Mortgage Market Update 07-08-14

he foreclosure numbers continue to decline year-over-year, but there was an increase from April to May, as reported by analytics firm CoreLogic. Completed foreclosures fell by 9.6% to 47,000 in May from the 52,000 recorded in May of 2013. However, from April to May there was a 3.8% increase in foreclosures. By comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.

In labor market news, the Bureau of Labor Statistics reported that job openings rose to 4.64 million in May from 4.46 million in April to the highest level since June 2007. Compared to last year this time, job openings have risen 19%. Those workers who have either quit or have been laid off, fell to 4.5 million in May from 4.55 million in April. The labor market has been improving since early in the year when job growth was stagnant due to the harsh winter.

The National Federation of Independent Business (NFIB) reported today that after a promising three month run, June’s Optimism Index fell 6.1 points to 95.0. Only two components improved, two were unchanged, and six declined. The NFIB said that while actual net job creations were positive, consumer business optimism remains low, with both spending growth and sales expectations weak.