Daily Economic Update for December 15, 2010

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Daily Economic Update for December 15, 2010

  1. 1. Daily Economic Update <ul><li>Mortgage purchase applications were down 5.0 percent for the week ending December 10 th . Applications are up 22% since the July 9 th lows. Purchase applications do not always translate into loan acceptances and transactions. Also, purchase applications do not take into consideration cash buyers who according to the September REALTORS® Confidence Index make up as much as 29 percent of transactions. </li></ul><ul><li>Mortgage purchase applications were down 17.0 percent from the same week a year ago. </li></ul><ul><li>Refinances, which made up 76.7 percent of mortgage activity, fell 0.7 percent as mortgage rates climbed to 4.84 percent on a 30-year fixed mortgage. </li></ul><ul><li>Inflation was tame, with the consumer price index moving up 0.1 percent in December. Core inflation (less food and energy) was also up 0.1 percent. </li></ul><ul><li>Prices were up 1.1 percent from the previous year. The core index was up 0.7 percent from the previous year. </li></ul><ul><li>The housing component of the CPI was unchanged. </li></ul><ul><li>The National Association of Home Builders’ Housing Market Index was unchanged at 16 for December. This is a very low number and usually tracks closely to the official housing starts numbers which will be out tomorrow. </li></ul>Produced by NAR Research December 15, 2010

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