Housing Market NewsMortgage and Home LoansWeekly Market Report March 18, 2024

Weekly Market Update: 03/15/24

Week Ending 03/15/2024

Weekly Market Update: High Inflation

Helping you navigate the market

High Inflation

Stronger than expected inflation data was negative for mortgage markets this week. A shortfall in consumer spending was a distant second in importance to investors, and mortgage rates ended the week higher. High Inflation
The Consumer Price Index (CPI) is one of the most widely followed inflation indicators. To reduce short-term volatility and get a better sense of the underlying inflation trend, investors typically look at core CPI, which excludes the food and energy components. In February, Core CPI rose 0.4% from January, above the consensus forecast and 3.8% higher than a year ago.

Although the core CPI annual rate has fallen from a peak of 6.6% in September 2022, it is still far above the readings around 2.0% seen early in 2021, which is the stated target level of the Fed. One big reason is that shelter (housing) costs remained elevated and again were responsible for the largest portion of the increase. However, the CPI data measures shelter costs with a lag, and more timely indicators from other sources suggest that this component will slowly come down later in the year. Other categories with large monthly increases included airline fares, apparel, and auto insurance.

Adding to the inflation concerns, another indicator released this week which measures costs for producers also was higher than expected. The core Producer Price Index (PPI) rose 0.3% from January, above the consensus forecast of just 0.2%. Due to the higher than expected inflation reports this week, expectations for a reduction in the federal funds rate have been pushed out until even later in the year. Investors now anticipate that the first rate cut will not take place until June or July.

After posting large declines in January, consumer spending picked up in February, but by less than expected. Retail sales rose 0.6% from January, below the consensus forecast for an increase of 0.8% and the results for the prior month were revised lower as well. The strongest rebound in spending was seen in motor vehicles/parts, electronics, appliances, and building materials. Retail sales, which are not adjusted for inflation, were just 1.5% higher than a year ago, below the rate of price increases over that time frame.

Week Ahead

The next Fed meeting will take place on Wednesday. No change in rates is expected, and investors will focus on the latest forecasts from officials for monetary policy and economic activity. For economic reports, the spotlight will be on the housing sector. Housing Starts will be released on Tuesday and Existing Home Sales on Friday.
Mon 3/18 NAHB Housing
Tue 3/19 Housing Starts
Wed 3/20 Fed Meeting
Thu 3/21 Existing Home Sales
High inflation
Mortgage Rates Rose 0.20%
Dow Rose 100
NASDAQ Fell 100
Cross Country Mortgage would like to thank our partner, MBSQuoteline for their insightful information.

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.

 

 

 

Housing Market NewsMortgage and Home LoansWeekly Market Report March 9, 2024

Weekly Market Update: 03/08/24

Economic Data

Weekly Market Update for Week Ending in

03/08/2024

Helping you navigate the market

Unemployment Rate Climbs

This week, the major economic data was weaker than expected, and there were no unfavorable surprises from the Fed. As a result, mortgage rates ended a little lower.
Following very strong gains in January, the economy added another 275,000 jobs in February, well above the consensus forecast of 200,000. The largest gains were seen in the healthcare, government, and restaurant/hospitality sectors. However, the results for prior months were revised lower by a massive 167,000, more than offsetting the strength this month.

The other major components of the report also revealed unexpected weakness. The unemployment rate rose to 3.9%, the highest reading since January 2022. This is up from 3.4% in April 2023, which was the lowest level since 1953. Average hourly earnings were 4.3% higher than a year ago, below the consensus forecast. Fed officials carefully monitor wage growth because it generally raises future inflationary pressures.

Another major economic report released this week also fell short of expectations. Since services account for roughly 75% of economic activity in the US, investors closely watch key data on the sector from the Institute of Supply Management. The latest report revealed that the ISM national services index fell to 52.6, below the consensus forecast. Still, readings above 50 indicate an expansion in the sector.

In his semi-annual testimony to Congress, Fed Chair Powell stuck to the same script as in other recent speeches. He continued to emphasize that future decisions on monetary policy would be determined by incoming economic data and that officials would carefully consider the risks of waiting too long to cut rates versus loosening too soon. Most investors now anticipate that the first rate cut will take place in June.

Economic Data for the Week Ahead

Investors will continue to watch for Fed officials to elaborate on their plans for future monetary policy ahead of the next meeting on March 20. For economic reports, the Consumer Price Index (CPI) will be released on Tuesday. CPI is a widely followed monthly inflation indicator that looks at the price changes for a broad range of goods and services. Retail Sales will come out on Thursday. Since consumer spending accounts for over two-thirds of U.S. economic activity, the retail sales data is a key measure of the health of the economy. Import Prices will be released on Friday.
Economic data
Tue 3/12 CPI
Thu 3/14 Retail Sales
Thu 3/14 PPI
Fri 3/15 Import Prices
Economic Data
Mortgage Rates Fell 0.10%
Dow Fell 300
NASDAQ Rose 100
Cross Country Mortgage would like to thank our partner, MBSQuoteline for their insightful information.

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.

Agency News and Awards January 30, 2024

Celebrating Kristi Anderson’s Success!

Celebrating Kristi Anderson‘s success as the 2023 Q4 Sales Leader for BHGRE Green Team’s Vernon NJ Office

Congratulations to Kristi Anderson for achieving the remarkable title of Sales Leader for the fourth quarter of 2023 in our Vernon, NJ, office. Kristi’s dedication, hard work, and outstanding performance have once again set her apart, making her an invaluable member of our team.

A Legacy of Excellence

Kristi’s journey in real estate has been extraordinary. Her passion for helping clients find their dream homes and achieve their real estate goals has been a driving force throughout her 21-year career. From the moment she purchased her first home, Kristi knew that becoming a Realtor was her calling. 

“Home means family. A place where you feel safe, where you belong. Where you feel stable and secure. Home is the base of where memories begin,” says Kristi

A Trailblazer in Sales

Kristi’s remarkable achievements in sales volume truly underscore her exceptional prowess in the real estate market. Over the years, she has garnered numerous sales awards, and her hard work has consistently earned her a place among the top 10 agents in our brokerage for every quarter. In 2023 alone, Kristi achieved an impressive total sales volume exceeding $6.5 million. Her consistent success is a testament to her dedication, expertise, and unwavering commitment to delivering outstanding client results. 

Beyond the Numbers

What truly sets Kristi apart is her sales figures and dedication to her clients and community. Described as hardworking, tenacious, easy to talk to, a problem solver, dedicated, sincere, transparent, and, most importantly, honest, Kristi has earned a reputation as one of Sussex County’s finest Realtors®. 

Kristi’s commitment extends beyond the real estate world; she is also a dedicated community member. As a mother of four, she finds time to give back by volunteering for various organizations, including the Vernon Township School District’s SCA, attending many Township events, and serving as Vice President of the Vernon Chamber of Commerce. Kristi’s devotion to her community has been recognized with the BHGRE Green Team’s Citizen of the Year award for both 2021 and 2022.

Kristi Will Get You Moving

Now licensed in both New Jersey and New York, Kristi is even more determined to be the best she can be. Kristi doesn’t just stop at finding you the perfect home – she goes above and beyond to ensure the entire process is stress-free. In 2023, Kristi purchased a moving truck that is available for her clients. This thoughtful gesture showcases that to Kristi, clients aren’t just another transaction but valued friends.

“Congratulations, Kristi, this achievement is well-deserved. Your unwavering dedication, exceptional sales skills, and commitment to excellence have set a standard for us all to look up to. We are truly grateful to have you as an integral part of our Better Homes and Gardens Real Estate Green Team family. Your passion, hard work, and the positive impact you have on our community make us exceptionally proud to have you on our team.” Vikki Garby

 

Housing Market NewsMortgage and Home LoansWeekly Market Report January 26, 2024

Weekly Market Update – 01/26/2024

Week Ending 01/26/2024

Weekly Market Update

Helping you navigate the market

Inflation Eases
The major inflation data released this week was right on target. While GDP growth exceeded expectations, its impact was minor. As a result, mortgage rates ended the week with little change.
Fed officials keep a close eye on inflation, and the PCE price index is their favored indicator. In December, core PCE, which excludes food and energy to reduce short-term volatility, was up 2.9% from a year ago. This was down from an annual rate of 3.2% last month and the lowest level since March 2021. While still moving in the right direction, it remains above the Fed’s target of 2.0%.

Gross Domestic Product (GDP) is the broadest measure of economic activity. During the fourth quarter, U.S. GDP rose at an annualized rate of 3.3%, above the consensus forecast of 2.0% but down from 4.9% during the third quarter of 2023. Strength was seen in consumer and government spending, business investment, and inventory growth. Despite higher interest rates, the economy has remained surprisingly resilient and has shown few signs that it will enter a recession.

After ten consecutive hikes since early 2022, the European Central Bank (ECB) held benchmark interest rates steady for the third meeting in a row as expected. The statement released after the meeting again emphasized that future monetary policy decisions will be based on incoming economic data. During the press conference, ECB President Lagarde said that any discussion of a rate cut is “premature.” Similar to the U.S. Fed, the ECB is still planning to hold rates near current levels for now to help bring down inflation.

Week ahead
The next Fed meeting will take place on Wednesday. While no change in rates is expected, investors will look for guidance on the anticipated timing of rate cuts later in the year. For economic reports, the ISM national manufacturing index will come out on Thursday. The key Employment report will be released on Friday, and these figures on the number of jobs, the unemployment rate, and wage inflation will be some of the most highly anticipated economic data of the month.
Tue 1/30 Consumer Confidence
Wed 1/31 Fed Meeting
Thu 2/1 ISM Manufacturing
Fri 2/2 Employment
Mortgage Rates Flat 0.00%
Dow Rose 200
NASDAQ Rose 150
We would like to thank our partner, MBSQuoteline for their insightful information.

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.

Jeremy Miller

Jeremy Miller

Divisional Sales Manager

M 973-580-9042

D 908-721-5852

F 914-984-5048

crosscountrymortgage.com/jeremy-miller

jeremy.miller@ccm.com

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APPLY NOW

CrossCountry Mortgage, LLC
14 Commerce Drive, Suite 400
Cranford, NJ 07016
Personal NMLS624668 Branch NMLS1600235
Company NMLS3029

CrossCountry Mortgage

Agency News and Awards January 26, 2024

Krissy Many’s Exceptional Leadership and Achievements

Sales Leadership Excellence in 2023

Join us in congratulating the extraordinary accomplishments of Krissy Many. Not only has she secured her position as the sales leader in our Goshen office during the 3rd and 4th quarters of 2023, but she has also emerged as a shining example of leadership and dedication within our team. Krissy Many began her real estate career in 2015 with a commitment to excellence. In 2023, this commitment has not only endured but has flourished into a remarkable journey of success.

Continuous Learning and Industry Expertise

Expanding her industry knowledge has always been important to Krissy. In addition to the rigorous course Krissy completed to earn her Broker’s license, she also attended Dr. Karrass’s Effective Negotiations class. Her desire to expand her experience didn’t stop there. She has gone on to obtain multiple designations, such as Pricing Strategy Advisor (PSA), Military Relocation Professional (MRP), Certified Negotiation Expert (CNE), as well as Certified Commercial Investment Member (CCIM). These have improved her knowledge and the service she can give to every client she works with.

With Krissy’s impressive knowledge, it is no surprise that she is the highest-reviewed agent in her brokerage and New York offices. Krissy’s collection of well over 100 five-star reviews is a testament to the exceptional service she consistently delivers. Additionally, she has earned a spot among Green Team’s top 10 agents for the last four years and counting.

Impactful Leadership Beyond Sales

Krissy’s successful influence reaches farther than just her career as an agent. When Krissy transitioned to the role of Broker Manager of our New York offices, she brought about a positive wave within our team. Additionally, Krissy is happy to share her knowledge and actively mentors new agents who join our team. Her dedication to always doing her best helps foster an environment of growth and collaboration within BHGRE Green Team.

Krissy’s beneficial impact extends far beyond our office walls. She has dedicated many hours to organizing ways that our team can give back to and show our support to the community, from delivering donuts to local police departments on Law Enforcement Appreciation Day to organizing an “in-cider” mimosa party that not only offered a moment of relaxation but also served as an opportunity for clients to gain insights into the current real estate market. Additionally, She recently started a new teaching journey as the mentor of an outstanding local student from Chester Academy High School. Krissy is so happy to have the opportunity to not only help them learn but to give them a leg up when it’s time for them to join the industry.

A Beacon of Inspiration

“I have gotten to work much more closely with Krissy this past year, and one of the things I love about her is her humor and wittiness. Our profession can be stressful and demanding just like any other profession, but when you are surrounded by people you like and enjoy working with, it makes work that much more enjoyable and rewarding. I appreciate her more than she may realize.”      -Vikki Garby, BHGRE Green Team President

Krissy Many is not just a sales leader; she is a beacon of inspiration and leadership within our team and the community. Her commitment to education, client satisfaction, and community engagement reflects not only her professional prowess but also her genuine and generous spirit. We are so thankful to have Krissy as an invaluable member of our team, and we are so excited to be a part of her continued success and positive influence in the future. Congratulations once again, Krissy!

Agency News and Awards December 20, 2023

Jimmy Cosenza is now a Licensed Real Estate Broker

Congratulations to James “Jimmy” Cosenza on becoming a Licensed Real Estate Broker.

Embarking on the journey to becoming a licensed real estate broker is no small feat—it demands extensive knowledge and unwavering hard work, an accomplishment achieved by a select few. For Jimmy Cosenza, an agent dedicated to becoming one of the best in the business, the path to becoming a broker was not just a professional milestone but a personal commitment to excellence.

Elevating Client Experiences

Jimmy Cosenza has long harbored a genuine interest in real estate. His passion and intricate local market knowledge uniquely position him to provide clients with a competitive edge. Whether assisting first-time homebuyers, helping sellers maximize property value, or guiding investors toward profitable opportunities, Jimmy’s dedication to excellence is unwavering.

Jimmy has previously earned certifications as a Real Estate Negotiator and obtained his Commercial and Investment Real Estate designation. Now, with the added responsibilities and capabilities of a broker’s license, he offers an even more comprehensive and strategic approach to real estate transactions. Clients can expect expert guidance, innovative solutions, and a level of service that reflects Jimmy’s continuous pursuit of excellence.

Looking to the Future

As Jimmy embraces this new chapter, his focus remains on the future. His commitment to self-improvement and genuine passion for real estate ensure that clients will continue to benefit from the highest service standards. Whether stepping into your first home, navigating the market as a seller, or seeking opportunities as an investor, Jimmy Cosenza is ready to help you navigate every aspect of the ever-changing real estate market.

Congratulations, Jimmy! Your unwavering dedication and hard work have led you to this well-deserved achievement as a licensed broker. All of us here at BHGRE Green Team wish you continued success as you embark on this new chapter of your real estate journey.

 

Agency News and Awards December 18, 2023

Tom Folino Has Reached The Cap!

Congratulations From Vikki Garby, President Of Better Homes and Gardens Real Estate Green Team, to Tom Folino for reaching the commission cap for Company Dollar Contribution in 2023!

 

 

“Whether you know Tom Folino as a former teacher, coach or presently as a realtor, you know he is a sincere person and a true professional. His past career as an educator influences Tom’s eagerness to always be learning for the benefit of his clients. Tom is an incredible team player and we are so grateful to have Tom as part of BHGRE Green Team. ”  -Vikki Garby

 

 

 

Tom’s dedication to his clients and hard work has allowed him to reach the cap on his commission with BHGRE Green Team. This is an outstanding accomplishment and means Tom will now receive a 100% commission split on any deal he closes during 2023.

 

I’m very thankful for the trust that my clients have placed in me to be their real estate agent, and I take that responsibility very seriously. My #1 priority is to help my clients achieve their goal of selling, buying, or renting. Without my clients, reaching the cap once again this year wouldn’t have been possible, So a big heartfelt Thank you to all of you who have placed that trust in me!

Reaching the cap is something all agents should be very proud of.  In this business, it’s all about getting the job done for your clients while making the process as enjoyable and stress-free as possible for them. When you “cap out,” it gives you a sense of accomplishment and is a reward for all of the hard work and commitment you have given to the process and, more importantly, to your clients.– Tom Folino

 

Better Homes and Gardens Real Estate Green Team’s commission structure is undoubtedly one of the finest in the industry, but it doesn’t end there.  Our lead generation platform, certified sales assistant program, and dynamic training systems are just a few other things worth mentioning.

Click here to learn more about Better Homes and Gardens Real Estate Green Team and why you should join our team.

Congratulations, Tom Folino!

Agency News and Awards December 12, 2023

Tammy Scotto has Reached the Commission Cap!

Congratulations From Vikki Garby, President Of Better Homes and Gardens Real Estate Green Team, to Tammy Scotto for reaching the commission cap for Company Dollar Contribution in 2023!

 

 

“If you know Tammy Scotto at all, you know she is the epitome of a people person. She loves her clients, she loves her job, and she works extremely hard to ensure her clients’ wishes and best interests are at the forefront of every transaction. Tammy is one of the best realtors I have had the privilege of working with and we are extremely fortunate to have her as part of BHGRE Green Team. ”  -Vikki Garby

 

 

Tammy’s dedication to her clients and hard work has allowed her to reach the cap on her commission with BHGRE Green Team. This is an outstanding accomplishment and means Tammy will now receive a 100% commission split on any deal she closes during 2023.

 

 

“I’m thrilled and grateful to all of my clients in 2023 for being the reason I have hit the cap in our real estate market this year. This achievement reflects the trust and satisfaction of my clients. I am excited to continue serving my community and exceeding expectations for my past, present and future buyers and sellers. I would not have been able to accomplish this without all of you. Wishing everyone a Happy Holiday Season. Looking forward to 2024!” – Tammy Scotto

 

 

Better Homes and Gardens Real Estate Green Team’s commission structure is undoubtedly one of the finest in the industry, but it doesn’t end there.  Our lead generation platform, certified sales assistant program, and dynamic training systems are just a few other things worth mentioning.

Click here to learn more about Better Homes and Gardens Real Estate Green Team and why you should join our team.

Congratulations, Tammy Scotto!

Agency News and Awards September 25, 2023

Meet Ed Finnerty

Meet Ed Finnerty, Your Partner in Real Estate from Better Homes and Gardens Real Estate Green Team

Ed Finnerty is more than your typical real estate agent – he’s a local expert with a diverse background that uniquely positions him to help you navigate the exciting journey of buying or selling a home. With a career spanning education, financial coaching, writing, and community involvement, Ed brings a wealth of experience to the table.

A Well-Rounded Career

For over a quarter-century, Ed dedicated himself to education. He spent eight years as a 3rd-grade teacher before becoming a math teacher at Monroe-Woodbury Middle School for the last 19 years. But that’s just part of his story. From 2008 to 2011, Ed also worked as a financial and life coach, assisting people in reaching their goals. Ed has experience with helping individuals with budgeting and making solid financial decisions. This knowledge is especially useful when it comes to advising his clients in the world of real estate. Additionally, his experience buying two homes with his wife, Hollee, gives him practical insights into the process.

Beyond the classroom and coaching, his passion for serving others led him to write several  self-published books like “Drops of Wisdom,” “Maximize the Next 90 Days”, “A Special Christmas Tree,” and “Marvin the Magnificent.” These books aim to inspire families to instill values of hard work and perseverance in adults and children

Local Roots

A true local, Ed has lived in various parts of Orange County, including Goshen, Chester, and his childhood home in Monroe. This local knowledge helps him understand the nuances of the local real estate market.

Family is at the heart of Ed’s life. His wife, Hollee, and their college-going kids, Katelyn and Andrew, provide unwavering support. Katelyn is studying chemistry, while Andrew focuses on business administration, both at Liberty University in Virginia. The Finnerty family is an active part of Grace Community Church in Warwick, volunteering for events like the annual Tim Tebow Night to Shine, which celebrates special needs teens and adults.

Ed’s recent experience selling his parents’ home sparked a new direction in his career. Guiding this process made him realize that real estate was his true calling. After discussions with his wife, he chose to join BHGRE Green Team due to its mentorship program, which provides crucial support to newcomers like him.

Passions Beyond Real Estate

Outside of work, Ed leads an active life. Whether playing golf, racquetball, or the trendy sport of pickleball, he enjoys staying on the move. He’s a devoted fan of both the NY Giants and NY Yankees, showing his love for sports. Ed’s reading interests range from fiction to personal growth books, highlighting his commitment to continual self-improvement.

Ed Finnerty isn’t just a real estate agent; he’s your partner in making your real estate dreams a reality. With his local knowledge, diverse experience, and passion for helping others, he’s ready to guide you through every step of your journey with Better Homes and Gardens Real Estate Green Team.

Agency News and AwardsMentorship Program August 23, 2023

Krissy and Jimmy’s Extraordinary Journey in BHGRE Green Team’s Mentorship Program

Krissy and Jimmy’s Extraordinary Mentorship Journey in the Real Estate World.

In the realm of real estate, a strong foundation is often needed for your career to bloom. Jimmy Cosenza and Krissy Many, an extraordinary duo within the BHGRE Green Team family, exemplify the transformative power of mentorship.

Turning Targets into Triumphs

Before delving into the real estate realm, Jimmy Cosenza held a respected position as the owner of a beloved gun shop in Monroe, NY. However, when the winds of change swept in with the challenges of Covid, Jimmy aimed for a new career path – one brimming with promise but unfamiliar territory. As he ventured into real estate, the stark reality of navigating this intricate landscape solo hit him.

A turning point arrived when Jimmy acknowledged, “If you’re not going to learn, you’re not going to produce.” This pivotal realization spurred him to seek the necessary support, leading him to find an ideal mentor in Krissy Many. Krissy, the Broker Manager of BHGRE Green Team’s Goshen office, brought with her an esteemed reputation, boasting over 100 five-star client reviews and a proven track record of success.

A Straight Shooter’s Path to Success

Under Krissy’s adept guidance, Jimmy’s journey as a realtor gained fervor. Krissy’s Skillful teaching techniques became evident as she accompanied Jimmy to appointments, demonstrating the art of meaningful engagement tailored to each individual client’s needs. Beyond interpersonal finesse, Krissy conveyed indispensable technical skills, demystifying complex processes such as completing listing contracts and purchase offers.

Krissy’s steadfast support accelerated Jimmy’s growth exponentially. The harmonious mentor-mentee synergy was so profound that Krissy began entrusting Jimmy with her own clients. This marked a pivotal juncture in Jimmy’s realization that he had not only stepped into the real estate arena but had also flourished. As the top sales performer at the Goshen office in the second quarter of 2023, Jimmy’s accomplishments spoke volumes – he was a real estate force to be reckoned with.

A Testament to Mentorship

Jimmy’s journey is a poignant testament to the potency of mentorship within Better Homes and Gardens Real Estate Green Team. Krissy Many’s unwavering commitment to guiding, teaching, and nurturing Jimmy’s growth has illuminated a clear path toward his success. Beyond mere accomplishments, it’s the extraordinary connection between mentor and mentee that fuels growth, allowing individuals like Jimmy not just to thrive but to achieve their career goals.

The story of Jimmy Cosenza and Krissy Many epitomizes the essence of the BHGRE Green Team community – a community where mentorship isn’t just a concept but a catalyst for transformation. It’s a place where individuals from diverse backgrounds and aspirations find solid ground, buoyed by a network that’s dedicated to seeing them flourish. As Jimmy continues to hit his targets, his journey serves as a vivid reminder that with the right mentorship, even the most unexpected career pivots can lead to extraordinary success.