number of homes on the market continues to climb, price cuts are more common, asking prices are moderating, and homes are taking longer to sell,” wrote Danielle Hale, chief economist at Realtor’com, in a release. “The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines.”

🚨 Big Week Ahead for Mortgage Rates! 🚨

Alright, folks, buckle up because this week is all about the economy and its impact on those oh-so-important mortgage rates. Let’s break it down:

Wednesday’s Highlight: JOLTS Report!
We got the JOLTS data (aka Job Openings and Labor Turnover Survey). The scoop? Fewer job openings than expected. Fewer jobs = fewer businesses hiring. Not great news for the U.S. economy, but surprisingly great news for mortgage rates! 💸

Today’s Forecast: ADP Employment Data
Today, we’re looking at the ADP employment data. They’re predicting 145k new jobs. If we fall short of that number, guess what? Mortgage rates get even happier! 🎉

Friday Finale: Unemployment Rate
And then, on Friday, we’ll see the unemployment rate report. The expectation is that unemployment improves a tad (from 4.3% to 4.2%). But here’s the kicker: if it stays at 4.3% or even bumps up, that’s good news for mortgage rates. If it dips below 4.1%, well...the market might rain on our parade and reverse some of this week’s gains. 🌧️

Bottom Line: If the stars align and these trends keep rolling, we could see those mortgage rates keep sliding down. 📉 Fingers crossed, friends!

Stay tuned for more updates and keep those rate-dropping vibes coming! ✨

Do you know what day it is? It's newsletter day! 📬 Today, my amazing agents—who I absolutely love working with—get a fresh, packed newsletter straight to their inbox. It’s filled with market updates, business-boosting tools, and even a must-watch YouTube video of the week on all things housing and market trends. Want in on this? Shoot me a message, and I'll make sure you get your copy!

Could Mortgage Rates Drop Soon? Here’s What You Need to Know!

As the Federal Reserve signals potential rate cuts, many are wondering how this could affect mortgage rates. While some of this news may already be reflected in the bond market, there’s still potential for rates to decline further if we see weaker economic data in the coming days.

Tomorrow, we’ll get the latest jobs data with the JOLTS (Job Openings and Labor Turnover Survey) report, which measures job openings for July. Expectations are for a slight decrease in job openings, potentially falling to around 8.1 million. This number has been quite volatile, but the trend has been downward throughout this year. We’ve seen clues from Lightcast data, which tracks job postings across all online platforms, showing a significant drop in job openings in both July and August. Anecdotal reports on social media are echoing the same, with many people struggling to find new employment opportunities. A weak JOLTS report could provide a boost to mortgage rates, making them even more favorable.

We’ll also be watching two other important data points: the quit rate and the hiring rate. The quit rate is a good indicator of economic confidence—when the economy is strong and there’s a lot of hiring activity, we typically see more people willing to leave their jobs for new opportunities, often with better pay or benefits. However, the quit rate is now at its lowest level since 2019 (excluding the COVID-19 period), suggesting that people are less confident about finding new jobs and there’s less poaching by competitors.

So, will we see mortgage rates in the 2% or 3% range again? It’s unlikely, and that might be a good thing. Those ultra-low rates contributed to a housing market frenzy, driving home prices to unsustainable levels. A more stable rate environment could mean healthier, more sustainable growth in the housing market moving forward.

Stay tuned for more updates as we keep an eye on these economic indicators and what they might mean for mortgage rates.

Julie Herrmann
Your Mortgage Gal for Life
NMLS ID # 1563583
📱 360.900.7092
✉️ [email protected]
🌐 www.YourMortgageGalForLife.com

Hey where's my real estate agents, title and escrow reps? Even insurance agents? Do you get the weekly agent's matter newsletter? If not the sign up link is in the comments make sure to sign up and we'll take care of it!

Here's a sneak peek!

📝 **So, you're thinking about buying a home? Awesome! But first, let's talk questions.** 🏡

Buying a house isn't just about finding the perfect place with the big backyard and that dream kitchen. It's about making sure you've got all your ducks in a row when it comes to the financial side of things. 🦆💰

Here are some crucial questions to ask your mortgage broker (hint: these will make you look like a pro):

- **What will my total monthly payment look like?**
We're talking the whole shebang—mortgage payment, property taxes, home insurance, and don't forget any sneaky HOA fees. Oh, and will I be paying mortgage insurance too? I mean, who wants surprises, right?

- **What are the closing costs?**
Spoiler alert: it’s more than just signing on the dotted line. There are a few costs here and there, but I promise, we'll make it as painless as possible.

- **How much is my down payment?**
Whether you’re going all in or putting down the minimum, knowing your down payment amount is key. Let’s figure out what works best for you (and your wallet).

- **What documents will I have to provide?**
Prepare for the paperwork parade! W-2s, bank statements, maybe even that love letter to your future house (just kidding on the last one...unless?).

- **What is the mortgage insurance?**
Not to be confused with homeowner's insurance, this little gem kicks in if you put down less than 20%. We’ll make sure you know exactly what it means for your monthly payments.

- **How much do I need upfront?**
Beyond the down payment, there are earnest deposits, closing costs, and maybe even a little something to treat yourself after you’re done adulting so hard. 🎉

- **What could slow down the approval of my loan?**
Besides the obvious (like forgetting to send in a document), we’ll look at things like credit score blips or unexpected financial changes. My job? To help you dodge those potholes like a pro.

Remember, buying a home should be an exciting journey, not a stressful one. I'm here to answer all your questions, even the ones you think might sound silly (spoiler: there are no silly questions). Let’s make this home-buying process as smooth as possible—laughs included.

🌟 What Do Mortgage Brokers Do All Day? 🌟

You know, just another day in the life of a mortgage broker… 😎

1. Sip Coffee Like It's Our Job: Because getting people their dream home requires a *lot* of caffeine. ☕️

2. Speak Fluent Acronym: "Oh, you need an FHA loan with a low LTV and a quick PMI removal? No problem! Let me just double-check your DTI and FICO, and we’re good to go!" Translation: I speak mortgage code. 🧐

3. Binge Watch Spreadsheets: It’s like Netflix, but with more columns, numbers, and the occasional freak-out when a decimal goes rogue. 📊

4. Hunt Down Docs Like Sherlock: W-2s, bank statements, tax returns… If it's got your name on it, we *will* find it. 🔍

5. Soften the Blow: "Yes, your loan is approved... But the underwriter needs just one more document." Spoiler alert: It’s *never* just one more. 📄

6. Play Therapist: Because when the paperwork gets real, the tears aren’t far behind. We’re here with tissues and a pep talk. 🧘‍♀️

7. Dream Interpreter: "What exactly does 'move-in ready' mean to you?" It’s my job to decode the homebuyer’s wishlist, which is often a mix of HGTV and Pinterest dreams. 🏡✨

8. Calculator Ninja: Watch me calculate payments, interest, and your future stress levels in seconds! 🥷

All in a day's work. But hey, when you get those keys in your hand, it's all worth it, right? 😅🏠

“Wait, what?!” my client practically shouted on the phone.

Calls like this? Oh, they’re my absolute favorite.

So, here’s the situation: The home was originally being sold for $545,000, but the appraisal came in a whopping $38,000 under value. Yeah, you read that right. That’s a huge problem. And with just three days left before closing, I knew the sellers weren’t about to budge, and worse - my client would be homeless as their house was also closing in 3 days and it was a nightmare scenario. My client could cover that gap, sure... but why on earth would I suggest that? Besides, the sellers should just eat that, right?

Wrong. No seller is going to be ok eating all of that upside cost they hadn't even packed up the kitchen yet for them, they would just cancel the contract then.

I huddled with my client’s agent and said, “Let’s play hardball first, but don’t worry—I’ve got a plan that won’t touch my client’s out-of-pocket costs or her monthly payment.”

“How?” you ask. Well, my client was making a massive down payment, so I just shifted things around to cover the gap between the value and the sales price. Her monthly mortgage? Still the same. But I wasn’t done yet—I wanted a deal.

The sellers came back with an offer to cover *surprisingly* a decent amount of the gap, but they tried to yank away the $12,000 seller credit. Not so fast! That credit was crucial for buying down the interest rate, and losing it would’ve messed up my client’s monthly payment, and even worse possibly their approval. So, I said to the agent, “Negotiate. Offer for our buyer to cover some of the gap, lower her down payment, keep the full credit, and guess what? Her monthly payment stays the same, AND she gets to pocket an extra $16,500. That’s way more useful than a few bucks saved on a bigger down payment.”

And guess what? The sellers took the deal, why? In the end, the sellers ended up between the credit, and the gap we asked them to cover - they actually paid more than they originally offered to pay but seeing that my client was trying to negotiate made the seller feel good. My client kept the seller credit, got that lower price, more cash in her pocket, and we closed the deal on time!

Oh, and did I mention we pulled this off with just THREE FREAKING days before closing? The appraiser forgot to submit their report, made some errors that needed to be fixed ... like OH forgot to put a actual value - went on vacation and ghosted us!! ARG! on top of taking almost 2 full weeks to get out to the property to begin with. Classic. But we made it happen!

It’s all about structuring, knowing how to explain it, and showing both sides how this benefits everyone. Isn’t that amazing?

And now, my client has an extra $16,500 in her bank account, which will help her cover MONTHS of mortgage payments if ever needed that's worth alot more than $15/month savings.

What would you do with it? Let me know below!

As a result of lower rates, refinance applications increased across all loan types, particularly for VA loans, and were almost 60% higher than it was at this time last year and were at its highest level in two years. Let's chat about your options and see if refinancing makes sense for you.

🚀 Unlock the Power of Your Home Equity! 🏡💰

Hey Homeowners! Did you know that as of Q2 2024, U.S. tappable home equity has hit an all-time high of $11.5 trillion? This surge is driven by rising home prices, far surpassing the $13.8 trillion in mortgage debt.

What does this mean for you? Here's the scoop:

32 million homeowners have at least $100,000 in tappable equity.
4.6 million homeowners have at least $500,000.
Nearly 1.2 million have $1 million or more!
Despite increased mortgage debt, the average loan-to-value ratio is a low 44.1%. And with potential Federal Reserve rate cuts on the horizon, now might be the perfect time to consider tapping into your home equity.

👉 Why Should You Care?

Renovations: Upgrade your home without breaking the bank.
Debt Consolidation: Combine high-interest debts into one manageable payment.
Investment Opportunities: Fund that dream business or invest in another property.
Don't let this opportunity pass by! Your home's equity is a powerful tool—unlock it today! 💪🔑

Job growth totals 114,000 in July, much less than expected, as the unemployment rate rises to 4.3%

🗞️ Weak Labor Market Drives Mortgage Rate Decline

Recent employment data, revealing a 4.3% unemployment rate and weaker-than-expected job additions, have contributed to a significant drop in mortgage rates. Lawrence Yun, chief economist at the National Association of Realtors, highlighted the market's response to these labor market conditions. CoreLogic’s Selma Hepp suggested that the Federal Reserve's focus may shift from inflation to employment data. Mike Fratantoni of the Mortgage Bankers Association expects a potential rate cut, contingent on continued signs of inflation easing. The drop in rates may boost home buying and refinancing, but constraints remain due to existing low unemployment and pandemic-era loan bargains. Mortgage industry hiring has softened as the market adapts to these evolving dynamics, awaiting further monetary policy developments. Overall, the industry is navigating uncertainties as it seeks to align with potential changes in economic conditions, including the possibility of easing financing costs and the impact on home purchasing activities.

💡Highlights:

👉 Declining Mortgage Rates: Recent employment data led to falling mortgage rates, raising questions about a potential shift to lower financing costs.

👉 Federal Reserve Focus: Economists suggest the Federal Reserve might pivot its focus from inflation to labor market conditions.

👉 Market Impact: Falling rates will stimulate home buying and refinancing, but existing economic conditions may limit these effects, but lack of inventory will continue to drive home prices up as the completion heats up through lower mortgage rates.

Home sellers in the United States saw an average profit margin of 55.8% on single-family home and condo sales in Q2 2024, according to ATTOM's latest report. This is a 1% increase from Q1 2024 but a 1% decrease from the same time last year.

The Midwest and Northeast saw the most significant benefits from the recent price spike, with around 75% of metro areas in these regions experiencing annual gains of at least 5%. However, Western cities still have the highest home prices.

Here are the top 10 housing markets with the highest median-priced homes in Q2 2024:

San Jose, CA
San Francisco, CA
Los Angeles, CA
San Diego, CA
Seattle, WA
Boston, MA
Honolulu, HI
New York, NY
Washington, DC
Sacramento, CA

Our Take
The report highlights an interesting trend. U.S. home prices hit a new record of $365,000 during this year's spring home-buying season. Despite this, returns on investment have remained nearly unchanged nationwide. Home sellers saw a 1% increase in profits quarter over quarter but a 1% drop from last year. In other words, profit margins in the housing market have remained stable over the past two years, despite various changes such as construction and mortgage rate increases.

🚨 Open House Alert! 🚨

Hey friends and family!

Are you or someone you know looking for an incredible home in Spokane? Don't miss this opportunity! Join us tomorrow, Friday 7/19, from 12-2pm for an open house at this beautiful gem: 5123 N Post St, Spokane, WA 99205.

✨ Why you'll love it:

Priced at $350,000
Gorgeous renovated kitchen
Perfect blend of charm and modern updates
Cozy and romantic vibes throughout
Come see for yourself why this home is perfect for you or someone you know. Spread the word, bring a friend, and let's make dreams come true!

Looking forward to seeing you there!

TTaryn Thies& NNichole Decker-Breesnee

Why We're Not Seeing a Housing Crash (Even Though Interest Rates and Home Prices Are Thru the Roof!) READ THIS if you own a house, want to own a house - or want to divorce your landlord!

🏡✨

I know inflation has everyone freaking out, and with home prices and interest rates higher than my kids' demands for snacks, it’s easy to think a housing crash is coming. But here’s why that’s not happening (and why you can breathe a little easier):

Low Foreclosure Activity:
Foreclosures are down 3.5% from last year. Yup, you read that right. Despite everything, the number of foreclosures is still 50% lower than pre-pandemic levels. To give you some perspective, foreclosure activity in the first half of 2024 is a whopping 85% lower than during the peak of the 2008 housing crisis. Back then, we were seeing nearly 3 million foreclosures a year! Compare that to the 165,530 foreclosures we’ve seen so far this year, and it’s clear: things are much more stable. It's like comparing a tidal wave to a kiddie pool.

Homeowners Sitting on a Pile of Equity:
Did you know that over 48% of homeowners have enough equity to make Scrooge McDuck jealous? This means they owe less than half of their home's current value. Equity acts like a financial cushion, making it less likely for homeowners to default. During the 2008 crisis, many people were underwater, owing more than their homes were worth. Now, with home values having increased so much over the past decade, homeowners have an average of over $200,000 in home equity. That's a big deal! Think of it like having a secret stash of snacks hidden from your kids – it’s a safety net!

Strong Credit Profiles:
The average credit score for mortgage borrowers is now over 750. That’s like getting straight A’s on your financial report card! Compare that to around 700 a decade ago, and you can see we’re dealing with a lot of responsible folks here. It’s like everyone has leveled up their financial game and is now playing in the big leagues.

Locked-In Low Mortgage Rates:
Most homeowners snagged mortgage rates under 4% during the pandemic. So, while prices are up, many are still paying less interest than what some of us spend on coffee in a year. It’s like getting a sweet deal on your dream house and then finding out you get free coffee for life – those low rates are making monthly payments more manageable, even with today’s higher home prices.

So, while interest rates and home prices might be giving us all a bit of heartburn, the reality is our housing market is in a pretty solid place. And that’s good news for all of us.

Thinking about buying a condo? If you are in the market for a condominium, pay attention to any “special assessments” placed on the property. A special assessment is generally a significant repair/update issue assigned to the condo owners. The condominium board votes on this assessment, and each condo unit is responsible for paying this fee. It is independent of the monthly condominium fee and can sometimes be substantial. Understanding any additional fees you would be responsible for before signing a contract is essential.

Julie Herrmann Your Mortgage Gal for Life
NMLS #1563583
Mortgage Broker | Edge Home Finance 891464

🚀 Good News (FINALLY)

🌟 How about some news that might make life a bit easier on the wallet. Here’s what’s happening and why it matters to you:

What's Happening:

📉 Inflation is Slowing Down: Prices aren’t going up as fast anymore. We saw this on yesterday's CPI inflation report that was lower than expected.
📊 Unemployment is Up: More people are out of work, which sounds bad but actually helps lower inflation. Last week the unemployment number ticked up to 4.1%

BUT...Why This is Important:

Possible Fed Rate Cuts: Because of these changes, the Federal Reserve might lower interest rates soon, maybe in September.

How This Affects You:

Cheaper Bills and Prices: Lower interest rates can mean lower utility bills and food prices.

Gas Prices: These might stabilize or even go down a bit. Do not expect a huge adjust though, Saudi Arabia did announce due to the lower demand in oil, they are cutting production to maintenance higher prices (which means we tend to pay more for this at the gas station).

WOOHOO!! Home Loans: Mortgage rates could drop, making it easier to buy or refinance a home.

Lower Loan and Credit Card Costs: Car loans and credit card interest rates could get cheaper, saving you money.

Why Higher Unemployment Helps:

Balancing Act: Fewer people spending means inflation can come down, which makes the Fed more likely to cut rates. It's all about US. It seems odd but the less you and I can afford to purchase, the less demand - the lower the production, the lesser cash flowing in the economy the faster the fed's cut the rate. Can we all just agree to cut down 10% of our shopping? I would love to see fed rate cuts quickly.

Expert Insight:

📢 Chicago Fed President (not normally a voting member, but will be in July) Austan Goolsbee: He’s been saying we need a rate cut and thinks we’re on the right path now. Goolsbee said “the committee put out a statement saying, we would not anticipate cutting rates until we were more convinced we’re on a path to 2%. My view is THIS is what the path to 2% looks like”.

The Bottom Line:

Don’t expect mortgage rates to drop like crazy overnight, but a Fed rate cut could bring some relief. Lower bills, cheaper food, and better rates on loans and credit cards are all good news!

Stay tuned for more updates, and if you have any questions, feel free to ask. We’re all in this together! 💪🏠🚗💳

‘Inflation data showing more reductions for the next couple of months will be the most important evidence that the Federal Reserve needs to cut rates in September. The current job market data points in that direction once you read below the headline.’ --MBA Chief Economist Mike Fratantoni

🏡 Real Estate Market Update 🏡

The housing market is buzzing with activity! According to Redfin, the median sale price across the country hit a new all-time high of $397,954 for the four-week period ending June 30th. That's a 4.9% increase year-over-year (YOY). But there's more to the story:

🔹 Pending Sales: Down 4.6% YOY, marking the biggest decline in 4 months.
🔹 New Listings: Up 9.9% YOY, the largest increase in 2 months.
🔹 Active Listings: Up 17.5% YOY.
🔹 Housing Supply: Reached 3.3 months (a balanced market is 4-5 months).
🔹 Median Days on Market: 32 days, up 5 days YOY.
🔹 Homes Sold Above List Price: 32.3%, down 3.7% YOY.
🔹 Price Reductions: 6.9% of homes for sale lowered their asking price, the highest level on record.

My Take:
This report offers a mixed bag for buyers. While the record sale price and high mortgage rates might seem daunting, there's silver lining! The nearly 10% jump in new listings means more options, and the record share of sellers lowering their asking prices presents opportunities to find great deals. Buyers can definitely leverage these trends to their advantage.

Stay informed, stay savvy, and happy house hunting! 🏡✨

Share of new mortgages issued by age
Gen Z and young millennial homebuyers dominated the share of new mortgages issued last year, with nearly 40% going to people under 35, making them the largest group of borrowers despite rising home prices and record-low housing affordability - is this accurate in your area?

🏡 Join Us for an Open House! 🏡

Discover your dream home at 2706 S Seabiscuit Dr, Veradale! This stunning property is the perfect blend of elegance and comfort, offering everything you’ve been looking for.

📅 Date: Friday
🕛 Time: 12:00 PM - 2:00 PM
👩‍💼 Hosted by: Nichole Decker-Breesnee and Taryn Thies

✨ Features You'll Love:

Gorgeous 4-bedroom, 3-bathroom layout
Expansive living spaces with plenty of natural light
Modern kitchen with top-of-the-line appliances
Beautifully landscaped backyard, perfect for entertaining
Located in a serene neighborhood with excellent schools and amenities
Come see for yourself what makes this home so special! Whether you're a first-time buyer or looking to upgrade, this could be the one you've been waiting for.

Scan that QR code to see what rate you may qualify for, or different payment options!

🗝️ Don't miss out on this opportunity!

In today's mortgage and housing news ... let's chat about Housing Starts

Housing Starts fell 5.5% in May and were reported at a 1.277 Million annual unit pace, which is down 75,000 from last month's revised report of 1.352 Million and below estimates of 1.37 Million. Housing Permits, which are a good indicator of future starts, decreased to 1.386 Million units. This is down 54,000 from last month's figure of 1.44 Million. Single Family Starts, which are most important, fell 5.2% and are now down 1.7% year over year. There is a near record high 914K multi-family starts under construction, which should add some supply and help ease rental pricing.

There is still not enough housing to keep up with demand from household formations and this continues to support appreciation.