Mortgage Market Weekly – Update Apr 13, 2015

In This Issue…

Last Week in Review: Home prices continue to rise at normal levels, while home loan rates continue to hover near record lows.

Forecast for the Week: The busy economic calendar and full slate of earnings reports could lead to volatility in the markets.

View: Are your cell phone costs out of hand? Check out these three simple steps for shopping your plan. [Read more…]

Mortgage Market Weekly – Update Mar 9, 2015

In This Issue…

Last Week in Review: February’s Jobs Report was better than expected, while home price gains are at sustainable levels.

Forecast for the Week: Look for news on wholesale inflation, consumer sentiment and retail sales.

View: Spring clean your office space with these easy tips. [Read more…]

Mortgage Market Weekly – Update Jan 12, 2015

This Issue…

Last Week in Review: The labor sector continues to improve, while home price gains are stabilizing at more normal levels.Forecast for the Week: Look for key reports on inflation, manufacturing and retail sales.

View: Navigate tax time with ease thanks to the overview below.

Last Week in Review

Take this job and love it. That’s exactly what more people are doing these days, as job growth in 2014 was the strongest in fifteen years and our economy continues to improve.corelogic-home-price-index-2015-01-12 The December Jobs Report showed that 252,000 jobs were created, a touch above expectations. In addition, upward revisions to October and November added another 50,000-plus jobs to what was originally reported for those months. Employers added 2.95 million new jobs in 2014, with an average of 246,000 per month, above the 194,000 per month average in 2013.

Another positive in the report is that the Unemployment Rate came in at 5.6 percent. The head scratcher was a -0.2 percent hourly earnings figure. Hourly earnings are not growing and that is keeping inflation persistently low. One positive about low inflation is that it should benefit Bonds for the foreseeable future, as high or growing inflation can cause fixed assets like Bonds to worsen. Since home loan rates are tied to Mortgage Bonds, low inflation should also help keep home loan rates low for now.

In housing news, CoreLogic reported that its Home Price Index, including distressed sales, rose by 5.5 percent annually in November. After a near 12 percent annual increase back in January 2014, prices have been decelerating, but have stabilized to a more normal 5 to 6 percent growth rate for the last four months.

The bottom line is that home loan rates remain near historic lows, and now is a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.

[Read more…]

Mortgage Market Weekly – Update Dec 10, 2014

In This Issue…

Last Week in Review: Job growth in November came in far above expectations. How did the markets and home loan rates react?

Forecast for the Week: The second half of the week heats up with news on wholesale inflation, jobless claims, consumer spending and consumer sentiment.

View: Find out why HARD Goals can be the secret to getting from where you are to where you want to be.

Last Week in Review

“Start me up.” The Rolling Stones. The labor sector has kicked into high gear, with job growth in November far exceeding expectations. [Read more…]

Mortgage Market Weekly – Update Nov 10, 2014

In This Issue…

Last Week in Review: The October Jobs Report was mixed, while housing price gains continue to move lower after the highs seen in 2013.

Forecast for the Week: With a quiet economic report calendar ahead, the Stock and Bond markets may play off of each other for direction.

View: Want to make LinkedIn a more effective resource for your business? Check out the tips below.

Last Week in Review

“Every day you may make progress.” Winston Churchill. The labor market has made great strides this year, as the economy has averaged 229,000 new jobs per month in 2014, the fastest pace since 1999. However, key details in the latest report show more progress is needed.

corelogic-home-price-index-nov10The October Jobs Report showed that 214,000 jobs were created, below the 235,000 expected. Of importance to note: a big percentage of the gains were concentrated in retailers, restaurants and bar,  all of which typically increase ahead of the holidays.

On the surface, there was good news as the Unemployment Rate fell to 5.8 percent from 5.9 percent, reaching its lowest rate since July 2008. However, wage growth remains tepid, as hourly earnings rose by only 3 cents, with the year-over-year increase at just 2 percent. And the Labor Force Participation Rate (LFPR) came in at 62.8 percent, still near the lows last seen in 1978. The LFPR measures the proportion of working-age Americans who have a job or are looking for one, and it should be moving higher in a recovery.

In housing news, research firm CoreLogic reported that home prices, including distressed sales, rose at an annual pace of 5.6 percent in September. This was the slowest annual rate since August 2012, and well below the 11.8 percent gain recorded this past February. Housing price gains are definitely trending lower after their meteoric highs last year.

The bottom line is that home loan rates remain near some of their best levels of the year, and now is a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.

Forecast for the Week

The economic calendar is quiet this week, but the second half of the week features several key reports.

  • Economic news doesn’t begin until Thursday with Weekly Initial Jobless Claims, which have been below 300,000 for eight straight weeks.
  • On Friday, Retail Sales will be released along with the Consumer Sentiment Index.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.

When you see these Bond prices moving higher, it means home loan rates are improving—and when they are moving lower, home loan rates are getting worse.

To go one step further, a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Mortgage Bonds improved after the October Jobs Report was released. Home loan rates remain near historic lows and I will continue to monitor their movement.

Chart: Fannie Mae 3.5% Mortgage Bond (Friday Nov 07, 2014)

nov10-bonds-chart

The Mortgage Market Guide View…

Why Are You Using LinkedIn?

By David Ackert, AckertAdvisory.com

Being on LinkedIn is all well and good, but unless you know why, you can easily get stuck in an unproductive web of meaningless connections.

For your consideration, here are four LinkedIn goals, along with recommendations on how to achieve them:

  1. Target: LinkedIn is a great way to target potential prospects and allies. Given that targeting relies on introductions from your existing connections, make sure you only accept invitations from people who know you well enough to broker an introduction for you. Targeting someone who’s not in your network? Consider upgrading to a Business Premium or Sales Navigator account.
  2. Attract: If you have a unique practice or specialty that is likely to be sought out, you don’t have to limit your connections in the way a “targeter” would. Accept invitations from anyone who could have access to relevant business opportunities. Join groups that align with your areas of interest and expertise. Statistically, participation in groups is at least three times more likely to drive relevant traffic to your profile.
  3. Broadcast: Trying to make a name for yourself? Connect with anyone whose opinion matters to you. Post content such as articles, blogs and announcements to your feed on a regular basis so that the people in your network become more aware of you. When you post to a discussion group, ask a provocative question that will engage your audience.
  4. Service: If your goal is to use your LinkedIn connections to add value to your clients, make sure you are connected to your clients. Ask them regularly about their problems so you can marry content and connections to their needs. This is a good way to let them know that you are focused on their problems.

Chances are you want to get something out of LinkedIn (besides spam), so decide on your intended outcome and start linking accordingly.

Source: The Ackert Advisory

econ-calendar-2014-1110

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.

As your mortgage professional, I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

Don Parsons
Commerce Mortgage – NMLS 2105
450 Newport Center Drive Suite 350
Newport Beach, CA 92660
2130 Main Street Suite 260
Huntington Beach, CA 92648

Mortgage Market Weekly – Update Sep 08, 2014

In This Issue…

Last Week in Review: The Jobs Report for August came in worse than expected, but Mortgage Bonds and home loan rates hovered near some of their best levels of the year.

Forecast for the Week: Look for news on jobless claims, retail sales and consumer sentiment—all in the second half of the week.

View: Check out these great video conferencing options when face-to-face meetings aren’t possible.

Last Week in Review

Get used to disappointment.” While the Jobs Report for August was a disappointment, hopefully that quote from the classic movie The Princess Bride won’t apply to additional reports later this year. Here are the highlights.

Corelogic-Home-Price-Index_2014-09-05The Labor Department reported that 142,000 jobs were created in August, far below the 223,000 expected and the recent trend of 215,000 plus job creations per month in 2014. Adding insult to the report was a downward revision to June, showing that 28,000 less jobs were created than previously reported.

The Unemployment Rate fell to 6.1 percent from 6.2 percent, but that’s not much of a silver lining considering that the Labor Force Participation Rate (LFPR) also fell to 62.8 percent, matching 36-year lows. The LFPR measures the proportion of working-age Americans who have a job or are looking for one, and it should be moving higher in a recovery. This was not a good report, but historically August non-farm payrolls have been prone to sharp revisions higher as many households and businesses fail to respond to the government surveys. It will be important to monitor this report in the coming months, to see if this report was a one-off, or the start of a disappointing trend in the labor sector.

In housing news, research firm CoreLogic reported that home prices, including distressed sales, rose by 7.41 percent on an annual basis in July, marking the twenty-ninth consecutive month of year-over-year home price gains. However, prices are still nearly 12 percent below the peak set in April 2006.

And in news overseas, the debt crisis in Europe and continued uncertainty in other regions like the Middle East and Ukraine have helped Mortgage Bonds benefit from a safe haven trade. As a result, home loan rates, which are tied to Mortgage Bonds, remain near some of their best levels of the year.

The bottom line is that now is a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.

Forecast for the Week

Economic reports are few and far between this week, all occurring in the second half of the week.

First up this week is Thursday’s Weekly Initial Jobless Claims, which continue to hover near the 300,000 mark.

Friday brings Retail Sales for August, along with the September Consumer Sentiment Index.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.

When you see these Bond prices moving higher, it means home loan rates are improving—and when they are moving lower, home loan rates are getting worse.

To go one step further—a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Mortgage Bonds reached some of their best levels of the year, meaning home loan rates are hovering near twelve-month lows. I’ll continue to monitor them closely.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday Sep 05, 2014)

Mortgage-Bonds_2014-09-05

The Mortgage Market Guide View…

Connecting with Video

Face-to-face conversations are a key component to building and maintaining client and colleague relationships. Sometimes, though, coordinating schedules can get hectic.

If schedules hamper that personal connection – whether it’s across town or across the country – consider using free or low-cost video conferencing. Several easy-to-use choices are available online.

Here are three popular services to get you started. All of them provide live video feeds, public and private chat functions, screen sharing, call-in access, and mobile applications. Pricing varies by number of meeting attendees, but all three provide a free option.

GoToMeeting. Calls for up to 100 people. Basic package provides free meetings for up to 3 attendees. www.gotomeeting.com

Skype. Calls for up to 25 people. Free Skype-to-Skype calls. www.skype.com

WebEx. Calls for up to 100 people. Basic package provides free meetings for up to 3 attendees. www.webex.com

Video conferencing provides a cost-effective, efficient solution for connecting. Plus, the video feed and screen capture provide that “just-like-being-there” feeling, making video conferencing an especially great option for meeting out of town clients who are relocating and appreciate a more personal connection.

As always, please feel free to pass these tips along to your team, colleagues and clients.

econ-calendar-2014-09-08

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.

As your mortgage professional, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

Don Parsons
Commerce Mortgage – NMLS 2105
450 Newport Center Drive Suite 350
Newport Beach, CA 92660
2130 Main Street Suite 260
Huntington Beach, CA 92648

Mortgage Market Weekly Update – February 7, 2014

job-creations_2014-02-07When it comes to recent Jobs Reports, what has been tough is being good every month, as both January’s and December’s numbers were disappointments. January’s Jobs Report can best be described as lackluster, as employers added just 113,000 new workers. This was well below expectations of 175,000 new jobs. In addition, the number of job creations for December was raised just a paltry 1,000, bringing December’s total to 75,000. November was revised higher to 274,000.

The Unemployment Rate did fall to 6.6 percent, from 6.7 percent. However, this is not necessarily a good metric of labor market health, as the more important Labor Force Participation Rate (LFPR) remains at 63 percent, a 35-year low. The LFPR measures the proportion of working-age Americans who have a job or are looking for one, and it should be moving higher in a recovery.

Also of note, productivity in the fourth quarter of 2013 rose by 3.2 percent, with both the third and fourth quarters the highest since the second half of 2009. Employers are squeezing more out of current workers and may not be on the hunt for new employees given the economic landscape, which is another negative for the labor market. In housing news, research firm CoreLogic reported that home prices, including distressed sales, rose by 11 percent in December 2013 compared to December 2012. December marked the 22nd consecutive year-over-year gain in home prices nationally. However, from November to December, prices fell by 0.1 percent.

What does this mean for home loan rates? Mortgage Bonds and home loan rates have seen some improvement of late, due to some weak economic reports, while Stocks have suffered as a result. But a big question remains as we move ahead in 2014: If economic reports continue to be weak, will the Fed continue to taper its Bond purchases? Remember that the Fed is now purchasing $35 billion in Treasuries and $30 billion in Mortgage Bonds (the type of Bonds on which home loan rates are based) to help stimulate the economy and housing market. This figure is down from the $85 billion in Bonds and Treasuries the Fed had been purchasing last year. The timing of further tapering is sure to impact Stocks, Bonds and home loan rates throughout the year, and it is a key story to monitor.

The bottom line is that now remains a great time to consider a home purchase or refinance, as home loan rates remain attractive compared to historical levels. Let me know if I can answer any questions at all for you or your clients.

Forecast for the Week

The economic report calendar is light this week, with reports not beginning until Thursday.

  • Weekly Initial Jobless Claims will be released as usual on Thursday. Claims have been stuck in a tight range the past four weeks.
  • Also on Thursday, look for January’s Retail Sales data.
  • The last report this week will be the preliminary reading on February Consumer Sentiment.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond on which home loan rates are based.

When you see these Bond prices moving higher, it means home loan rates are improving  and when they are moving lower, home loan rates are getting worse.

To go one step further, a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, Mortgage Bonds and home loan rates improved after the weak Jobs Report for January was released. I’ll be watching the news closely this week to see if these improvements continue.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday Feb 07, 2014)

jan2014--bonds-chart

The Mortgage Market Guide View…

Mileage Rates for 2014 If you drive a car, truck or van for work, you’ll want to make sure you know standard mileage rates the Internal Revenue Service (IRS) has set for 2014.

These mileage rates are used to calculate deductible costs for driving an automobile for business, charitable, medical and moving purposes. So when it comes to filing your taxes this year, you’ll need these numbers!

New for 2014

As of January 1, 2014, the standard mileage rates are as follows:

  • Businesses = 56 cents per mile driven
  • Medical or moving = 23.5 cents per mile driven
  • Charitable organizations = 14 cents per mile driven

You’ll notice that the rates for business, medical and moving expenses decreased one-half cent from the 2013 rates.

Make Sure You Qualify

Before you calculate your deduction, make sure you qualify. The IRS reminds taxpayers that they cannot use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

Additional Option

Although the IRS provides the standard mileage rate for ease and convenience, you’re not required to use it. If you prefer, you can calculate the actual costs of using your vehicle instead of using the standard mileage rates.

Remember, if you have questions or concerns, talk to a tax consultant or accountant to discuss your options and unique situation. Please feel free to pass these tips along to your team, clients, and colleagues.

Economic Calendar for the Week of February 10 – February 14

econ-calendar-20140210

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.

As your mortgage professional, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

In the unlikely event that you no longer wish to receive these valuable market updates, please email: don@donparsons.com

If you prefer to send your removal request by mail the address is:

Don Parsons
Commerce Mortgage
NMLS 2105
450 Newport Center Drive Suite 350
Newport Beach, CA 92660
2130 Main Street Suite 260
Huntington Beach, CA 92648

Vantage Production, LLC is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. Vantage Production, LLC does not grant to you a license to any content, features or materials in this email. You may not distribute, download, or save a copy of any of the content or screens except as otherwise provided in our Terms and Conditions of Membership, for any purpose.

Mortgage Market Weekly Update – Dec 16, 2013

In This Issue

Last Week in Review: There was important labor and housing market news, and fear regarding the Fed tapering its Bond purchases led to volatility in the markets.

Forecast for the Week: This week’s calendar is packed with key reports on U.S. growth, manufacturing, inflation, housing and jobs data. Plus the Fed meets.

View: Never quite know what to say in your sales emails? Check out the great guide below.

Last Week in Review

“A step in the right direction.” Barbra Streisand obviously wasn’t singing about the housing market in her 1980’s song. But those lyrics were fitting with last week’s housing news. Read on for details.

Initial-Jobless-Claims_2013-nov9-dec7There was good news on the foreclosure front as research firm CoreLogic reported that completed foreclosures in October declined by 30 percent from those completed in October 2012. In addition, the foreclosure inventory declined by 28 percent this year while the rate of serious delinquency is at its lowest level since November 2008. RealtyTrac also reported that foreclosure inventory fell by 15 percent from October to November. This is good news for the housing industry, but with almost 900,000 properties across the nation still in foreclosure a level four times the normal the housing recovery still has more to go.

In other news, Weekly Initial Jobless Claims surged in the latest week by 68,000 to 368,000, which is the highest level since early October. The previous week, Weekly Initial Jobless Claims dropped to 300,000, but that was most likely influenced by the Thanksgiving holiday, as filers could have waited until after the holiday to process their claims. Also of note, Retail Sales for November came in above expectations.

What does this mean for home loan rates? The labor and housing markets are key areas the Fed has been watching as it determines when to taper its Bond purchases. Remember that the Fed has been purchasing $85 billion in Bonds and Treasuries each month to stimulate the economy and housing market. One of the key topics the Fed will be deciding at its December 17-18 meeting is whether to taper its purchases before or after the new year. Fear regarding this decision has led to volatility in the markets in recent weeks, and this topic is sure to impact the markets and home loan rates in the coming weeks and months.

The bottom line is that home loan rates remain attractive compared to historical levels and now remains a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or your clients.

Forecast for the Week

This week’s packed economic calendar is filled with key reports each day.

Monday brings news on Productivity for the third quarter and the Empire State Manufacturing Index. The Philadelphia Fed Manufacturing Index will be reported on Thursday.
Look for inflation news on Tuesday with the Consumer Price Index.

Also on Tuesday, the National Association of Home Builders Housing Market Index will be released. More housing news follows on Wednesday with Housing Starts and Building Permits. Existing Home Sales will be delivered Thursday.

As usual, Thursday brings Weekly Initial Jobless Claims and comes after last week’s big spike.
On Friday, the final reading on Gross Domestic Product for the third quarter will be announced.

In addition, the two-day Federal Open Market Committee (FOMC) meeting begins on Tuesday and ends on Wednesday with the Fed’s monetary policy statement being delivered at 2:00 p.m. ET. All eyes will be watching to see if the Fed decides to begin tapering its Bond purchases.

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result. The chart below shows Mortgage Backed Securities (MBS), which are the type of Bond that home loan rates are based on.

When you see these Bond prices moving higher, it means home loan rates are improving  and when they are moving lower, home loan rates are getting worse.

To go one step further a red “candle” means that MBS worsened during the day, while a green “candle” means MBS improved during the day. Depending on how dramatic the changes were on any given day, this can cause rate changes throughout the day, as well as on the rate sheets we start with each morning.

As you can see in the chart below, volatility has been rampant, as some positive economic reports have caused concern that the Fed will taper its Bond purchases sooner rather than later. I will be watching the news closely this week to see what happens after the Fed meeting.

Fannie Mae 4.0% Mortgage Bond (Friday Dec 13, 2013):

FannieMaeMortgageBond2013_12-16

The Mortgage Market Guide View…

Getting It In Writing
5 Steps to the Perfect Sales Email

Not all email is created equal, and that’s the reason you wouldn’t send the same email to a new prospect as you would your old Uncle Ned. If you’ve got something to sell–an idea, a meeting, a product, or even yourself–and you want to do it by email, keep these five step-by-step instructions handy:

STEP 1: Research Roundup. The first step in writing the perfect sales email is to not write anything until you’re prepared. It only takes a few minutes to Google the background of your recipient and gather other facts or trigger events to provide context and legitimate reasons for making contact.

STEP 2: Subject Scrutiny. You won’t close a deal on your first email, so focus exclusively on getting a response. The subject line has one purpose and one purpose only: to get the recipient to read your email.

Be as direct as possible:

  • Question about [personalized topic]
  • Idea for [something important to them]
  • Fred Jones said I should get in touch
  • Janet, quick question for you

STEP 3: For Openers. Don’t start by introducing yourself, start with something you noticed about them (a blog post or news item), something you have in common (mutual membership), or someone you both know–your reason for writing:

  • Janet, I noticed you…
  • Bob, Fred Jones mentioned that…
  • Mike, Congratulations on…

STEP 4: Connect the Dots. The main body of your email is where you should show your value. Remember, it’s all about response–so start a dialog by asking an insightful question. This highlights your value better than a long list of qualifications or product benefits.

STEP 5: Focused Farewell. In addition to “Sincerely” your salutation should be short, be in plain text with your contact info (no obtrusive logos), and include a link to one online profile of choice.

Feel free to pass these tips along to your team, clients, and colleagues.

Economic Calendar for the Week of December 16 – December 20

econ-calendar-20131216

The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is without errors.

As your mortgage professional, I am sending you the MMG WEEKLY because I am committed to keeping you updated on the economic events that impact interest rates and how they may affect you.

 

Home prices up 10.2% annually in February per CoreLogic

CoreLogic reported that home prices rose by 10.2% annually in the month ended in February. It was the largest annual gain since March of 2006 and was the 12th consecutive monthly increase in home prices nationally.

Appreciation-Feb-2012-Feb-2

Home Prices on the Rise

More positive news from the housing sector, CoreLogic reported yesterday that home prices rose 0.7% from December to January and surged nearly 10% compared to a year ago. The 10% increase was the largest yearly since April of 2006 and was the 11th monthly increase in a row.

fea_chart_030713