Daily Economic Update: September 22, 2010
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Mortgage purchase applications fell 3.3% for the week ending September 17th and remain near 13-year lows, while refinances fell 0.9% and made up 81.1% of mortgage activity. House prices declined slightly by 0.5% in July according to the FHFA and are down 3.3% year-over-year.
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Mortgage purchase applications increased slightly for the week ending October 22nd but were down 30.8% from the same week last year. New home sales rose 6.6% in September to an annual pace of 307,000 homes, though supply fell to 8 months and median prices increased slightly. New orders for durable goods grew 3.3% in September, though the report was weaker excluding increased commercial aircraft demand.
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1) The weekly economic forecast from NAR Research showed stable or slightly improved predictions for GDP growth and unemployment through 2010, with the mortgage rate expected to decline slightly.
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Mortgage purchase applications were down 5.0% for the week ending November 12th and down 12.0% from the same week a year ago. Refinances, which made up 80.3% of mortgage activity, fell 16.5% as mortgage rates climbed 18 basis points. Housing starts fell 11.7% in October from the previous month to 519,000 starts on an annual basis, with multifamily homes driving most of the drop. Consumer prices rose 1.2% in October while core inflation excluding food and energy was unchanged, helping justify recent quantitative easing measures by the Federal Reserve to combat potential deflation.
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The Canadian economy grew at an annualized rate of 3.7% in the first quarter of 2017, led by strong growth in household spending, residential investment, and business investment in machinery and equipment. Household spending increased at its fastest pace in seven years, while residential investment grew at its strongest rate in five years. Business investment in machinery and equipment rose for the first time since 2014. The GDP report supports the Bank of Canada's forecast of 3.8% growth for 2017 and maintains positive momentum for the second quarter, although some risks remain from factors such as the housing market cooling and recent floods in Quebec.
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Mortgage purchase applications were down 5.0% for the week ending November 12th and down 12.0% from the same week a year ago. Refinances, which made up 80.3% of mortgage activity, fell 16.5% as mortgage rates climbed 18 basis points. Housing starts fell 11.7% in October from the previous month to 519,000 starts on an annual basis, with multifamily homes driving most of the drop. Consumer prices rose 1.2% in October while core inflation excluding food and energy was unchanged, helping justify recent quantitative easing measures by the Federal Reserve to combat potential deflation.
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Jobless claims fell to their lowest level in over two years at 388,000 for the week, below the 400,000 threshold needed for sustainable job creation. This confirms that the economy is improving as job creation is happening. At the height of the recession, jobless claims peaked at 651,000 in March 2009, showing the progress that has been made in recovering jobs lost during the economic downturn.
Daily Economic Update, December 28, 2010
Home prices for the S&P/Case Shiller 20-city index decreased 1% in October compared to September and 0.8% compared to October 2009, with only 4 cities seeing year-over-year gains. Consumer confidence decreased in December according to the Conference Board's index, driven by a decline in perceptions of the present situation and jobs being difficult to obtain. The graph shows declines in both the home price index and consumer confidence index since mid-2007, demonstrating their link to employment growth and consumer sentiment.
Daily Economic Update, December 27, 2010
Oil prices rose as cold weather hit parts of the US and Europe, increasing $0.26 per barrel to $93.72. Prices last exceeded $100 per barrel in 2008, and may reach that level again in the first half of 2011 due to rising demand during winter. An economic research group reported on current oil price increases and potential future rises.
Economic Indicators for Week of December 20-23, 2010
The Research staff analyzes the week's key data releases and tell you what they mean for you and your business.
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Metro Area Monthly Mortgage Payments: 2005 vs 2010
Metro Area Monthly Mortgage Payments: 2005 vs 2010
Summary of NOVEMBER 2010 Pending Home Sales Statistics
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Economic Indicators for Week of December 20-23, 2010
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Daily Economic Update: September 22, 2010
- 1. Daily Economic Update September 22, 2010 Mortgage purchase applications fell 3.3 percent for the week ending September 17th. Applications are slightly up from July and August but remain near 13‐year lows. Purchase applications do not take into consideration all‐cash purchases which according to the July REALTORS® Confidence Index made up 30 percent of transactions. Year‐over‐year purchase applications were down 38 percent. Refinances which fell 0.9 percent made up 81.1 percent of mortgage activity as mortgage rates remain near historic lows at an average rate of 4.44 percent for a 30‐year fixed mortgage. House prices declined slightly in July (0.5 percent) according to the FHFA Home Price Index released today. Prices are 3.3 percent down year‐over‐year. The FHFA data covers only Freddie/Fannie backed homes, and it lags NAR’s existing home sales which come out tomorrow for the month of August. Produced by NAR Research