Many in the mortgage industry were anxiously waiting to view the results of the first jobs report of 2016 to see if the Federal Reserve was on track with the timing of its long-awaited December rate hike or if the central bank acted too quickly. The Bureau of Labor Statistics reported better-than-expected job gains of 292,000 for December in the Employment Summary for December 2015, fueling speculation that another Fed rate hike is coming in March.
Many analysts agree that another Fed rate hike could be in store before the end of Q1. Fannie Mae Chief Economist Doug Duncan noted, quote, This will likely firm the market’s expectation that the Fed will proceed with their gradual increase in the Fed Funds target—most likely with the next step in March. Close quote. Realtor dot com Chief Economist Jonathan Smoke stated, quote, Today’s report just increased the odds for another move in March. Close quote
As part of the transition into an online marketplace that sells traditional, non-distressed properties, Auction.com announced today that the company is rebranding as Ten-X, aiming to make buying and selling real estate ten times better for all parties involved in the transaction. The rebranded company will include platforms for selling properties both through auctions and more traditional non-auction transactions.