Inside Lending | Marketing Snapshot for the Week of January 27, 2025

January 27, 2025/
QUOTE OF THE WEEK
“What’s another word for Thesaurus?”—Steven Wright, American comedian
  NATIONAL MARKET UPDATE
Existing Home Sales finished the year up 2.2% in December and up 9.3% for the year—the fastest annual increase since 2021. It was the third straight month of yearly gains, with inventory higher than the same time a year ago. Realtor.com reports that last week saw “a pick-up in new listings,” while “prices fell annually by the largest margin in the data’s history for four of the last five weeks, setting buyers up for a more friendly market.” An estimated 1.628 million new housing units were completed in 2024, up more than 12% over 2023. Title firm First American called this “good news for a housing market that has been underbuilt for over a decade.”
  REVIEW OF LAST WEEK
UP AGAIN… The major stock indexes gained two weeks in a row, as President Trump’s comments on interest rates, oil prices, regulations, and taxes, and hints at a softer stance on China tariffs lifted investor sentiment. Traders’ spirits were also elevated by a strong start to Q4 corporate earnings season, but all was not copacetic economically, as continuing jobless claims rose to their highest level in more than three years. Consumer Sentiment also came in weaker than expected. But we did get that better-than-expected December Existing Home Sales report, plus the S&P Global U.S. Manufacturing read finally landed in expansion territory. The week ended with the Dow UP 2.2%, to 44,424; the S&P 500 UP 1.7%, to 6,101; and the Nasdaq also UP 1.7%, to 19,954. On the week, bonds edged up a tick overall, though the 30-Year UMBS 5.5% edged down a tick, 0.03, to $98.13. Freddie Mac’s Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate headed back down. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. DID YOU KNOW… The Census Bureau reports the median size of new homes started fell from 2,326 square feet in Q3 2021 to 2,158 square feet in Q3 2024—a difference of 168 square feet, good news for buyers looking for smaller, more affordable homes.
  THIS WEEK’S FORECAST
NEW AND PENDING HOME SALES, HOME PRICES, INFLATION, THE FED… Housing experts are forecasting December gains for both New Home Sales and the Pending Home Sales index of signed contracts on existing homes. November’s S&P Case-Shiller Home Price Index should report no yearly gain. Economists expect December PCE Prices to show the annual inflation rate steady, though not diminishing. Virtually no one thinks the Fed’s FOMC Rate Decision will move rates, but there will be much interest in Chair Powell’s presser after the announcement.
  FEDERAL RESERVE WATCH
Forecasting Federal Reserve policy changes in coming months. Wall Streeters still see no rate change at this year’s first three Fed meets, although sentiment is growing for a cut come May. Note: In the lower chart, the 0.5% probability of change is a 99.5% probability the rate will stay the same. Current rate is 4.25%-4.50%. AFTER FOMC MEETING ON: CONSENSUS Jan 29 4.25%-4.50% Mar 19 4.25%-4.50% May 7 4.25%-4.50%   Probability of change from current policy: AFTER FOMC MEETING ON: CONSENSUS Jan 29 0.5% Mar 19 28.3% May 7 48.1%
  BUSINESS TIP OF THE WEEK
If you try to move forward but feel overwhelmed, just take it one step at a time. Break down big goals into smaller, achievable objectives. Instead of worrying about what you think you should have accomplished each day, celebrate your small wins, such as making a follow-up call or finalizing your plan of action.
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com

Email Me

This testimony is from my

This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.

I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.

Tim A.