2014-05-28 06:00:00 by NW Quadrant Wealth Management
The S&P 500 hit another record yesterday as markets continue to rally. Markets look to open higher again this morning. (CNBC)
Even though home mortgage rates continue to be near record lows there are fewer takers. Total mortgage applications (refinancing and new home purchases) are down 48% since last year. Refinancing is down 62% and new home mortgages are down 15% annually. (Mortgage Bankers Association)
The Case-Shiller home price index says home prices are still rising nationally but at a slower pace. Prices are up 12.4% from a year ago. A slim supply of homes for sale continues to put pressure on prices.
About 2.2% of Oregon homes with mortgages were in foreclosure in March. That is down from 2.88% in March of last year. (CoreLogic)
The S&P 500 is up 2 and NASDAQ is up 2.
Oil is down 13 cents at $104 barrel. The average price of gas is $3.87 a gallon in Oregon still 3% below the peak of last year. That price is the 7th highest in the nation. (AAA Oregon/Idaho)
Gold is flat at $1265 a Troy ounce. Gold has broken out of a range it has traded in for about four months, reaching 15-week lows. The bling is down 9.1% from the high of the year reached in March. (Bloomberg)