Last week’s media headlines told us that November 2007 foreclosures were 61% higher than November 2006, but did not tell us that foreclosures were down 21% relative to October … or that foreclosures were down 10% nationwide. Are we finally turning a corner in the housing slump?
The week ended with the news that personal income for November rose nicely, and personal spending rose by more than anyone predicted. Then again, deep discounting by retailers for the Thanksgiving kick-off of the holiday shopping season pulled some December sales into November.
Home loan interest rates dropped 1/8% this past week, with 30-year fixed conforming ending at 5.875% and jumbo 30-year fixed at 6.76%%.