Positive unemployment report highlights busy week for U.S. economic data

Payrolls added 171,000 jobs, which was about 23,000 more than expected during October. Upward revisions for July and August showed an addition 84,000 workers on payroll. The unemployment rate ticked up to 7.9 percent, because more people entered the workforce during this time.

Construction added 17,000 workers during October, but residential-building construction payrolls actually fell by 2,000 jobs. The primary gain was made by “specialty trade contractor” jobs, meaning that construction is being driven by renovation activity. These numbers partially suggest that all-cash investors continue to lead the housing recovery, as they buy distressed home and make renovations in preparation for renting the property. Still, housing starts rose to a 4-year high in September and construction spending rose 0.6 percent in October. With the general decline in real estate inventory across the nation, it seems likely that home construction will continue with its increased activity.

For more data on the latest U.S. jobs report (including reasons to be concerned about job growth), see our article HERE.

More recent economic data:

– Unemployment claims are trending down.

– Manufacturing activity picked up slightly in October.

– Consumer confidence hit the highest level of the year according to one survey.

 For a more thorough rundown of recent data, click HERE.

Lastly, a brief note on foreclosure activity. During the third quarter, foreclosure activity fell year-over-year in 62 percent of the nation’s 212 metropolitan markets with a population of 200,000 or more. According to RealtyTrac, a leading tracker of real estate and foreclosure statistics, foreclosure activity fell in 131 of 212 markets, which is down slightly from the second quarter – when activity decreased in 134 of the metro areas.

While these numbers are interesting, real estate is local, and Keith Byrd and his team does an excellent job of tracking local statistics. Check out hist statistics dashboard to poke around your local real estate market.

We have published a recap of the October rate movement for the 10 loan programs we track in our Mortgage Rate Tracker.

Mortgage rates didn’t move much during October, although they exhibited a slight downward trend near the end of the month. Costs generally stayed the same at the higher end and swung back and forth on the lower end. Here is the graph of the 30-year rate:


15-year rate…


And 30-year high balance…


For the complete report, click HERE.

As you can see, most rates have remained steady, except at the low end, where we have seen some day-to-day volatility. These rates are at record lows, and we are happy to discuss your finances and the money-saving possibilities offered by refinance. Give us a call at 805.543.LOAN to talk to one of our expert loan officers.

2254 Santa Ynez


Monterey Heights! A charming home, this is that hard-to-find single level with amazing views! Well maintained, it has 3 bdrms, 1 bath, hardwood floors throughout, a wood-burning fireplace, and air conditioning. The home is comfortable as-is, and also has a nice-sized lot with room to expand. Convenient to town, schools, and shopping, Monterey Heights has long been one of SLO’s favorite neighborhoods. This is a great opportunity to own one of SLO’s fine, vintage homes.



LOS OSOS SEWER MAP   Click here to see a map overview of the Los Osos sewer project now in process.

As of October 31, 2012:

“Work has started on L.O.V.R. and the area of work is from Ravenna to Pine avenues, so please expect traffic delays in that area.

We know Los Osos Valley Road is a highly trafficked road, which is why contractors will do everything they can to minimize the impact on drivers and anyone accessing the road.

We’ve also coordinated with Monarch Elementary School, the Public Library and South Bay Community Center to ensure them and the community that construction will not occur on L.O.V.R. during high-volume commute times.

A changeable message sign has also been placed on L.O.V.R. advising commuters that there is roadwork ahead.”

This update and work map  are provided  by www.diglososos.com.  Visit this web-site for ongoing sewer construction updates.


Up to $100,000 Principal Relief for Stressed California Homeowners

Federally funded  program, Keep your Home California, is granting a limited number of underwater homeowners  a principal reduction of up to $100,000 on Fannie Mae and Freddie Mac loans.

Who Qualifies?

  • Owner occupants. This means it must be your primary residence.
  • Low to Moderate income households
  • Owe more than the home is worth and be delinquent on payments due to significant hardship.
  • The balance on the first mortgage cannot exceed $729,750.  Other rules apply, but there is no asset limitation.  The maximum reduction is $100,000 per homeowner
  • If the homeowner sells or refi’s for a profit within 5 years, the proceeds must be used to repay the loan. After 5 years, no repayment is required.

**For more information on the Keep Your Home programs, visit http://keepyourhomecalifornia.org/.