American Health Care Act pulled Friday, Housing Inventory declined to new lows in Q1, Lenders are optimistic
March 27, 2017
The new American Health Care Act (AHCA) was pulled on Friday for lack of votes. The AHCA was supposed to replace the Affordable Care Act, nicknamed Obamacare, but due to lack of support from Congress, President Trump asked that the bill be pulled before it reached the House of Representatives. This news has sent U.S. Stocks lower today as investors take some profits with Stocks near all-time highs. House Speaker Paul Ryan and President Trump will now try to regroup and work on the rest of the president’s agenda of tax reform and a new budget.
Real estate listing and rental property information company Trulia, reported on Monday that housing inventory across the U.S. declined to new lows in the first quarter of 2017. Trulia went on to say that inventories are down partly because investors are buying up many foreclosure units. Also, due to the slow recovery of home values, homeowners are waiting to sell until they can gain enough equty to break even on their homes.
Fannie Mae reports that mortgage lender expectations for the economy and home prices reached survey highs in the first quarter of 2017. Lenders of all sizes are optimistic about the direction of the economy and are saying that the U.S. economy is on the right track reaching its highest level since the survey’s inception in the first quarter of 2014. Fannie Mae went on to say that purchase mortgage demand growth over the prior three months has steadily declined, while refinance activity has also declined.