(BPT) - Sponsored by Chase Home Lending
Key takeaways:
kF= EJA6lQ5:D4Qmk=:mu:CDE\E:>6 9@>63FJ6CD 42? 766= :?E:>:52E65 3J E96 9@>63FJ:?8 AC@46DD] w@H6G6C[ E96C6 2C6 C6D@FC46D E92E 42? 96=A E96> AC6A2C6 E@ 6?E6C E96 9@FD:?8 >2C<6E]k^=:mk=:mr92D6 w@>6 {6?5:?8 92D 4C62E65 2 8F:56 @7 6DD6?E:2= E@A:4D 2?5 E:AD E92E 42? 96=A 7:CDE\E:>6 3FJ6CD DE2CE E96:C ;@FC?6J E@ 9@>6@H?6CD9:A H:E9 4@?7:56?46]k^=:mk^F=m
kAmx7 J@FVG6 ?6G6C 3@F89E 2 9@>6 367@C6[ E96 :562 @7 DE2CE:?8 E96 AC@46DD 42? 36 7C:89E6?:?8] %96 8@@5 ?6HDn *@F 5@?VE 92G6 E@ 5@ :E 2=@?6]k^Am
kAm%@ 96=A J@F DE2CE J@FC ;@FC?6J[ k2 9C67lQ9EEADi^^HHH]492D6]4@>^A6CD@?2=^>@CE8286n$@FC46r@56lrp!#_`Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmkDEC@?8mr92D6 w@>6 {6?5:?8k^DEC@?8mk^2m @776CD E9:D 6DD6?E:2= AC:>6C @? E96 <6J 2DA64ED @7 9@>6@H?6CD9:A E92E 7:CDE\E:>6 3FJ6CD D9@F=5 <?@H 367@C6 6?E6C:?8 E96 >2C<6E]k^Am
kAmkDEC@?8m{6E 2 9@>6 =6?5:?8 AC@76DD:@?2= 36 J@FC 8F:56k^DEC@?8mk^Am
kAmq67@C6 J@F 368:? D62C49:?8 7@C J@FC 9@>6[ 4@?DF=E 2 9@>6 =6?5:?8 AC@76DD:@?2=] %96J 42? 96=A J@F 86E AC62AAC@G65[ ?2G:82E6 E96 9@>63FJ:?8 >2C<6E 2?5 C6G:6H =@2? @AE:@?D]k^Am
kAmkDEC@?8m(92E 2C6 2== E96 4@DED @7 9@>6@H?6CD9:Ak^DEC@?8mk^Am
kAmx7 J@FVC6 >2<:?8 E96 >@G6 7C@> C6?E:?8 E@ @H?:?8[ J@F >2J 36 7@4FD65 @? E96 @AA@CEF?:EJ E@ 3F:=5 9@>6 6BF:EJ 3FE A6C92AD @G6C=@@< E96 25565 4@DED =:<6 AC@A6CEJ E2I6D 2?5 9@>6 >2:?E6?2?46] %2<:?8 E96 E:>6 E@ F?56CDE2?5 E96 7F== D4@A6 @7 9@>6@H?6CD9:A 42? 96=A J@F 564:56 :7 E96 E:>6 :D C:89E E@ 3FJ]k^Am
kAmkDEC@?8mtIA=@C6 65F42E:@?2= C6D@FC46Dk^DEC@?8mk^Am
kAmx7 J@FVC6 2 7:CDE\E:>6 3FJ6C[ E96 9@>63FJ:?8 AC@46DD 42? D66> @G6CH96=>:?8] w@H6G6C[ E96C6 2C6 >2?J C6D@FC46D 2G2:=23=6 E@ 96=A 3@@DE J@FC 9@>63FJ:?8 <?@H=6586[ DF49 2D 9@H\E@ 8F:56D[ H63:?2CD 2?5 A@542DED]k^Am
kAmkDEC@?8m!C@ E:Aik^DEC@?8m |2<6 DFC6 E@ 4964< E96 k2 9C67lQ9EEADi^^HHH]492D6]4@>^A6CD@?2=^>@CE8286^65F42E:@?n$@FC46r@56lrp!#_`Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmr92D6 w@>63FJ6C t5F42E:@? r6?E6Ck^2m[ H96C6 J@FV== 7:?5 2?DH6CD E@ >@CE8286 BF6DE:@?D[ FD67F= E:AD 7@C 3FJ:?8 2?5 >2:?E2:?:?8 2 9@>6 2?5 2? k2 9C67lQ9EEADi^^HHH]492D6]4@>^A6CD@?2=^>@CE8286^42=4F=2E@CD\C6D@FC46D^277@C523:=:EJ\42=4F=2E@Cn$@FC46r@56lrp!#_`Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmp77@C523:=:EJ r2=4F=2E@Ck^2m E92E 42? 96=A J@F 56E6C>:?6 9@H >F49 9@>6 J@F 42? 277@C5]k^Am
kAmkDEC@?8m{62C? 23@FE E96 724E@CD E92E 56E6C>:?6 E96 >@CE8286 2AAC@G2= AC@46DDk^DEC@?8mk^Am
kAmsFC:?8 E96 >@CE8286 2AAC@G2= AC@46DD[ =6?56CD 42C67F==J C6G:6H D6G6C2= 724E@CD E92E 56E6C>:?6 :7 E96JV== 2AAC@G6 J@FC >@CE8286 2?5 2E H92E C2E6] %H@ :>A@CE2?E 724E@CD E92E :?7=F6?46 E96:C 564:D:@? 2C6 J@FC 4C65:E D4@C6 2?5 563E\E@\:?4@>6 C2E:@]k^Am
kAm*@FC 563E\E@\:?4@>6 C2E:@ — 9@H >F49 @7 J@FC 8C@DD >@?E9=J :?4@>6 8@6D E@H2C5 >@?E9=J 563E A2J>6?ED =:<6 C6?E[ DEF56?E 2?5 2FE@ =@2?D 2?5 4C65:E 42C5 A2J>6?ED — 96=AD 4C65:E@CD 2DD6DD J@FC 7:?2?4:2= 962=E9 2?5 4C65:EH@CE9:?6DD] {6?56CD EJA:42==J H2?E E@ D66 E92E J@FC s%x :D =@H[ 2D :E E6==D E96> J@FV== 36 23=6 E@ >2?286 J@FC >@?E9=J A2J>6?ED H:E9 >:?:>2= :DDF6D]k^Am
kAm*@FC 4C65:E D4@C6 96=AD 56E6C>:?6 E96 :?E6C6DE C2E6 2?5 @E96C 4@DED J@F A2J @? 2 >@CE8286 =@2?] x7 J@FC 4C65:E D4@C6 :D 9:89[ :E E6==D =6?56CD E92E J@F 92G6 A2:5 J@FC 3:==D @? E:>6 2?5 E92E J@F 2C6 C6DA@?D:3=6 H:E9 J@FC >@?6J[ >2<:?8 J@F 2 >@C6 2EEC24E:G6 42?5:52E6 7@C 2 9@>6 =@2?]k^Am
k5:G DEJ=6lQ>2I\H:5E9i e__AIj H:5E9i e__AIjQmk5:G 4=2DDlQ{:DE:4=6r2AE:@?Q DEJ=6lQ7@?E\D:K6i ``AIjQmk3C ^mk5:G DEJ=6lQ>2I\H:5E9i e__AIj H:5E9i e__AIjQmk:>8 DC4lQ9EEADi^^HHH]3C2?5A@:?E4@?E6?E]4@>^:>286D^gf`f65ca\_egd\c_f`\h62_\5c3_2g_3e5_a];A8Q 2=ElQ?F==Q H:5E9lQe__Q 3@C56ClQ_Q ^mk^5:Gmk5:G 4=2DDlQ{:DE:4=6r2AE:@?Q DEJ=6lQ7@?E\D:K6i ``AIjQmk^5:Gmk^5:Gmk^5:Gm
kAmkDEC@?8mk^Am
kAm&?56CDE2?5 J@FC @AE:@?D 36J@?5 4@?G6?E:@?2= =@2?Dk^DEC@?8mk^Am
kAmx?E6C6DE C2E6D 2?5 766D 42? G2CJ H:56=J 24C@DD =6?56CD] %2<:?8 E96 E:>6 E@ 4@>A2C6 @AE:@?D 7C@> 32?<D[ 4C65:E F?:@?D 2?5 @?=:?6 =@2? AC@G:56CD 42? 96=A D64FC6 2 36EE6C C2E6]k^Am
kAms@?VE 7@C86E E92E =@2?D 4@>6 :? 2== 5:776C6?E D92A6D 2?5 D:K6D] r@?G6?E:@?2= =@2?D 2C6?VE J@FC @?=J @AE:@?] %96C6 2C6 AC@8C2>D =:<6 uwpY 2?5 'pYY =@2?D[ A=FD @E96C @AE:@?D =:<6 7:I65\C2E6 >@CE8286D[ 25;FDE23=6\C2E6 >@CE8286DYYY Wp#|DX 2?5 =@H\5@H?\A2J>6?E =@2?D E92E 42? AC@G:56 8C62E6C 7=6I:3:=:EJ 2?5 96=A H:E9 277@C523:=:EJ]k^Am
k5:Gmk:>8 DEJ=6lQH:5E9i `__TjQ DC4lQ9EEADi^^5bfaBI6B9gJfa:]4=@F57C@?E]?6E^BF@E6D\EC2?DA2C6?E]A?8Q ^mk^5:Gm
k5:G DEJ=6lQ324<8C@F?5i 82:?D3@C@j A255:?8i d_AIj >2C8:?i b_AI _AI b_AI _AIj E6IE\2=:8?i 46?E6CjQmk9amk6>mr@?EC2CJ E@ A@AF=2C 36=:67[ J@F 5@?VE ?665 2 a_T 5@H? A2J>6?E E@ AFC492D6 2 9@>6]k^6>mk^9amk^5:Gm
k5:Gmk:>8 DEJ=6lQH:5E9i `__Tj \H63<:E\EC2?D7@C>i C@E2E6W`g_568Xj EC2?D7@C>i C@E2E6W`g_568XjQ DC4lQ9EEADi^^5bfaBI6B9gJfa:]4=@F57C@?E]?6E^BF@E6D\EC2?DA2C6?E]A?8Q ^mk^5:Gm
kAmkDEC@?8mrC62E6 2?5 DE:4< E@ 2 >@?E9=J 3F586Ek^DEC@?8mk^Am
kAms6E6C>:?:?8 2?5 DE:4<:?8 E@ 2 >@?E9=J 3F586E :D 4CF4:2= E@ DF446DD7F= 9@>6@H?6CD9:A] q6J@?5 E96 >@CE8286 A2J>6?E[ J@FV== 92G6 E@ 3F586E 7@C C6A2:C 2?5 >2:?E6?2?46 4@DED[ AC@A6CEJ E2I6D[ :?DFC2?46 AC6>:F>D 2?5 >@C6]k^Am
kAmr@?D:56C QAC24E:4:?8Q J@FC >@?E9=J A2J>6?E E@ AC6A2C6 J@FCD6=7 7@C H92E :E H:== 36 =:<6 E@ 92G6 2 >@CE8286] s@:?8 D@ 42? 96=A J@F 86E 2 36EE6C D6?D6 @7 J@FC 3F586E D@ J@F 42? 36 7:?2?4:2==J 2?5 >6?E2==J AC6A2C65 7@C E96 :?G6DE>6?E]k^Am
kAmkDEC@?8m!C@ E:Aik^DEC@?8m q6 DFC6 E@ C6D62C49 AC@A6CEJ E2I6D 2?5 :?DFC2?46 AC6>:F>D :? E96 2C62 H96C6 J@F A=2? E@ 3FJ] %96D6 4@DED 42? D:8?:7:42?E=J :>A24E J@FC @G6C2== 3F586E 2?5 =:>:E @C 6IA2?5 J@FC ?6:893@C9@@5 @AE:@?D]k^Am
kAmkDEC@?8ms@?VE 36 5:D4@FC2865 3J 2 5@H? A2J>6?Ek^DEC@?8mk^Am
kAmr@?EC2CJ E@ A@AF=2C 36=:67[ J@F 5@?VE ?665 2 a_T 5@H? A2J>6?E E@ AFC492D6 2 9@>6] x? 724E[ 244@C5:?8 E@ E96 k2 9C67lQ9EEADi^^HHH]?2C]C62=E@C^?6HD^C62=\6DE2E6\?6HD^?2C\a_ad\AC@7:=6\@7\9@>6\3FJ6CD\D6==6CD\C6G62=D\>2C<6E\6IEC6>6DQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm}2E:@?2= pDD@4:2E:@? @7 #62=E@CDV a_ad !C@7:=6 @7 w@>6 qFJ6CDk^2m[ E96 >65:2? 5@H? A2J>6?E 2>@?8 7:CDE\E:>6 3FJ6CD H2D `_T] p=D@[ <66A :? >:?5 E92E D@>6 9@>6 =@2?D >2J C6BF:C6 @?=J 2 D>2==6C 5@H? A2J>6?E @7 b\dT]k^Am
kAmq67@C6 J@F DE2CE J@FC 9@>63FJ:?8 ;@FC?6J[ 4@>>:E E@ =62C?:?8 23@FE E96 A2E9 E@ 9@>6@H?6CD9:A 2?5 >2<6 2 A=2? E@ 3FJ J@FC 5C62> 9@>6] %@ =62C? >@C6 23@FE 9@>6@H?6CD9:A[ >@CE8286 C2E6D[ 3F586E:?8 2?5 >@C6[ G:D:E k2 9C67lQ9EEADi^^HHH]492D6]4@>^A6CD@?2=^>@CE8286^277@C523=6=6?5:?8n$@FC46r@56lrp!#_`Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmr92D6]4@>^p77@C5k^2m]k^Am
kAmk6>m{tvp{ sx$r{px|t#$k^6>mk^Am
kAmk6>mY uwp =@2?D C6BF:C6 2? FA\7C@?E >@CE8286 :?DFC2?46 AC6>:F> W&u|x!X[ H9:49 >2J 36 7:?2?465[ @C A2:5 2E 4=@D:?8[ 2?5 2? uwp 2??F2= >@CE8286 :?DFC2?46 AC6>:F> W|x!X A2:5 >@?E9=J H:== 2=D@ 2AA=J]k^6>mk^Am
kAmk6>mYY '6E6C2?D[ $6CG:46>6>36CD[ 2?5 >6>36CD @7 E96 }2E:@?2= vF2C5 @C #6D6CG6 >2J 36 6=:8:3=6 7@C 2 =@2? 8F2C2?E665 3J E96 &]$] s6A2CE>6?E @7 '6E6C2?D p772:CD W'pX] p r6CE:7:42E6 @7 t=:8:3:=:EJ Wr~tX 7C@> E96 'p :D C6BF:C65 E@ 5@4F>6?E 6=:8:3:=:EJ] #6DEC:4E:@?D 2?5 =:>:E2E:@?D 2AA=J]k^6>mk^Am
kAmk6>m*@F >2J 36 C6BF:C65 E@ A2J 2 7F?5:?8 766 F?=6DD E96 'p 56E6C>:?6D J@F 2C6 6I6>AE] tI6>AE DE2EFD :D 56E6C>:?65 3J E96 'p 2?5 4@?7:C>65 E9C@F89 2 r~t] %9:D @?6\E:>6 766 >2J 36 7:?2?465 :?E@ J@FC =@2? :? >@DE 42D6D 2?5 :D A2:5 5:C64E=J E@ E96 'p]k^6>mk^Am
kAmk6>mYYY tDE:>2E65 A2J>6?ED 5@ ?@E :?4=F56 2>@F?ED 7@C E2I6D[ 9@>6@H?6CD :?DFC2?46[ @C >@CE8286 :?DFC2?46 W:7 2AA=:423=6X] p4EF2= A2J>6?ED H:== 36 9:896C]k^6>mk^Am
kAmk6>mu@C :?7@C>2E:@?2=^65F42E:@?2= AFCA@D6D @?=Ji ':6HD 2?5 DEC2E68:6D 56D4C:365 :? E9:D 2CE:4=6 @C AC@G:565 G:2 =:?<D >2J ?@E 36 2AAC@AC:2E6 7@C 6G6CJ@?6 2?5 2C6 ?@E :?E6?565 2D DA64:7:4 25G:46^C64@>>6?52E:@? 7@C 2?J 3FD:?6DD] x?7@C>2E:@? 92D 366? @3E2:?65 7C@> D@FC46D 36=:6G65 E@ 36 C6=:23=6[ 3FE y!|@C82? r92D6 U2>Aj r@] @C :ED 277:=:2E6D 2?5^@C DF3D:5:2C:6D 5@ ?@E H2CC2?E :ED 4@>A=6E6?6DD @C 244FC24J] %96 >2E6C:2= :D ?@E :?E6?565 E@ AC@G:56 =682=[ E2I[ @C 7:?2?4:2= 25G:46 @C E@ :?5:42E6 E96 2G2:=23:=:EJ @C DF:E23:=:EJ @7 2?J y!|@C82? r92D6 q2?<[ }]p] AC@5F4E @C D6CG:46] *@F D9@F=5 42C67F==J 4@?D:56C J@FC ?665D 2?5 @3;64E:G6D 367@C6 >2<:?8 2?J 564:D:@?D 2?5 4@?DF=E E96 2AAC@AC:2E6 AC@76DD:@?2=WDX] ~FE=@@<D 2?5 A2DE A6C7@C>2?46 2C6 ?@E 8F2C2?E66D @7 7FEFC6 C6DF=ED] y!|@C82? r92D6 U2>Aj r@] 2?5 :ED 277:=:2E6D 2C6 ?@E C6DA@?D:3=6 7@C[ 2?5 5@ ?@E AC@G:56 @C 6?5@CD6 E9:C5 A2CEJ AC@5F4ED[ D6CG:46D[ @C @E96C 4@?E6?E] $66 7F== 5:D4=@DFC6D 2Ek^6>m k2 9C67lQ9EEAi^^492D6]4@>^277@C5Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmk^2mk2 9C67lQ9EEADi^^HHH]492D6]4@>^A6CD@?2=^>@CE8286^277@C523=6=6?5:?8n$@FC46r@56lrp!#_`Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmr92D6]4@>^p77@C5k^2m]k^Am
kAmk6>mw@>6 =6?5:?8 AC@5F4ED AC@G:565 3J y!|@C82? r92D6 q2?<[ }]p] |6>36C usxr]k^6>mk^Am
