ARCHIVED BLOG POSTS
2014
Economic news was abundant today to end the week. The Bureau of Economic Analysis (BEA) reported that April Personal Spending fell for the first time in a year by -0.1% after gaining 1% in March. The decline was led by a big drop in the decrease in gas and electricity consumption from the harsh w...
05/30/2014
Americans filing for first time unemployment benefits fell in the latest week, as the job sector continues to gradually improve. The Labor Department reported that Weekly Initial Jobless Claims declined by 27,000 last week to 300,000 and below the 318,000 expected. Last year this time, claims ran...
05/29/2014
The Mortgage Bankers Association reported today that its Market Composite Index, a measure of total loan application volume, decreased by 1.2% in the latest week. The decline in application volume comes despite near record low home loan rates. The refinance and the purchase index both fell 1%. Th...
05/28/2014
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Rising home values are cooling off a bit as prices come back down to more normal levels after the big gains seen in 2013. The March Case Shiller 20-city Index rose by an annual rate of 12.4%, above the 11.8% expected, but down from the February annual rate of 12.9% and a recent peak of 13.7% in N...
05/27/2014
The foreclosure sector of housing received some good news today as the number of foreclosure starts continues to decline. Black Knight Financial Services reported that foreclosure inventory is now at its lowest point since September of 2008. In addition, the number of foreclosures starts declined...
05/22/2014
Despite the spring buying season being in full bloom and mortgage rates at lows not seen in almost a year, mortgage application volume barely budged last week. The Mortgage Bankers Association reported that its Market Composite Index, a measure of total loan application volume, rose by 0.9% in th...
05/21/2014
Plagued by the harsh winter weather in the first quarter of 2014, Home Depot today reported that sales and net income rose, but came in below expectations. The company earned 96 cents per share when estimates called for 99 cents. However, May sales were robust and the home improvement company rai...
05/20/2014
The Bureau of Labor Statistics recently reported that there are 3.5 million people who have been unemployed for six months or longer. That is one million fewer than a year ago, but still an alarmingly high number compared to historical data. Since records began in 1948, there's never been this ma...
05/19/2014
Construction of new homes surged in April from March, as the warmer weather ushered in builders to break ground on new homes at the fastest pace in 2014. The Commerce Department reported that Housing Starts jumped 13.2% in April to an annual rate of 1.07 million units, above the 975,000 that was ...
05/16/2014
Americans filing for first time unemployment benefits fell to the lowest level since May, as the labor markets continue to strengthen due to an improving economy. The Labor Department reported that Weekly Initial Jobless Claims fell by 24,000 in the latest week to 297,000, well below the 325,000 ...
05/15/2014
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Steve Reed
Steve Reed Branch Manager | Benchmark Home Loans