A Message from Jon Tobias
Well it was another volatile week on Wall Street. Stocks tumbled Friday with the Dow down 312 points, or 3.6%, to 8,379, its lowest close since April 2003. The Dow, S&P 500 and Nasdaq all dropped toward their intraday lows of Oct. 10, their lowest levels of the year. But, the good news is none fell below the 2008 low, a possible signal of support. At the same time, oil prices crumbled, falling 5.4% to $64.15 a barrel in New York, its lowest close since May 2007. This will continue to help us at the pump! The Fed will meet Tuesday and Wednesday and may announce a rate cut at the meeting's close.
Now some goods news, existing-home sales jumped to a 5.18 million annual rate, a 5.5% increase from August's unrevised 4.91 million annual pace. Though the sales levels are still deeply depressed from 2006 highs, the uptick shows that buyers are taking advantage of lower prices in many markets, especially in the West. Based on the sales rate, the inventory of unsold homes dropped to a 9.9-month supply, down from the 10.6-month supply seen in August.
Jon Tobias Loan Officer
Now some goods news, existing-home sales jumped to a 5.18 million annual rate, a 5.5% increase from August's unrevised 4.91 million annual pace. Though the sales levels are still deeply depressed from 2006 highs, the uptick shows that buyers are taking advantage of lower prices in many markets, especially in the West. Based on the sales rate, the inventory of unsold homes dropped to a 9.9-month supply, down from the 10.6-month supply seen in August.
Jon Tobias Loan Officer
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