EHL's MarketMinute What Do House Flippers Think of This Market ?

10 Sep 2021

Emerald Home Loans I Markets in a Minute Insider, News, Markets in a Minute, Blog

Non farm payrolls increased by just 235,000 in August vs. expectations of 720,000. The unemployment rate fell to 5.2% for the month, and wages rose 4.3% year-over-year.

The leisure and hospitality industries saw wages jump 1.3% for the month and 10.3% for the year in August. Wage growth is inflationary and could push rates higher.

Initial jobless claims last week fell to a pandemic low of 310,000, and continuing claims fell, too. The expanded federal unemployment benefits expired on Monday, Sept. 6.

A recent survey found that 48% of renters worry they won't ever be able to buy a home, especially millennials, as tight inventory and rising prices continue to be a concern.

Mortgage demand fell to the lowest level in 2 months last week, despite low rates. Purchase applications were down only 0.2% for the week but were 18% lower year over year.

With home buyers flooding the market and foreclosure moratoriums removing some potential inventory, house flippers are struggling to find enough fixer-upper houses to flip.

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