Market Snapshot April 13, 2018
Good Friday AM,
Bonds started off in the hole this a.m. which looked like some additional selling from yesterday was happening (yesterday afternoon bonds tanked 30bps). Since the open, stocks have started paring their gains (the Dow now negative) and bonds have recovered a bit. We have still lost a bit of ground this week with the 10-yr currently at 2.82% and mortgage bonds +6ps on the day. Going into the weekend, I don’t expect much movement but who knows what Mr. Trump will say next. Right now, nothing on tariffs and nothing on dropping bombs so markets are stable.
Did you know that Zillow is expanding its Zillow Instant Offers program to Phoenix, joining its program in the Las Vegas and Orlando markets? Under the program, potential home sellers receive investor offers alongside a Premier Agent’s analysis of the home’s open market value within two business days of submitting basic information about their home. Zillow began testing Instant Offers in May 2017 with Premier Agent partners in Las Vegas and Orlando, and will add Phoenix this month. Zillow also announced beginning this spring, home sellers in the Phoenix and Las Vegas real estate markets will be able to compare an agent’s comparative market analysis to offers from Zillow or other investors. When Zillow buys a home, it will make necessary repairs and updates and list the home as quickly as possible. A local agent will represent Zillow in the purchase and sale of each home, enabling agents to earn commissions. Anyone scratching their head on why we are spending so much for “impressions” to the competition? Feels like we have funded their ability to take control…
Enjoy the weekend and first make today great!