In the News

Pending home sales, a forward-looking indicator based on signed contracts, rose 2.4% in July after a 1.4% decrease in June. On a year-over-year basis, pending home sales are up 12.4% compared with July 2011.

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 2.3% in June, following a 2.2% increase in May. On a year-over-year basis, prices rose 0.5% compared with June 2011.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending August 24 fell 4.3%. Refinancing applications decreased 6%. Purchase volume rose 1%.

The consumer confidence index fell to 60.6 in August from a revised 65.4 in July. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — increased at a revised annual rate of 1.7% in the second quarter of 2012, compared to the initial estimate of 1.5%. This follows a 2% pace of growth in the first quarter of 2012.

Retail sales rose 0.5% for the week ending August 25, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.4%.

Factory orders rose 2.8% in July to a seasonally adjusted $478.6 billion, following a 0.5% decrease in June. Excluding the volatile transportation sector, orders increased 0.7% in July.

Initial claims for unemployment benefits for the week ending August 25 were unchanged at 374,000. Continuing claims for the week ending August 18 fell by 5,000 to 3.316 million.

from Prospect Mortgage Economic Update

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Last Week in the News

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 2.2% in May, following a 1.3% increase in April. On a year-over-year basis, prices fell 0.7% compared with May 2011.

The Bureau of Economic Analysis reported that personal income increased $61.8 billion or 0.5% in June. Consumer spending was flat in June, following a 0.1% decrease in May.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 27 rose 0.2%. Refinancing applications increased 0.8%. Purchase volume fell 2%.

Manufacturing activity rose to 49.8 in July after a reading of 49.7 in June. A reading below 50 signals contraction. This was the second consecutive contraction since July 2009.

Total construction spending rose 0.4% to $842.1 billion in June from an upwardly revised 1.6% increase in May. Compared to June 2011, construction spending is up 7%.

Factory orders fell 0.5% in June to a seasonally adjusted $465.8 billion, following a revised 0.5% increase in May. Excluding the volatile transportation sector, orders decreased 1.8% in June.

Non-manufacturing activity rose to 52.6 in July from 52.1 in June. A reading above 50 signals expansion. It was the 31st straight month of expansion in the services sector.

Initial claims for unemployment benefits for the week ending July 28 rose by 8,000 to 365,000 from an upwardly revised 357,000 the prior week. Continuing claims for the week ending July 21 fell 19,000 to 3.272 million. The unemployment rate rose to 8.3% in July from 8.2% in June. Employers added 163,000 jobs in July.

from Prospect Mortgage Economic Update

 

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Last Week in the News

The Institute for Supply Management reported that the monthly composite index of manufacturing activity rose to 53.4 in March after a reading of 52.4 in February. A reading above 50 signals expansion. It was the 32nd straight month of expansion.

Total construction spending fell 1.1% to $808.9 billion in February from a revised $818.1 billion in January. Economists had anticipated an increase of 0.7% in February. Compared to a year ago, construction spending is up 5.8%.

Retail sales fell 3.8% for the week ending March 31, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 4.2%.

Factory orders rose 1.3% in February to a seasonally adjusted $468.4 billion, following a revised 1.1% decrease in January. Excluding the volatile transportation sector, orders increased 0.9% in February.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending March 30 rose 4.8%. Refinancing applications increased 4%. Purchase volume rose 7.2%.

The Institute for Supply Management reported that the monthly composite index of non-manufacturing activity fell to 56 in March from 57.3 in February. A reading above 50 signals expansion. It was the 27th straight month of expansion in the services sector.

Initial claims for unemployment benefits for the week ending March 31 fell by 6,000 to 357,000. Continuing claims for the week ending March 24 fell by 16,000 to 3.33 million. The monthly unemployment rate fell to 8.2% in March, the lowest level since January 2009.

from Prospect Mortgage Economic Update

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Last Week in the News

The index of leading economic indicators — designed to forecast economic activity in the next three to six months — rose 0.7% in February, following a revised 0.2% increase in January. The February reading was the highest level since June 2008.

Initial claims for unemployment benefits for the week ending March 17 fell by 5,000 to 348,000, the lowest reading since February 2008. Continuing claims for the week ending March 10 fell by 9,000 to 3.35 million.

The combined construction of new single-family homes and apartments in February fell 1.1% to a seasonally adjusted annual rate of 698,000 units, after an upwardly revised gain of 3.7% in January. The January figure was revised from 699,000 units to 706,000 units. Compared to a year ago, housing starts are up 34.7%. Applications for new building permits, seen as an indicator of future activity, rose 5.1% to an annual rate of 717,000 units.

Existing home sales fell 0.9% in February to a seasonally adjusted annual rate of 4.59 million units from an upwardly revised 4.63 million units in January. The inventory of unsold homes on the market increased 4.3% to 2.43 million, a 6.4-month supply at the current sales pace, up from a 6-month supply in January.

New home sales fell 1.6% in February to a seasonally adjusted annual rate of 313,000 units from a downwardly revised rate of 318,000 units in January. The initial January reading was 321,000. The December rate was revised higher to 336,000 units, the highest level since the economic recovery began. On a year-over-year basis, new home sales are up 11.4%. At the current sales pace, there’s a 5.8-month supply of new homes on the market.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending March 16 fell 7.4%. Refinancing applications decreased 9.3%. Purchase volume fell 1%.

from Prospect Mortgage Economic Update

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Economic Update for Last Week in the news

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending July 1 fell 5.2%. Refinancing applications decreased 9.2%. Purchase volume rose 4.8%.

Retail sales rose 1.5% for the week ending July 2, according to the ICSC-Goldman Sachs index. On a year-over-year basis, retailers saw sales increase 3.5%.

According to the Federal Reserve, consumer credit debt rose in May by $5.1 billion for a total credit level of $2.43 trillion. Revolving debt, which includes credit cards, rose by $3.4 billion. Non-revolving debt, including loans for cars, rose by $1.7 billion.

Initial claims for unemployment benefits fell by 14,000 to 418,000 for the week ending July 2. Continuing claims for the week ending June 25 fell by 43,000 to 3.7 million. The monthly unemployment rate rose to 9.2% in June from 9.1% in May.

Adapted from Prospect Mortgage Article by Jeremy Daugherty

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Last Weeks Real Estate News

Pending home sales, a forward-looking indicator based on signed contracts, rose 8.2% in May after a revised 11% decrease in April. On a year-over-year basis, pending sales are up 13.4%.

The Standard & Poor’s/Case-Shiller 20-city housing price index — on a non-seasonally adjusted basis — rose 0.7% in April after a 0.9% decrease in March. It was the first monthly increase in eight months.

The consumer confidence index fell to a seven-month low of 58.5 in June from an upwardly revised 61.7 in May. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 24 fell 2.7%. Refinancing applications decreased 2.6%. Purchase volume fell 3%.

Total construction spending fell 0.6% to $757.9 billion in May, following a revised 0.6% decrease in April. Economists had anticipated a decrease of 0.3% in May.

Initial claims for unemployment benefits fell by 1,000 to 428,000 for the week ending June 25. Continuing claims for the week ending June 18 fell by 12,000 to 3.7 million.

From Prospect Mortgage Economic Update – Jeremy Daugherty

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