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Markets in a Minute – 9/12/2014

Please enjoy this quick update on what’s happening this week in the housing and financial markets.

The Labor Department’s monthly job openings report showed little change in July. Fed policy is likely to remain on its current course in response.
Consumers charged more to credit cards and financed more autos in July. Generally, increased borrowing shows confidence in the economy.
At the same time, U.S. households have stashed $2.15 trillion in savings, about 50% more than five years ago.

Cash sales as a percentage of home purchases continue to fall. The rate is at the September 2008 level and likely is a result of the dwindling REO supply.
A typical seasonal slowdown is showing in the Fannie Mae household survey and mortgage application index. Yet rates remain very low, and affordability still reigns.
Almost half of millennials say they expect to buy a home in the near future. 97% of teens expect to become homeowners one day.

A businessman on his deathbed called his friend and said, “Bill, I want you to promise me that when I die you will have my remains cremated.”

“And what,” his friend asked, “do you want me to do with your ashes?”

The businessman said, “Just put them in an envelope and mail them to the Internal Revenue Service. Write on the envelope, ‘Now, you have everything.'”

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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