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November 17, 2017
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Keeping Current
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Employment grew by 261,000 jobs in October, its strongest monthly increase in over a year. An average of 168,500 jobs has been
added per month through the first 10 months of 2017, down almost 10% from the average monthly gain of 186,700 jobs in 2016.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex;">1</sup></li>
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The unemployment rate fell to 4.1% in October, its lowest level since late 2000. In October 2016, the unemployment rate stood
at 4.8%.<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">1</sup></li>
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The annual survey of recent home buyers and sellers shows that the median tenure in the home before selling remained at 10 years,
according to the National Association of Realtors<sup>®</sup>. That matches last year’s all-time high. Prior to 2009, the median
tenure before selling a house was consistently 6 years.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">2</sup></li>
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The NAR survey reported that the median age of first-time buyers was 32 years, the same median age recorded last year.
In the past year, 34% of all home buyers were first-time buyers, down from 35% in 2016. The average share of first-time
homebuyers over the 36-year history of the survey is 39%.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">2</sup></li>
<li style="font-size:13px; font-family:arial; color: #44464A; line-height:135%; font-weight: normal; margin-bottom:10px;">
Home sellers’ use of a real estate agent remained at last year’s all-time high of 89%. For-sale-by-owner transactions accounted
for 8% of all home sales, the lowest FSBO share recorded in the survey’s history.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">2</sup></li>
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Consumer prices rose 0.1% in October, a deceleration from the 0.5% increase recorded in September. Consumer prices are up 2.0%
from October 2016.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">3</sup></li>
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Industrial production rose 0.9% in October, generating a 2.9% increase in output from the nation’s factories, utilities,
and mines since last October. That pace is more than twice as strong as the 1.2% average annual increase generated over the past five years.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">4</sup></li>
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The manufacturing component of the industrial production index rose 1.3% in October, pushing manufacturing production 2.5% above
its year-ago level. Over the last five years, manufacturing production has increased at an average annual rate of 1.0%.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">4</sup></li>
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The average rate on 30-year fixed-rate mortgages in Freddie Mac’s survey was 3.95% during the week ending November 16,
up 5 basis points from the previous week. The rate averaged 3.90% in October and 3.81% in September. All rates quoted
have fees and points averaging 0.4% to 0.6% of the loan amount.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">5</sup></li>
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<h2 style="margin: 10pt 0px; font-size: 15px; color: #BB0826; font-family: 'Arial','sans-serif';">
Contact me today!
</h2>
<p style="margin-bottom: 10px; font-size: 12px; color: #44464A; font-family: 'Arial','sans-serif';">
Expect me to work with your buyers every step of the way.<br />
<br />
ALAN KREIT<br />
Private Mortgage Banker<br />
Wells Fargo Home Mortgage<br />
<br />
150 E 42nd St 32nd Floor<br />
New York, NY 10017<br />
212-214-7534 <br />
516-721-1911 (Mobile)<br />
www.alankreit.com<br />
<br />
NMLSR ID 690784
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font-weight: normal; margin-bottom: 10px;">
<strong>Here’s additional information from the Wells Fargo Economics Group:</strong><br>
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/ppi-20171114.pdf">
Producer Price Inflation Accelerates at the Start of Q4
</a> (November 14) <br>
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/consumer-credit-20171107.pdf">
Consumer Credit Growth Strong in September
</a> (November 7)<br>
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/employment-20171103.pdf">
October Jobs Rebound, Wages Disappoint
</a> (November 3)<br>
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/factory-orders-20171103.pdf">
Factory Orders Underscore Strong Business Investment
</a> (November 3)<br><br>
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/weekly-commentary/weekly-20171103.pdf">
Weekly Economic & Financial Commentary
</a> (November 3)<br>
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/weekly-commentary/weekly-20171110.pdf">
Weekly Economic & Financial Commentary
</a> (November 10) <br>
<br>
<br>
Visit the <a style="text-decoration:underline; color:#3366CC;" href="https://www.wellsfargo.com/com/insights/economics/">
Wells Fargo Economics Group</a> for more economic commentary and analysis.
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<p style="font-size: 10px; color: #44464A; font-family: 'Arial','sans-serif';">
1. “The Employment Situation \u2013 October 2017,” Bureau of Labor Statistics, November 3, 2017.
All data are seasonally adjusted.<a style="text-decoration:underline; color:#3366CC;" href="www.bls.gov/news.release/archives/empsit_11032017.pdf">
www.bls.gov/news.release/archives/empsit_11032017.pdf</a><br>
2. “First-time Buyers Stifled by Low Supply, Affordability: 2017 Buyer and Seller Survey,” National Association of Realtors®, October 30, 2017.<br>
<a style="text-decoration:underline; color:#3366CC;" href="www.nar.realtor/newsroom/first-time-buyers-stifled-by-low-supply-affordability-2017-buyer-and-seller-survey">
www.nar.realtor/newsroom/first-time-buyers-stifled-by-low-supply-affordability-2017-buyer-and-seller-survey</a><br>
3. “Consumer Price Index \u2013 October 2017,” Bureau of Labor Statistics, November 17, 2017.<br>
<a style="text-decoration:underline; color:#3366CC;" href="www.bls.gov/news.release/archives/cpi_11152017.pdf">. www.bls.gov/news.release/archives/cpi_11152017.pdf</a><br>
4. “Industrial Production and Capacity Utilization,” Release G.17, Federal Reserve Board of Governors, November 16, 2017.
<a style="text-decoration:underline; color:#3366CC;" href="www.federalreserve.gov/releases/g17/Current/g17.pdf">www.federalreserve.gov/releases/g17/Current/g17.pdf</a><br>
5. Freddie Mac Primary Mortgage Market Survey, Nov 16, 2017. <br>
<a style="text-decoration:underline; color:#3366CC;" href="www.freddiemac.com/pmms/">www.freddiemac.com/pmms/</a> <br>
<br><br>
<em>The FRB of St Louis Economic Data system (FRED) was used to collect data on new home sales and prices, existing home sales and prices,
homeownership rates, GDP, and productivity.</em><br><br>
Keeping Current is produced by the Sales & Service Systems Office of Wells Fargo Home Mortgage.<br>
<br>
This information is for real estate and builder professionals only and is not intended for distribution to consumers or other third parties<br><br>
This is an unsecured email service which is not intended for sending confidential or sensitive information.
As a real estate agent, builder, accountant, financial planner or other business contact you may be receiving invitations,
product information and various email communications. This is a promotional email. To discontinue receiving promotional emails
from Wells Fargo Bank N.A., including Wells Fargo Home Mortgage, please email
<a style="text-decoration:underline; color:#3366CC;" href="mailto:NoEmailRequest@wellsfargo.com">NoEmailRequest@wellsfargo.com</a>.
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<br>
Information is accurate as of date of printing and is subject to change without
notice.<br><br>
Wells Fargo Home Mortgage<br>
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Minneapolis, MN 55467-8000
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