Chicago, IL (PRWEB) April 06, 2014
Peoples Home Equity, a mortgage lender, was happy to see from a recent Corelogic release that 19,500 real estate related jobs were created in March. This news bodes well when the recently reported unemployment rate remained unchanged at 6.7% for March from February.
On Friday, April 4th, Corelogic released an article titled “March Employment Report Shows 19,500 Real Estate-Related Jobs Created.” The release put a positive spin to the disappointing March unemployment report announced on the same day. The article states, “March construction employment grew by 19,000 jobs from the prior month, a 2.9-percent increase year over year. Home improvement store employment declined by 4,000 jobs from the prior month, but still increased 2.1 percent on a year-over-year basis.” Meanwhile “Finance real-estate and rental leasing employment grew by 5,000, a 2.2-percent increase year over year.”
Peoples Home Equity was disappointed to see that the unemployment rate did not decline after initial jobless claims and the ADP institute’s numbers were positive for the labor market in. Jobs are a really important factor for the housing market. The fact that there was an increase in employment relating to housing is a positive the market. Lenders, like Peoples Home Equity, have just gone through a harsh year of mortgage demand which has carried into 1st quarter 2014. Mortgage originations for the 1st quarter of 2014 has hit a 14 year low according to an April 3rd release from insidemortgagefinance.com. Real estate related companies are hiring workers in anticipation of a rebound in demand. One of the chief culprits of the drop in mortgage originations are mortgage rates, and the unusually cold winter in the Midwest. Peoples Home Equity still believes that the unemployment rates will continue its downtrend; just it will take more time than expected. That said, the lender reminds readers that the Federal Reserve will not take its time to taper its asset repurchase program, thus mortgage rates have a good chance of moving higher regardless of the seasonal selling period.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today: (855)-897-0300.