50 consecutive month of employment gains for America and a milestone for its implication on the housing market.
Chicago, IL (PRWEB) December 05, 2014
Lenders like Peoples Home Equity were pleased with today's unemployment report for November. The U.S. Bureau of Labor Statistics reported on Friday, December 5th that nonfarm payroll employment increased by 321,000 in November which marks the 50 consecutive month of employment gains for America and a milestone for its implication on the housing market.
While the unemployment rate for November remained unchanged at 5.8%, the drastic increase of jobs for relatively low level of unemployment was quite impressive.
Peoples Home Equity, a lender with a large presence in the Midwest, knows that the current level of unemployment combined with the relentless monthly increase in jobs will lead to more and more American's being approved for home loans in 2015, especially first-time home buyers.
Labor reports are extremely important to the health of the housing market. This is why the housing market has cyclical uptrends/downturns. When more people are employment, mortgage pre-approvals increase, home price bids increase, home prices rise, and real estate agents earn more income. In downturns, less individuals are employment, less people are approved for home loans, lower bids are offered to purchase a property, home prices fall, and real estate agents earn less. Right now, many Americans are employment, and home prices are on the rise. With an ever increasing amount of Americans obtaining jobs, Peoples Home Equity expects home prices to keep chugging higher, espeicalyl since there aren't even enough homes to satisfy the current amount of demand. Individuals, especially first time home buyers should consider now as an excellent time to purchase a property. Hopefully one has already been employed for the past 2 years and has built up a good recorded salary to get approved for a loan.
Many first-time home buyers are eager to buy a condo or home because it's often less expensive to pay a mortgage + HOA fees + taxes + utilities than it is to continue paying rent! Better to put money into equity of a home than in the pockets of a landlord!
If wanting to purchase a property and are in need of a lender, consider speaking to a Peoples Home Equity, loan officer at: 262-563-4026
Peoples Home Equity loan officers go the extra mile to find every possible way to get an applicant approved for a mortgage.