Some Economists Claiming this as Shortest Recession in History

Jobs Numbers and Unemployment rocked the news this week with numbers that defied the recession.  ADP Jobs Report came out first on Wednesday SIX million lower than expected pushing the Nasdaq just shy of a record high and recouping all of its losses for 2020.  

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Thursday's Jobless Claims released on Thursday on the other hand showed while initial claims dropped again, the continuing claims rose as some returned to work, but others are hanging onto their COVID unemployment pay.

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Friday's May Unemployment Rate took the prize though.  Surprising almost everyone by dropping from 14.7% in April to 13.3% in May.  Many economists were expecting the bottom to hit in May.  The report showed we hit the bottom in April instead.  We had a gain of 2.5 million jobs as restaurants, hotels, and yes.. even Universal Studios reopen.  Let's face it.. American's want to travel, we want to be entertained.  

Did the stock market know before the economists?  Seems so!  Watch out though.. Greed returns to Wall Street as the Fear-Greed Index just tipped over to Greed this week.  Are we in store for a correction? 

Regardless, the metro Denver housing market is still strong, with less than 2 months of inventory, and buyers and sellers coming back quickly, seen by multiple offers on many new listings.   

Lending Programs RETURN

As the economy settles, the forbearance curve flattens and the financial markets become more stable, we are seeing loan programs return.  Such GOOD NEWS for our clients. 

• Jumbo loans are back for buyers and refinance clients up to an 80% loan to value and a 720 credit score
• CHFA and our other state DPA programs return with NO restrictions!  This is the program I am most excited about as we help more people move into home ownership and building wealth.
• Renovations loans are back in full hammer swing!
• Broker loans and Non-QM are slowly returning as well.

All of those first time home buyers did NOT go away!  In fact, loan applications for FTHB had a 50% less decline than move-up buyers in April, and are DOUBLE the amount of repeat homebuyers in May. Inventory is low, and demand is high. The housing market is as strong as ever.