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Market Update

QUOTATION OF THE WEEK…“Do. Or do not. There is no try.”–Yoda, Star Wars character created by American filmmaker George Lucas

INFO THAT HITS US WHERE WE LIVE… Last Thursday, major credit bureau Equifax revealed it was the victim of a “cybersecurity incident” that could impact up to 143 million consumers. They claim the breach involved data on a U.S. website application and not their core credit reporting databases. The company said it will send direct mail notices to everyone whose data was breached and that consumers can also check at equifaxsecurity2017.comSecurity experts advise people affected to freeze their accounts immediately at all three credit bureaus–Equifax, Experian and TransUnion–and sign up for fraud protection services such as LifeLock, EZShield and Identity Guard.

Thanks to rising home prices and tight supply in many markets, Fannie Mae’s latest Home Purchase Sentiment Index reported more respondents think now is a good time to sell than a good time to buy. But the share of those who said mortgage rates will go down went up to 45%! Low rates certainly are helping, as mortgage originations went up 37% in Q2, and the Mortgage Bankers Association reported purchase applications up 1% for the week ending September 1Finally, the head of the Small Business Administration said that her agency is set to give out $3.3 billion in Hurricane Harvey disaster loans to uninsured homeowners and businesses. Excellent.

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