Last week's economic releases included Existing Home Sales, Commerce Department Releases on Housing Starts and Building Permits and the National Association of Home Builders/Wells Fargo Housing Market Index. Mortgage rates and new jobless claims were released according to their weekly schedule.
Last week's scheduled economic news included releases from the National Association of Home Builders, Housing Starts, and Existing Home Sales. Weekly reports on new jobless claims and mortgage rates were also released.
This week's report of economic events is shortened due to the Christmas holiday. Economic news through Wednesday included Existing Home Sales, New Home Sales and Consumer Spending.
Sales of existing homes dropped to a seasonally-adjusted annual rate of 4.93 million as compared to expectations of a 5.18 million existing homes sold. Projections were based on October's reading of 5.25 million.
Last week's economic reports contained mixed reports indicating that the economy continues to recover with occasional "blips" in its progress. Construction spending was lower than expected. A Federal Reserve survey of senior loan officers indicated that credit standards remain strict for mortgages and other types of lending.
Sales of previously owned homes fell in August according to the National Association of REALTORS. This was the first decline in sales in five months. Although not welcome news to homeowners and real estate pros, there is good news...
Low home prices and mortgage rates have combined to push home affordability to record levels nationwide. Home buyers are taking advantage.
After 3 consecutive months of easing, the Pending Home Sales Index jumped 10 percent in October, lending credence to the belief that housing is in recovery.
Despite the lowest mortgage rates of all-time, home buyers are slowing the pace at which they're buying homes.
After 3 straight months of gains, the Pending Home Sales Index slipped 1 percent in July.
Buyers are writing contracts at a furious pace nationwide. On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month to reach its highest level since March.
According to data from the National Association of REALTORS, the Pending Home Sales Index smashed analyst expectations, jumping 8 percent on a monthly basis in May.