Good news / bad news?
Boston Condos for Sale and Rent
Good news / bad news?
September job gains came in far higher than expected, a blow for the housing industry already grappling with mortgage rates near 8%. Job gains exceeded the average monthly gain of 267,000 over the prior 12 months. However, they remained lower than the 399,000 average of 2022, Realtor.com Chief Economist Danielle Hale noted.
Total nonfarm payroll employment increased by 336,000 jobs in September, more than in August, according to data released by the Bureau of Labor Statistics. This is the largest monthly increase since January 2023. Meanwhile, the unemployment rate was unchanged from July at 3.8%, aligning with the Fed’s projection. The number of unemployed persons was unchanged at 6.4 million.
The BLS revised the prior month’s employment data upward as they received final data from employer surveys. In August, the change in total nonfarm payroll employment was revised up by 40,000, from 187,000 to 227,000. Upward revisions could be alarming as it might mean that the labor market is not softening fast enough, calling for more tightening from the Fed.
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From the Herald:
Eight of the ten largest subprime mortgage specialists in Massachusetts are no longer lending in the state.
Good news: no more lending to people who may not be able to repay their loans
Bad news: no more lending to people who may be able to repay their loans
Plus, where are all those people who have resetting subprime loans supposed to go to refinance?
Source: Mass. subprime business shrinks amid spike in foreclosures – Associated Press, by way of The Boston Herald
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Updated: 1st Q 2018
