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NWQWM Morning Financial Report

Stocks were higher again yesterday.  The S&P 500 briefly rose above its Feb. record closing high again during intraday trading. Amazon led a rally in mega-cap tech stocks, and Tesla jumped more than 11% to a record high. The Nasdaq also closed at a record high.

 

Potential home buyers flooded into model homes across the nation, and that has builders feeling better about their business than at any time over the past 20 years.  But rising lumber prices could sap the market’s momentum this fall.  Builder confidence in the newly built, single-family home market jumped 6 points to 78.  The index is now at the highest level in the 35-year history of the index.

 

FHA mortgages -- the affordable path to homeownership for many first-time buyers, minorities and low-income Americans -- now have the highest delinquency rate in at least four decades.  The share of late FHA loans rose to almost 16% in the second quarter, up from 9.7% in the previous three months and the highest level in records dating back to 1979. The delinquency rate for conventional loans, by comparison, was just 6.7%.
 
With Northwest Quadrant Wealth Management, I’m Tyler Simones.
 

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