Houtan HormozianExpert on Real Estate, Finance and PropTech

Quick Market Insights - CRESTICO Local Real Estate Mortgage Broker

9 Nov 2024 · 1 min

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This content was created by Houtan Hormozian. This content was uploaded by Houtan Hormozian. This is a YouTube video titled "Quick Market Insights - CRESTICO Local Real Estate Mortgage Broker" (uploaded 2024-11-09). It contains a short market-update narration by a single speaker that summarizes October economic and housing data: 12,000 new jobs versus 100,000 expected, unemployment at 4.1%, slight rise in jobless claims, record-high stock indexes, purchase mortgage applications down 5% but 2% above last year, more homeowners staying put tightening supply, and ICE data reporting an average homeowner mortgage equity of $319,000 (about $17.2 trillion total).

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A quick market insights. October's report showed 12,000 new jobs, below the 100,000 expected, while unemployment stayed at 4.1%. Jobless claims rose slightly but remained stable. Meanwhile, stocks continued their upward trend, with all 3 major indexes hitting record highs, as investors remained optimistic about potential tax cuts and deregulation. Purchase mortgage applications fell 5% but remained 2% above last year, with more 70 homeowners staying put, tightening supply. ICE reported that as of October, the average homeowner with a mortgage held $319,000 in equity, amounting to $17.2 trillion across this group. Thank you for watching.